Markbericht Asien Januar 2011

As expected, Asian economies rebounded strongly in 2010, especially the first half of the year.

Executive Summary

• Asian economies ended on a high note in 2010, thanks to the improved fundamentals that resulted from robust economic performance. The sustainability of growth in China will have a significant impact on the region’s performance in 2011.
• Supported by the healthy market fundamentals and strong capital flow into the region, Asia’s real estate markets should provide meaningful opportunities in 2011. Class-A assets will be in keen demand, particularly in core markets such as Australia, Japan, Singapore and South Korea.
• Asia’s commercial real estate market is becoming an increasingly popular stop for global investors. Property sales in Asia rose on both an absolute basis and relative to the rest of the world in 2010. Asia accounted for 27% of global transactions through three quarters in 2010.
• Demand for Asian REITs is strong, especially in Japan where the government has started to buy J-REIT stocks. The market capitalization of Asian REITs jumped 16% in the fourth quarter.
• Asia’s debt markets should remain stable after spreads dropped in 2010. Although CMBS activity remains tepid, banks are once again willing to finance commercial properties.
• The region’s class-A office market made progress in 2010 due to a flight to quality, as new buildings were in particular demand. Landlords are regaining the upper hand with tenants as a consequence of the recovery in demand for space.
• The region’s consumer markets are poised to expand this year, continuing 2010’s strong economic performance. However, actions taken by central banks to combat inflation could dampen growth.

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  Markbericht Asien Januar 2011
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