Though working from home has moved higher on the occupier agenda as the Asia Pacific region copes with the ongoing global pandemic, office space is adapting to the changing environment.
Office workers across the Asia Pacific region are returning to the office at varying paces, taking into consideration government directives and company policies. Though the permanent impact of remote working remains to be seen, landlords will need to innovate and adapt to a changed environment, said participants in ULI Asia Pacific’s latest FutuRE of Cities and Communities webinar.
When the SARS epidemic surfaced in China in 2003, the impact on domestic real estate was severe but fairly short-lived, with rents and prices rebounding quickly once the outbreak had peaked. The fallout from COVID-19, however, promises to be more profound, as shrinking global demand for Chinese products turns the screw on firms that have only recently restarted operations, said industry experts working in the region.
Niche strategies and development are high on the agenda for investors looking to hit their return targets in South Korea. A group of private-equity real estate managers gathered at the ULI South Korea Annual Conference, held in Seoul in January to discuss capital markets in Korea and further afield.
Improved connectivity leads to better cities and more profitable buildings, and data can play a crucial role in analyzing that connectivity and planning to maximize it, said a keynote speaker at the ULI Asia Pacific Leadership Convivium in Singapore.
Singapore-based developer CapitaLand is harvesting data to boost the revenues of its retail tenants and to help it locate future malls. Speaking at the ULI Asia Pacific Convivium, Chris Chong, managing director at CapitaLand Retail, said that the company uses data to boost both footfall and spending for tenants in its malls, which will ultimately benefit the landlord.
Ian Wilson, senior vice president of nongaming operations and chief operating officer, Marina Bay Sands, addressed the 2019 ULI Asia Pacific Leadership Convivium, explaining how the resort-casino operator uses data in its operations.
Industry leaders speaking at the recent ULI Asia Pacific Summit said that green financing and new building materials are helping them make their developments more sustainable without hurting their bottom line.
Pragmatism and caution have defined China’s 40 years of economic reform, and this steady progress is set to continue, said Shui On Group chairman Vincent Lo speaking at the 2019 ULI Asia Pacific Summit. Lo—who has been investing in China real estate for more than 30 years—said that the nation’s approach can be summed up by the aphorism “cross the river by feeling the stones.”
The evolution of the workplace is being driven by changing demands and the power of big data, said speakers representing developers, designers, futurists, and millennials at the 2019 ULI Asia Pacific Summit in Shanghai.
