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登1登2登3代理(www.99cx.vip):REITs – multi-faceted sector, multi-sided outlooks

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,Office REITs may not be looking bullish in 2023, according to industry observers.

AS with numerous other industries, the real estate investment trust (REIT) sector is another one which has multiple layers to it, such as retail, office, industrial and hospitality.

Therefore, for investors who are keen to look into REITs, particularly where they stand as a potential investment destination, one would need to weigh up a number of metrics: the growth outlook for each segment, demand and supply mechanics, as well as their respective sensitivity to the now-familiar macroeconomic factors, including further possible central bank rate hikes, inflation and the reopening of Chinese borders.

Starting with the not-so-good news, the basic word on the ground, and among industry observers, is that office REITs will not be looking at a bullish 2023.

Earlier, it was reported that Hong Leong Investment Bank (HLIB) Research has revealed the country, especially in Klang Valley, is facing a glut of office space, with vacancy rate still standing stubbornly at 30%.

The oversupply situation is set to be exacerbated by more office buildings attaining completion during the year, akin to a buffet serving a never-ending supply of food to guests who are becoming full.

Several additional sources also provide juicy details about what the exact numbers are.

For example, a National Property Information Centre (Napic) finding says that as at end-June 2022, there is an occupancy rate of 77.7% for purpose-built office space, totalling 24.2 million square metres (sq m) with an additional 2.6 million sq m of incoming supply.

Increase in supply of office space

Independent property valuation and consultancy services provider firm Knight Frank also estimates the supply of office space in the Klang Valley, which totalled 111.37 million square feet (sq ft), would see a increase of 9.28m sq ft (0.86m sq m), representing an 8.3% increase over the next 2½ years.

It is further forecasting the cumulative supply of retail space in the Klang Valley to climb from 68.4m sq ft (6.35m sq m) in 2022 to 71.9m sq ft (6.68m sq m) in 2023 and 73.7m sq ft (6.85m sq m) in 2024, representing a year-on-year rise of 5.1% and 2.5%, respectively.

On the same note, another independent property advisory company, CBRE, projects the average occupancy rate of purpose-built offices would decline to 75.1% in 2023 – from 80.8% in 2019 – as the new supply comes into the market.

Moving on to the hospitality segment, the outlook is slightly more encouraging, buoyed particularly by China’s diversion from its futilely disastrous “zero-Covid” policy.

With HLIB Research reporting that the ADR (average daily rate – average rental revenue earned for an occupied room per day) for Malaysian hotels have rebounded close to their 2019 levels, with an analyst from another local research unit telling StarBizWeek things should be looking up moving forward, especially with the good news from China.

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