重塑房地产：未来框架

Reimagining Real Estate:A Framework for the Future I N S I G H TR E P O R T Images:Getty Images Contents Foreword Executive summary Introduction 1Shifting demand 1.1Demographic drivers1.2An asset class view 2Global markets2.1Capital markets 3The pillars 3.1Liveability3.2Sustainability 4Key value drivers4.1Real estate and infrastructure 5Calls to action Conclusion Contributors Endnotes Disclaimer This document is published by theWorld Economic Forum as a contributionto a project, insight area or interaction.The findings, interpretations andconclusions expressed herein are a resultof a collaborative process facilitated and ©2024 World Economic Forum. All rightsreserved. No part of this publication maybe reproduced or transmitted in any formor by any means, including photocopying Foreword Christian UlbrichGlobal Chief Executive Officer and President, JLL;Industry Chair, Real Estate, World Economic Forum During the COVID-19 pandemic’s unprecedentedeconomic and societal disruption, the WorldEconomic Forum’s Real Estate CEO communitydevelopedA Framework for the Future of Real Estate, the 2021 version to ensure the global real estateindustry’s continued advancement of the vision. Progress towards that vision has been measured,and while forward momentum is evident in someareas, others are more accurately characterizedby stagnation or even regression. This dynamicis not solely attributable to market participantsbut is also a reflection of the increasingly complex The years since the 2021 publication have beenpunctuated by escalating geopolitical conflict,challenges to political stability and the strength ofdemocratic institutions, an unprecedented hike We hope this next iteration of the frameworkwill underscore the urgency and importanceof delivering on our commitments in the builtenvironment and the role that real estate plays –as an asset class, as physical infrastructure and While we could not fully anticipate every nuanceof the sector’s rapid evolution between the originalFramework and this current iteration, we senseda clear moment of opportunity at the inflexion of Executive summary Liveability, sustainability, resilienceand affordability are essential for realestate to advance our shared future. Responding to the profound impact of COVID-19on economies and populations globally, the WorldEconomic Forum introducedA Framework for theFuture of Real Estatein 2021. Reflecting insightsfrom a global community of forward-looking Financial incentives: Strategic deploymentof tax incentives, grants and discounted creditinstruments can attract private investment, Economic stability and growth: Policies thatpromote sustainable growth, job creation andincome stability attract private capital and boost Since then, communities around the world haveadopted new ways of living, working and usingtechnology, often with far-reaching implications forreal estate. Simultaneously, industry stakeholders –developers, investors, lenders and others – havehad to grapple with new headwinds in the form ofa redrawn capital markets landscape. In particular,central banks’ vociferous response to persistent Private sector actions: Leadership and accountability: Embeddingthe framework’s pillars into organizational goals Using advanced analytics, artificial intelligence (AI)and property technology (proptech) can improvedecision-making and reporting. Comprehensivedisclosures on property performance, sustainability This framework draws from interviews with industryleaders and outlines specific calls to action for both Public sector actions: Technology: Technologies like smart buildingsystems, AI-driven energy management andpredictive analytics can enhance occupant Clear and standardized regulatory frameworks:Transparent laws, streamlined zoning and permittingprocesses, and reduced bureaucracy boost Capital markets: A robust capital stack, balancingtraditional and non-traditional debt and equity, isessential to withstand both transitory and sustaineddisruptions in cash flows and valuations. Higherreserve requirements, conservative loan-to-value(LTV) ratios and debt yields, stringent documentation Encouraging an information-rich market:Promoting data accessibility, standardizedreporting and mandatory disclosures reduces Infrastructure development: Investments intransport, utilities and public spaces improve By focusing on these actions among others, thereal estate sector can adapt to evolving challengeswhile driving sustainable, long-term growth. Thealignment of public and private efforts around Financial market stability and access to capital:Policies encouraging a diverse array of capitalmarket participants, including banks, private lenders Introduction The value of real estate assets exceeds globaldebt and equity markets combined, making $379trillion The growth of institutional investment in realestate, which dates back to the mid-20th century,has reshaped cities and economies and raisedthe profile of