Analysts are mixed about the MREITs as the sector remains under a bearish supply outlook.
The bright spot is the rebound in inbound tourist numbers that may help selective REITs while the strong labour market will support sustained domestic spending.
“On the demand side, following the full resumption of economic activities post the pandemic, the take-up rate for office and retail spaces will likely be muted amid the prevailing jittery economic prospects and elevated inflation worries,” the research house said in a report yesterday. For purpose-built office space, an incremental 1.53 million sq m is under construction and an additional 0.99 million sq m attributable to planned supply , will account for a combined 10.4% of existing supply.
This was partly supported by pent-up demand and policy support via measures such as Employee Provident Fund withdrawals.“Even, if we deflated the growth with consumer price inflation, the real growth in retail spending still recorded a double-digit surge since April 2022 in line with the reopening of the economy,” it said.
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