：亚太地区-房地产行业-亚洲地产业：在家办公是一个新的挑战（英文版）（65页）.pdf

1、MM Mapping the New Normal Asia Property: Working from Home, a New Challenge for Asias Office Landlords WFH is a cost saving opportunity for businesses. We expect tenants across Asia to surrender 3-9% of existing office space permanently, resulting in a rent decline of 10-15% over the next three year

2、s. Prefer office stocks in Hong Kong and India over Australia and Japan. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan St

3、anley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates ar

4、e not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. July 27, 2020 08:00 PM GMT MM MORGAN STANLEY ASIA LIMITED+ Pra

5、veen K Choudhary Equity Analyst +852 2848-5068 Praveen.C Contributors MORGAN STANLEY ASIA (SINGAPORE) PTE.+ Wilson W Ng, CFA Equity Analyst +65 6834-6345 Wilson.W.N MORGAN STANLEY ASIA LIMITED+ Hildy Ling Equity Analyst +852 2239-7834 Hildy.L MORGAN STANLEY ASIA LIMITED+ Dan Xu Equity Analyst +852 2

6、239-1227 Dan.Xd.X MORGAN STANLEY ASIA (SINGAPORE) PTE.+ Derek Chang Equity Analyst +65 6834-6512 Derek.C MORGAN STANLEY MUFG SECURITIES CO., LTD.+ Atsuro Takemura Equity Analyst +81 3 6836-5429 Atsuro.T MORGAN STANLEY AUSTRALIA LIMITED+ Simon Chan Equity Analyst +61 2 9770-1316 Simon.C MORGAN STANLE