2021中国商业地产百强企业研究报告

中指研究院 目录 一、研究背景与目的 ············································································································································ 1 二、研究方法体系 ··············································································································································· 1 三、主要研究成果 ··············································································································································· 4 （一）2021 中国商业地产百强企业 ························································································································· 4 （二）商业地产百强企业发展特点 ·························································································································· 4 1.规模表现 ·················································································································································· 4 1）经营性物业持有及运营规模增长放缓，增速回落至 12.7% ············································································· 4 2）疫情影响下，租金减免措施导致百强代表企业经营性物业租金收入同比仅增 3.5%·············································· 6 3）收并购助力头部企业经营规模稳步增长 ····································································································· 6 2.成长性 ····················································································································································· 7 1）300 城商办用地成交规模平稳增长，代表企业拿地放缓，投资聚焦二线城市，三四线城市占比显著下降 ···························· 7 2）轻资产管理输出为企业储备优质项目，成为头部企业规模扩张的重要途径 ························································································· 8 3.经营质量 ·················································································································································· 9 1）百强代表企业重点项目平均出租率下滑至 91.2%，但整体运营平稳 ································································· 9 2）商业经营：数字化平台提升企业运营效率，头部企业依托强大号召力，加强品牌库建设提高招商能力 ···················· 9 3）写字楼经营：主要城市写字楼空置率仍处高位，灵活租赁策略和增值服务提升经营稳定性 ··································11 4.稳健性 ··················································································································································· 13 1）资产负债率均值小幅降至 70.9%，偿债能力保持平稳 ················································································· 13 2）资产证券化规模不断扩大，底层资产以一二线城市零售商业和写字楼为主 ······················································ 13 四、商业地产发展趋势与展望 ······························································································································ 16 （一）新业态与新模式不断出现，激发商业地产市场活力 ·························································································· 16 （二）城轨建设带来以 TOD 模式为载体的商业地产开发机会 ····················································································· 17 （三）城市更新唤醒存量活力，为商业地产市场创造新的生长空间 ·············································································· 20 （四）商业运营服务业务掀起分拆上市热潮，资本助力商业地产企业稳健发展 ······························································· 22 五、结语 ·····················