本研究目的為了解美國和新加坡辦公不動產投資信託在 COVID-19 時代的表現。我們使用相關性和多元回歸模型進行分析，樣本為兩個國家各四檔辦公室REITs，樣本期間為 2019 年 8 月至 2020 年 7 月，和各檔REIT市值、市場回報和失業率三個變數進行探討。在COVID-19大流行之前，樣本時間為 2019 年 8 月至 2021 年 1 月，相關結果表明：（1）美國辦公室REITs之間的相關性高於新加坡辦公室REITs之間的相關性；（2）辦公室REITs報酬與失業率呈負相關且不顯著。多元回歸結果表明：（1）失業率不影響兩個國家辦公室REIT報酬的表現； (2) 部分辦公室 REITs 受自己市值大小所影響；（3）其他則是受該國家股市報酬所影響。在COVID-19大流行期間，樣本時間為 2021 年 2 月到 2021 年 7 月，辦公室不動產投資信託的報酬與兩國的失業率呈不顯著之正相關。此外，新加坡辦公室不動產投資信託之間的相關性大幅提升。多元回歸結果顯示，影響美國及新加坡所有辦公室不動產投資信託報酬的主要因素為市場報酬的走勢與表現，其他兩個因素不影響辦公室不動產投資信託的報酬表現。由於 COVID-19 對全球經濟造成一定程度上的影響，也改變了工作模式的運用，面對疫情或是整體經濟的變動時，當投資者在決定投資美國或新加坡市場的辦公室不動產投資信託時，市場報酬的表現是一個重要的參考指標，其他指標在短期內，參考及影響程度不會有太大的影響。

The purpose of this study is to examine the performance of the United States and Singapore office REITs in the COVID-19 era. We apply correlation and multiple regressions to analyze 8 companies in two countries using three variables of market capitalization, market return, and the unemployment rate from August 2019 to July 2020. Before the pandemic, from August 2019 to January 2021, the correlation results show that (1) the correlation between office REITs in the U.S. is higher than that between office REITs in Singapore; (2) the return on office REITs is insignificant and has a negative correlation with the unemployment rate. The results of multiple regression show that (1) the unemployment rate does not impact the performance of each office REIT returns; (2) some office REITs are affected by market capitalization; and (3) others are affected by the stock market return. During the pandemic, from February 2021 to July 2021, office REIT return has turn positively correlated insignificantly with the unemployment rate in two countries. Furthermore, the correlations among Singapore office REITs have greatly risen. The multiple regression shows that the market return is a major factor that impacted all office REITs returns in two countries and the other two factors did not influence office REIT returns. In view of the COVID-19 influence on the global economy, the performance of the market return is a crucial reference indication when deciding to invest in office REITs in the U.S. or Singapore market.

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