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Demand for logistics to remain robust
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DEMAND for modern warehousing and logistics space in most Asia Pacific markets will remain robust this year, mainly driven by the development of organized retail in emerging markets and the strong growth of e-commerce, CBRE said in its latest forecast.
Regionally, the overall rental growth for logistics will be around 2.9 percent in 2015, despite an expected 51-percent surge in new supply from the average volume between 2010 and 2014, the global property services provider predicted.
Hong Kong, Guangzhou, Shenzhen, Shanghai and Osaka will lead rental growth amid strong demand from retailers, e-commerce firms and third-party logistics companies.
In Shanghai, strong demand from e-commerce and high-end manufacturing combined with the development of the China (Shanghai) Pilot Free Trade Zone will boost rental growth despite the large supply pipeline in 2015, according to CBRE.
“The shift in occupier demand for modern logistics facilities is strong and may result in tenants having to compete for limited core logistics space,” said Louisa Luo, head of industrial & logistics services, CBRE China.
“Occupiers in landlord-favored markets such as Hong Kong, Guangzhou, Shenzhen and Shanghai should speed up their leasing decisions to secure logistics space for vital operations.”
In Asia Pacific, e-commerce consumption is already important and rapidly growing, with business-to-consumer online revenues likely to double from US$525 million in 2014 to US$1.05 billion in 2017.
The expansion in e-commerce revenue is transforming a number of markets, including China, Japan and India, according to CBRE.
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