2021-06-18-莱坊-Asia_Pacific_Warehouse_Highlights_H2_2021_26页_2mb

报告摘要

Asia-Pacific H2 2021 Warehouse Highlights Summary

Core Content Overview

The Asia-Pacific warehouse market showed resilience and growth in the second half of 2021, driven by increased e-commerce activity and the need for supply chain redundancies. Despite challenges such as the Omicron variant and supply constraints, the outlook for 2022 remains positive with continued demand and tight vacancies. However, the market is expected to be bifurcated, with developed and emerging markets showing different dynamics.

Key Trends and Insights

Overall Market Outlook

Rental Growth: Warehouse rents across Asia-Pacific rose by a marginal $0.5% year-on-year in Q4 2021.
Market Stability: 13 out of 16 cities recorded stable or increasing rents in Q4 2021.
Supply Constraints: A total of nearly 9 million sqm of new supply is expected in 2022, but vacancies are likely to remain tight due to strong demand and pre-commitments.
Omicron Impact: While the Omicron variant created short-term disruptions, long-term fundamentals are expected to remain strong.
Demand Drivers: E-commerce and 3PL (third-party logistics) remain the primary demand drivers for warehouse spaces.

Regional Highlights

Oceania

Sydney: Experienced the highest year-on-year rental growth in the region, over 5% in Q4 2021.
Brisbane and Melbourne: Leasing activity remained robust, with tight vacancies and strong tenant demand.
Supply Pipeline: Vacant supply on the East Coast declined for the fourth consecutive quarter, reaching a decade low.

South East Asia

Jakarta: Conditions remained positive, but landlords held off on rate increases due to ongoing pandemic impacts.
Kuala Lumpur: Sustained demand from e-commerce growth, with over 20% increase in e-commerce revenues.
Singapore: Warehouse rents eased by 4.9% year-on-year, but occupancy improved to 90% in H2 2021.

East Asia

Shanghai: Rents rose by 2.2% in H2 2021, with vacancy rates below 6%.
Beijing: Rent increases were more modest, but vacancy tightened to above 3%.
Tokyo: Vacancy rates remained extremely low at 0.5%, with rents expected to rise in 2022.

South Asia

Mumbai and Bengaluru: Rents corrected in the reported period, with Bengaluru showing a 100% supply pipeline.
Delhi - National Capital Region: Rents increased, and vacancy rates were 15.8% in H2 2021, expected to remain stable.
Economic Context: The region's economic recovery is uneven, with high GDP growth in 2021 but capped rent growth due to elevated vacancies.

Market Outlook for 2022

Unchanged Rents: Markets like Bengaluru, Bangkok, Mumbai, NCR, and Kuala Lumpur are expected to maintain stable rents.
Increasing Rents: Beijing, Sydney, Singapore, Melbourne, Manila, and Taipei are projected to see rent increases in 2022.
Vacancy Trends: Vacancies are expected to remain tight in most markets, with some exceptions like Hong Kong where vacancy rates are likely to rise.

Key Information

Economic Indicators: Most markets showed positive GDP growth in 2021, with varying unemployment and inflation rates.
Market Pendulum: The balance between landlords and tenants shifted in favor of landlords in many markets, particularly in Oceania and East Asia.
Net Effective Rents: These remained stable or increased in most markets, reflecting strong demand and limited supply.
Supply Pipeline: The availability of new supply is expected to increase in 2022, but demand remains strong, keeping the market tight.

Contact Information

Darren Benson: Partner, National Head of Industrial Logistics
+61 2 9036 6728
darren.benson@au.knightfrank.com
Marcus Burtenshaw: Head of Occupier Strategy and Solutions, Thailand
+66 (0)2643 8223
marcus.burtenshaw@th.knightfrank.com
Teh Young Khean: Executive Director, youngkhean.teh@my.knightfrank.com
Ying Shin Lee: Managing Director, Shanghai
+86 21 60321719
ying.lee@cn.knightfrank.com
Balbirsingh Khalsa: National Director - Industrial & Logistics
+91 91671 12052
balbirsingh.khalsa@in.knightfrank.com
Tim Armstrong: Global Head of Occupier Strategy & Solutions
tim.armstrong@asia.knightfrank.com
+65 9737 9991
Dan Whitmore: Head of Global Portfolio Solutions, Asia-Pacific
dan.whitmore@asia.knightfrank.com
+65 8218 1916
Matthew Short: Executive Director, Head of Global Portfolio Solutions, Greater China
matthew.short@hk.knightfrank.com
+852 2846 7191
Adeline Liew: Director, Occupier Strategy & Solutions, Asia-Pacific
adeline.liew@asia.knightfrank.com
+65 9780 9783