Demand Strong for Prime
Logistics Space in Global Hubs
GLOBAL PRIME LOGISTICS RENTS
MAY 2016
CBRE RESEARCH
2 2016 CBRE, Inc. CBRE Research | Global Prime Logistics Rents, May 2016
Supply chain transformation driving up prime
logistics rents
Despite a tumultuous global economic climate in 2015, prime
logistics rents in global hub markets increased 2.8% year-over-
year amid growing demand—driven principally by the growth
of global supply chains and the expansion of consumption and
production into new locations. Of the 68 global hubs tracked
in this report, 59% (40 markets) recorded an annual increase in
prime rents, 25% (17 markets) experienced no change and only
16% (11 markets) saw decreases.
Why are logistics rents growing
Rent growth stems from strong occupier demand for logistics
space throughout each region, driven by a focus on expanding
and modernizing the supply chain. In many of the core hub
markets, supply for prime logistics space is extremely tight,
placing pressure on the prime rents. Furthermore, a scarcity
of suitable development sites, especially in the U.S., has limited
the development of new supply despite persistent user demand.
Finally, factors such as supportive government policies, strong
e-commerce growth and the modernization of the logistics
industry has contributed to rent growth.
Land-constrained hubs most expensive, U.S. markets
most affordable
Hong Kong is the world’s most expensive logistics market,
followed by London and Tokyo. This is not surprising, considering
these are extremely dense cities with land constraints. Conversely,
urban areas with larger land supplies are showing the lowest rents,
including U.S. hubs like Chicago, Dallas-Ft. Worth and Atlanta.
U.S. coastal hubs seeing exceptional growth
In the Americas, prime logistics rents increased 5.6% during
2015, largely due to massive growth in U.S. coastal markets,
where strong occupier demand drove up pricing. In Oakland,
which recorded the largest annual increase in prime rents globally,
fight-to-quality is common for inner-bay logistics users despite
the high cost. New development in some markets, like the Inland
Empire, is commanding premium rates.
Asia Pacifc markets resilient despite China slowdown
Prime rents for space in logistics facilities in Asia Pacifc rose
by 2.5% over the past year, with Seoul and Auckland recording
growth rates of more than 5%, driven by robust demand from
e-commerce and third-party logistics frms.
Moderate increases in EMEA prime logistics rents
Rents in EMEA ticked up a modest 0.8% year-over-year, but
there were large diferences, with land-constrained markets
showing rising rents, while hubs in markets with ample
development potential, for example in the Netherlands or
in Poland, remained fat.
Executive Summary
3 2016 CBRE, Inc. CBRE Research | Global Prime Logistics Rents, May 2016Oakland
29.8%U.K. Midlands
13.0%New Jersey
15.0%Inland Empire
13.5%Santiago
10.9%Ciudad Juárez
10.2%Atlanta
6.8%Los Angeles–
Orange County
9.8%Seoul
6.5%Dallas–
Ft. Worth
8.0%49867310
The 10 Fastest Growing Markets
(Annual percent change in prime logistics rents as of Q4 2015)
Source: CBRE Research, Q4 2015.
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