2025亚太地区物流租户调查-2025 Asia Pacific Logistics Occupier Survey Navigating Change in Uncertain Times

creatingResilience

2025

short-Termcaution,

LongTermconfidence

BalancingcostwithHigherExpectations

DiverseoccupiersentimentAcrosstheRegion

76%

78%

88%

plantoexpandtheirlogisticsfootprintinthenextthreetofiveyears.

sayrentreductionisthetopdriverofrelocationdecisions.

ofoccupiersinIndiaplantogrowtheirportfoliosinthenextthreetofiveyears.Incontrast,0ccupiersinmainlandchinahaveamore

balancedoutlook.

occupiersplantorightsizeportfoliosandrestructuresupplychainsamid

ongoingtradepolicyuncertainty.

Despiteshorttermcaution,most

occupiersarepositioningthemselvesformid-tolongtermexpansion.

Assetlocationandproximitytotransport

isincreasinglycriticalforcostmanagementandoperationalefficiency.

Buildingsmustmeethigherexpectations,withtech-enabledandsustainabilitycompliant

assetsseenasamusthave.

Indianoccupiers'optimismisbeingdrivenbygrowthintheecommerce,3PL,

engineeringandmanufacturingsectors.

whiledemandinmainlandchinaremains

steady,growthmomentumismoderatingasthemarketstabilises·

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

Businessconfdenceweakensamid

heightenedtradeuncertainty

optimismamongAsiapacificlogisticsoccupiersdeclinedinthisyear'ssurvey,with69%expectingbusinessperformancetoimproveinthenexttwoyears,downfrom81%in2023

(Figure1).

Morecautioussentimentislargelydrivenbyrespondentsinmainlandchina,whoarepotentiallyadverselyimpactedby

tougheru.s.tradepolicy.However,mainlandchina'SQ12025GDpgrowthof5.4%andpositivelogisticsnetabsorption

duringthesameperiodindicateacertainlevelofmarket

resilience.optimisticmarketsareledbyIndiaonthebackofthecountry'spositiveeconomicoutlook.

whileeconomicuncertaintyandcostescalationremainthe

toptwochallenges,traderelatedregulatoryconcernssurgedcomparedto2023,indicatingoccupiershavebeen

significantlyimpactedbyrecenttariffmmrelatedvolatility.

Respondentsinmainlandchinaarethemostcautious,withcloseto70%identifyingtradeuncertaintyastheirtop

challenge.vietnam,Taiwan,MalaysiaandThailandarealsosusceptibletotradeuncertaintyduetotheirdependenceontradewiththeu.s.,withexportstothismarketaccounting

formorethan10%oftheirrespectiveGDpsin2024.

Figure1:ExpectationsforBusinessperformanceintheNextTwoyears

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

Figure2:ExpectedMajorchallengesintheNextTwoyears

Economicuncertainty

costescalation

Marketcompetition

Geopoliticalissues

slowerconsumption

Labourshortages

climaterisks

Insufficienttransportinfrastructure

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

Trade-relatedregulatorychallenges

occupiersstruggletoadaptto

fast-changingtariffpolicy

withtariffpolicycontinuingtoshiftrapidly,mostoccupiersarefindingitdifficulttodevelopcomprehensiveandconcrete

plans.some41%ofrespondentsindicatedtheyareeitheronlymonitoringthesituationoryettoreachanydefinitive

conclusions.

Thisfluidanduncertainenvironmenthaspromptedoccupierstobecomemorerisk-adverse,leadingthemtodelaymajor

investmentdecisions,includingthoserelatedtorealestate.

Thenearevensplitbetweenoccupiersplanningtoconsolidateordownsize(34%),renegotiateleases(30%)orpostpone

expansion(30%)suggeststhatoccupiersareactively

consideringawidearrayofmitigationmeasurestoaddresscostordemandassociatedrealestaterisks.

Thefactthatveryfewrespondentsareseekingtoexitorrelocatetoalternativemarketssuggestsacautiousandprudentapproachisbeingfavouredoverthecomplete

cessationofmarketoperations.

Bybusinesssector,ThirdpartyLogistics(3PLS)platformsaremorelikelytoconsolidateanddownsize,astheyareespeciallysensitivetomarketvolatilityandtightermargins.

Manufacturingrelatedoccupiersaremorehabitualusersofself-ownedwarehouses,makingthemlesssusceptibletorealestaterisksandmorelikelytopostponeexpansionplans.

Figure3:LevelofpreparednessforpotentialIncreasesinTradeTariffs

partiallypreparedwithinitialstrategicdiscussions

Minimalpreparation,monitoringthesituation

currentlyreassessing,noconclusionyet

Fullypreparedwithcomprehensivecontingencyplans

Nospecificpreparations/Noimpactonbusiness

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

24%

14%

14%

31%

17%

Figure4:RealEstateplansforpotentialIncreasesinTradeTariffs

Lookingtoconsolidate/downsize

Renegotiateexistingleases

Expansionplanwillbepostponed

Expansionplanwillbedropped

Lookingtoexit/relocatetoothermarkets

Noimpact

Note:Multipleselectionsallowed.

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

30%

30%

24%

34%

preferenceforincreasingnumberof

suppliersandoutsourcingoperations

Thesurveyrevealedthatoccupiersareoverhaulingsupply

chainmanagementtoenhanceresilienceandagilityamid

ongoingtradeuncertainty.Thepreferredapproachamong

mostrespondentsistoincreasetheirnumberofsuppliersandoutsourcemoresupplychainoperations.

Respondentsinmainlandchinadisplayedthestrongest

preferencetoexpandtheirsupplierbase,withoccupiersin

thismarketviewingflexibilityandcompetitivepricingaskeytonavigatingtraderelateduncertainty.withu.s.china

tensionleadingtotheimpositionofrestrictionsontheexportofcriticalmineralsandtechnologiessuchasrareearths,jet

enginesandsemiconductorparts,causingsupplychain

disruptionacrossmultipleindustries,theneedforoutsourcinganddiversificationisclear.

whiletheprioritylevelofvariousinventorymanagement

measuresremainedthesameasin2023,interestinadoptingwarehouseautomationweakened.Thismaybebecausemanyoccupiershavealreadymadesignificantinvestmentinthis

areaoverthepastfewyears.Inaddition,ongoingtradeuncertaintyhasmadedecisionmakersmorehesitanttoapprovelargeexpenditureasfuturepolicychangesmayunderminereturnsonsuchinvestments.

somebusinessesareoptingtoincreaseinventorylevelsasashorttermsolution.Exportsofgoodsfromchinatotheu.s.

surgedby10%ymmommyinMarch2025,withshipments

acceleratingagaininMayfollowingtheagreementofa9odaypauseinreciprocaltariffs.

Figure5:priorityMeasuresforoccupierstoEnhancesupplychains

w20252023

Increasenumberofsuppliers

outsourcemoresupplychainoperations

Broadengeographicpoolofsuppliers

Adoptwarehouseautomation

Improveinventoryvisibilityandplanning

Inventory

Increaseinventorylevel

Expandwarehousingnetworkatconsumptionmarket

Diversifymanufacturingandproductiontomultiplemarkets

Near-shoremanufacturingandproductiontoconsumptionmarket

Network&production

supplychain

Management

Noplansatall

Note:Multipleselectionsallowed·

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

occupierspositionportfoliosfor

long-termexpansion

Despitetheuncertainglobaltradeenvironment,manyoccupiersarelookingbeyondshorttermmarketvolatilityandareplanninglongterminvestment,Thesurveyuncovered

growingoptimismamongoccupierstowardsthemediumtolongtermoutlook,with76%ofrespondentsplanningtoexpandtheirrealestateportfoliosizeinthecomingthreetofiveyears,signallingastrongappetiteforgrowth.

Naturally,thereissomedivergenceacrossindividualmarketsinAsiapacific.Among

developedeconomies,Japanurgentlyrequiresmoremodernandlogisticsstockasdemandrisesinregionalcitiesonthebackofthereturnofhighmmtechmanufacturingandcontinuedgrowthinecommerce.koreacontinuestoenjoysustaineddemandforsophisticated

logisticsandfulfilmentcentres,drivenbyadvancedindustrialproductionandhighlevelsofe-commerceconsumption.occupierswithlargespacerequirementsmustthereforeact

swiftlyasthedevelopmentpipelinetightens.

Longregardedasaneutralsafemmhaven,singaporeremainsamajorlogisticshub.Thehimm

techmanufacturingandlifescienceindustriescontinuetounderpindemandforsupportinglogisticsinfrastructure.Aninfluxofsupplythisyearwillcreateopportunitiesforoccupierstore-negotiateleaseswhilealsohelpingtomeetpentupdemand.

InAustralia,availabilityisimprovingfrompandemic-eralowsofbelow1%.supportedby

sustainedpopulationgrowthandthecompletionofnewinfrastructure,bothoccupiersandinvestorsareseekingexpansionopportunities.

Appetiteforexpansionisalsoevidentinemergingmarkets,whereglobalmanufacturingisdiversifyingawayfrommainlandchinatoIndiaandsoutheastAsia.Thisshiftisledby

manufacturersofelectronics,electricvehiclesandFMCGS,drivenbycostadvantagesandadesiretomitigategeopoliticalrisk.Thesemarketsalsobenefitfromrapidurbanisationandrisingpercapitaspending,whichwillboostonlineconsumptionanddrivedemandfor

supplychain,warehouseandlastmilefacilities.Government-ledinitiativestobuildneweconomiczones,industrialparks,andotherdigitalandtransportinfrastructurewill

continuetocreateopportunitiesforlogisticsoccupiers,landlordsandinvestors.

Figure6:ExpectedchangeinRealEstateportfoliointheNextThreetoFiveyears

Growinginterestin

emergingeconomies

Moreoccupiersarelookingforopportunitiesbeyond

establishedmarkets.IndiaandMiddleEastrecordedthe

strongestnetexpansioninterest,followedbysoutheastAsia.Logisticsmarketsinthesecountriescontinuetowitness

stronggrowth,primarilydrivenbyrobustrequirementsfrom3PLsande-commerceplatformsseekingtocapturerising

consumerdemand.

Robustinterestinthesemarketsalsoindicatesashift

towardsupplychaindiversificationasmorebusinesseslooktoreduceoverrelianceonasinglemarket.Reflectingthis

trend,CBREhasobservedariseindemandfrom

manufacturingrelatedoccupiersinemergingsoutheastAsiaandIndia.

Amongdevelopedeconomies,koreaisattractingthe

strongestinterestamongoccupierslookingforexpansion,

predominatelydrivenbyrelocationandupgradingmoves.

CBREexpectsleasingmomentuminthismarkettopickup

fromH22025onwardsasthenegativeimpactfromdomesticpoliticaluncertaintyandtradetensiongraduallydissipates.

Greaterchinaistheleastpopularmarketforexpansion.

EconomicgrowthinmainlandchinaandHongkongsARareexpectedtoremainsluggishovertheshorttermduetotheslowrecoveryinconsumptiondemand.

Figure7:NetExpansionInterestbyMarketintheNextTwoyears

HongkongsARMainlandchina

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

Indianoccupiersdisplay

robustconfdence

Thesurveyrevealedastarkcontrastinsentimentbetween

occupiersinIndiaandmainlandchina.Respondentsinthe

formerarehighlyconfident,withover80%expectingbusinessperformancetoimproveinthenexttwoyears,comparedtolessthan40%ofrespondentsinthelatter.Thisdivergenceisalso

reflectedinappetiteforexpansion.

MostIndianoccupiersanticipateanincreaseinportfoliosize,

with44%expectingtheirportfoliotogrowsignificantlybetween2027and2030.occupiersinmainlandchinahaveamore

balancedoutlook.

India'sgrowingconsumptionmarketisencouraging3PLsto

enhancedistributionnetworkstomeetrisingdemand,and

manufacturerstoscaleupfactoryandwarehousingspace.Thecountry'slogisticsmarketremainsinagrowthphase,withitslogisticsspacepercapitaandgloballogisticsperformance

rankingataroundhalfofmainlandchina's.

Therisingsupplyofmodernlogisticsstockalongwithan

infrastructurepushfromthegovernmentinvolvingthe

constructionofnewtransportnodes,highwaysandports,haveimprovedlogisticsefficiencyacrossIndia.Thisisleading

occupierstoexplorelocationsoutsidethetopeightcities,wherecostsarelower,butinfrastructureisimproving.

ExpansionmomentumInIndiaisledbydomesticoccupiers.whilemultinationalsarekeentoinvest,acomplexlandacquisition

processandregulatoryrequirementsalongwithother

geopoliticalconsiderationsareleadingtodelayeddecision-making.

Figure8:Expectedchangeinportfolio-2027to2030

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

Figure9:MarketcomparisonBetweenchinaandIndia

chinaIndia

34.6%

E-commerce

penetration

(2024)

8.6%

2.60

Logisticsspacepercapita(sq.ft.)

1.25

Fourtierlcities

(2024)

Topeightcities

#19

#38

source:Euromonitorpassport,worldBank,CBREResearch,June2025.

oversupplypersistsinmainland

chinadespitestabilisingdemand

IncontrasttoIndia'sbuoyantoutlook,mainlandchina'slogisticsmarketcontinuestofaceheadwindsfromthesluggisheconomyandongoingdestockingpressure.withthecurrentsupplypeaksettolastforsometime,logisticsrentswillremainunder

pressureintheshortmmterm.Apartfromofferingmoreincentives,landlordsareadvisedtostructureleasestoalignwithoccupiers'businessneeds.

Despitetheprevailingmoodofconservatismamong

occupiers,leasingdemandisimproving.Netabsorptionin20232024exceeded70millionsq.ft.perannumandrosetoarecordquarterlyhighinQ12025.CBREexpectsleasingmomentumto

improveonthebackofthecentralgovernment'seffortstoboostretailconsumptionaswellastherapiddevelopmentofthehi

techandadvancedmanufacturingsectors.

Figure10:LogisticsRentaloutlook2025to2027

2025F2026F2027F

20%

source:CBREResearch,May2025.

Figure11:LogisticsNetAbsorptioninmainlandchina

source:CBREResearch,April2025.

Greatercostsensitivityamid

economicuncertainty

Ratherthanfocusingsolelyonrents,CBREadvisesoccupierstoreviewtheirtotallogisticsoperationalexpenditurewhenplanningtheirrealestatestrategy.

CBREsupplychainAdvisory'sanalysisrevealsrealestateaccountsforjust3mm6%oftheentirelogisticscoststructure,withtransportationcomprisingthemajority(4570%,followedbyvariablefacilitycostssuchaslabour(1525%).Establishingalogisticsfootprintin

strategiclocationscanimprovedeliveryefficiency,whichtranslatesintohighercustomersatisfactionandprofitability.

Transportationrankedasthemostpressingcostmmrelatedconcern.

whiletheseafreightrateisonlyhalfofthatin2024,ithasdoubledrecentlyduetotheeverchangingtariffsituation.concerns

regardinglabourandrealestatecostsalsoedgedup,drivenbyrespondentsinJapan.

concerntowardsrealestatecostsismostprominentinmainland

china,wherearound75%ofoccupiersidentifieditastheirmain

worry.Thelatestdatareleasedbychina'sstatepostBureau

revealedthatprofitmarginsinthelogisticsindustryhave

compressedfortwoconsecutiveyears1.coupledwithaleasing

marketthatcontinuestofavourtenants,thisispromptingoccupierstoseekrealestatecostsavingopportunities.

ModeratingconcerntowardscapExisdrivenbyIndianoccupiers.

withtherapidgrowthofmanufacturingandlogisticsdemandand

thelimitedsupplyofmodernlogisticsfacilities,occupiersarelookingtoinvestinnewfacilitiesandfacilityupgrading.

1statepostBureau,May25,2025(

Link)

Figure12:LevelofconcernRegardingcost-RelatedItems

Transportation(Freightandshipping)

2023

Labour

Realestate(e.g.rentsandmanagementfees)Realestatelandpriceforself-build

Finance&Interestrates

Lastmilelogistics(B2c)Reverselogistics

capExtosetupnewsites&facilities capExtoupgradeexistingfacilitiescapExtoimplementsustainableoperations

80%

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

operatingExpenditure

capitalExpenditure

2025

Moreoccupiersoptfor

assetlightstrategy

whilelogisticsoccupiersretainasolidinterestinleasingexistingassets,theyarelessinterestedinbuildingtheirownfacilitiesorenteringbuild-to-suitarrangementscomparedto2023.Thisshifttoanassetlightstrategyistheresultofrisingavailability;

elevatedconstructioncosts;andtighterprojectfinancing.

Mostmarketshaveexperienced,orarecurrentlyundergoing,asupplypeak.Asiapacificlogisticssupplyinexpectedtoincreasefromlessthan2.5billionsq.ft.in2022tojustover3.0billionsq.ft.byendofthisyear,ariseof22%.

Thevastnumberofnewlogisticsfacilitieshaspushedup

vacancyacrosstheregion.vacancyinmostNorthAsianmarketsreachedadecade-highlastyearandisprojectedtosurgein

southernchinaoverthenext18monthsasrecordlevelsofnewstockcomeonstream.

Apartfromspeculativemmbuilds,mainlandchinaiswitnessingan

influxoflogisticsstockconstructedbymajorecoerce

companies,manyofwhomhavemadeunwantedorexcessspaceavailableforlease.vacancyinthepacificremainsrelativelylowalthoughupwardpressurecontinuestobuild.

whileoccupierchoiceiswidening,interestinconstructingnewassetsisretreatingamidariseindevelopmentcosts.Turner&TownsenddatasuggestaveragedevelopmentcostsinAsia

pacifichaveincreasedbymorethan10%since2022.Althoughtherateofgrowthisnowstabilising,elevatedmaterialcostsandlandprices,coupledwithanongoingskilledlabourshortage,willensureconstructioncostsremainhighacrosstheregion.

Figure13:preferenceforspaceAcquisitionintheNext24Months

2025w2023

Leaseanexistingassetpursuebuild-to-suit

development

Note:Multipleselectionsallowed.

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

purchaseanexistingassetDevelopownlogisticsasset

costisthemainfactorinfluencing

leasingdecisions

Thisyear'ssurveyrevealedashifttowardsmorecost-drivenrealestatestrategies,withrespondents

identifyinglowerrentsandbetterleasetermsasthetwomostinfluentialfactorsinbothrelocationand

renewaldecisions.occupiersareexpectedtoretain

morenegotiationleverageintheneartermasspace

availabilitycontinuestoincrease.Landlordsare

advisedtoprioritiseimprovingoccupancyandadoptamoreproactiveapproachtowardsofferingincentivesandstructuringleaseterms.

Despitethestrongeremphasisoncost,occupiers,

requirementsforassetlocationandconnectivity

remainunchanged.Thisisbecauseestablishing

logisticsoperationsinstrategiclocationsfacilitates

fasterspeedtomarketandlowertransportationcosts,whichresultsinhighersupplychainresilienceand

greatercustomersatisfaction.

Figure14:TOPThreeFactorsInfluencingRelocations

Rentreduction

Flexibleleaseterms

Desirablelocation

capExconstraintstorelocate

superiorfacilitymanagement

supportedbyamenities

suitssustainabilitygoals

preferredbyemployees

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

37%

26%

24%

78%

16%

61%

12%

12%

Figure15:TOPThreeFactorsInfluencingRenewals

Betterleaseterms&rents

consolidatemultiplelocationsorcreateahub

Bettertransportationnetwork

Downsizebutimproveoperationalefficiency

Facilitatesustainabilitygoals

Bettertechnology&hardwareprovision

Betteramenities&servicesforusers

Managedbyapreferredlandlord

Movetoself-ownedassets

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

11%

Assetconnectivityremainsacrucial

consideration

occupiers'interestinlogisticsfacilitiescloseto

transportationinfrastructure,customersandthesupply

chainstrengthenedfurtherinthisyear'ssurvey.while

demandformodernandinstitutionalgradelogistics

facilitiesinurbanareasalsopickedup,occupiers'interestinsuchpropertiesindecentralisedlocationsorothersatellitecitiesmoderated.

Moreintensiveflighttocore-and-qualitydemandhasledtotheresilientleasingperformanceoflogisticsassetsinurbanareas.ExamplesincludeGreaterTOKYO,wherevacancyin

theTOKYOBayAreafelltojust7.3%inQ12025,comparedto16.8%intheken-0-doarea.coupledwiththetightsupply

outlookinurbanareas,thisdivergentperformanceisexpectedtocontinueinthemediumterm.

CBREexpectslogisticsoccupiers'ongoingstruggleto

balancecostcontrolwithinvestmentinstrategiclocationstoresultinamoreselectiveapproachtowardsrealestateplanning.occupierswillconsolidatemoreresourcesto

establishbiggerandmoreefficientlogisticshubsinurbanareasofmajormarkets,whilerightmmsizingtheirrealestatefootprintinlessstrategiclocations.

Investorsarerecommendedtofollowsuitandfocuson

acquiringassetsininfillareas.Theycanalsoexplore

developmentopportunitiesadjacenttonewinfrastructuresuchasexpresswaysandairports,especiallyinemergingmarketssuchasIndiaandsoutheastAsia.

Figure16:TOPThreeLocationalFactorsInfluencingAssetselection

20252023

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

Figure17:LogisticsFacilityTypeoccupiersExpecttouseMoreofintheNextTwoyears

20252023

Modernorinstitutionalgrade-urban

Modernorinstitutionalgrade-Decentralised

Modernorinstitutionalgrade-satellitecitiesnearbyorwithinmajormarkets

Traditionalwarehouses-urban

Traditionalwarehouses-Decentralised

Note:Multipleselectionsallowed.

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

45%

45%

32%

19%

19%

Demandforhigher-specfacilities

continuestoincrease

Therapidadoptionofnewlogisticstechnologiesissupportingoccupierdemandforhighlyfunctionallogisticsspace.comparedto

conventionalwarehouses,modernlogisticsfacilitiescomeequipped

withlargerfloorarea;moreloading/unloadingbays;andstrongerpowersupplytoenhanceoperationalefficiencyandfacilitatecompatibility

withnewtechnologies.

whilethisyear'ssurveyshowedthatmostlogisticsoccupiershave

higherexpectationsfortheirfuturerealestate,prioritiesvaryacross

individualindustries.Increaseinloadingbaysand/oruseofcross

dockingfacilitiesisthetoppriorityfor3PLsandretailoccupiersduetotheincreasingcomplexityofsupplychainoperations.EComerce

companiesarethemostdemanding,particularlyforfloorloading.

Althoughmostmanufacturingrelatedoccupiersexpecttheirreal

estaterequirementstoremainthesame,theirmostwantedfeatureisstrongerpowersupply.

Landlordsandinvestorsareadvisedtodesignandbuildnewfacilitiesthatcatertotheoperationalandspatialneedsoftargetindustries.

Moreindustrydrivenbuildingspecificationswillenhanceasset

competitivenessaswellaslongtermoccupancy,especiallyinmarketsthatfavourtenants.

Apartfromassetenhancementinitiativestoretrofitorredevelopconventionalbuildings,landlordsshouldleveragetechnologytoimprovethetenantexperience.Forexample,waitingtimesat

adistributioncentreinshanghaiwerecutby90%followingthe

owners'implementationofacloudmmbaseddigitaldockappointmentsystemin20202.

2LFLogistics,GLP,November25,2020(

Link)

Figure18:occupiers'ExpectationsforBuildingspecifications(percentageofrespondentsthatselectedanincrease)

Floorplate/size

NO.ofloadingbays/useofcross-dockingfacilities

columnspacing

powersupply

Floorloading

clearheight

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

ownersshouldprioritiseinitiatives

withimmediatefinancialimpact

occupiers'currentcost-centricmindsetisreflectedbytheir

sustainabilitypriorities,withenergyefficiencyrankedasthemostimportantgreenfeatureinthebuildingselectionprocess,followedbytheavailabilityofonsiterenewableenergy.Theseinitiatives

contributetobothlandlords'andoccupiers'climategoalswhilealsosupportingcostsavings.Itisestimatedthatenergyaccountsfor

around15%oftheoverheadexpensesofanon-temperature-controlledwarehouse,

Landlordsareadvisedtointegratesmartmetersorsensorsin

multiplesystemssuchaslighting,HVAcandwaterandorganise

themintoacentralisedmanagementplatform.Thisapproach

enableslandlordsandoccupierstomonitorenergyusageaswellasidentifyinefficienciesandoptimiseperformance.

Buildingresiliencetoclimatechangerankedasthethirdmost

importantsustainabilitymmrelatedfactorinbuildingselection.This

featureisincreasinglyimportantasextremeweatherconditions

causesevereloss.In2023,multiplepublishingwarehousesin

zhuozhuocityinHebeiprovince,mainlandchina,wereflooded

afterheavyrain,causinganestimatedlossofoverRMB200

million3.Atthesametime,climatechangewillpushupinsurance

premiumsforlandlordsandinvestors.AstudybyMSCIintheu.s.suggeststhatinsurancecostsasashareofincomereceivablehavedoubledoverthelastfiveyears,reaching2.4%inthe12months

throughQ32024,withtheratioevenhigherformetrosmore

exposedtohurricanes4.CBREadvisesinvestorstoincorporatesuchconsiderationsintooverallduediligenceininvestmentdecisions

andconductregularphysicalriskassessments.

GlobalTimes,August8,2023(

Link)

4Mscl,December9,2024(

Link)

Figure19:ImpactofsustainableFeaturesonBuildingselection

Noimpactondecision-making

considerpayingapremiumifpresent

Higherprioritywithnopremiumifpresentseekadiscountifabsent

Higherimpact

Exitorrejectthebuildingifabsent

useofsmarttechnologyfor

energyefficiency

Availabilityofon-siterenewableenergy(e.g.solar)

Resiliencetoclimatechange(e.g.seismic-resistant)

Evchargingfacilities

Greenbuildingcertfied

Greenleaseclauses

Advancedgreenrating(e.g.LEEDplatinumorequivalent)

37%

39%

40%

41%

44%

44%

46%

36%

32%

30%

32%

30%

25%

27%

16%

18%

17%

17%

14%

18%

14%

source:2025AsiapacificLogisticsoccupiersurvey,CBREResearch,June2025.

strategiesforoccupiersandInvestors

EconomicheadwindsandshiftingtradedynamicswillcontinuetocloudtheneartermAsiapacificlogisticsmarketoutlook.

occupiersarereassessingbusinessgoalsasbalancingcost,

efficiencyandfuturegrowthemergesasakeypriority.Atthe

sametime,landlordsandinvestorsfacepressurefromweakeningfundamentals.

CBRErecommendsoccupiers,landlordsandinvestorsrecalibratetheirrealestatestrategiesbyadoptingarenewedfocuson

resilienceandperformancetonavigatethesecyclicalchallengesandprovi