1、Challenging market conditions persistAsia PacificQ1 2025Asia Pacific Industrial Market DynamicsR Jones Lang Lasalle IP,Inc.2025Contents01Asia Pacific05Hong Kong06Beijing07Shanghai08Tokyo09Seoul10Singapore11Thailand12Jakarta13Kuala Lumpur14Delhi15Bengaluru16Sydney17Melbourne18Brisbane19Perth20Adelaid

2、e21Auckland22022 Jones Lang Lasalle IP,Inc.2025Adelaide,Jakarta,WellingtonIndustrial Rental Clock3 GrowthSlowingRentsFallingRentsRisingDeclineSlowingBrisbane,PerthSingapore(Logistics)Seoul,Thailand,TokyoKuala LumpurAucklandSource:JLL,Real Estate Intelligence Service,Q1 2025*Logistics space(Hong Kong

3、,Shanghai,Beijing,Greater Tokyo)Singapore(Business Park)Hong Kong,MelbourneSydneyBeijingShanghai Jones Lang Lasalle IP,Inc.20254Industrial investmentSource:JLL,Q1 2025Figures refer to transactions over USD 5 millionDirect Industrial real estate investment 2007-YTD 2025USD millions010,00020,00030,000

4、40,00050,000200720082009201020112012201320142015201620172018201920202021202220232024YTD 2025AustraliaChinaHong KongJapanSingaporeSouth KoreaAP OthersAsia Pacific Jones Lang Lasalle IP,Inc.2025Quarterly net absorption reached 3 million sqm in Q1 2025,a slowdown from the last two quarters.Overall acti

5、vity is anticipated to remain subdued,as tariff related headwinds filter through markets over the next few quarters.While vacancy fell slightly by 0.1 percentage points q-o-q to 14.7%in Q1 2025,high vacancy is expected to persist in the near term.Investment activity across Asia Pacifics logistics ma

6、rkets showed varied performance in the first quarter.Investor appetite is expected to sustain,albeit at a higher level of selectivity.ResearchAsia PacificIndustrial|Q1 2025Q1 2025 saw a slowdown in net absorption,against a backdrop of challenging market conditions.Over the next few quarters,demand i

7、s expected to remain subdued as the uncertainty surrounding tariffs drags on,halting occupiers plans to expand or relocate as they reassess their strategies.New supply continued to moderate in Q1 2025,totaling only 3.4 million sqm the lowest quarterly reading since Q1 2022.Consequently,vacancy dropp

8、ed slightly to 14.7%,marking its third consecutive quarter of decline.Nonetheless,compared to the historical 10-year average of 9.8%from 2015 to 2024,overall vacancy is still at high levels.Rents varied across the region but continued their overall downward trend in the quarter,weighed down by Great

9、er China.Activity in Seoul picked up with strong absorption in various districts,while mixed rental growth was observed across Sydney.Singapores market remained quiet,with few new enquiries or deals.Investment activity was a mixed bag across different markets in Q1 2025.In Greater China,Beijing and

10、Shanghai continued to experience subdued investment activity,largely due to macroeconomic challenges and ongoing geopolitical tensions that are constraining transaction volumes.On the flipside,Hong Kong bucked this trend,recording increased activity driven by disposals by various investment groups.T

11、okyos market demonstrated some resilience,with strong demand from both domestic and overseas investors especially for fully occupied assets.Similar,some large deals were noted in Seoul,with foreign investors showing active interest.OutlookOver the next few quarters,occupier demand is expected to slo

12、w due to tariff related headwinds.While supply is slated to moderate further,vacancy is expected to remain at elevated levels in the short term.Overall,sustained investment appetite is anticipated,although offshore investment in Greater China is likely to remain subdued.In a climate of economic unce

13、rtainty,investors are expected to be more selective when making their investment decisions.Elizabeth Low|Historical supply and demand trends05101520253020202021202220232024YTD 2025s.m.(millions)Net absorptionTotal completionsNote:Data is on a GFA basis.Rent growth Y-o-Y based on Asia Pacific rental

14、index.FundamentalsYTD net absorption3.1 million s.m.YTD completions3.4 million s.m.Vacancy rate14.7%Rent growth Y-o-Y-4.1%Hong Kong Jones Lang Lasalle IP,Inc.2025Leasing velocity remains slow amid limited new demand.The overall vacancy increased from 7.9%in Q4 2024 to 8.9%in Q1 2025.Primary sales of

15、 modern industrial facilities dominate transaction volume.ResearchHong KongIndustrial|Q1 2025Radiance Sea Hong Kong Ltd and Thai Kee Logistics Ltd have committed to leasing Cainiao Smart Gateway in Chek Lap Kok.Following the commitment made by Pinduoduo and Cainiao supply chain in Q4 2024,another ma

16、jor Chinese e-commerce player,JD Logistics,launched its fifth operation centre in Chai Wan with an area of over 10,000 sq ft in the quarter.Negative net absorption expanded from around 3,200 sq ft in Q4 2024 to about 610,000 sq ft in Q1 2025.Transit Mail Centre in Chek Lap Kok(around 152,000 sq ft)r

17、eceived its occupation permit in December 2024.Meanwhile,The Wharf Holdings confirmed plans for a new logistics facility(around 5 million sq ft)in Kwai Chung,slated for completion in 2028.Several primary modern industrial projects continued their market launches in Q1 2025,including Verde Heights(Ka

18、ilong),Prowell Asia Centre(First Group)and Horizon Sea(Qi Feng Capital).Dr Kong,a prominent footwear retailer chain,acquired two floors in Verde Heights in Cheung Sha Wan for HKD 176.0 million(HKD 5,447 per sq ft),reportedly for self-occupation.OutlookGiven the projected moderate growth in external

19、trade and local consumption for 2025,the flagging leasing demand is expected to present challenges in absorbing the existing and forthcoming available space.Investor interest in modern industrial will likely be sustained,due to their relatively low capital requirements and premium specifications.Cat

20、hie Chung|Historical supply and demand trendsNote:Hong Kong Industrial refers to Hong Kongs industrial warehouse market.Data is on a GFA basis.FundamentalsYTD net absorption-612,800 s.f.YTD completions0 s.f.Vacancy rate8.9%Net effective rent HKD 12.6 p.s.f.p.m.Rent growth Y-o-Y-5%Stage in rental cyc

21、leRents Falling-4%-2%0%2%4%6%8%10%-2-101234520202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVacancy rateBeijing Jones Lang Lasalle IP,Inc.2025Rent discounts trigger a leasing transaction volume bounce.Vacancy rate continues to rise to 25.2%.Rents continue to decline at a faster pac

22、e.ResearchBeijingIndustrial|Q1 2025Several projects signed new leases for more than approximately 5,000 sqm in Q1 2025 through significant price reductions.Prices significantly below the average market rents stimulated the relocation of tenants from low-standard projects to Grade A projects.However,

23、as tenants remained highly sensitive to rent discounts,the Beijing logistics market continued to lose large-area tenants to lower-priced Tianjin and Langfang.The resulting surrendering and downsizing continued to weigh on demand.Two new projects in the Pinggu submarket,with a total GFA of 355,800 sq

24、m,entered the market in Q1 2025.Both projects recorded few pre-leasing deals due to their relatively remote location,resulting in vacancy rates above 80%.The overall vacancy rate increased by 7.0 ppts to 25.2%.The rise was mainly due to the poor leasing performance of new projects,while vacant space

25、 at existing projects continued to be absorbed at a slow pace.Overall rent declines continued to widen in Q1 2025,down 2.8%q-o-q and 7.3%y-o-y.A soft leasing market with significant new supply heightened market competition,prompting some landlords to offer substantial rent discounts to facilitate tr

26、ansactions.The investment market remained quiet in the quarter.Amidst relatively poor leasing performance and significant new supply,investors became more cautious in their investment decisions related to logistics projects.OutlookIndividual landlords in the Pinggu submarket actively adjusted their

27、supply strategy in Q1 2025 based on the soft leasing market,dividing the entire project into multiple supply phases and delaying the entry of some of these phases to 2026.In an increasingly competitive market,more landlords will realise that direct,significant rent reductions are the only effective

28、way to trigger deals.Rents are expected to decline by a significant 8.5%in 2025,the lowest level in a decade.Ming Ji|Historical supply and demand trendsNote:Beijing Industrial refers to Beijings prime non-bonded logistics market.Data is on a GFA basis.FundamentalsYTD net absorption5,200 s.m.YTD comp

29、letions355,800 s.m.Vacancy rate25.2%Net effective rent RMB 1.49 p.s.m.per dayRent growth Y-o-Y-7.3%Stage in rental cycleRents Falling-5%0%5%10%15%20%25%30%-20002004006008001,00020202021202220232024YTD2025s.m.(thousands)Net absorptionNew supplyVacancy rateShanghai Jones Lang Lasalle IP,Inc.2025Cautio

30、us market sentiments remained in Q1 2025.Three major projects reached completion in Q1 2025.Rents continue to trend down amid project influx.ResearchShanghaiIndustrial|Q1 2025In Q1 2025,demand remained relatively steady.Net absorption reached 89,000 sqm,slightly exceeding the corresponding period of

31、 2024.3PL firms continued to contribute to leasing activities.For example,Jiading saw c.10,000 sqm of leases from 3PL operators.The vacancy rate continued to rise in Q1 2025,reaching 28.0%,as major projects continued to enter the market.Tenants remained cautious regarding expansion activities,result

32、ing in slow absorption progress for many new projects.Overall supply continued to increase in Q1 2025,pushing total non-bonded stock level to over 10 million sqm.Three projects totalling 442,100 sqm reached completion in the quarter,with Songjiang,Qingpu and Jinshan all recording new projects enteri

33、ng the market.The quarters supply is primarily located in the west Shanghai submarkets;however,the allocation is expected to extend to other submarkets this year.For instance,Fengxian Lingang,Jiading,and Northwest are all expected to see new completions.Overall rents decreased by 3.7%q-o-q on a like

34、-for-like basis to RMB 1.35 per sqm per day,reflecting a 10.6%y-o-y decline.The continued supply influx and elevated vacancy level have prompt aggressive pricing strategies from landlords in the market.No major transactions were recorded in Shanghai logistics market this quarter.Investors remained c

35、autious in investment decisions due to declining rents and elevated supply.OutlookDespite a moderation in supply compared to the record-setting levels of 2024,the absolute supply level remains substantial.As a result,vacancy rates are expected to remain elevated in the short-term.Competition among l

36、andlords is expected to persist,with de-stocking remaining the primary focus in 2025.In the near future,rents are projected to keep trending downwards.Daniel Yao|Historical supply and demand trendsNote:Shanghai Industrial refers to Shanghais modern warehouse facilities.Data is on a GFA basis.Fundame

37、ntalsYTD net absorption89,100 s.m.YTD completions442,100 s.m.Vacancy rate28.0%Net effective rent RMB 1.35 p.s.m.per dayRent growth Y-o-Y-10.6%Stage in rental cycleRents Slowing0%5%10%15%20%25%30%35%02004006008001,0001,2001,4001,60020202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVa

38、cancy rateTokyo Jones Lang Lasalle IP,Inc.2025Vacancy rates rise again to over 10%due to a large supply.Demand expansion continues,but location differences intensify.Rent increases continue,reflecting rising costs.ResearchTokyoIndustrial|Q1 2025In Q1 2025,net absorption reached 588,000 sqm due to st

39、eady demand driven by e-commerce sales growth and a large volume of new supply.As transport costs rise,demand is strong for properties close to the city centre and with short transportation distances,while properties in fringe areas with higher transport costs are struggling.The difference in tenant

40、 demand based on location is intensifying.There was a new supply of 854,600 sqm across seven buildings,increasing the total stock area by 10.1%y-o-y.The overall vacancy rate in Greater Tokyo reached 10.3%,up 78 bps q-o-q and 27 bps y-o-y.While well-located properties are fully occupied upon completi

41、on,some properties in challenging locations have vacancies lasting over one year.Gross rents in Greater Tokyo averaged JPY 4,677 per tsubo,per month,down 0.2%q-o-q and up 0.9%y-o-y.This reflects rent decreases in existing properties with prolonged vacancy periods after completion.However,the trend o

42、f high rents in newly constructed properties pushing up rents in surrounding properties continues,maintaining the overall upward trend in rents.The capital value in Greater Tokyo decreased by 0.2%q-o-q.Despite rising interest rates,investment yields remain stable due to strong investor demand.Outloo

43、kRent increases are expected to continue,driven by expanding demand from e-commerce growth and rising construction costs.Investors are likely to increase rents on their properties more aggressively due to rising interest rates and property management costs.However,some areas may see potential rent d

44、ecreases due to an increase in vacant properties.Regarding the US tariff increases,while they are expected to have long-term effects through economic fluctuations,the short-term impact on demand is considered limited,as most logistics facility tenants handle domestic cargo within JapanTakeshi Akagi|

45、Historical supply and demand trendsNote:Tokyo Industrial refers to the Greater Tokyo prime logistics market.Data is on an NLA basis.FundamentalsYTD net absorption588,000 s.m.YTD completions854,600 s.m.Vacancy rate10.3%Gross rent JPY 4,677 per tsubo p.m.Rent growth Y-o-Y0.9%Stage in rental cycleGrowt

46、h Slowing0%2%4%6%8%10%12%012320202021202220232024YTD 2025s.m.(millions)Net absorptionNew supplyVacancy rateSeoul Jones Lang Lasalle IP,Inc.2025Large net absorption takes place,primarily in recent completions.Supply plummets;vacancy rates follow suit in a positive market shift.SCA logistics cap rate

47、hits 5.3%,down for the second straight quarter.ResearchSeoulIndustrial|Q1 2025In Q1 2025,the net absorption in the SCA market recorded 154,400 pyeong,exceeding the quarterly new completion volume by 31%.All submarkets demonstrated positive net absorption,with only the North showing a minimal negativ

48、e net absorption.New tenants from 3PL,e-commerce and F&B sectors signed leases in the quarter.Notably,86%of newly leased space occurred in centres completed in the past two years.The West,which had the most supply in 2024,recorded the highest net absorption of 71,600 pyeong.Five logistics centres we

49、re completed,with three in the South and two in the North.The West and South-east,which recorded the most supply in 2024 and 2023,respectively,had no new supply.Notably,the South saw zero supply for the first time in 16 quarters.The SCA vacancy rate fell 154 bps q-o-q,reaching 16.5%.The North and So

50、uth-the only two submarkets introducing new supply saw increases in vacancy rates,while others observed decreases.The Wests vacancy rate contracted for the first time since Q4 2023.The SCA overall net effective rent increased by 0.5%q-o-q,reaching KRW 31,600 per pyeong per month.All districts experi

51、enced rent increases,with the West showing the highest growth at 1.2%q-o-q.In response to inflation,several centres also raised CAM fees by KRW 500 to 1,000.The logistics investment volume totalled about KRW 1.3 trillion,representing a 65%increase q-o-q.The most notable transaction was the GreenWave

52、 Sihwa Logistics Center,sold by Sihwa Road to JB Asset Management,with GIC participating as an investor.OutlookFor the remainder of 2025,less than 300,000 pyeong of supply is expected,which should gradually alleviate concerns about oversupply.Amid a notable decline in construction starts,the number

53、of projects with expiring permits is also expected to continue increasing.As interest rates decline from their peak,market expectations grow for improved liquidity.Despite the economic downturn from tariffs and political variables,investment demand for core logistics centres is expected to remain so

54、lid,supported by sharp supply decreases.Veronica Shim|Historical supply and demand trendsNote:Seoul Industrial refers to Seoul Capital Areas prime logistics market.Data is on a GFA basis.FundamentalsYTD net absorption154,400 pyeongYTD completions118,200 pyeongVacancy rate16.5%Net effective rentKRW 3

55、1.63 per pyeong p.mRent growth Y-o-Y 3.1%Stage in rental cycleGrowth Slowing0%5%10%15%20%05001,0001,5002,00020202021202220232024YTD 2025pyeong(thousands)Net absorptionNew supplyVacancy rateSingapore Jones Lang Lasalle IP,Inc.2025Global economic headwinds weigh on demand.Completion of new multi-tenan

56、ted logistics/warehouse facility at 36 Tuas Road.Stability in rents and capital values extends to the third consecutive quarter.ResearchSingaporeIndustrial|Q1 2025Global uncertainties kept occupiers cautious on their logistics/warehouse space requirements,with limited new enquiries and strategic tak

57、e-up in Q1 2025.During the quarter,German speciality chemicals firm Munzing set up a 500 sqm(c.5,382 sq ft)warehouse near its new regional office in the German Centre,with plans to relocate to a 3,000 sqm(c.32,292 sq ft)warehouse by the end of 2025.The redevelopment of 36 Tuas Road was completed in

58、Q1 2025,with a commitment rate of more than 50%.The air-conditioned logistics/warehouse facility is the first of three multi-tenanted logistics/warehouse developments due for completion in 2025.Meanwhile,landlords continue to upgrade or redevelop aging assets.In Q1 2025,CapitaLand Ascendas REIT unve

59、iled plans to redevelop Logis Hub Clementi in Q4 2025.The new facility should be ready by 2028.Occupiers stayed cost-conscious in Q1 2025,while some landlords were more flexible during lease negotiations.This has kept the average islandwide logistics/warehouse rent stable for the third consecutive q

60、uarter.Amid steady rents and investors sustained interest in logistics/warehouse acquisition opportunities,capital values held firm for the third consecutive quarter,translating to another quarter of stable yields.OutlookLess sanguine demand prospects on the back of heightened macroeconomic uncertai

61、nties including an escalating global tariff war are expected to keep occupiers cost conscious and rents flattish for the rest of 2025.The softer rent outlook is expected to moderate capital value growth in 2025.However,sustained investors interest for higher-yielding assets could tighten logistics/w

62、arehouse yields by the end of 2025.Doreen Goh|Historical supply and demand trendsNote:Singapore Industrial refers to Singapores islandwide logistics/warehouse market.Data is on an NLA basis.0%2%4%6%8%10%12%0123420202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVacancy rateFundamental

63、sYTD net absorption0.5 mil s.f.YTD completions2.0 mil s.f.Vacancy rate9.5%Gross effective rent SGD 1.71 p.s.f.p.m.Rent growth Y-o-Y0.6%Stage in rental cycleRents StableThailand Jones Lang Lasalle IP,Inc.2025Demand growth in the EEC continues with persisting tailwinds from the China+1 policy.Market s

64、ees vacancy rate drops despite notable supply expansion.Strong competition keeps rents stagnant as new projects offer competitive rates.ResearchThailandIndustrial|Q1 2025In Q1,Thailands logistics market saw sustained healthy demand,with net absorption reaching 115,100 sqm.This was largely due to str

65、ong demand for ready-built projects fueled by third-party logistics service providers and the expansion of the manufacturing sector.The Eastern Economic Corridor(EEC)submarket benefitted from its location near manufacturing hubs,resulting in strong take-up and pre-leasing activity for recently compl

66、eted,ready-built projects.Four project completions were recorded in Q1 2025 with a combined leasable area of approximately 93,000 sqm,all located within the EEC submarket.These included projects from Frasers Property,Prospect Development,Alpha Industrial Solutions and SC Expedition.Strong demand for

67、 new ready-built projects outpaced new supply,leading to a slight decrease in the market-wide vacancy rate,which dropped by 0.6%q-o-q to 10.6%.The average market rent saw a slight increase to THB 159.1 per sqm,per month.New projects showed minimal to no rent premium compared to older properties in t

68、he same area,resulting in stagnant rent growth.Capital value saw a q-o-q growth of 0.7%and was recorded at THB 31,564 per sqm,due to a slight improvement in rents.Meanwhile,the market yield remained stable at 6.05%.OutlookAt least 13 projects,totaling 427,000 sqm of leasable space,are expected to be

69、 completed by end-2025.Approximately 114,000 sqm of this will be built-to-suit properties.The tariffs imposed by US President Donald Trump have created uncertainty regarding the benefit of the China+1 policy for Thailand.This will likely cause investors to adopt a wait-and-see approach,negatively im

70、pacting overall demand in Thailands logistics market.Anawin Chiamprasert|Historical supply and demand trendsNote:Thailand Industrial refers to the Greater Bangkok prime logistics market.Data is on a GFA basis.FundamentalsYTD net absorption115,100 s.m.YTD completions92,900 s.m.Vacancy rate10.6%Gross

71、rent THB 159 p.s.m.p.m.Rent growth Y-o-Y-0.1%Stage in rental cycleGrowth Slowing0%5%10%15%20%010020030040050060070020202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateJakarta Jones Lang Lasalle IP,Inc.2025Chinese EV,electronics and FMCG companies drive demand in Greater Ja

72、karta.Greater Jakartas market shows resilience as vacancy rates return to single digits.Eastern Jakarta sees competitive pricing as rent growth slows.ResearchJakartaIndustrial|Q1 2025Chinese EV,electronics and FMCG sought ready-to-lease spaces with specific requirements,often needing factory rentals

73、.Some modern warehouses successfully met this demand by providing necessary adjustments and modifications to suit these companies needs.Net absorption exceeded 100,000 sqm despite limited new supply.3PLs led demand,while the eastern parts of Jakarta emerged as EV hubs,boosting warehouse demand.Marke

74、t competition intensified as some owner-occupiers began leasing their available spaces.Only one new project added 7,200 sqm in Tangerang,with the market demonstrating resilience as vacancy rates declined to 9.5%from 12.7%.Future supply prospects expanded with new market entrants.Saka Industrial Perk

75、asa(SIP),Astra Propertys industrial arm,is prepared to contribute to new supply.Meanwhile,EZA Hill acquired three existing assets last year,adding to their underdeveloped land banks.Rents decreased 1.25%q-o-q,primarily in the eastern and southern areas of Jakarta due to heightened competition,while

76、other areas saw relatively flat rents q-o-q.Market yields began compressing from 8-8.5%towards 7.0-7.5%.Investors demonstrated confidence by accepting adjusted returns,highlighting the sectors long-term potential.OutlookThe anticipated market dynamic to shift as stakeholders explore joint ventures,l

77、and acquisitions and diverse development strategies.The eastern part was poised for robust demand,particularly from manufacturing and EV sectors,through 2025.Forecasts point to 0.8 million sqm of new supply by 2027,potentially pushing vacancy rates to 12-13%.The market was prepared for changes due t

78、o global economics,with the aim to attract FDI in manufacturing.Industrial parks to plan upgrades to meet new demand.Jennifer Amelia|Historical supply and demand trendsNote:Jakarta Industrial refers to the Greater Jakarta prime logistics market.Data is on a GFA basis.FundamentalsYTD net absorption10

79、1,700 s.m.YTD completions7,200 s.m.Vacancy rate9.5%Gross rent IDR 83,306 p.s.m.p.m.Rent growth Y-o-Y-Stage in rental cycleRents Rising0%2%4%6%8%10%12%14%010020030040020202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateKuala Lumpur Jones Lang Lasalle IP,Inc.2025The China Pl

80、us One strategy boosts industrial investment,pushing growth in the Electronics and Electrical(E&E),logistics,and medical sectorsKey warehouse developers expand projects and fast-track launches.Yield compression drives capital growth in stable logistics market.ResearchKuala LumpurIndustrial|Q1 2025Th

81、e China Plus One strategy encouraged companies to diversify their manufacturing and supply chain operations beyond China,boosting Malaysian industrial investment.In Q1,we observed the logistics,and automotive sectors were the most active in the market,with a significant number of companies relocatin

82、g to Bukit Raja and Elmina.The warehouse development sector saw a gradual uptick in activity and expectations.Key projects,such as PHB Maersk and Shah Alam International Logistics Hub,accelerated their project timelines,launching new phases earlier than initially planned.Developers were not only exp

83、editing their existing projects but also expanding their ambitions.A prime example was Mapletree,which pushed the boundaries with plans to construct a hyperscale warehouse spanning an impressive 5 million sq ft.Rents remained stable in Q1 due to no new completions and high occupancy rates in existin

84、g warehouses.However,a slight decrease was observed in Y-o-Y rents due to an increase in the average transaction size,as tenants negotiated larger discounts for bigger spaces.Capital values in the logistics real estate market grew slightly,underpinned by two key factors:the steadiness of rents and i

85、nvestors consistent compression of yield expectations.OutlookWe anticipate that local market dynamics will continue to be the primary driver of demand,with a notable shift in preferences from Grade B to Grade A properties.In light of the prevailing economic uncertainty,we anticipate foreign investor

86、s will reevaluate their strategic positioning in the market.This recalibration may lead to downsizing of occupied spaces to mitigate financial risks and improve operational efficiency.Yulia Nikulicheva|Historical supply and demand trendsNote:Kuala Lumpur Industrial refers to the Greater Kuala Lumpur

87、 prime logistics market.Data is on a GFA basis.FundamentalsYTD net absorption287,900 s.f.YTD completions0 s.f.Vacancy rate4.0%Gross rent MYR 2.18 p.s.f.p.m.Rent growth Y-o-Y-Stage in rental cycleGrowth Slowing0%1%2%3%4%5%6%7%012345620202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVa

88、cancy rateDelhi Jones Lang Lasalle IP,Inc.2025Absorption recorded at 2.01 mn sq ft in Q1 2025;3PL leads demand for Grade A spaces.New supply of 1.47 mn sq ft pushes vacancy to 21.1%;yet Grade A space availability remains tight.Rental surge continues:5.5%y-o-y rise as institutional investors bet big

89、on Grade A warehousing demand.ResearchDelhiIndustrial|Q1 2025Q1 2025 saw record warehousing demand,with net absorption reaching 2.01 mn sq ft.Delhi-NH8 dominated among the submarkets,followed by Sonipat-Hassangarh and Ghaziabad-Noida.The 3PL sector led demand in Q1 2025,with auto&ancillaries and ret

90、ail following.Occupiers strongly favored high-quality,compliant spaces,driving prime Grade A warehouses to attract maximum demand.Q1 2025 saw significant warehousing market growth,with 1.47 mn sq ft of space added in the quarter.Delhi-NH8 led in new supply,followed by Ghaziabad-Noida and Sonipat-Has

91、sangarh.Vacancy rates hit 21.1%in Q1 2025 as new supply outpaced demand.Grade B space saw increased speculative supply,pushing its vacancy to 28.5%.However,Grade A vacancy dropped to 10.5%due to high demand,highlighting preference for quality spaces in the market.Grade A warehousing demand and insti

92、tutional interest fueled a 5.5%year-over-year rental surge in Q1 with rising land costs further contributing to this trend.This reflects the sectors growing appeal and the increasing value placed on high-quality industrial space.Rents expected to continue their upward trend,driven by major instituti

93、onal investments.Key players such as Indospace,Horizon Industrial Parks,Ascendas,Welspun,etc.are fueling this growth with commitments to the warehouse sector.OutlookNCR warehousing stock is expected to hit 109 mn sq ft by 2025,led by Grade A projects from large investors.Delhi-NH8 submarket is likel

94、y to lead in supply and demand,highlighting this clusters strategic importance.Infrastructure projects such as DMIC,WDFC,and EDFC will boost warehousing demand while enhancing Delhis connectivity.3PL,Retail and FMCG sectors growth may keep vacancy rates under 15%over the next 4 years,signaling stron

95、g market fundamentals.Chandranath Dey|Historical supply and demand trendsNote:Delhi Industrial refers to NCR Delhis overall Grade A and Grade B warehousing&light manufacturing market.Data is on a GFA basis.FundamentalsYTD net absorption2,007,500 s.f.YTD completions1.474,900 s.f.Vacancy rate21.1%Gros

96、s rent INR 23.0 p.s.f.p.m.Rent growth Y-o-Y4.5%Stage in rental cycleRents Rising0%5%10%15%20%25%02468101214161820202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVacancy rateBengaluru Jones Lang Lasalle IP,Inc.2025Industrial market surges with historic net absorption recorded in Q1 20

97、25.Overall vacancy drops to 10.1%;Grade A vacancy at mere 2.4%as demand surges for quality warehouses.Rents surge 4.0%:Institutional investors drive sustained growth as market values quality spaces.ResearchBengaluruIndustrial|Q1 2025Q1 CY2025 set a record with net absorption hitting 2.93 mn sq ft,th

98、e highest quarterly figure to date.Hosur Road-Hosur City cluster led among the submarkets,with Hoskote following closely behind.Engineering and E-Commerce drove 60%+of Q1 demand.3PL,Home&Construction,Auto,and FMCG also contributed significantly.Occupiers preference for high-quality,compliant spaces

99、saw demand for prime Grade A warehouses account for 90%+of the total.Q1 saw 2.59 mn sq ft of new warehouse space,with 90%being Grade A quality.This growth reflects increasing interest from institutional developers and investors,highlighting a trend towards high-quality industrial real estate and str

100、ong market confidence.Overall vacancy dropped 100 bps year-over-year to 10.1%.Significantly,prime Grade A spaces show exceptionally low vacancy at just 2.4%in 2024,indicating strong demand for high-quality industrial real estate amid a tightening market for premium space.Rents surged 4.0%year-over-y

101、ear,driven by heightened demand,growing interest from institutional developers and investors and rising land rates.This upward trend reflects the markets robustness and the increasing value placed on quality industrial spaces.Rent growth is set to persist,fueled by increased investments from institu

102、tional players such as Indospace,Ascendas,Welspun,and NDR.This is also supported by the increasing traction from occupiers for quality spaces.OutlookBengalurus warehousing sector poised for major growth in 2025,with stock projected to hit 67.8 mn sq ft.New Grade A developments backed by large,well-k

103、nown players is likely to drive market expansion.Bengalurus warehousing demand is likely to get a boost from infrastructure such as BMIC and CBIC corridors which will enhance connectivity with West and East India.Growing demand will likely keep vacancy under 10%for the next four years,keeping the ma

104、rket buoyant.Chandranath Dey|Historical supply and demand trendsNote:Bengaluru Industrial refers to Bengalurus overall Grade A and Grade B warehousing&light manufacturing market.Data is on a GFA basis.FundamentalsYTD net absorption2,926,000 s.f.YTD completions2,591,600 s.f.Vacancy rate10.1%Gross ren

105、t INR 23.6 p.s.f.p.m.Rent growth Y-o-Y4.0%Stage in rental cycleRents Rising0%2%4%6%8%10%12%14%01234567820202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVacancy rateSydney Jones Lang Lasalle IP,Inc.2025Recovery in pre-lease activity.Elevated supply pipeline but drop in quarterly comp

106、letions.Yields compression cycle begins in most Sydney industrial precincts.ResearchSydneyIndustrial|Q1 2025Occupier demand increased 16.8%over the quarter to 342,000 sqm,44.3%above the ten-year quarterly average,driven by a recovery in pre-lease activity,which accounted for 68.9%of area leased.Leas

107、ing of existing stock decreased 39.1%quarter-on-quarter and was 32.1%below the ten-year quarterly average.Sydney recorded 43,200 sqm of completions in Q1 2025,72.5%below the ten-year average and the lowest level recorded since Q1 2021,as several anticipated completions were delayed to next quarter.J

108、LL is tracking 952,000 sqm of supply currently under construction,of which 39.5%is pre-committed.Most precincts recorded rent uplifts in Q1 2025;however,this primarily stemmed from basket adjustments and enhanced stock quality,rather than demand-driven factors.Following elevated activity in Q4 2024,

109、investment volumes moderated to AUD 688.2 million,2.2%below the ten-year quarterly average.OutlookWe anticipate that elevated speculative supply and sublease availabilities will exceed demand,with vacancy expected to increase further,constraining effective rent growth.Strong underbidder activity in

110、the investment market suggests that investor demand remains strong and may support further yield compression over 2025.Annabel McFarlane|Historical supply and demand trendsNote:Sydney Industrial refers to Sydneys industrial market(all grades).Financial and physical indicators are for the Outer Centr

111、al West.Data is on a GFA basis.FundamentalsYTD gross take-up295,000 s.m.YTD completions0 s.m.Net rentAUD 225 p.s.m.p.a.Rent growth Y-o-Y 7.1%Stage in rental cycleRents Falling02004006008001,00020202021202220232024YTD 2025s.m.(thousands)Gross take-upNew supplyMelbourne Jones Lang Lasalle IP,Inc.2025T

112、ake-up levels return to averages.Completion rates continue to remain significantly elevated.Rents,yields and incentives stabilise.ResearchMelbourneIndustrial|Q1 2025Gross take-up decreased by 39.5%q-o-q to 256,700 sqm.However,this was in line with the ten-year quarterly average and greater than the

113、last two years first-quarter figures.The West precinct led quarterly leasing activity in Melbourne(64.2%).Demand was led by the Transport,Postal&Warehousing sector,accounting for 35.2%of the take-up.New supply brought 362,700 sqm of warehouse space to the market,more than double the ten-year quarter

114、ly average.Of the supply,52.8%was pre-committed at practical completion.The largest portion of quarterly supply was delivered in the West precinct(42.5%).The South-East followed with 39.6%,the remaining 17.8%was in the North.In Q1,rents across all grades and precincts remained relatively stable as w

115、e continued to see rising vacancy levels affect supply-demand dynamics.Incentives also remained stable in all precincts except the South-East,which saw a small increase.Transaction volumes totalled AUD 463.6 million over the quarter.This total is 14%below the ten-year quarterly average.OutlookSignif

116、icant incentive rates in the North and West precincts are making it feasible for occupiers to relocate into brand new buildings in the outer suburbs.We have seen examples of this and expect it to continue.Developers continue to delay speculative projects,awaiting pre-commitments due to high completi

117、on rates.While we anticipate a medium-term rebalancing of supply-demand dynamics due to this pause,we foresee limited rent growth in the near-term.Caleb Franks|Historical supply and demand trendsNote:Melbourne Industrial refers to Melbournes industrial market(all grades).Financial and physical indic

118、ators are for the South East.Data is on a GFA basis.FundamentalsYTD gross take-up35,100 s.m.YTD completions143,700 s.m.Net rentAUD 169 p.s.m.p.a.Rent growth Y-o-Y11.7%Stage in rental cycleRents Falling010020030040050060020202021202220232024YTD 2025s.m.(thousands)Gross take-upNew supplyBrisbane Jones

119、 Lang Lasalle IP,Inc.2025Leasing activity stabilises in Q1 2025.New supply increases,vacancy remains broadly stable.Yield tightening is recorded in Q1 2025.ResearchBrisbaneIndustrial|Q1 2025Occupier demand in the Brisbane market has decreased,comparative to Q4 2024.However,activity in Q1 2025 has im

120、proved year-on-year.A total of 113,000 sqm has been absorbed,below the 10-year historic average of 154,900 sqm.Tenants within the transport,postal and warehousing industry were most activity during the quarter,taking 47,300 sqm.The largest transaction was a pre-lease to United Rentals(21,400 sqm)in

121、Brisbanes Trade Coast precinct.New completions reached 134,200 sqm,up on the previous quarter and above the 10-year historic average of 95,500 sqm.The pre-commitment rate at completion was 60%and new stock was mostly built in the Southern precinct(72,600 sqm)followed by Trade Coast(61,600 sqm).Brisb

122、anes industrial vacancy rate has marginally reduced in Q1 2025 to 3.9%.A total of 51,400 sqm of speculative developments have reached completion,without securing pre-commitment.However,stable leasing demand has prevented the vacancy rate from rising.Net face rents remained highest in the Trade Coast

123、 at AUD 198 per sqm p.a.The Southern precinct outperformed other precincts with quarterly rent growth of 2.7%,rental increases were particularly strong in smaller sized stock(circa 3,000 sqm).Investment volumes in Q1 2025 reached AUD 405.6 million,above the 10-year quarterly volume of AUD 268.0 mill

124、ion.A portfolio transaction in Yatala,located in Brisbanes Southern precinct marked the largest transaction in terms of value.OutlookSteady rental growth in anticipated across all precincts in the Brisbane market.Further yield tightening is likely by the end of 2025,as investor interest intensifies.

125、Ted Breene|Historical supply and demand trendsNote:Brisbane Industrial refers to Brisbanes industrial market(all grades).Financial and physical indicators are for the South.Data is on a GFA basis.FundamentalsYTD gross take-up70,600 s.m.YTD completions72,600 s.m.Net rentAUD 160 p.s.m.p.a.Rent growth

126、Y-o-Y 8.9%Stage in rental cycleRents Stable02004006008001,00020202021202220232024YTD 2025s.m.(thousands)Gross take-upNew supplyPerth Jones Lang Lasalle IP,Inc.2025Occupier demand softened in Q1 2025.No major completions recorded over the quarter.Uptick in rents across all precincts over Q1 2025.Rese

127、archPerthIndustrial|Q1 2025Occupier demand in the Perth market decreased over Q1 2025,with 38,800 sqm of gross take-up recorded across six major occupier moves(3,000 sqm).Quarterly tenant activity was also below the two-year quarterly average of 69,700 sqm.Industrial and logistics gross take-up tota

128、lled 300,800 sqm over the past 12 months,significantly above the 10-year average of 213,500 sqm.Demand was led by the transport,postal&warehousing(25.1%),manufacturing(18.3%)and wholesale trade(12.5%)sectors.No major developments(3,000 sqm)completed over Q1 2025.However,ten projects totalling 165,10

129、0 sqm are under construction,with expected completion by early-2027.Eleven projects totalling 149,200 sqm are in the plans approved stage,and four projects totalling 26,200 sqm are in the plans submitted stage.The majority(86.5%)of these projects have not been pre-committed.Average prime existing ne

130、t rents increased across all precincts over Q1 2025.Strongest quarterly growth was recorded in the North precinct(4.0%),followed by the South(3.6%)and East(3.5%)precincts.Prime midpoint yields across all precincts were stable at 6.50%over the quarter.On an annual basis,yields softened 25 bps across

131、all three precincts.OutlookSpeculative supply remains prominent in the Perth market despite still-elevated construction costs and high labour costs.The supply will be supported by occupier demand expected over the short term.Rental growth is forecast to accelerate over the short term due to supply s

132、carcity and robust occupier demand in the Perth market.Prime yields are expected to hold steady over the rest of 2025.Helen Ye|Historical supply and demand trendsNote:Perth Industrial refers to Perths industrial market(all grades).Financial and physical indicators are for the East.Data is on a GFA b

133、asis.FundamentalsYTD gross take-up32,400 s.m.YTD completions0 s.m.Net rentAUD 150 p.s.m.p.a.Rent growth Y-o-Y 7.2%Stage in rental cycleRents Stable05010015020020202021202220232024YTD 2025s.m.(thousands)Gross take-upNew supplyAdelaide Jones Lang Lasalle IP,Inc.2025Quarterly gross take-up down over Q1

134、 2025.Supply delivered to market inches upwards quarter-on-quarter.Strong rental growth across all precincts in Adelaide.ResearchAdelaideIndustrial|Q1 2025Occupier demand decreased over the quarter,with gross take-up totalling 42,000 sqm.Nevertheless,this figure is above the average quarterly gross

135、take-up of 39,900 sqm recorded over the last 10 years.Six large occupier moves(3,000 sqm)were recorded over Q1 2025,with the largest move being a 10,309 sqm deal for BAE Systems at 47-53 Woomera Avenue,Edinburgh,in the Outer North precinct.There was 24,000 sqm of new supply added to Adelaide total s

136、tock in Q1 2025.Currently,there are 12 major developments under construction totalling 145,400 sqm,with the latest project expected to deliver in Q1 2026.The pre-commitment rate for these projects is 67.3%.There are six projects with plans approved in the future supply pipeline,totalling 93,300 sqm.

137、Additionally,there are two projects with plans submitted,totalling 34,000 sqm.Average prime net face rents increased across all precincts in Q1 2025,with quarterly growth ranging from 6.7%to 11.1%.The rise in asking rents is a result of the continuing trend of occupier demand outpacing supply.Averag

138、e land values increased across most precincts in Q1 2025 as supply for development sites remain limited in the market.On an annual basis,average land values for 2,000 sqm lots increased between 7.1%and 36.4%.OutlookSpeculative supply from developers is likely to remain low as construction material a

139、nd labour costs remain elevated,while occupier demand is anticipated to remain robust as the broader national economic environment stabilises.Rental growth is expected to accelerate over the short term due to low supply,competition from new builds,and a major infrastructure project which has displac

140、ed many businesses.Prime yields are expected to hold steady over the rest of 2025.Helen Ye|Historical supply and demand trendsNote:Adelaide Industrial refers to Adelaides industrial market(all grades).Financial and physical indicators are for the North West.Data is on a GFA basis.FundamentalsYTD gro

141、ss take-up14,400 s.m.YTD completions4,500 s.m.Net rentAUD 149 p.s.m.p.a.Rent growth Y-o-Y 18.9%Stage in rental cycleRents Rising02040608010012014016018020202021202220232024YTD 2025s.m.(thousands)Gross take-upNew supplyAuckland Jones Lang Lasalle IP,Inc.2025Vacancy rate stabilises at mid-2%.Several l

142、arge-scale projects under construction across City and South precincts.Rent growth moderates.ResearchAucklandIndustrial|Q1 2025Vacancy rate for Auckland remained at 2.4%between June and December 2024.Precinct-wise,vacancy rates stand at 2.3%(-40 bps)for Auckland City,at 2.8%for Manukau(unchanged sin

143、ce Q2 2024),at 1.3%for North Shore(+40 bps)and at 3.4%for North-West(+190 bps).In the medium-to long-term,the Auckland regional vacancy rate is expected to remain at or near 3%,highlighting ongoing demand and supply imbalances.A recent rise in sublease space will assist some occupiers in the short-t

144、erm.A 3.5-ha Neilson Street development in Onehunga is expected to be the largest industrial build for NZX-listed Argosy Property when completed later this year.It comprises 5,000 sqm and 11,500 sqm warehouses and is targeting a 6 Green Star Design and As-Built rating.In late-2024,Calder Stewart ann

145、ounced its partnership with Wesfarmers to deliver a new North Island distribution centre for NZ Safety Blackwoods in Drury South.Calder Stewart has also started construction on Briscoe Groups site here in Drury.Prime and secondary average net warehouse rents stand at NZD 193 and 158 per sqm,p.a.,res

146、pectively.Prime and secondary average net combined rents stand at NZD 215 and 175 per sqm,p.a.,respectively.Significant transactions for Q1 2025 include the sales of 6 Hautu Drive,Wiri,a 5,748 sqm property for NZD 17.35 million,and 21 Bill Stevenson Drive,a 4,280 sqm property for NZD 14.80 million.O

147、utlookThe industrial sector continues to be a strong performer,with opportunities arising from both sublease and vacant spaces.Activity levels suggest a moderate uptick in demand,particularly from logistics and e-commerce operators.This trend is likely to accelerate as the economy recalibrates and i

148、nterest rates stabilise,potentially leading to more robust rent growth.The market is already showing signs of this,with prime average net warehouse rents holding firm at NZD 193 per sqm,p.a.Hina Uqaili|Historical supply and demand trendsNote:Auckland Industrial refers to Aucklands logistics market.D

149、ata is on an NLA basis.Fundamentals2024 net absorption254,300 s.m.2024 completions271,400 s.m.Vacancy rate2.4%Net rent NZD 215 p.s.m.p.a.Rent growth Y-o-Y0.0%Stage in rental cycleGrowth Slowing0%1%2%3%4%5%010020030040020202021202220232024s.m.(thousands)Net absorptionNew supplyVacancy rate Jones Lang

150、 Lasalle IP,Inc.202523Asia Pacific Roddy Allan Chief Research OfficerAsia Pacific+852 2846 Greater China Hong Kong Cathie Chung Senior Director-Hong Kong+852 2846 China Daniel Yao Head of Research China+86 86 Taiwan Morris Zhao Head of Research-Taiwan+886 976 914 To find out more about JLL services,

151、contact:Macau Mark Wong Director+853 2871 North Asia Japan Takeshi Akagi Head of Research Japan+81 3 5501 South Korea Veronica Shim Head of Research Korea+82 2 3704 South East Asia Dr Chua Yang LiangHead of Research and Consultancy South East Asia+852 2846 Indonesia Yunus Karim Head of Research-Indo

152、nesia+62 21 2922 Philippines Janlo Delosreyes Head of Research Philippines+63 2 902 Thailand Anawin Chiamprasert Head of Research Thailand+66 2 624 Vietnam Trang Le Head of Country and Research Vietnam+84 8 3910 Malaysia Yulia Nikulicheva Head of Research andConsultancy Malaysia+60 19 226 South Asia

153、 India Dr Samantak Das Head of Research India+91 22 6620 Australasia Australia Andrew Ballantyne Head of Research Australia+61 2 9220 New Zealand Chris DibbleHead of Research-New Zealand+64 21 242 Jones Lang Lasalle IP,Inc.202524Research at JLLJLLs research team delivers intelligence,analysis and in

154、sight through marketleading reports and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 550 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countri

155、es,producing unrivalled local and global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.About JLLFor over 200 years,JLL

156、(NYSE:JLL),a leading global commercial real estate and investment management company,has helped clients buy,build,occupy,manage and invest in a variety of commercial,industrial,hotel,residential and retail properties.A Fortune 500 company with annual revenueof$20.8 billion and operations in over 80

157、countries around the world,our more than 111,000 employees bring the power of a global platform combined with local expertise.Driven by our purpose to shape the future of real estate for a better world,we help our clients,people and communities SEE A BRIGHTER WAY.JLL is the brand name,and a register

158、ed trademark,of Jones Lang LaSalle Incorporated.For further information,visit .COPYRIGHT JONES LANG LASALLE IP,INC.2025This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.I

159、t has been based on sources we believe to be reliable,but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.S

160、tatements that are forward-looking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be made based solely on the views expressed in this report.