- Rents across most of the world’s most expensive logistics markets held steady again in Q1. The quiet nature of the first quarter’s rent growth can be partially attributed to occupier reluctance and to cost-containment—particularly in the form of space consolidation; however, it being that large blocks of prime space in the best locations remained scarce and expensive, occupiers that were looking to move likely found very few options that met their desired specifications.
- Greater Tokyo, the world’s most expensive industrial market, saw expansionary demand in Q1, thanks to strong demand from third-party logistics firms and internet retailers. An outlier in the broader trend of paused rental growth, Tokyo’s rents grew by 5.8% quarter-over-quarter.
- Pockets of growth were also recorded in Hong Kong and (mildly) in Perth, thanks to exceptionally tight availabilities of prime space. While stalled growth was recorded in the other markets in the top ten, London, Stockholm, Paris, São Paulo, Sydney, Singapore and Brisbane also saw attraction to, and limited availability of, prime space.
Download Global Industrial View (Q1 2013)