2025 China Logistics Market Outlook Mid-Year Review

Welcome to CBRE’s 2025 China Logistics Real Estate Market Outlook Mid-Year Review; a report in which we look back at the predictions we made at the beginning of the year and evaluate what we got right, and what we got wrong.

• Logistics demand surged in H1 2025, with net absorption of 5.1 million sq. m., a record high for a first half period. However, the rental decline accelerated.
• Domestic and external demand strengthened, supporting expansion by 3PLs and e-commerce. Leasing by advanced manufacturers grew by 50%.
• ​CBRE has revised down its rental forecast to a decline of 9.5% y-o-y. Two major regions will see a turning point, with rents in south China set to peak and the supply peak in east China expected to culminate.