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Asia Outperforms the Rest of the Global Industrial
28 Mar, 2011, China
Beijing, 28 March: Industrial commercial property rents in Asia jumped by over 5% last year in contrast to the rest of the world where the occupational market deteriorated in the majority of markets, according to Cushman & Wakefield’s Industrial Space Across the World 2011. Globally, rents in industrial locations decreased by around 1.2%. The same decline was true in the U.S. as a whole, and EMEA.
The report, which monitors rents and total occupancy costs in 53 countries, reveals that Jakarta, Beijing and Singapore performed very strongly in 2010. In the ranking of the most expensive industrial locations around the world, Singapore climbed from 19th position to 4th with a rental increase of 14.9%. Rents in the Greater Jakarta area in Indonesia jumped by 21.7% and in Beijing, by 18%.
London’s Heathrow maintained its number one position for the tenth year running with an occupancy cost of €235 per sq m per year. Tokyo remained in second place (€183 per sq m per year), and Geneva (€164 per sq m per year) moved up to third from fourth last year.
The world’s most expensive industrial locations 2011 (source: Cushman & Wakefield)
The world’s fastest growing industrial locations 2011(source: Cushman & Wakefield)
Barrie David of the Cushman & Wakefield Research Group said, “This data confirms the sustained presence of Asian locations in the higher reaches of our ranking. Tokyo and Hong Kong are now firmly
established as some of the most expensive industrial locations globally, and seven of the ten fastest growing global locations are in Asia.This is in contrast to 10-15 years ago, and highlights the fast growth and development within an increasing number of Asian markets over the last few years.”
Andy Zhang, managing director of Cushman & Wakefield China operations, commented on the China market, “In 2011, the industrial property market will maintain its positive growth due to limited supply and strong demand. Such trend will easily be spotted in cities such as Beijing, Shanghai, and Chongqing. In the meantime, the Chinese government is applying tighter control on total industrial space distribution. But various investments, especially those related to domestic demand, will be increasing. This trend will last for a period of time in the future.”
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