Melbourne and Brisbane experienced the largest quarterly declines in vacancy rates in a decade, while rents in Beijing recorded the sharpest increase in the region, rising 4.4 percent year-over-year (y-o-y), as China’s economic rebound gathered pace, reported Knight Frank.
While prime warehouse rents in Singapore fell 3.9 percent YoY, the outlook for rents is likely to turn bullish, with an expected 3 to 5 percent upside for rents in the next six to 12 months.
Tim Armstrong, head of occupier services & commercial agency, Asia Pacific at Knight Frank, said, “Despite operating under the shadow of the pandemic, warehouse markets across the region have remained largely stable, driven by sustained demand from the ecommerce sector. Recent events that have impacted commitments to customers have put the development of supply chain resilience into focus and major occupiers are responding by reconfiguring their strategies by building out inventory buffers and expanding u
