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  • [CBRE HK Q1 MV] Industrial: Rents Supported by Limited Supply Despite Deteriorating Trade Figures

[CBRE HK Q1 MV] Industrial: Rents Supported by Limited Supply Despite Deteriorating Trade Figures

April 20, 2016
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CBRE Publishes the Hong Kong Industrial & Logistics MarketView Q4 2015.


Darren Benson, Executive Director, Industrial & Logistics, Brokerage Services, CBRE Asia ​​commented, “The creative industries are noticeably occupying a larger portion of flatted factory space. The government has added art studios into Column 1 usage for industrial buildings under the Statutory Plans, which means art studios do not need to apply for space usage permits in such locations. We expect demand for cost-effective space from creative and IT-related industries to grow in the coming quarters. This is a positive sign for areas already targeted for gentrification, particularly Kowloon East and West for traditional usage.”

CBRE Outlook Q2 2016

  • 3PL operators will likely consider rationalization of space over the next 6-12 months. More choices will be available for larger users.
  • Forced relocation out of buildings scheduled to be revitalized will continue to drive leasing activity for small-to-medium-sized users.
  • Self-storage will continue to expand but likely at a slower rate as the weak residential sales market has dimmed its short-term outlook.
  • Rental pressure on factories is being offset by demand for alternative use of non-traditional industrial or logistics space.
  • Supported by the limited market supply, flatted factory rents will remain flat in 2016 despite weaker macro conditions.
  • Industrial/office buildings (I/O) rents will be under pressure as demand is subdued.

CBRE Highlights Q1 2016

  • Total value of trade in goods in Hong Kong dropped 8.2% y-o-y in January and February combined, its worst performance since 2009.
  • Investment turnover and volume for industrial properties slumped in Q1 2016 following the expiry of the industrial revitalization scheme, with only three transactions worth over US$10 million registered.
  • A total of 114,000 sq. ft. of factory space was taken up by the top five self-storage operators in Q1. 
  • The government extended its concessionary scheme for data center development, signaling its recognition of the urgent need for data center space to cater to long term industry demand.
  • Despite weak external trade, overall warehouse rents rose 0.4% q-o-q; rents for direct-ramp access space were flat; and rents for cargo-lift access space edged up 1.1% q-o-q. Noticeably there was strong take-up in ATL, the largest logistics facility in Hong Kong.
  • Rents for I/O buildings registered a 2.3% q-o-q decline due to increased competition from recently launched revitalized buildings.


Access all CBRE research reports at CBRE Global Research Gateway.​​

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Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.​

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