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Market players act cautiously as economic climates and government stimulus measures present mixed messages of rebound.• Office – Office leasing demand strong in existing project, but quiet in overall market• Retail – New project added supply as new brand entries lowered vacancy rate • High-end Residential – In the midst of lowered prices, and tightening measures, developers continue to add new supply• Logistics - Demand from the tertiary industries surge
Logistics - Mild growth was recorded in both bonded and non-bonded rentalsNo new logistics properties completed in 1H12. The majority of leasing transactions in 2Q12 were observed in projects completed in the past year. The vacancy rate remained stable, rising slightly by 0.5% q-o-q to 12.2%.In addition to the traditional drivers of third-party logistics providers and manufacturing tenants, demand from companies in tertiary industries— particularly the e-commerce sector driven by sustained domestic consumption—has surged since 2011.
After several quarters of difficult negotiations with the local government, several international logistics developers finally achieved a breakthrough, announcing plans for new facilities. In addition, many of them also secured build-to-suit deals with well-known B2C e-commerce retailers. Notable deals included Goodman, with plans to build two warehouses with a total GFA of 42,000 sqm for Moonbasa as its headquarters in northern China; and Global Logistic Properties which has committed to 570,000-sqm land in Wuqing District to build logistics facilities for Amazon, one of the largest online retailers in China.On-going mild rental growth was recorded in both bonded and non-bonded projects. Most warehouses quoted the same rates as in the previous quarter, with only a few raising asking rents in response to active leasing of their available space. As a result, average rents in Tianjin’s overall market reached RMB 0.98 per sqm per day, up 1.6% q-o-q.
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