商业地产市场观点报告

CBRERESEARCHJUNE2025 OverviewShort-Term Caution,Long-Term Confidence76%Plan to expsncl their logistics tcoturin: 'nth..upicls : an es righl. si/t p: fe: its?nd restruet .ire spply chai ns midA A.sr-it ort-te c: utio os口口id-to lsg-term axpa 7sinr5ource: 2225 Asie Pgoil'c Lgis.ic9 ccupier 5Jrver. cBRE Ra38e 'ch, JJre 2V25JK_ R_SLAKCI Balancing Cost withHigher Expectations78%of relccoion clecisicns.Aal loallo ad xm L IarspL uebet.e. : [! A L.J, #JL , S!sro cporit o ha cttic oney.Buildi nqs "nt. st meet higher expecaicrs. witnIel-crabloe ad :s.arabo ly senplhrl Diverse Qccupier SentimentAcrossthe Region88%Cf occudpiers 'n Inclia ar tc grow:neir aortolos n :re Text three tofivc yonrs. I centrest, cecupiers inmainlnacl C rina havo a mcrobalsnserl cullock.Iidie upits :li-isir is cin drihy J'owt in the -so mmrerea. sPlS,o fu I,, f,I , t.while dema icl r iiai le nd ch re ren' sinsslsady, lowl lh rr"rl u+ : Ird:n.ing -.the arket stabi ises. *+ 2 E C3RC IN: 01Short-Term CautionLong-Term Confidence Business confidence weakens aniidheightened tradeuncertaintyOptinism among Asia Pacifs lcgistics cccupie"s declined inthis year s sunvey, wit.h 6g% exaerti ng h.sinesa performanaeto improve Ir the roxt twc vosrs, down frcm 81% In 2023(Figurc 1).Mere cautious sent'ment is largaly driven by respendents irmairland China, who are pctentially adversely impactec bytoucher t.s. trace pnlicv. Hnwever, mainla"d china's 1 2:2.GCF growth of 5.4% anc pxositive lcgistics net absorpti<oncurirnig Lhu sano poliod indicalc a curlain lcvcl uf Tiarkulresilier ce. Opt'mistic rnarkets are led by Ind'= cr the b=ck ctthe country's pcsitive econcmic ou.lock.while ar:nnomir: uraertsinty ancl ccst. ascalaticn remsin thetop two challenges, raco-relatexl rog ulatory concerns srgodcurripalccd Lo 2023, indiculing oucupiurs havc Lccnsig nit'c nt v inpacted by recent z ritt ralated volatilizy.FRespondents in mair land Chir are t ne mcst a ut ous, withcloae tn 7y ide atifying trade uncertainty as their topcha lenge, vietr am Taiwan. Malausia ansl Thai nd ars alsosuswep.ib lo l'aue uricel ."inly uilu .u Lhcil cupenue"cu urttrace with the U.S. with exports to this market acccuntingfor nore than 19/% of their respective GDPs in 2024UJK_R_SLAKCI Occupiers struiggle lo adaplofast changing tariff policyWith tar'ff polcy continuirg to shift rapid v. most oscup'ers arefincding it cliffir:ult to c:evelc:a r:nmprehensive ancl crnareteplar s, Scmc 4% of resixondents Indicatec thoy ars clthcr cnlyionilorins Lhc si.ualion or vol Lc icach any definilivcconclusions.This fluid and jncertain environment has prompted cccupierstn heccme More risk-sdverse, leadirg the n tc delav msjniinvcstmcrt dccislons, irelucling hcsc rolatxl t 'cal sstcThc nuar-uvcri splil bxelwuur occupiurs plarnirig Lu consoliclalcor dcwns'ze (34%), renegotiate leases (30%)or pcstpcneexpansicn (30% suggests :hat occupiers are activelvconsidering a widle srrsy nf mitigatinr meas.Jres to acdrasscost cr comend assoclatod rcal ostatc risksThc [acl Lhal vcrv [cy 'uspc"dcnls alc sccking lc uxi. urreloc-te to alternative rnarkets suggests a cauticus ndprudant :pprcach is being favoured cver the comp: tecessstion cf mar<et operstions.Dy bu sinoss soctor. Tr ir<l Party Lcgistics C3PLs) platforms aroI'ioc likcly lo uurisc idalu drid cluwrisizc, ds L'nuy dr u uspccia lysensitive to Tiarket volatility and tighter margins.Man factring-related occu siers are mcre labitual users cfself-cwned warehcuses, mskilg the m less susoeptible to realstate risks nd mor likely o postpxone xpansion plains.UJK_R_SLAKCI Prelerence for increasing nunher ofsuppliers and outsourcing operationsThe survey revea led that occ Jpirs are overhau ing sJpplychain inallaqement tn e hance resilience and acil tu a m dogong trade ungertalnty, The >rcfe red aporach amongrmusl 1cspondonls is Lo incrcasu Lhei' rumber cf supolicrs andG.itsource rncre supply chain operaticns.Respondents in mairland Chir disalayec the strongestpreference tn &xpandl their supplier hase, with ccct.piers inthis markot vicwing ilexib litv ancl ccmpstitive oricing as kcyLo r'aviya lirnig Lracu-telalou uriccr lainly. wilh U.S.-Chinacension leading to the impcsizion s" restrict'ons on tne xportcf critical mine'als and ehnolcgies sLch as rre eart ns, jeteligines and se niconc:uctor parts, causing supiply clhaincisruption across multip in<lustrics, thc ncxl for outsoureing'EG 5, G,J.8 JOAIP FWhile tre priority level ct various inventory ma nagerlentmeasures remained the same as ir 2023, interest in adoptingwarehcuse at.tcmaticn weakered. This may be becsuse msnycccu piars havc alrcacv madc sisinificant ivostmcnt in taisdros uwer Lhu pasl few yoals. I acidilicn. ungoing L'aueuncertainty F=s riade decision m= kers mcre hesitan: tcapprove la'ge expe nditure as f.tlre poliry changes mayuindermire returns nll s.Jch nvestimelits.Some businessos are opting to increaso inventory ovols asshur L-leirri solu lion. Expc Ls cf goucs ficri China lu Lhe U.S.surged by 10% y o yin March 2