2025年第四季度仓储追踪报告

WAREHOUSING TRACKER REPORT Q4 2025 W A R E H O U S I N G C O S T S I N D E X Warehouse costs across regions nudged up slightly in the final quarter of 2025. European warehouse costs have increased the least, up only by 0.3 index points, to 120.9 North American warehouse costs have increased slightly, by 0.3 points QoQ, currently standing Asia Pacific costs have climbed slightly more than the other regions on a quarterly basis, nowat 112.8, increasing 2.6 points QoQ and marking a 1.6 point increase vs the same quarter last Warehousing rents across all regions continued to rise in Q4 2025. European warehouse rentswere once again the highest among regions, as they closed the year at 128.3 index points, up Speculative development remained subdued at the end of 2025, keeping the supply of primeavailable space tight and putting an upwards pressure on rents for existing warehouses. At Vacancy rates in prime locations stay historically low. Occupier demand is still strong. NorthAmerican warehouse have continued their slight downwards trajectory, as the have been The softening of rents is a result of a large wave of new warehouse supply delivered over the past 2 years, which has pushed vacancy higher and reduced landlords’ pricing power. Occupierdemand has normalised from the exceptional post-COVID peak, so rent growth has cooled, Rents in Asia rose marginally, edging up to 107.36 in Q4 from 107.0 in Q3, marking a rise of2.46 points YoY. Even though rents in the region continued to inch higher, growth remainedmodest and uneven across markets. Demand held up for modern, automation-ready logistics R E G I O N A L W A R E H O U S I N G L A B O U R C O S T I N D E X Global warehousing labour costs continued to increase across the board for all regions.Europe’s labour costs rose to 129.7 from 128.4 in Q3, 30% above the Q1-2022 base. High Germany, Netherlands, and the UK in particular have structural shortages of logistics workers.For operators that already work with slim EBIT margins (<6%), an 8% wage increase can add 4 Asian labour costs have increased to 118.4 in Q4 2025 , from 114.4 in the precious quarter.This is 3.5 points up from last year. The adoption of robotics and automation in Asia-Pacificwarehousing is gaining traction, improving efficiency and reducing dependency on manuallabour, yet this transition is uneven and has not prevented wage pressures from building, North America continued its slight upwards trend of labour costs, with the index rising to 108.7from 107.6 in Q3. This marks an increase of 5.5 points YoY. The national average wage for Immigration constraints and aging workforces could push logistics wages higher still, evenas operators increasingly deploy automation to offset shortage pressures. Warehousing and Overall, warehouse labour costs in Q4 2025 were increasing. Europe remains structurallyexpensive with the highest index value, Asia has a increasing index which can weigh down its R E G I O N A L W A R E H O U S I N G E N E R G Y C O S T I N D E X In Q4 2025, Europe was the only region showing any quarterly movement, albeit very modest.On a YoY basis it is essentially flat, suggesting energy cost stabilisation after the volatility of North America is unchanged QoQ but has crept up nearly 2% YoY, the largest YoY rise of the North East Asia is also flat QoQ, with a marginal YoY increase, continuing its pattern of lowvolatility since mid-2024, energy costs were up +0.6% YoY in Q4. Its a rocky road ahead for energy costs however. The closure of the strait of Hormouz as aresult of the US’s war on Iran has spelled catastrophic for the industrial sector, driving energy The last LNG cargoes from the Gulf left about a month ago, before the US and Israel attackedIran. Since the Gulf accounts for roughly a fifth of global LNG production, countries that will exacerbate the shortage and have a years-long impact on the industry. Almost 30bn cubic meters of LNG has been removed from global supply chains, of which more Developed countries are paying more to secure whatever LNG they can, while developingcountries are already having to cut back, with some closing schools or asking businesses to Japan and South Korea have relaxed restrictions on older coal-fired power plants, despiteplans to phase them out. Bangladesh is buying more coal from Indonesia and South Africa, The bottom line, whether its LNG or coal, energy costs are going up, massively, and thatthe impact on the warehousing costs and cold chains is going to be substantial upwards ABOUT TI Ti Insightis a leading logistics and supply chain market research and analysis company •Supply Chain and Logistics Market Research Reports•Global Supply Chain Intelligence (GSCi) online knowledge platform•Consulting and Market Research projects•Training, Conferences and Webinars. Ti has acted as advisors to the World EconomicForum, World Bank, UN and European Commission as well as providing expert analysis Expertise includes: •Anal