dtz global occupancy costs: logistics 2014

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Occupier Perspective

Global Occupancy Costs – Logistics 2014

Asian cost advantages to reduce further

DTZ Research

22 October 2014

Contents

Section 1 – Global ranking 2

Section 2 – Fundamental demand

drivers 4

Section 3 – Structural demanddrivers 5

Section 4 – Supply trends 7

Section 5 – Outlook 8

Definitions 10

Author

Milena Kuljanin

Occupier Research

+ 1 312 424 [email protected]

Contacts

Richard Yorke

Head of Occupier Research

+44 (0)20 3296 2319

[email protected]

Fergus Hicks

Global Head of Forecasting

+ 44 (0)20 3296 [email protected]

Hans Vrensen

Global Head of Research

+ 44 (0)20 3296 2159

[email protected]

In this edition of our Global Logistics Landscape report, we present the costs of

occupying prime logistics space in 89 global markets - 25 more than our last

report. Furthermore, we review the cyclical and structural drivers changing the

use of logistics space globally. Finally, we provide our view about the outlook for

occupancy costs across 50 major markets.

Average European occupancy costs are currently USD 120 per sq m per year.

This is 20% higher than the US and 30% higher than Asia Pacific, confirming that

the Asian cost advantage compared to western markets endures. However,there are low-cost opportunities in every region.

These traditional preconceptions of low-cost Asian and high-cost Western

logistics locations have been challenged by recent changes. Warehouse labour

and logistics property in Asia Pacific have become considerably more expensive,

driven by strong demand. In contrast, labour costs in Europe and the US have

increased very modestly. Combined with decreasing occupancy costs, this trend

has improved the two regions’ relative cost effectiveness.

A continued recovery of the world economy will encourage consumption,

manufacturing and global trade. Combined with growing E-commerce, this will

bolster demand for logistics space. E-commerce is forcing supply chains to

fragment with increased proximity to urban centres and transhipment nodes.

Consequently, logistics operators are developing increasingly sophisticated

operational forms to improve cost efficiencies and reduce delivery times.

These increased demand-side efficiencies combined with new supply are

expected to limit logistics cost growth over the next five years to below inflation

levels (Figure 1). US and Asia Pacific markets will provide challenges for

occupiers in the short term. Occupiers in Asia Pacific will face further reductions

in cost advantages, reflecting both rising occupancy and labour costs. US

occupancy cost increases are projected to surpass regional inflation.

Meanwhile, European occupiers will benefit from the lowest cost increases,

despite some cities rebounding from recent steep declines.

Figure 1

Forecast pa increase in logistics occupancy costs, end 2014-2018

Source: DTZ Research

0%

1%

2%

3%

4%

5%

0%

1%

2%

3%

4%

5%Lowest increase Highest increase

Cost growth

Inflation

mailto:[email protected]












www.dtz.com Occupier Perspective 3

Figure 5

Global occupancy costs, Q2 2014 (USD per sq m per year)


0 50 100 150 200 250 300 350

London

Hong KongZurich

SingaporeOslo

MoscowLuanda

ManchesterSão Paulo

GlasgowBirmingham

HelsinkiTaipei

San FranciscoSt. Petersburg

MiamiLeeds

SydneyPerth

StockholmSeattle

GothenburgBrisbane

San DiegoDublin

RigaCopenhagen

FrankfurtLos Angeles

Buenos AiresBoston

HamburgWarsaw

Dusseldorf Montevideo

TallinnGlobal (average)

IstanbulDenverVilnius

HoustonMexico City

PhiladelphiaBerlin

New YorkSeoul

AmsterdamRome

Greater ParisMelbourne

PhoenixRotterdam

PragueBarcelona

ChicagoShanghai

MadridKyiv

DallasBeijing

ShenzhenLyon

BudapestBucharestMarseille

DurbanAntwerpChennaiBrussels

New OrleansMonterreyGuangzhou

TianjinPuneDelhi

ChengduChongqing

WuhanHangzhou

Dar er SalaamNairobi

MemphisAtlanta

MilanQingdao

ShenyangBengaluru

DalianNanjing

HyderabadAsia Pacific

Europe

US

Latin America

Africa

The global top 10 most

affordable markets are

dominated by Chinese and

Indian markets

Two US markets are in the

top ten most a ffordable list

The US is split between South and West - Southern

markets Atlanta, Memphis and New Orleans offer more

affordable logistics space than West Coast markets San Francisco,Seattle and Los Angeles

At $170 per sq m pa, Latin American hub

São Paulo is the ninth least affordable

market globally and more than doublethe price of Monterrey

Six of the global top ten least affordablemarkets are European. Three of these (London,

Manchester and Glasgow) are in the UK.

Luanda in Angola is the world's 7th

most expensive market, reflecting

supply shortage and a booming oil

industry

The world’s most affordable logistics market

Hyderabad is 7 times less expensive than the world’s

least affordable marketLondon Heathrow





Section 2 – Fundamentaldemand driversCyclical and structural economic trends underpinning

regional differences in logistics demand

Logistics demand is highly correlated to GDP and

consumption. Regional GDP as well as private consumption

growth have diverged in recent years reflecting the cyclical

downturn, especially in the West, and the long term

structural changes in Asia Pacific reflecting the rotation

towards a consumer centric economy (Figure 6). Likewise,

manufacturing and transportation - key drivers of the

logistics sector - have diverged, with Asia Pacific recordingstrong output growth compared to the US and Europe

where activity has been flat or worse. Emerging markets

such as India, Indonesia and Vietnam have posted

especially strong growth. The changes in occupancy costs,

discussed in Section 1, reflect these economic trends.

Global trade weighed down by weak European demand

World merchandise trade, another significant driver of

demand for logistics real estate, was deeply affected by

the economic downturn and sudden drying up of trade

finance. This is evidenced by a collapse of trade flows

across all regions in 2009 (Figure 7). The bounce back insentiment in 2010 enabled world trade to return to its pre-

crisis level. China in particular made a significant

contribution to the recovery of world trade in 2010, as the

country's exports increased by more than 25%. However,

global trade growth has been sluggish since 2011, mainly

due to the lingering impact of recession and especially high

unemployment in parts of the EU which has continued to

suppress demand. However, recent forecasts suggest that

the economic recovery in Europe will gain momentum

from next year (see Outlook on page 8 for more).

E-commerce powers demand for global logisticsDespite the slowdown in international trade, global e-

commerce is growing. Annual business-to-consumers e-

commerce sales grew by 18% in 2013 (Figure 8). According

to eMarketer’s latest forecasts, global B2C e-commerce

sales will increase by 20% in 2014, driven mainly by growth

in Asia. It is also estimated that online retail currently

account for just 10% of all retail sales globally, but this is

expected to double over the next decade. The growth in e-

commerce is supercharging the expansion, and increasing

the complexity, of logistics real estate. This is evolving

from traditional distribution activities (to store) to

fulfilment centres (direct to customer). Moreover, the

need for retailers to improve profitability, reinforce brand

differentiation and accelerate delivery times to customers

means that logistics facilities are key revenue drivers.

Figure 6

Average pa growth in GDP, Consumption, Manufacturing

and Transportation* GVA, 2009-2013

*Transportation includes Warehousing in the US, Storage in Europe and Communications

in Asia Pacific

Source: Oxford Economics

Figure 7

Annual growth in the real value of traded goods (local

currency), 2009-2013

Source:

Oxford Economics

Figure 8

Business-to-consumer (B2C) e-commerce sales growth by

region (USD bn), 2013

Source:

eMarketer

-2%

-1%

0%

1%

2%

3%

4%

5%

GDP Consumption Transportation

GVA

Manufacturing

GVA

EU US Asia Pacific

-20%

-10%

0%

10%

20%

2004-2008 2009 2010 2011 2012 2013

Europe US Asia Pacific

0%

10%

20%

30%

40%

50%

Latin

America

Asi a Paci fi c North

America

Western

Europe

Global

2011 2012 2013 2014 (f)





Section 3 – Structural demanddrivers

Structural drivers forcing supply chains to fragment

Globalisation, just-in-time (JIT), outsourcing and e-

commerce increasingly require global businesses to

establish complex supply and distribution chains. Logistics

users must find a balance between centralised locations

that consolidate inventories and distributed models that

reduce delivery times by being within or adjacent to major

population centres. As a result, proximity to transport

nodes, especially transhipment hubs, is increasingly

important. In an effort to reduce costs, points of supply

have shifted to more distant locations which require an

extended supply chain reliant on air and shipping

especially. This requires substantial investment in ocean

facilities and associated infrastructure. See Box 2

describing the growth of global port activity.

Increasingly sophisticated trade patterns require flexible

and agile supply chains. This is forcing logistics real estate

to evolve into new operational forms as illustrated in Box 1

below.

Box 1: New operational forms

Shared facilities – logistics space is leased from a

multi-tenant facility or via an outsourced 3PL (third

party logistics) provider. A 3PL is defined as a firm

that provides multiple logistics services including

transportation, warehousing, inventory

management, packaging and freight forwarding. A

3PL can offer convenient facilities with established

systems and a skilled workforce. This is increasingly

important for firms which require specialized

warehouse services.

Combined operations – where online and in-store

distribution reside together in a single facility,

leveraging existing distribution and supply chains.

Distributed fulfilment centres – disseminated

fulfilment is achieved by using multiple facilities

located close to customers. The benefits are faster

delivery times, more responsive service and lower

transport costs.

Containerisation is driving down shipping costs and off-

setting high and unpredictable fuel costsThe ability of exporters to effectively connect with

international markets depends on the performance of the

entire supply chain in terms of cost, time, reliability and

predictability. Goods in transit are carefully factored into

supply chains, requiring transhipment hubs to operate to

very high levels of capacity and efficiency. This has

underpinned the growth in large ports able to handle the

largest container ships (see Box 2). Moreover, falling

shipping costs, thanks to the economies of scale associated

with containerisation, has offset rising door-to-door

delivery costs which have been driven upwards by high

and unpredictable fuel costs. In addition, technologicalimprovements have significantly increased the speed of

ships and reduced the time required to load and unload

ships. When this is taken into account, the ‘quality-

adjusted cost’ of ocean shipping has gone down.

Retailers shifting from retail to logistics space can realise

real estate cost savings

It is estimated that e-commerce users typically require

three times the logistics space used by traditional retailers.

However, logistics is significantly more affordable than

retail space (Figure 9). Thus, retailers who shift from in-

store to online sales can reduce their retail real estatefootprint by storing all products in warehouses and closing

all deals online. This enables significant property cost

savings. This is increasingly important in locations where

competitiveness for retail space as well as affordable

labour is stiff. Retailers in several Asian markets are seeing

rapidly rising wages. These are likely to continue to

increase rapidly across the region over the next few years.

Figure 9

Prime logistics rents vs prime retail rents – major

markets, USD per sq m pa

*US retail rents refer to community centres

Source:

DTZ Research

0%

2000%

4000%

6000%

0

2,000

4,000

6,000

Prime logistics rent (LHS) Prime retail rent (LHS) Difference (RHS)





Box 2: Top Global Ports

Transhipment ports flourishing in Asia

Ports play an important role in world trade. Cities that are

especially well positioned to attract new occupiers are

those that link to the global economy through ports and

airports. Warehouses located near ports can help to

optimise supply chains, reduce shipping costs and enable

companies to undertake a number of other value added

logistics services. The world container port system is

characterized by a high level of traffic concentration. The

20 largest container ports handle nearly half of global

traffic and are important generators of added value and

employment.

The Journal of Commerce’s latest global container ports

ranking shows that Asian ports hold 15 of the 20 top port

rankings (Figure 10). They also fill up nine of the top ten

slots, up from just five in 2000. Given the region’s

relatively robust economic outlook, widening

manufacturing base and government efforts to improve

infrastructure, it has become a major engine of growth for

global occupiers within the transport and logistics sector.

The port of Shanghai tops the list, handling 33.6 million

Twenty-Foot Equivalent Units (TEUs) in 2013. Shanghai’s

status as an international trade hub is supported by the

rapid development of the Chinese economy and the large

industrial and trade base of the Yangtze River Delta region.

The second largest port of Singapore, an important

logistics hub, faces growing competition from other South

East Asian transhipment hubs, including Port Klang

(Malaysia) and the Port of Colombo (Sri Lanka). To

maintain its dominance, Singapore is focusing on more

high-end logistics services and also expanding its container

terminal capacity. By 2020, Pasir Panjang Terminal is

expected to increase port capacity to 50 million TEUs.

Congestion threatens growth in US and Europe

Dalian in China saw the strongest growth in cargo volume

(23%) in 2013, underpinned by a surging domestic

container business (Figure 11). In spite of this, prime

warehouse space remains one of the most affordable

globally. The port of Ho Chi Minh also saw uplift in

volumes. Indeed, the fast-growing Vietnamese hub is

becoming increasingly important for logistics operators.

Outside Asia Pacific, major gateway ports in the US and

Europe are struggling with congestion. Los Angeles is the

only US port to appear in the top 20 list. Long Beach

recorded the fifth strongest year-on-year growth involumes of 11%.

Figure 10

Top 20 global container ports, ranked by volume of cargo

handled (million TEUs), 2013

Source: The Journal of Commerce

Figure 11

Growth in cargo volume (million TEUs handled), 2013

Source: The Journal of Commerce

0 10 20 30 40

Tanjung Pelepas

Los Angeles

Xiamen

Keihin ports

Antwerp

Hamburg

Dalian

Kaohsiung

Port Klang

Rotterdam

Tianjin

Jebel Ali, Dubai

Guangzhou Harbor

Qingdao

Ningbo-Zhoushan

Busan

Hong Kong

Shenzhen

Singapore

Shanghai

Asia Pacific

EMEA

US

-10%

0%

10%

20%

30% Largest increase Largest decrease





Section 4 – Supply trendsNew supply in Germany outpaces rest of Europe

In Germany, ninety-five warehouses totalling 1.42 million

sq m were completed in the first half of 2014. This is an

increase of 70% compared to the first half of the preceding

year. At end of the Q2 2014 there were 142 warehouses

under construction with a combined space of

approximately 2.8 million sq m. A majority of these

properties are expected to be delivered before the end of

2014. Thus, the total annual completion will exceed three

million sq m this year, a record (Figure 12). In Poland,

international distributors and e-commerce companiescontinue to drive demand. This has translated into robust

construction activity. The total grade A stock has grown by

50% since 2008 and it is estimated that the pipeline supply

for 2014-2015 will account for over 20% of the current

total stock. Meanwhile, availability in France has been

limited for several years and activity in H1 2014 points to

continued limitation in the choice of new logistics space. In

the UK, supply constraints are causing occupiers to

increasingly look to the build-to-suit market for good

quality buildings.

E-commerce drives Chinese logistics delivery

Strong activity in the e-commerce industry is driving the

demand for space in Asia Pacific. The supply of grade A

warehouses is expected to grow in major markets (Figure

13). The development pipelines in Hangzhou and Nanjing,

small but growing Chinese markets, account for large parts

of total stock. In Nanjing, the warehouse space to be

completed over the next three years is in fact larger than

the current stock. In Singapore, an estimated 1.5 million

sq m of warehouse space is expected to be delivered

between the start of 2014 and the end of 2016,

representing 19% of the current logistics stock. On an

annual average basis, this pipeline supply is higher than

the 2011-2013 annual average demand of 200,000 sq m.

Large warehouses driving supply in US

Construction in the US is ramping up to meet the growing

demand for warehouse space. Dallas is currently outpacing

the other markets, with a significant amount of new

warehouse and distribution space entering the market in

2014. In 2015 and 2016, occupiers in Chicago will benefit

from a particularly large injection of new space (Figure 14).

Conversely, Los Angeles is seeing limited construction due

to land constraints. However, Inland Empire, situated

directly east of the Los Angeles metropolitan area, will see

1.8 million sq m delivered in 2014-2016. This marketprovides a good alternative for operators targeting the

wider Los Angeles area.

Figure 12

New logistics supply – major markets, Europe

(million sq m)

NB: UK includes all industrial schemes

Source: DTZ Research, PMA

Figure 13

New logistics supply – selected markets, Asia Pacific

(million sq m)


Figure 14

Warehouse/distribution completion – selected markets,

US (million sq m)

Source: REIS

0

1

2

3

4

Germany Poland UK France Czech

Republic

2013 2014 (f) 2015 (f) 2016 (f)

0.0

0.2

0.4

0.6

0.8

1.0

Shanghai Singapore Hangzhou Nanjing

2013 2014 (f) 2015 (f) 2016 (f)

0.0

0.2

0.4

0.6

0.8

1.0

Dallas Inland

Empire

Houston Chicago Los

Angeles

Northern

New Jersey

2013 2014 (f) 2015 (f) 2016 (f)

http://en.wikipedia.org/wiki/Los_Angeles_metropolitan_area

http://en.wikipedia.org/wiki/Los_Angeles_metropolitan_area





Section 5 – OutlookGlobal economic recovery solid but uneven across regions

The world economy is improving and with it consumption

as well as manufacturing and transport activity. However,

economic growth is likely to be slow and uneven between

and within the regions. GDP and consumption growth will

be especially weak in Southern Europe which means the

entire region will continue to lag behind Asia Pacific and

the US (Figure 15). In the US, increased reshoring and

labour efficiency is sparking a manufacturing rebound. As a

result, productivity growth is forecast to be level with Asia

Pacific. The American South in particular is emerging as a

major manufacturing and logistics hub. Relatively low costsand tax rates means it is becoming increasingly attractive

for logistics companies relying on low-skilled workers.

Memphis is attracting a number of manufacturing and

logistics operators. Swedish household appliances giant

Electrolux established a 70,000 sq m manufacturing facility

in the city in 2014.

Supply injections to impact costs in Europe and the US

As discussed in section 4, occupiers can expect significant

new supply across all three regions over the next years.

Modest growth in economic demand drivers in Europe and

the US means rental growth in these regions will beparticularly sensitive to new supply. New European supply

in 2014 will be 52% higher than in 2013. In the US, it will

be 64% higher (Figure 16). European occupiers will benefit

from a particularly large injection in 2016, but the US will

see a slowdown in construction activity in 2015. It should

be mentioned that this development pipeline bears a

degree of underestimation. Growing demand is likely to

spur new construction activity which will keep a lid on

rental growth.

Global cost increases projected to be well below inflation

Our forecasts of the major 50 global logistics markets arebased on projections of outgoings and prime headline

rents. We forecast an average annual uplift of 1.9% in

global occupancy costs to 2018, below the global inflation

rate of 2.8% (Figure 17). The US is the only region where

cost increases are projected to surpass regional inflation.

Asia Pacific is set to see the strongest growth driven by

improving underlying market fundamentals and increased

demand from e-commerce companies such as Alibaba

Group. But, even in Asia Pacific rental growth will be

limited by a steady supply of grade A space. Occupiers in

several CEE markets, including Prague and Bucharest will

benefit from the lowest cost growth globally as supplyadjusts. Conversely, big increases in Dublin costs will

reflect strong demand from expanding logistics operators.

Figure 15

Average pa growth in GDP, Consumption,

Transportation* and Manufacturing GVA by region,

2014-2018

* Transportation includes Warehousing in the US, Storage in Europe and Communications

in Asia Pacific

Source:

Oxford Economics

Figure 16

New logistics supply in Europe* and the US, 2013-2016

(million sq m)

*Europe includes UK, Germany, France, Czech Republic and Poland.

Source: DTZ Research, REIS

Figure 17

Forecast pa increase in occupancy costs, 2014-2018


-1%

0%

1%

2%

3%

4%

5%

2009-13 2014-18 2009-13 2014-18 2009-13 2014-18

EU US Asia Pacific

GDP Consumption Transport &

Manufacturing

0

2

4

6

8

2013 2014 (f) 2015 (f) 2016 (f)

Europe US

0%

1%

2%

3%

4%

5%

0%

1%

2%

3%

4%

5%Lowest increase Highest increase

Cost growth

Inflation





Asia Pacific to face highest absolute cost increases

Although Atlanta is amongst the top five centres in termsof average annual percentage growth in costs, this growth

is from a very low base. As such, the market will continue

to offer comparative value to occupiers. Looking at

absolute changes in costs, we note that on a regional level,

Asia Pacific will see the largest absolute cost uplifts (Figure

18). Hong Kong and Singapore will post the biggest

challenge to occupiers. By 2018, the cost for one sq m of

prime logistics space in Hong Kong and Singapore will have

grown by nearly USD 50 and USD 40 respectively.

Occupiers in Dublin and London (Heathrow) will face the

highest absolute cost growth in Europe.

Costs in London will exceed USD 360 per sq m by 2018. As

such, the UK capital is forecast to remain the mostexpensive market globally. Other UK markets, including

Leeds and Birmingham, will also see above average cost

growth on the back of improving demand and unsatisfying

levels of new supply. European low-cost markets, including

Bucharest, Prague and Antwerp will be the most

favourable markets in terms of absolute cost growth.

Labour costs will also increase across all three regions. Asia

Pacific will see the highest increase in percentage terms.

The absolute warehouse operative wage increase is also

close to the levels projected in Europe and the US.

Figure 18

Forecast total increase in occupancy costs (USD per sq m per year) and warehouse operative salary (thousands USD),

2014-2018

Source:

DTZ Research, Oxford Economics

0 10 20 30 40 50

0 10 20 30 40 50

Hong KongSingaporeDublin

LondonLeeds

SeattleBirmingham

HoustonDenverSydney

AmsterdamHelsinki

San DiegoOslo

San FranciscoRiga

ManchesterBrisbane

CopenhagenTaipei

MelbourneAtlanta

Asia Pacific averageGlobal average

US averageEurope average

MilanShanghai

TallinnLos Angeles

PhoenixBarcelona

PhiladelphiaRotterdam

ChicagoBrusselsBoston

DallasVilnius

HamburgGreater Paris

PerthFrankfurtBudapest

LyonMarseille

MadridGothenburg

BerlinWarsaw

RomeAntwerp

PragueBucharest

Lowest absolute cost growth

Highestabsolute cost growth

AsiaPacific

Europe

US

Occupier

favourability

High

Low

Wage increase,

thousands





Definitions

Logistics building

A logistics building is a large-scale industrial premise in

which (a range of) logistics activities are performed,

such as storage and transhipment. The logistics building

is located in a prime industrial area with good transport

links. The building normally consists of approximately

5-10% office, a minimum gross internal floor area of

5,000 sq m and an eaves height in excess of 10 metres.

Gross Internal Area (GIA)

Gross Internal Area refers to the total floor area within

the building measured to the internal face of the

external walls. It includes areas such as internal walls,

partitions, columns, toilets, changing rooms, lift rooms,

boiler rooms and open-sided covered areas.

Prime rent

Prime rent is the highest rent that could be achieved

for a typical building/unit of the highest quality and

specification in the best location to a tenant with a

good (i.e. secure) covenant.

The prime rent is a net rent, excluding service charge

and tax. It is based on a standard lease, excluding

exceptional deals for that particular market.

Total occupancy costs

Total occupancy cost is defined as the total cost of

leasing prime usable space on a gross internal basis.

Total costs include rents, property taxes and service

charges. The definition of service charge varies

depending on the market. Service charges typically

include security, site maintenance and landscaping, and

can also vary depending on the type and size of the

estate.

Total occupancy costs exclude leasing incentives, such

as rent-free periods.

Our rental forecasts refer to prime headline rents. As

such, they do not take changes in incentives into

account.

Main components of logistics occupancy costs

Prime rent

The highest rent that could be

achieved for a typical building/unit of

the highest quality and specification in

the best location to a tenant with a

good (i.e. secure) covenantTotal

Occupancy

CostsOutgoings

Real estate tax and service charges.

Service charges may typically include

security, site maintenance and

landscaping





Other DTZ Research Reports

Other research reports can be downloaded from www.dtz.com/research. These include:

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DTZ Research

DTZ Research ContactsGlobal Head of ResearchHans Vrensen

Phone: +44 (0)20 3296 2159

Email: [email protected]

Head of Occupier Research

Richard Yorke

Phone: +44 (0)20 3296 2319


Head of EMEA ResearchMagali Marton

Phone: +33 (0)1 49 64 49 54


Head of Americas Research

John Wickes

Phone: +1 312 424 8087


Global Head of Forecasting

Fergus Hicks

Phone: +44 (0)20 3296 2307


Head of North Asia ResearchAndrew Ness

Phone: +852 2507 0779


Head of South East Asia and Australia New Zealand Research

Dominic Brown

Phone: +61 (0)2 8243 9999


DTZ Business ContactsGlobal Corporate Services

Steven Quick

Phone: +1 312 424 8182


Global Corporate Services, EMEA

James Maddock

Phone: +44 (0)20 3296 3353


Global Corporate Services, Asia Pacific

David Jones

Phone: +65 6876 6160


US Tenant Representation

Greg Schementi

Phone: +1 312 424 8141

Email:[email protected]

EMEA Logistics

Robert Hall

Phone: +44 (0)20 3296 2076


Asia Pacific Logistics

Tony Su

Phone: +86 21 2208 0088


DISCLAIMER

This report should not be relied upon as a basis for entering into transactions without seeking specific,

qualified, professional advice. Whilst facts have been rigorously checked, DTZ can take no

responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this

report. Information contained herein should not, in whole or part, be published, reproduced or

referred to without prior approval. Any such reproduction should be credited to DTZ.

© DTZ October 2014































dtz global occupancy costs: logistics 2014

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