Logistic Demand Continues to Diminish

• Logistics sector experiences challenges with a decline in imports and exports, with decreases of 2.8% and 6% YoY respectively.
• Stagnant business conditions for freight forwarders and local 3PLs catering to retail and F&B sectors.
• Leasing activities focused on renewals, resulting in slight rent adjustments and increased vacancy rates. Overall and modern warehouse rents experienced a slight adjustment of -0.5% and -0.2% respectively in Q3.
• The market is expected to resume growth from 2025 onwards as new warehouse completions are gradually occupied and full recovery of China’s economy brings more supply chain solutions back to the country.