In the first quarter, the Beijing warehousing and logistics market added 69,000 square meters

On April 11, CBRE released the "Review of the Beijing real Estate Market in the first quarter of 2023", showing that in the first quarter, the Beijing warehousing logistics market ushered in the delivery of the first high-standard warehousing project in Miyun, bringing 69,000 square meters of new area. The rent increase in the Beijing warehouse market was stable compared with the previous month, and the average rent also rose 0.5% compared with the previous month to 56.9 yuan per square meter per month, and the traditional core sub-markets such as Shunyi Airport, Daxing Jingnan and Tongzhou still maintained the lead.

At the same time, the Beijing market recorded a number of industry-related large-scale transactions in the quarter, involving auto parts, medicine, other manufacturing industries, etc., during the same period, third-party logistics accounted for 43% of the total new leased area, and net absorption reached 87,000 square meters in the quarter, driving the vacancy rate to fall 0.8 percentage points to 15.6%. The traditional core sub-markets Shunyi Airport, Yizhuang Economic Development Zone and Maju Bridge were the main active areas, while the emerging sub-markets Pinggu Ma Fang and Daxing Airport also showed performance. There has been an increase in tenants moving from the Yizhuang Economic Development Zone and Daxing Jingnan to other areas due to cost considerations.

Langfang supply volume for the eighth consecutive quarter, this season in Guangyang market 145,000 square meters of high-standard storage project. Net absorption volume recorded 41,000 square meters during the quarter, in addition to the Langfang economic development zone sub-market from near Beijing, Antsi and Gu 'an also performed. The completion of Tianjin's first high-standard warehouse project in Jizhou brought 165,000 square meters of new supply, and cost-oriented relocation activities dominated recent lease transactions, mainly in consumer goods and third-party logistics, which each accounted for 40% of the total new leased area.

In the next six months, the sub-markets of Beijing Shunyi and Daxing Jingnan will see a total of 188,000 square meters of new supply, said Hong Li, head of CBRE's North China advisory and transaction services industry real estate group. In the logistics land market, the total amount of land sold in the city in the first quarter has exceeded the whole year of 2022, and all landed in the Pinggu Ma Fang area. Abundant new supply will effectively alleviate the city's long-term supply shortage of the market state. In the Beijing market, it is expected that 832,000 and 846,000 square meters of new supply will be delivered in Langfang and Tianjin markets, respectively, and the bargaining power of tenants is still high.