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1、ResearchAsia Pacific|November Cold chain,unlockedThe cold storage opportunity in Asia PacificContentsCold storage real estate 101 A rapidly growing sector The investment upside 0102032Cold chain,unlocked:The cold storage opportunity in Asia PacificContents Key takeaways31 1 Cold storage real estate

2、is evolving The evolving complexities of logistical needs are changing cold storage requirements.Cold storage facilities will increasingly need multiple temperature zones,an expanded number of doors and bays(to facilitate fulfilment),and dedicated areas for services such as packing zones.2 2 Rising

3、asset creation The global cold storage sector has expanded from 550 million cubic metres in 2014 to an estimated 785 million cubic metres in 2022.Assuming the same growth rate,the market is projected to exceed 1.1 billion cubic metres by 2030.3 3 Macro and industry demand drivers are strong Global d

4、isruptions have emphasised the importance of robust supply chains and the essential role of cold storage real estate.Relatively inelastic demand,changing consumption patterns,and the rise of e-commerce are boosting demand for efficient cold chain logistics.4 4 Attractive investment factors Investor

5、interest is shifting towards alternative and higher-yielding asset classes.Stable cash flows,higher barriers to entry,technological advancements,longer lease terms,yield premiums,portfolio diversification,and attractive risk-adjusted returns contribute to the attractiveness of the cold storage secto

6、r in the current investment landscape.3Cold chain,unlocked:The cold storage opportunity in Asia PacificContents Whats the opportunity?Facility/product differentiation to become best-in-class providers of cold storage real estate.Having the capacity to leverage advanced technology and sustainable pra

7、ctices,and being able to implement energy-efficient systems,insulation,and renewable energy sources will be key differentiating factors for developers and owners.There is also opportunity to adapt facilities to meet changing logistical requirements.Food and pharmaceuticals are the two largest produc

8、t groups in cold chain logistics.Growth expectations are robust for these two industries.With online sales growth exceeding offline growth,operators,investors,and developers should target manufacturers and producers that have higher exposure to e-commerce platforms and networks.Investing in cold sto

9、rage offers resilient and stable returns.With both higher rental rates and yields when compared to traditional logistics and industrial(L&I)real estate,cold storage assets can provide an attractive destination for capital in the current investment climate.DevelopmentGrowthInvestment4 4Cold chain,unl

10、ocked:The cold storage opportunity in Asia PacificContents What is cold storage?Cold storage facilities are a vital component of the entire cold chain process.Simply,these facilities are where temperature-sensitive goods are stored before they are transported along the cold chain journey to the fina

11、l destination,which is usually the end consumer.Through this cold chain process,products are transported and stored in a consistent and temperature-controlled environment,of which cold storage real estate plays a critical role.Cold storage real estate 101015Cold chain,unlocked:The cold storage oppor

12、tunity in Asia PacificContents 6Figure 1The cold chain journey Ice creamSource:JLLNote:Temperature and travel times will differ depending on locations.Taking ice cream as an example product in the cold chain journey,the recommended storage temperature for ice cream is-27C or below1,but fluctuations

13、in storage freezer temperatures can lead to textural defects.This typically occurs when the product warms during the transition between freezers.Prolonged warming can result in the loss of air and settling of sugar syrup,causing ice crystals to grow and altering the texture of the product.1.Australi

14、an Alliance for Energy Productivity(2017)Vehicle from plant to central warehouse(-19C,16 hours)Vehicle from warehouse to retail outlet(-19C,3 hours)Consumer vehicle from retail outlet to home (room temperature,0.5 hours)Storage freezer in manufacturing plant(-22C,2 weeks)Storage freezer in central w

15、arehouse(-24C,4 weeks)Storage in retail outlet(-15.6C,1 week)Consumer home freezer(-12C,1 week)6Cold chain,unlocked:The cold storage opportunity in Asia PacificContents 7Ensuring a consistent temperature throughout the cold chain,therefore,is critical in ensuring that the quality of ice cream is mai

16、ntained.Ice cream is just one product type that requires cold storage real estate.However,there is a wide range of products that need to be maintained at low-ranging temperature conditions.These temperature conditions differ based on product type(Figure 2).Figure 2Cold storage temperature bracketsSo

17、urce:JLL,2023 Pharmaceuticals VaccinesUltra low-70C to-40C Meat Fish Vegetables Pharmaceuticals Vaccines Ice-creamFrozen-40C to 0C Meat Pharmaceuticals VaccinesRefrigerator0C to 4CCold4C to 8CCool8C to 15C Meat Fish/seafood Dairy Fruits Vegetables Baked goods Flowers and plants Fruits Vegetables7Col

18、d chain,unlocked:The cold storage opportunity in Asia PacificContents 8Evolution of cold storage facilitiesCold storage facilities typically require higher specifications than standard(or dry)distribution centres due to their specific function.While standard facilities are becoming increasingly soph

19、isticated with greater integration of technology and automation,cold storage facilities pose additional challenges.The complexity of refrigeration,including building design and labour working conditions,along with the increased risk to temperature-sensitive products,make cold storage facilities more

20、 capital-and management-intensive.Further,increasingly complex logistical requirements are driving changes in how cold storage facilities are being utilised.These Figure 3How cold storage services are evolvingSource:JLL,2023Multiple temperature+fulfilment+value-add services Product types-limited Man

21、agement intensive low Real estate needs -limited(shell for one temperature level,few doors/bays)Client base-narrow Product types-multiple Management intensive-medium Real estate needs -medium(shell for multiple temperature levels,more bays/doors)Client base-wide Product types-multiple Management int

22、ensive-high Real estate needs-high(shell for multiple temperature levels,more bays/doors,additional areas for packing and other services)Client base-wideMultiple temperature+fulfilmentSingle temperaturechanges need to be incorporated into how buildings are designed and into the operational strategie

23、s of operators.ESG requirements are also increasingly being incorporated into cold storage real estate to promote sustainability and reduce environmental impact.For example,more facilities are being designed with insulation,efficient refrigeration systems,and LED lighting to optimise energy efficien

24、cy.Additionally,renewable energy sources such as solar panels are being integrated to power these facilities.Water conservation measures,waste reduction strategies,and the use of environmentally friendly refrigerants are also being implemented to create more sustainable cold storage solutions.8Cold

25、chain,unlocked:The cold storage opportunity in Asia PacificContents 9Figure 4Cold storage typical real estate requirementsSource:JLL,2023CriteriaRequirementImportanceLocation 3km radius to major infrastructure nodesMid Depends on traffic performanceBuilding structure Reinforced concrete construction

26、 Limit condensation Better sealing Steel construction More cost-effective Shorter construction periodHigh Impacts stored goods and building designClearance and loading Higher the ceiling clearance,higher the return on investment(4.5m to 6m for maximum pallets)Structural loading requirement is higher

27、 than traditional warehousesHigh More important for dense urban cities Loading factor not high for ground-level sitesAir-conditioning and fire suppression 0C to 6C degrees(above freezing)-Airlock,normal sprinklers -15C to 0C-Airlock compressor,pre-action system -15C and below-Airlock compressor type

28、,gas suppression/in-rack systemHigh For rooms below-5C,pre-action or gas type fire compression is required Utilise R448A refrigerant as it contains less HFC,vs R134APower provision Two requirements-resiliency and provision N+1(100%backup is a general standard)provides security Power supply for MVAC/

29、freezer commands 80-90%of total power loadingHigh Stable power supply for metro areas Genset will be required for areas with less power stabilityLoading/unloading Best case is truck to door access Lifts can compensate for multi-storey sitesMid Lift size and loading capacity is a determining factor f

30、or high floorsReal estate prerequisitesCold storage real estate sector falls under the umbrella of industrial real estate,which in itself broadly comprises logistics and manufacturing.Cold storage is a more specialised component of the logistics sector,designed specifically 9Cold chain,unlocked:The

31、cold storage opportunity in Asia PacificContents to meet the storage and distribution needs of perishable goods.Given this specialisation,its real estate requirements and the importance of each requirement can differ significantly when compared to standard L&I facilities.For example,traditional ware

32、houses with 40-foot ceiling heights are not conducive to efficient refrigeration because the square footage of the roof introduces heat from solar energy,increasing the load on the refrigeration system.Additionally,there may be an opportunity to increase the pallet capacity of a building footprint b

33、y 12%to 25%by raising the clearance height to 11 metres,up from 10 metres.Whats the development opportunity?Incorporating advanced technology,automation,and sustainable practices is driving changes in the sector.This presents opportunities for differentiation and for developers and investors to beco

34、me industry leaders in cold storage real estate.For instance,there are real opportunities to leverage advanced technology and sustainable practices in cold storage facilities.Implementing energy-efficient systems,insulation,and renewable energy sources can help reduce environmental impact and operat

35、ional costs.Additionally,incorporating automation and digital solutions can improve operational efficiency and streamline processes.Further,as the cold storage industry evolves,there is an opportunity to adapt facilities to meet changing logistical requirements.This could include designing facilitie

36、s to accommodate additional distribution models,such as e-commerce and last-mile delivery.10Cold chain,unlocked:The cold storage opportunity in Asia PacificContents The criticality of cold storage will spur growthThe global cold storage sector has expanded rapidly in the past decade,growing from aro

37、und 550 million cubic metres in 2014 to an estimated 785 million cubic metres by 2022.This reflects a 4.5%compound annual growth rate(CAGR).Assuming this same CAGR,the market will grow to more than 1.1 billion cubic metres by 20302.Despite strong potential growth,this is arguably a conservative esti

38、mate.More capacity may be needed given the structural changes in consumption patterns and the shift to online spending.Global disruptions have also highlighted the criticality of the cold chain sector.These factors have and will continue to have long-term demand implications for the amount of cold s

39、torage space needed,how they are designed and operated,and where they are located.A rapidly growing sector022.Source:GCCA,Statista,JLL,Q3 202311Cold chain,unlocked:The cold storage opportunity in Asia PacificContents 12Figure 5Global cold storage capacity(million cubic metres)Figure 6Refrigerated wa

40、rehouse capacity in cubic metres,per urban residentSource:GCCA,Statista,JLL,Q3 20232022-2030 estimates based on historical CAGR of 4.5%Source:GCCA,2020Robust market growth translates to rising capacity on a per capita basis.In 2014,global capacity per capita was just 0.07 cubic metres.Assuming curre

41、nt population projections3 and historical CAGR cold storage capacity growth,global capacity per capita will almost double to 0.13 cubic metres by 2030.Capacity levels differ significantly in APAC.Generally,the more advanced economies have greater capacity relative to more emerging parts of Asia.This

42、 is unsurprising given that logistics networks in these countries tend to be more sophisticated and institutionalised.According to the World Banks Logistics Performance Index(LPI)2023,Singapore ranked 1st,Japan came in 13th,while South Korea ranked 17th globally.Australia and China both ranked 19th.

43、Emerging South-East Asian countries are much further down the rankings.3.The UN expects the global population to reach 8.5 billion by 2030Macro and industry forces Rising interest in the cold storage sector is underpinned by the structural growth drivers of the market.Global disruptions highlighted

44、the importance of resilient supply chains,and the vital role cold storage real estate plays in these networks.Changing consumption patterns and the movement towards e-commerce has led to a surge in the need for efficient cold chain logistics and more cold storage real estate.The primary cold storage

45、 real estate growth drivers are illustrated on page 13,divided between general macroeconomic growth determinants and more specific industry growth determinants.5006007008009001,0001,1001,200201420162018202020222024202620282030Million cubic metres0-0.2 IndonesiaPhilippinesVietnamChina0.4-0.6 South Ko

46、reaUnited States0.2-0.4 IndiaJapanAustralia0.6-0.8 New ZealandGreat Britain12Cold chain,unlocked:The cold storage opportunity in Asia PacificContents 13Source:JLL-Q3 2023,IMF World Economic Outlook-April 2023Oxford Economics-May 2023,eMarketer,Statista-July 2023Rising GDP growth Asia Pacific GDP is

47、forecast to grow by 3.9%in both 2023 and 2024,higher than the 3.2%in 2022,before accelerating further to 4.5%in 2025.Asia Pacifics economy will be 73%larger than Europes by 2025.They were a similar size in 2010.Similarly,Asia Pacific is forecast to be 43%larger than the US by 2025.Expanding populati

48、on Between 2023 and 2025,Asia Pacifics population will rise by an annual average of 27 million people.This is equivalent to adding a new Australia every year to the region over the next three years.Emerging middle class and growing consumption Asia Pacifics substantial middle-class population couple

49、d with rapid economic growth and rising income levels are expected to support rising consumption levels.Private consumption in Asia Pacific rose by a robust CAGR of 4.1%between 2013 and 2022.This is forecast to accelerate to 4.7%between 2023 and 2025.Growing e-commerce market E-commerce is a positiv

50、e tailwind for consumption-driven demand.Globally,the e-commerce penetration rate grew from 14%in 2019 to 20%currently.This figure is forecast to rise to 24%by 2026,meaning that e-commerce sales will make up close to a quarter of total global retail sales within the next three years.Macroeconomic de

51、terminants13Cold chain,unlocked:The cold storage opportunity in Asia PacificContents 14Source:JLL-Q3 2023,IMF World Economic Outlook-April 2023Oxford Economics-May 2023,eMarketer,Statista-July 2023Higher e-grocery adoption The COVID-19 pandemic helped shift consumers to online grocery shopping.In As

52、ia,revenue from grocery delivery more than doubled between 2019 and 2022,rising from USD 92 billion to USD 269 billion.While the pace of growth has slowed,revenue is projected to increase to USD 453 billion by 2025,reflecting a CAGR of 19.1%.Food and beverage delivery The number of users of online f

53、ood delivery services in Asia Pacific is forecast to rise from 1.6 billion in 2022 to 2.5 billion by 2027.This will support cold storage demand through greater inventory needs,expansion of delivery radius,and greater last-mile delivery services.Developing life sciences market The pharmaceutical mark

54、et is a key growth driver of cold storage real estate.Ageing populations require more pharmaceuticals,biotechnology products,medical devices,and other temperature-sensitive goods.The rise of direct-to-patient models has also increased the need for more cold storage facilities.Increasing logistical n

55、eeds The global 3PL market(by spending)was valued at USD 556.4 billion in 2022.Asia Pacific is the largest regional 3PL market,accounting for about one-third of the global market.The market is expected to increase by a CAGR of 4.9%between 2023 and 2027,well ahead of the US(2.1%)and Europe(2.2%).Indu

56、stry determinants14SydneyMelbourneRent premium to general logistics rent50%-100%50%-100%Lease term10 years10 yearsMarket yield premium to general logistics50-100 bps50-100 bpsCold chain,unlocked:The cold storage opportunity in Asia PacificContents 15Market snapshotsAustraliaAustralias large geograph

57、ic size and long supply chains make cold storage real estate strategically important,particularly in key logistics hubs and major cities.The market has expanded in recent years,supported by growing demand from a range Source:JLL,Q3 2023Note:Real estate metrics are high-level market averages.Actual a

58、sset level metrics may differ,depending on lease covenant,asset quality and location,amongst other factorsof industries,from the pharmaceuticals industry to food and beverage.Theres also been more of a recent shift towards more energy-efficient and environmentally-friendly solutions.15ShanghaiBeijin

59、gHong KongMarket size1.0 million sqm0.6 million sqm0.6 million sqmRent premium to general logistics rent100%100%50%Lease term1-3 years for end users;5-10 years for operators1-3 years for end users;5-10 years for operators10 yearsMarket yield premium to general logistics50 bps50 bps10 bpsCold chain,u

60、nlocked:The cold storage opportunity in Asia PacificContents 16Market snapshotsGreater ChinaMainland China Historically,secondary grade assets accounted for the majority of total stock in China,and they were primarily constructed by end-users such as food producers.In recent years however,to meet em

61、erging demand for fresh food e-commerce and pharmaceutical companies,more developers have started to build prime-grade facilities.In addition,some cold storage operators have started to convert dry warehouses into cold chain warehouses to meet local demand.Source:JLL,Q3 2023Note:Real estate metrics

62、are high-level market averages.Actual asset level metrics may differ,depending on lease covenant,asset quality and location,amongst other factorsHong Kong SAR Mostly strata units,with only around 11 en-bloc cold storage facilities.The costs of the converting an industrial unit to cold storage unit w

63、ill typically be borne by the tenant or operator.Investors would generally prefer to partner with an operator before acquisition.16TokyoSeoulMarket size3.2 million sqm3.7 million sqmRent premium to general logistics rent100%50-100%Lease term5-10 years2 yearsMarket yield premium to general logistics2

64、5-75 bps100-150 bpsCold chain,unlocked:The cold storage opportunity in Asia PacificContents 17Market snapshotsNorth AsiaTokyo Most facilities are owner-occupied,although there is increasing leasing activity as more developments for lease become available.Existing cold storage operators are small in

65、scale and cannot drive rapid market expansion.A catalyst for greater growth is if major 3PL companies enter the cold chain business.Source:JLL,Q3 2023Note:Real estate metrics are high-level market averages.Actual asset level metrics may differ,depending on lease covenant,asset quality and location,a

66、mongst other factorsSeoul 3PL groups,e-commerce players,and F&B tenants are the main occupiers of the cold storage space.Due to a smaller pool of tenants compared to that of dry storage,leasing demand has slowed in recent quarters.An added headwind is the large amount of existing and upcoming supply

67、.Core investors are reviewing assets on a selective basis.17Ho Chi Minh CityJakartaMarket size150,000 sqm350,000 sqmRent premium to general logistics rent200-300%100 200%Lease term1 yearCase by case,but up to 10 yearsMarket yield premium to general logistics100-150 bps100-250 bpsCold chain,unlocked:

68、The cold storage opportunity in Asia PacificContents 18Market snapshotsSoutheast AsiaHo Chi Minh City Owner occupiers and cold storage specialists are key developers,although the market is still in its infancy.Typically,developers must have expertise in both cold storage and cold chain operations.In

69、 general,the South and Mekong Delta markets are more active than the North given larger annual export and import volumes.Source:JLL,Q3 2023Note:Real estate metrics are high-level market averages.Actual asset level metrics may differ,depending on lease covenant,asset quality and location,amongst othe

70、r factorsJakarta Most cold storage facilities are domestic owner-occupier groups/cold chain players.Most demand is from 3PL groups who have a contract directly with the end-user,and who typically provide an end-to-end service.18OnlineOfline-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%IndiaPhilippinesMalaysiaV

71、ietnamNew ZealandAustraliaSingaporeThailandIndonesiaChina(mainland)JapanHong Kong(SAR)South KoreaFood&beverage OnlineOflinePharmaceutical0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%IndiaPhilippinesMalaysiaVietnamIndonesiaChina(mainland)AustraliaNew ZealandThailandHong Kong(SAR)SingaporeJapanSouth KoreaC

72、old chain,unlocked:The cold storage opportunity in Asia PacificContents 19Figure 7Consumer spending Food&beverage and pharmaceutical 2023-2027 CAGR%by countrySource:JLL,Oxford Economics,Q3 2023Note:Based on e-commerce penetration rates and forecast industry growth;Food&beverage excludes alcoholic dr

73、inks,pharmaceutical includes medicines and appliances.Whats the growth opportunity?To better understand this growth potential(i.e.from an estimated 785 million cubic metres in 2022 to 1.1 billion cubic metres by 2030),its important to understand the underlying drivers.Food is generally considered th

74、e dominant product in this expanding sector,followed by pharmaceutical goods.The opportunity to capture growth in these industries is large.Below are two charts which shows CAGR across these industries in APAC countries.Given the outsized online sales growth compared to offline,its clear that operat

75、ors,investors,and developers should target manufacturers and producers that have higher exposure to e-commerce platforms and networks.19Cold chain,unlocked:The cold storage opportunity in Asia PacificContents Why invest in cold storage?The more challenging investment environment is directing investo

76、r interest towards more alternative and higher-yielding asset classes,including the cold storage sector.The challenges faced in delivering perishable vaccines during the COVID-19 pandemic and the subsequent food shortages have emphasised the criticality of robust refrigerated infrastructure.This mak

77、es cold storage assets a relatively resilient sector.This resiliency is an attractive consideration for many investors.It mitigates risks in an increasingly volatile and uncertain investment environment.Other criteria considered by investors include:The investment upside0320Cold chain,unlocked:The c

78、old storage opportunity in Asia PacificContents 214.Depending on the market and asset,the range could be higher or lowerGreater stability The essential nature of perishable goods and sticky demand for them irrespective of economic conditions translates to stable cash flows.Attractive leasing covenan

79、ts Rents are typically higher than standard L&I facilities,while lease terms are also generally longer.Higher barriers to entry Investing in the cold storage sector requires understanding unique complexities associated with temperature-controlled environments,logistics,and regulatory compliance.This

80、 can act as a competitive advantage for knowledgeable investors,while creating a barrier to entry for other investors.Yield premium Cold storage assets typically attract a 50-100 bps4 higher yield when compared to standard L&I facilities.This can be a critical factor in investment decisions in the c

81、urrent higher interest rate environment.Technological upside Advancements in automation,robotics,and energy efficiency can significantly enhance the operational efficiency of cold storage facilities.These can help reduce operator/occupier costs as technology improves,making them more resilient.Diver

82、sification The cold storage sector can provide investors with portfolio diversification and attractive risk-adjusted returns.21Cold chain,unlocked:The cold storage opportunity in Asia PacificContents 22Will investment activity rise?Transactional activity in the cold storage sector has slowed in the

83、past 12 months.Higher interest rates and subsequent rising capital costs are making real estate investments generally less attractive investment propositions across all sectors.Volumes peaked for both distribution and cold storage centres in 2021,though the spike in cold storage is much more pronoun

84、ced.Not only was the 2021 average price higher than normal(USD 29.6 million vs USD 19.1 million 10-year average),but the number of major deals reached a record 32 transactions,more than double the 15 annual deals on average over the past 10 years.Figure 8APAC distribution centre vs cold storage cent

85、re transaction volumesSource:RCA,JLL,Q2 2023*Forecast for 2023 Distribution centresCold storage centres(RHS)-100 200 300 400 500 600 700 800 900 1,000-5,000 10,000 15,000 20,000 25,000 30,00020102011201220132014201520162017201820192020202120221H23USD millionsUSD millions22Cold chain,unlocked:The col

86、d storage opportunity in Asia PacificContents 23Investment managers drove much of the investment activity in the past few years.Investment managers were the largest net buyers,allocating USD 436.4 million net between 2021 and H1 2023.Part of this is explained by managers over-subscribing to the L&I

87、sector more broadly and the need to allocate capital,including to cold storage real estate.Real estate investment trusts(REITS)were also net buyers over the same period.Many REITs prioritise the stable income stream,longer lease terms,and diversification benefits offered by the cold storage sector,a

88、llocating USD 322.4 million net over the same period.This focus on stability is driven by their need to meet distribution requirements,maintain portfolio and valuation stability,and ensure access to capital markets for financing.Similar to general L&I sector trends,more asset creation in the past tw

89、o years has supported investment levels.This is reflected in developers and operators selling down their holdings on a net basis over this same period as they looked to recycle capital back into their operations.In addition to rising supply,adding further impetus to investment demand are smaller tic

90、ket sizes.Between 2013 and 2022,cold storage deals averaged USD 19.2 million.General distribution centre deals by comparison averaged USD 48.3 million over the same period.With many groups less willing/unable to invest in the current environment,the ability to allocate capital in smaller tranches an

91、d into a more alternative and higher-yielding sector(in conjunction with greater asset creation)may support cold storage investment activity.Figure 9APAC cold storage buyers and sellers(2021-H1 2023)Source:RCA,JLL,Q2 2023BuyerSeller-500,000,000-400,000,000-300,000,000-200,000,000-100,000,000-100,000

92、,000 200,000,000 300,000,000 400,000,000 500,000,000USD millionsDeveloper/Owner/OperatorInvestmentmanagerREITUndisclosedBankCorporateEquity fundREOCSovereignwealth fundHigh networth23Cold chain,unlocked:The cold storage opportunity in Asia PacificContents 24Whats the investment opportunity?Investing

93、 in cold storage presents a compelling opportunity for resilient and stable returns.Cold storage assets typically generate higher rental rates and investment yields,making cold storage an attractive destination for capital in the current investment climate where hurdle rates remain elevated.Figure 1

94、0APAC cold storage average deal size(USD millions)and ratio to the distribution centre average deal sizeSource:RCA,JLL,Q2 2023Bubble size reflects average annual deal size in USDCold storage centres0%20%40%60%80%100%120%Ratio to distribution centre average deal size2011201220132014201520162017201820

95、1920202021202220232024202512.6 35.5 10.4 24.8 12.1 18.4 19.9 15.8 29.6 12.0 16.3 Given the increasing demand for cold storage space,underpinned by relatively inelastic underlying demand,cold storage assets can deliver robust financial performance.This asset class can also provide greater stability a

96、nd resilience in investment Copyright Jones Lang Lasalle IP,Inc.2023This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.It has been based on sources we believe to be reliab

97、le,but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-looking involve known an

98、d unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be

99、 made based solely on the views expressed in this report.To find out more about JLL services,contact:Research authorsAbout JLLFor over 200 years,JLL(NYSE:JLL),a leading global commercial real estate and investment management company,has helped clients buy,build,occupy,manage and invest in a variety

100、of commercial,industrial,hotel,residential and retail properties.A Fortune 500 company with annual revenue of$20.9 billion and operations in over 80 countries around the world,our more than 103,000 employees bring the power of a global platform combined with local expertise.Driven by our purpose to

101、shape the future of real estate for a better world,we help our clients,people and communities SEE A BRIGHTER WAY SM.JLL is the brand name,and a registered trademark,of Jones Lang LaSalle Incorporated.For further information,visit .Research at JLL JLLs research team delivers intelligence,analysis and

102、 insight through marketleading reports and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 550 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 coun

103、tries,producing unrivalled local and global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.Peter GuevarraDirectorResearch ConsultancyAsia PRoddy AllanChief Research OfficerAsia PBen HornerSenior DirectorSupply Chain&Logistics Solutions Asia PMark GladuSenior DirectorLogistics&Industrial Capital Markets Asia PMichael IgnatiadisHead of Supply Chain&Logistics SolutionsAsia PTom OverDirectorLogistics&IndustrialL