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Global Capital Markets – Insights & Outlook: Industrial & Logistics – October 2023

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Interest in industrial and logistics assets driving real estate investment forward globally.

Our latest report reveals a strong expansion of investment in the industrial and logistics (I&L) sector compared to other real estate asset classes, with activity having doubled from 12.5% in 2016 to 25% in 2023. This supports our Global Investor Outlook survey conducted last year, which found 60% of investors were looking to invest in a broad range of I&L assets in 2023.

Investors have been attracted to yield/cap rate spreads afforded by the rapid re-pricing of I&L assets. Since Q1 2022, industrial assets have re-priced by 107 basis points on average globally, keeping in-line with the outward movement of interest rates. In comparison, office, multifamily, and retail assets have only changed by 69 basis points on average globally. This supports investors’ deployment of capital into the sector, particularly for those that are more equity driven with a longer-term horizon.

These pricing adjustments are made possible by the sector’s income profile. Though new developments are slowly coming to market, vacancy rates sit below 7% in North America and APAC, and below 4% in EMEA. With limited available stock, rents have continued to increase globally. In EMEA and APAC, rents have expanded by 50% since 2015, and across North America, they have nearly tripled.

Other factors positively influencing the future of I&L assets include the expansion of e-retailing as the number of young, digital natives account for account for a higher proportion of spending; the coinciding investment in data centers as economies and societies continue to digitize; and the de-risking of supply chains by near- and re-shoring operations.

However, slower economic growth and reduced retail spending caused by inflation and higher interest rates are starting to impact net demand growth, leading to a short-term cooling off in rental growth.



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Global Capital Markets – Insights & Outlook: Industrial & Logistics – October 2023

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Pour plus d’informations, veuillez contacter:

Lucas Atkins

President, Capital Markets | Canada

Toronto Downtown

Lucas brings nearly 20 years of experience in real estate, including investment banking, private equity, business development, mergers and acquisitions, development and equity and debt capital raising to Colliers. Over the course of his career, he has been involved in over $30 billion of real estate transactions across a variety of real estate asset classes and has assisted in raising over $25 billion in public, private and joint venture capital, and cross border financing activities.

His expertise in commercial real estate and strong relationships established over many years reinforces Colliers' industry-leading position in Canada. 

Working across business lines and borders, Lucas drives the strategic vision of Colliers’ Capital Markets.
 

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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