Global logistics investor GLP has reported a 41% increase in leasing activity, with some 96m sq ft of lease agreements in the last six months.
It said e-commerce had been a strong driver during the period, accelerated by high demand during the lockdown.
E-commerce occupiers make up 40% of GLP’s portfolio, against 20-25% five years ago.
The biggest rises were in China, up 48% in the first half of the year, with 80m sq ft of new and renewed leases, largely attributed to third-party logistics and e-commerce, including online food shopping.
In Japan it signed leases for 6.8m sq ft, up 17% year-on-year. And in Europe, agreements including JD Sports’ Focus International saw 2.3m sq ft committed.
Ming Mei, co-founder and chief executive of GLP, said: “In the new normal, companies are reconfiguring their supply chain strategies to balance efficiency with resilience and a reassessment of ideal inventory levels will further increase demand for warehouses and demand for logistics services and facilities globally.”
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