BEIJING LOGISTICS MARKET A new project launched in Q1 In Q1 218, Zenith Beijing Tongzhou Logistics Park, a 56, square metres (63, sq ft) prime warehou

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Colliers Quarterly Q1 218 9 May, 218 BEIJING-TIANJIN-LANGFANG INDUSTRIAL 北京 - 天津 - 廊坊工业 Rapid rental growth with continued strong demand Zhibin Yao Senior Analyst North China Very buoyant demand for

The fully occupied Beijing and Langfang logistics markets drove numerous tenants to Tianjin and the available space there was absorbed rapidly. Net take-up totalled 136, square metres (1.

Looking ahead, Colliers believes demand will remain active whilst rental growth should also be steady.

Supply Colliers foresees 713, square metres 7.67 million sq ft) of new supply or 15% of current total stock to be delivered in the region in the rest of 218, followed by 62, square metres (6.

1 Colliers Quarterly Q May, 218 BEIJING-TIANJIN-LANGFANG INDUSTRIAL 北京 - 天津 - 廊坊工业 Rapid rental growth with continued strong demand Zhibin Yao Senior Analyst North China Very buoyant demand for prime logistics properties in the Beijing-Tianjin-Langfang region continued in Q The fully occupied Beijing and Langfang logistics markets drove numerous tenants to Tianjin and the available space there was absorbed rapidly. Net take-up totalled 136, square metres (1.46 million sq ft) in Q1, which was flat compared with the same period in 217. Average rents in the region witnessed substantial increases. Looking ahead, Colliers believes demand will remain active whilst rental growth should also be steady. Forecast at a glance Demand We expect continued strong demand from e-commerce and 3PL providers in the upcoming quarters, supporting the leasing demand for prime logistic properties. Supply Colliers foresees 713, square metres 7.67 million sq ft) of new supply or 15% of current total stock to be delivered in the region in the rest of 218, followed by 62, square metres (6.48 million sq ft) new space in 219. Vacancy rate We predict the strong demand in the region to fill up vacant space from future supply rapidly whilst the vacancy rates of all three markets to stay at the current level in the next few quarters. Rent Colliers forecasts strong average annual rental growth for the Beijing (5.), Langfang (5.%) and Tianjin (4.5%) logistics markets between 218 and 222. 租金迅速上涨, 需求依旧强劲姚质彬高级分析师华北 218 年第一季度, 北京 - 天津 - 廊坊区域优质物流物业需求仍极为强劲北京及廊坊物流市场的满租致使为数众多的租户涌入天津, 当地剩余可租赁面积则被迅速吸纳本季度净吸纳量共计 13.6 万平方米 (146 万平方英尺 ), 与去年同期持平区域内平均租金显著增长展望未来, 高力国际相信需求将保持活跃, 同时租金涨幅亦将保持稳健预测一览表需求我们预测未来数季内来自电子商务及第三方物流的需求将继续保持旺盛, 并支撑优质物流物业的租赁需求供应高力国际预计区域内将有总计 71.3 万平方米 (767 万平方英尺 ), 约占现存总量 15% 的新增供应在 218 年余下时间交付另有 6.2 万平方米 (648 万平方英尺 ) 的新增面积将于 219 年入市空置率我们预测区域内未来供应的空置面积将被强烈的需求迅速填补三座市场的空置率均将在未来数季内保持现有水平租金高力国际预测 218 至 222 年间北京廊坊及天津物流市场的年均租金增长率将分别保持在 5. 5.% 及 4.5%

2 BEIJING LOGISTICS MARKET A new project launched in Q1 In Q1 218, Zenith Beijing Tongzhou Logistics Park, a 56, square metres (63, sq ft) prime warehouse was completed. Buoyant demand continued As we expected, demand for prime logistics space in Beijing remained extremely high in 218. The imbalance between supply and demand became even more intense with the continued closure of illegal low-end warehouses, combined with the very limited new supply. Although the rental level of properties in Beijing generally received a substantial increase during this annual rental adjustment season, most existing tenants renewed their contracts, realising it was almost impossible to find another spot in the market. Tenants who would like to enter the market or expand, however, were on standby in a long waitlist. Meanwhile, more and more tenants turned to Tianjin, resulting in a rapid absorption of Tianjin s remaining warehousing space. The overall vacancy rate of Beijing s prime logistics property market in Q1 218 remained largely stable compared with Q Rapidly rising rents in all submarkets Benefitting from buoyant demand and the annual rental adjustments in Q1, the average rent of Beijing s market witnessed another noticeable increase, escalating by 8.3% QOQ to RMB46.6 (USD7.41) per square metre per month. All submarkets achieved considerable rental growth. Beijing Airport Logistics Park continued to have highest rents by submarket, recording RMB51. (USD8.11) per square metre per month. 北京物流市场第一季度一座新项目入市 218 年第一季度, 一座建筑面积 5.6 万平方米 (6.3 万平方英尺 ) 的优质仓储项目新地北京通州物流园完工入市需求持续旺盛正如我们之前所预测的,218 年北京优质仓储面积的需求依旧极为旺盛随着关停非法低品质仓库行动的持续进行以及极为有限的新增供应, 供需不平衡进一步加深尽管北京物流项目的租金水平在季内的年度租金调整中普遍大幅上涨, 大部分现有租户仍然选择续租, 因其意识到目前市场中已几乎不可能觅得其他选项渴望进入该市场的潜在租户或拥有扩张需求的现有租户则已进入冗长的等待名单与此同时, 越来越多的租户转向天津并导致天津剩余的仓储面积被快速吸纳第一季度北京优质物流物业市场的空置率与 217 年第四季度大体保持一致全部子市场租金均大幅攀升得益于第一季度的强劲需求与年度租金调整, 北京市场平均租金经历另一波显著增长, 环比攀升 8.3% 至人民币 46.6 元 (7.41 美元 ) 每月每平方米所有子市场租金均有明显涨幅北京空港物流园仍为租金水平最高的子市场, 录得人民币 51. 元 (8.11 美元 ) 每月每平方米 12, 1, 1 1% 7 6 RMB per square metre per month 人民币每月每平方米 1 1 8, 8% 5 1% 6, 4, % 2, 1 % % -2, - 2 Colliers Quarterly Q May 218 Beijing-Tianjin-Langfang Industrial Colliers International

3 TIANJIN LOGISTICS MARKET One new property completed DRC Tianjin Ninghe Logistics Centre Phase I, a prime non-bonded logistics property in Ninghe submarket with a GFA of around 7, square metres (753, sq ft), was completed in Q1. Thus, the total stock of Tianjin s prime non-bonded logistics market increased by 2.3% QOQ to 3.5 million square metres (32.8 million sq ft). 天津物流市场一座新项目完工入市第一季度, 位于宁河子市场, 建筑面积约 7 万平方米 (75.3 万平方英尺 ) 的东百天津宁河物流中心一期完工入市有鉴于此, 天津优质非保税物流市场环比增加 2.3% 至 35 万平方米 (3,28 万平方英尺 ) Rapid take-up of remaining space 剩余面积被迅速吸纳 Following greatest ever quarterly net take-up in Q4 217 of approximately 41, square metres (4.41 million sq ft), demand for logistics space throughout the Tianjin market continued to be buoyant in Q Strong expansion demand came from big e-commerce retailers and third-party logistics providers who were unable to obtain enough space in Beijing or Langfang. Thus, the remaining leasable projects in Tianjin, not only those in the traditional sought-after areas but also in emerging submarkets, inevitably became tenants first choice. In particular, submarkets like Ninghe and Jinnan, which were once considered emerging areas with high vacancy rates, attracted a surge of interest. This was evidenced by several notable leasing activities in Q1 218, including a full lease of the new project. Net absorption in Tianjin market totalled about 136, square metres (1.46 million sq ft) with the vacancy rate dropping by another 2.3 percentage points QOQ to 2.8%. A highest ever rental growth level As a response to the continuously increasing demand since year-end 217 and the annual rental adjustment, average rent in Tianjin s market surged by 9.9% QOQ, the highest ever quarterly rental growth, to RMB29.5 (USD4.69) per square metre per month. The rental level of almost all projects recorded a significant increase while many landlords, especially those who owned properties in popular submarkets had already cut off rent-free periods and other incentives. 5, 5% 在经历了 217 年第四季度 41 万平方米 (441 万平方英尺 ) 的历史最高单季净吸纳后,218 年第一季度天津物流面积的需求持续强劲旺盛的需求源自无法在北京及廊坊获得足够面积的大型电子商务零售商及第三方物流供应商在天津, 不论传统热门区域或新兴市场的剩余可租赁面积均毫无疑问地成为租户们的首选特别地, 曾被视为新兴区域并且空置率居高不下的宁河及津南子市场获得巨大关注 218 年第一季度录得的数宗代表性成交即系佐证, 这其中即包括对本季度新增项目的整租交易天津市场净吸纳量共计约 13.6 万平方米 (146 万平方英尺 ), 空置率进一步环比下降 2.3 个百分点至 2.8% 历史最高租金涨幅作为对 217 年底开始并持续攀升的需求以及年度租金调整的回应, 本季度天津市场平均租金环比大涨 9.9% 至人民币 29.5 元 (4.69 美元 ) 每月每平方米, 此为历史最高租金增长水平几乎所有项目的租金均录得显著增长, 同时许多业主特别是在热门子市场拥有物业的业主则已停止提供免租期及其他优惠 4 RMB per square metre per month 人民币每月每平方米 12.% 4, 3 9.% 3, 3% 2, 2 6.% 1, 1% 1 3.% %.% -1, -1% -1-3.% 3 Colliers Quarterly Q May 218 Beijing-Tianjin-Langfang Industrial Colliers International

4 LANGFANG LOGISTICS MARKET 廊坊物流市场 No new warehouses completed In Q1 218, no new warehouse projects were completed in the Langfang prime logistics property market. The total stock remained at about 46, sq m (4.95 million sq ft). Two prime projects with a total GFA of approximately 92, square metres (99, sq ft) are scheduled to launch in the second half of 218. Strong demand as ever Like the past few quarters, demand for prime warehouse space in Langfang, due to the city s proximity to Beijing, was buoyant in Q Leasing activity, however, was very limited compared with its neighbour Tianjin, given the zero vacancy rate since Q According to Colliers survey, several existing tenants in Langfang renewed contracts while a few landlords might gradually adjust their tenant mix in the upcoming quarters by introducing more preferred tenants with higher rental threshold or taxable capacity. Furthermore, the emerging areas in Hebei, Gu an and Yongqing for example, which were around Beijing, were attracting attention from both landlords and tenants. As one of the nearest emerging logistics hubs to the Beijing New Airport, Colliers foresees these areas are becoming the next hot spot of storage and distribution in the region. Following by the launch of the airport in 219, we believe Hebei s emerging areas, represented by Gu an and Yongqing, will receive another wave of buoyant demand from both domestic and international developers and occupiers. Average rental rose further The sustained demand and annual rental adjustment pushed average rent in Langfang to rise an additional 6. QOQ in Q1 218 to RMB34.8 (USD5.53) psm per month. 无新增仓库完工落成 218 年第一季度, 廊坊优质物流物业市场无新增仓储项目市场总存量维持在约 46 万平方米 (495 万平方英尺 ) 两个建筑面积合计约 9.2 万平方米 (99 万平方英尺 ) 的优质项目计划于 218 年下半年入市一贯强劲的需求受临近北京的地理优势影响,218 年第一季度廊坊优质物流面积的需求与前几季度保持一致并持续旺盛但由于自 216 年第三季度起该市场便已满租, 其租赁活动与周边城市天津相比非常有限根据高力国际的调研, 本季度廊坊一些现有租户进行续租, 与此同时部分业主或将在未来数季度内逐渐调整租户结构, 引入更多具有较高承租能力或纳税能力的优质租户此外, 诸如固安及永清等临近北京的河北新兴区域吸引了业主与租户们的目光作为距离北京新机场最近的新兴物流中心之一, 高力国际预计该些地区正成为下一个仓储及物流服务的热点区域随着新机场即将在 219 年落成, 我们相信以固安及永清等为代表的河北新兴区域将迎来另一波来自国内外业主及租户的强劲需求平均租金进一步增长 218 年第一季度稳健的需求以及年度租金调整推升廊坊市场平均租金进一步环比增长 6. 至人民币 34.8 元 (5.53 美元 ) 每月每平方米 9, 75, 6, 45, 5% 3% RMB per square metre per month 人民币元每月每平方米 1.% 8.% 6.% 3, 2 4.% 15, -15, 1% % -1% 1 2.%.% -3, % 4 Colliers Quarterly Q May 218 Beijing-Tianjin-Langfang Industrial Colliers International

INVESTMENT MARKET Developers reconstructed old projects Given the insufficient warehouse land supply in the region, developers typically obtain older properties through acquisition or equity

5 INVESTMENT MARKET Developers reconstructed old projects Given the insufficient warehouse land supply in the region, developers typically obtain older properties through acquisition or equity transactions, then reconstruct into high-end projects. For instance, a wellknown logistics developer recently purchased a secondhand project in a popular submarket in Beijing with plans to redevelop it. Furthermore, in Q1 VX Logistics and a Tianjin s local logistics operator jointly acquired a property in Tianjin s Ninghe area. They will soon reconstruct the property into a prime warehouse. Notably, VX had already become a shareholder of this operator in 216 by acquiring stake of its subsidiary. MARKET OUTLOOK 投资市场开发商改建老旧项目鉴于区域内物流用地稀少, 开发商通常以收购或股权交易的方式获得老旧物业并改造成高标项目例如, 某知名开发商近期在北京一热门子市场购入一座二手项目并计划重建此外, 万纬物流与一家天津本地物流开发商在第一季度联合收购一处位于天津宁河区域的项目, 并预计在不久后将其改造成一座优质仓库值得一提的是, 万纬物流在 216 年即以收购该开发商子公司股权的方式成为其股东之一市场预测 New supply set to be absorbed quickly 新增供应将被快速吸纳 Colliers expects around 713, square metres (7.67 million sq ft) of prime warehousing space to be launched in the region in the rest of 218. Nearly 45% of this space is already pre-leased. Given the strong growth momentum of demand for logistics space from e- commerce retailers and 3PL providers, we believe the new supply will be absorbed quickly. The overall vacancy rate thus will stay at the current level whilst the rental growth rate will continue to be steady in the shortto medium term. Following the adjustment of industrial structure and the constrained industrial land supply in Beijing, we believe it will become more difficult for logistics developers to independently acquire land for warehouses in the future. Besides seeking investment opportunities in Tianjin and Langfang, we recommend logistics developers to actively cooperate with professional service organisations to increase the power of land acquisition, and attract tenants which both match local development strategies and could bring in considerable profits. * In order to reflect market movement, the baskets were adjusted in Q 高力国际预计区域内将有约 71.3 万平方米 (767 万平方英尺 ) 的优质仓储面积在 218 年余下时间完工入市这其中约 45% 的面积已被预租鉴于来自电子商务零售商与第三方物流供应商对物流面积需求的强劲增长趋势, 我们相信新增供应将被迅速吸纳整体空置率因此将保持在现有水平, 同时中短期内租金增长率也将保持稳健随着北京市产业结构调整以及逐渐紧缩的工业用地供应, 我们认为未来物流开发商独立获得物流用地将变得更为困难除了在天津及廊坊寻找投资机会, 我们建议物流开发商积极与专业服务机构合作以增强获得土地的能力, 并同时吸引符合当地发展战略且能为当地带来可观效益的租户 * 为反应市场变动, 本季度样本有所调整 For more information, please contact: 如需更多资讯, 敬请联系 : Jie Li 李杰 Managing Director North China Head Valuation & Advisory Services China 董事总经理华北总监估价及咨询服务中国 jie.li@colliers.com Tower Wu 吴涛 Head Industrial Services North China 总监产业及工业地产服务华北 tower.wu@colliers.com Andrew Haskins 夏思坚 Executive Director Research Asia 执行董事研究亚洲 andrew.haskins@colliers.com Emily Cao 曹化行 Head Research North China 总监研究华北 *61 emily.cao@colliers.com 免责声明 : 本文件由高力国际准备, 仅作广告和参考之用高力国际未对其中的信息, 包括但不限于其内容准确性和可靠性作出任何明示或默示的保证陈述或承诺任何有意者应自行求证信息的准确性高力国际明确排除适用所有由本文件得出的推测或默示的条款条件和保证, 对由此引发的损失和损害亦不承担任何责任此出版物的版权由高力国际和 / 或其许可方所有 Colliers Quarterly Q May 218 Beijing-Tianjin-Langfang Industrial Colliers International

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