Investment Rating - The report does not explicitly state an investment rating for the general warehousing industry in China. Core Insights - The report provides a comprehensive overview of the general warehousing market in China, reflecting supply and demand dynamics across 41 major logistics cities, and offers insights for rational investment decisions [5]. Summary by Sections 1. Demand Situation - The demand for warehousing is primarily concentrated in the eastern region, with small-sized warehouses being in high demand. Warehousing rental demand is dominated by leasing, accounting for 80.77% of the total demand [11][18]. - In February 2026, the demand distribution by area shows that the eastern region accounts for 60.90% of the total demand, followed by the western region at 25.64% [17][18]. 2. Supply Situation - In February 2026, the newly supplied general warehouse area was 160,000 m², which represents a month-on-month decrease of 67.28% and a year-on-year decrease of 58.33% [19][22]. - The new supply is mainly concentrated in the eastern region, with significant projects located in cities like Foshan [25]. 3. Land Transaction Situation - There were 19 land transactions for warehousing in 41 key cities, covering an area of 1,287.2 acres, with a total transaction value of 553 million yuan, reflecting a month-on-month increase of 42.52% [26][29]. - The central region accounted for 43% of the total land transaction area, with Chengdu, Zhengzhou, and Nanchang being the top three cities for land transactions [32]. 4. Rental and Vacancy Rate Analysis - The average rental price in February 2026 was 23.14 yuan/m²·month, showing a slight decrease from the previous month, while the vacancy rate increased to 16.42% [36][38]. - The average rental prices and vacancy rates varied across different regions, with Beijing having the highest vacancy rate at 33.45% and the lowest rental price in Changchun at 12.72 yuan/m²·month [40][42]. 5. Regional Analysis - **Northeast Region**: Average rental price was 17.58 yuan/m²·month, with a vacancy rate of 21.79% [43][63]. - **Eastern Region**: Average rental price was 30.04 yuan/m²·month, with a vacancy rate of 20.31% [48][68]. - **Central Region**: Average rental price was 20.36 yuan/m²·month, with a vacancy rate of 10.97% [53][75]. - **Western Region**: Average rental price was 18.10 yuan/m²·month, with a vacancy rate of 10.87% [58][80].