Overview - The warehousing real estate industry in China has grown significantly alongside the logistics market, with a market size of 624.88 billion yuan in 2022, representing a year-on-year growth of 12.7% [2] - However, the industry is facing challenges due to a decline in demand from traditional manufacturing, economic structural adjustments, and an oversupply of warehouses, leading to an expected growth rate of only 6.4% in 2024, the lowest in nearly a decade [2] - The industry is entering a deep adjustment period as new high-standard warehouses continue to enter the market, exacerbating the vacancy rate [2] Industry Development - Warehousing real estate is a core segment of logistics real estate, focusing on specialized properties and facilities for storage, sorting, packaging, and logistics operations [2] - The core value of warehousing real estate lies in enhancing supply chain efficiency and reducing logistics costs through standardized design and intelligent facilities [4] - The industry can be categorized into five main types: general warehousing, e-commerce warehousing, cold chain warehousing, bonded warehousing, and special warehousing, each serving different customer needs [4][6] Development History - The concept of logistics real estate was introduced in the 1980s by Prologis in the United States, with the first logistics park in China established in 2004 [7] - The industry has evolved from a growth phase (2003-2005) to an optimization phase (2016-present), with increasing emphasis on modernization and technological competitiveness [8] - Traditional logistics giants are shifting towards customized operations and long-term leasing, while more diverse companies are entering the market [7][8] Industry Chain - The warehousing real estate industry encompasses a full chain of services from land acquisition, property development, facility configuration to operational management [9] - The upstream includes land resource providers, financial institutions, equipment suppliers, and software service providers, while the midstream consists of warehousing real estate companies [9][10] - The downstream includes various industries such as automotive, electronics, pharmaceuticals, and e-commerce that require storage solutions for raw materials and finished goods [10] Development Background - The logistics industry in China has rapidly developed alongside the booming e-commerce market, with a projected social logistics total of 360.6 trillion yuan in 2024, growing by 2.3% year-on-year [12] - The growth in logistics demand is shifting from extensive to high-quality, with industrial logistics being the main driver of growth [12]