Cbre Research Next-generation Supply Chains
CBRE RESEARCHNEXT-GENERATION SUPPLY CHAINSShaping a New Era ofIndustrial and Logistics Real Estate
NEXT-GENERATION SUPPLY CHAINSShaping a New Era ofIndustrial and Logistics Real EstateSustainabilitySUPPLY enceConnectivityAgilityEMERGING SUPPLY CHAIN PERFORMANCE GOALSNext-generation supply chains will evolve from the current linear model to an ecosystemcapable of fulfilling a multitude of business objectives. Supply chain operators will prioritiseresilience and sustainability as core goals.Cost and SpeedGINGERMEAugmentedRealityArtificial IntelligenceBig DataGINTISEXLSAGOSALOGENABLERS OF SUPPLY CHAIN EVOLUTION:Innovative Technologies and New Business ModelsThe evolution of supply chains will be facilitated by the adoption of newtechnology integrated with industrial and logistics properties. Other keytrends will include new business models related to the sharing economy andgreen logistics.THE TRANSFORMATION OF INDUSTRIAL AND LOGISTICS REAL ESTATEIndustrial and logistics assets will require significant change in terms of real estate strategy of location, network, space and facility.LOCATIONNETWORK Manufacturing will be localised to tap intomass consumer markets. Industries will diversify supply chainlocations to mitigate geopolitical risks suchas trade conflict. Supply chain networks will be optimisedusing big data analytics. Artificial Intelligence and Internet of Thingswill enable real time management of supplychain operations. Last-mile logistics networks will be furtherintegrated with retail.FACILITY There will be growth in the number of smartwarehouses powered by intelligentmanagement tools and automated vehicles. More industrial buildings will be designed andbuilt with environmentally and sociallyresponsible features.LAYOUT The layout of logistics space will bereconfigured to accommodate new technology.There will be more space for automation toolsand data storage but less for parking.CBRE RESEARCHThis report was prepared by the CBRE Asia Pacific Research Team, which forms part of CBRE Research – a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate investors and occupiers around the globe. 2018 CBRE, Inc. Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness.This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.
01/THE SUPPLY CHAIN EVOLUTION: DRIVERS AND GOALS02/ENABLING NEXT-GENERATION SUPPLY CHAINS03/IMPLICATIONS FOR INDUSTRIAL AND LOGISTICS REAL ESTATEPage 05Page 09Page 14
INTRODUCTIONRapidly upgrading consumer demand and the growingneed for greater choice, quality, availability and deliveryof goods is challenging traditional supply chains.The coming years will see supply chains evolve from thecurrent linear model to a responsive and dynamicecosystems capable of catering to complex consumerdemand while fulfilling a multitude of business objectives.This report identifies the drivers and performance goals ofnext-generation supply chains; explains how thetransformation of supply chains will proceed; andanalyses how this will impact the industrial and logisticsreal estate market in Asia Pacific.
THE SUPPLY CHAIN EVOLUTION:DRIVERS AND GOALS
THE DRIVERS OF SUPPLY CHAIN EVOLUTION5The relocation of manufacturing toemerging markets and growth of ecommerce have transformed Asia Pacificsupply chains. New technologies are set totrigger the next stage in this evolutiontowards next-generation supply chains.E-Commerce GrowthShifts in Manufacturing ProductionThe rapid growth of e-commerce and surgingdemand for fast and frequent delivery hasreshaped how and where goods are distributed,bringing about an evolution from traditionallogistics platforms consisting of regionaldistribution centres to more complex networks oflast mile distribution hubs and delivery stations.Over the past few decades, globalisation hasdrastically altered supply chains and dispersedmanufacturing across the globe, underpinning thedevelopment of new industrial and logistics realestate.With e-commerce growth comes logistics footprintexpansion. Research conducted by CBRE in theU.S. has found that every US 1 billion in ecommerce sales translates into 1.25 million sq. ft.of additional distribution space demand.Much of this production capacity moved to AsiaPacific1, initially to Japan, Hong Kong, Taiwan,Korea and Singapore, and then underwent a majorshift to China in the first decade of the 21st Century.Asia Pacific e-commerce sales are projected toincrease by a CAGR of 23.4% between 2018 and2022, rising from US 1,798 billion to US 4,168billion, in the process generating robust demandfor new logistics space.More recently, the escalating trade conflict betweenthe U.S. and China has prompted manufacturers todiversify capacity to Southeast and South Asianmarkets such as Vietnam and India to mitigatesupply chain risks and costs.1223.4%Asia Pacific e-commerce salesCAGR 2018 - 20222Technological InnovationThe supply chain evolution will be supported bythe adoption of new technology including bigdata analytics, Internet of Things (IoT), artificialintelligence and augmented reality. Thesetechnologies will be integrated with industrial andlogistics properties servicing next-generationsupply chains.The Future of Global Manufacturing, CBRE Research, 2017eMarketer, November 2018. 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCH
THE EMERGENCE OF SUPPLY CHAIN ECOSYSTEMS6Supply chains traditionally sit along a straight line.However, this model lacks transparentinformation flow and provides little room forupstream supply chain operators to respondquickly to shifts in consumer demand.FIGURE 1: THE EVOLUTION OF SUPPLY CHAINS: FROM A LINEAR MODEL TO AN ECOSYSTEMNew digital technology is enabling more timelyand transparent information flow among supplychain participants and is driving the evolution ofsupply chains from the current linear model to aresponsive and dynamic ecosystem capable ofcatering to complex consumer demand whilefulfilling a multitude of business objectives.With Asia Pacific now the world’s biggestmanufacturing hub and largest consumptionmarket, CBRE Research believes it is imperativefor regional supply chain operators and industrialand logistics landlords to future-proof theirindustrial and logistics assets in preparation forthis new era.Source: CBRE Research, December 2018 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCH
SUPPLY CHAIN PERFORMANCE GOALS7Next-generation supply chains will have to meet arange of performance goals to effectively connectand service all stakeholders (Table 1).Cost and speed, reliability and connectivity havetraditionally been prioritised by supply chainoperators as they increase efficiency andimprove profitability.Resilience, agility and sustainability are relativelynewer objectives and will serve as the main focusof next-generation supply chains.Resilience and agility will be highly prized asenterprises adjust supply chains more frequentlyamid growing contingencies and fast movingconsumer market dynamics.The coming years will also see a greater focus onsustainability as companies seek to attain longterm business continuity and growth.TABLE 1: SUPPLY CHAIN PERFORMANCE GOALS AND THEIR ROLE IN SUPPLY CHAIN EVOLUTIONGoalRoleCost and SpeedLower production and distribution costs and more frequent and faster delivery to endusers. Critical for businesses to improve profitability.ReliabilityAssurance of the functionality of supply chain networks and the uninterrupted supplyof materials and goods. Based on robust supplier-distributor relationships to providethe uninterrupted supply of goods and reduce the likelihood of errorsand inconsistency.ConnectivitySeamless connection and collaboration along different stages of the supply chain tocreate synergies and increase efficiency.ResilienceThe immunity of the supply chain against disruption. Requires business to implementeffective systems and strategies to mitigate the negative impacts of extreme weather,natural disasters, price fluctuations and geopolitical incidents.AgilityThe flexibility of supply chain operations and rapid adjustment to new market trendsand demand. Enables operational procedures and delivery options to react quickly toshortening product life cycles and ever-changing consumer demand.SustainabilityOperational practices to minimise negative environmental and social impacts duringsupply chain operations.Source: CBRE Research, December 2018 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCH
ENABLING NEXT-GENERATIONSUPPLY CHAINS
BIG DATA ENABLING DEMAND FORECASTING9The enablers of next-generation supplychains include technological innovation andnew business models.New technology is gradually being introduced acrossall stages of the supply chain from production to lastmile delivery and is helping supply chains becomesmarter. Key innovations include:Big Data and Internet of Things (IoT) –Strengthening agility, resilience and connectivityDigitalisation is enabling the collection of a massivevolume of supply chain data by sensors and internetenabled devices.Case Study: Big data creatingsupply chain synergyIn China, P&G and a major client haveintegrated their business plans, mediaresources and sales targets into a jointdemand forecast based on big dataalgorithms. The demand forecast isentered into P&G’s supply system,which automatically reserves capacity inadvance for purchasing, productionand logistics. This has helped bothparties to significantly reduce inventoryand shorten the overall supply chainturnover time by 30%3.After being processed and analysed, this data canpinpoint opportunities for efficiency gains; identifypotential risks; and ultimately support more informeddecision-making.Examples include demand forecasting, which canoptimise inventory management. IoT can also supportthe convergence and sharing of data with supplychain partners and ensure smoother cooperation.3P&G China Press Release, June 2018 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCH
ARTIFICIAL INTELLIGENCE POWERING SMART LOGISTICS10According to the International Federation of Robotics,49% of professional service robots sold globally in2018-20 will be for logistics use.Many of these professional service robots will bepowered by AI, which is already widely adopted alongsupply chains in the form of Automated GuidedVehicles (AGVs), smart logistics management systemsand warehousing automation.AI can generate optimal solutions and executecontinuous self-improvement in areas such as inventoryfulfillment, scheduling and distribution routing.Sorting and picking can be performed more quicklyand accurately with the help of AGVs and AI-controlledautomation systems, which can also mitigate theimpact of labour shortages.The smart logistics management system developed byAlibaba and its logistics arm Cainiao Network in Chinashortened the time required to fulfill the first 100million Singles’ Day Shopping Festival orders from overa week in 2013 to just 2.6 days this year.Autonomous vehicles can also expedite the flow ofgoods from ports and production centres to endusers. Self-driving trucks will enable longer traveldistances and result in lower delivery costsfor consumers.FIGURE 2: SMART LOGISTICS AND DELIVERY SPEED ON SINGLES 015201620172018Number of Orders during Singles Day (Million)Time to fulfill the First 100 million orders (Days)Source: Alibaba, December ts-save-money-for-amazon-2016-6?r US&IR T 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCHNumber of DaysStrengthening agility and reliability; reducing costSmart logistics management systems can alsosave costs. Since 2014, Amazon has reducedoperating expenses in its fulfilment centres by20%, or around US 22 million per facility, afterintroducing Kiva robotics to automate picking andpacking processes4.Number of Orders (Million)Artificial Intelligence (AI) –
AUGMENTED REALITY ENHANCING PICKING EFFICIENCY11Augmented Reality (AR) –Strengthening agility, reducing cost and improvingspeedDevices such as smart glasses and othervisualisation equipment using augmented realitycan enable staff to perform tasks in hazardousenvironments, such as areas with hightemperatures or with dangerous chemicals, withoutphysically needing to be there. They can alsoimprove efficiency: A DHL study found that pickingefficiency in warehouses could be increased by asmuch as 25% by using AR5.56DHL Press Release, January 2018Gartner, August 2018Challenges to ImplementationThe main challenges to adopting these newtechnologies in next-generation supply chainsmainly relate to their readiness for commercialuse at scale. Based on Gartner’s Hype Cycle foremerging technologies, it is likely to take as longas ten years for autonomous vehicles to bedeployed in widespread commercial use6.Other obstacles include the variances inregulations in different markets and the lack ofcommon standards. The creation of a supplychain ecosystem and closer connectivity betweenpartners will also create additional concerns andrequirements related to cybersecurity. 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCH
THE SHARING ECONOMY AND GREEN LOGISTICS12Aside from technological innovations, newbusiness models such as the sharing economyand green logistics will support the developmentof next-generation supply chains.Sharing Economy –Strengthening agility and reducing costPeer-to-peer resources sharing is graduallyentering the industrial and logistics sector in theform of shared transportation and warehousing.The shared warehousing concept, which firstemerged in the U.S. and U.K., is gaining tractionamong small and medium sized businesses inAsia Pacific, many of whom view it as an idealmethod to facilitate the rapid expansion orreduction of warehousing capacity. This approachalso enables start-ups to focus on core businessoperations and adopt an asset-light model.Case Study: Warehousing andtransportation sharing platformsUK-based online to offline (O2O)platform Stowga matches warehousedemand with landlords’ unused space tosatisfy users’ temporary requirements. Italso allows users to compare prices,services and estimated delivery time.In the U.S., UPS has launched Ware2Gowhich matches available warehousespace and fulfilment services withmerchants needing to get online ordersto customers.Yunmanman is a Chinese-based onlineto offline truck sharing platform whichhelps users consolidate shipmentrequirements and matches them withtransportation providers. Its 2017 mergerwith Huochebang created an alliance of5.2 million trucks providing on-demandshipping services.Green logistics – Fostering sustainabilityMirroring the wider business community, supplychain enterprises are increasingly integrating theirbusinesses goals with environmental objectives.Many companies are implementing energy-savingmeasures, which can also reduce operationalcosts, and cutting solid waste and greenhouseemissions to minimise environmental impacts.In the U.S., FedEx, DHL and UPS are alreadyusing or plan to use electric delivery vans7, whilein China, Alibaba has introduced biodegradablepackaging and replaced paper labels with eshipping labels8.Environmentally-friendly facilities are anothergrowing trend. Nike’s distribution centre inAntwerp, Belgium, uses 100% renewable energy,including energy generated by on-site solarpanels and wind turbines. The facility is designedto allow the greater penetration of natural light,while smart lighting systems also save electricity9.The adoption of renewable energy systems inindustrial and logistics properties in Asia Pacificremains limited, with most facility owners optingto focus on improving energy management.UPS, April 2018Sina Technology News, May 20189 Architectural Digest, Jun3 201678 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCH
IMPLICATIONS FORINDUSTRIAL AND LOGISTICS REAL ESTATE
LOCALISATION AND DIVERSIFICATION14LOCATIONLocalisation in Mass Consumer MarketsAlthough next-generation supply chains willcontinue to be global, CBRE Research believesthat localisation in mass consumer markets suchas China and India will be critical for growingmarket share.Multinationals such as Tesla, which recentlyannounced plans to build its first overseas factoryin Shanghai10, will therefore continue to invest inindustrial and logistics assets in large emergingmarkets in the coming decade.Additional U.S. export related manufacturing isexpected to be re-shored to markets with maturesupply chains such as Japan, Korea and Taiwan.Mitsubishi Electric recently moved machine toolproduction for U.S. exports from China to Japanto avoid tariffs while retaining its Chinese factoryto serve the domestic market11.These dynamics will generate solid demand formodern industrial and logistics space across AsiaPacific, where prime logistics facilities remainlimited and represent just 10% of total stock.In developing markets such as Southeast Asia andIndia where the supply shortage is acute, CBREResearch advises occupiers to partner withexperienced developers with regional capability oridentify build-to-suit opportunities.Although Southeast Asia and India, where labourand materials costs remain low, will gainpopularity in the medium term, China willcontinue to play a key role in the global supplychain as technology infrastructure is upgraded tohandle complex goods manufacturing.In mature markets, older and lower qualitylogistics properties may provide assetenhancement or redevelopment opportunities.FIGURE 3: LOGISTICS PERFORMANCE INDEX – INFRASTRUCTUREAdvanced/ Maturing Stage4.25 4.063.99 3.97 3.97Emerging/Early StageDeveloping Stage3.75 3.73 3.723.15 3.14 3.012.91 2.89 al Times, July 2018Nikkei Asian Review, August 2018Hong Kong10SingaporeMore companies will diversify production acrossdifferent markets to hedge against risk. OngoingU.S.-China trade conflict has already promptedseveral companies to relocate production toneighbouring countries.JapanDiversification of ProductionSource: The World Bank, CBRE Research, December 2018 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCHCambodiaNext-generation supply chains will drivesignificant change in industrial andlogistics assets in terms of their location,network, space and facility
OPTIMISING NETWORK PERFORMANCE15NETWORKOptimising Delivery NetworksOperations in Real-TimeThe growth of omnichannel retail will continue todrive additional warehouse demand from ecommerce platforms, retailers and third-partylogistics (3PL) operators seeking greater access tomore neighbourhoods.AI and IoT will enable the real-time monitoringand management of next-generation supplychains and will help improve performance,particularly around transportation. In India,DHL’s SmarTrucking platform provides routeoptimisation and navigation services featuringreal-time analysis of traffic, weather and roadconditions12.Urban distribution networks will need to beoptimised for last-mile delivery to enhancedelivery speed. Between 2015-2016, Amazonconstructed more delivery hubs within large metroareas than large-scale warehouses. This enabledPrime Now customers to receive their orders morequickly, sometimes in under an hour.Apart from consolidating shipments; combiningautomated and human delivery; and increasinghandling capacity, big data will be utilised tostructure efficient networks and provide moredata-driven insights when formulating real estatestrategy.Supply Chain Digital, June 2018Inside Retail, January 201814 Alizila, April 20181213Retail and Logistics: Two Become OneCBRE Research foresees the closer integration oflast-mile logistics and bricks-and-mortar retailingas operators strive to improve efficiency. Manyretailers are already strengthening their storebased fulfilment capacity to satisfy customerdemand for faster delivery. In Australia, fashionbrand CUE and footwear group RCG haveintroduced three-hour delivery by store-basedfulfilment13, while in China, Hema supermarketsoffer as-fast-as 30-minute delivery to shoppersliving within a three-kilometer radius14.Retailers are advised to adopt a holistic approachtowards omnichannel operations. Retail storenetworks and logistics operations should beviewed as one to ensure that consumer orders arefulfilled in the fastest and most efficient way. 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCH
SMARTER AND GREENER FACILITIES16FACILITYSmart LogisticsNext-generation supply chains will require smartwarehouses featuring hardware such as robots,automated stacking systems, mechanical armsand AGVs connected by IoT and softwareincluding AI-enabled systems.The entire process of warehousing from picking,sorting, docking, undocking, packaging andoutbound logistics will be highly automated.Smart warehouses will also be able to enhancesurveillance, stock management, utilisation andoverall traffic. This will transform the orderfulfillment process to “goods-to-person" type andcreate greater efficiencies.In the longer term, intelligent management toolswill be adopted throughout the supply chain tointegrate and manage all facilities fromproduction to retail.1516Case study: AutomatedwarehousesIn October 2017, Cainiao Networkopened China’s largest automatedwarehouse in Wuxi. The facilitydeploys more than 700 AGVs andhas recorded efficiency gains of ashigh as 50% compared to traditionalwarehouses. IoT systems ensureAGVs do not collide and facilitatethe automatic distribution ofpackages15.Environmentally and Socially Responsible FacilitiesIndustrial and logistics assets serving nextgeneration supply chains will address CorporateSocial Responsibility (CSR) requirements byincorporating environmentally friendly featuresand providing high quality working conditions.Several major warehousing developers havealready constructed facilities complying to leadingenvironmental certifications such as the U.S.Green Building Council’s LEED. Prologis has twoLEED-certified industrial facilities in Chinaincluding a logistics distribution park in Tianjin,where it has introduced water efficientlandscaping and plumbing fixtures designed toreduce water usage16.Many companies are also adding amenities totheir distribution centres and other facilities toattract and retain employees. Amazon providestraining rooms and other amenities at itstemperature-controlled fulfillment centres acrossIndia.Alizila, November 2018Prologis, 2018 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCH
LOGISTICS GOES VERTICAL17LAYOUTRedesigns Accommodate Tech UpgradesAutomation and big data will transform the layoutof industrial and logistics facilities. The use ofAGVs and other automated hardware such asdrones will require dedicated pathways,maintenance zones, stand-by areas and chargingstations. The eventual adoption of autonomousvehicles and supporting applications for efficientdelivery planning and execution will shrink thenumber of parking spaces for trucks as fewervehicles will need to be parked on stand-by.Conversely, additional space for server rooms willbe required to accommodate the technologicalhardware necessary to collect and processbig data.Vertical Logistics SolutionsThe limited availability of logistics space andgrowing focus on achieving operational efficiencywill spur the development of vertical warehouses.These facilities will include high-bay warehousesfeaturing ceiling heights up to 30 metres17 andhighly automated systems capable of fulfilling ahigh volume of orders while improvingstorage density.Markets with limited land supply are expected tosee the further development of multi-storeywarehouses. Space-constrained markets such asHong Kong and Singapore have already seenlogistics development progress beyond traditionalgo-downs and static structures in recent decades.China has also recorded a surge in multi-storeywarehouse supply in recent years due to tighterregulations around industrial land use.The continued tight availability of modern logisticssupply, especially last-mile facilities, in gatewaycities will drive the development of more multistorey warehouses.Goodman is reportedly planning to developvertical industrial properties in Sydney andMelbourne18 while in the U.S. there are at leastfive multi-storey warehouses underway or in thepipeline in New York City, Seattle andSan Francisco19.FIGURE 4: MULTI-STOREY WAREHOUSES AS A PERCENTAGE OF TOTAL NEW SUPPLY IN CHINA100%80%60%40%20%0%201120122013Tier 1 Cities20142015Tier 2 Cities20162017Overall2018FSource: CBRE Research, December 2018Up in the Air, the Case for Vertical Logistics Solutions, CBRE Research, 2016; Dematic 2018.The Sydney Morning Herald, February 201819 U.S. Marketflash - Going Up! Vertical Solutions in Industrial & Logistics, CBRE Research, 20181718 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE RESEARCH
CONCLUSION18A NEW ERA OF INDUSTRIAL AND LOGISTICS REAL ESTATETechnological innovations and new business models are set to playa defining role in driving the Asia Pacific supply chain evolution.Next-generation supply chains will be characterised by dynamicecosystems well-equipped to respond to sudden changes inconsumer demand and shifting market dynamics: a world awayfrom the traditional linear supply chain structure.This evolution will transform the parameters for industrial andlogistics real estate and drive significant change in property assetsin terms of their location, network, space and facility.Leasing demand for modern logistics space featuring high qualityspecifications and robust supporting infrastructure will continue togrow, while older facilities may be at risk of losing tenants.Landlords are advised to familiarise themselves with the latesttrends and developments relating to next-generation supply chainsand upgrade their industrial and logistics portfolios to ensure theyremain competitive. 2018 CBRE, INC.NEXT-GENERATION SUPPLY CHAINS CBRE
C O N TA C T SADVISORY & TRANSACTION SERVICESManish KashyapManaging Director,Advisory & Transaction Services, Asia Pacificmanish.kashyap@cbre.com.sgSUPPLY CHAIN ADVISORYTroy ShortellExecutive Director, Asiatroy.shortell@cbre.com.sgChristine MillerSenior Director, Pacificchristine.miller@cbre.comINDUSTRIAL & LOGISTICSGraeme BolinSenior Director, Asiagraeme.bolin@cbre.com.sg 2018 CBRE, INC.Matt HaddonSenior Managing Director, Pacificmatt.haddon@cbre.com.auSUPPLY CHAIN EVOLUTION CBRE RESEARCH
For more information about this report, please contact:RESEARCHHenry Chin, Ph.D.Head of Research, Asia Pacifichenry.chin@cbre.com.hkAda Choi, CFAExecutive Directorada.choi@cbre.com.hkLiz HungAssociate Directorliz.hung@cbre.com.hkGeorge WangSenior Analystgeorge.wang@cbre.comFor more information regarding global research, please contact:Richard Barkham, Ph.D., MRICSGlobal Chief Economistrichard.barkham@cbre.comHenry Chin, Ph.D.Head of Research, Asia Pacifichenry.chin@cbre.com.hkJos TrompHead of Research, EMEAjos.tromp@cbre.comSpencer LevyChairman, Americas Researchspencer.levy@cbre.comFollow CBRECBRE RESEARCHThis report was prepared by the CBRE Asia Pacific Research Team, which forms part of CBRE Research—a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate.All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do notdoubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independently assessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for informationpurposes only exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, norany copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorized publication or redistribution of CBRE research reports is prohibited. CBRE will not be liable for any loss, damage, cost orexpense incurred or arising by reason of any person using or relying on information in this publication.To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at reports www.cbre.com/research-and-reports 2018 CBRE, Inc.
SUPPLY CHAIN Shaping a New Era of Industrial and Logistics Real Estate NEXT-GENERATION SUPPLY CHAINS LOCATION Manufacturing will be localised to tap into mass consumer markets. Industries will diversify supply chain locations to mitigate geopolitical risks such as trade conflict. NETWORK Supply chain networks will be optimised
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COMMERCIAL REAL ESTATE UPDATE: IMPLICATIONS FOR MORTGAGE MARKETS. FHFA - FEBRUARY 23, 2021. INDUSTRIAL CONTINUES TO FLY . REAL ESTATE LENDING PICKING UP AGAIN CBRE Lending Momentum Index Source: CBRE Capital Markets and CBRE Research, Q4 2020. 0. 50. 100. 150. 200. 250. 300. 350 Dec '07. Dec '08.
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vation in automotive retail is the imperative – and the time to get started is now. Against this backdrop and based on our extensive research and analyses (Textbox 2), we will provide a comprehensive perspective on three key questions that are currently a top priority for automotive OEMs and dealers: 1. Why exactly is the traditional automotive retail model so severely under pressure at .
