APAC Logistics & Industrial Capability Statement
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ASIA PACIFIC LOGISTICS & INDUSTRIAL OUR CAPABILITIES & INSIGHTS
UPDATED September 2025
Cushman & Wakefield
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MARKET LEADS
OUR PEOPLE
TONY IULIANO Australia
WE KEEP THE WORLD MOVING Through a consistent, client-focused approach, we provide real estate strategies for manufacturing, logistics and warehousing, helping clients maximize cost-saving opportunities and improve business success. Cushman & Wakefield's Logistics and Industrial professionals provide local market expertise around the globe. We invest the time to understand our clients’ short and long-term business goals, allowing us to collaborate alongside in-house specialists to deliver highly customised logistics and industrial real estate solutions. Cushman & Wakefield’s Logistics & Industrial team works across the spectrum of advisory services for seamless delivery. Every client requirement is unique; we have the experience to develop long-term strategies that drive wise investment decisions for occupiers, landlords, investors and operators.
TONY SU Chinese Mainland
JOHN SIU Hong Kong, China
ABHISHEK BHUTANI India
WIRA AGUS Indonesia
HIROYUKI TAKAYAMA Japan
INYOUNG RYU Korea
TIFFANY GOH Malaysia
ASIA PACIFIC LOGISTICS & INDUSTRIAL TEAM & GLOBAL PARTNERS
DAVID PASTRANA Philippines
Click on each name to email them
ASIA PACIFIC
JAMES NORMANDALE Alternative Assets Lead, Project Development Services, Asia Pacific
DENNIS YEO Head of Investor Services and Logistics & Industrial, Asia Pacific
TIM FOSTER Head of Supply Chain & Logistics Advisory, Asia Pacific
BRENDA ONG Singapore
MEI CHIANG Taiwan, China
EMEA
AMERICAS
TIM CRIGHTON Head of Logistics & Industrial, EMEA
JASON TOLLIVER Logistics & Industrial Investor Lead, Americas
PHONGPHAN PHLOIPHET Thailand
TRANG BUI Vietnam
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OUR GLOBAL PLATFORM AT A GLANCE
WE ARE A LEADING AND ONE OF THE LARGEST COMMERCIAL REAL ESTATE SERVICES FIRMS GLOBALLY THAT DELIVER EXCEPTIONAL VALUE FOR OUR CLIENTS.
$155B BROKERAGE TRANSACTION VALUE
976 MSF BROKERAGE TRANSACTIONS
36,900+ BROKERAGE TRANSACTIONS
*Statistics for 2024; transactions in USD
THE CUSHMAN & WAKEFIELD VALUE ADD
Being a trusted real estate advisor is about more than just the real estate – it’s about structuring the right team and strategy for every client. With seasoned industrial professionals on your side, chosen from over a thousand Cushman & Wakefield global team members, nothing can stop you from reaching your industrial-sized ambitions. WE CUT THROUGH THE COMPLEXITY From supply chain and manufacturing to last mile delivery, we create clear solutions for the complex challenges you’re up against. 01 WE MAKE INVESTMENTS WORK HARD Our customized strategies, breadth of expertise and trusted network give you everything you need to meet your investment goals and beyond WE MAKE REAL EXPERIENCE COUNT Working on some of the world’s most challenging logistics projects, we leverage years of problem solving and boots-on-the-ground experience to make our team feel like part of your team. 02 03
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OUR CLIENTS & SERVICES
CREATING A COMPETITIVE EDGE THROUGH COMMERCIAL REAL ESTATE Our in-house logistics and industrial specialists employ a multi-disciplined approach that leverages our full spectrum of commercial real estate services across our global platform.
WE DELIVER TAILORED LOGISTICS AND INDUSTRIAL SOLUTIONS FOR BOTH INVESTORS AND OCCUPIERS THROUGH:
Advisory and consultancy
Financial modelling and occupancy cost analysis
In-depth market assessment and target analysis
Multi-market account and transaction management
Strategic site selection and planning
Lease renewal, rent review, restructuring and surrender
Asset positioning and acquisition, and disposal negotiations
Marketing program strategy and execution
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SUPPLY CHAIN & LOGISTICS ADVISORY
Cushman & Wakefield’s Supply Chain and Logistics Advisory service helps clients navigate the ever-changing supply chain, technology and real estate landscape to service their customers more profitably. WE CUT THROUGH THE COMPLEXITY
COMBINING LEADING SUPPLY CHAIN KNOWLEDGE AND DATA & ANALYTICS EXPERTISE TO ADDRESS SUPPLY CHAIN NEEDS
Be it planning additional capacity in manufacturing and logistics networks, responding to the growth of e commerce, locating new sources of supply, or balancing inventory to overcome supply chain disruption, we work with our clients to help them to be more efficient in their business operations.
Create Supply Chain & Strategy
Design Network & Operating Models
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Access Research & Market Intelligence
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07
DATA & ANALYTICS
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Procure Property Needs
We tailor solutions to address our clients’ supply chain and logistics need, integrating
Operate & Optimise
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Cushman & Wakefield’s expertise in logistics and industrial real estate, project management, ESG & sustainability advisory and facilities management, to deliver sustainable value to clients.
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TIM FOSTER Head of Supply Chain & Logistics Advisory, Asia Pacific
Construct & Fit-out
Manage Facilities
GLOBAL SUPPLY CHAIN ADVISORY PLATFORM
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MARKET INSIGHTS
UNDERSTAND. DELIVER. COLLABORATE.
TH EXPOR TRIN
Asia Pacific is a diverse region that brings a rich mix of mature and emerging markets, which affords industrial operators opportunities all along the value chain. Globally, the sector is being buoyed by accelerated trends towards e-commerce, third party logistics and building supply chain resiliency. Trade within Asia Pacific has increased five-fold in US dollar values since 2000, with further growth expected. As mainland China continues to move up the value chain, supply chains are being reconfigured to support emerging manufacturing and logistics hubs across Southeast Asia and India, creating opportunities for investors, occupiers and local economies across the region. The Asia Pacific region has established itself as “the factory of the world”, with a significant role being played by mainland China which accounts for almost 15% of global exports 1 , has trade links with over 200 markets globally 2 and is the top trade partner to more than 120 of them 3 . However, trade routes within the region will become more important.
Russ
Brazil Indonesia
Mexic Indi Vietna
Egypt Colombia Sri Lanka Peru
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El Salva Nicara Banglad
Argentina
Chile Pakistan
*For all analysis, Asia Pacific region includes Australia, Mainland China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam only. 1 International Trade Centre 2 https://www.visualcapitalist.com/cp/china-trade-partners/ 3 https://www.wilsoncenter.org/blog-post/china-top-trading-partner-more-120-countries
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LOGISTICS & INDUSTRIAL THOUGHT LEADERSHIP With over 1,100 dedicated logistics and industrial real estate professionals worldwide, we provide expert guidance for organizations, helping to inform clients about market trends to position them for success. Whether analyzing supply, demand, or pricing trends, our insights aim to help clients thrive in this dynamic sector, making the most of the opportunities and optimizing your logistics assets in the region.
HE RTER’S NITY
Asia Pacific Logistics MarketBeat Our regional MarketBeat reports update are released at the end of each quarter, analyzing economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
Strength Through Diversification: Opportunities Across Asia Pacific Cushman & Wakefield’s latest industrial report offers a comprehensive view of these drivers and challenges impacting the logistics and industrial sector, as well as put a focus on the trends and provides strategies for key markets such as Greater China, India, and Southeast Asia to help navigate these conditions .
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Global Manufacturing Risk Index Our global report assesses the most suitable locations for
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manufacturing globally by assessing key criteria across baseline-, cost- and risk-weighted scenarios. Forty-five markets across Europe and the Middle East, the Americas, and Asia Pacific were assessed in this year’s report.
Laos Malaysia South Korea Cambodia
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Source: Moody’s Analytics
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MARKET INSIGHTS
E-COMMERCE WAS ALREADY BOOMING IN RECENT YEARS, BUT COVID-19 ACCELERATED ITS
GROWTH AS LOCKDOWN RESTRICTIONS FORCED CONSUMERS ONLINE.
AUSTRALIA
E-commerce and logistics companies have fast forwarded their expansion activities to accommodate and capitalise on the unprecedented consumer demand. Occupiers are also targeting areas with high quality transport infrastructure including ports and intermodal hubs.
86% of investors favour the Australian logistics & industrial sector over other commercial sectors
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TRACK RECORD
NATIONAL PENSION SERVICE OF KOREA Location
AXXESS CORPORATE PARK Location
PRIME INDUSTRIAL PORTFOLIO
Fujitsu Western Sydney Data Centre
Mount Waverley, Melbourne
Location
Sydney & Melbourne
Service
Disposal advisory
Service
Investment sale
Service
Investment sale
Date
2023
Date
2023
Date
2023
Value
USD $27.1M
Value
USD $208.6M
92MW at full build (10MW currently live)
Value
USD $370.8M
Size
19.6ha; lettable area of 904K SF
Power
Cushman & Wakefield was entrusted to advise the vendor on a major portfolio transaction comprising 50% interest in 20 prime industrial assets. The high quality, stabilised portfolio is located within two pre-eminent logistics estates in Greystanes, NSW and Truganina, VIC and features a WALE and expiry profile optimising access to strong rent reversion over coming years. This transaction represents the largest portfolio trade since 2021.
Cushman & Wakefield was the sole broker for the transaction of Axxess Corporate Park, Mount Waverley, Melbourne for USD $208.6M. At 19.6 hectares and a lettable area of 904K SF across multiple asset classes, Axxess Corporate Park is one of the largest single land holdings in Melbourne’s South-East and represents the largest business park transaction in Victorian history.
Size
17,000 SF total building area
Our Logistics & Industrial Capital Markets team in Sydney represented the vendor in the sale of the Fujitsu Western Sydney Data Centre as part of a 50% stake in a premium industrial property portfolio deal worth over USD $331.2M. Acquired by UniSuper, a national superannuation fund, the 20-property portfolio included 12 assets located in the Quarry Industrial Estate in Greater Western Sydney where the data centre is located, and the remainder located in Truganina, Melbourne. The global process identified multiple participants looking to capitalise on a rare, high-quality industrial portfolio offering in Australia, which was underpinned by a strong tenant profile including companies such as Coles, Toll, Northline, Roche, Blackwoods, Symbion, and UPS.
TONY IULIANO International Director Head of Logistics & Industrial, ANZ
DAVID HALL National Director Head of Brokerage Logistics & Industrial, ANZ
CONTACTS
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MARKET INSIGHTS
MAINLAND CHINA HAS LONG ESTABLISHED ITSELF AS THE WORLD’S LARGEST SOURCE OF EXPORTS, AND WITH THAT HAS ACCESS TO SIGNIFICANT LABOUR, TRANSPORT AND THROUGHOUT CAPACITY. Evolutionary changes are underway as not only the manufacturing sector becomes more sophisticated, but also as mainland China pivots to reduce dependency on exports and strengthens domestic consumption. With changing dynamics within the global manufacturing sector, manufacturing corporates will need to continue to innovate and upgrade to remain competitive. By promoting an innovation development strategy, manufacturing corporates will be able to further develop their talent, strengthen their scientific and technological research and ultimately produce and sell quality cutting-edge products.
GREATER CHINA
China’s manufacturing exports in 2023 took up close to half of total APAC exports.
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TRACK RECORD
DOLE Location
SANDVIK Location
CENTRAL INDUSTRIAL BUILDING Location Kwai Chung, Hong Kong Service
Weiyang District, Xi’an City, China
Jiading District, Shanghai, China
Service
Service
Sale
Sale
Site acquisition & property valuation
Date
Date
2022
2023
Date
2021
Land area: 1,118,349 SF Building area: 433,042 SF
Land area: 215,276 SF Building area: 155,574 SF
Value
24,336 SF (site area)
Size
Size
Successfully assisted Dole to complete the project evaluation and asset disposal of Dole Fengdong Industrial Park and provided a series of services such as buyer search, market promotion, price strategy, transaction negotiation strategy, contract negotiation, etc., so as to maximize the value disposal of Dole Company's assets and production equipment.
Cushman & Wakefield was engaged by BDx in the lease acquisition of their third DC site in Hong Kong for business expansion. Following an extensive market search and thorough technical evaluation of several shortlisted building options, BDx decided to kick off the negotiation for pre leasing the major portion of a brand-new industrial building developed by Sino Land for data centre conversion. Following an intensive 18-month lease negotiation and legal documentation process, both BDx and Sino Land entered into a legally binding agreement prior to the occupation permit of the building. The transaction was the biggest of its kind in Hong Kong at the time.
Despite strong competition from various buyers and the tight completion time frame the seller aims to divest, our Capital Markets and Industrial & Logistics teams helped our client to secure the site and assured him the power supply for future data centre redevelopment. We successfully managed the seller’s price expectations even though the market was trending upwards. As a publicly listed data centre service provider, the client was required to undergo stringent and comprehensive due diligence process, our Hong Kong Valuation & Advisory team also completed a valuation report to meet client’s requirement.
TONY SU Head of Logistics & Industrial, Chinese Mainland
JOHN SIU Managing Director, Hong Kong, China
MEI CHIANG Director, Tenant Advisory Group, Taiwan, China
CONTACTS
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MARKET INSIGHTS
HAVING ESTABLISHED ITSELF AS A CORE DESTINATION FOR BUSINESS PROCESS OUTSOURCING (BPO) AND GLOBAL CAPABILITY CENTRES (GCCS), INDIA IS NOW FIRMLY TURNING ITS ATTENTION TO GROWTH IN THE INDUSTRIAL SECTOR AND TO PLAYING A MAJOR ROLE IN REGIONAL AND GLOBAL SUPPLY CHAINS. The surge in India's warehousing and industrial leasing market is driven by increasing demands from the retail, FMCG, and thriving manufacturing sectors. With increased requirements from these key industries, the market is witnessing substantial growth, presenting lucrative opportunities for strategic investments and contributing to a dynamic landscape in the sector.
INDIA
India’s manufacturing sector has surged in recent years, accelerated by various government initiatives including the Modi government’s “Make in India, Make for the World” — a major policy to grow manufacturing’s share of GDP through reducing reliance on imports and driving export growth.
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TRACK RECORD
KERRY INDEV LOGISTICS Location
After a search that lasted for over 2 years, Cushman & Wakefield India were able to step in and facilitate a transaction for Mankind Life Sciences to secure location in Halol, meeting the client’s requirements within their timeframe. MANKIND LIFE SCIENCES PVT. LTD. Location Halol, Gujarat Service Land Transaction / Purchase Date 2022 Size 35 Acres
RIKUN Location
Chennai, Tamil Nadu
Oragadam, Chennai
Service
Service
Manufacturing set up and expansion
Warehouse lease transaction
Date
Date
2023
2023
Size
550,000 SF
Size
500,000 SF
Kerry Indev is one of India’s Leading Integrated Logistics Service Provider head quartered in Chennai. They offer multiple logistics and supply chain services. Kerry Indev aimed to secure a strategic warehouse location for one of their end customer emphasizing proximity to vendors and consumer markets while prioritizing the leasing of Grade A shed space. Cushman & Wakefield team identified and sourced the ideal space that suited their operational requirements – further highlighting our dedication to customized solutions for our clients.
Rikun, a manufacturing firm, is specialised in plastic injection moulding & electronics components manufacturing for Samsung, Flextronics, Kone & Tata Electronics. Cushman & Wakefield assisted Rikun to finalize a suitable built-to-suit property as per their requirements. The facility was completed in a timely manner and is the largest leasing transaction locally.
ABHISHEK BHUTANI Head of Logistics & Industrial, India
RAJESH JAIN Investment Sales, Logistics & Industrial, India
ANJALI CHANDRA Business Development, Logistics & Industrial, Mumbai
CONTACTS
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MARKET INSIGHTS
THE LOCAL GOVERNMENT IS PURSUING INDUSTRY 4.0 OPPORTUNITIES, PROVIDING A ROADMAP TO DEVELOP FOOD AND BEVERAGE, AUTOMOTIVE, ELECTRONICS, CHEMICALS AND TEXTILES INDUSTRIES. Beyond this, rapid growth in electric vehicle supply chains has been founded upon deep nickel reserves estimated to be 22% of the global total. Low-cost labour locations provide options for the textile industry. Additional manufacturing hubs with accessible land and seaports are located in West Java, Central Java, East Java, Banten and Batam and provide alternative location options.
INDONESIA
High tech industries such as data centers, as well as the automotive industry, in line with the government’s support and encouragement towards electric vehicles, are still expected to be the main demand generator. On the other hand, demand for warehouses mainly comes from logistics-related firms, including e commerce and consumer goods.
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TRACK RECORD
PT UPFILED MANUFACTURING INDONESIA Location Jababeka, West Java Service Tenant Representation Date 2023 Size Approx. 130,000 SF
SCHNEIDER ELECTRIC Location Bekasi, Indonesia Service
Disposal, Sole Agency
Date
2023
Size
Land: over 158,000 SF | Building: 42,000 SF
The Cushman & Wakefield industrial team obtained a lease renewal for a 4-year fixed term with an additional 4-year option to extend of a manufacturing facility in Jababeka.
Working on a tight schedule, soft market, and a relatively high book value, Cushman & Wakefield worked closely with the client and provided broker opinion of value to help them navigate the market. The team successfully concluded the disposal within the client’s expected price & timeframe.
WIRA AGUS Director, Head of Industrial & Land Sales, Indonesia
CONTACTS
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MARKET INSIGHTS
IN THE TOKYO AREA, VACANCY RATES ARE EXPECTED TO RISE LOCALLY IN IBARAKI AND TOHOKU-DO WHERE THERE IS AN OVERSUPPLY OF SPACE. In regional cities, the stock of advanced logistics facilities is still insufficient, and potential demand will continue to be stimulated in line with new supply. However, in some cities, the wave of supply will exceed the pace of demand, and vacancy rates are expected to rise slightly locally. While price dominance of urban logistics facilities in central Tokyo will remain high, existing properties in other areas are expected to face difficulty in passing on prices, including real estate rents, to tenants who are struggling due to rising logistics costs.
JAPAN
Stock Per Capita in Greater Tokyo expanded nine-fold in comparison to other regional cities.
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TRACK RECORD
JDI Location
CAINZ / ITOCHU Location
Kuwana, Mie
Higashiura, Aichi
Service
Service
Disposition / Research & Consulting
Acquisition / Leasing / Asset Management
Date
Date
2023
2022
Size
Size
2,170,000 SF
720,000SF
Cushman & Wakefield supported the disposition of land and property owned by JDI, an electrical and electronic manufacturing company who sells small and medium-size displays and related products globally. Product offerings include LCD.
Cushman & Wakefield supported the acquisition of land, completion of leasing documentation, the construction process and will support further asset management activities after the completion in 2023.
NOBUHIRO MARUYAMA Senior Director, Head of Investment Sales HIROSHI TSURUOKA Senior Manager, Logistics & Industrial
KEIJI KATO Senior Director, Head of Leasing Advisory
HIROYUKI TAKAYAMA Head of Japan Desk
CONTACTS
RYOHEI TAKAHASHI Director, Logistics & Industrial
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MARKET INSIGHTS
THE RECENT INCREASE IN INTEREST RATES HAS LED TO A TIGHTENING OF FINANCIAL CONDITIONS, WHICH COUPLED WITH RISING CONSTRUCTION COSTS DUE TO INFLATION, HAS RESULTED IN A SIGNIFICANT DECLINE IN INVESTMENT IN LOGISTICS CENTERS. In addition, there has been an overabundance of cold storage facilities, causing the effective rental gap between dry and cold storage to narrow. These challenging market conditions have polarized investors' preferences even further, with factors such as location, storage type, and facility specifications becoming increasingly important when it comes to investing in logistics centers.
KOREA
New supply of 2.6 million sqm in 2H 2023 continuing to add to residential and commercial district stock
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TRACK RECORD
MDM ASSET MANAGEMENT COMPANY Location Seo-gu, Incheon, Korea
11STREET CO., LTD. Location
Jung-gu, Incheon, Korea
Landlord & Tenant representation, Leasing advisory
Landlord & Tenant representation / Leasing advisory
Service
Service
Date
2023
Date
2022
Size
Approx. GFA 2,090,000 SF
Size
Approx. GFA 626,600 SF
Cushman & Wakefield aimed to target all categories of customers, ranging from major companies to small and medium-sized enterprises (SMEs). Leveraging the expertise in logistics and real estate fields, Cushman & Wakefield was able to meet the needs of all potential clients. Despite the increasing supply of warehouses near Incheon Logisport, Cushman & Wakefield completed the project in a very short time, making it a milestone in the market.
As the client expanded their business into cross-border shopping, their online market share has been skyrocketed. Due to the expansion, they needed a large logistics center near Incheon. Based on the experience, we were able to propose a logistics center with high efficiency, meeting their needs.
JIYEOUL LEE Director, Investment Sales
INYOUNG RYU Head of Logistics & Industrial, Korea
LUCAS JEE Director, Industrial Leasing
CONTACTS
DANNYPARK Senior Manager, Leasing Tenant Representation, Global Services
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MARKET INSIGHTS
DESPITE THE MODERATE GROWTH IN MALAYSIA GDP, MALAYSIA’S INDUSTRIAL PRODUCTION WEIGHED DOWN AS MANUFACTURING EXPORT-ORIENTED INDUSTRIES DECLINED WHILE DOMESTIC-ORIENTED INDUSTRIES CONTINUED TO EXPAND. On a bright side, Malaysia’s logistics credibility proved on strong momentum and now is the second-best performing ASEAN country in the World Bank Logistics Performance Index 2023 behind Singapore after moving up its rank to 26. Being optimistic, we expect the industrial sector to flourish in moderation pace for upcoming months.
MALAYSIA
The New Industrial Master Plan (NIMP) 2030, which aims to enhance the manufacturing sector's value and employment, is likely to contribute to industrial market growth. The plan's focus areas include reindustrialization, green transition, and technological advancement, which align with Malaysia's goal of maximizing its position in the global supply chain.
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TRACK RECORD
CONFIDENTIAL GLOBAL HYPERSCALE PROVIDER Location
LUMILEDS Location
SANDVIK Location
Bayan Lepas, Pulau Pinang
Negeri Sembilan
3 sites to form the required triangle
Service
Service
Sale & Leaseback of 15 years
Lease of 6 years
Service
Land Acquisition & Advisory
Date
Date
2023
2023
Date
End-2023/Early-2024
Size
700,000 SF manufacturing plant 20 acres of land for RM 180 million
200,000 SF GFA regional assembly facility on 14.63 acres of brownfield land
Size
Size
Land: Over 100 acres
CW-IVPS provided market analysis, financial analysis to determine demand and market value and rental for a Sale & Leaseback arrangement. The team also engaged with relevant government authorities on required tax incentive. Successfully assisted the client to liquidate its asset by selling to an investor with leaseback at the best possible price.
Early engagement by Sandvik in 2022 to explore options across Malaysia in a two-phase project. The first phase involved site sourcing and visits, while the second phase focused on commercial negotiations, financial analysis, and market insights. The project included detailed market analysis, RFPs, site tours, and assessments. Challenges included limited suitable site options, legal ownership issues, and negotiations on site handover and lease terms. Successfully assisted the client to conclude the most viable site options within Greater KL, Penang, Johor Bahru and Negeri Sembilan with favorable commercial terms.
CW-IVPS was retained by the US hyperscaler to identify and secure three strategic locations for data center development, adhering to client-specific parameters. The selection process focused on ensuring access to a minimum of 200MW of power per site and a planned expansion within the identified region. CW-IVPS managed the negotiation and acquisition of the final three locations, securing optimal commercial terms from a list of excel 50 proposed sites within the parameters set.
CHRIS GOH Director of Occupier Services, Transaction Management, Malaysia
TIFFANY GOH Country Manager, Malaysia
CONTACTS
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MARKET INSIGHTS
WEIGHING THE IMPACTS OF THE EXTERNAL HEADWINDS, TAMER ECONOMIC EXPANSION IS EXPECTED IN 2023 WHILST THE GROWTH PERFORMANCE IS SEEN TO BE AMONG THE STRONGEST IN SOUTHEAST ASIA. Meanwhile, the insurgence of e-commerce in the Philippines has become a major catalyst for the rapid expansion of the industrial segment. According to the e-Conomy SEA 2023 report by Google, Temasek, and Bain & Company, the country’s e-commerce is forecast to grow by around 21% CAGR from 2023 to 2025.
PHILIPPINES
As the global demand begins to pick-up and the tech sector downturn is nearing its end, the country’s industrial production is seen to improve in H2 2024.
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TRACK RECORD
CORTEVA AGRISCIENCE Location
Cushman & Wakefield conducted an in-depth Broker Opinion of Value (BOV) Report and assisted the client to divest an underutilized agro-industrial facility by selling to a local investor.
Polomolok, South Cotabato, Mindanao, Philippines
Broker's Opinion of Value and Disposal Service on Land & Warehouse
Service
Date
2023
80,446 sqm land area 25,000 sqm warehouse
Size
CONTACTS
CLARO CORDERO JR. Director, Research, Consulting & Advisory Services, Philippines
DAVID A. PASTRANA Manager, Tenant Advisory Group Philippines
Cushman & Wakefield Click on each name to email them
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MARKET INSIGHTS
SINGAPORE IS THE LEADING DESTINATION FOR FDI IN SEA. IT HAS LONG BEEN VIEWED AS THE KEY, STABLE REGIONAL BUSINESS HUB AND A CRITICAL GLOBAL SUPPLY CHAIN NODE PARTICULARLY. This is especially the case for high-value manufacturing projects, which require intensive capital expenditure and a deep local talent pool. Singapore continues to target growth, aiming to expand its manufacturing sector by 50% by 2030.
SINGAPORE
Despite its small geographic size, Singapore is significant actor on the global semiconductor stage, accounting for about 11% of the global semiconductor market and is the manufacturer of approximately 20% of global semiconductor equipment.
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TRACK RECORD
REDMART Location
ANALOG DEVICES Location
SYNAPXE Location
Singapore
1 North Buona Vista Link, Elementum
164 Kallang Way, Solaris @ Kallang
Service
Service
Service
Tenant Representation
New Lease
New Lease
Date
Date
2024
Date
2023
2022
Size
85,000 SF
Size
Approx. 214,300 SF
Size
Approx. 39,000 SF
The client had been looking for a site to set up their distribution centre in the Eastern part of Singapore. With challenging market conditions and a shortage in the market’s warehouse supply, as well as very specific requirements from the client, suitable options were limited. The team took time to thoroughly understand the client’s requirements and tapped on our extensive network in the market to find the most optimal space for them, providing timely and accurate advice for the client to act swiftly on decision making. The team also successfully negotiated with the landlord to avoid a double rent situation that aligned with the client’s relocation timeline and achieved favourable terms that met the client’s requirements.
This lease transaction has a total value of over USD$56.6M as our team helped MOH Holdings to consolidate and relocate their technology business to one single location.
This lease transaction has a total value of US$8.9M as our team helped ADI to consolidate and relocate their subsidiary business to one single location. As there were multiple ongoing leases, our team provided Stay Versus Go analysis. Cushman & Wakefield also helped to minimise the double rent situation by negotiating for a long rent-free fit-out period to add onto the cost savings. The team eventually secured favourable terms for a flight to quality high specifications building that meets the needs of ADI.
BRENDA ONG Head of Logistics & Industrial, Singapore
CONTACTS
Cushman & Wakefield Click on each name to email them
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MARKET INSIGHTS
THAILAND’S ECONOMIC EXPANSION CONTINUES, WITH THE DEMAND FOR INDUSTRIAL LAND AND READY BUILT FACTORY (RBF) FACILITIES STEADILY GROWING, SUPPORTED BY KEY INDUSTRIES INCLUDING ELECTRIC VEHICLE PRODUCTION, AUTOMOBILE PARTS, ELECTRONICS, CHEMICAL, OIL AND GAS PRODUCTION. Demand for SILPs, RBFs, and RBWs is set to expand as Thailand remains an attractive investment destination for investors. Especially, Land Acquisition inquiries are rising in multiple sectors. As a result, industrial land in the eastern zone is limited.
THAILAND
Southeast Asian nations are key participants in the Belt & Road Initiative (BRI), with substantial investments in transportation, particularly the Pan-Asian Railway Network project. Thailand will play a pivotal role in the network, acting as a vital link between China and other Southeast Asian nations.
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TRACK RECORD
COSMAX Location
BREMBO Location
Bhakasa Industrial Estate Thailand
Rayong, Thailand
Service
Service
Land Acquisition
Tenant Representation Services
Date
Date
2023
2023
Size
Size
282,767 SF of land
107,600 SF
The client needed a permanent factory in Thailand. Cushman & Wakefield coordinated the consulting and land acquisition team, working with the client’s Korean team and the local Thai landlord to get the best new home for their cosmetic manufacturing.
Cushman & Wakefield was appointed Tenant Representative of Built to Suit Factory for Lease in the Industrial Estate (Freezone area). With challenging specific requirements from the client and the freezone area was limited. The team took time to thoroughly understand the client’s requirements and tapped on our extensive network in the market to find the most suitable developer for them. The team successfully negotiated with the landlord along with the client's specific requirements, price, terms, and conditions.
GARETH POWELL Country Head, Thailand
PHONGPHAN PHLOIPHET Head of Logistics & Industrial, Thailand
CONTACTS
Cushman & Wakefield Click on each name to email them
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MARKET INSIGHTS
ASIDE FROM ITS STRATEGIC LOCATION, VIETNAM REMAINS COST-EFFECTIVE WITH SIGNIFICANTLY LOWER LABOUR COSTS COMPARED TO CHINA. Further benefits come from a balanced mix of high value manufacturing such as electronics and low value manufacturing such as garments, footwear and food. High-value manufacturing is expected to grow, with the government intent on increasing manufacturing’s share of the economy from 25% to 30% by 2030 by attracting more high-value manufacturing investment.
VIETNAM
Vietnam is a key beneficiary of China+ manufacturing strategies due to close geographical proximity and wider regional and global connectivity.
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TRACK RECORD
C.STEINWEG Location
COHERENT Location
Dong Nai Province
Hai Phong Province
Service
Tenant Representation
Service
Disposal Service on Land & Warehouse
Date
2023
Date
2022
Size
Approx. GFA 538,000 SF (factory)
Size
Over 1,600,000 SF
Cushman & Wakefield assisted a client in expanding and consolidating their subsidiary business to a single location, which resulted in the largest lease transaction of Q4 2023. The team played a crucial role in negotiating for long rent free incentive, which added to the cost savings for the client. We also successfully secured better commercial terms compared to market standard that favorable to the client and met their needs.
Cushman & Wakefield was appointed to be C.Steinweg’s exclusive advisor and agent that would present a sound divestment strategy. Our team provided pre-market advice to the client from day one of the project to ensure the asset was packaged cleanly for sale off-market, assisting the client to divest of an under-utilized facility by selling to an investor with partial leaseback at the best possible price, achieving the best market yield (lowest cap rate) recorded in Vietnam to date for an industrial real estate asset.
DOAN CHUONG Senior Manager, Logistics & Industrial, Vietnam
HUY PHUNG Senior Leasing Executive, Logistics & Industrial, Vietnam
TRANG BUI Country Head, Vietnam
CONTACTS
HAO NGUYEN Leasing Executive, Logistics & Industrial, Vietnam
Cushman & Wakefield Click on each name to email them
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CONTACTS
DENNIS YEO Head of Investor Services and Logistics & Industrial, Asia Pacific
TIM FOSTER Head of Supply Chain & Logistics Advisory, Asia Pacific
About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com. Disclaimer: ©2025 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources believed to be reliable, including reports commissioned by Cushman & Wakefield (“CWK”). This report is for informational purposes only and may contain errors or omissions; the report is presented without any warranty or representations as to its accuracy. Nothing in this report should be construed as an indicator of the future performance of CWK’s securities. You should not purchase or sell securities—of CWK or any other company—based on the views herein. CWK disclaims all liability for securities purchased or sold based on information herein, and by viewing this report, you waive all claims against CWK as well as against CWK’s affiliates, officers, directors, employees, agents, advisers and representatives arising out of the accuracy, completeness, adequacy or your use of the information herein.
Cushman & Wakefield
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