1) Land becomes scarce resources and the supply is limited.

Logistics real estate is to a large extent dependent on rental income of the industry, to achieve this scale requires large-scale development of land. More than 60% of the high-end logistics facilities in China are concentrated in first-tier cities, and the problem of difficult access to land has completely emerged.

On the one hand, the government actively promotes intensive land use and at the same time reduces the target of urban industrial land use year by year. It is pointed out in the regulations on economical and intensive Land use implemented on September 1, 2014 that strict restrictions on new construction land for mega-cities will be gradually reduced. On the other hand, compared with residential and commercial real estate, logistics real estate has lower land transfer fee, lower tax contribution and low land utilization ratio. Therefore, in order to replace land with more fiscal revenue, it is unlikely that the government will approve large tracts of land to build logistics infrastructure separately when the item is approved and approved.

2) In first-tier cities, land acquisition will become the main factor restricting the rapid development of logistics real estate.

In the short term, the land price growth rate has appeared in the first-tier cities, which is higher than the rent growth rate. At present, the shortage of logistics land supply in our country is huge, and the supply and demand of logistics land is unbalanced for a long time, which leads to the sharp rise of rent and the decrease of vacancy rate of logistics land. For other cities, although it is relatively easy for enterprises to take land, the market has not yet been fully developed, logistics demand is insufficient, and there are many problems, such as high vacancy rate and slow return cycle.

The current demand of storage resources is concentrated in the Pearl River Delta, the Yangtze River Delta, the Bohai Sea and the inland large-scale cities. Therefore, it has a great potential for market growth for the satellite city, the hot-spot two-line cities and the important logistics node cities of the first-line cities with relatively easy access and strong logistics demand.