China's logistics facilities were originally set up to meet the needs of export and manufacturing warehousing. With the growth of domestic personal consumption, the maturity of the retail market and the continuous development of e-commerce, the demand for logistics facilities, especially high-standard warehousing, has grown rapidly in recent years. Although China currently has considerable storage capacity for logistics warehouses, the volume of domestic high-standard storage facilities is still relatively limited. According to estimates by the China Storage Association, the total volume of national commercial general warehouses reached 698 million square meters by the end of 2012. According to CB Richard Ellis, as of the end of 2013, the stock of high-standard storage facilities developed by 12 major national logistics professionals was only about 13 million square meters, accounting for a small proportion of the total storage facilities in the country. On the demand side, driven by the rapid development of e-commerce in recent years and the growth of third-party logistics demand, the demand for leasing and customization of high-standard warehousing properties continued to be strong. In recent years, China's logistics real estate market continued to improve.
