Global Logistic Properties Ltd. (GLP), the overseas logistics unit of the Government of Singapore Investment Corp., said it plans to raise rents in Japan because of a shortage of newer storage and distribution facilities.
Global Logistic, which has 99 percent occupancy rate in the country, plans to increase rents by about 5 percent to 10 percent, said Jeffrey Schwartz, deputy chairman of the company. Only about 2 percent of 480 million square meters (5.2 billion square feet) of space are modern logistic facilities, he said, citing a report by Jones Lang LaSalle Inc. (JLL) Full story
