According to the Global Prime Logistics Rents report by CBRE, Hong Kong is the most expensive prime logistics market in the world with rent prices reaching US$312 per sqm per annum. This is due to the unique high-rise nature of the market. Most prime warehouses in Hong Kong are multi-story buildings with ramp-access to each floor, making the gross to net efficiency ratio much lower than the traditional single-story logistics buildings. Prime logistics rents in Asia Pacific were up 2.5%. 15 out of the 27 markets in the region witnessed rent growth despite the slowdown in China’s economy.