国别报告 | 全球工业用地情况分析报告（上）

发布时间：26-04-24　　来源：中国仓储与配送协会

中/英文供稿：贾帙隈 曼彻斯特大学 项目管理专业硕士研究生，国际仓储与物流联盟实习生

校            审：仉一诺 国际仓储与物流联盟秘书长助理

审            核：周武秀 国际仓储与物流联盟副秘书长

全球工业用地情况分析报告

Global Industrial Land Market Analysis Report

一、全球工业用地市场现状

Overview of the Global Industrial Land Market

2021–2022年，在电商需求爆发及供应链中断背景下，全球工业地产市场经历高景气阶段，空置率降至历史低位。2023年以来，随着前期开发项目集中交付，供给快速释放，市场逐步由“全面紧缺”转向“区域分化”。

Between 2021 and 2022, driven by the surge in e-commerce demand and widespread supply chain disruptions, the global industrial real estate market entered a period of exceptional prosperity, with vacancy rates falling to historic lows. From 2023 onward, as a large volume of previously initiated development projects reached completion simultaneously, supply expanded rapidly, and the market gradually shifted from a state of "widespread scarcity" to one of "regional divergence."

根据Colliers数据，2025年全球工业市场空置率呈现明显分层：北美约为5%–13%（因城市差异显著），欧洲核心市场约为3%–8%，亚太成熟市场约为4%–6%，而中亚及高加索地区优质工业资产空置率普遍低于2%，部分市场接近0%。全球工业地产市场整体估值在2024年约为1,897亿美元，预计以年均7.8%的复合增长率扩张，至2031年将达到3,080亿美元。

According to Colliers data, global industrial market vacancy rates in 2025 show a clear stratification: North America ranges from approximately 5% to 13% (with significant variation across cities); core European markets range from approximately 3% to 8%; mature Asia-Pacific markets range from approximately 4% to 6%; while vacancy rates for quality industrial assets in Central Asia and the Caucasus generally remain below 2%, with some markets approaching 0%. The global industrial real estate market was valued at approximately US$189.7 billion in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 7.8%, reaching US$308.0 billion by 2031.

从供给结构看，工业用地可分为未开发土地、工业厂房及物流仓储三类。区域差异主要体现在“空地与已开发资产”的占比：北美及欧洲等发达市场以存量物业为主，空置率有所回升，逐步进入去库存周期，新增土地有限；中亚及高加索等新兴市场虽具备土地资源，但由于基础设施与开发能力不足，难以转化为可使用的工业资产。因此，当前全球工业用地的核心问题不在于总量不足，而在于可开发、可使用土地供给的结构性错配。

From a supply structure perspective, industrial land can be broadly categorized into three types: undeveloped land, industrial manufacturing facilities, and logistics & warehousing properties. Regional differences are primarily reflected in the ratio of vacant land to developed assets. In mature markets such as North America and Europe, the market is dominated by existing stock, vacancy rates have risen somewhat, and the market has gradually entered a de-stocking cycle with limited new land supply. In emerging markets such as Central Asia and the Caucasus, while land resources exist in abundance, insufficient infrastructure and development capacity prevent their conversion into usable industrial assets. Therefore, the core challenge facing the global industrial land market today is not a shortage of total land supply, but rather a structural mismatch in the availability of developable and immediately usable land.

二、东欧地区（CEE）工业用地市场现状

Central and Eastern European (CEE) Industrial Land Market

随着欧洲企业追求供应链安全，将生产线向东欧（如波兰、捷克、匈牙利）转移，东欧的工业与物流地产市场表现出了极强的韧性。

As European companies pursue supply chain security by relocating production to Eastern Europe, particularly Poland, the Czech Republic, and Hungary, the region's industrial and logistics real estate market has demonstrated remarkable resilience.

从市场结构来看，东欧工业地产市场已形成较为清晰的竞争格局，主要由国际开发商主导。CTP N.V.（荷兰CTP集团）是东欧最大的工业地产开发商，2025年上半年实现租金收入3.672亿欧元，同比增长14.4%，在捷克、波兰、匈牙利、罗马尼亚等国拥有大量甲级工业园区，所有新建项目竣工时均达到100%出租。安博（Prologis）在捷克2025年底实现98%出租率，在波兰上半年签署超过32万平方米的租约。

In terms of market structure, the CEE industrial real estate market has developed a relatively well-defined competitive landscape, dominated by international developers.CTP N.V. (hereinafter referred to as “CTP”) is the largest industrial developer in Eastern Europe, reporting rental income of €367.2 million in H1 2025, up 14.4% year-on-year, with operations spanning the Czech Republic, Poland, Hungary, Romania, and other countries. All new developments were 100% leased upon completion. Prologis achieved 98% occupancy in the Czech Republic at year-end 2025 and signed over 320,000 sq. m. of new leases in Poland in H1 2025.

从市场指标来看，东欧工业用地空置率总体处于中低水平。2025年区域平均空置率约为7%左右，较疫情期间有所上升，但仍处于健康区间，反映出新增供应增加但市场需求依然稳健。不同国家存在一定差异，其中捷克等成熟市场空置率较低，而部分新兴市场则略高。租金方面，核心市场租金已达到每平方米每月5-7欧元水平，部分城市逐步接近西欧水平，表明区域正逐步由“成本优势市场”向“价值市场”转变。

In terms of market indicators, CEE industrial vacancy rates are broadly at low-to-moderate levels. The regional average vacancy rate in 2025 stood at approximately 7%, somewhat elevated from pandemic-era lows but still within a healthy range, reflecting growing new supply alongside sustained demand. Variation exists across countries, with mature markets such as the Czech Republic recording lower vacancy rates, while some emerging markets remain slightly higher. On the rental side, core market rents have reached €5–7 per sq. m. per month, with select cities approaching Western European levels, signaling the region's gradual transition from a "cost-advantage market" to a "value market."

从供给端看，截至2025年第三季度，CEE-6地区工业存量总面积突破7,000万平方米，其中波兰占约52%（约3,640万平方米），捷克约12%（约840万平方米）。整体空置约500万平方米处于闲置状态。截至2025年第一季度，CEE-6在建规模约为395万平方米，其中波兰约137万平方米、捷克约107万平方米为主要贡献者。部分头部开发商（如CTP）在建项目已基本实现预租，Yield on Cost（开发收益率）达10.3%，显示出优质资产供给仍然偏紧。

On the supply side, as of Q3 2025, total CEE-6 industrial stock surpassed 70 million square meters, with Poland accounting for approximately 52% (approximately 36.4 million sq. m.) and the Czech Republic for approximately 12% (approximately 8.4 million sq. m.). Approximately 5 million sq. m. of this total is currently vacant. As of Q1 2025, the CEE-6 construction pipeline stood at approximately 3.95 million sq. m., with Poland (approximately 1.37 million sq. m.) and the Czech Republic (approximately 1.07 million sq. m.) as the primary contributors. Leading developers such as CTP have substantially pre-leased their pipeline projects, achieving a Yield on Cost of 10.3%, indicating that quality asset supply remains tight.

从工业用地角度看，东欧地区普遍存在一定规模的“土地储备”，多由开发商以园区形式持有并分阶段开发。Prologis在捷克持有约14公顷土地储备，在匈牙利约14公顷，在荷兰约22公顷。整体而言，波兰和罗马尼亚的可开发工业用地相对充裕，而捷克和保加利亚（索非亚）的可开发地块已极度稀缺。

From a land supply perspective, Eastern Europe generally holds a meaningful stock of land reserves, typically held by developers in park formats and released for development in phases. Prologis holds approximately 14 hectares of land reserves in the Czech Republic, approximately 14 hectares in Hungary, and approximately 22 hectares in the Netherlands. Overall, Poland and Romania retain relatively ample developable industrial land, while developable sites in the Czech Republic and Bulgaria (Sofia) have become extremely scarce.

总体来看，东欧工业用地市场处于“成长成熟期”，具备土地储备与开发能力的匹配，能够持续转化为标准化工业资产，其未来发展仍将受到制造业转移及欧盟内部市场整合的持续推动。

Overall, the CEE industrial land market is in a phase of "growth and maturation," with a well-matched combination of land reserves and development capacity that enables the continuous conversion of land into standardized industrial assets. Future growth will continue to be driven by manufacturing relocation and deeper integration within the EU internal market.

表1:东欧6国已开发工业用地情况

Status of Developed Industrial Land in CEE-6

数据来源：

2026 Industrial Construction Report: Selective Recovery on Demand-Backed Projects：https://www.commercialsearch.com/blog/national-industrial-construction-report/

Trade-induced uncertainty lifts availability as weaker demand overshadows improving pre-leasing activity：https://www.cbre.ca/-/media/project/cbre/dotcom/americas/canada-emerald/insights/Figures/Industrial/Canada-Industrial-Figures-Q2-2025.pdf

中国仓协保税、跨境电商与海外仓分会

 Bonded,Cross-Border E-Commerce and Overseas Hub Branch

 China Association of Warehousing and Distribution