Most of the macroeconomic trends playing out in the ongoing story of Asia’s development point to ever-greater industrialisation and growth of domestic markets and thus support an investment hypothesis that focuses on industrial, warehousing and logistics (IWL) properties in the region. These facilities may be urban, suburban or rural, but do not include office parks, R&D parks, high-tech parks or cyber parks, which share more features with regular commercial property than with industrial assets.

Asian markets are maturing and deepening. Domestic consumer spending increases with GDP growth and shifts to more locally manufactured goods; families in Chongqing and Jakarta are now buying the washing machines, scooters, blenders and televisions that were exported formerly to the United States.

As incomes and purchasing power expand, middle classes grow and regional consumer demand increases to fill in for shrunken US import demand