Goodman continues to expand in China

Goodman Group, an Australia-based developer specializing in industrial real estate, announced on Wednesday that it has achieved 260,000 square meters of new development commencements in the Chinese mainland during the third quarter, including a 103,000 sq m pre-lease to a leading e-retailer.

However, the announcement didn't say where the city is.

The Group also began 260,000 sq m of new developments during the quarter. These newly commenced projects are 40 percent pre-committed, of which 103,000 sq m is a build-to-suit pre-commitment in Wuqing, Tianjin to a major e-retailer.

"We continue to be confident of China's economic outlook as strong domestic consumption prevails, which is in turn a key driver of demand for prime logistics and warehouse space," said Philip Pearce, Goodman's managing director for Greater China.

Goodman has a target development of 800,000 sq m over the next 12 months and a land bank/reserve in excess of 4 million sq m, which has the capacity to deliver 2.7 million sq m of prime logistics space over the next three years.