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Note: Assuming private storage GFA is intended for logistics use. Source: Rating and Valuation DepartmentSupply vacuum 0 100,000 200,000 300,000 400,000 500,000 600,000Sq m Vacancy rate 2.0% 0.0% 4.0% 6.0% 8.0% 10.0% 12.0.085 1990 1995 2000 2005 2010 2015Completions of private storage (LHS) Vacancy rate (RHS)Figure 33. Completion and vacancy rate of private storage in Hong KongTight supply of warehousing space in Hong Kong drives up rentDespite booming demand for high-quality logistics space, the supply of such space is very tight in land-constrained Hong Kong. According to statistics from the Rating and Valuation Department, the completion of new private storage has been meagre since the 1990s. In particular, there was a supply vacuum from 2000 to 2010. The supply of logistics space remained unstable in the years that followed, with no completion of private storage recorded in 2013, 2015 and 2019. This has driven down the vacancy rate, which stands at below 7% as of 2019 (Figure 33).48