Colliers global industrial highlights midyear 2010

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Colliers global industrial highlights midyear 2010

  1. 1. HIGHLIGHTS GLOBAL INDUSTRIAL www.colliers.com FIRST HALF 2010 | INDUSTRIAL Ross J. Moore Chief Economist | USA Europe, Middle East, Africa (EMEA) European, Middle Eastern and African warehouse leasing markets continued to register lackluster growth in the first half of 2010. Greece, Hungary, Ireland, Russia, Spain, Italy and the Baltic states in particular remained key areas of weakness. Even though signs of recovery were evident in many parts of the region, various markets were still characterized by sluggish leasing activity and little expansion. During the first half of 2010, warehouse rents across the region managed to hold steady (local currency) which represented an improvement from the last half of 2009 when rents fell by 3.7%. Noticeable declines, however, were recorded in Hungary, Spain, South Africa, Norway and the Ukraine. Europe is home to some of the most expensive warehouse rents in the world, with London’s Heathrow submarket holding the title for the second most expensive warehouse space in the world at $19.59 per square foot per year. Within the EMEA region, industrial land values in London’s Heathrow submarket remain far in excess of any other market in the region. At midyear, Heathrow land values averaged just over $50.00 per square foot, an increase of 12.8% during the first half of 2010 (local currency). North America U.S. and Canadian warehouse markets continued to languish during the first half of 2010, but increasing evidence suggests the worst is over. Businesses were still largely wary of taking additional space, but the move by tenants to return space had mostly dissipated. However, even though construction continued to drop off, vacancies in both countries moved marginally higher. With both the U.S. and Canadian economies showing signs of slowing at midyear, a degree of caution entered the industrial leasing market, suggesting a robust recovery in fundamentals is unlikely to occur in the second half of 2010. As a result, occupancy rates are not expected to register a significant improvement until well into 2011. With no significant decrease in vacancy, rents are expected to remain largely directionless for some time. During the first half of 2010 U.S. rents fell 6.1% while Canadian rents dropped 1.7%. Asia Pacific Asia Pacific remained the most robust region in the world with exports posting double-digit growth in many countries. With the region registering healthy economic growth and exporters boosting sales both within the region and globally rents were up in almost all markets. Signs continued to emerge that as long as the global economy didn’t suffer a setback, both intra-regional and global trade should continue to increase, supporting most of the region’s warehouse markets. With a more robust economic backdrop, Tokyo, Hong Kong and Singapore warehouse rents all ranked in the top ten ,with Tokyo lease rates the most expensive in the world at $21.38 per square foot, per annum. Demand for Industrial Space on the Rise – Led by Asia Pacific GLOBAL INDUSTRIAL CAPITALIZATION RATES (Prime Yield/Percent) MARKET (Select Markets) JUNE 2010 dEC. 2009 Hong Kong 4.75 4.75 New Jersey – Northern 5.52 8.00 London – Heathrow 6.00 6.00 Tokyo 6.20 6.50 Vancouver 6.50 7.00 Munich 7.10 7.20 Paris 7.25 7.75 Chicago 7.50 8.25 Marseille 7.75 8.25 Seoul 8.00 8.00 Singapore 8.00 8.50 Madrid 8.25 8.50 Sydney 8.31 8.50 Dallas-Ft. Worth 8.50 8.80 Shanghai 8.50 11.00 Mexico City 9.00 8.30 Los Angeles – Inland Empire 9.00 8.75 Prague 9.50 9.50 Atlanta 9.70 8.00 Bucharest 10.00 10.50 GLOBAL PRIME LAND PRICES MARKET (Select Markets) JUNE 2010 (USD PSF) 6-MONTH CHANGE* (%) Hong Kong 951.48 1.9 Tokyo 481.13 -2.5 Singapore 67.06 15.0 London – Heathrow 50.17 12.8 Seoul 45.79 0.0 Shanghai 27.30 25.0 Melbourne 19.42 0.0 Toronto 18.14 18.9 Milan 17.02 0.0 Beijing 16.08 5.5 Antwerp 15.31 3.8 Hamburg 13.61 0.0 Leeds 10.38 -1.9 Helsinki 7.60 3.1 Paris 7.37 0.0 Lyon 6.24 0.0 Los Angeles – Inland Empire 5.24 31.0 Chicago 5.00 14.4 Atlanta 1.50 0.0 Dallas-Ft. Worth 1.25 -28.6 *Local Currency GLOBAL TOP TEN INDUSTRIAL WAREHOUSE RENTS MARKET RENT (USD/ PSF/Year) 6-MONTH CHANGE (Local Currency, %) Tokyo 21.38 -5.6 London – Heathrow 19.59 0.0 Hong Kong 16.26 1.9 Zurich 15.42 0.0 São Paulo 14.27 15.0 Geneva 13.70 -8.6 Singapore 13.38 3.3 Helsinki 12.93 0.0 Oslo 12.89 0.0 Honolulu 11.28 -5.1 Moscow 9.87 0.0
  2. 2. p. 2 | Colliers International highlights | FIRST HALF 2010 | industrial | GLOBAL INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents MARKET COUNTRY QUOTED CURRENCY UNIT TIME PERIOD PRIME WAREHOUSE RENT (LOCAL MEASURE/ CURRENCY) PRIME WAREHOUSE RENT, 6-MONTH CHANGE (%) PRIME BULK RENT (LOCAL MEASURE/ CURRENCY) PRIME LAND VALUE (LOCAL MEASURE/ CURRENCY) EUROPE, MIDDLE EAST AND AFRICA (EMEA) Vienna Austria EUR SM Month 6.00 0.0 5.50 280.00 Antwerp Belgium EUR SM Year 43.00 0.0 40.00 135.00 Brussels Belgium EUR SM Year 45.00 0.0 40.00 150.00 Sofia Bulgaria EUR SM Month 4.80 -4.0 3.70 480.00 Zagreb Croatia EUR SM Month 6.50 -7.1 5.00 743.00 Prague Czech Republic EUR SM Month 4.00 0.0 3.50 505.00 Copenhagen Denmark DKK SM Year 475.00 0.0 500.00 800.00 Tallinn Estonia EUR SM Month 4.00 0.0 3.50 25.00 Helsinki Finland EUR SM Year 9.50 0.0 7.50 67.00 Bordeaux France EUR SM Year 55.00 0.0 42.00 52.00 Lille France EUR SM Year 55.00 – 43.00 45.00 Lyon France EUR SM Year 62.00 0.0 43.00 55.00 Marseilles France EUR SM Year 58.00 0.0 41.00 58.00 Paris France EUR SM Year 90.00 0.0 51.00 65.00 Toulouse France EUR SM Year 62.00 0.0 42.00 48.00 Berlin Germany EUR SM Month 5.50 – 4.00 100.00 Düsseldorf Germany EUR SM Month 4.90 0.0 4.40 160.00 Frankfurt Germany EUR SM Month 6.50 – 6.20 230.00 Hamburg Germany EUR SM Month 5.40 -1.8 5.40 120.00 Munich Germany EUR SM Month 6.30 -3.1 5.25 200.00 Stuttgart Germany EUR SM Month 5.20 4.0 6.00 250.00 Athens Greece EUR SM Month 5.50 0.0 4.80 120.00 Budapest Hungary EUR SM Month 4.20 -16.0 3.70 45.00 Dublin Ireland EUR SM Year 90.00 -10.0 80.00 100.00 Tel Aviv Israel ILS SM Month 38.00 -5.0 35.00 2,500.00 Milan Italy EUR SM Year 60.00 0.0 55.00 150.00 Rome Italy EUR SM Year 65.00 8.3 65.00 50.00 Riga Latvia EUR SM Month 3.50 0.0 3.50 22.50 Vilnius Lithuania EUR SM Month 3.90 0.0 2.90 15.00 Amsterdam Netherlands EUR SM Year 85.00 18.1 45.00 275.00 Oslo Norway NOK SM Year 900.00 0.0 623.04 – Warsaw Poland EUR SM Month 5.50 71.9 4.50 776.00 Bucharest Romania EUR SM Month 4.50 -5.3 4.25 540.00 Moscow Russia EUR SM Month 7.25 0.0 8.30 823.00 Saint Petersburg Russia EUR SM Month 7.00 – 6.40 600.00 Belgrade Serbia EUR SM Month 4.00 0.0 3.00 436.00 Bratislava Slovakia EUR SM Month 3.90 14.7 3.50 468.00 Cape Town South Africa ZAR SM Month 40.00 14.3 35.00 1,100.00 Durban South Africa ZAR SM Month 42.00 -23.6 40.00 1,400.00 Johannesburg South Africa ZAR SM Month 55.00 – 48.00 700.00 Madrid Spain EUR SM Month 6.00 -7.7 3.50 375.00 Stockholm Sweden SEK SM Year 800.00 6.7 600.00 600.00 Geneva Switzerland CHF SM Year 160.00 -8.6 130.00 300.00 Zurich Switzerland CHF SM Year 180.00 0.0 180.00 – Istanbul Turkey USD SM Month 5.00 0.0 6.00 – Kyiv Ukraine USD SM Month 5.00 -23.1 4.50 45.00 Abu Dhabi United Arab Emirates AED SM Year 95.00 – 60.00 60.00 Dubai United Arab Emirates AED SM Year 229.00 – 120.00 120.00 Belfast United Kingdom GBP SF Year 4.50 12.5 4.50 8.03 Birmingham United Kingdom GBP SF Year 5.25 0.0 5.00 6.31 Bristol United Kingdom GBP SF Year 7.00 -6.7 5.50 6.31 MEASURE
  3. 3. highlights | FIRST HALF 2010 | industrial | GLOBAL Colliers International | p. 3 Edinburgh United Kingdom GBP SF Year 7.00 0.0 4.50 5.74 Glasgow United Kingdom GBP SF Year 6.00 0.0 4.50 3.44 Leeds United Kingdom GBP SF Year 5.50 0.0 5.00 6.89 London – Heathrow United Kingdom GBP SF Year 13.00 0.0 12.00 33.30 Manchester United Kingdom GBP SF Year 5.75 0.0 4.25 6.31 NORTH AMERICA Calgary Canada CAD SF Year 6.75 0.0 6.25 12.17 Edmonton Canada CAD SF Year 7.00 -1.4 6.15 10.76 Halifax Canada CAD SF Year 7.00 7.7 5.50 4.25 Montreal Canada CAD SF Year 4.00 0.0 4.00 – Ottawa Canada CAD SF Year 7.30 8.1 6.50 8.26 Regina Canada CAD SF Year 8.00 0.0 6.50 5.05 Saskatoon Canada CAD SF Year 9.00 5.9 8.00 9.18 Toronto Canada CAD SF Year 5.13 -0.4 4.70 19.02 Vancouver Canada CAD SF Year 6.50 -3.7 6.00 21.14 Waterloo Region Canada CAD SF Year 4.91 -1.2 4.27 6.60 Atlanta United States USD SF Year 3.14 -11.8 2.86 1.50 Bakersfield United States USD SF Year 4.00 0.0 3.92 2.50 Baltimore United States USD SF Year 4.71 -2.1 – – Boise United States USD SF Year 4.50 -13.5 4.50 1.76 Boston United States USD SF Year 4.75 0.0 5.00 – Charleston United States USD SF Year 3.60 -2.7 3.90 2.50 Charlotte United States USD SF Year 3.45 -3.1 – – Chicago United States USD SF Year 3.77 -2.1 2.50 5.00 Cincinnati United States USD SF Year 3.05 – 3.05 1.50 Cleveland United States USD SF Year 2.75 0.0 2.83 1.32 Columbia United States USD SF Year 3.75 -6.3 4.00 1.15 Columbus United States USD SF Year 2.98 -3.6 3.32 1.84 Dallas-Fort Worth United States USD SF Year 3.00 -1.6 2.75 1.25 Denver United States USD SF Year 3.50 -6.7 3.25 3.50 Detroit United States USD SF Year 4.01 -2.7 3.65 – Fairfield United States USD SF Year 5.64 -6.0 – – Fresno United States USD SF Year 2.40 0.0 2.40 3.00 Ft. Lauderdale-Broward County United States USD SF Year 7.20 4.0 6.64 6.92 Greenville United States USD SF Year 3.00 -4.0 2.95 0.92 Hartford United States USD SF Year 4.28 0.0 4.28 2.50 Honolulu United States USD SF Year 11.28 -5.1 – – Houston United States USD SF Year 4.90 -2.0 3.98 5.00 Jacksonville United States USD SF Year 3.50 -6.7 3.00 2.28 Kansas City United States USD SF Year 4.02 -28.3 – – Las Vegas United States USD SF Year 5.01 40.3 4.75 6.03 Little Rock United States USD SF Year 3.57 -7.0 1.79 6.10 Los Angeles United States USD SF Year 5.85 82.8 5.42 10.71 Los Angeles – Inland Empire United States USD SF Year 3.80 -39.1 3.65 5.24 Louisville United States USD SF Year 3.45 31.7 – – Memphis United States USD SF Year 2.56 -68.2 2.46 1.25 Miami United States USD SF Year 7.77 – 6.67 13.25 Nashville United States USD SF Year 3.97 – 3.20 1.40 New Jersey – Central United States USD SF Year 4.73 6.8 4.29 – New Jersey – Northern United States USD SF Year 6.46 12.2 5.74 – Oakland United States USD SF Year 4.44 -2.6 4.44 8.19 INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents MARKET COUNTRY QUOTED CURRENCY UNIT TIME PERIOD PRIME WAREHOUSE RENT (LOCAL MEASURE/ CURRENCY) PRIME WAREHOUSE RENT, 6-MONTH CHANGE (%) PRIME BULK RENT(LOCAL MEASURE/ CURRENCY) PRIME LAND VALUE (LOCAL MEASURE/ CURRENCY) EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
  4. 4. p. 4 | Colliers International highlights | FIRST HALF 2010 | industrial | GLOBAL Orange County United States USD SF Year 7.21 -6.1 5.93 18.00 Orlando United States USD SF Year 4.73 -6.9 4.15 2.62 Philadelphia United States USD SF Year 4.00 0.0 3.75 3.10 Phoenix United States USD SF Year 4.30 -32.4 4.15 5.00 Pleasanton/Walnut Creek United States USD SF Year 4.80 0.0 4.20 13.00 Portland United States USD SF Year 5.28 -0.8 5.05 1.50 Raleigh United States USD SF Year 4.09 0.0 – – Reno United States USD SF Year 3.60 -3.2 3.59 – Sacramento United States USD SF Year 4.20 -12.5 2.76 8.00 San Diego United States USD SF Year 7.80 -5.8 7.32 7.08 San Francisco Peninsula United States USD SF Year 9.60 -3.6 9.60 – San Jose/Silicon Valley United States USD SF Year 5.46 -9.0 4.78 28.00 Seattle/Puget Sound United States USD SF Year 7.18 3.6 – 9.00 St. Louis United States USD SF Year 3.87 -1.5 – – Stockton/San Joaquin County United States USD SF Year 4.08 3.0 3.66 3.50 Tampa United States USD SF Year 4.42 -8.7 4.11 – Washington, DC United States USD SF Year 7.68 -3.2 4.91 – West Palm Beach United States USD SF Year 8.13 8.4 6.36 6.00 ASIA PACIFIC Adelaide Australia AUD SM Year 110.00 0.0 85.00 490.00 Brisbane Australia AUD SM Year 120.00 0.0 105.00 250.00 Melbourne Australia AUD SM Year 85.00 0.0 85.00 244.00 Perth Australia AUD SM Year 100.00 11.1 85.00 375.00 Sydney Australia AUD SM Year 133.00 2.3 96.00 470.00 Beijing China RMB SM Month 29.92 9.4 26.91 1,178.00 Guangzhou China RMB SM Month 25.00 7.3 25.00 600.19 Hong Kong China HKD SF Month 10.55 1.9 8.54 7,407.00 Shanghai China RMB SM Day 1.05 16.7 0.85 2,000.00 Delhi India INR SF Month 30.00 11.1 30.00 4,000.00 Jakarta Indonesia IDR SM Month 26,910 11.8 – 591,679.00 Tokyo Japan JPY SM Month 1,700 -5.6 1700.00 459,000.00 Auckland New Zealand NZD SM Year 104.00 -1.9 – 277.00 Christchurch New Zealand NZD SM Year 90.00 -1.1 – 238.00 Wellington New Zealand NZD SM Year 89.00 9.9 – 275.00 Singapore Singapore SGD SF Month 1.56 3.3 1.28 93.80 Seoul South Korea KRW SM Month 12,000.00 0.0 12000.00 600,000.00 Bangkok Thailand THB SM Month 250.00 31.6 175.00 2,000.00 LATIN AMERICA Buenos Aires Argentina USD SM Month 6.00 0.0 6.25 60.00 São Paulo Brazil REAL SM Month 23.00 15.0 20.00 300.00 Santiago Chile USD SM Month 4.52 0.0 3.19 101.60 Bogotá Colombia USD SM Month 8.00 -23.8 11.00 115.00 San José Costa Rica USD SM Quarter 7.00 4.9 9.50 50.00 Mexico City Mexico USD SM Month 4.90 26.6 4.90 110.00 Lima Peru USD SM Month 5.00 0.0 3.00 170.00 INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents MARKET COUNTRY QUOTED CURRENCY UNIT TIME PERIOD PRIME WAREHOUSE RENT (LOCAL MEASURE/ CURRENCY) PRIME WAREHOUSE RENT, 6-MONTH CHANGE (%) PRIME BULK RENT (LOCAL MEASURE/ CURRENCY) PRIME LAND VALUE (LOCAL MEASURE/ CURRENCY) NORTH AMERICA continued
  5. 5. highlights | FIRST HALF 2010 | industrial | GLOBAL Colliers International | p. 5 INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates MARKET COUNTRY exchange rate (USD) june 30, 2010 PRIME WAREHOUSE RENT (usd/sf/year) PRIME BULK RENT (usd/sf/year) PRIME LAND VALUE (usd/sf) vacancy rate (%) june 2010 prime yield/ Cap rate (%) 10-year Govt. Bond Rate (%) EUROPE, MIDDLE EAST AND AFRICA (EMEA) Vienna Austria 0.82 8.17 7.49 31.76 – 9.00 3.14 Antwerp Belgium 0.82 4.88 4.54 15.31 5.0 7.30 3.49 Brussels Belgium 0.82 5.10 4.54 17.02 5.0 6.50 3.49 Sofia Bulgaria 0.82 6.53 5.04 54.45 – 12.00 – Zagreb Croatia 0.82 8.85 6.81 84.28 15.0 10.50 – Prague Czech Republic 0.82 5.44 4.76 57.28 – 9.50 4.05 Copenhagen Denmark 6.10 7.23 7.62 12.18 3.2 7.50 2.73 Tallinn Estonia 0.82 5.44 4.76 2.84 20.0 12.00 – Helsinki Finland 0.82 12.93 10.21 7.60 4.5 8.00 2.89 Bordeaux France 0.82 6.24 4.76 5.90 8.0 7.75 3.07 Lille France 0.82 6.24 4.88 5.10 7.5 7.25 3.07 Lyon France 0.82 7.03 4.88 6.24 8.0 7.25 3.07 Marseilles France 0.82 6.58 4.65 6.58 7.5 7.75 3.07 Paris France 0.82 10.21 5.79 7.37 7.0 7.25 3.07 Toulouse France 0.82 7.03 4.76 5.44 7.0 7.75 3.07 Berlin Germany 0.82 7.49 5.44 11.34 – 8.00 2.64 Düsseldorf Germany 0.82 6.67 5.99 18.15 – 7.00 2.64 Frankfurt Germany 0.82 8.85 8.44 26.09 5.0 6.90 2.64 Hamburg Germany 0.82 7.35 7.35 13.61 – 7.20 2.64 Munich Germany 0.82 8.58 7.15 22.69 4.9 7.10 2.64 Stuttgart Germany 0.82 7.08 8.17 28.36 – 7.30 2.64 Athens Greece 0.82 7.49 6.53 13.61 17.0 8.50 9.83 Budapest Hungary 0.82 5.72 5.04 5.10 21.3 9.00 7.55 Dublin Ireland 0.82 10.21 9.07 11.34 17.0 8.60 5.48 Tel Aviv Israel 3.88 10.91 10.05 59.81 – 8.75 3.69 Milan Italy 0.82 6.81 6.24 17.02 7.5 7.00 4.03 Rome Italy 0.82 7.37 7.37 5.67 15.0 8.00 4.03 Riga Latvia 0.82 4.76 4.76 2.55 34.1 11.25 – Vilnius Lithuania 0.82 5.31 3.95 1.70 11.0 12.00 – Amsterdam Netherlands 0.82 9.64 5.10 31.19 – 7.50 2.89 Oslo Norway 6.49 12.89 8.92 – – – – Warsaw Poland 0.82 7.49 6.13 88.03 – 8.50 5.88 Bucharest Romania 0.82 6.13 5.79 61.25 – 10.00 – Moscow Russia 0.82 9.87 11.30 93.36 – 14.00 5.72 Saint Petersburg Russia 0.82 9.53 8.71 68.06 – 14.00 5.72 Belgrade Serbia 0.82 5.44 4.08 49.46 – 11.00 – Bratislava Slovakia 0.82 5.31 4.76 53.09 – 10.00 2.78 Cape Town South Africa 7.65 5.83 5.10 13.36 6.3 9.50 8.64 Durban South Africa 7.65 6.12 5.83 17.00 – 11.50 8.64 Johannesburg South Africa 7.65 8.02 6.99 8.50 3.5 9.50 8.64 Madrid Spain 0.82 8.17 4.76 42.54 – 8.25 4.54 Stockholm Sweden 7.81 9.52 7.14 7.14 – 7.00 2.67 Geneva Switzerland 1.09 13.70 11.13 25.69 – 8.00 1.55 Zurich Switzerland 1.09 15.42 15.42 – – 6.50 1.55 Istanbul Turkey 1.00 5.58 6.69 – 25.0 9.00 4.71 Kyiv Ukraine 1.00 5.58 5.02 4.18 22.0 18.00 – Abu Dhabi United Arab Emirates 3.67 2.40 1.52 1.52 – 10.00 – Dubai United Arab Emirates 3.67 5.79 3.04 3.04 – 10.00 – Belfast United Kingdom 0.66 6.78 6.78 12.11 – 6.75 3.43 Birmingham United Kingdom 0.66 7.91 7.53 9.51 – 7.50 3.43 Bristol United Kingdom 0.66 10.55 8.29 9.51 – 7.50 3.43
  6. 6. p. 6 | Colliers International highlights | FIRST HALF 2010 | industrial | GLOBAL Edinburgh United Kingdom 0.66 10.55 6.78 8.65 – 7.50 3.43 Glasgow United Kingdom 0.66 9.04 6.78 5.18 – 7.50 3.43 Leeds United Kingdom 0.66 8.29 7.53 10.38 – 7.50 3.43 London – Heathrow United Kingdom 0.66 19.59 18.08 50.17 – 6.00 3.43 Manchester United Kingdom 0.66 8.66 6.40 9.51 – 7.00 3.43 NORTH AMERICA Calgary Canada 1.05 6.44 5.96 11.61 5.2 7.50 3.23 Edmonton Canada 1.05 6.68 5.87 10.26 4.9 7.32 3.23 Halifax Canada 1.05 6.68 5.25 4.05 6.4 7.83 3.23 Montreal Canada 1.05 3.82 3.82 – 6.7 8.25 3.23 Ottawa Canada 1.05 6.96 6.20 7.88 5.3 7.88 3.23 Regina Canada 1.05 7.63 6.20 4.82 2.5 8.40 3.23 Saskatoon Canada 1.05 8.58 7.63 8.76 2.7 8.00 3.23 Toronto Canada 1.05 4.89 4.48 18.14 6.1 7.40 3.23 Vancouver Canada 1.05 6.20 5.72 20.17 4.5 6.50 3.23 Waterloo Region Canada 1.05 4.68 4.07 6.30 8.3 8.00 3.23 Atlanta United States 1.00 3.14 2.86 1.50 13.7 9.70 3.11 Bakersfield United States 1.00 4.00 3.92 2.50 10.3 9.50 3.11 Baltimore United States 1.00 4.71 – – 11.2 – 3.11 Boise United States 1.00 4.50 4.50 1.76 10.9 – 3.11 Boston United States 1.00 4.75 5.00 – 22.1 9.00 3.11 Charleston United States 1.00 3.60 3.90 2.50 13.7 9.50 3.11 Charlotte United States 1.00 3.45 – – 13.5 – 3.11 Chicago United States 1.00 3.77 2.50 5.00 11.9 7.50 3.11 Cincinnati United States 1.00 3.05 3.05 1.50 8.7 – 3.11 Cleveland United States 1.00 2.75 2.83 1.32 9.1 10.25 3.11 Columbia United States 1.00 3.75 4.00 1.15 12.4 – 3.11 Columbus United States 1.00 2.98 3.32 1.84 13.5 8.50 3.11 Dallas-Fort Worth United States 1.00 3.00 2.75 1.25 11.8 8.50 3.11 Denver United States 1.00 3.50 3.25 3.50 8.2 8.25 3.11 Detroit United States 1.00 4.01 3.65 – 14.5 8.50 3.11 Fairfield United States 1.00 5.64 – – 13.2 – 3.11 Fresno United States 1.00 2.40 2.40 3.00 8.1 9.00 3.11 Ft. Lauderdale-Broward County United States 1.00 7.20 6.64 6.92 9.7 – 3.11 Greenville United States 1.00 3.00 2.95 0.92 11.4 9.52 3.11 Hartford United States 1.00 4.28 4.28 2.50 9.3 10.00 3.11 Honolulu United States 1.00 11.28 – – 4.1 – 3.11 Houston United States 1.00 4.90 3.98 5.00 6.5 8.50 3.11 Jacksonville United States 1.00 3.50 3.00 2.28 10.7 8.20 3.11 Kansas City United States 1.00 4.02 – – 7.5 – 3.11 Las Vegas United States 1.00 5.01 4.75 6.03 16.7 – 3.11 Little Rock United States 1.00 3.57 1.79 6.10 16.4 9.25 3.11 Los Angeles United States 1.00 5.85 5.42 10.71 5.4 8.00 3.11 Los Angeles – Inland Empire United States 1.00 3.80 3.65 5.24 12.6 9.00 3.11 Louisville United States 1.00 3.45 – – 12.8 – 3.11 Memphis United States 1.00 2.56 2.46 1.25 13.9 10.25 3.11 Miami United States 1.00 7.77 6.67 13.25 9.7 – 3.11 Nashville United States 1.00 3.97 3.20 1.40 11.8 9.00 3.11 New Jersey – Central United States 1.00 4.73 4.29 – 10.7 – 3.11 New Jersey – Northern United States 1.00 6.46 5.74 – 8.0 5.52 3.11 Oakland United States 1.00 4.44 4.44 8.19 9.4 7.50 3.11 INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates MARKET COUNTRY exchange rate (USD) june 30, 2010 PRIME WAREHOUSE RENT (usd/sf/year) PRIME BULK RENT (usd/sf/year) PRIME LAND VALUE (usd/sf) vacancy rate (%) june 2010 prime yield/ Cap rate (%) 10-year Govt. Bond Rate (%) EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
  7. 7. highlights | FIRST HALF 2010 | industrial | GLOBAL Colliers International | p. 7 INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates MARKET COUNTRY exchange rate (USD) june 30, 2010 PRIME WAREHOUSE RENT (usd/sf/year) PRIME BULK RENT (usd/sf/year) PRIME LAND VALUE (usd/sf) vacancy rate (%) june 2010 prime yield/ Cap rate (%) 10-year Govt. Bond Rate (%) NORTH AMERICA continued Orange County United States 1.00 7.21 5.93 18.00 6.4 7.00 3.11 Orlando United States 1.00 4.73 4.15 2.62 13.0 – 3.11 Philadelphia United States 1.00 4.00 3.75 3.10 9.9 9.00 3.11 Phoenix United States 1.00 4.30 4.15 5.00 17.7 9.50 3.11 Pleasanton/Walnut Creek United States 1.00 4.80 4.20 13.00 15.4 – 3.11 Portland United States 1.00 5.28 5.05 1.50 8.4 7.25 3.11 Raleigh United States 1.00 4.09 – – 13.1 – 3.11 Reno United States 1.00 3.60 3.59 – 15.3 – 3.11 Sacramento United States 1.00 4.20 2.76 8.00 12.2 8.60 3.11 San Diego United States 1.00 7.80 7.32 7.08 11.7 – 3.11 San Francisco Peninsula United States 1.00 9.60 9.60 – 9.5 6.50 3.11 San Jose/Silicon Valley United States 1.00 5.46 4.78 28.00 13.8 8.00 3.11 Seattle/Puget Sound United States 1.00 7.18 – 9.00 7.9 – 3.11 St. Louis United States 1.00 3.87 – – 10.7 – 3.11 Stockton/San Joaquin County United States 1.00 4.08 3.66 3.50 17.7 8.50 3.11 Tampa United States 1.00 4.42 4.11 – 11.4 7.50 3.11 Washington, DC United States 1.00 7.68 4.91 – 13.0 – 3.11 West Palm Beach United States 1.00 8.13 6.36 6.00 11.4 – 3.11 ASIA PACIFIC Adelaide Australia 1.17 8.75 6.76 39.00 – 8.25 5.33 Brisbane Australia 1.17 9.55 8.36 19.90 – 8.25 5.33 Melbourne Australia 1.17 6.76 6.76 19.42 – 8.50 5.33 Perth Australia 1.17 7.96 6.76 29.84 – 8.25 5.33 Sydney Australia 1.17 10.58 7.64 37.40 – 8.31 5.33 Beijing China 6.81 4.90 4.41 16.08 – 8.49 3.10 Guangzhou China 6.81 4.09 4.09 8.19 – 7.20 3.10 Hong Kong China 7.78 16.26 13.16 951.48 – 4.75 2.31 Shanghai China 6.81 5.23 4.23 27.30 7.9 8.50 3.10 Delhi India 46.48 7.75 7.75 86.06 – 8.50 8.12 Jakarta Indonesia 9165.90 3.27 – 6.00 29.0 8.10 5.10 Tokyo Japan 88.66 21.38 21.38 481.13 – 6.20 1.15 Auckland New Zealand 1.44 6.73 – 17.92 6.1 8.10 5.50 Christchurch New Zealand 1.44 5.82 – 15.39 6.3 8.60 5.50 Wellington New Zealand 1.44 5.76 – 17.79 7.2 8.20 5.50 Singapore Singapore 1.40 13.38 10.98 67.06 8.2 8.00 2.16 Seoul South Korea 1217.70 10.99 10.99 45.79 – 8.00 – Bangkok Thailand 32.56 8.56 5.99 5.71 16.0 – 2.92 LATIN AMERICA Buenos Aires Argentina 1.00 6.00 6.25 5.58 – 17.00 – São Paulo Brazil 1.80 14.27 12.41 15.51 2.5 11.00 6.16 Santiago Chile 1.00 5.04 3.56 9.44 2.2 11.50 1.93 Bogotá Colombia 1.00 8.92 12.27 10.69 – 10.38 4.75 San José Costa Rica 1.00 2.60 3.53 4.65 9.8 10.00 – Mexico City Mexico 1.00 5.46 5.46 10.22 10.4 9.00 6.85 Lima Peru 1.00 5.58 3.35 15.80 – 12.00 –
  8. 8. highlights | FIRST HALF 2010 | industrial | GLOBAL www.colliers.com Bulk Space – 10,000 SM/100,000 SF or more with up to 10 percent office space, the balance being general industrial/logistics/distribution space with 6 to 12 metre/18 to 36 SF ceiling heights. All loading is dock-height. Built in 1990 or later and standing in a prime industrial location. Warehouse Space – 2,000 SM/20,000 SF or more with up to 15 percent office space, the balance being general industrial/logistics/ distribution space with 6 to 10 metre/18 to 30 SF ceiling heights. All loading is dock-height. Built in 1990 or later and standing in a prime industrial location. Land Value – Land values are based on prime logistics/ industrial locations and are based on approximately 3 acres/1.2 hectares/12,140 square metre/130,680 SF of serviced land. Prime Yield/Cap Rate – The yield for a prime logistics/ industrial property. Rent figures should be estimates of achievable open market rents for each location. SF = Square Feet SM = Square Metres Americas Ross Moore USA ross.moore@colliers.com Wayne Duong Canada wayne.duong@colliers.com Mario Rivera Latin America mario.rivera@colliers.com Europe/Middle East/ Africa Thomas Grounds EMEA thomas.grounds@colliers.com Mark Charlton United Kingdom mark.charlton@colliers.com Renaud Roger France rroger@colliers-ufgpm.fr Andreas Trumpp Germany andreas.trumpp@colliers.com Asia Pacific Simon Lo Asia simon.lo@colliers.com Amit Oberoi India amit.oberoi@colliers.com Mark Courtney Australia/New Zealand mark.courtney@colliers.com Yumiko Yasuda Japan yumiko.yasuda@colliers.com GLOBAL RESEARCH CONTACTSGlossary COLLIERS INTERNATIONAL 601 Union Street, Suite 5300 Seattle, WA 98101 tel +1 206 223 0866 FAX +1 206 757 9427 480 offices in 61 countries on 6 continents United States: 135 Canada: 39 Latin America: 17 Asia Pacific: 194 EMEA: 95 • $1.9 billion in annual revenue • 2.4 billion square feet under management • Over 15,000 professionals Copyright © 2010 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Accelerating success.

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