The US industrial market absorbed 3.6 million square feet of space in Q3 2010, in addition to 13.3 million square feet absorbed in Q2 2010. Vacancy rates remained largely unchanged at 11.01% in Q3. While fundamentals have improved, average asking rents fell slightly by 0.8% to $4.74 per square foot. Looking ahead, modest economic growth is expected to result in tepid demand for warehouse space, though continued import growth and expansion in manufacturing should provide support. With little new construction, any increase in demand will quickly tighten vacancy rates.
U.S. Industrial Market Registers Further Gains in Q3
1. HIGHLIGHTS
NORTH AMERICA
www.colliers.com
Q3 2010 | INDUSTRIAL
Ross J. Moore Chief Economist | USA
After beginning the year on a weak note, industrial markets across the U.S. collectively absorbed 3.6
million square feet in the third quarter. This was in addition to 13.3 million square feet of positive
absorption in the second quarter. New construction remained absent from most markets and will be
a key factor lowering vacancy in the coming quarters. For the third quarter, industrial vacancy was
little changed at 11.01 percent. Despite the recent firming in fundamentals, rents generally fell over the
quarter, falling 0.8% to $4.74 per square foot.
With the economy registering only modest growth in the third quarter, and similar expansion
anticipated in the coming quarters, demand for warehouse space is expected to be tepid at best.
Positive for industrial markets is the continued surge in imports which, while detracting from GDP
growth, acted as a net positive for the U.S. industrial market. Another positive for warehouse markets
is manufacturing, which continued to show growth as measured by the Institute for Supply
Management (ISM) manufacturing index. For October the ISM manufacturing index registered 56.9,
well above the critical “50” level, indicating expansion. Over the next few quarters, the industrial
market is expected to continue forming a bottom with a fairly robust recovery expected by late 2011.
With almost no new warehouse construction coming onto the market, even a modest bounce back in
demand will quickly translate into stronger fundamentals. Rents are expected to firm up by year-end
The purge appears to
be over with
occupancy gains in
both the second and
third quarters.
market indicators
Relative to prior period
u.s. industrial market
Summary Statistics, Q3 2010
U.S. Industrial Market Registers
Further Gains
Q3
2010
Q4
2010*
VACANCY
NET ABSORPTION
construction
rental rate
*Projected
USA INDUSTRIAL MARKET Q3 2009 – Q3 2010
Absorption Completions Vacancy
-50
-30
-10
10
30
50
-50
-30
-10
10
30
50
Q3 2010Q2 2010Q1 2010Q4 2009Q3 2009
8
9
10
11
12%
MillionSquareFeet
Vacancy(%)
Vacancy Rate: 11.0%
Change from Q2 2010: 0.01
Absorption:
3.6 Million Square Feet
New Construction:
4.4 Million Square Feet
Under Construction:
18.6 Million Square Feet
Asking Rents Per Square Foot:
Average Warehouse/
Distribution Center: $4.74
Change from Q2 2010: –0.81%
continued on page 7
2. p. 2 | Colliers International
highlights | Q3 2010 | industrial | north America
UNITED STATES | INDUSTRIAL SURVEY
MARKET
EXISTING INVENTORY (SF)
SEP. 30, 2010
NEW CONSTRUCTION
Q3 2010 (SF)
NEW CONSTRUCTION
ytd 2010 (SF)
CURRENTLY UNDER
CONSTRUCTION (SF)
Atlanta, GA 587,585,000 999,000 2,900,000 1,582,000
Bakersfield, CA 31,489,000 90,000 530,000 487,000
Baltimore, MD 223,231,000 35,000 190,000 250,000
Boise, ID 31,757,000 25,000 106,000 0
Boston, MA 153,077,000 0 0 170,000
Charleston, SC 30,874,000 35,000 1,430,000 265,000
Charlotte, NC 280,376,000 125,000 146,000 93,000
Chicago, IL 1,312,639,000 281,000 2,084,000 2,949,000
Cincinnati, OH 254,875,000 28,000 28,000 301,000
Cleveland, OH 414,522,000 0 26,000 27,000
Columbia, SC 35,676,000 0 0 0
Columbus, OH 205,958,000 0 47,000 170,000
Dallas/Ft. Worth, TX 746,770,000 0 0 559,000
Denver, CO 276,740,000 153,000 944,000 153,000
Detroit, MI 469,785,000 0 61,000 240,000
Fairfield, CA 38,556,000 0 363,000 0
Fresno, CA 48,600,000 0 0 0
Ft. Lauderdale-Broward County, FL 126,756,000 0 69,000 62,000
Greenville/Spartanburg, SC 169,200,000 77,000 109,000 77,000
Hartford, CT 96,975,000 0 0 0
Honolulu, HI 38,442,000 0 0 0
Houston, TX 490,903,000 235,000 2,018,000 239,000
Jacksonville, FL 118,073,000 240,000 240,000 483,000
Kansas City, KS 248,273,000 9,000 16,000 50,000
Las Vegas, NV 107,492,000 311,000 341,000 72,000
Little Rock, AR 45,215,000 0 253,000 497,000
Los Angeles – Inland Empire, CA 378,431,000 0 0 2,967,000
Los Angeles, CA 879,373,000 13,000 110,000 825,000
Louisville, KY 160,308,000 0 51,000 0
Memphis, TN 192,282,000 0 400,000 795,000
Miami, FL 227,480,000 0 170,000 0
Nashville, TN 158,329,000 0 717,000 220,000
New Jersey – Central 356,961,000 81,000 699,000 238,000
New Jersey – Northern 373,801,000 0 0 12,000
Oakland, CA 131,233,000 0 0 26,000
Orange County, CA 200,433,000 0 0 497,000
Orlando, FL 144,217,000 0 0 0
Philadelphia, PA 422,747,000 166,000 880,000 1,148,000
Phoenix, AZ 245,140,000 105,000 1,372,000 445,000
Pleasanton/Walnut Creek, CA 32,225,000 0 74,000 0
Portland, OR 191,917,000 60,000 580,000 60,000
Raleigh, NC 98,223,000 18,000 84,000 120,000
Reno, NV 73,599,000 0 0 0
Sacramento, CA 184,657,000 22,000 53,000 22,000
San Diego, CA 188,440,000 135,000 281,000 230,000
San Francisco Peninsula, CA 40,808,000 0 0 0
San Jose/Silicon Valley, CA 253,311,000 0 0 609,000
Savannah, GA 42,973,000 320,000 320,000 320,000
Seattle/Puget Sound, WA 269,545,000 494,000 919,000 305,000
St. Louis, MO 261,091,000 0 90,000 74,000
Stockton/San Joaquin County, CA 92,563,000 16,000 16,000 0
Tampa, FL 214,365,000 0 20,000 0
Washington, DC 206,738,000 300,000 225,000 952,000
West Palm Beach, FL 58,310,000 0 0 34,000
U.S. TOTAL 12,663,338,000 4,374,000 18,962,000 18,624,000
3. highlights | Q3 2010 | industrial | north America
Colliers International | p. 3
UNITED STATES | INDUSTRIAL SURVEY
MARKET
ABSORPTION
Q3 2010 (SF)
ABSORPTION
YTD 2010 (SF)
VACANCY RATE
JUNE 30, 2010 (%)
VACANCY RATE
SEP. 30, 2010 (%)
Atlanta, GA 182,000 (232,000) 14.1 14.2
Bakersfield, CA 339,000 79,000 10.3 9.5
Baltimore, MD 459,000 1,398,000 11.2 11.0
Boise, ID (61,000) 364,000 10.9 11.1
Boston, MA 718,000 303,000 22.0 21.5
Charleston, SC 200,000 1,105,000 13.6 13.3
Charlotte, NC (1,031,000) (2,655,000) 13.4 13.8
Chicago, IL (2,746,000) (4,512,000) 11.9 12.0
Cincinnati, OH 499,000 677,000 8.8 8.6
Cleveland, OH 238,000 (2,991,000) 9.8 9.8
Columbia, SC 155,000 460,000 12.7 12.3
Columbus, OH 314,000 (1,382,000) 13.4 13.2
Dallas/Ft. Worth, TX (1,427,000) (547,000) 11.6 11.8
Denver, CO 493,000 2,827,000 8.1 8.0
Detroit, MI (330,000) (210,000) 14.4 14.8
Fairfield, CA (680,000) (405,000) 13.4 15.2
Fresno, CA 0 115,000 8.1 8.1
Ft. Lauderdale-Broward County, FL 217,000 780,000 9.7 9.5
Greenville/Spartanburg, SC 346,000 385,000 10.8 11.0
Hartford, CT 0 0 9.3 9.3
Honolulu, HI (89,000) 113,000 4.1 4.4
Houston, TX 573,000 2,501,000 6.6 6.6
Jacksonville, FL (121,000) (387,000) 10.7 11.6
Kansas City, KS 146,000 (1,794,000) 7.6 7.6
Las Vegas, NV 125,000 (1,120,000) 16.6 16.8
Little Rock, AR 11,000 99,000 16.2 16.7
Los Angeles – Inland Empire, CA 1,854,000 6,206,000 12.7 12.3
Los Angeles, CA (351,000) (6,387,000) 5.3 5.3
Louisville, KY (558,000) 2,091,000 12.5 12.9
Memphis, TN 513,000 830,000 13.9 13.6
Miami, FL 779,000 2,094,000 9.7 9.4
Nashville, TN (1,231,000) (1,449,000) 11.3 12.1
New Jersey – Central (2,057,000) (140,000) 10.8 11.3
New Jersey – Northern 901,000 1,158,000 8.0 7.8
Oakland, CA (51,000) (1,192,000) 9.4 9.5
Orange County, CA 47,000 (692,000) 5.9 5.9
Orlando, FL 144,000 505,000 12.9 12.8
Philadelphia, PA 489,000 1,327,000 9.9 9.9
Phoenix, AZ 2,139,000 3,197,000 18.5 17.6
Pleasanton/Walnut Creek, CA 240,000 1,134,000 13.1 12.5
Portland, OR 560,000 368,000 8.5 8.5
Raleigh, NC 154,000 (74,000) 13.2 13.0
Reno, NV 151,000 141,000 15.3 15.1
Sacramento, CA (302,000) (1,007,000) 12.4 12.6
San Diego, CA 862,000 779,000 11.7 11.6
San Francisco Peninsula, CA (456,000) (346,000) 9.5 10.6
San Jose/Silicon Valley, CA (1,034,000) (4,568,000) 13.8 13.8
Savannah, GA 0 (1,355,000) 21.6 21.4
Seattle/Puget Sound, WA 260,000 (635,000) 8.3 8.2
St. Louis, MO 990,000 1,612,000 8.8 8.4
Stockton/San Joaquin County, CA (280,000) (758,000) 17.2 17.5
Tampa, FL 541,000 (376,000) 11.4 11.2
Washington, DC 666,000 884,000 13.0 12.7
West Palm Beach, FL 126,000 464,000 11.2 11.0
U.S. TOTAL/AVERAGE 3,626,000 (1,218,000) 11.01 11.02
4. p. 4 | Colliers International
highlights | Q3 2010 | industrial | north America
UNITED STATES | INDUSTRIAL SURVEY | SALES PRICES AND CAP RATES AS OF SEPTEMBER 2010
MARKET
SALES PRICE
(USD PSF)
CAP
RATE (%)
VACANCY FORECAST
(3 MONTHS)
ABSORPTION FORECAST
(3 MONTHS)
RENT FORECAST
(3 MONTHS)
Atlanta, GA 35.15 9.23 Up Same Down
Bakersfield, CA 48.00 9.50 Same Same Same
Boise, ID 45.00 – Same Same Same
Boston, MA 40.00 – Down Up Same
Charleston, SC 45.50 8.50 Down Up Same
Chicago, IL 42.00 7.25 Down Up Same
Cincinnati, OH – – Down Up Down
Columbia, SC – – Down Up Same
Columbus, OH 33.00 8.50 Same Same Same
Dallas/Ft. Worth, TX 40.00 8.50 Up Up Same
Denver, CO 57.00 8.80 Down Up Same
Detroit, MI 31.00 8.00 Up Down Down
Fairfield, CA – – Up Down Same
Fresno, CA 38.00 9.00 Same Same Same
Ft. Lauderdale-Broward County, FL 59.00 9.00 Same Same Same
Greenville/Spartanburg, SC 29.95 10.00 Up Down Down
Hartford, CT 40.00 8.50 Same Same Same
Honolulu, HI – – Same Same Same
Houston, TX 60.42 8.50 Down Same Same
Jacksonville, FL 45.00 8.75 Up Down Down
Las Vegas, NV – – Up Down Down
Little Rock, AR 28.00 9.25 Same Same Same
Los Angeles – Inland Empire, CA 53.00 9.00 Down Up Same
Los Angeles, CA 89.00 8.00 Same Same Down
Memphis, TN 25.00 9.50 Down Up Same
Miami, FL 76.00 – Same Same Same
Nashville, TN 28.21 9.25 Same Same Down
New Jersey – Central 56.50 – Same Up Same
New Jersey – Northern 57.97 5.68 Down Up Same
Oakland, CA 86.97 7.00 Same Up Same
Orange County, CA 18.00 7.00 Same Same Down
Orlando, FL 42.74 8.50 Same Up Down
Philadelphia, PA 45.00 9.50 Down Up Same
Phoenix, AZ 76.00 9.50 Down Same Down
Pleasanton/Walnut Creek, CA – – Same Same Same
Portland, OR 58.93 – Down Up Same
Reno, NV – – Same Same Same
Sacramento, CA 50.00 8.25 Down Up Same
San Diego, CA 99.89 – Down Down Same
San Francisco Peninsula, CA 188.00 7.00 Down Same Same
San Jose/Silicon Valley, CA – – Same Same Same
Savannah, GA 40.00 8.50 Down Up Same
Seattle/Puget Sound, WA – – Same Same Same
Stockton/San Joaquin County, CA 50.00 8.50 Up Down Same
Tampa, FL 32.41 7.50 Up Down Down
Washington, DC – – Same Same Down
West Palm Beach, FL 80.00 – Same Same Same
U.S. AVERAGE 53.26 8.47
5. highlights | Q3 2010 | industrial | north America
Colliers International | p. 5
UNITED STATES | INDUSTRIAL SURVEY | RENTS AS OF SEPTEMBER 2010
MARKET
WAREHOUSE/DISTRIBUTION
SPACE (USD PSF)
BULK SPACE
(USD PSF)
FLEX/SERVICE SPACE
(USD PSF)
TECH/R&D SPACE
(USD PSF)
Atlanta, GA 3.09 2.88 7.22 7.49
Bakersfield, CA 4.00 3.92 7.00 –
Baltimore, MD 4.67 – 9.95 –
Boise, ID 4.50 4.50 6.30 6.30
Boston, MA 4.50 4.95 8.50 9.50
Charleston, SC 3.65 3.90 6.00 16.25
Charlotte, NC 3.39 – 8.51 –
Chicago, IL 3.79 2.54 8.34 –
Cincinnati, OH 3.10 3.10 6.21 –
Cleveland, OH 3.45 – 8.23 –
Columbia, SC 3.75 3.75 6.00 9.50
Columbus, OH 2.54 3.63 4.88 4.88
Dallas/Ft. Worth, TX 3.00 2.70 6.80 8.40
Denver, CO 3.50 3.25 8.50 9.50
Detroit, MI 3.99 3.60 8.20 –
Fairfield, CA 5.52 – 10.32 –
Fresno, CA 2.40 2.28 4.00 5.50
Ft. Lauderdale-Broward County, FL 7.10 6.41 9.45 –
Greenville/Spartanburg, SC 2.70 2.91 6.99 17.00
Hartford, CT 5.50 4.28 7.95 7.95
Honolulu, HI 10.97 – – –
Houston, TX 4.76 4.23 7.96 10.02
Jacksonville, FL 3.50 3.00 9.00 –
Kansas City, KS 3.96 – 8.11 –
Las Vegas, NV 4.90 4.71 6.73 9.99
Little Rock, AR 3.57 1.79 – –
Los Angeles – Inland Empire, CA 3.59 3.47 6.50 10.00
Los Angeles, CA 5.64 5.33 11.25 13.25
Louisville, KY 3.40 – 7.34 –
Memphis, TN 2.57 2.47 7.19 10.00
Miami, FL 7.49 6.66 11.13 –
Nashville, TN 4.05 3.16 7.34 –
New Jersey – Central 4.69 4.24 11.82 12.66
New Jersey – Northern 6.04 5.86 11.22 6.04
Oakland, CA 4.44 4.44 5.76 8.28
Orange County, CA 6.90 5.65 12.85 13.50
Orlando, FL 4.59 4.13 8.69 8.99
Philadelphia, PA 4.00 3.75 7.00 11.00
Phoenix, AZ 5.07 4.66 11.00 10.88
Pleasanton/Walnut Creek, CA 4.32 4.20 9.00 –
Portland, OR 4.56 4.32 8.52 9.36
Raleigh, NC 4.06 – 8.85 –
Reno, NV 3.60 3.45 6.24 9.60
Sacramento, CA 4.80 3.36 8.40 9.84
San Diego, CA 7.80 7.08 11.04 14.88
San Francisco Peninsula, CA 9.48 9.48 19.44 19.44
San Jose/Silicon Valley, CA 5.41 5.19 8.19 12.35
Savannah, GA 3.95 3.75 7.00 10.00
Seattle/Puget Sound, WA 7.68 – 6.72 7.68
St. Louis, MO 3.95 – 9.91 –
Stockton/San Joaquin County, CA 3.96 3.60 7.44 7.44
Tampa, FL 4.39 4.10 8.30 9.45
Washington, DC 7.68 – 12.00 –
West Palm Beach, FL 8.12 6.21 10.59 –
U.S. AVERAGE 4.74 4.21 8.50 10.21
Quarterly Change -0.81% -0.31% -2.10% 1.59%
6. p. 6 | Colliers International
highlights | Q3 2010 | industrial | north America
CANADA | INDUSTRIAL SURVEY
MARKET
EXISTING INVENTORY (SF)
SEP. 30, 2010
NEW CONSTRUCTION
Q3 2010 (SF)
NEW CONSTRUCTION
ytd 2010 (SF)
CURRENTLY UNDER
CONSTRUCTION (SF)
Calgary, AB 121,848,000 0 682,000 104,000
Edmonton, AB 76,842,000 24,000 500,000 232,000
Halifax, NS 7,078,000 0 17,000 90,000
Montreal, QC 347,771,000 0 180,000 0
Ottawa, ON 28,027,000 75,000 176,000 75,000
Regina, SK 16,175,000 0 520,000 539,000
Saskatoon, SK 19,600,000 268,000 100,000 220,000
Toronto, ON 760,172,000 941,000 1,391,000 2,112,000
Vancouver, BC 178,202,000 769,000 1,670,000 1,117,000
Victoria, BC 8,605,000 0 301,000 0
Waterloo Region, ON 61,253,000 42,000 223,000 57,000
CANADA TOTAL 1,625,573,000 2,119,000 5,759,000 4,545,000
CANADA | INDUSTRIAL SURVEY
MARKET
ABSORPTION
Q3 2010 (SF)
ABSORPTION
YTD 2010 (SF)
VACANCY RATE
JUNE 30, 2010 (%)
VACANCY RATE
SEP. 30, 2010 (%)
Calgary, AB 1,310,000 2,965,000 5.2 4.7
Edmonton, AB 457,000 1,289,000 4.9 4.3
Halifax, NS 65,000 194,000 6.3 5.4
Montreal, QC 796,000 1,028,000 6.6 6.4
Ottawa, ON (293,000) 8,000 5.3 6.3
Regina, SK 755,000 1,197,000 2.4 1.7
Saskatoon, SK 288,000 452,000 3.1 2.6
Toronto, ON 3,327,000 4,017,000 6.1 5.8
Vancouver, BC 1,548,000 3,936,000 4.5 4.1
Victoria, BC 96,000 96,000 1.5 3.7
Waterloo Region, ON (851,000) (848,000) 7.3 9.1
CANADA TOTAL/AVERAGE 7,499,000 14,332,000 5.87 5.63
CANADA | INDUSTRIAL SURVEY | SALES PRICES AND CAP RATES AS OF SEPTEMBER 2010
MARKET
SALES PRICE
(CAD PSF)
CAP
RATE (%)
VACANCY FORECAST
(3 MONTHS)
ABSORPTION FORECAST
(3 MONTHS)
RENT FORECAST
(3 MONTHS)
Calgary, AB 120.00 7.25 Down Up Up
Edmonton, AB – – Same Same Same
Halifax, NS 86.00 8.00 Down Up Up
Montreal, QC 85.00 8.25 Same Same Same
Ottawa, ON 82.50 8.13 Same Same Same
Regina, SK 73.00 7.80 Same Same Same
Saskatoon, SK 110.00 7.75 Same Same Same
Toronto, ON 57.17 8.20 Down Up Up
Vancouver, BC 110.00 6.50 Same Same Down
Victoria, BC 200.00 6.50 Same Same Same
Waterloo Region, ON 65.00 7.50 Down Up Same
CANADA AVERAGE 98.87 7.59
CANADA | INDUSTRIAL SURVEY | RENTS AS OF SEPTEMBER 2010
MARKET
WAREHOUSE/DISTRIBUTION
SPACE (CAD PSF)
BULK SPACE
(CAD PSF)
FLEX/SERVICE SPACE
(CAD PSF)
TECH/R&D SPACE
(CAD PSF)
Calgary, AB 7.00 6.50 9.00 9.75
Edmonton, AB 6.90 6.15 8.25 8.50
Halifax, NS 7.00 5.50 8.95 13.95
Montreal, QC 4.00 4.00 6.50 8.50
Ottawa, ON 7.00 6.00 8.00 10.75
Regina, SK 8.50 6.50 12.00 14.00
Saskatoon, SK 9.00 8.00 11.00 13.00
Toronto, ON 5.03 4.61 7.23 7.83
Vancouver, BC 6.50 5.75 8.50 9.25
Victoria, BC 12.00 10.00 13.00 13.00
Waterloo Region, ON 4.27 4.27 8.03 8.03
CANADA AVERAGE 7.02 6.12 9.13 10.60
Quarterly Change -0.45% -0.87% -0.25% -0.83%
7. highlights | Q3 2010 | industrial | north America
Colliers International | p. 7
and then remain flat, with the exception of a few select markets where
there is a mismatch between demand and what is available for lease.
Occupancies rise for second consecutive quarter. For the second
consecutive three month period, industrial markets registered a modest
increase in occupied space. For the third quarter, net absorption totaled
3.6 million square feet (MSF). This came on the heels of a surprise
return to occupancy gains in the second quarter when absorption
registered 14.5 MSF. Indeed, in the second quarter the U.S. industrial
market posted the first increase in occupied space since early 2008. This
was in sharp contrast to the 47.3 MSF of industrial space that was
returned to the market a year ago. By the end of the third quarter, year-
to-date absorption totaled –1.2 MSF compared with –144.3 MSF for the
same period in 2009. Of the 54 markets tracked in the U.S., 40 reported
positive absorption during the third quarter, however, three (New Jersey,
Chicago and Dallas) of the big five reported sharply negative numbers
pulling the national number down. In Canada nine of the eleven markets
monitored registered an increase in occupied space.
Warehouse construction resumes downward trend. Third quarter
completions totaled 4.4 MSF, a modest decrease from the second quarter
when 9.8 MSF was delivered to the market and noticeably less than the
11.9 MSF completed in Q3 2009. Of the 4.4 MSF delivered, 77 percent
was build-to-suit and 23 percent speculative construction. In the coming
quarters construction is anticipated to remain largely absent with
exceptionally low levels of construction for the foreseeable future.
Quarter-end construction activity totaled 18.6 MSF, a modest increase
from 14.1 MSF at the end of the second quarter and well below levels
recorded two years ago when 107.0 MSF was underway. Canadian
construction also remained subdued with just 2.1 MSF completed during
the quarter.
U.S. industrial vacancy rate holds steady during the quarter. The U.S.
industrial warehouse vacancy rate held steady during the third quarter
registering 11.01 percent. This was after a modest move down in the
second quarter when the national vacancy rate fell 10 basis points. This
confirms our view that vacancies have peaked and will start drifting
lower over the coming quarters. Of the 54 markets tracked across the
country, 19 saw vacancies increase while the balance registered no
change or declines. Canadian warehouse vacancies fell by 25 basis
points during the quarter to register 5.63 percent.
Despite a firming in demand, rents move lower. Even with the benefit of
back-to-back increases in occupied space, industrial rents by and large
drifted lower during the third quarter. Warehouse rents fell $0.04 to
register $4.74 per square foot while bulk rents largely held steady at
$4.21 per square foot, flex rents slipped $0.18 to $8.50 per square foot
and R&D rents increased $0.16 to $10.21 per square foot. Canadian
industrial rents all drifted marginally lower during the quarter.
U.S. Industrial Market
Registers Further Gains
Continued from page 1
U.S. INDUSTRIAL VACANCY
MARKET
VACANCY RATE
sep. 30, 2010 (%)
Boston, MA 21.5
Savannah, GA 21.4
Phoenix, AZ 17.6
Stockton/San Joaquin County, CA 17.5
Las Vegas, NV 16.8
Little Rock 16.7
Fairfield, CA 15.2
Reno, NV 15.1
Detroit, MI 14.8
Atlanta, GA 14.2
Charlotte, NC 13.8
San Jose/Silicon Valley, CA 13.8
Memphis, TN 13.6
Charleston, SC 13.3
Columbus, OH 13.2
Raleigh, NC 13.0
Louisville, KY 12.9
Orlando, FL 12.8
Washington, DC 12.7
Sacramento, CA 12.6
Pleasanton/Walnut Creek, CA 12.5
Columbia, SC 12.3
Los Angeles – Inland Empire, CA 12.3
Nashville, TN 12.1
Chicago, IL 12.0
Dallas/Ft. Worth, TX 11.8
San Diego, CA 11.6
Jacksonville, FL 11.6
New Jersey – Central 11.3
Tampa, FL 11.2
Boise, ID 11.1
Baltimore, MD 11.0
U.S. AVERAGE 11.02
West Palm Beach, FL 11.0
Greenville / Spartanburg 11.0
San Francisco Peninsula, CA 10.6
Philadelphia, PA 9.9
Cleveland, OH 9.8
Bakersfield, CA 9.5
Ft. Lauderdale-Broward County, FL 9.5
Oakland, CA 9.5
Miami, FL 9.4
Hartford, CT 9.3
Cincinnati, OH 8.6
Portland, OR 8.5
St. Louis, MO 8.4
Seattle/Puget Sound, WA 8.2
Fresno, California 8.1
Denver, CO 8.0
New Jersey – Northern 7.8
Kansas City, KS 7.6
Houston, TX 6.6
Orange County, CA 5.9
Los Angeles, CA 5.3
Honolulu, HI 4.4