Gary Bauler, Industrial Overview
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  • 1. CB RICHARD ELLIS NAIOP TAMPA BAY ANNUAL BROKER UPDATE :: 2011 Industrial Market Overview Gary A. Bauler, LEED AP First Vice President CB Richard Ellis
  • 2.
    • DEMAND FOR INDUSTRIAL SPACE IS DRIVEN BY:
    • International Trade - Import and Export
    • Manufacturing and Trade Inventories
    • Industrial Production
  • 3. Source: American Association of Port Authorities CONTAINER TRAFFIC AT US PORTS TEU ’s 1990 to 2010
  • 4. Source: Federal Reserve TOTAL INDUSTRIAL PRODUCTION, CAPACITY & UTILIZATION
  • 5. Source: US Census Bureau MANUFACTURING AND TRADE INVENTORIES AND SALES
  • 6. BUSINESS FORMATIONS Source: CBRE Research, US Bureau of Labor Statistics
  • 7. TAMPA BAY INDUSTRIAL SUBMARKETS
  • 8. NET ABSORPTION (SF) Source: CBRE Research
  • 9.
    • SAMPLE OF 3 rd QUARTER ACTIVITY IN MARKET
    Business type Requirement VF Corp 230,000 sf. Upgrade of facility and increased efficiencies Core Mark 260,000 sf. Consolidation of Orlando and Tampa Xpedx 215,000 sf. Upgrade and expansion Thomas Cooley Law School 130,000 sf. Alternative use of a dock high building Light Manufacture 75,000 sf. building purchase Pending Injection Molding Company 123,000 sf. building purchase and expansion Pending
  • 10. CONSTRUCTION (SF) Source: CBRE Research
  • 11. VACANCY Source: CBRE Research
  • 12. Source: CBRE Research VACANCY BY BUILDING SIZE :: Tampa MSA
  • 13. AVERAGE ASKING LEASE RATE Source: CBRE Research
  • 14. Source: Real Capital Analytics INDUSTRIAL AVERAGE SALES PRICE PSF
  • 15. Source: Real Capital Analytics, Inc. DISTRESSED ASSETS BY PROPERTY TYPE 26% 28% 9% 16% 13% 6% 2%
  • 16.
    • TENANT/OCCUPIER TRENDS
    • Portfolio optimization, more but smaller locations closer to the consumer as a result of higher fuel prices and the need for quicker deliveries
    • Tenants are moving up in quality and at reduced costs
    • Tenants are looking to restructure leases to lock in today’s rates
    • Tenants are checking Landlords/Developers credit for stability
    • Good deals for tenants/buyers with motivated owners
    • Lenders/special servicers holding up deals and are reluctant to face reality
  • 17.
    • LANDLORD/DEVELOPER TRENDS
    • Planned projects have been put on hold
    • Tighter credit restrictions by Landlords for requested tenant improvements
    • Landlords attempting to hold asking rates, but offering aggressive proposals
    • Landlords will to do longer term leases as they don’t expect short term improvement in rates
    • Owners that are upside down not willing to put money in TI’s or commissions
  • 18. TAMPA BAY INDUSTRIAL MARKET