Q2 2105 North American Industrial Highligts

North American
Research Report
INDUSTRIAL MARKET OUTLOOK
Q2 2015
Key Takeaways
>> The North American industrial market continued its torrid expansion
in Q2 2015 as vacancies declined by 20 basis points (bps) to 6.4%.
In the U.S., the vacancy rate fell for the 22nd straight quarter, down
20 bps to 6.8%. In Canada, the vacancy rate fell 7 basis points to
3.7%.
>> North American net absorption totaled 74.3 million SF (MSF), broken
out into 72.4 MSF for the U.S. and 1.9 MSF for Canada. This is the
highest level of industrial demand seen post-recession and is heavily
concentrated in bulk distribution space in a handful of markets.
>> Strong industrial space demand and tightening vacancies are
pushing up asking rents in most markets. The average asking rent for
warehouse buildings in the U.S. rose 1.6% over the previous quarter
to end at $5.23 PSF. However, in Canada, rents at C$7.99 PSF, are
down 1.4% from the prior quarter.
>> Some markets are seeing outsized increases in asking rents. Asking
rents for warehouse space were up significantly in Walnut Creek
(+29.6% year-over-year through 2Q), Birmingham (22.4%) and
Oakland (21.7%). Asking rents for bulk space were up in Denver
(26.5%), Greenville (20.7%) and San Francisco Peninsula (20.5%).
And flex/service asking rents were up strongly in San Francisco
Peninsula (28.4%), Miami (23.1%) and Stockton (22.2%).
>> The results of Colliers’ North American Q2 survey remained
optimistic. Of the 70 U.S. markets surveyed by Colliers, 57 forecast
positive industrial demand for the next three months. Of the 11
Canadian markets surveyed by Colliers, 6 forecast positive industrial
demand for the next three months.
>> Investors remain hungry for yield worldwide, and the safety that U.S.
denominated industrial assets provide is leading to a continued surge
in mega-deal activity. Last quarter saw ProLogis’ purchase of KTR
and GLC’s purchase of the Indcor portfolio. Currently in the works
is the acquisition of Industrial Income Trust by GLC, which would
make GLC the second-largest operator of U.S. warehouse properties.
In addition, the Abu Dhabi Investment Authority is teaming up with
Canadian PSP investments to purchase the 55 MSF Exeter Property
portfolio.
Industrial Sector Surges As Completions,
Absorption, Occupancy Hit 7-Year High
Pete Culliney Director of Research | Global Thomas Galvin Regional Research Analyst | Research Services
Summary Statistics, Q2 2015
North America Industrial Market
U.S. CANADA
NORTH
AMERICA
Vacancy Rate 6.8% 3.7% 6.4%
Change from Q1 2015
(Basis Points)
-20 -7 -19
Absorption
(MSF)
72.4 1.9 74.3
New Supply
(MSF)
50.3 3.9 54.3
Under Construction
(MSF)
156.5 21.1 177.6
ASKING RENTS (USD/CAD)
PER SQUARE FOOT PER YEAR
Average Warehouse/
Distribution Center
$5.23 $7.99
Change from Q1 2015 1.6% -1.4%
Market Indicators
Relative to prior period
U.S.
Q2 2015
U.S.
Q3 2015*
CANADA
Q2 2015
CANADA
Q3 2015*
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE**
* Projected, relative to prior period
** Warehouse rents

C A N A D A
N O R T H E A S T
M I D W E S T
S O U T H
W E S T Absorption Per Market (SF)
Q1 2015 to Q2 2015
8,000,000
4,050,000
810,000
-810,000
-4,050,000
-8,100,000
4.5 billion
2.25 billion
450 million
Occupied SF
Vacant SF
SF By Region
U.S. Industrial Economic Indicators
GDP
Q2 2015 3.7% (second estimate)
Q1 2015 0.6%, down from 2.1% in Q4 2014
ISM
Jul-15 PMI® 52.7,
down 0.8 pctg. pts. from June-15
RAIL TIME INDICATORS: AAR.ORG
Total Railcar Traffic - 1.8% YOY since July-14
Intermodal Traffic + 3.5% YOY since July 14
N O R T H E A S T
M I D W E S T
S O U T H
W E S T Absorption Per Market (SF)
Q1 2015 to Q2 2015
8,000,000
4,050,000
810,000
-810,000
-4,050,000
-8,100,000
4.5 billion
2.25 billion
450 million
Occupied SF
Vacant SF
SF By Region
S O U T H
-4,050,000
-8,100,000
4.5 billion
2.25 billion
450 million
Occupied SF
Vacant SF
SF By Region
2 North American Research Report | Q2 2015 | Industrial Market Outlook | Colliers International
The North American industrial market is at a post-recession
high, recording the lowest levels of vacancy coupled with record
completions and record net absorption. In the U.S., this is leading
to upward pressure on asking warehouse rental rates, which have
increased 1.6% from the previous quarter and 5.2% year over year.
Still, some caution is warranted as this market strength is highly
concentrated. Moreover, 40% of the net absorption seen in 2015
and nearly half of the construction activity are taking place in only a
handful of markets: Southern California, Houston, Dallas-Ft. Worth,
Chicago and Atlanta. The economic drivers of these markets -
international trade and supply chain modernization - will have an
outsized effect on the North American aggregate numbers. Caution
is also warranted as recent financial market volatility point to rising
global economic risks that could weigh on future economic growth
in North America and ultimately slow industrial space demand.
Nonetheless, recent performance in the industrial sector has been
among the strongest this century and explains growing investor
interest in good industrial product.
Industrial Economic Indicators
For the United States, second quarter GDP numbers increased at
an annual rate of 3.7%. Gains were made in personal consumption,
housing construction and exports. For the United States the
manufacturing sector continues to expand, with the Purchasing
Managers Index (PMI) recording 52.7 in July, the 31st consecutive
month of growth.
For Canada, the latest results indicate a decline in GDP and the Bank
of Canada has lowered interest rates in an effort to bolster lending.
The RBC Canadian Manufacturing PMI registered 50.8 in July, a
marginal upturn in the manufacturing sector.
Job growth has been positive in the manufacturing sector, which
has added 522,000 jobs (1.4%) since the second quarter of 2014.
U.S. manufacturing has become increasingly attractive due to
cheaper domestic energy and rising labor costs overseas. For many
companies the decision to outsource has added complexity, when
the shrinking margin on foreign labor, product quality, intellectual
property rights and a long distance supply chain are factored in.
Overall, however, manufacturing employment is still down from
before the recession, but the recent job growth has been a welcome
turnaround for the economy – and a driver for U.S. industrial
demand.
One negative indicator is the 1.0% year-over-year decrease in total
railcar traffic according to the American Association of Railroads,
although intermodal traffic has increased by 2.5% year-over-year. A
major reason for the decline in railroad traffic has been decreased
demand for petroleum, metallic ores and coal.
Several complex issues are at play that impact the industrial
landscape in the near and longer term. In the short term, the Chinese
currency was devalued by more than 4% in late August, partly in
response to lagging exports. This was the sharpest drop in the Yuan
since 1994 and will likely boost imports from China in the short
term while also limiting exports to China. Industries likely to suffer
as a result include agricultural products, electronic equipment,
machines and aircraft – which can ultimately hit warehouse demand,
particularly near port cities. The slowdown in China and elsewhere
in emerging markets is another growing risk to U.S. expansion and
continued strength in the industrial property sector.
For the longer term, the prolonged collapse in the commodity market
is likely to persist for some time and almost certainly into 2016,
meaning pain for those areas whose economies depend on natural
resources such as oil, coal or iron. This is an increased chance of
recession for Canada and Australia among others, whose economies
Sources: BEA, ISM, AAR
North American Industrial
Vacancy, Inventory & Absorption
Q2 2015 | NA

How would you characterize current
industrial rents in your market?
% of reporting markets
Source: Colliers International
Up SamUpSameDown N/A
7.7 7.5 7.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q2 2013 Q3
Q4
Q1 2014 Q2 Q3
Q4
Q1 2015
Q2
Vacancy%
Absorption MSF Completions MSF Vacancy %
8.7 8.3 8.1 7.9 7.7 7.5 7.2
U.S. INDUSTRIAL MARKET Q2 2013 - Q2 2015
8.1
7.07.0 6.86.8
-2.0 0.0 2.0 4.0 6.0 8.0 10.0
Millions
Currently U/C Q2-15 Absorption
Calgary, AB
Winnipeg, MB
Regina, SK
Ottawa, ON
Victoria, BC
Montréal, QC
Saskatoon, SK
Edmonton, AB
Waterloo Region, ON
Vancouver, BC
Toronto, ON
ABSORPTION, UNDER CONSTRUCTION (SF)
| SELECT MARKETS | Q2 2015
0.
New Jersey - Northern
Savannah, GA
New Jersey - Central
Indianapolis, IN
Houston, TX
Los Angeles, CA
Atlanta, GA
Dallas-Ft. Worth, TX
Los Angeles - Inland Empire, CA
Chicago, IL
-100%
0%
100%
200%
300%
$-
$20
$40
$60
Billions
2007 2008 2009 2010 20122011 2013 2014 2015
Rolling 4-Qtr Deal Volume Year-over-Year %Change
$-
$20
$40
$60
Billions
2007 2008 200
12-Month Traili
depend heavily on resource extraction. Those areas in the United States
that depend heavily on oil production will also be impacted negatively.
Vacancy
Driven by robust absorption in the top U.S. markets, the North American
vacancy rate fell by 20 bps to 6.4% in Q2. The decline was broad-based,
as the U.S. vacancy rate dropped 20 bps to 6.8%, while the vacancy rate
in Canada dropped 7 bps to 3.7%.
Vacancy rates declined in each U.S. region, led by the South, which
dropped 24 bps to 7.6%. There is a wide disparity in rates among the
regions as of the first quarter. The West remained the lowest at 5.0%,
trailed by the Midwest (6.6%) and the South (7.6%) while vacancies
remained relatively high in the Northeast (8.6%). Western markets
ranked among the lowest vacancy rates include Los Angeles (1.8%),
Honolulu (2.0%), San Francisco Peninsula (2.7%) and Orange County
(3.1%).
Savannah was the best performer in the second quarter with the
vacancy rate dropping by 150 bps to 3.7%. Other markets with sharp
drops in vacancy rates were Dayton (-130 bps to 9.1%) and Austin
(-120 bps to 7.1%). On the other end of the spectrum, markets with the
largest increases were Calgary (+150 bps to 5.8%), Bakersfield (+140
bps to 4.8%) and Stockton (+110 bps to 8.4%). Calgary is the epicenter
of Canadian oil and gas extraction, while Bakersfield and Stockton are
heavily reliant on agricultural products hurt by a prolonged drought in
California.
Manufacturing at a Glance - July 2015
INDEX
SERIES
INDEX
(JULY 2015)
SERIES
INDEX
(JUNE 2015)
PERCENTAGE-
POINT
CHANGE
DIRECTION
RATE OF
CHANGE
TREND*
(MONTHS)
PMI® 52.7 53.5 -0.8 Growing Same 31
New Orders 56.5 56.0 0.5 Growing Faster 32
Production 56.0 54.0 2.0 Growing Faster 35
Employment 52.7 55.5 -2.8 Growing Slower 3
Supplier
Deliveries
48.9 48.8 0.1 Faster Slower 2
Inventories 49.5 53.0 -3.5 Contracting
From
Growing
1
Customer
Inventories
44.0 48.5 -4.5 Too Low Faster 8
Prices 44.0 49.5 -5.5 Decreasing Faster 9
Backlog of
Orders
42.5 47.0 -4.5 Contracting Faster 2
Exports 48.0 49.5 -1.5 Contracting Faster 2
Imports .... 53.5 -1.5 Growing Slower 30
OVERALL ECONOMY Growing Slower 74
Manufacturing Sector Growing Slower 31
U.S. Industrial Market
Q2 2013 to Q2 2015
Note: Latest data as of Q2 2015
*Number of months moving in current direction
Source: ISM
0%
20%
40%
60%
80%
100%
Midwest
Northeast
South
West
Canada
U.S.
N.A.
Excluding renewals, of the leases signed this quarter, did most
tenants Expand, Hold Steady or Contract?
Contract Holding Steady Expand N/A
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
How would you characterize current industrial rents in your market?
N/A
Declining
Bottoming
No Clear Direction
Increasing
Peaking
8.6%
8.3%
8.5%
25.0%
3.7%
1.4%
17.1%
33.3%
19.5%
67.1%
25.0%
61.0%
5.7%
8.3%
6.1%
0% 20% 40% 60% 80% 100%
U.S.
Canada
N.A.
8.6%
8.3%
8.5%
25.0%
1.2%
17.1%
33.3%
19.5%
67.1%
25.0%
61.0%
5.7%
8.3%
6.1%
8.6%
8.3%
8.5%
25.0%
17.1%
33.3%
19.5%
67.1%
25.0%
61.0%
5.7%
8.3%
6.1%
0%
20%
40%
60%
80%
100%
ortheast
South
Midwest
West
U.S.
Canada
N.A.
Provide a three month forecast for vacancy
levels (relative to current quarter):
0%
20%
40%
60%
80%
100%
Provide a three month forecast for
rents (relative to current quarter):
ortheast
South
Midwest
West
U.S.
Canada
N.A.
66.7%
38.5%
82.6%
67.1%
16.7%
59.8%
30.0%
30.5%
25.0%
12.5% 7.7%
4.3%
7.1% 6.1%
70.0%
66.7%
38.5%
82.6%
67.1%
16.7%
59.8%
30.0%
20.8%
53.8%
13.0%
25.7%
58.3%
30.5%
25.0%
20.8%
53.8%
13.0%
25.7%
58.3%
3.7%12.5% 3.7%
7.7%
4.3%
7.1% 6.1%
70.0%
80.0%
62.5%
38.5%
56.5%
58.6%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.2%
80.0%
62.5%
38.5%
56.5%
58.6%
25.0%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.4% 1.2%1.4%
25.0%
Up SUpSameDown N/A
7.7 7.5 7.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q2 2013 Q3
Q4
Q1 2014 Q2 Q3
Q4
Q1 2015
Q2
Vacancy%
8.6 8.3 8.1 7.9 7.7 7.5 7.2
8.1
7.07.0 6.86.8
-2.0 0.0 2.0 4.0 6.0 8.0 10.0
Millions
Calgary, AB
Winnipeg, MB
Regina, SK
Ottawa, ON
Victoria, BC
Montréal, QC
Saskatoon, SK
Edmonton, AB
Waterloo Region, ON
Vancouver, BC
Toronto, ON
New Jersey - Norther
Savannah, GA
New Jersey - Centra
Indianapolis, IN
Houston, TX
Los Angeles, C
Atlanta, GA
Chicago, I

Absorption, Under Construction (SF)
Select U.S. Markets | Q2 2015
Absorption, Under Construction (SF)
Select Canada Markets | Q2 2015
0%
20%
40%
60%
Northeast
South
Midwest
West
U.S.
Canada
N.A.
0%
20%
40%
60%
Up Same Down N/AUpSameDown N/A
Northeast
South
Midwest
West
U.S.
Canada
N.A.
66.7%
38.5%
82.6%
67.1%
16.7%
59.70.0%
66.7%
38.5%
82.6%
67.1%
16.7%
59.
58.3%58.3%
70.0%
80.0%
62.5%
38.5%
56.5%
58.6%
53.7%
50.0%
80.0%
62.5%
38.5%
56.5%
58.6%
25.0%
53.7%
50.0%
25.0%
7.7 7.5 7.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q2 2013 Q3
Q4
Q1 2014 Q2 Q3
Q4
Q1 2015
Q2
Vacancy%
8.6 8.3 8.1 7.9 7.7 7.5 7.2
8.1
7.07.0 6.86.8
-2.0 0.0 2.0 4.0 6.0 8.0 10.0
Millions
Calgary, AB
Winnipeg, MB
Regina, SK
Ottawa, ON
Victoria, BC
Montréal, QC
Saskatoon, SK
Edmonton, AB
Waterloo Region, ON
Vancouver, BC
Toronto, ON
Currently U/C Q2-15 Absorptio
0.0 5.0 10.0 15.0 20.0 25
Savannah, GA
Indianapolis, IN
Houston, TX
Los Angeles, CA
Atlanta, GA
Chicago, IL
Millio
Absorption
Net absorption was strong in Q2 at 74.3 MSF, broken out into 72.4
MSF in the U.S. but only 1.9 MSF in Canada. We expect positive
absorption to continue this year in the vast majority of markets.
In fact, of the 82 markets in North America, we forecast negative
absorption in only two: Calgary and Boston.
U.S. Q2 absorption was concentrated in a handful of markets such
as the Los Angeles – Inland Empire market, which saw absorption
of 5.3 MSF, followed by Houston (3.8 MSF), Atlanta (3.7 MSF),
Northern New Jersey (3.5 MSF) Los Angeles (3.5 MSF) and
Dallas-Ft. Worth (3.0 MSF). Top Canadian markets for absorption
were Vancouver (1.8 MSF) and Toronto (1.7 MSF).
0%
20%
40%
60%
80%
100%
Midwest
Northeast
South
West
Canada
U.S.
N.A.
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
0%
20%
40%
60%
80%
100%
Northeast
South
Midwest
West
U.S.
Canada
N.A
UpSameDown N/A
80.0%
62.5%
38.5%
56.5%
58.6%
53
25.0%
53.8%
43.5%
32.9%
50.0%
35
20.0% 8.3%
7.7% 7.1%
25.0%
9.8
4.2%
1.2
80.0%
62.5%
38.5%
56.5%
58.6%
25.0%
53
25.0%
53.8%
43.5%
32.9%
50.0%
35
20.0% 8.3%
7.7% 7.1%
25.0%
9.8
4.2%
1.4% 1.21.4%
25.0%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q2 2013 Q3
Q4
Absorption MS
8.6 8.3 8.
U.S. INDUSTR
8.
0%
20%
40%
60%
80%
100%
Midwest
Northeast
South
West
Canada
U.S.
N.A.
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
0%
20%
40%
60%
80%
100%
Northeast
South
Midwest
West
U.S.
Canada
N.A
UpSameDown N/A
80.0%
62.5%
38.5%
56.5%
58.6%
53
25.0%
53.8%
43.5%
32.9%
50.0%
35
20.0% 8.3%
7.7% 7.1%
25.0%
9.8
4.2%
1.2
80.0%
62.5%
38.5%
56.5%
58.6%
25.0%
53
25.0%
53.8%
43.5%
32.9%
50.0%
35
20.0% 8.3%
7.7% 7.1%
25.0%
9.8
4.2%
1.4% 1.21.4%
25.0%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2 2013 Q3
Q
8.6 8.3 8.
U.S. INDUSTR
8.
0%
20%
40%
60%
80%
100%
Midwest
Northeast
South
West
Canada
U.S.
N.A.
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
How would you characterize current industrial rents in your market?
N/A
Declining
Bottoming
No Clear Direction
Increasing
Peaking
8.6%
8.3%
8.5%
25.0%
3.7%
1.4%
17.1%
33.3%
19.5%
67.1%
25.0%
61.0%
5.7%
8.3%
6.1%
0% 20% 40% 60% 80% 100%
U.S.
Canada
N.A.
8.6%
8.3%
8.5%
25.0%
1.2%
17.1%
33.3%
19.5%
67.1%
25.0%
61.0%
5.7%
8.3%
6.1%
8.6%
8.3%
8.5%
25.0%
17.1%
33.3%
19.5%
67.1%
25.0%
61.0%
5.7%
8.3%
6.1%
0%
20%
40%
60%
80%
100%
Northeast
South
Midwest
West
U.S.
Canada
N.A.
0%
20%
40%
60%
80%
100%
Northeast
South
Midwest
West
U.S.
Canada
N.A.
66.7%
38.5%
82.6%
67.1%
16.7%
59.8%
30.0%
30.5%
25.0%
12.5% 7.7%
4.3%
7.1% 6.1%
70.0%
66.7%
38.5%
82.6%
67.1%
16.7%
59.8%
30.0%
20.8%
53.8%
13.0%
25.7%
58.3%
30.5%
25.0%
20.8%
53.8%
13.0%
25.7%
58.3%
3.7%12.5% 3.7%
7.7%
4.3%
7.1% 6.1%
70.0%
80.0%
62.5%
38.5%
56.5%
58.6%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.2%
80.0%
62.5%
38.5%
56.5%
58.6%
25.0%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.4% 1.2%1.4%
25.0%
7.7 7.5 7.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q2 2013 Q3
Q4
Q1 2014 Q2 Q3
Q4
Q1 2015
Q2
Vacancy%
8.6 8.3 8.1 7.9 7.7 7.5 7.2
8.1
7.07.0 6.86.8
0%
0%
0%
0%
0%
0%
Midwest
Northeast
South
West
Canada
U.S.
N.A.
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
N/A
Declining
Bottoming
No Clear Direction
Increasing
Peaking
8.6%
8.3%
8.5%
25.0%
3.7%
1.4%
17.1%
33.3%
19.5%
67.1%
25.0%
61.0%
5.7%
8.3%
6.1%
0% 20% 40% 60% 80% 100%
U.S.
Canada
N.A.
8.6%
8.3%
8.5%
25.0%
1.2%
17.1%
33.3%
19.5%
67.1%
25.0%
61.0%
5.7%
8.3%
6.1%
8.6%
8.3%
8.5%
25.0%
17.1%
33.3%
19.5%
67.1%
25.0%
61.0%
5.7%
8.3%
6.1%
0%
20%
40%
60%
80%
100%
Northeast
South
Midwest
West
U.S.
Canada
N.A.
0%
20%
40%
60%
80%
100%
Northeast
South
Midwest
West
U.S.
Canada
N.A.
66.7%
38.5%
82.6%
67.1%
16.7%
59.8%
30.0%
30.5%
25.0%
12.5% 7.7%
4.3%
7.1% 6.1%
70.0%
66.7%
38.5%
82.6%
67.1%
16.7%
59.8%
30.0%
20.8%
53.8%
13.0%
25.7%
58.3%
30.5%
25.0%
20.8%
53.8%
13.0%
25.7%
58.3%
3.7%12.5% 3.7%
7.7%
4.3%
7.1% 6.1%
70.0%
80.0%
62.5%
38.5%
56.5%
58.6%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.2%
80.0%
62.5%
38.5%
56.5%
58.6%
25.0%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.4% 1.2%1.4%
25.0%
7.7 7.5 7.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q2 2013 Q3
Q4
Q1 2014 Q2 Q3
Q4
Q1 2015
Q2
Vacancy%
8.6 8.3 8.1 7.9 7.7 7.5 7.2
8.1
7.07.0 6.86.8
0%
20%
40%
60%
80%
100%
Midwest
Northeast
South
West
Canada
U.S.
N.A.
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
0%
20%
40%
60%
80%
100%
Northeast
South
Midwest
West
U.S.
Canada
N.A.
UpSameDown N/A
80.0%
62.5%
38.5%
56.5%
58.6%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.2%
80.0%
62.5%
38.5%
56.5%
58.6%
25.0%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.4% 1.2%1.4%
25.0%
0%
20%
40%
60%
80%
100%
Midwest
Northeast
South
West
Canada
U.S.
N.A.
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
20.0% 25.0%
2.9% 6.1%
46.2%
40.0%
45.8%
43.5%
58.3%
44.3%
46.3%
46.2%
40.0%
41.7%
52.2%
16.7%
45.7%
41.5%
7.7% 12.5%
4.3% 7.1% 6.1%
0%
20%
40%
60%
80%
100%
Northeast
South
Midwest
West
U.S.
Canada
N.A.
UpSameDown N/A
80.0%
62.5%
38.5%
56.5%
58.6%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.2%
80.0%
62.5%
38.5%
56.5%
58.6%
25.0%
53.7%
25.0%
53.8%
43.5%
32.9%
50.0%
35.4%
20.0% 8.3%
7.7% 7.1%
25.0%
9.8%
4.2%
1.4% 1.2%1.4%
25.0%
U.S. INDUSTRIAL MARK
7 7.5 7.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2 Q3
Q4
Q1 2015
Q2
Vacancy%
letions MSF Vacancy %
7 7.5 7.2 7.07.0 6.86.8
DER CONSTRUCTION (SF)
TS | Q2 2015
0.0 5.0 10.0 15.0 20.0 25.0
Savannah, GA
Indianapolis, IN
Houston, TX
Los Angeles, CA
Atlanta, GA
Chicago, IL
Millions
7.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Q4
Q1 2015
Q2
Vacancy%
SF Vacancy %
7.2 7.07.0 6.86.8
STRUCTION (SF)
2015
0.0 5.0 10.0 15.0 20.0 25.0
Savannah, GA
Indianapolis, IN
Houston, TX
Los Angeles, CA
Atlanta, GA
Chicago, IL
Millions
0%
20%
40%
Up Same Down N/A
Northeast
South
Midwest
West
U.S.
Canada
N.A.
66.7%
38.5%
67.1%
16.7%
59.8%70.0%
66.7%
38.5%
67.1%
16.7%
59.8%70.0%
7.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Q4
Q1 2015
Q2
Vacancy%
MSF Vacancy %
7.2
2013 - Q2 2015
7.07.0 6.86.8
ONSTRUCTION (SF)
2 2015
0.0 5.0 10.0 15.0 20.0 25.0
Savannah, GA
Indianapolis, IN
Houston, TX
Los Angeles, CA
Atlanta, GA
Chicago, IL
Millions
Excluding renewals, of the leases signed this
quarter, did most tenants expand, hold steady
or contract?
Provide a three month forecast for rents
(relative to current quarter):
% of reporting markets

Construction Activity
Rising industrial demand is pushing new supply to pre-recession
totals. Some 54 MSF of space came online in North America
in Q2, including 50.3 MSF in the U.S. and 3.9 MSF in Canada.
The quarterly volume of construction activity is at the highest
level since Q4 2007, with no letup in sight. 177.6 MSF is under
construction in North America, including 156.5 MSF in the U.S.
and 21.1 MSF in Canada. Markets with the most new supply in
the second quarter were Los Angeles – Inland Empire (6.5 MSF),
Chicago (5.6 MSF) and Atlanta (3.6 MSF). In each of those
markets virtually all of the new supply was in modern distribution
centers which have the higher ceilings, larger truck courts, ESFR
sprinklers and other improvements that are needed by logistics
and e-retailer tenants.
A large and growing portion of the new supply is speculative –
56% in the United States and over 70% in Canada – as developers
and lenders become more comfortable with taking on leasing
risk for new product. So far that confidence has been justified
as supply and demand have been in balance with enough tenant
demand to fill the projected development pipeline.
Transaction Activity
Investor demand for U.S. industrial real estate remains high and
will likely increase. For the first half of 2015, investment volume
is up 70% from the previous year on investment volumes of $37
billion. Of this, roughly 14.3 billion (38%) have been from foreign
direct investment inflows, primarily focused in Chicago ($1.1
billion), New Jersey ($1 billion) and Los Angeles ($1 billion).
Investors are drawn to the industrial sector’s relatively low
volatility compared to office or retail investments. Institutions
looking in this sector are willing to pay a premium for portfolios in
order to allocate large chunks of capital.
In today’s low yield environment, the industrial sector continues
to post the highest average cap rates for any commercial property
type, averaging nationwide at 6.9%. This is down 10 bps from the
7.0% reported in the previous quarter and down 140 bps since
2010.
Investors will look keenly to what the Federal Reserve Bank will
or will not do in the fall and the resulting impact on cap rates.
Investors are likely to pull money out of emerging markets in
anticipation of higher returns on U.S. backed assets; paradoxically
we may see investment rise if rates increase.
Industrial Transaction Volume
Q2 2015 - NA
Note: Latest data as of Q2 2015; all data are 12-month trailing
Sources: Real Capital Analytics, Colliers International
Calgary, AB
Winnipeg, MB
Regina, SK
Ottawa, ON
-100%
0%
100%
200%
300%
$-
$20
$40
$60
Billions
2007 2008 2009 2010 20122011 2013 2014 2015
Rolling 4-Qtr Deal Volume Year-over-Year %Change
Sources: Real Capital Analytics, Colliers International
Top 5 MSAs in Transaction Volume
Q2 2015
1. Los Angeles, CA $3.0 bil.
2. Chicago, IL $1.9 bil.
3. Dallas, TX $1.6 bil..
4. Northern New Jersey $1.5 bil..
5. Los Angeles - Inland Empire, CA $1.4 bil.
Winnipeg, MB
Saskatoon, SK
Halifax, NS**
Victoria, BC
Toronto, ON
Regina, SK
Ottawa, ON***
Edmonton, AB
Waterloo Region, ON
Vancouver, BC
Montréal, QC
Calgary, AB
Currently U/C Q4-14 Absorp Currently U/C Q4
Savannah, GA
Houston, TX
Los Angeles, CA
Indianapolis, IN
Los Angeles
Inland Empire, CA
Chicago, IL
Atlanta, GA
-100%
-50%
0%
50%
100%
150%
200%
$0
$10
$20
$30
$40
$50
$60
$70
$80
2007 2008 2009 2010 2011 2012 2013 2014
Bil.
12-Month Trailing Volume
(left-axis)
Year-Over-Year % Change
(right-axis)
Source: Colliers InternationalSource: Colliers International
Industrial Real Estate Indicators
U.S.
GDP: 3.7% in Q2
Inventory 15.0 BSF
Vacancy 6.8% Nationwide (down 20 bps)
Net Absorption 72.4 MSF in Q2
New Supply 50.3 MSF in Q2, up 1.2% over Q1
New Supply to Inventory
1.3% annualized
Note: Up to 2% is considered healthy
Net Absorption to New Supply Ratio 1.4:1 Q2 2015 vs. 1.2:1 Q1 2015
• Top 10 Markets account for 57.2% of 72.4 MSF net absorption in Q2.
Top 5 MSAs
Q2 Net Absorption
1. Chicago, IL 8.1 MSF
2. Los Angeles - Inland Empire, CA 6.9 MSF
3. Dallas-Ft. Worth, TX 6.1 MSF
4. Atlanta, GA 4.6 MSF
5. Los Angeles, CA 3.1 MSF

Conclusion and Outlook
The industrial sector is posting record absorption and rental rate
increases with mixed macro-economic signals. Domestically,
the U.S. is in fine shape, though risks from abroad are rising,
particularly in China.
The rising U.S. dollar is making exports less competitive and
the prolonged commodity bust for oil, gas and other minerals
is ongoing. This means that markets reliant on oil and gas
extraction or agricultural products are likely to remain subdued. By
contrast, markets along the path of goods movement and growing
population centers with robust housing demand are seeing record
development and industrial demand.
North American Industrial Overview | Q2 2015
NORTH AMERICA CANADA UNITED STATES WEST MIDWEST SOUTH NORTHEAST
Number of Markets 82 12 70 23 13 24 10
Inventory (Millions SF) 16,838.2 1,800.1 15,038.1 3,890.3 4,275.2 4,601.5 2,271.1
% of N.A. Inventory 100.0% 10.7% 89.3% 23.1% 25.4% 27.3% 13.5%
New Supply (Millions SF) 54.3 3.9 50.3 16.2 13.7 15.3 5.2
% of N.A. New Supply 100.0% 7.2% 92.8% 29.8% 25.3% 28.2% 9.5%
Vacancy (%) 6.4% 3.7% 6.8% 5.0% 6.6% 7.6% 8.6%
Absorption (Millions SF) 74.3 1.9 72.4 21.6 19.1 24.5 7.3
% of N.A. Absorption 100.0% 2.5% 97.5% 29.0% 25.8% 32.9% 9.8%

United States | Industrial Survey | Inventory, New Supply, Under Construction
MARKET
EXISTING
INVENTORY (SF)
JUNE 30, 2015
SPECULATIVE
NEW SUPPLY
Q2 2015 (SF)
TOTAL
NEW SUPPLY
Q2 2015 (SF)
YTD
NEW SUPPLY
SPECULATIVE CURRENTLY
UNDER CONSTRUCTION
(SF)
TOTAL CURRENTLY
UNDER CONSTRUCTION
(SF)
NORTHEAST
Baltimore, MD 229,576,428 N/A 587,295 1,811,985 0 0
Boston, MA 171,329,699 0 386,000 386,000 0 1,061,855
Hartford, CT 95,613,351 0 0 0 0 0
Long Island, NY 155,999,372 52,000 52,000 122,000 0 0
New Hampshire 61,542,042 0 0 0 0 0
New Jersey - Central 316,665,638 418,276 608,276 608,276 2,473,486 2,539,061
New Jersey - Northern 369,591,579 0 0 144,000 1,070,846 1,725,846
Philadelphia, PA 421,370,971 1,435,920 2,518,735 4,726,751 2,083,753 3,924,025
Pittsburgh, PA 176,186,457 0 0 691,522 85,000 154,824
Washington, DC 273,228,819 231,207 1,011,561 1,253,778 1,116,770 2,075,185
Northeast Total 2,271,104,356 2,137,403 5,163,867 9,744,312 6,829,855 11,480,796
SOUTH
Atlanta, GA 628,540,091 1,698,790 3,598,790 4,808,862 11,746,195 19,267,560
Austin, TX 66,285,819 207,008 207,008 207,008 552,205 572,705
Birmingham, AL 107,102,000 0 0 70,000 0 120,000
Charleston, SC 33,362,960 0 0 273,000 500,720 500,720
Charlotte, NC 337,400,613 N/A 587,822 818,122 0 3,004,827
Columbia, SC 76,991,680 0 0 122,100 252,500 327,500
Dallas-Ft. Worth, TX 755,061,065 1,066,614 3,052,067 9,695,248 11,529,361 13,533,800
Ft. Lauderdale-Broward, FL 110,175,651 189,620 189,620 306,287 729,555 729,555
Greenville/Spartanburg, SC 185,218,011 484,000 484,000 1,210,000 1,145,000 1,835,032
Houston, TX 505,979,005 1,975,018 2,062,898 6,353,999 5,658,276 10,608,276
Huntsville, AL 54,828,183 0 0 0 62,366 62,366
Jacksonville, FL 123,131,683 0 297,579 302,579 0 637,381
Little Rock, AR* 45,275,910 0 0 0 0 0
Louisville, KY 183,769,510 N/A 557,450 1,826,036 0 1,639,395
Memphis, TN 230,219,325 554,040 2,290,121 2,632,265 1,147,916 1,635,740
Miami, FL 211,828,390 189,140 189,140 798,334 807,512 807,512
Nashville, TN 188,085,761 0 278,541 370,541 595,000 2,400,000
Norfolk, VA 101,114,247 23,400 380,400 545,900 0 303,209
Orlando, FL 134,720,243 714,389 714,389 839,474 334,190 334,190
Raleigh, NC 111,854,700 N/A 96,360 110,360 0 384,405
Richmond, VA 113,326,913 23,000 23,000 402,550 0 241,000
Savannah, GA 45,579,700 0 0 267,400 645,185 1,670,585
Tampa Bay, FL 201,309,656 302,000 302,000 340,000 450,120 450,120
West Palm Beach, FL 50,311,978 0 0 754,634 0 0
South Total 4,601,473,094 7,427,019 15,311,185 33,054,699 36,156,101 61,065,878
* Q1-15 data displayed

8 North American Research Report | Q2 2015 | Industrial Market Outlook | Colliers International8
United States | Industrial Survey | Inventory, New Supply, Under Construction
MARKET
EXISTING
INVENTORY (SF)
JUNE 30, 2015
SPECULATIVE
NEW SUPPLY
Q2 2015 (SF)
TOTAL
NEW SUPPLY
Q2 2015 (SF)
YTD
NEW SUPPLY
UNDER CONSTRUCTION
(SF)
TOTAL CURRENTLY
UNDER CONSTRUCTION
(SF)
MIDWEST
Chicago, IL 1,329,353,086 2,724,560 5,650,311 7,492,137 6,124,687 12,982,171
Cincinnati, OH 247,891,995 0 134,000 1,337,450 2,334,861 3,236,710
Cleveland, OH 393,910,588 0 0 0 448,148 1,542,036
Columbus, OH 222,567,395 0 312,000 2,680,688 276,800 1,961,800
Dayton, OH 105,005,425 0 70,000 1,900,000 0 311,500
Detroit, MI 524,540,140 0 596,889 1,570,247 0 605,527
Grand Rapids, MI 114,039,955 244,890 284,857 340,721 198,020 574,993
Indianapolis, IN 288,771,868 1,677,510 1,858,679 5,040,981 889,819 2,341,057
Kansas City, MO-KS 239,154,380 2,046,569 2,046,569 2,491,627 4,184,265 5,157,685
Milwaukee, WI 224,125,094 164,000 164,000 942,263 409,423 1,349,131
Minneapolis/St. Paul, MN 245,828,357 817,066 1,452,130 2,273,630 534,800 1,677,800
Omaha, NE 68,222,531 0 0 0 133,919 274,970
St. Louis, MO 271,801,572 N/A 1,139,137 1,139,137 0 841,577
Midwest Total 4,275,212,386 7,674,595 13,708,572 27,208,881 15,534,742 32,856,957
WEST
Albuquerque, NM 37,203,914 0 0 0 0 0
Bakersfield, CA 37,157,189 60,000 1,845,600 3,095,600 237,300 609,880
Boise, ID 46,373,012 0 0 157,305 0 0
Denver, CO 220,227,659 296,745 489,449 977,796 607,377 928,377
Fairfield, CA 47,967,726 150,925 327,685 464,035 872,044 1,534,210
Fresno, CA 67,774,220 0 0 0 62,680 62,680
Honolulu, HI 39,651,225 0 0 0 0 0
Las Vegas, NV 119,043,569 515,705 788,703 788,703 1,197,000 1,731,785
Los Angeles - Inland Empire, CA 452,910,200 2,557,000 6,556,200 13,076,900 13,162,200 16,912,200
Los Angeles, CA 892,482,600 1,599,300 1,599,300 2,367,600 2,737,500 2,737,500
Oakland, CA 143,233,909 670,089 670,089 670,089 440,024 440,024
Orange County, CA 184,482,940 313,040 313,040 313,040 611,345 611,345
Phoenix, AZ 286,593,245 900,051 1,137,491 3,200,824 1,031,323 1,632,573
Pleasanton/Tri-Valley, CA 17,391,991 0 0 0 1,298,207 1,298,207
Portland, OR 193,992,268 N/A 1,232,000 1,708,980 0 3,699,720
Reno, NV 85,989,807 N/A 566,660 1,793,660 0 7,420,960
Sacramento, CA 162,662,416 0 271,147 271,147 884,041 1,104,041
San Diego, CA 187,511,421 0 80,000 111,058 718,406 1,412,043
San Francisco Peninsula, CA 39,504,239 0 0 0 0 0
San Jose - Silicon Valley, CA 250,919,908 0 0 691,218 402,457 1,478,153
Seattle/Puget Sound, WA 261,813,207 277,972 277,972 1,109,099 3,886,674 3,886,674
Stockton/San Joaquin County, CA 97,772,885 0 0 257,000 1,747,018 3,553,011
Walnut Creek, CA 17,649,288 0 0 0 54,430 54,430
West Total 3,890,308,838 7,340,827 16,155,336 31,054,054 29,950,026 51,107,813
U.S. TOTALS 15,038,098,674 24,579,844 50,338,960 101,061,946 88,470,724 156,511,444
(continued)

United States | Industrial Survey | Absorption, Vacancy
MARKET
ABSORPTION
Q2 2015 (SF)
YTD
ABSORPTION
VACANCY RATE
MARCH 31, 2015
VACANCY RATE
JUNE 30, 2015
QUARTERLY CHANGE
IN VACANCY
NORTHEAST
Baltimore, MD -329,546 846,908 9.1% 9.5% 0.4%
Boston, MA -1,331,254 -1,227,839 17.8% 18.6% 0.8%
Hartford, CT 1,143,200 591,194 8.9% 7.7% -1.2%
Long Island, NY 180,810 249,949 4.7% 4.6% -0.1%
New Hampshire 511,652 248,220 8.8% 8.0% -0.8%
New Jersey - Central 1,820,470 3,258,838 7.3% 6.9% -0.4%
New Jersey - Northern 64,662 3,021,684 7.2% 7.2% 0.0%
Philadelphia, PA 2,571,984 4,058,141 8.7% 8.7% -0.1%
Pittsburgh, PA -22,503 732,680 6.9% 6.9% 0.0%
Washington, DC 2,647,166 2,951,567 9.7% 8.9% -0.7%
Northeast Total 7,256,641 14,731,342 8.7% 8.6% -0.1%
SOUTH
Atlanta, GA 4,617,769 7,575,169 8.6% 8.4% -0.2%
Austin, TX 1,063,561 1,091,157 8.3% 7.1% -1.2%
Birmingham, AL 148,149 423,572 10.0% 9.8% -0.2%
Charleston, SC 200,179 700,306 7.7% 7.1% -0.6%
Charlotte, NC 798,775 2,313,467 9.6% 9.5% -0.1%
Columbia, SC 614,872 871,269 9.6% 8.9% -0.7%
Dallas-Ft. Worth, TX 6,141,892 11,738,738 7.8% 7.4% -0.4%
Ft. Lauderdale-Broward, FL -27,578 459,217 7.3% 7.3% 0.0%
Greenville/Spartanburg, SC 557,774 62,130 8.2% 8.2% -0.1%
Houston, TX 2,627,370 6,965,095 4.7% 4.6% -0.1%
Huntsville, AL 165,432 -92,818 8.5% 8.2% -0.3%
Jacksonville, FL 613,376 331,825 8.1% 7.8% -0.3%
Little Rock, AR* 393,161 393,161 11.8% 10.8% -0.9%
Louisville, KY 597,458 950,524 6.5% 6.4% 0.0%
Memphis, TN 1,313,068 2,648,244 11.7% 11.8% 0.1%
Miami, FL 992,423 2,131,117 5.4% 5.0% -0.4%
Nashville, TN 572,549 1,698,822 6.7% 6.5% -0.2%
Norfolk, VA 739,109 1,396,965 7.6% 7.2% -0.4%
Orlando, FL 564,958 1,451,738 7.9% 8.0% 0.1%
Raleigh, NC 595,249 944,552 8.1% 7.7% -0.5%
Richmond, VA -14,082 491,693 8.1% 8.1% 0.0%
Savannah, GA 685,197 1,040,959 5.2% 3.7% -1.5%
Tampa Bay, FL 385,239 1,449,937 8.1% 8.0% -0.1%
West Palm Beach, FL 106,391 552,299 5.9% 5.7% -0.2%
South Total 24,452,291 47,589,138 7.8% 7.6% -0.2%

United States | Industrial Survey | Absorption, Vacancy
MARKET
ABSORPTION
Q2 2015 (SF)
YTD
ABSORPTION
VACANCY RATE
MARCH 31, 2015
VACANCY RATE
JUNE 30, 2015
QUARTERLY CHANGE
IN VACANCY
MIDWEST
Chicago, IL 8,050,705 9,319,580 7.6% 7.2% -0.4%
Cincinnati, OH 744,450 2,324,880 4.8% 4.6% -0.2%
Cleveland, OH -622,940 158,247 5.5% 5.7% 0.2%
Columbus, OH 183,174 1,774,102 5.8% 5.8% 0.0%
Dayton, OH 1,429,337 3,058,179 10.4% 9.1% -1.3%
Detroit, MI 2,391,249 3,324,100 7.0% 6.6% -0.3%
Grand Rapids, MI 286,975 324,789 6.1% 6.0% -0.2%
Indianapolis, IN 2,257,860 3,135,196 7.2% 7.0% -0.2%
Kansas City, MO-KS 949,252 1,405,165 6.3% 6.7% 0.4%
Milwaukee, WI 1,089,216 2,121,285 5.5% 5.0% -0.5%
Minneapolis/St. Paul, MN 1,386,554 2,069,479 7.0% 7.0% 0.0%
Omaha, NE -69,779 14,003 2.8% 2.9% 0.1%
St. Louis, MO 1,051,519 942,769 7.2% 7.2% 0.0%
Midwest Total 19,127,572 29,971,774 6.8% 6.6% -0.2%
WEST
Albuquerque, NM 25,628 -78,455 7.1% 7.1% -0.1%
Bakersfield, CA 1,124,980 1,925,007 3.4% 4.8% 1.4%
Boise, ID -58,283 217,784 4.4% 4.6% 0.1%
Denver, CO 964,292 1,879,324 4.0% 3.8% -0.2%
Fairfield, CA 255,607 215,358 6.1% 6.3% 0.1%
Fresno, CA 267,156 294,975 5.6% 5.2% -0.4%
Honolulu, HI 88,955 30,281 2.3% 2.0% -0.2%
Las Vegas, NV 1,751,409 2,632,741 7.8% 7.0% -0.9%
Los Angeles - Inland Empire, CA 6,929,200 12,185,400 4.5% 4.3% -0.2%
Los Angeles, CA 3,136,100 6,593,500 1.9% 1.8% -0.2%
Oakland, CA 1,074,645 1,116,733 3.9% 3.6% -0.3%
Orange County, CA 1,007,500 735,000 3.3% 3.1% -0.2%
Phoenix, AZ 523,646 2,021,257 12.0% 12.1% 0.2%
Pleasanton/Tri-Valley, CA 113,289 -9,105 6.4% 5.8% -0.7%
Portland, OR 876,504 1,937,572 5.4% 5.5% 0.1%
Reno, NV -390,983 501,444 8.2% 9.3% 1.1%
Sacramento, CA 310,139 1,265,771 10.7% 10.6% 0.0%
San Diego, CA 1,517,634 2,834,748 6.1% 5.3% -0.8%
San Francisco Peninsula, CA -96,375 83,649 2.5% 2.6% 0.1%
San Jose - Silicon Valley, CA 2,069,078 3,440,111 6.8% 5.8% -1.0%
Seattle/Puget Sound, WA 1,288,253 2,920,679 4.4% 3.9% -0.5%
Stockton/San Joaquin County, CA -1,076,681 81,618 7.3% 8.4% 1.1%
Walnut Creek, CA -147,600 -235,084 7.4% 8.2% 0.8%
West Total 21,554,093 42,590,308 5.2% 5.0% -0.2%
U.S. TOTALS 72,390,597 134,882,562 7.0% 6.8% -0.2%
(continued)

United States | Industrial Survey | 3-Month Forecasts, Sales Price, Cap Rates
MARKET
VACANCY FORECAST
(3 MONTHS)**
RENT FORECAST
(3 MONTHS)**
ABSORPTION FORECAST
(3 MONTHS)**
SALES PRICE
(USD/SF)
CAP RATE
NORTHEAST
Baltimore, MD Down Up Close to zero $54.50 8.5%
Boston, MA Up Same Negative $77.00 7.3%
Hartford, CT Down Same Positive $38.00 8.5%
Long Island, NY Up Up Positive $95.00 8.3%
New Hampshire Down Same Positive N/A N/A
New Jersey - Central Down Up Positive $81.67 N/A
New Jersey - Northern Down Up Positive N/A N/A
Philadelphia, PA Down Up Positive $75.52 6.6%
Pittsburgh, PA Down Up Positive $55.00 8.0%
Washington, DC Down Up Positive $125.00 7.1%
Northeast Average*** $75.21 7.8%
SOUTH
Atlanta, GA Same Up Positive $50.57 7.2%
Austin, TX Up Up Positive $98.00 N/A
Birmingham, AL Same Same Close to zero N/A N/A
Charleston, SC Down Up Positive N/A N/A
Charlotte, NC N/A N/A N/A N/A N/A
Columbia, SC Down Up Positive N/A N/A
Dallas-Ft. Worth, TX Same Same Positive $35.00 7.3%
Ft. Lauderdale-Broward, FL Down Up Positive $95.73 6.0%
Greenville/Spartanburg, SC Down Up Positive N/A N/A
Houston, TX Same Up Positive $84.00 N/A
Huntsville, AL Down Same Positive N/A N/A
Jacksonville, FL Down Same Positive $47.00 8.1%
Little Rock, AR* Same Same Close to zero $65.45 9.0%
Louisville, KY Up N/A Positive N/A N/A
Memphis, TN Down Up Positive $38.00 7.8%
Miami, FL Down Up Positive $78.60 5.8%
Nashville, TN Down Up Positive $59.00 8.6%
Norfolk, VA Down Up Positive $110.00 7.0%
Orlando, FL Down Up Positive $65.00 7.3%
Raleigh, NC Down N/A Positive N/A N/A
Richmond, VA Same Up Positive N/A N/A
Savannah, GA Down Up Positive $38.00 8.0%
Tampa Bay, FL Down Up Positive $44.00 4.0%
West Palm Beach, FL Down Up Positive $86.37 N/A
South Average*** $66.31 7.2%
** Forecasts for Warehouse space
*** Straight averages used

** Forecasts for Warehouse space
*** Straight averages used
United States | Industrial Survey | 3-Month Forecasts, Sales Price, Cap Rates
MARKET
VACANCY FORECAST
(3 MONTHS)**
RENT FORECAST
(3 MONTHS)**
ABSORPTION FORECAST
(3 MONTHS)**
SALES PRICE
(USD/SF)
CAP RATE
MIDWEST
Chicago, IL Down Same Positive $62.00 5.3%
Cincinnati, OH Same Up Positive $38.00 8.5%
Cleveland, OH Down Same Positive $37.00 N/A
Columbus, OH Up Up Positive $40.00 N/A
Dayton, OH Same Same Close to zero $30.00 N/A
Detroit, MI Down Up Positive $82.00 7.8%
Grand Rapids, MI Same Up Positive N/A N/A
Indianapolis, IN Down Same Positive $49.00 7.0%
Kansas City, MO-KS Same Same Positive N/A N/A
Milwaukee, WI Same Same Positive $55.00 8.0%
Minneapolis/St. Paul, MN Same Same Positive $30.00 N/A
Omaha, NE Same Up Close to zero N/A N/A
St. Louis, MO Down N/A Positive N/A N/A
Midwest Average*** $47.00 7.3%
WEST
Albuquerque, NM Same Same Close to zero $83.50 7.7%
Bakersfield, CA Same Same Positive $42.00 10.0%
Boise, ID Same Up Positive N/A N/A
Denver, CO Down Up Positive $72.48 6.9%
Fairfield, CA Same Up Positive $60.00 6.7%
Fresno, CA Down Up Close to zero $70.00 7.3%
Honolulu, HI Down Up Positive N/A N/A
Las Vegas, NV Down Up Positive $83.17 6.8%
Los Angeles - Inland Empire, CA Same Up Positive $80.00 6.0%
Los Angeles, CA Same Up Close to zero $97.95 5.5%
Oakland, CA Same Up Positive $136.60 5.0%
Orange County, CA Same Same Close to zero $117.50 5.5%
Phoenix, AZ Down Up Positive $70.00 7.5%
Pleasanton/Tri-Valley, CA Down Up Close to zero $140.00 5.8%
Portland, OR Down Up Positive $82.26 6.2%
Reno, NV Down N/A Positive N/A N/A
Sacramento, CA Down Up Positive $46.39 6.5%
San Diego, CA Down Up Positive $84.46 6.5%
San Francisco Peninsula, CA Down Up Positive $180.00 5.0%
San Jose - Silicon Valley, CA Down Up Positive $229.00 N/A
Seattle/Puget Sound, WA Down Up Positive $96.00 5.8%
Stockton/San Joaquin County, CA Same Up Positive N/A N/A
Walnut Creek, CA Same Up Close to zero N/A N/A
West Average*** $98.41 6.5%
U.S. AVERAGES*** $75.81 7.0%
(continued)

United States | Industrial Survey | Average Asking NNN Rents as of June 2015
MARKET
WAREHOUSE /
DISTRIBUTION SPACE
(USD/SF/YR)
BULK SPACE
(USD/SF/YR)
FLEX / SERVICE SPACE
(USD/SF/YR)
TECH / R&D SPACE
(USD/SF/YR)
NORTHEAST
Baltimore, MD $4.66 $4.66 $10.08 N/A
Boston, MA $6.39 $5.96 $7.34 $16.36
Hartford, CT $3.89 $5.39 $8.03 $6.50
Long Island, NY $9.54 $9.54 $15.73 N/A
New Hampshire $6.22 N/A $8.66 $11.26
New Jersey - Central $4.93 $4.47 $11.84 N/A
New Jersey - Northern $6.19 $5.75 $9.68 N/A
Philadelphia, PA $4.50 $4.35 $7.50 $11.25
Pittsburgh, PA $4.76 $4.76 $12.45 $12.45
Washington, DC $7.40 $6.54 $12.03 $13.05
Northeast Average** $5.85 $5.71 $10.33 $11.81
SOUTH
Atlanta, GA $3.54 $3.29 $8.08 $10.78
Austin, TX $5.99 $5.17 $11.10 $10.07
Birmingham, AL $4.16 $3.54 $7.39 N/A
Charleston, SC $4.55 $4.76 $9.77 N/A
Charlotte, NC $3.69 $3.67 $8.09 N/A
Columbia, SC $3.22 $3.35 $7.81 N/A
Dallas-Ft. Worth, TX $3.45 $2.90 $7.50 $8.95
Ft. Lauderdale-Broward, FL $7.03 $6.60 $11.38 $9.52
Greenville/Spartanburg, SC $3.37 $3.68 $7.75 N/A
Houston, TX $6.22 $4.39 $12.38 $13.64
Huntsville, AL $5.31 $5.36 $6.51 N/A
Jacksonville, FL $3.84 $3.66 $9.00 N/A
Little Rock, AR* $3.71 $3.12 $6.41 N/A
Louisville, KY $3.65 $3.69 $6.81 N/A
Memphis, TN $2.60 $2.75 $5.44 $9.75
Miami, FL $7.72 $7.27 $13.38 $8.60
Nashville, TN $4.60 $3.23 $8.69 $8.07
Norfolk, VA $4.69 $4.27 $8.29 $10.35
Orlando, FL $4.89 $4.45 $9.59 $9.19
Raleigh, NC $4.18 $4.80 $11.12 N/A
Richmond, VA $3.98 $4.06 $8.25 N/A
Savannah, GA $3.95 $3.75 $7.00 $10.00
Tampa Bay, FL $4.40 $4.42 $7.73 $6.20
West Palm Beach, FL $7.50 $6.87 $12.40 N/A
South Average** $4.59 $4.29 $8.83 $9.59
** Straight averages used

United States | Industrial Survey | Average Asking NNN Rents as of June 2015
MARKET
WAREHOUSE /
DISTRIBUTION SPACE
(USD/SF/YR)
BULK SPACE
(USD/SF/YR)
FLEX / SERVICE SPACE
(USD/SF/YR)
TECH / R&D SPACE
(USD/SF/YR)
MIDWEST
Chicago, IL $4.50 $3.58 $9.50 N/A
Cincinnati, OH $3.39 $3.15 $6.32 $6.32
Cleveland, OH $3.08 $3.08 $6.65 $6.65
Columbus, OH $2.89 $2.89 $5.56 $5.56
Dayton, OH $2.45 $2.57 $4.52 $4.52
Detroit, MI $4.39 $3.75 $7.83 $7.99
Grand Rapids, MI $2.88 $3.07 $4.68 $4.51
Indianapolis, IN $3.00 $3.25 $4.00 $9.00
Kansas City, MO-KS $4.43 $3.98 $8.17 $7.45
Milwaukee, WI $3.89 $3.44 $4.83 N/A
Minneapolis/St. Paul, MN $5.10 $5.11 $7.24 $7.60
Omaha, NE $4.06 $3.85 $6.73 $5.10
St. Louis, MO $3.93 $3.89 $8.43 N/A
Midwest Average** $3.69 $3.51 $6.50 $6.47
WEST
Albuquerque, NM $5.27 $4.29 $9.49 $9.49
Bakersfield, CA $4.00 $3.42 $8.00 N/A
Boise, ID $5.04 $5.28 $6.69 N/A
Denver, CO $6.63 $5.20 $10.10 $11.00
Fairfield, CA $5.48 $5.84 $7.03 $8.41
Fresno, CA $4.40 $3.18 $4.75 $4.80
Honolulu, HI $14.04 N/A N/A N/A
Las Vegas, NV $5.88 $5.40 $6.48 $9.60
Los Angeles - Inland Empire, CA $5.41 $4.93 $7.18 $7.80
Los Angeles, CA $7.15 $5.76 $9.30 $12.75
Oakland, CA $6.72 $6.48 $6.72 $10.32
Orange County, CA $8.15 $7.50 $14.75 $11.30
Phoenix, AZ $5.91 $4.53 $11.93 $11.81
Pleasanton/Tri-Valley, CA $5.88 $6.24 N/A N/A
Portland, OR $5.45 $4.65 $11.40 $9.88
Reno, NV $4.09 $3.80 $7.54 N/A
Sacramento, CA $4.92 $3.48 $8.40 $8.52
San Diego, CA $8.52 $7.80 $12.60 $19.08
San Francisco Peninsula, CA $11.52 $12.00 $32.04 $32.04
San Jose - Silicon Valley, CA $8.40 $5.86 $10.32 $20.28
Seattle/Puget Sound, WA $6.36 $5.53 $14.63 $15.18
Stockton/San Joaquin County, CA $4.08 $4.32 $7.92 $7.92
Walnut Creek, CA $4.20 N/A N/A $12.48
West Average** $6.41 $5.50 $10.36 $12.37
U.S. AVERAGES** $5.20 $4.71 $9.06 $10.29
(continued)
** Straight averages used

Canada | Industrial Survey | Inventory, New Supply, Under Construction
MARKET
EXISTING
INVENTORY (SF)
JUNE 30, 2015
SPECULATIVE
NEW SUPPLY
Q2 2015 (SF)
TOTAL
NEW SUPPLY
Q2 2015 (SF)
YTD
NEW SUPPLY
UNDER CONSTRUCTION
(SF)
TOTAL CURRENTLY
UNDER CONSTRUCTION
(SF)
Calgary, AB 133,903,440 982,222 992,700 1,364,525 2,420,566 3,947,379
Edmonton, AB 137,712,997 415,557 475,279 475,279 2,556,496 3,245,776
Montréal, QC 324,708,553 0 0 250,000 677,637 892,637
Ottawa, ON 46,560,666 0 0 191,600 0 0
Regina, SK 18,223,953 20,000 70,000 109,095 20,000 251,000
Saskatoon, SK 22,010,354 40,000 83,438 253,339 230,000 559,560
Toronto, ON 766,246,067 1,458,755 1,458,755 5,847,215 6,729,398 8,895,929
Vancouver, BC 193,721,350 457,982 587,814 1,695,768 2,230,718 2,932,685
Victoria, BC 9,159,327 0 0 0 0 0
Waterloo Region, ON 60,007,544 0 198,571 461,620 85,659 191,175
Winnipeg, MB 80,206,782 30,000 49,700 49,700 0 189,000
CANADA TOTALS 1,800,108,227 3,404,516 3,916,257 10,698,141 14,950,474 21,105,141
Canada | Industrial Survey | Absorption, Vacancy Rate
MARKET
ABSORPTION
Q2 2015 (SF)
YTD
ABSORPTION
VACANCY RATE
MARCH 31, 2015
VACANCY RATE
JUNE 30, 2015
QUARTER CHANGE
IN VACANCY
Calgary, AB -982,546 -889,321 4.2% 5.7% 1.5%
Edmonton, AB 98,964 -293,386 2.5% 2.7% 0.3%
Montréal, QC 19,392 1,020,875 3.7% 3.6% -0.1%
Ottawa, ON 0 0 4.6% 3.3% -1.4%
Regina, SK -82,086 -47,744 2.0% 2.9% 0.8%
Saskatoon, SK 36,268 34,804 5.9% 6.1% 0.2%
Toronto, ON 1,487,500 3,152,252 3.6% 3.3% -0.3%
Vancouver, BC 1,022,822 2,796,910 3.6% 3.3% -0.2%
Victoria, BC 0 0 4.6% 4.6% 0.0%
Waterloo Region, ON 451,253 371,970 7.2% 6.4% -0.8%
Winnipeg, MB -184,928 -426,555 4.1% 4.4% 0.3%
CANADA TOTALS 1,866,639 5,719,805 3.8% 3.7% -0.1%
Canada | Industrial Survey | 3-Month Forecasts, Sales Price, Cap Rates
MARKET
VACANCY FORECAST
(3 MONTHS)**
RENT FORECAST
(3 MONTHS)**
ABSORPTION FORECAST
(3 MONTHS)**
AVERAGE SALES PRICE
(CAD/SF)
CAP RATE
Calgary, AB Up Down Negative $175.00 6.5%
Edmonton, AB Up Down Positive $126.38 6.1%
Montréal, QC Same Same Close to zero $65.00 7.3%
Ottawa, ON Same Same Close to zero $125.00 7.0%
Regina, SK Same Same Close to zero $168.00 7.0%
Saskatoon, SK Up Down Positive $177.00 7.1%
Toronto, ON Same Up Positive $85.92 6.9%
Vancouver, BC Down Up Positive $185.00 4.9%
Victoria, BC Same Same Positive $195.00 7.5%
Waterloo Region, ON Down Same Positive $94.00 7.0%
Winnipeg, MB Same Same Close to zero N/A N/A
CANADA AVERAGES* $139.63 6.7%
* Straight averages used
** Forecasts are for Warehouse space
Note: Halifax included in averages, but detail not shown
Note: Halifax included in totals, but detail not shown
Note: Halifax included in totals, but detail not shown

Canada | Industrial Survey | Average Asking Rents as of June 2015
MARKET
WAREHOUSE/
DISTRIBUTION SPACE
(CAD/SF/YR)
BULK SPACE
(CAD/SF/YR)
FLEX / SERVICE
SPACE (CAD/SF/YR)
TECH / R&D SPACE
(CAD/SF/YR)
Calgary, AB $9.25 $8.00 $12.25 $12.25
Edmonton, AB $8.30 $7.75 $10.17 $17.00
Montréal, QC $4.75 $4.25 $5.75 $8.00
Ottawa, ON $8.00 $8.00 $10.00 $12.00
Regina, SK $11.00 $10.00 $12.00 $13.75
Saskatoon, SK $10.00 $10.00 $9.50 $14.00
Toronto, ON $5.42 $5.46 N/A N/A
Vancouver, BC $8.16 $7.44 $8.49 $14.00
Victoria, BC $11.50 $10.00 $13.50 $13.50
Waterloo Region, ON $4.75 $4.14 $7.93 $7.93
Winnipeg, MB $6.60 $5.91 $10.21 $12.75
CANADA AVERAGES* $7.99 $7.41 $9.89 $12.74
Canada | Vacancy Rankings
MARKET
VACANCY RATE
JUNE 30, 2015
Edmonton, AB 2.7%
Regina, SK 2.9%
Ottawa, ON 3.3%
Toronto, ON 3.3%
Vancouver, BC 3.3%
Montréal, QC 3.6%
CANADA AVERAGE 3.7%
Winnipeg, MB 4.4%
Victoria, BC 4.6%
Calgary, AB 5.7%
Saskatoon, SK 6.1%
Waterloo Region, ON 6.4%
MARKET
VACANCY RATE
JUNE 30, 2015
Los Angeles, CA 1.8%
Honolulu, HI 2.0%
San Francisco Peninsula, CA 2.6%
Omaha, NE 2.9%
Orange County, CA 3.1%
Oakland, CA 3.6%
Savannah, GA 3.7%
Denver, CO 3.8%
Seattle/Puget Sound, WA 3.9%
Los Angeles - Inland Empire, CA 4.3%
Boise, ID 4.6%
Cincinnati, OH 4.6%
Houston, TX 4.6%
Long Island, NY 4.6%
Bakersfield, CA 4.8%
Milwaukee, WI 5.0%
Miami, FL 5.0%
Fresno, CA 5.2%
San Diego, CA 5.3%
Portland, OR 5.5%
Cleveland, OH 5.7%
West Palm Beach, FL 5.7%
San Jose - Silicon Valley, CA 5.8%
Pleasanton/Tri-Valley, CA 5.8%
MARKET
VACANCY RATE
JUNE 30, 2015
Columbus, OH 5.8%
Grand Rapids, MI 6.0%
Fairfield, CA 6.3%
Louisville, KY 6.4%
Nashville, TN 6.5%
Detroit, MI 6.6%
Kansas City, MO-KS 6.7%
U.S. AVERAGE 6.8%
New Jersey - Central 6.9%
Pittsburgh, PA 6.9%
Las Vegas, NV 7.0%
Indianapolis, IN 7.0%
Minneapolis/St. Paul, MN 7.0%
Albuquerque, NM 7.1%
Charleston, SC 7.1%
Austin, TX 7.1%
Norfolk, VA 7.2%
New Jersey - Northern 7.2%
Chicago, IL 7.2%
St. Louis, MO 7.2%
Ft. Lauderdale-Broward, FL 7.3%
Dallas-Ft. Worth, TX 7.4%
Raleigh, NC 7.7%
Hartford, CT 7.7%
MARKET
VACANCY RATE
JUNE 30, 2015
Jacksonville, FL 7.8%
New Hampshire 8.0%
Orlando, FL 8.0%
Tampa Bay, FL 8.0%
Richmond, VA 8.1%
Greenville/Spartanburg, SC 8.2%
Huntsville, AL 8.2%
Walnut Creek, CA 8.2%
Stockton/San Joaquin County, CA 8.4%
Atlanta, GA 8.4%
Philadelphia, PA 8.7%
Columbia, SC 8.9%
Washington, DC 8.9%
Dayton, OH 9.1%
Reno, NV 9.3%
Baltimore, MD 9.5%
Charlotte, NC 9.5%
Birmingham, AL 9.8%
Sacramento, CA 10.6%
Little Rock, AR* 10.8%
Memphis, TN 11.8%
Phoenix, AZ 12.1%
Boston, MA 18.6%
U.S. | Vacancy Rankings
* Straight averages used
Note: Halifax included in averages, but detail not shown

Copyright © 2015 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.
Colliers International
666 Fifth Avenue
New York, NY 10103
+1 212 716 3500
colliers.com
INDUSTRIAL SERVICES | contact
Dwight Hotchkiss
President, Brokerage Services | USA
National Director, Industrial | USA
+1 213 532 3229
dwight.hotchkiss@colliers.com
FOR MORE INFORMATION
Pete Culliney
Director of Research | Global
+1 212 716 3689
pete.culliney@colliers.com
CONTRIBUTORS
Jeff Simonson
U.S. Senior Research Analyst | USA
AJ Paniagua
U.S. Research Analyst | USA
Andrew Nelson
Chief Economist | USA
Glossary
Bulk Space – Warehouse space
100,000 square feet or more with
minimum ceiling heights of 24
feet. All loading is dock-height.
Flex Space – Single-story build-
ings having 10 to 18-foot ceilings
with both floor-height and
dock-height loading. Includes
wide variation in office space
utilization, ranging from retail and
personal service, to distribution,
light industrial and occasional
heavy industrial use.
Service Space – Single-story (or
mezzanine) with 10 to 16-foot
ceilings with frontage treatment
on one side and dock-height
loading or grade-level roll-up
doors on the other. Less than 15
percent office space.
Tech/R&D – One and two-story,
10 to 15-foot ceiling heights with
up to 50% office/dry lab space
(remainder in wet lab, workshop,
storage and other support), with
dock-height and floor-height
loading.
Warehouse – 50,000 square feet
or more with up to 15 percent
office space, the balance being
general warehouse space with 18
to 30-foot ceiling heights. All
loading is dock-height.

Q2 2105 North American Industrial Highligts

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