Oct 28, 2011
midyear 2011 | iNdUSTriaL
HIGHLIGHTS
GLOBAL INDUSTRIAL
Industrial Real Estate Markets Holding Up Despite Softening Global Economy
ROSS J. mOORe Chief Economist | USA
GLOBAL INDUSTRIAL cApITALIZATION RATeS (Prime Yield/Percent) mARKeT (Select Markets)
Hong Kong London Heathrow New Jersey Northern Singapore Tokyo Vancouver Munich Paris Chicago Marseille Shanghai Seoul Madrid Dallas-Ft. Worth Sydney Los Angeles Inland Empire Prague Atlanta Mexico City Bucharest
eUROpe, mIDDLe eAST, AfRIcA (emeA)
JUNe 2011
4.40 6.00 5.89 4.70 6.20 6.00 6.90 6.80 6.90 7.20 8.76 8.00 8.00 8.00 8.25 5.25 8.50 8.99 9.50 10.00
GLOBAL TOp TeN INDUSTRIAL wARehOUSe ReNTS
(USD/ PSF/Year)
JUNe 2010
4.75 6.00 7.00 8.00 6.20 6.50 7.10 7.25 7.50 7.75 8.50 8.00 8.25 8.50 8.30 9.00 9.50 9.70 9.00 10.00
Despite widespread concerns over the effect of the sovereign debt crisis, European, Middle Eastern and African warehouse leasing markets largely maintained occupancies during the first half of 2011. Greece, Hungary, Ireland, Spain, and the Baltic states in particular remained key areas of weakness. Even though signs of growth were evident in some parts of the region, various markets were still characterized by sluggish leasing activity and little expansion. Warehouse rents again mostly held steady during the first half of 2011; however, lower rents were recorded in Athens, Dublin, Madrid, Minsk, Sofia and Zagreb. London's Heathrow submarket continued to hold the title for the most expensive warehouse space in the region at $20.11 USD/£12.96 GBP per square foot per year. Within the EMEA region, industrial land values in London's Heathrow submarket remained far in excess of any other market in the region. At midyear, Heathrow land values averaged $62.65/£39.00 GBP per square foot, an increase of 6.2% from the end of 2010 (local currency).
ReNT
mARKeT Tokyo London (Heathrow) Zurich Hong Kong Geneva Singapore Oslo São Paulo Helsinki Marseilles
(Local Currency, %)
6-mONTh chANGe 0.0 0.0 0.0 10.8 0.0 12.4 0.0 4.2 2.6 8.7
22.81 20.88 19.88 18.97 18.77 18.57 17.28 17.06 16.19 16.19
GLOBAL pRIme LAND pRIceS JUNe 2011 6-mONTh
(USD PSF) chANGe* (%)
environment has cooled significantly relative to the latter half of 2010.This will likely cause leasing activity to pull back in the coming months. All indications are that the manufacturing sector will stay relatively robust, but not enough to sustain the same growth in occupancy experienced over the last few quarters. During the first half of 2011, U.S. rents fell 0.3% while Canadian rents registered a very mild increase.
mARKeT (Select Markets)
NORTh AmeRIcA
American and Canadian warehouse markets enjoyed a relatively robust six-month period with a healthy increase in occupancies and slight down-tick in vacancy levels. Solid demand for warehouse space in many markets coupled with minimal construction led to a modest decline in vacancies in many markets. Despite the increase in occupancy, warehouse rents registered a modest decrease, continuing a three-and-a-half-year trend. The outlook for the second half of 2011 is not so upbeat. With the economy decelerating and continued unease concerning the European sovereign debt crisis, many businesses are likely to delay expansion and reduce aggregate demand for warehouse space in the coming months. In spite of relatively robust exports (July yearover-year growth of 17 percent) and considerable growth in manufacturing, the macroeconomic
ASIA pAcIfIc
Asia Pacific remained the most robust region in the Asia Pacific remained the bright spot within the world economy, with exports staying relatively strong and domestic spending holding up reasonably well. With the region still registering healthy economic growth, and exporters working through the effects of the earthquake and subsequent tsunami in Sendai in northern Japan, industrial leasing markets somewhat surprisingly suffered little adverse effect. Rents were steady or up in most markets during the first half of the year. With a number of central banks reigning in monetary policy to combat rising price pressures, leasing markets are expected to moderate in the coming months, but the long-term trend of elevated demand for warehouse space is unchanged. Tokyo, Hong Kong and Singapore warehouse rents all ranked in the top ten ,with Tokyo lease rates the most expensive in the world at $22.81 USD per square foot, per annum/¥1,650.00 JPY per square meter, per month.
Hong Kong 1,339.62 Tokyo 511.60 Singapore 94.62 London - Heathrow 62.65 Seoul 52.24 Shanghai 43.14 Melbourne 28.92 Beijing 19.37 Antwerp 18.89 Milan 17.27 Hamburg 16.19 Leeds 11.08 Toronto 10.80 Los Angeles - Inland Empire 10.15 Helsinki 9.45 Paris 8.77 Lyon 7.42 Chicago 5.75 Dallas - Fort Worth 1.60 Atlanta 1.25
29.12 (0.67) 11.83 6.18 0.00 30.43 15.08 2.28 (6.67) 2.40 0.00 0.19 5.36 9.97 4.48 0.00 0.00 9.52 0.00 25.00
*Local Currency
www.cOLLIeRS.cOm
highLighTS | midyear 2011 | industriaL | GLOBaL
INDUSTRIAL SURVeY | LOcAL meASURe/cURReNcY ReNTS
meASURe
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 Minsk Antwerp Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lille Lyon Marseilles Paris Toulouse Berlin Düsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Milan Rome Riga Vilnius Amsterdam Oslo Warsaw Lisbon Dublin Bucharest Moscow Saint Petersburg Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Belfast Birmingham Bristol Edinburgh Glasgow Leeds
Austria Belarus Belgium Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Italy Italy Latvia Lithuania Netherlands Norway Poland Portugal Republic of Ireland Romania Russia Russia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
EUR EUR EUR EUR EUR EUR EUR DKK EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR NOK EUR EUR EUR EUR USD USD EUR EUR ZAR ZAR ZAR EUR SEK CHF CHF USD USD GBP GBP GBP GBP GBP GBP
SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SF SF SF SF SF SF
Month Month Month Month Month Month Month Year Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Year Month Month Month Month Year Year Year Year Year Year
5.50 8.00 3.70 3.70 4.00 5.00 4.30 450.00 4.50 10.00 6.25 4.60 6.25 10.00 10.00 6.25 5.70 5.00 5.30 5.70 6.20 5.30 5.00 4.00 4.90 5.00 3.50 3.90 7.90 83.33 6.00 5.50 5.00 4.40 14.00 9.17 5.00 3.90 50.00 45.00 55.00 5.50 870.00 14.17 15.00 6.00 7.00 4.00 5.75 7.00 7.00 6.00 5.50
0.00 (20.00) 0.00 (2.63) (11.11) (16.67) (4.44) 0.00 12.50 2.56 (3.85) 0.00 0.00 8.70 0.00 0.00 1.79 0.00 0.00 3.64 (1.59) 0.00 (9.09) 0.00 0.00 0.00 0.00 0.00 0.00 0.04 9.09 0.00 (25.37) 0.00 16.67 (0.36) 0.00 0.00 0.00 0.00 0.00 (8.33) 8.75 0.00 0.00 0.00 16.67 0.00 9.52 (6.67) 0.00 0.00 0.00
5.00 6.50 3.20 3.20 3.50 4.50 3.80 450.00 3.80 7.50 3.50 3.50 3.50 3.50 4.40 3.50 4.30 4.40 6.00 5.70 5.25 6.00 3.00 3.60 4.80 5.00 3.20 3.20 3.80 75.00 5.00 3.50 4.50 4.00 12.00 8.10 4.00 3.60 45.00 42.00 50.00 3.50 575.00 10.83 13.33 6.00 5.80 4.00 5.50 5.50 4.50 5.00 5.00
240.00 140.00 150.00 58.91 55.00 76.00 800.00 32.00 70.00 52.00 45.00 55.00 58.00 65.00 48.00 110.00 160.00 120.00
150.00 64.00 128.00 50.00 20.00 17.00 375.00 1,350.00 96.00 125.00 50.00 35.00 100.00 100.00 51.00 66.07 1,326.00 1,500.00 700.00 300.00 600.00 350.00
30.00 6.30 6.90 6.30 5.75 3.45 6.90
p. 2
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highLighTS | midyear 2011 | industriaL | GLOBaL
INDUSTRIAL SURVeY | LOcAL meASURe/cURReNcY ReNTS
pRIme wARehOUSe ReNT (LOcAL meASURe/ cURReNcY) pRIme wARehOUSe ReNT, 6-mONTh chANGe (%) pRIme BULK ReNT(LOcAL meASURe/ cURReNcY) pRIme LAND VALUe (LOcAL meASURe/ cURReNcY)
mARKeT
London (Heathrow) Manchester NORTh AmeRIcA Calgary Edmonton Guelph Halifax Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Waterloo Region Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas-Ft. Worth Denver Detroit Fairfield Fresno Ft. Lauderdale-Broward Grand Rapids Greenville/Spartanburg Hartford Honolulu Houston Indianapolis Jacksonville Kansas City Las Vegas Little Rock Long Island Los Angeles Los Angeles - Inland Empire Louisville Memphis Miami Minneapolis Nashville New Jersey - Central New Jersey - Northern
cOUNTRY
United Kingdom United Kingdom Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
QUOTeD cURReNcY
GBP GBP CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
UNIT
SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF
TIme peRIOD
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
eUROpe, mIDDLe eAST AND AfRIcA (emeA) continued
13.00 5.75 7.75 7.25 4.74 7.50 4.25 7.50 9.00 9.50 4.81 7.40 12.00 3.93 3.21 4.00 5.43 4.50 4.50 3.85 3.28 4.48 2.88 3.42 3.75 2.56 3.00 3.50 3.92 5.62 2.40 6.47 4.14 2.90 4.05 10.96 5.05 3.00 3.75 3.15 4.81 2.68 8.06 5.64 3.84 3.34 3.01 6.90 4.59 3.12 4.43 5.83
0.00 0.00 0.00 6.62 7.14 6.25 3.45 5.88 5.56 (3.41) 13.85 0.00 (3.44) 4.22 0.00 16.52 0.00 0.00 5.48 (1.80) 16.67 (1.71) (1.16) 0.00 2.81 0.00 0.00 (1.26) 6.44 0.00 (3.00) 5.45 (5.37) (7.74) 1.81 (19.14) 7.14 (20.65) 0.21 0.37 0.00 6.67 0.00 18.50 1.47 (21.80) (4.94) (1.69)
12.00 4.25 6.25 6.00 4.74 5.50 4.00 6.50 7.00 8.00 4.40 11.00 2.77 2.84 3.42 4.60 4.50 4.75 4.20 2.93 2.88 3.75 2.19 2.70 3.25 3.69 5.71 2.28 6.19 2.80 2.95 4.28 4.24 2.80 3.10 3.03 4.82 2.74 14.25 5.52 3.72 2.48 4.93 4.23 4.49 3.70 5.85
39.00 6.30
14.13 8.03 5.00 11.00 5.05 9.11 10.41 25.00 6.88 1.25 2.75 1.25 3.75 2.75 5.75 1.72 1.15 1.39 1.60 5.00 4.17 2.00
0.90 1.49 29.00 3.93 1.46
5.16 0.95 12.78 18.60 10.15 1.00 11.50 1.18 7.57 11.92
cOLLIeRS INTeRNATIONAL |
p. 3
highLighTS | midyear 2011 | industriaL | GLOBaL
INDUSTRIAL SURVeY | LOcAL meASURe/cURReNcY ReNTS
pRIme wARehOUSe ReNT (LOcAL meASURe/ cURReNcY) pRIme wARehOUSe ReNT, 6-mONTh chANGe (%) pRIme BULK ReNT (LOcAL meASURe/ cURReNcY) pRIme LAND VALUe (LOcAL meASURe/ cURReNcY)
mARKeT
NORTh AmeRIcA continued
cOUNTRY
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
QUOTeD cURReNcY
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD AUD AUD AUD AUD AUD RMB RMB HKD RMB INR IDR JPY NZD NZD NZD SGD KRW THB USD USD USD USD USD USD USD USD
UNIT
SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF
TIme peRIOD
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
Oakland Omaha Orange County Orlando Philadelphia Phoenix Pittsburgh Pleasanton/Walnut Creek Portland Raleigh Reno Sacramento San Diego San Francisco Peninsula San Jose/Silicon Valley Savannah Seattle/Puget Sound St. Louis St. Paul Stockton/San Joaquin County Tampa Bay Washington DC West Palm Beach ASIA pAcIfIc Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai-Pudong Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul Chonburi Province Ho Chi Minh City LATIN AmeRIcA Buenos Aires São Paulo Santiago Bogotá San José Mexico city Lima
4.56 4.85 6.72 4.49 4.00 5.17 4.29 5.04 5.19 3.63 3.60 4.44 7.68 9.24 5.55 3.95 5.60 3.88 4.40 3.72 4.21 7.64 6.76
5.56 (3.45) (1.75) 0.00 (4.61) 5.00 4.43 (8.10) 3.45 0.68 (3.03) 0.00 25.00 0.00 (0.36) (1.27) (6.06) 0.24 (1.29) (5.32)
3.16 5.34 5.52 4.26 3.75 4.08 3.75 3.87 4.84 3.83 3.20 3.75 6.96 9.24 5.03 3.75 4.92 4.10 3.66 4.23 6.35 9.50 3.50
12.55 22.95 3.10 1.50 2.47 19.69 5.94 4.00 1.00 2.00 12.00
2.00 1.43
Australia Australia Australia Australia Australia China China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea Thailand Vietnam Argentina Brazil Chile Colombia Costa Rica Mexico Peru
SM SM SM SM SM SM SM SF SM SF SM SM SM SM SM SF SM SM SM SM SM SM SM SM SM SM
Year Year Year Year Year Month Month Month Month Month Month Month Year Year Year Month Month Month Month Month Month Month Month Month Month Month
115.00 115.00 90.00 115.00 133.00 36.80 28.00 12.30 33.55 35.00 29,778.00 1,650.00 107.00 86.00 83.00 1.90 12,000.00 155.00 4.25 6.60 15.30 6.03 11.00 5.50 5.60 5.50
4.55 4.55 4.65 4.55 0.00 21.89 7.69 10.81 5.07 9.38 1.37 0.00 3.88 3.61 2.47 12.43 0.00 3.33 (15.00) 4.76 4.17 9.84 (4.35) (15.38) 3.70 (8.33)
85.00 90.00 90.00 90.00 101.00 33.00 26.00 10.04 28.98 30.00 1,700.00
1.37 12,000.00 110.00 3.00 6.20 13.10 5.11 10.00 6.75 5.60 4.50
500.00 300.00 290.00 500.00 416.00 1,347.00 602.00 10,424.00 3,000.00 4,000.00 917,162.00 444,000.00 290.00 255.00 250.00 116.15 600,000.00 2,679.00 147.50 90.00 281.00 123.12 200.00 100.00 180.00 120.00
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highLighTS | midyear 2011 | industriaL | GLOBaL
INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS
exchANGe RATe (USD) JUNe 2011 pRIme wARehOUSe pRIme pRIme ReNT BULK ReNT LAND VALUe (USD/ (USD/Sf/YeAR) (USD/Sf/YeAR) Sf) VAcANcY RATe (%) JUNe 2011 pRIme YIeLD/ cAp RATe (%)
mARKeT
Vienna Minsk Antwerp Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lille Lyon Marseilles Paris Toulouse Berlin Düsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Milan Rome Riga Vilnius Amsterdam Oslo Warsaw Lisbon Dublin Bucharest Moscow Saint Petersburg Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Belfast Birmingham Bristol Edinburgh Glasgow Leeds
cOUNTRY
Austria Belarus Belgium Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Italy Italy Latvia Lithuania Netherlands Norway Poland Portugal Republic of Ireland Romania Russia Russia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
eUROpe, mIDDLe eAST AND AfRIcA (emeA)
0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 5.1370 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 0.6887 5.3773 0.6887 0.6887 0.6887 0.6887 1.0000 1.0000 0.6887 0.6887 6.7568 6.7568 6.7568 0.6887 6.3035 0.8416 0.8416 1.0000 1.0000 0.6225 0.6225 0.6225 0.6225 0.6225 0.6225
8.91 12.95 5.99 5.99 6.48 8.10 6.96 8.14 7.29 16.19 10.12 7.45 10.12 16.19 16.19 10.12 9.23 8.10 8.58 9.23 10.04 8.58 8.10 6.48 7.93 8.10 5.67 6.32 12.79 17.28 9.72 8.91 8.10 7.12 15.61 10.22 8.10 6.32 8.25 7.43 9.08 8.91 12.83 18.77 19.88 6.69 7.81 6.43 9.24 11.24 11.24 9.64 8.84
8.10 10.53 5.18 5.18 5.67 7.29 6.15 8.14 6.15 12.14 5.67 5.67 5.67 5.67 7.12 5.67 6.96 7.12 9.72 9.23 8.50 9.72 4.86 5.83 7.77 8.10 5.18 5.18 6.15 15.55 8.10 5.67 7.29 6.48 13.38 9.03 6.48 5.83 7.43 6.93 8.25 5.67 8.48 14.36 17.67 6.69 6.47 6.43 8.84 8.84 7.23 8.03 8.03
32.39 0.00 18.89 20.24 7.95 7.42 10.26 14.47 4.32 9.45 7.02 6.07 7.42 7.83 8.77 6.48 14.84 21.59 0.00 16.19 0.00 0.00 20.24 8.64 17.27 6.75 2.70 2.29 50.60 23.33 12.95 16.87 6.75 4.72 9.29 9.29 6.88 8.92 18.24 20.63 9.63 40.48 8.85 38.65 0.00 0.00 2.79 10.12 11.08 10.12 9.24 5.54 11.08 8.71 5.80 5.80 23.00 11.00 9.90 16.00 5.00 7.00 7.50 8.00 7.50 10.00 6.50 5.00 5.00 5.00 15.00 5.40 20.00 4.50 8.00 7.50 8.00 7.50 7.00 7.00
5.00 2.50 9.00 21.66 8.50 21.40 14.00 9.00 19.29 17.00 13.21 4.44 12.83 1.54 10.50 6.60 17.00 4.90 17.00 21.30 7.50 15.00 34.10 11.00
6.30 3.50
14.00 8.30 7.49 6.20 10.38 8.22
25.00 22.00
* Central & Eastern European quoted vacancy rates based on A+B class stock only
cOLLIeRS INTeRNATIONAL |
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highLighTS | midyear 2011 | industriaL | GLOBaL
INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS
exchANGe RATe (USD) JUNe 2011 pRIme pRIme wARehOUSe ReNT BULK ReNT (USD/Sf/YeAR) (USD/Sf/YeAR) pRIme LAND VALUe (USD/Sf) VAcANcY RATe (%) JUNe 2011 pRIme YIeLD/ cAp RATe (%)
mARKeT
London (Heathrow) Manchester NORTh AmeRIcA Calgary Edmonton Guelph Halifax Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Waterloo Region Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas-Ft. Worth Denver Detroit Fairfield Fresno Ft. Lauderdale-Broward Grand Rapids Greenville/Spartanburg Hartford Honolulu Houston Indianapolis Jacksonville Kansas City Las Vegas Little Rock Long Island Los Angeles Los Angeles - Inland Empire Louisville Memphis Miami Minneapolis Nashville New Jersey - Central
cOUNTRY
United Kingdom United Kingdom
eUROpe, mIDDLe eAST AND AfRIcA (emeA) continued
0.6225 0.6225
20.88 9.24
19.28 6.83
62.65 10.12
13.05 8.18
Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
0.9643 0.9643 0.9643 0.9643 0.9643 0.9643 0.9643 0.9643 0.9643 0.9643 0.9643 0.9643 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
8.04 7.52 4.92 7.78 4.41 7.78 9.33 9.85 4.99 7.67 12.44 4.08 3.21 4.00 5.43 4.50 4.50 3.85 3.28 4.48 2.88 3.42 3.75 2.56 3.00 3.50 3.92 5.62 2.40 6.47 4.14 2.90 4.05 10.96 5.05 3.00 3.75 3.15 4.81 2.68 8.06 5.64 3.84 3.34 3.01 6.90 4.59 3.12 4.43
6.48 6.22 4.92 5.70 4.15 6.74 7.26 8.30 4.56 11.41 2.87 2.84 3.42 4.60 4.50 4.75 4.20 2.93 2.88 3.75 2.19 2.70 3.25 3.69 5.71 2.28 6.19 2.80 2.95 4.28 4.24 2.80 3.10 3.03 4.82 2.74 14.25 5.52 3.72 2.48 4.93 4.23 4.49 3.70
0.00 14.65 8.33 5.19 11.41 0.00 5.24 9.45 10.80 25.93 7.13 1.25 2.75 0.00 1.25 3.75 2.75 5.75 1.72 1.15 1.39 1.60 5.00 0.00 4.17 2.00 0.00 0.00 0.90 1.49 29.00 3.93 1.46 0.00 0.00 5.16 0.95 12.78 18.60 10.15 0.00 1.00 11.50 1.18 0.00 7.57
4.96 3.41 3.53 6.92 5.45 7.10 0.91 4.02 4.97 4.07 3.37 6.01 14.10 9.51 10.63 11.12 20.83 10.83 13.28 11.77 8.83 9.69 7.88 12.30 11.52 7.71 13.95 12.85 12.00 10.92 8.86 9.96 9.22 4.74 5.70 7.06 10.95 7.25 16.25 14.89 5.63 5.23 9.42 11.24 12.34 8.57 13.09 13.68 9.79
5.20 4.89 6.35 6.64 5.27 2.37 3.05 6.15 4.49 1.51 7.33 14.09 10.32 11.22 10.85 21.99 13.56 13.44 11.91 8.84 9.81 12.75 13.36 11.61 8.12 14.37 13.39 8.10 9.70 10.77 9.32 4.13 6.56 10.68 7.63 16.62 16.19 5.30 12.74 12.53 13.91 9.72 11.35 10.76
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| cOLLIeRS INTeRNATIONAL
highLighTS | midyear 2011 | industriaL | GLOBaL
INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS
exchANGe RATe (USD) JUNe 2011 pRIme pRIme wARehOUSe ReNT BULK ReNT (USD/Sf/YeAR) (USD/Sf/YeAR) pRIme LAND VALUe (USD/Sf) VAcANcY RATe (%) JUNe 2011 pRIme YIeLD/ cAp RATe (%)
mARKeT
NORTh AmeRIcA continued
cOUNTRY
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States Australia Australia Australia Australia Australia China China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea Thailand Vietnam Argentina Brazil Chile Colombia Costa Rica Mexico Peru
New Jersey - Northern Oakland Omaha Orange County Orlando Philadelphia Phoenix Pittsburgh Pleasanton/Walnut Creek Portland Raleigh Reno Sacramento San Diego San Francisco Peninsula San Jose/Silicon Valley Savannah Seattle/Puget Sound St. Louis St. Paul Stockton/San Joaquin County Tampa Bay Washington DC West Palm Beach ASIA pAcIfIc Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai-Pudong Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul Chonburi Province Ho Chi Minh City LATIN AmeRIcA Buenos Aires São Paulo Santiago Bogotá San José Mexico city Lima
1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 0.9319 0.9319 0.9319 0.9319 0.9319 6.4635 6.4635 7.7813 6.4635 44.6000 8,570.00 80.6571 1.2073 1.2073 1.2073 1.2276 1,067.35 30.7200 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
5.83 4.56 4.85 6.72 4.49 4.00 5.17 4.29 5.04 5.19 3.63 3.60 4.44 7.68 9.24 5.55 3.95 5.60 3.88 4.40 3.72 4.21 7.64 6.76 11.47 11.47 8.98 11.47 13.26 6.35 4.83 18.97 5.79 9.42 3.88 22.81 8.24 6.62 6.39 18.57 12.54 5.63 4.74 7.36 17.06 6.72 12.27 6.13 6.25 6.13
5.85 3.16 5.34 5.52 4.26 3.75 4.08 3.75 3.87 4.84 3.83 3.20 3.75 6.96 9.24 5.03 3.75 4.92 4.10 3.66 4.23 6.35 8.48 8.98 8.98 8.98 10.07 5.69 4.49 15.48 5.00 8.07 23.51
11.92 12.55 0.00 22.95 0.00 3.10 1.50 2.47 19.69 5.94 4.00 1.00 2.00 12.00 0.00 0.00 2.00 1.43 0.00 0.00 3.50 0.00 0.00 9.50 49.86 29.92 28.92 49.86 41.49 19.37 8.66 1,339.62 43.14 89.69 9.95 511.60 22.32 19.63 19.24 94.62 52.24 8.10 13.71 8.36 26.12 11.44 18.59 9.29 16.73 11.15
8.18 8.76 6.01 5.04 12.20 9.53 15.22 7.02 11.33 9.08 12.25 14.68 13.07 11.45 8.94 13.14 15.22 7.53 8.48 8.68 15.42 10.56 12.34 9.76
8.02 9.42 5.86 12.92 9.95 18.46 13.09 8.49 13.17 15.31 12.41 11.71 9.46 13.83 21.57 8.31 8.77 17.19 11.43 12.98 11.21
3.00 17.40 5.30
7.90 29.00 6.60
13.39 12.54 3.99 3.35 6.91 14.61 5.70 11.15 7.53 6.25 5.02
7.70 26.50 10.00 2.00 9.00 1.90 7.90 7.80
8.20 25.00 18.00 5.70 2.50 2.23 9.10 10.40
cOLLIeRS INTeRNATIONAL |
p. 7
highLighTS | midyear 2011 | industriaL | GLOBaL
512 offices in 61 countries on 6 continents
United States: 135 Canada: 39 Latin America: 17 Asia Pacific: 194 EMEA: 95
· ·
$1.55 billion in annual revenue 979 million sf square feet under management Over 12,500 professionals cOLLIeRS INTeRNATIONAL 601 Union Street, Suite 4800 Seattle, WA 98101 USA
TeL +1 206 695 4200
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Copyright © 2011 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.
GLOSSARY
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
GLOBAL ReSeARch cONTAcTS
AmeRIcAS
Ross moore USA ross.moore@colliers.com Ian mcculloch Canada ian.mcculloch@colliers.com
eUROpe, mIDDLe eAST AND AfRIcA
Thomas Grounds EMEA thomas.grounds@colliers.com mark charlton United Kingdom mark.charlton@colliers.com Damian harrington Central and Eastern Europe damian.harrington@colliers. com Renaud Roger France rroger@colliers-ufgpm.fr Andreas Trumpp Germany andreas.trumpp@colliers.com
eUROpe, mIDDLe eAST AND AfRIcA
Thomas Grounds EMEA thomas.grounds@colliers.com mark charlton United Kingdom mark.charlton@colliers.com Damian harrington Central and Eastern Europe damian.harrington@colliers. com
Accelerating success.
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