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Global Industrial Highlights - Second Half 2011

Apr 04, 2012
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SECOND Half 2011 | INDUSTRIal

HIGHLIGHTS

GLOBAL INDUSTRIAL

Global Warehouse Demand Shows Consistent Growth
JAmeS cOOk Director of Research | USA
GLOBAL INDUSTRIAL cAPITALIZATION RATeS (Prime Yield/Percent) mARkeT (Select Markets)
Hong Kong Singapore London (Heathrow) Tokyo Los Angeles ­ Inland Empire, CA Chicago, IL Paris Munich Vancouver, BC Marseilles New Jersey ­ Northern Dallas-Ft. Worth, TX Shanghai Seoul Madrid Sydney Mexico City Prague Athens Bucharest

Global Industrial Trend Forecast · Growing global trade will steady demand for quality warehouse space in many regions.
Dec 2011
4.40 4.80 6.00 6.20 6.50 6.50 6.80 6.90 7.00 7.20 7.20 7.60 8.00 8.00 8.00 8.15 8.50 8.50 9.00 10.00

we expect overall warehouse rents in the São Paulo region to rise by as much as four percent in the coming year. Mexico City saw a three percent decrease in its industrial vacancy rate in the second half of 2011, down to 4.8 percent. Mexico was more negatively affected by the recession than most countries in North America, and its economic future is largely tied to that of its key trading partner, the United States. But with U.S. growth on the upswing, Mexico too is poised to grow at a modest rate and we expect that vacancies could make further drops in the country. Steady Demand in North America Since peaking in 2010, growth in the manufacturing and distribution industry has kept the U.S. vacancy rate dropping in a mostly regular fashion. Vacancy dropped to 9.72 percent in Q4 2011. With construction proceeding at low levels, we expect vacancies to continue to drop at a measured rate into 2013. Toronto, Canada's biggest industrial market, saw 13.7 million square feet of industrial space absorbed in 2011, and the city's prime warehouse rents grew by 7.1 percent in the second half of 2011. Dropping Vacancies in most Asian markets Asia Pacific saw dropping vacancies in nearly every market. Prime warehouse rents grew in more than half of the markets, and observers in more than half of those markets expect that warehouse rents will continue to climb over the next six months. Australian industrial has been especially strong in most major markets. Retail purchases, made more attractive by the relatively strong Australian dollar, have pushed up demand for large warehouse space in several port markets. While there is growing demand for large modern warehouse
Continued on page 8

ReGION Asia Pacific Asia Pacific EMEA Asia Pacific NA NA EMEA EMEA NA EMEA NA NA Asia Pacific Asia Pacific EMEA Asia Pacific LATAM EMEA EMEA EMEA

Dec 2010
4.50 6.00 6.00 6.20 8.50 7.15 7.00 7.00 6.50 7.20 6.00 8.00 7.25 8.00 8.25 8.30 9.20 9.00 8.75 10.00

· Industrial · Some

vacancy rates will further drop in most markets.

markets, U.S. and Australia among them, will experience a lack of new supply in the face of growing demand. · Prime warehouse rents will climb in most Asia Pacific markets, remain stable in EMEA and LATAM, and continue to strengthen in North American markets. Citing deteriorating financial conditions and dimming growth prospect, the International Monetary Fund's (IMF) revised its September 2011 World Economic Outlook growth projections downward in January 2012. However, the IMF still forecasts that global trade volume will rise by 3.8 percent in 2012 and 5.4 percent in 2013; as global trade rises, so too will demand for warehouse space. While warehouse rents have stabilized in most EMEA and Latin American markets, prime warehouse rents quoted in local currencies increased in the majority of Asia Pacific and North American markets in 2011 over the previous year. We expect this trend to continue, with prime warehouse rents climbing in most Asia Pacific and North American markets in the next year. Latin American Rents Poised to Stabilize In Latin America, prime warehouse rental rates took a fall. In 71.4 percent of the markets we track, year-end rents decreased in 2011 from a year earlier. However, we expect warehouse rents in Latin America to stabilize in the coming year. São Paulo saw a 12.4 percent drop in warehouse rents in local currency, due to increased supply. However, with absorption set to outpace supply,

GLOBAL TOP TeN INDUSTRIAL wAReHOUSe ReNTS
(USD/ PSF/Year)

ReNT

mARkeT
Tokyo London (Heathrow) Hong Kong Singapore Zurich Oslo Moscow Geneva São Paulo Helsinki Marseilles Paris

ReGION
Asia Pacific EMEA Asia Pacific Asia Pacific EMEA EMEA EMEA EMEA LATAM EMEA EMEA EMEA

6-mONTH cHANGe*
-3.0% 3.8% 8.1% 6.8% 0.0% 8.0% 2.1% -6.3% -12.4% 0.0% 0.0% 0.0%
*Local currency

23.14 20.96 20.55 18.79 17.82 16.79 15.95 15.80 14.94 14.45 14.45 14.45

www.cOLLIeRS.cOm

HIgHlIgHTS | SECOND HaLf 2011 | iNDuStriaL | GLOBaL

INDUSTRIAL SURVeY | LOcAL meASURe/cURReNcY ReNTS

meASURe
mARkeT
ASIA PAcIFIc

cOUNTRY

QUOTeD cURReNcY

UNIT

TIme PeRIOD

PRIme wAReHOUSe ReNT (LOcAL meASURe/ cURReNcY)

PRIme wAReHOUSe ReNT, 6-mONTH cHANGe (%)

PRIme BULk ReNT (LOcAL meASURe/ cURReNcY)

Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul Chonburi Province Ho Chi Minh City eUROPe, mIDDLe eAST AND AFRIcA (emeA) Vienna 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

Australia Australia Australia Australia Australia China China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea Thailand Vietnam Austria 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

AUD AUD AUD AUD AUD CNY CNY HKD CNY INR IDR JPY NZD NZD NZD SGD KRW THB USD 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

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 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

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 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

120.00 115.00 91.00 115.00 133.00 41.87 29.00 13.30 35.00 34.00 31,500.00 1,600.00 105.00 87.00 83.00 2.03 12,000.00 165.00 4.00 5.00 3.60 3.75 4.00 5.00 4.30 450.00 4.70 10.00 6.25 4.60 6.25 10.00 10.00 6.25 5.70 5.00 5.50 5.70 6.20 5.30 4.70 4.00 4.90 5.00 3.50 4.10 7.90 90.00 5.50 5.50 5.00

4.3% 0.0% 1.1% 0.0% 0.0% 13.8% 3.6% 8.1% 4.3% 6.3% 5.8% -3.0% 0.0% 1.2% 0.0% 6.8% 0.0% 6.5% 0.00 -9.1% -2.7% 1.4% 0.0% 0.0% 0.0% 0.0% 4.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.8% 0.0% 0.0% 0.0% -6.0% 0.0% 0.0% 0.0% 0.0% 5.1% 0.0% 8.0% -8.3% 0.0% 0.0%

80.00 95.00 91.00 90.00 101.00 37.55 28.00 11.00 30.00 32.00 1,700.00 105.00 87.00 83.00 1.44 12,000.00 120.00 3.00 4.70 3.20 3.20 3.50 4.50 3.80 450.00 4.00 7.50 3.40 3.50 3.70 3.40 4.30 3.50 4.30 4.00 6.10 5.70 5.30 6.00 2.85 3.60 4.60 5.00 3.20 3.70 3.80 70.00 4.50 3.50 4.50

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| cOLLIeRS INTeRNATIONAL

HIgHlIgHTS | SECOND HaLf 2011 | iNDuStriaL | GLOBaL

INDUSTRIAL SURVeY | LOcAL meASURe/cURReNcY ReNTS meASURe
mARkeT Bucharest Moscow Saint Petersburg Belgrade Bratislava Madrid Gothenburg Stockholm Geneva Zurich Istanbul Belfast Birmingham Bristol Edinburgh Glasgow Leeds London (Heathrow) Manchester Kyiv LATIN AmeRIcA Buenos Aires São Paulo Santiago Bogotá San José Mexico City Lima NORTH AmeRIcA Calgary, AB Edmonton, AB Guelph, ON Halifax, NS Montreal, QC Ottawa, ON Saskatoon, SK Toronto, ON Vancouver, BC Victoria, BC Waterloo Region, ON Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC Columbus, OH 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 CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD USD USD USD USD USD USD USD USD USD USD USD USD SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year 8.00 7.75 4.34 7.75 4.75 7.75 9.50 5.15 8.12 12.00 3.75 3.23 4.00 5.45 4.75 6.00 3.75 3.26 4.33 2.88 3.28 3.75 4.66 3.2% 6.9% -8.4% 3.3% 11.8% 3.3% 0.0% 7.1% 9.7% 0.0% -4.6% 0.6% 0.0% 0.4% 5.6% 33.3% -2.6% -0.6% -3.3% 0.0% -4.1% 0.0% 82.0% 6.50 6.15 5.50 4.00 6.25 8.00 4.56 5.75 10.00 3.54 2.84 3.92 4.50 4.95 4.00 2.69 2.93 3.75 2.46 Argentina Brazil Chile Colombia Costa Rica Mexico Peru USD USD USD USD USD USD USD SM SM SM SM SM SM SM Month Month Month Month Year Month Month 6.90 13.40 5.55 7.10 5.61 4.90 5.50 4.5% -12.4% 1.1% -35.5% -1.6% -12.5% 0.0% 6.50 11.80 4.48 7.00 6.36 4.90 5.00 cOUNTRY Romania Russia Russia Serbia Slovakia Spain Sweden Sweden Switzerland Switzerland Turkey UK UK UK UK UK UK UK UK Ukraine QUOTeD cURReNcY EUR USD USD EUR EUR EUR SEK SEK CHF CHF USD GBP GBP GBP GBP GBP GBP GBP GBP USD UNIT SM SM SM SM SM SM SM SM SM SM SM SF SF SF SF SF SF SF SF SM TIme PeRIOD Month Month Month Month Month Month Year Year Month Month Month Year Year Year Year Year Year Year Year Month PRIme wAReHOUSe ReNT (LOcAL meASURe/ cURReNcY) 4.40 14.30 9.60 5.00 4.00 5.50 700.00 870.00 13.30 15.00 6.00 4.00 5.75 7.00 7.00 6.00 5.50 13.50 5.75 7.00 PRIme wAReHOUSe ReNT, 6-mONTH cHANGe (%) 0.0% 2.1% 4.3% 0.0% 2.6% 0.0% 6.1% 0.0% -6.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.8% 0.0% 0.0% PRIme BULk ReNT(LOcAL meASURe/ cURReNcY) 4.00 12.00 9.40 4.00 3.60 3.50 625.00 625.00 10.80 13.30 6.00 4.00 5.25 5.50 4.50 5.00 5.00 12.00 4.25 5.80

eUROPe, mIDDLe eAST AND AFRIcA (emeA) continued

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HIgHlIgHTS | SECOND HaLf 2011 | iNDuStriaL | GLOBaL

INDUSTRIAL SURVeY | LOcAL meASURe/cURReNcY ReNTS meASURe 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 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

UNIT

TIme PeRIOD

PRIme wAReHOUSe ReNT (LOcAL meASURe/ cURReNcY)

PRIme wAReHOUSe ReNT, 6-mONTH cHANGe (%)

PRIme BULk ReNT (LOcAL meASURe/ cURReNcY)

Dallas-Ft. Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, California Ft. Lauderdale-Broward, FL Grand Rapids, MI Greenville/Spartanburg, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, Fl Kansas City, MO-KS Las Vegas, NV Little Rock, AR Long Island, NY Los Angeles ­ Inland Empire, CA Los Angeles, CA Louisville, KY Memphis, TN Miami, FL Minneapolis/St. Paul, MN Nashville, TN New Jersey ­ Central New Jersey ­ Northern Oakland, CA Omaha, NE Orange County, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pittsburgh, PA Pleasanton/Walnut Creek, CA Portland, OR Raleigh, NC Reno, NV Sacramento, CA San Diego, CA San Francisco Peninsula, CA San Jose/Silicon Valley, CA Savannah, GA Seattle/Puget Sound, WA St. Louis, MO Stockton/San Joaquin County, CA Tampa Bay, FL

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 USD USD USD USD USD USD USD USD USD USD

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

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

3.05 4.45 4.18 5.39 2.40 6.52 3.07 2.90 4.03 11.04 5.17 3.25 3.75 2.98 4.71 2.68 8.23 3.96 5.76 3.39 2.41 7.21 4.67 3.91 4.41 6.11 4.68 4.25 6.72 4.47 4.00 5.07 4.25 4.85 5.17 3.75 3.72 4.08 7.92 9.24 5.54 3.95 5.79 3.86 3.90 4.20 6.61 6.72

1.7% 27.1% 6.6% -4.1% 0.0% 0.8% -25.8% 0.0% -0.5% 0.7% 2.4% 8.3% 0.0% -5.4% -2.1% 0.0% 2.1% 3.1% 2.1% 1.5% -19.9% 4.5% 1.7% 25.3% -0.5% 4.8% 2.6% -12.4% 0.0% -0.4% 0.0% -1.9% -0.9% -3.8% -0.4% 3.3% 3.3% -8.1% 3.1% 0.0% -0.2% 0.0% 3.4% -0.5% 4.8% -0.2% -13.5% -0.6%

2.70 3.25 3.52 2.28 6.43 2.95 4.28 4.32 2.96 3.00 4.19 4.71 2.74 3.48 5.28 2.49 7.04 3.13 3.77 5.63 2.88 5.76 4.11 3.75 4.18 4.20 4.64 3.20 3.77 7.08 9.24 5.04 3.75

3.48 3.96 6.40

Washington, DC West Palm Beach, FL

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HIgHlIgHTS | SECOND HaLf 2011 | iNDuStriaL | GLOBaL

INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS
excHANGe RATe (USD) Dec 2011 PRIme wAReHOUSe ReNT (USD/SF/YeAR) PRIme BULk ReNT (USD/SF/ YeAR) VAcANcY RATe (%) Dec 2011

mARkeT
ASIA PAcIFIc

cOUNTRY

PRIme YIeLD/ cAP RATe (%)

Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul Chonburi Province Ho Chi Minh City
eUROPe, mIDDLe eAST AND AFRIcA (emeA)

Australia Australia Australia Australia Australia China China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea Thailand Vietnam Austria 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

0.98 0.98 0.98 0.98 0.98 6.29 6.29 7.77 6.29 53.06 9,070.00 77.12 1.29 1.29 1.29 1.30 1,158.10 31.55 1.00 0.77 0.77 0.77 0.77 0.77 0.77 5.73 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 5.98 0.77 0.77

11.38 10.91 8.63 10.91 12.62 7.42 5.14 20.55 6.20 7.69 3.87 23.14 7.59 6.29 6.00 18.79 11.56 5.83 4.46 7.23 5.20 5.42 5.78 7.23 6.21 7.30 6.79 14.45 9.03 6.65 9.03 14.45 14.45 9.03 8.24 7.23 7.95 8.24 8.96 7.66 6.79 5.78 7.08 7.23 5.06 5.93 11.42 16.79 7.95 7.95

8.13 8.40 8.32 8.50 8.15 8.50 4.40 8.00 8.00 8.00 6.20 7.80 8.80 8.40 4.80 8.00 -

0.70 9.60 5.20 4.60 8.00 5.70 5.00 10.00 -

8.13 8.40 8.32 8.50 8.15 8.50 4.40 8.00 8.00 8.00 6.20 7.80 8.80 8.40 4.80 8.00 9.00 7.10 6.90 11.00 10.50 8.50 7.50 9.00 7.50 7.50 7.20 7.20 7.20 6.80 7.50 7.40 7.25 7.00 7.20 6.90 7.10 9.00 9.00 7.80 8.20 10.00 10.00 7.50 6.50 8.00 8.50

Vienna 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

9.00 7.10 6.90 11.00
10.50 8.50 7.50 9.00 7.50 7.50 7.20 7.20 7.20 6.80 7.50 7.40 7.25 7.00 7.20 6.90 7.10 9.00 9.00 7.80 8.20 10.00 10.00 7.50 6.50 8.00 8.50

* Central & Eastern European quoted vacancy rates based on Class A+B stock only

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HIgHlIgHTS | SECOND HaLf 2011 | iNDuStriaL | GLOBaL

INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS
excHANGe RATe (USD) Dec 2011 PRIme PRIme wAReHOUSe ReNT BULk ReNT (USD/SF/YeAR) (USD/SF/YeAR) VAcANcY RATe (%) Dec 2011 PRIme YIeLD/ cAP RATe (%)

mARkeT
eUROPe, mIDDLe eAST AND AFRIcA (emeA) continued

cOUNTRY
Republic of Ireland Romania Russia Russia Serbia Slovakia Spain Sweden Sweden Switzerland Switzerland Turkey UK UK UK UK UK UK UK UK Ukraine Argentina Brazil Chile Colombia Costa Rica Mexico

Dublin Bucharest Moscow Saint Petersburg Belgrade Bratislava Madrid Gothenburg Stockholm Geneva Zurich Istanbul Belfast Birmingham Bristol Edinburgh Glasgow Leeds London (Heathrow) Manchester Kyiv LATIN AmeRIcA Buenos Aires São Paulo Santiago Bogotá San José Mexico City

0.77 0.77 1.00 1.00 0.77 0.77 0.77 6.91 6.91 0.94 0.94 1.00 0.64 0.64 0.64 0.64 0.64 0.64 0.64 0.64 1.00 1.00 1.00 1.00 1.00 1.00 1.00

7.23 6.36 15.95 10.71 7.23 5.78 7.95 9.42 11.71 15.80 17.82 6.69 6.21 8.93 10.87 10.87 9.31 8.54 20.96 8.93 7.81 7.70 14.94 6.19 7.92 0.52 5.46

9.50 -

7.25 13.16 5.00 7.81 0.59 5.46

10.00 11.00 13.00 11.00 9.00 8.00 6.75 6.75 7.50 7.50 9.00 6.75 7.60 7.60 7.75 7.75 7.75 6.00 7.50 14.00 3.00 1.00 1.92 8.10 4.80 4.80 3.50 3.70 5.89 5.39 6.12 4.94 4.46 3.63 3.37 7.23 13.61 7.95 10.59 10.88 20.00 10.64 12.63 10.63 9.26 9.67 7.71

9.50 10.00 11.00 13.00 11.00 9.00 8.00 6.75 6.75 7.50 7.50 9.00 6.75 7.60 7.60 7.75 7.75 7.75 6.00 7.50 14.00 15.00 10.50 11.31 10.35 12.62 8.50 11.00 6.75 8.22 7.75 8.25 8.00 7.50 6.25 7.00 6.50 8.20 8.40 10.00 7.80 7.75 6.50 8.25 -

Lima
NORTH AmeRIcA Calgary, AB Edmonton, AB Guelph, ON Halifax, NS Montreal, QC Ottawa, ON Saskatoon, SK Toronto, ON Vancouver, BC Victoria, BC Waterloo Region, ON Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC

Peru
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

1.00
1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

6.13
7.83 7.59 4.25 7.59 4.65 7.59 9.30 5.04 7.95 11.75 3.67 3.23 4.00 5.45 4.75 6.00 3.75 3.26 4.33 2.88 3.28 3.75

5.58
6.36 6.02 5.38 3.92 6.12 7.83 4.46 5.63 9.79 3.47 2.84 3.92 4.50

4.95 4.00 2.69 2.93 3.75

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HIgHlIgHTS | SECOND HaLf 2011 | iNDuStriaL | GLOBaL

INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS
excHANGe RATe (USD) Dec 2011 PRIme PRIme wAReHOUSe ReNT BULk ReNT (USD/SF/YeAR) (USD/SF/YeAR) VAcANcY RATe (%) Dec 2011 PRIme YIeLD/ cAP RATe (%)

mARkeT
NORTH AmeRIcA continued

cOUNTRY

Columbus, OH Dallas-Ft. Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, California Ft. Lauderdale-Broward, FL Grand Rapids, MI Greenville/Spartanburg, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, Fl Kansas City, MO-KS Las Vegas, NV Little Rock, AR Long Island, NY Los Angeles ­ Inland Empire, CA Los Angeles, CA Louisville, KY Memphis, TN Miami, FL Minneapolis/St. Paul, MN Nashville, TN New Jersey ­ Central New Jersey ­ Northern Oakland, CA Omaha, NE Orange County, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pittsburgh, PA Pleasanton/Walnut Creek, CA Portland, OR Raleigh, NC Reno, NV Sacramento, CA San Diego, CA San Francisco Peninsula, CA San Jose/Silicon Valley, CA Savannah, GA Seattle/Puget Sound, WA St. Louis, MO Stockton/San Joaquin County, CA Tampa Bay, FL Washington, DC West Palm Beach, FL

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 United States United States United States United States United States United States United States United States United States United States United States

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

4.66 3.05 4.45 4.18 5.39 2.40 6.52 3.07 2.90 4.03 11.04 5.17 3.25 3.75 2.98 4.71 2.68 8.23 3.96 5.76 3.39 2.41 7.21 4.67 3.91 4.41 6.11 4.68 4.25 6.72 4.47 4.00 5.07 4.25 4.85 5.17 3.75 3.72 4.08 7.92 9.24 5.54 3.95 5.79 3.86 3.90 4.20 6.61 6.72

2.46 2.70 3.25 3.52 2.28 6.43 2.95 4.28 4.32 2.96 3.00 4.19 4.71 2.74 3.48 5.28 2.49 7.04 3.13 3.77 5.63 2.88 5.76 4.11 3.75 4.18 4.20 4.64 3.20 3.77 7.08 9.24 5.04 3.75 3.48 3.96 6.40

11.76 10.61 7.61 13.19 12.64 11.83 9.50 8.85 9.73 9.50 4.78 5.04 6.48 10.70 7.16 16.13 13.50 5.27 6.57 4.85 10.28 13.19 7.86 7.64 12.68 9.96 8.63 8.03 6.13 4.75 11.16 9.76 13.83 7.34 13.79 7.94 11.11 14.64 13.10 11.53 8.76 11.57 14.31 7.31 9.00 15.07 10.27 11.95 8.78

9.00 7.60 8.00 9.00 8.25 9.00 8.50 7.60 8.50 8.20 8.00 9.00 8.63 6.50 5.50 8.63 7.15 7.29 8.40 7.20 6.50 6.20 8.00 8.20 8.20 8.00 8.75 8.55 8.38 6.54 6.50 8.50 6.73 7.00 9.00 6.90 -

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512 offices in 61 countries on 6 continents
United States: 125 Canada: 38 Latin America: 18 Asia Pacific: 214 EMEA: 117
· ·

$1.5 billion in annual revenue 979 million square feet under management Over 12,500 professionals

·

Continued from page 1 space, a tight lending atmosphere has meant that the pipeline of new supply is still constrained in Sydney and Perth. This situation will help to support growing prime rents in those markets.

cOLLIeRS INTeRNATIONAL

second half of 2011, with the space appropriate to occupiers' needs in short supply. In Moscow, the second half of the year saw prime rental growth of 2%; however, with such strong growth in the first half, annual rental growth amounted to 19%. Further increases are expected in 2012.

601 Union Street, Suite 4800 Seattle, WA 98101 USA
TeL +1 206 695 4200

London and moscow Rents Grow In the U.K., where preliminary figures show a GDP contraction in Q4 2011, key logistical market London (Heathrow) actually saw a rise in prime rents in the

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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 dockheight. 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 dockheight. 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 James cook USA james.cook@colliers.com Jeff Simonson USA jeff.simonson@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 ASIA PAcIFIc Simon Lo Asia simon.lo@colliers.com Amit Oberoi India amit.oberoi@colliers.com Nerida conisbee Australia/New Zealand nerida.conisbee@colliers.com Yumiko Yasuda Japan yumiko.yasuda@colliers.com

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