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FIRST HALF 2010 | INDUSTRIAL

GLOBAL INDUSTRIAL

HIGHLIGHTS

Demand for Industrial Space on the Rise – Led by Asia Pacific Ross J. Moore Chief Economist | USA Europe, Middle East, Africa (EMEA)

GLOBAL INDUSTRIAL CAPITALIZATION RATES (Prime Yield/Percent) MARKET (Select Markets)

JUNE 2010

dEC. 2009

Hong Kong New Jersey – Northern London – Heathrow Tokyo Vancouver Munich Paris Chicago Marseille Seoul Singapore Madrid Sydney Dallas-Ft. Worth Shanghai Mexico City Los Angeles – Inland Empire Prague Atlanta Bucharest

4.75 5.52 6.00 6.20 6.50 7.10 7.25 7.50 7.75 8.00 8.00 8.25 8.31 8.50 8.50 9.00 9.00 9.50 9.70 10.00

4.75 8.00 6.00 6.50 7.00 7.20 7.75 8.25 8.25 8.00 8.50 8.50 8.50 8.80 11.00 8.30 8.75 9.50 8.00 10.50

GLOBAL PRIME LAND PRICES

MARKET (Select Markets)

Hong Kong Tokyo Singapore London – Heathrow Seoul Shanghai Melbourne Toronto Milan Beijing Antwerp Hamburg Leeds Helsinki Paris Lyon Los Angeles – Inland Empire Chicago Atlanta Dallas-Ft. Worth

JUNE 2010 6-MONTH (USD PSF)

951.48 481.13 67.06 50.17 45.79 27.30 19.42 18.14 17.02 16.08 15.31 13.61 10.38 7.60 7.37 6.24 5.24 5.00 1.50 1.25

CHANGE* (%)

1.9 -2.5 15.0 12.8 0.0 25.0 0.0 18.9 0.0 5.5 3.8 0.0 -1.9 3.1 0.0 0.0 31.0 14.4 0.0 -28.6

*Local Currency

www.colliers.com

European, Middle Eastern and African warehouse leasing markets continued to register lackluster growth in the first half of 2010. Greece, Hungary, Ireland, Russia, Spain, Italy and the Baltic states in particular remained key areas of weakness. Even though signs of recovery were evident in many parts of the region, various markets were still characterized by sluggish leasing activity and little expansion. During the first half of 2010, warehouse rents across the region managed to hold steady (local currency) which represented an improvement from the last half of 2009 when rents fell by 3.7%. Noticeable declines, however, were recorded in Hungary, Spain, South Africa, Norway and the Ukraine. Europe is home to some of the most expensive warehouse rents in the world, with London’s Heathrow submarket holding the title for the second most expensive warehouse space in the world at $19.59 per square foot per year. Within the EMEA region, industrial land values in London’s Heathrow submarket remain far in excess of any other market in the region. At midyear, Heathrow land values averaged just over $50.00 per square foot, an increase of 12.8% during the first half of 2010 (local currency).

North America U.S. and Canadian warehouse markets continued to languish during the first half of 2010, but increasing evidence suggests the worst is over. Businesses were still largely wary of taking additional space, but the move by tenants to return space had mostly dissipated. However, even though construction continued to drop off, vacancies in both countries moved marginally higher. With both the U.S. and Canadian economies showing signs of slowing at midyear, a degree of caution

GLOBAL TOP TEN INDUSTRIAL WAREHOUSE RENTS RENT

MARKET Tokyo London – Heathrow Hong Kong Zurich São Paulo Geneva Singapore Helsinki Oslo Honolulu Moscow

6-MONTH CHANGE

(USD/ PSF/Year)

(Local Currency, %)

21.38 19.59 16.26 15.42 14.27 13.70 13.38 12.93 12.89 11.28 9.87

-5.6 0.0 1.9 0.0 15.0 -8.6 3.3 0.0 0.0 -5.1 0.0

entered the industrial leasing market, suggesting a robust recovery in fundamentals is unlikely to occur in the second half of 2010. As a result, occupancy rates are not expected to register a significant improvement until well into 2011. With no significant decrease in vacancy, rents are expected to remain largely directionless for some time. During the first half of 2010 U.S. rents fell 6.1% while Canadian rents dropped 1.7%.

Asia Pacific Asia Pacific remained the most robust region in the world with exports posting double-digit growth in many countries. With the region registering healthy economic growth and exporters boosting sales both within the region and globally rents were up in almost all markets. Signs continued to emerge that as long as the global economy didn’t suffer a setback, both intra-regional and global trade should continue to increase, supporting most of the region’s warehouse markets. With a more robust economic backdrop, Tokyo, Hong Kong and Singapore warehouse rents all ranked in the top ten ,with Tokyo lease rates the most expensive in the world at $21.38 per square foot, per annum.


highlights | FIRST HALF 2010 | industrial | GLOBAL

INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents MEASURE MARKET

COUNTRY

QUOTED CURRENCY

UNIT

TIME PERIOD

EUR EUR EUR EUR EUR EUR DKK EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR ILS EUR EUR EUR EUR EUR NOK EUR EUR EUR EUR EUR EUR ZAR ZAR ZAR EUR SEK CHF CHF USD USD AED AED 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 SM SF SF SF

Month Year Year Month Month Month Year Month Year Year Year Year Year Year Year Month Month Month Month Month Month Month Month Year Month Year Year Month Month Year Year Month Month Month Month Month Month Month Month Month Month Year Year Year Month Month Year Year Year Year Year

PRIME WAREHOUSE RENT (LOCAL MEASURE/ CURRENCY)

PRIME WAREHOUSE RENT, 6-MONTH CHANGE (%)

PRIME BULK RENT (LOCAL MEASURE/ CURRENCY)

6.00 43.00 45.00 4.80 6.50 4.00 475.00 4.00 9.50 55.00 55.00 62.00 58.00 90.00 62.00 5.50 4.90 6.50 5.40 6.30 5.20 5.50 4.20 90.00 38.00 60.00 65.00 3.50 3.90 85.00 900.00 5.50 4.50 7.25 7.00 4.00 3.90 40.00 42.00 55.00 6.00 800.00 160.00 180.00 5.00 5.00 95.00 229.00 4.50 5.25 7.00

0.0 0.0 0.0 -4.0 -7.1 0.0 0.0 0.0 0.0 0.0 – 0.0 0.0 0.0 0.0 – 0.0 – -1.8 -3.1 4.0 0.0 -16.0 -10.0 -5.0 0.0 8.3 0.0 0.0 18.1 0.0 71.9 -5.3 0.0 – 0.0 14.7 14.3 -23.6 – -7.7 6.7 -8.6 0.0 0.0 -23.1 – – 12.5 0.0 -6.7

5.50 40.00 40.00 3.70 5.00 3.50 500.00 3.50 7.50 42.00 43.00 43.00 41.00 51.00 42.00 4.00 4.40 6.20 5.40 5.25 6.00 4.80 3.70 80.00 35.00 55.00 65.00 3.50 2.90 45.00 623.04 4.50 4.25 8.30 6.40 3.00 3.50 35.00 40.00 48.00 3.50 600.00 130.00 180.00 6.00 4.50 60.00 120.00 4.50 5.00 5.50

PRIME LAND VALUE (LOCAL MEASURE/ CURRENCY)

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 Dublin Tel Aviv Milan Rome Riga Vilnius Amsterdam Oslo Warsaw Bucharest Moscow Saint Petersburg Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Abu Dhabi Dubai Belfast Birmingham Bristol p. 2

| Colliers International

Austria Belgium Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Israel Italy Italy Latvia Lithuania Netherlands Norway Poland Romania Russia Russia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Arab Emirates United Arab Emirates United Kingdom United Kingdom United Kingdom

280.00 135.00 150.00 480.00 743.00 505.00 800.00 25.00 67.00 52.00 45.00 55.00 58.00 65.00 48.00 100.00 160.00 230.00 120.00 200.00 250.00 120.00 45.00 100.00 2,500.00 150.00 50.00 22.50 15.00 275.00 – 776.00 540.00 823.00 600.00 436.00 468.00 1,100.00 1,400.00 700.00 375.00 600.00 300.00 – – 45.00 60.00 120.00 8.03 6.31 6.31


highlights | FIRST HALF 2010 | industrial | GLOBAL

INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents

MARKET

PRIME WAREHOUSE RENT (LOCAL MEASURE/ CURRENCY)

PRIME WAREHOUSE RENT, 6-MONTH CHANGE (%)

PRIME BULK RENT(LOCAL MEASURE/ CURRENCY)

PRIME LAND VALUE (LOCAL MEASURE/ CURRENCY)

QUOTED CURRENCY

UNIT

TIME PERIOD

United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom

GBP GBP GBP GBP GBP

SF SF SF SF SF

Year Year Year Year Year

7.00 6.00 5.50 13.00 5.75

0.0 0.0 0.0 0.0 0.0

4.50 4.50 5.00 12.00 4.25

5.74 3.44 6.89 33.30 6.31

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

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

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

6.75 7.00 7.00 4.00 7.30 8.00 9.00 5.13 6.50 4.91 3.14 4.00 4.71 4.50 4.75 3.60 3.45 3.77 3.05 2.75 3.75 2.98 3.00 3.50 4.01 5.64 2.40 7.20 3.00 4.28 11.28 4.90 3.50 4.02 5.01 3.57 5.85 3.80 3.45 2.56 7.77 3.97 4.73 6.46 4.44

0.0 -1.4 7.7 0.0 8.1 0.0 5.9 -0.4 -3.7 -1.2 -11.8 0.0 -2.1 -13.5 0.0 -2.7 -3.1 -2.1 – 0.0 -6.3 -3.6 -1.6 -6.7 -2.7 -6.0 0.0 4.0 -4.0 0.0 -5.1 -2.0 -6.7 -28.3 40.3 -7.0 82.8 -39.1 31.7 -68.2 – – 6.8 12.2 -2.6

6.25 6.15 5.50 4.00 6.50 6.50 8.00 4.70 6.00 4.27 2.86 3.92 – 4.50 5.00 3.90 – 2.50 3.05 2.83 4.00 3.32 2.75 3.25 3.65 – 2.40 6.64 2.95 4.28 – 3.98 3.00 – 4.75 1.79 5.42 3.65 – 2.46 6.67 3.20 4.29 5.74 4.44

12.17 10.76 4.25 – 8.26 5.05 9.18 19.02 21.14 6.60 1.50 2.50 – 1.76 – 2.50 – 5.00 1.50 1.32 1.15 1.84 1.25 3.50 – – 3.00 6.92 0.92 2.50 – 5.00 2.28 – 6.03 6.10 10.71 5.24 – 1.25 13.25 1.40 – – 8.19

COUNTRY

EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued

Edinburgh Glasgow Leeds London – Heathrow Manchester NORTH AMERICA

Calgary Edmonton Halifax Montreal Ottawa Regina Saskatoon Toronto Vancouver Waterloo Region Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas-Fort Worth Denver Detroit Fairfield Fresno Ft. Lauderdale-Broward County Greenville Hartford Honolulu Houston Jacksonville Kansas City Las Vegas Little Rock Los Angeles Los Angeles – Inland Empire Louisville Memphis Miami Nashville New Jersey – Central New Jersey – Northern Oakland

Colliers International |

p. 3


highlights | FIRST HALF 2010 | industrial | GLOBAL

INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents

MARKET

QUOTED CURRENCY

UNIT

TIME PERIOD

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

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

Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year

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

AUD AUD AUD AUD AUD RMB RMB HKD RMB INR IDR JPY NZD NZD NZD SGD KRW THB

SM SM SM SM SM SM SM SF SM SF SM SM SM SM SM SF SM SM

Year Year Year Year Year Month Month Month Day Month Month Month Year Year Year Month Month Month

Argentina Brazil Chile Colombia Costa Rica Mexico Peru

USD REAL USD USD USD USD USD

SM SM SM SM SM SM SM

Month Month Month Month Quarter Month Month

COUNTRY

PRIME WAREHOUSE RENT (LOCAL MEASURE/ CURRENCY)

PRIME WAREHOUSE RENT, 6-MONTH CHANGE (%)

PRIME BULK RENT (LOCAL MEASURE/ CURRENCY)

PRIME LAND VALUE (LOCAL MEASURE/ CURRENCY)

NORTH AMERICA continued

Orange County Orlando Philadelphia Phoenix Pleasanton/Walnut Creek Portland Raleigh Reno Sacramento San Diego San Francisco Peninsula San Jose/Silicon Valley Seattle/Puget Sound St. Louis Stockton/San Joaquin County Tampa Washington, DC West Palm Beach

7.21 4.73 4.00 4.30 4.80 5.28 4.09 3.60 4.20 7.80 9.60 5.46 7.18 3.87 4.08 4.42 7.68 8.13

-6.1 -6.9 0.0 -32.4 0.0 -0.8 0.0 -3.2 -12.5 -5.8 -3.6 -9.0 3.6 -1.5 3.0 -8.7 -3.2 8.4

5.93 4.15 3.75 4.15 4.20 5.05 – 3.59 2.76 7.32 9.60 4.78 – – 3.66 4.11 4.91 6.36

18.00 2.62 3.10 5.00 13.00 1.50 – – 8.00 7.08 – 28.00 9.00 – 3.50 – – 6.00

110.00 120.00 85.00 100.00 133.00 29.92 25.00 10.55 1.05 30.00 26,910 1,700 104.00 90.00 89.00 1.56 12,000.00 250.00

0.0 0.0 0.0 11.1 2.3 9.4 7.3 1.9 16.7 11.1 11.8 -5.6 -1.9 -1.1 9.9 3.3 0.0 31.6

85.00 105.00 85.00 85.00 96.00 26.91 25.00 8.54 0.85 30.00 – 1700.00 – – – 1.28 12000.00 175.00

490.00 250.00 244.00 375.00 470.00 1,178.00 600.19 7,407.00 2,000.00 4,000.00 591,679.00 459,000.00 277.00 238.00 275.00 93.80 600,000.00 2,000.00

6.00 23.00 4.52 8.00 7.00 4.90 5.00

0.0 15.0 0.0 -23.8 4.9 26.6 0.0

6.25 20.00 3.19 11.00 9.50 4.90 3.00

60.00 300.00 101.60 115.00 50.00 110.00 170.00

ASIA PACIFIC

Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul Bangkok LATIN AMERICA

Buenos Aires São Paulo Santiago Bogotá San José Mexico City Lima

p. 4

| Colliers International


highlights | FIRST HALF 2010 | industrial | GLOBAL

INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates

MARKET

COUNTRY

exchange rate (USD) june 30, 2010

PRIME WAREHOUSE RENT (usd/sf/year)

PRIME BULK RENT (usd/sf/year)

PRIME LAND VALUE (usd/sf)

vacancy rate (%) june 2010

8.17 4.88 5.10 6.53 8.85 5.44 7.23 5.44 12.93 6.24 6.24 7.03 6.58 10.21 7.03 7.49 6.67 8.85 7.35 8.58 7.08 7.49 5.72 10.21 10.91 6.81 7.37 4.76 5.31 9.64 12.89 7.49 6.13 9.87 9.53 5.44 5.31 5.83 6.12 8.02 8.17 9.52 13.70 15.42 5.58 5.58 2.40 5.79 6.78 7.91 10.55

7.49 4.54 4.54 5.04 6.81 4.76 7.62 4.76 10.21 4.76 4.88 4.88 4.65 5.79 4.76 5.44 5.99 8.44 7.35 7.15 8.17 6.53 5.04 9.07 10.05 6.24 7.37 4.76 3.95 5.10 8.92 6.13 5.79 11.30 8.71 4.08 4.76 5.10 5.83 6.99 4.76 7.14 11.13 15.42 6.69 5.02 1.52 3.04 6.78 7.53 8.29

31.76 15.31 17.02 54.45 84.28 57.28 12.18 2.84 7.60 5.90 5.10 6.24 6.58 7.37 5.44 11.34 18.15 26.09 13.61 22.69 28.36 13.61 5.10 11.34 59.81 17.02 5.67 2.55 1.70 31.19 – 88.03 61.25 93.36 68.06 49.46 53.09 13.36 17.00 8.50 42.54 7.14 25.69 – – 4.18 1.52 3.04 12.11 9.51 9.51

– 5.0 5.0 – 15.0 – 3.2 20.0 4.5 8.0 7.5 8.0 7.5 7.0 7.0 – – 5.0 – 4.9 – 17.0 21.3 17.0 – 7.5 15.0 34.1 11.0 – – – – – – – – 6.3 – 3.5 – – – – 25.0 22.0 – – – – –

prime yield/ 10-year Cap rate Govt. Bond (%) Rate (%)

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 Dublin Tel Aviv Milan Rome Riga Vilnius Amsterdam Oslo Warsaw Bucharest Moscow Saint Petersburg Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Abu Dhabi Dubai Belfast Birmingham Bristol

Austria Belgium Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Israel Italy Italy Latvia Lithuania Netherlands Norway Poland Romania Russia Russia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Arab Emirates United Arab Emirates United Kingdom United Kingdom United Kingdom

0.82 0.82 0.82 0.82 0.82 0.82 6.10 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 3.88 0.82 0.82 0.82 0.82 0.82 6.49 0.82 0.82 0.82 0.82 0.82 0.82 7.65 7.65 7.65 0.82 7.81 1.09 1.09 1.00 1.00 3.67 3.67 0.66 0.66 0.66

9.00 7.30 6.50 12.00 10.50 9.50 7.50 12.00 8.00 7.75 7.25 7.25 7.75 7.25 7.75 8.00 7.00 6.90 7.20 7.10 7.30 8.50 9.00 8.60 8.75 7.00 8.00 11.25 12.00 7.50 – 8.50 10.00 14.00 14.00 11.00 10.00 9.50 11.50 9.50 8.25 7.00 8.00 6.50 9.00 18.00 10.00 10.00 6.75 7.50 7.50

3.14 3.49 3.49 – – 4.05 2.73 – 2.89 3.07 3.07 3.07 3.07 3.07 3.07 2.64 2.64 2.64 2.64 2.64 2.64 9.83 7.55 5.48 3.69 4.03 4.03 – – 2.89 – 5.88 – 5.72 5.72 – 2.78 8.64 8.64 8.64 4.54 2.67 1.55 1.55 4.71 – – – 3.43 3.43 3.43

Colliers International |

p. 5


highlights | FIRST HALF 2010 | industrial | GLOBAL

INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates

MARKET

COUNTRY

exchange rate (USD) june 30, 2010

PRIME WAREHOUSE RENT (usd/sf/year)

PRIME BULK RENT (usd/sf/year)

PRIME LAND VALUE (usd/sf)

vacancy rate (%) june 2010

prime yield/ 10-year Cap rate Govt. Bond (%) Rate (%)

EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued

Edinburgh Glasgow Leeds London – Heathrow Manchester

United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom

0.66 0.66 0.66 0.66 0.66

10.55 9.04 8.29 19.59 8.66

6.78 6.78 7.53 18.08 6.40

8.65 5.18 10.38 50.17 9.51

– – – – –

7.50 7.50 7.50 6.00 7.00

3.43 3.43 3.43 3.43 3.43

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

1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 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

6.44 6.68 6.68 3.82 6.96 7.63 8.58 4.89 6.20 4.68 3.14 4.00 4.71 4.50 4.75 3.60 3.45 3.77 3.05 2.75 3.75 2.98 3.00 3.50 4.01 5.64 2.40 7.20 3.00 4.28 11.28 4.90 3.50 4.02 5.01 3.57 5.85 3.80 3.45 2.56 7.77 3.97 4.73 6.46 4.44

5.96 5.87 5.25 3.82 6.20 6.20 7.63 4.48 5.72 4.07 2.86 3.92 – 4.50 5.00 3.90 – 2.50 3.05 2.83 4.00 3.32 2.75 3.25 3.65 – 2.40 6.64 2.95 4.28 – 3.98 3.00 – 4.75 1.79 5.42 3.65 – 2.46 6.67 3.20 4.29 5.74 4.44

11.61 10.26 4.05 – 7.88 4.82 8.76 18.14 20.17 6.30 1.50 2.50 – 1.76 – 2.50 – 5.00 1.50 1.32 1.15 1.84 1.25 3.50 – – 3.00 6.92 0.92 2.50 – 5.00 2.28 – 6.03 6.10 10.71 5.24 – 1.25 13.25 1.40 – – 8.19

5.2 4.9 6.4 6.7 5.3 2.5 2.7 6.1 4.5 8.3 13.7 10.3 11.2 10.9 22.1 13.7 13.5 11.9 8.7 9.1 12.4 13.5 11.8 8.2 14.5 13.2 8.1 9.7 11.4 9.3 4.1 6.5 10.7 7.5 16.7 16.4 5.4 12.6 12.8 13.9 9.7 11.8 10.7 8.0 9.4

7.50 7.32 7.83 8.25 7.88 8.40 8.00 7.40 6.50 8.00 9.70 9.50 – – 9.00 9.50 – 7.50 – 10.25 – 8.50 8.50 8.25 8.50 – 9.00 – 9.52 10.00 – 8.50 8.20 – – 9.25 8.00 9.00 – 10.25 – 9.00 – 5.52 7.50

3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11

NORTH AMERICA

Calgary Edmonton Halifax Montreal Ottawa Regina Saskatoon Toronto Vancouver Waterloo Region Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas-Fort Worth Denver Detroit Fairfield Fresno Ft. Lauderdale-Broward County Greenville Hartford Honolulu Houston Jacksonville Kansas City Las Vegas Little Rock Los Angeles Los Angeles – Inland Empire Louisville Memphis Miami Nashville New Jersey – Central New Jersey – Northern Oakland

p. 6

| Colliers International


highlights | FIRST HALF 2010 | industrial | GLOBAL

INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates

MARKET

COUNTRY

exchange rate (USD) june 30, 2010

PRIME WAREHOUSE RENT (usd/sf/year)

PRIME BULK RENT (usd/sf/year)

PRIME LAND VALUE (usd/sf)

vacancy rate (%) june 2010

prime yield/ 10-year Cap rate Govt. Bond (%) Rate (%)

NORTH AMERICA continued

Orange County Orlando Philadelphia Phoenix Pleasanton/Walnut Creek Portland Raleigh Reno Sacramento San Diego San Francisco Peninsula San Jose/Silicon Valley Seattle/Puget Sound St. Louis Stockton/San Joaquin County Tampa Washington, DC West Palm Beach

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

7.21 4.73 4.00 4.30 4.80 5.28 4.09 3.60 4.20 7.80 9.60 5.46 7.18 3.87 4.08 4.42 7.68 8.13

5.93 4.15 3.75 4.15 4.20 5.05 – 3.59 2.76 7.32 9.60 4.78 – – 3.66 4.11 4.91 6.36

18.00 2.62 3.10 5.00 13.00 1.50 – – 8.00 7.08 – 28.00 9.00 – 3.50 – – 6.00

6.4 13.0 9.9 17.7 15.4 8.4 13.1 15.3 12.2 11.7 9.5 13.8 7.9 10.7 17.7 11.4 13.0 11.4

7.00 – 9.00 9.50 – 7.25 – – 8.60 – 6.50 8.00 – – 8.50 7.50 – –

3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11

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

1.17 1.17 1.17 1.17 1.17 6.81 6.81 7.78 6.81 46.48 9165.90 88.66 1.44 1.44 1.44 1.40 1217.70 32.56

8.75 9.55 6.76 7.96 10.58 4.90 4.09 16.26 5.23 7.75 3.27 21.38 6.73 5.82 5.76 13.38 10.99 8.56

6.76 8.36 6.76 6.76 7.64 4.41 4.09 13.16 4.23 7.75 – 21.38 – – – 10.98 10.99 5.99

39.00 19.90 19.42 29.84 37.40 16.08 8.19 951.48 27.30 86.06 6.00 481.13 17.92 15.39 17.79 67.06 45.79 5.71

– – – – – – – – 7.9 – 29.0 – 6.1 6.3 7.2 8.2 – 16.0

8.25 8.25 8.50 8.25 8.31 8.49 7.20 4.75 8.50 8.50 8.10 6.20 8.10 8.60 8.20 8.00 8.00 –

5.33 5.33 5.33 5.33 5.33 3.10 3.10 2.31 3.10 8.12 5.10 1.15 5.50 5.50 5.50 2.16 – 2.92

1.00 1.80 1.00 1.00 1.00 1.00 1.00

6.00 14.27 5.04 8.92 2.60 5.46 5.58

6.25 12.41 3.56 12.27 3.53 5.46 3.35

5.58 15.51 9.44 10.69 4.65 10.22 15.80

– 2.5 2.2 – 9.8 10.4 –

17.00 11.00 11.50 10.38 10.00 9.00 12.00

– 6.16 1.93 4.75 – 6.85 –

ASIA PACIFIC

Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul Bangkok LATIN AMERICA

Buenos Aires São Paulo Santiago Bogotá San José Mexico City Lima

Argentina Brazil Chile Colombia Costa Rica Mexico Peru

Colliers International |

p. 7


highlights | FIRST HALF 2010 | industrial | GLOBAL

480 offices in 61 countries on 6 continents United States: 135 Canada: 39 Latin America: 17 Asia Pacific: 194 EMEA: 95 • $1.9

billion in annual revenue

billion square feet under management

• 2.4

• Over

15,000 professionals

COLLIERS INTERNATIONAL 601 Union Street, Suite 5300 Seattle, WA 98101 tel +1 206 223 0866 FAX +1 206 757 9427

Copyright © 2010 Colliers International.

Glossary

GLOBAL RESEARCH CONTACTS

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.

Americas

Asia Pacific

Ross Moore USA ross.moore@colliers.com

Simon Lo Asia simon.lo@colliers.com

Wayne Duong Canada wayne.duong@colliers.com

Amit Oberoi India amit.oberoi@colliers.com

Mario Rivera Latin America mario.rivera@colliers.com

Mark Courtney Australia/New Zealand mark.courtney@colliers.com

Europe/Middle East/ Africa

Yumiko Yasuda Japan yumiko.yasuda@colliers.com

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

www.colliers.com

Thomas Grounds EMEA thomas.grounds@colliers.com

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.

Mark Charlton United Kingdom mark.charlton@colliers.com Renaud Roger France rroger@colliers-ufgpm.fr Andreas Trumpp Germany andreas.trumpp@colliers.com

Accelerating success.


Informe global de industrias - Primer semestre 2010