3Q16
MARKET REPORT Latin America The Caribbean
&
Torre Colpatria, Bogota, Colombia.
Global Locations
Latin America, & The Caribbean
Argentina Buenos Aires City Buenos Aires North
Bahamas Nassau
Chile Santiago
Cayman Islands George Town
$PMPNCJB #PHPUB
Jamaica Kingston
Mexico Ciudad Juarez Guadalajara Guanajuato Matamoros Mexicali Mexico City Monterrey Queretaro Reynosa San Luis Potosi Tijuana
Panama Panama City
Peru Lima Arequipa
Puerto Rico San Juan
Mauro Keller Sarmiento, SIOR
and their company associates. Any dissemination or replication, without the express authorization of NAI Global, is strictly prohibited.
Executive Managing Director, International Business +54 11 4320 4320 mkellersarmiento@naiglobal.com
#VFOPT "JSFT
.BSLFU 3FQPSU 2 &DPOPNJD 0WFSWJFX G%1 GROWTH
0. %
INFLATION
% %
UNEMPLOYMENT RATE CURRENCY CONVERSION RATE (VS USD)
Pesos Argentinos $ARS
5SFOET +6-: "6(645 4&15&.#&3 Vacancy Rate
Estimate Total Take Up
Sale Average Lease Average Asking Rates Asking Rates
1SJNF 0GGJDFT $MBTT " PGGJDF NBSLFU JOWFOUPSZ JO $#% BOE (SFBUFS #VFOPT "JSFT JT BCPVU . N¤ $MBTT " CVJMEJOHT WBDBODZ SBUF JO $#% BOE (SFBUFS #VFOPT "JSFT JT BCPVU XIJMF GPS HFOFSBM PGGJDF TQBDF JOWFOUPSZ JT BCPVU
Sale Value (USD / m2)
Lease Value (USD / m2 /month)
USD UP
USD 2 UP
Sale Value (USD / m2)
Lease Value (USD / m2 / month)
1SJNF *OEVTUSJBM 5IF XBSFIPVTF $MBTT " JOWFOUPSZ DPOUJOVFT UP JODSFBTF XJUI UIF DPOTUSVDUJPO PG $MBTT " TQBDF FWFOMZ BDSPTT BMM TVCNBSLFUT 5IF /PSUI TVCNBSLFU SFNBJOT UIF MBSHFTU XJUI PG OFXMZ EFMJWFSFE TQBDF
USD 600
USD 7
1SJNF 3FUBJM 5IF GJSTU TFNFTUFS UISPXT B OFHBUJWF OFU BCTPSQUJPO SBUF 0OMZ "W 4BOUB 'F BOE $BMMBP BOE 1VFSUP .BEFSP DPSSJEPST SFGMFDUFE B QPTJUJWF BCTPSQUJPO DPNQBSFE UP UIF TFDPOE IBMG PG Sale Value (USD / m2)
Lease Value (USD / m2 / month)
USD 6,500
USD 35
)*()-*()54 -BTU CPOE SFMFBTF GPS 64% CJMMJPOT IBT IFMQFE "SHFOUJOB UP HP CBDL UP UIF JOUFSOBUJPOBM MPBO NBSLFU BOE MFU JOKFDU DBQJUBMT UP TVQQPSU JOEVTUSZ EFWFMPQNFOU JODMVEJOH DPOTUSVDUJPO -BUFTU UBY DVUT JO DBQJUBM SFUVSOJOH UP UIF DPVOUSZ QVTIFE CZ /BUJPOBM (PWerment wBT XFMDPNFE CZ UIF SFBM FTUBUF JOEVTUSZ BOE EFWFMPQFST XIP FYQFDU QPTJUJWF JNQBDU JO UIF NBSLFU NPWJOH GPSXBSE *O #VFOPT "JSFT UIF SBUJP of JOIBCJUBOUT N PG DMBTT " PGGJDF TQBDF JT BCPVU XIJMF JO DJUJFT MJLF .ÏYJDP %' it JT BCPVU 4BP 1BVMP 3ÓP EF +BOFJSP and 4BOUJBHP EF $IJMF
San Martin 640 – 10th Floor Buenos Aires - Argentina +54 11 4320-4320 XXX /"*"SHFOUJOB DPN
/BTTBV
.BSLFU 3FQPSU 2 &DPOPNJD 0WFSWJFX G%1 GROWTH
%
INFLATION
%
UNEMPLOYMENT RATE CURRENCY CONVERSION RATE (VS USD)
% Bahamian Dollar B$ 1
5SFOET +6-: "6(645 4&15&.#&3 Estimate Total Take Up
Vacancy Rate
Sale Average Lease Average Asking Rates Asking Rates
1SJNF 0GGJDFT 5IF EFNBOE GPS $MBTT " PGGJDF TQBDF IBT TIPXO OP DIBOHF JO UIF UIJSE RVBSUFS 0VS PWFSBMM JOWFOUPSZ SFNBJOT BU N PS 4' Sale Value (USD / m2)
USD 2,903
Lease Value (USD / m2 /month)
USD 30.
1SJNF *OEVTUSJBM 5IJT NBSLFU JT MJNJUFE FYDMVTJWFMZ UP XBSFIPVTF EFWFMPQNFOUT PG XIJDI UIFSF BSF OPU NBOZ %BUB POMZ DPWFST UIPTF QSPQFSUJFT GPS XIJDI XF BSF BCMF UP DPMMFDU SFMJBCMF EBUB 5IJT NBSLFU SFNBJOT GMBU Sale Value (USD / m2)
-
Lease Value (USD / m2 / month)
USD 1
1SJNF 3FUBJM 5IF WBDBOZ SBUF JO UIF SFUBJM TFDUPS IBT BMTP SFNBJOFE GMBU EVSJOH UIF UIJSE RVBSUFS *G #BIBNBS JT DPNQMFUFE JO UIF TQSJOH PG XF FYQFDU UIF WBDBODZ SBUF JO UIJT NBSLFU UP EFDSFBTF Sale Value (USD / m2)
-
Lease Value (USD / m2 / month)
USD 25.5
)*()-*()54 5IF JOWFTUNFOU DMJNBUF JO UIF #BIBNBT GPS DPNNFSDJBM SFBM FTUBUF IBT TIPXO OP DIBOHF 8F FYQFDU UP DMPTF PO NJMMJPO JO DPNNFSDJBM TBMFT EVSJOH UIF GPVSUI 2VBSUFS JODMVEJOH PGGJDF CVJMEJOHT BOE EFWFMPQNFOU TJUFT 5IF DPOTUSVDUJPO IBT SFTVNFE BU #BIB .BS XJUI UIF PSJHJOBM DPOUSBDUPS 5IF IPUFM JT TFU UP PQFO TQSJOH 5IF PXOFS PG UIF IPUFM JT VOEFSTUPPE UP CF 1FSGFDU -VDL )PMEJOHT -5% 5IF EBNBHF GSPN )VSSJDBOF .BUUIFX UP UIF DBQJUBM DJUZ XBT RVJUF TFSJPVT 8F FYQFDU UIF MPDBM DPOTUSVDUJPO JOEVTUSZ UP CFOFGJU BOE UIJT DPVME IBWF B QPTJUJWF TIPSU-tFSN JNQBDU PO PVS VOFNQMPZNFOU SBUF
P.O. Box N-1132 Nassau - Bahamas +1 242 396 0028 XXX /"*#BIBNBT DPN
4BOUJBHP CHILE
.BSLFU 3FQPSU 2 &DPOPNJD 0WFSWJFX G%1 GROWTH
%
INFLATION
% %
UNEMPLOYMENT RATE CURRENCY CONVERSION RATE (VS USD)
Chilean Peso CLP$
5SFOET +6-: "6(645 4&15&.#&3 Vacancy Rate
Estimate Total Take Up
Sale Average Lease Average Asking Rates Asking Rates
1SJNF 0GGJDFT 5IF EJTUSJDU IBT OPU SFDFJWFE OFX CVJMEJOHT $MBTT " " 5IF BCTPSQUJPO IBT EFDSFBTFE PWFS UIF QSFWJPVT RVBSUFS )PXFWFS UIF WBDBODZ IBT EFDSFBTFE UP 1SJDFT IBWF SFNBJOFE static Sale Value (USD / m2)
USD 3,
Lease Value (USD / m2 /month)
USD 2
1SJNF *OEVTUSJBM %VSJOH UIF GJSTU IBMG PG WBDBODZ SFBDIFE JODSFBTJOH TJHOJGJDBOUMZ DPNQBSFE UP ZFBS FOE 5IJT DPSSFTQPOEs UP BQQSPYJNBUFMZ TR N BWBJMBCMF GPS SFOU Sale Value (USD / m2)
Lease Value (USD / m2 / month)
64%
64% UP
Sale Value (USD / m2)
Lease Value (USD / m2 / month)
1SJNF 3FUBJM 7BDBODZ SBUF TUBCMF BSPVOE "WFSBHF BTLJOH SFOUT BMTP TUBCMF BU 64% N¤ NPOUI /P JNQPSUBOU OFX TVQQMZ SFHJTUFSFE EVSJOH UIJT QFSJPE
64%
64%
)*()-*()54 &M (PMG %JTUSJDU 5IF RVBSUFSMZ WBDBODZ SBUF IBT DPOUJOVFE UP EFDMJOF UISPVHIPVU BOE UIF UIJSE RVBSUFS XBT OP FYDFQUJPO 5IF QSJNF EJTUSJDU TIPXFE B TMJHIU JNQSPWFNFOU PG BMNPTU QFSDFOUBHF QPJOUT QMBDJOH UIF (PMG BT UIF EJTUSJDU PGGJDFT IFBMUIJFS NBSLFU XJUI B WBDBODZ /VFWB -BT $POEFT EJTUSJDU %VSJOH UIF EJTUSJDU PG /VFWB -BT $POEFT XJMM OPU HFU OFX PGGJDF CVJMEJOHT $MBTT " " TJODF B EFDSFBTF XBT PCTFSWFE JO UIF DPOTUSVDUJPO PG UIFTF QSPKFDUT XIJDI XJMM BDIJFWF B MPXFS SBUF PG WBDBODZ JO UIJT TFDUPS
Av. Pdte Riesco 3451, Las Condes Santiago - Chile. /FX "QPRVJOEP %JTUSJDU %VSJOH UIF UIJSE RVBSUFS PG UIF EJTUSJDU PG /FX "QPRVJOEP +56 2 2347 7000 IBT OPU SFDFJWFE OFX PGGJDF CVJMEJOHT )PXFWFS UIF TFDUPS FYQFDUT UIF GJOBM SFDFQUJPO PG UIF OFX DPSQPSBUF CVJMEJOH PG UIF $IJMFBO $IBNCFS PG $POTUSVDUJPO XIJDI XJMM CF XXX /"*4BSSB DM EFMJWFSFE EVSJOH UIF GPVSUI RVBSUFS PG UIJT ZFBS
#PHPUB $0-0.#*"
Market Report 2 Economic Overview G%1 GROWTH
%
INFLATION
%
UNEMPLOYMENT RATE CURRENCY CONVERSION RATE (VS USD)
% $01 $PMPNCJBO 1FTP
5SFOET +6-: "6(645 4&15&.#&3 Vacancy Rate
Estimate Total Take Up
Sale Average Lease Average Asking Rates Asking Rates
Prime Offices 0JM DPNQBOJFT BSF SFEVDJOH DPTUT BOE UIJT JT CFJOH SFGMFDUFE PO UIF TJ[F PG UIF PGGJDFT UIFZ BSF BDRVJSJOH #FGPSF UIF NPTU EFNBOEFE PGGJDFT XFSF UIF N¤ POFT /PX UIF USFOE IBT IFBEFE UPXBSET UIF N PGGJDFT USD , 00
USD
USD
USD
USD
USD
Prime Industrial 5IF EFNBOE PG XBSFIPVTF BOE TUPSBHF QSPQFSUJFT GPS UIF OFYU NPOUIT JT QSPKFDUFE BSPVOE NJMMJPOT N¤ BOE BCPVU PG UIBU XJMM CF FGGFDUJWF PO UIF GJSTU IBMG PG
Prime Retail /FX JOWFTUPST BSF GPDVTJOH PO QSFNJTFT EVF UP UIF IJHI SFUVSOT UIFZ BSF HFOFSBUJOH eTQFDJBMMZ UIPTF MPDBUFE BU NBMMT
HIGHLIGHTS PG UIF DPNQBOJFT XBOU UP BDRVJSF OFX DPNNFSDJBM BSFBT JO #PHPUÈ NPTU PG UIFN BSF MPPLJOH GPS MBSHF BOE NJEEMF TJ[FE TQBDFT JO NBMMT #VJMEJOH $POTUSVDUJPO TFDUPS FYDFQU GPS DJWJM XPSLT JT FYQFDUFE UP HSPX JO BOE JO 5IJT ZFBS|T OFX GPSFJHO OPO PJM JOWFTUNFOUT BSF DPNJOH GSPN UFDIOPMPHZ GPPE JOEVTUSJBM QBSUT BOE TIPFXFBS GJSNT
$BSSFSB /P 1JTP #PHPUÈ $VOEJOBNBSDB $PMPNCJB
XXX KVBOHBWJSJB DPN
,JOHTUPO .POUFHP #BZ
.BSLFU 3FQPSU 2 &DPOPNJD 0WFSWJFX G%1 GROWTH
%
INFLATION
%
UNEMPLOYMENT RATE CURRENCY CONVERSION RATE (VS USD)
14% Jamaican Dollars J$ 9.2
5SFOET +6-: "6(645 4&15&.#&3 Vacancy Rate
Estimate Total Take Up
Sale Average Lease Average Asking Rates Asking Rates
1SJNF 0GGJDFT A number of office developments planned as developers find that potential rentals now justify new construction Sale Value (USD / m2)
USD 954
Lease Value (USD / m2 /month)
USD 7.2
1SJNF *OEVTUSJBM Roof Structure now partly in place for the planned Nestle building west of Kingston. Completion of the 80,000 SF Distribution Centre is planned for March 2017. Sale Value (USD / m2)
USD 630
Lease Value (USD / m2 / month)
USD 5
1SJNF 3FUBJM .BSLFU TUBUJD Sale Value (USD / m2)
USD 1,883
Lease Value (USD / m2 / month)
USD 12.5
)*()-*()54 IBEX Global opens their new 44,000 SF Call Centre in Portmore Pines, west of Kingston. Plans for further development in Kingston. Sagicor (Major local company in banking and insurance), on behalf of its managed funds, has completed the acquisition of 217 of the 277 residential units in the condominium resort development known as the Palmyra Resort and Spa in Montego Bay, St James, and an adjoining power plant owned by Caribbean Green Power Systems Ltd (in receivership).
31 Upper Waterloo Road Kingston - Jamaica +1 876 925 7861 XXX /"*+BNBJDB DPN
.FYJDP $JUZ
.BSLFU 3FQPSU 2 &DPOPNJD 0WFSWJFX G%1 GROWTH
2 %
INFLATION
2. %
UNEMPLOYMENT RATE
%
CURRENCY CONVERSION RATE (VS USD)
Mexican Peso $MXN 1
5SFOET +6-: "6(645 4&15&.#&3 Vacancy Rate
Estimate Total Take Up
Sale Average Lease Average Asking Rates Asking Rates
0GGJDF DPOTUSVDUJPO TUJMM IJHI DPOTUSVDUJPO FYDFFEJOH BCTPSQUJPO BOE WBDBODZ SBUFT JODSFBTFE GSPN UP 8JUI TPNF TVC TFDUPST PWFSCVJMU "TLJOH QSJDFT BSF NPEFSBUJOH EVF UP DPOTUSVDUJPO CVU BMTP EVF UP FYDIBOHF SBUFT USD
USD UP
USD 7 0
USD UP
USD
USD 1
1SJNF *OEVTUSJBM 0WFSBMM JOWFOUPSZ BQQSPBDIJOH NJMMJPO N¤ XJUI VOEFS DPOTUSVDUJPO %FNBOE JT TUSPOH BTLJOH SFOUT SFGMFDU FYDIBOHF SBUF QSPCMFNT EPXO UP N¤ NPOUI
1SJNF 3FUBJM 3FUBJM TUPSFT IBWJOH QSPCMFNT TJODF UIFZ TFMM JO QFTPT BOE QBZ SFOU JO 64% .BOZ UPQ TIPQQJOH DFOUFST XJUI WBDBODJFT 5PQ BTLJOH SFOU QSJDFT EPXO BT NVDI BT
)*()-*()54 *OEVTUSJBM GBDJMJUZ DPOTUSVDUJPO JODSFBTJOH NJMMJPO N¤ DPNQBSFE UP NJMMJPO N¤ B ZFBS BHP "TLJOH SBUFT IBWF NPEFSBUFE GPS UIF TIPSU UFSN EVF UP QFTP EPMMBS FYDIBOHF SBUF IPXFWFS EFNBOE JT TP TUSPOH SBUFT XJMM TPPO JODSFBTF BHBJO /FX PGGJDF DPOTUSVDUJPO NPEFSBUFE BU UIF TUBSU PG UIF ZFBS JODSFBTFE EVSJOH UIF 2 OPX BU NJMMJPO N¤ DPNQBSFE UP EVSJOH UIF TU 2VBSUFS &YDIBOHF SBUF IBT BMTP NPEFSBUFE BTLJOH QSJDFT PWFSBMM BWFSBHF JT N¤ NPOUI 3FUBJM NBSLFUT FYQBOEJOH BU B B TMPXFS SBUF 7BDBODZ SBUFT VQ EVF UP FYDIBOHF SBUF
#MWE "HVB $BMJFOUF 1# &EJGJDJP $FOUVSB $PM "WJBDJØO 5JKVBOB # $ .ÏY .9 6 64 ww.NAIMexico .com
1BOBNB $JUZ
.BSLFU 3FQPSU 2 &DPOPNJD 0WFSWJFX G%1 GROWTH
. %
INFLATION
%
UNEMPLOYMENT RATE
.1%
CURRENCY CONVERSION RATE (VS USD)
Balboa B/.
5SFOET +6-: "6(645 4&15&.#&3 Vacancy Rate
Estimate Total Take Up
Sale Average Lease Average Asking Rates Asking Rates
1SJNF 0GGJDFT 7BDBODZ 3BUFT TJODF MBTU USJNFTUFS DPOUJOVF UP TUBCJMJ[F BT OFX PGGJDFT BSF EFMJWFSFE BOE PDDVQJFE 0GGJDF 4BMFT BOE MFBTF WBMVFT BSF VQ WFSZ TMJHIUMZ CVU SFNBJO TUBCMF Sale Value (USD / m2)
Lease Value (USD / m2 /month)
64% 2
USD
1SJNF *OEVTUSJBM 7BDBODZ 3BUFT BSF TMPXMZ EJNJOJTIJOH BT FYJTUJOH 8BSFIPVTF TQBDF is PDDVQJFE BOE GFX OFX XBSFIPVTFT BSF CFJOH CVJMU XJUIJO *OEVTUSJBM 1BSLT 4BMFT BOE -FBTF QSJDFT IBWF EFDSFBTFE TMJHIMZ UIJT USJNFTUFS Sale Value (USD / m2)
Lease Value (USD / m2 / month)
USD
USD
1SJNF 3FUBJM *OWFOUPSZ JT IJHI WBODBODZ SBUFT TMJHIUMZ JODSFBTJOH CVU SFOUBM SBUFT SFNBJO TUFBEZ *OWFOUPSZ GPS 4BMF JT EJGGJDVMU UP GJOE GPS JOEJWJEVBM SFUBJM VOJUT CVU UIF BWBJMBCMF TQBDFT BSF GPVOE JO TUrJQ NBMMT PS MBSHF TIPQQJOH NBMMT GPS MFBTF
Sale Value (USD / m2)
Lease Value (USD / m2 / month)
USD
USD
)*()-*()54 1BOBNB JT DMBTTJGJFE BT JOWFTUNFOU HSBEF CZ SJTL SBUJOH BHFODJFT 4UBOEBSE BOE QPPST .PPEZhT BOE JT UIF GJGUI DPVOUSZ JO UIF XPSME JO B TVCDMBTsJGJDBUJPO PG NJEEMF JODPNF UFSSJUPSFT CFIJOE 4PVUIBGSJDB $IJOB .BMBTJB BOE 5VSLFZ
1BOBNB SBOLT BT UIF DPVOUSZ XJUI UIF MBSHFTU MPHJTUJDT DPNQFUJUJWFOFTT JO -BUJO "NFSJDB BOE JT BNPOH UIF PG UIF DPVOUSJFT XJUI UIF IJHIFTU TDPSF XPSMEXJEF 'JTDBM BOE -BCPS JODFOUJWFT SFNBJO BO JNQPSUBOU BUUSBDUJPO UPHFUIFS BDUJWBUJOH NBSLFU DPOGJEFODF XIJDI LFFQT PO BUUSBDUJOH NVMUJOBUJPOBM DPNQBOJFT UP 1BOBNB
Green Plaza,1st Floor Suite 201 Costa del Este - Panamรก +507 300 5300 XXX /"*1BOBNB DPN
-JNB
.BSLFU 3FQPSU 2 &DPOPNJD 0WFSWJFX G%1 GROWTH
%
INFLATION
%
UNEMPLOYMENT RATE
%
CURRENCY CONVERSION RATE (VS USD)
Nuevo Sol S/. 3.
5SFOET +6-: "6(645 4&15&.#&3 Estimate Total Take Up
Vacancy Rate
Sale Average Lease Average Asking Rates Asking Rates
0GGJDF DPOTUSVDUJPO JO UIF 2 DPOUJOVFT UP JODSFBTF JO UIF TBNF XBZ HFOFSBUJOH NPSF WBDBODZ JO UIJT TFDUPS 4VC .BSLFUT MJLF 4BO *TJESP BOE .BHEBMFOB XJMM IBWF OFX CVJMEJOHT BU UIF FOE PG UIF ZFBS USD 2,
USD
USD
USD
USD 6
1SJNF *OEVTUSJBM 5IF PQFOJOH PG OFX MPHJTUJDT DFOUFST IBWF CFFO DBSSJFE PVU JO UIJT 2 BOE XJMM DPOUJOVF JO UIF MBTU RVBSUFS 5IF FYQBOTJPO PG UIF JOEVTUSJBM TFDUPS JO TVC NBSLFUT MJLF -VSJO 4BO #BSUPMP BOE $IJMDB TFFNT JODSFBTJOHMZ QSPNJTJOH
1SJNF 3FUBJM %VF UP EFMBZT JO QSPKFDU FYFDVUJPO OFX TIPQQJOH DFOUFST .FHB 1MB[B 7JMMB &M 4BMWBEPS BOE 7JB .JY $PMPOJBM TUJMM XJMM CF QMBDFE JO UIF OFYU RVBSUFS 5IBU JT XIZ UIF WBDBODZ BOE BCTPSUJPO IBWF OPU VOEFSHPOF B NBKPS DIBOHF
)*()-*()54 5IF FOUSBODF PG UIF OFX HPWFSONFOU GBWPST UIF QSJWBUF MPDBM BOE GPSFJHO JOWFTUNFOU 5IFSF BSF HPPE FYQFDUBUJPOT BCPVU JU 5IF "1&$ GPSVN XJMM CF IFME JO -JNB GSPN /PWFNCFS UP XIJDI XJMM HJWF RVBMJUZ HSPXUI BOE IVNBO EFWFMPQNFOU QSPQPTJOH BO TUSBUFHZ BJNFE UP GBDJMJUBUJOH FRVJUBCMF BOE RVBMJUZ HSPXUI JO UIF SFHJPO 5IF PQFOJOH PG OFX MPHJTUJDT DFOUFST PG #4' .FHBDFOUSP BOE "MNPOUF -"5". TFFNT UP TUBSU B OFX WJTJPO PG JOEVTUSJBM HSPXUI JO TPVUIFSO -JNB
191 Calle Pedro Denegri, Surco Lima - Peru + 511 2719966 XXX /"*1FSV DPN
4BO +VBO .FUSP "SFB
.BSLFU 3FQPSU 2 &DPOPNJD 0WFSWJFX G%1 GROWTH
%
INFLATION
%
UNEMPLOYMENT RATE
%
CURRENCY
USD
CONVERSION RATE (VS USD)
1
5SFOET +6-: "6(645 4&15&.#&3 Vacancy Rate
EstimatF Total Take Up
Sale Average Lease Average Asking Rates Asking Rates
1SJNF 0GGJDFT "DU JODFOUJWFT DPOUJOVF UP BUUSBDU GPSFJHO JOWFTUNFOUPST GPVOEJOH PQFSBUJPOT JO 1VFSUP 3JDP SFTVMUJOH JO B SFEVDUJPO PG PGGJDF TQBDF WBDBODJFT Sale Value (USD / 4')
USD 1
Lease Value (USD / 4' /month)
USD
1SJNF *OEVTUSJBM 5IF JOEVTUSJBM TFDUPS IBT EFDSFBTFE TJHOJGJDBOUMZ EVF UP OFX UBY DPEF SFGPSNT FMJNJOBUJPO PG UBY JODFOUJWFT BOE JOFYQFOTJWF PVUTPVSDFE MBCPS Sale Value (USD / 4')
USD
Lease Value (USD / 4' / month)
USD
1SJNF 3FUBJM $POTVNFS DPOGJEFODF BOE Bn VOEFSHSPVOE CBTFE FDPOPNZ IBT JODSFBTFE USBEJOH JO B TMJHIU VQUVSO PG SFUBJM SFWFOVF /BUJPOBM SFUBJMFST BSF SFDPOTJEFSJOH UIF MPDBM NBSLFU PODF BHBJO BGUFS B ZFBS IBMU
Sale Value (USD / 4')
Lease Value (USD / 4' / month)
64%
USD
)*()-*()54 /FX 4IPQQJOH $FOUFS %FWFMPQNFOUT TVDI BT .BMM PG 4BO +VBO JO PQFSBUJPO BOE 4BNCJM 1VFSUP 3JDP UP CSFBL HSPVOE JO 1MB[B MBT "NFSDJBT UIF MBSHFTU TIPQQJOH DFOUFS JO UIF $BSJCCFBO JT FYQBOEJOH JODSFBTJOH UIFJS (-" /FXMZ BQQPJOUFE 'JTDBM $POUSPM #PBSE 4ZOEJDBUF IBT DPNNFODFE UP QSBDUJDF JO 1 3 BOE XJUI UIJT MFBTJOH BDUJWJUZ PO OBUJPOBM UFOBOUT IBT JODSFBTFE BMPOHTJEF UIF MPDBM SFUBJM TFDUPS 0DUPCFS TBMFT IBWF JODSFBTFE /FX EFWFMPQNFOUT JO UIF SFTPSU BOE UPVSJTN TFDUPS BSF UP CF GJOBMJ[FE CZ UIF FOE PG
MARKET REPORT
2 -BUJO "NFSJDB 5IF $BSJCCFBO
5IF XPSME T MBSHFTU DPNNFSDJBM SFBM FTUBUF OFUXPSL Over 380 million square feet of property managed. "MM BDUJWFMZ NBOBHFE UP QFSGPSN GPS ZPV
717 Fifth Avenue,12th Floor New York, New York 10022 tel +1 212 405 2500 www.naiglobal.com