First Half 2011 | INDUSTRIAL
GLOBAL INDUSTRIAL
HIGHLIGHTS
Industrial Real Estate Markets Holding Up Despite Softening Global Economy Ross J. Moore Chief Economist | USA Europe, Middle East, Africa (EMEA)
GLOBAL INDUSTRIAL CAPITALIZATION RATES (Prime Yield/Percent) MARKET (Select Markets)
June 2011
JUNE 2010
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
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
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
GLOBAL PRIME LAND PRICES
MARKET (Select Markets)
June 2011 6-MONTH (USD PSF)
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
CHANGE* (%)
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
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).
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
GLOBAL TOP TEN INDUSTRIAL WAREHOUSE RENTS RENT
MARKET Tokyo London (Heathrow) Zurich Hong Kong Geneva Singapore Oslo São Paulo Helsinki Marseilles
6-MONTH CHANGE
(USD/ PSF/Year)
(Local Currency, %)
22.81 20.88 19.88 18.97 18.77 18.57 17.28 17.06 16.19 16.19
0.0 0.0 0.0 10.8 0.0 12.4 0.0 4.2 2.6 8.7
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.
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.
highlights | First Half 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
Austria
EUR
SM
Month
5.50
0.00
5.00
Minsk
Belarus
EUR
SM
Month
8.00
(20.00)
6.50
240.00
Antwerp
Belgium
EUR
SM
Month
3.70
0.00
3.20
140.00
Brussels
Belgium
EUR
SM
Month
3.70
(2.63)
3.20
150.00
Sofia
Bulgaria
EUR
SM
Month
4.00
(11.11)
3.50
58.91
Zagreb
Croatia
EUR
SM
Month
5.00
(16.67)
4.50
55.00
Prague
Czech Republic
EUR
SM
Month
Copenhagen
Denmark
DKK
SM
Year
4.30
(4.44)
3.80
76.00
450.00
0.00
450.00
800.00
Tallinn
Estonia
EUR
SM
Month
4.50
12.50
3.80
32.00
Helsinki
Finland
EUR
SM
Month
10.00
2.56
7.50
70.00
Bordeaux
France
EUR
SM
Month
6.25
(3.85)
3.50
52.00
Lille
France
EUR
SM
Month
4.60
0.00
3.50
45.00
Lyon
France
EUR
SM
Month
6.25
0.00
3.50
55.00
Marseilles
France
EUR
SM
Month
10.00
8.70
3.50
58.00
Paris
France
EUR
SM
Month
10.00
0.00
4.40
65.00
Toulouse
France
EUR
SM
Month
6.25
0.00
3.50
48.00
Berlin
Germany
EUR
SM
Month
5.70
1.79
4.30
110.00
D端sseldorf
Germany
EUR
SM
Month
5.00
0.00
4.40
160.00
Frankfurt
Germany
EUR
SM
Month
5.30
0.00
6.00
Hamburg
Germany
EUR
SM
Month
5.70
3.64
5.70
Munich
Germany
EUR
SM
Month
6.20
(1.59)
5.25
120.00
Stuttgart
Germany
EUR
SM
Month
5.30
0.00
6.00
Athens
Greece
EUR
SM
Month
5.00
(9.09)
3.00
Budapest
Hungary
EUR
SM
Month
4.00
0.00
3.60
64.00
Milan
Italy
EUR
SM
Month
4.90
0.00
4.80
128.00
150.00
Rome
Italy
EUR
SM
Month
5.00
0.00
5.00
50.00
Riga
Latvia
EUR
SM
Month
3.50
0.00
3.20
20.00
Vilnius
Lithuania
EUR
SM
Month
3.90
0.00
3.20
17.00
Amsterdam
Netherlands
EUR
SM
Month
7.90
0.00
3.80
375.00 1,350.00
Oslo
Norway
NOK
SM
Month
83.33
0.04
75.00
Warsaw
Poland
EUR
SM
Month
6.00
9.09
5.00
96.00
Lisbon
Portugal
EUR
SM
Month
5.50
0.00
3.50
125.00
Dublin
Republic of Ireland
EUR
SM
Month
5.00
(25.37)
4.50
50.00
Bucharest
Romania
EUR
SM
Month
4.40
0.00
4.00
35.00
Moscow
Russia
USD
SM
Month
14.00
16.67
12.00
100.00
Saint Petersburg
Russia
USD
SM
Month
9.17
(0.36)
8.10
100.00
Belgrade
Serbia
EUR
SM
Month
5.00
0.00
4.00
51.00
Bratislava
Slovakia
EUR
SM
Month
3.90
0.00
3.60
66.07
Cape Town
South Africa
ZAR
SM
Month
50.00
0.00
45.00
1,326.00
Durban
South Africa
ZAR
SM
Month
45.00
0.00
42.00
1,500.00 700.00
Johannesburg
South Africa
ZAR
SM
Month
55.00
0.00
50.00
Madrid
Spain
EUR
SM
Month
5.50
(8.33)
3.50
300.00
Stockholm
Sweden
SEK
SM
Year
870.00
8.75
575.00
600.00 350.00
Geneva
Switzerland
CHF
SM
Month
14.17
0.00
10.83
Zurich
Switzerland
CHF
SM
Month
15.00
0.00
13.33
Istanbul
Turkey
USD
SM
Month
6.00
0.00
6.00
Kyiv
Ukraine
USD
SM
Month
7.00
16.67
5.80
Belfast
United Kingdom
GBP
SF
Year
4.00
0.00
4.00
6.30
Birmingham
United Kingdom
GBP
SF
Year
5.75
9.52
5.50
6.90
30.00
Bristol
United Kingdom
GBP
SF
Year
7.00
(6.67)
5.50
6.30
Edinburgh
United Kingdom
GBP
SF
Year
7.00
0.00
4.50
5.75
Glasgow
United Kingdom
GBP
SF
Year
6.00
0.00
5.00
3.45
Leeds
United Kingdom
GBP
SF
Year
5.50
0.00
5.00
6.90
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| Colliers International
highlights | First Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents
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) continued
London (Heathrow)
United Kingdom
GBP
SF
Year
13.00
0.00
12.00
39.00
Manchester
United Kingdom
GBP
SF
Year
5.75
0.00
4.25
6.30
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
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
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
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
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 6.62
6.25 6.00 4.74 5.50 4.00 6.50 7.00 8.00 4.40
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
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)
14.13 8.03 5.00 11.00 5.05 9.11 10.41
11.00 2.77 2.84 3.42 4.60 4.50 4.75 4.20
25.00 6.88 1.25 2.75
2.93 2.88
5.75 1.72
3.75 2.19 2.70 3.25 3.69 5.71 2.28 6.19 2.80 2.95 4.28
1.15 1.39 1.60 5.00
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
1.25 3.75 2.75
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 |
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highlights | First Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents
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)
NORTH AMERICA continued
Oakland Omaha Orange County Orlando Philadelphia
United States United States United States United States United States
USD USD USD USD USD
SF SF SF SF SF
Year Year Year Year Year
4.56 4.85 6.72 4.49 4.00
Phoenix Pittsburgh Pleasanton/Walnut Creek Portland Raleigh Reno Sacramento San Diego San Francisco Peninsula San Jose/Silicon Valley Savannah Seattle/Puget Sound St. Louis
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
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
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
St. Paul
United States
USD
SF
Year
4.40
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)
3.16 5.34 5.52 4.26 3.75
12.55 22.95 3.10
4.08 3.75 3.87 4.84 3.83 3.20 3.75 6.96 9.24 5.03 3.75 4.92
1.50 2.47 19.69 5.94 4.00 1.00 2.00 12.00
2.00 1.43
4.10
Stockton/San Joaquin County
United States
USD
SF
Year
3.72
(6.06)
3.66
Tampa Bay
United States
USD
SF
Year
4.21
0.24
4.23
Washington DC
United States
USD
SF
Year
7.64
(1.29)
West Palm Beach
United States
USD
SF
Year
6.76
(5.32)
6.35
Australia Australia Australia Australia Australia China China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea Thailand Vietnam
AUD AUD AUD AUD AUD RMB RMB HKD RMB INR IDR JPY NZD NZD NZD SGD KRW THB USD
SM SM SM SM SM SM SM SF SM SF SM SM SM SM SM SF SM SM SM
Year Year Year Year Year Month Month Month Month Month Month Month Year Year Year 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
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)
85.00 90.00 90.00 90.00 101.00 33.00 26.00 10.04 28.98 30.00
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 Month Month Month
6.60 15.30 6.03 11.00 5.50 5.60 5.50
3.50
9.50
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
1.37 12,000.00 110.00 3.00
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
6.20 13.10 5.11 10.00 6.75 5.60 4.50
90.00 281.00 123.12 200.00 100.00 180.00 120.00
1,700.00
LATIN AMERICA Buenos Aires São Paulo Santiago Bogotá San José Mexico city Lima
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| Colliers International
4.76 4.17 9.84 (4.35) (15.38) 3.70 (8.33)
highlights | First Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates
MARKET
COUNTRY
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 (%)
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Vienna
Austria
0.6887
8.91
8.10
32.39
Minsk Antwerp Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lille Lyon Marseilles Paris Toulouse Berlin D端sseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest
Belarus Belgium Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary
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
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
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
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
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
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
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
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
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
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
Glasgow Leeds
United Kingdom United Kingdom
0.6225 0.6225
9.64 8.84
8.03 8.03
5.54 11.08
* Central & Eastern European quoted vacancy rates based on A+B class stock only
8.75 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
2.50 9.00 21.66 8.50
17.00 7.05 6.90 11.00 10.00 8.50 7.50 9.00 7.75 7.50 7.20 7.20 7.20 6.80 7.50 7.40 7.50 7.10 7.20 6.90 7.10 8.75 9.00
8.30 7.49 6.20
8.00 8.00 10.00 11.00 7.50 6.50 8.00 8.00 9.00 10.00 11.00 13.00 11.00 9.00 9.25 12.00 9.50 8.00 6.50 7.30 7.50 9.00 14.00 6.75 7.50 7.50 7.75
10.38 8.22
7.75 7.75
21.40 14.00 9.00 19.29 17.00 13.21 4.44 12.83 1.54 10.50 6.60
14.00
Colliers International |
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highlights | First Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates
MARKET
COUNTRY
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 (%)
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
London (Heathrow) Manchester
United Kingdom United Kingdom
0.6225 0.6225
20.88 9.24
19.28 6.83
62.65 10.12
13.05 8.18
6.00 7.00
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
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 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 5.83
6.48 6.22 4.92 5.70 4.15 6.74 7.26 8.30 4.56
0.00 14.65 8.33 5.19 11.41 0.00 5.24 9.45 10.80
11.41 2.87 2.84 3.42 4.60 4.50 4.75 4.20
25.93 7.13 1.25 2.75 0.00 1.25 3.75 2.75
7.00 6.70 8.22 7.75 8.50 8.25 7.50 7.50 6.90 6.00 6.66 8.22 8.99 10.00 8.43
2.93 2.88
5.75 1.72
3.75 2.19 2.70 3.25 3.69 5.71 2.28 6.19 2.80 2.95 4.28
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 11.92
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 8.18
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
p. 6
| Colliers International
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
8.50 7.75 6.90 8.00
8.00 8.00 8.00 6.10 9.00 10.00 10.30 8.50 9.50 8.50 8.20 8.75 9.00 8.40 6.50 5.25 9.75
6.10 5.89
highlights | First Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates
MARKET
COUNTRY
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 (%)
NORTH AMERICA continued
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
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
1.0000 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
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
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
Australia Australia Australia Australia Australia China China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea Thailand Vietnam
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
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
8.48 8.98 8.98 8.98 10.07 5.69 4.49 15.48 5.00 8.07
13.39 12.54 3.99 3.35
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
1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
7.36 17.06 6.72 12.27 6.13 6.25 6.13
6.91 14.61 5.70 11.15 7.53 6.25 5.02
8.36 26.12 11.44 18.59 9.29 16.73 11.15
4.10 3.66 4.23 6.35
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
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
7.00 6.50 8.25 8.50 9.20 7.50 6.00 8.25
7.00 8.50 8.70
7.00 8.40
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
23.51
3.00 17.40 5.30
7.70
8.25 8.40 8.25 8.50 8.25 9.30 6.80 4.40 8.76 8.00 8.13 6.20 8.20 8.70 8.00 4.70 8.00
26.50 10.00
LATIN AMERICA Buenos Aires São Paulo Santiago Bogotá San José Mexico city Lima
Argentina Brazil Chile Colombia Costa Rica Mexico Peru
2.00 9.00 1.90 7.90 7.80
15.00 11.00 11.50 9.50 11.00 9.50 11.00
Colliers International |
p. 7
highlights | First Half 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
million sf square feet under management
• 979
• Over
12,500 professionals
COLLIERS INTERNATIONAL 601 Union Street, Suite 4800 Seattle, WA 98101 USA tel +1 206 695 4200
Copyright © 2011 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
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
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
Europe, Middle East and Africa Thomas Grounds EMEA thomas.grounds@colliers.com
Mark Charlton United Kingdom mark.charlton@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.
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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