COLLIERS INTERNATIONAL
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GLOBAL
Highlights INDUSTRIAL
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MID-YEAR 2009
Global Downturn Squashes Warehouse Markets Ross J. Moore | Executive Vice President, Market and Economic Research
Europe, Middle East & Africa (EMEA) GLOBAL INDUSTRIAL CAPITALIZATION RATES (PRIME YIELD/PERCENT) Market (Select Markets)
June 2009 (%)
Dec. 2008 (%)
Hong Kong Los Angeles – Inland Empire London – Heathrow Tokyo Vancouver Munich New Jersey – Northern Paris Seoul Atlanta Lille Chicago Sydney Madrid Dallas-Ft. Worth Singapore Mexico City Prague Bucharest Shanghai
5.00 5.50 5.90 6.10 6.00 6.00 6.50 5.80 7.00 6.60 7.40 6.90 7.50 7.00 7.60 7.00 8.00 8.00 8.00 7.80 8.20 7.40 8.35 7.20 8.50 8.00 8.50 8.50 8.70 8.00 9.00 8.00 9.00 8.00 10.00 8.50 10.50 8.50 11.00 11.00
GLOBAL PRIME LAND PRICES Market (Select Markets)
June 6-Month 2009 Change* (USD PSF) (%)
Hong Kong 679.96 7.05 Seoul 506.39 16.67 Tokyo 470.76 -2.42 London (Heathrow) 60.66 -23.79 Singapore 56.09 0.00 Rotterdam 25.46 0.00 Beijing 21.56 -3.76 Milan 19.58 0.00 Melbourne 18.45 -18.33 Hamburg 15.67 -2.22 Shanghai 13.79 -4.06 Toronto 11.68 -26.51 Paris 11.10 -29.17 Gothenburg 9.59 -5.88 Los Angeles - Inland Empire 7.50 -47.74 Warsaw 6.53 -16.67 Lyon 5.87 -35.71 Chicago 4.37 -21.68 Dallas-Ft. Worth 1.70 -2.86 Atlanta 1.50 -0.66
European, Middle Eastern and African warehouse leasing markets again registered sluggish growth in the first half of 2009. In particular, the United Kingdom, Hungary, Ireland and Spain remained key areas of weakness. Most markets were characterized by little leasing activity and a tendency by many warehouse tenants to sit tight until business conditions show further signs of improvement. For the first six months of 2009, warehouse rents across the region fell on average by 6.0% (local currency). Noticeable declines were recorded in the Czech Republic, Spain, Turkey, Ireland, Serbia, Poland, Sweden, Germany, Denmark, Ukraine, Russia and the Baltic states. For the rest of the EMEA region, rents either held steady or posted only modest declines.
GLOBAL TOP TEN INDUSTRIAL WAREHOUSE RENTS Market
Tokyo London – Heathrow São Paulo Hong Kong Oslo Geneva Honolulu Dublin Helsinki Seoul
Rent (USD PSF)
6-Month Change (Local Currency, %)
22.18 20.64 16.02 15.33 15.12 14.55 13.80 13.71 13.32 13.02
-3.55 -7.40 27.27 -9.17 -21.67 -5.56 -7.38 -12.50 6.25 25.00
Europe is also 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 $20.64 per square foot per year. Not surprisingly, London’s Heathrow submarket also registered the most expensive land in the EMEA region at $60.66 per square foot. Indeed, land values fell in many European markets, with the UK, Hungary, Poland, Russia, Slovakia Serbia, Ukraine, Romania, Ireland and the Baltic states all registering substantial declines.
North America As anticipated, the U.S. and Canadian warehouse markets registered very weak results during the first half of 2009, with tenants returning substantial amounts of space in both countries. Even though construction continued to wane, vacancies in both countries moved up significantly in the first six months of the year, with further increases anticipated in the latter half. Even though the U.S. economy is beginning to shows signs of bottoming, and even expansion, leasing activity is expected to remain very lethargic for the balance of 2009 and well into 2010. With weakening fundamentals, most North American markets will see rents drift lower after already falling 6.9% year-to-date in the U.S. and 2.2% in Canada.
Asia Pacific Asia Pacific continued to be the most robust region in the world; however, the global downturn did not leave this region unscathed. Almost every country in the region registered a substantial drop in rents, with Singapore and India in particular registering double-digit declines. With the global economy showing signs of life and global trade on the upswing, most of the region’s warehouse markets are expected to firm up in the latter half of the year. Despite the recent downturn, Tokyo, Hong Kong and Seoul warehouse rents all ranked in the top ten, with Tokyo lease rates the most expensive in the world at $22.18 per square foot. Asia Pacific also took the top spots in land values, with Hong Kong at $680 per square foot, Seoul $506 per square foot and Tokyo at $471 per square foot. As in the other two main regions, though, most countries within Asia Pacific reported falling land prices.
* Local Currency
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GLOBAL
INDUSTRIAL SURVEY
LOCAL MEASURE/CURRENCY – MID-YEAR 2009
MEASURE
MARKET
COUNTRY
EUROPE, MIDDLE EAST AND AFRICA (EMEA) Vienna Austria Antwerp Belgium Brussels Belgium Sofia Bulgaria Zagreb Croatia Brno Czech Republic Ostrava Czech Republic Pilsen Czech Republic Prague Czech Republic Copenhagen Denmark Tallinn Estonia Helsinki Finland Bordeaux France Lille France Lyon France Marseille France Paris France Toulouse France Düsseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens Greece Budapest Hungary Dublin Ireland Tel Aviv Israel Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Podgorica Montenegro Oslo Norway Gdansk Poland Katowice Poland Kraków Poland Łódz Poland Poznan Poland Warsaw Poland Wrocław Poland Bucharest Romania Timisoara Romania Moscow Russia Saint Petersburg Russia Riyadh Saudi Arabia Belgrade Serbia Bratislava Slovakia Cape Peninsula South Africa Durban South Africa Gauteng – Central Witwatersrand South Africa Gauteng – East Rand South Africa Gauteng – Westrand South Africa Pretoria South Africa Barcelona Spain Madrid Spain
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COLLIERS INTERNATIONAL
QUOTED TIME CURRENCY UNIT PERIOD
EUR EUR EUR EUR EUR EUR EUR EUR EUR DKK 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 EUR EUR EUR USD USD SAR EUR EUR ZAR ZAR ZAR ZAR ZAR ZAR EUR EUR
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 SM SM SM SM SM SM SM
Month Year Year Month Month Month Month Month Month Year Month Month Year Year Year Year Year Year Month Month Month Month Month Month Month Year Month Year Year Month Month Month Year Month Month Month Month Month Month Month Month Month Year Year Year Month Month Month Month Month Month Month Month Month Month
PRIME WAREHOUSE RENT (LOCAL MEASURE/CURRENCY)
6.00 43.00 45.00 5.00 6.25 4.90 3.80 3.10 4.00 500.00 5.50 8.50 55.00 55.00 52.00 55.00 90.00 52.00 4.90 6.00 5.25 6.50 4.50 6.00 4.50 105.00 40.00 60.00 65.00 4.00 4.63 – 1,050.00 3.40 3.60 4.80 3.60 2.90 3.50 3.60 4.75 4.40 120.00 100.00 128.00 5.00 3.60 42.00 53.00 50.00 39.73 33.78 45.00 7.25 8.00
PRIME WAREHOUSE PRIME BULK RENT PRIME LAND VALUE RENT, 6-MONTH (LOCAL MEASURE/ (LOCAL MEASURE/ CHANGE (%) CURRENCY) CURRENCY)
0.00 -4.44 – -16.67 -21.88 11.36 -7.32 -22.50 -9.09 -16.67 -21.43 6.25 -3.51 -3.51 0.00 0.00 0.00 0.00 -9.26 20.00 -6.25 0.00 -29.69 -7.69 7.14 -12.50 0.00 0.00 8.33 -16.67 -10.96 – -21.67 -12.82 -2.70 6.67 0.00 -19.44 -2.78 -2.70 -5.00 -2.22 -17.24 -16.67 – -16.67 -5.26 7.69 -11.67 25.00 -9.70 -15.55 0.00 -9.38 -8.57
5.50 42.00 40.00 4.00 6.00 4.60 3.60 2.85 3.70 550.00 4.80 7.50 42.00 39.00 43.00 38.00 48.00 43.00 4.40 5.50 5.25 5.70 6.00 5.50 3.80 100.00 38.00 60.00 65.00 3.50 3.90 3.00 1,050.00 3.10 3.00 4.00 2.80 3.20 2.85 2.90 4.25 4.00 105.00 90.00 105.00 3.50 3.40 40.00 45.00 38.64 35.50 33.28 40.00 4.75 4.75
200.00 130.00 150.00 65.00 52.00 80.00 58.00 55.00 80.00 800.00 20.00 70.00 52.00 45.00 45.00 58.00 85.00 48.00 160.00 220.00 120.00 220.00 200.00 250.00 40.00 150.00 1,840.00 150.00 100.00 15.00 21.00 150.00 – 43.00 45.00 65.00 24.00 48.00 50.00 43.00 50.00 35.00 90.00 60.00 883.00 30.00 50.00 1,250.00 1,875.00 680.00 668.00 580.00 1,200.00 – –
GLOBAL
INDUSTRIAL SURVEY
LOCAL MEASURE/CURRENCY – MID-YEAR 2009
MEASURE
MARKET EMEA continued Gothenburg Stockholm Geneva Zurich Amsterdam Eindhoven Rotterdam The Hague Utrecht Istanbul Kyiv Birmingham Bristol Leeds London – Heathrow Manchester NORTH AMERICA Calgary, AB Edmonton, AB Halifax, NS Montréal, QC Ottawa, ON Regina, SK Saskatoon, SK Toronto, ON Vancouver, BC Waterloo Region, ON Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC Columbus, OH Dallas-Ft. Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, CA Ft. Lauderdale, FL Greenville, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, FL Kansas City, MO-KS Las Vegas, NV Little Rock, AR Los Angeles – Inland Empire, CA Los Angeles, CA
COUNTRY
QUOTED TIME CURRENCY UNIT PERIOD
PRIME WAREHOUSE RENT (LOCAL MEASURE/CURRENCY)
PRIME WAREHOUSE PRIME BULK RENT PRIME LAND VALUE RENT, 6-MONTH (LOCAL MEASURE/ (LOCAL MEASURE/ CHANGE (%) CURRENCY) CURRENCY)
Sweden Sweden Switzerland Switzerland The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands Turkey Ukraine United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
SEK SEK CHF CHF EUR EUR EUR EUR EUR USD USD GBP GBP GBP GBP GBP
SM SM SM SM SM SM SM SM SM SM SM SF SF SF SF SF
Year Year Year Year Year Year Year Year Year Month Month Year Year Year Year Year
730.00 750.00 170.00 150.00 90.00 60.00 70.00 80.00 75.00 5.00 7.00 5.75 7.50 5.75 12.50 5.75
-2.67 -14.29 -5.56 0.00 0.00 0.00 0.00 0.00 0.00 -23.08 -46.15 -2.54 -3.23 0.00 -7.41 0.00
640.00 600.00 120.00 150.00 65.00 48.00 56.00 68.00 65.00 6.00 7.00 5.00 5.50 5.00 12.50 4.50
800.00 600.00 300.00 500.00 384.00 200.00 195.00 185.00 190.00 – 17.00 6.31 6.89 6.89 36.73 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
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
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
7.00 7.40 6.75 4.50 7.00 8.00 8.50 5.50 7.00 5.13 3.52 4.00 5.99 5.40 3.55 3.65 3.93 2.70 2.90 4.25 3.15 3.15 4.00 4.37 6.00 3.36 7.33 3.12 5.75 13.80 5.50 4.75 3.00 4.00 6.46 3.57 4.31 6.84
3.70 -1.33 0.00 -10.00 0.00 -5.88 6.25 -8.33 -9.68 – -9.74 0.00 2.74 -19.64 -11.25 -5.19 -15.67 -6.90 -3.33 0.00 -2.48 -3.08 -15.79 -4.38 0.00 -12.50 -6.86 -0.16 0.00 -7.38 -1.79 -29.10 -25.00 -8.05 -8.89 9.85 -10.40 -6.56
6.50 6.50 5.00 4.00 6.88 6.50 7.50 5.04 6.50 5.13 3.30 3.95 4.61 5.40 4.15 3.25 2.21 2.70 3.50 4.00 2.95 2.95 3.50 – – 2.40 6.73 3.25 4.50 – 4.95 2.85 3.75 3.50 – – 4.28 6.75
11.82 12.66 5.75 11.00 9.00 6.08 8.00 13.50 25.25 7.41 1.50 5.00 5.74 3.00 2.30 1.95 4.37 2.00 1.32 1.20 2.04 1.70 4.00 – – 3.00 – 1.31 2.30 42.00 4.00 1.84 3.00 1.75 11.11 2.48 7.50 54.80
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GLOBAL
INDUSTRIAL SURVEY
LOCAL MEASURE/CURRENCY – MID-YEAR 2009
MEASURE
MARKET NORTH AMERICA continued Louisville, KY Memphis, TN Miami, FL Milwaukee, WI Minneapolis, MN Nashville, TN New Jersey – Central New Jersey – Northern Oakland, CA Orange County, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR Raleigh, NC Reno, NV Sacramento, CA San Diego, CA San Francisco Peninsula, CA San Jose/Silicon Valley, CA Seattle/Puget Sound, WA St. Louis, MO Stockton/San Joaquin County, CA Tampa Bay, FL Washington, DC West Palm Beach, FL ASIA PACIFIC Adelaide Brisbane Melbourne Perth Sydney Beijing Hong Kong Shanghai Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul LATIN AMERICA Buenos Aires São Paulo Santiago Bogotá San José Mexico City Lima
4
COUNTRY
QUOTED TIME CURRENCY UNIT 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 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 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
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
Australia Australia Australia Australia Australia China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea
AUD AUD AUD AUD AUD CNY HKD CNY INR RUP JPY NZD NZD NZD SGD KRW
SM SM SM SM SM SM SF SM SF SM SM SM SM SM SF SM
Argentina Brazil Chile Colombia Costa Rica Mexico Peru
USD BRL USD USD USD USD USD
SM SM SM SM SM SM SM
COLLIERS INTERNATIONAL
PRIME WAREHOUSE RENT (LOCAL MEASURE/CURRENCY)
PRIME WAREHOUSE PRIME BULK RENT PRIME LAND VALUE RENT, 6-MONTH (LOCAL MEASURE/ (LOCAL MEASURE/ CHANGE (%) CURRENCY) CURRENCY)
3.30 2.69 7.65 4.20 4.39 4.28 4.78 5.84 4.80 8.01 5.32 4.00 5.40 4.56 5.37 4.30 3.84 5.04 8.52 9.96 6.00 7.09 3.25 3.60 5.13 8.34 7.70
-5.71 0.00 -2.05 -1.18 -2.44 7.00 -8.08 -10.15 -9.09 -10.90 -6.34 -15.79 -9.55 0.00 -2.72 -2.27 18.52 -20.75 -2.74 -11.70 -9.09 7.91 -7.14 -6.25 -6.90 -1.65 -13.09
3.05 2.55 6.74 3.50 4.23 3.76 4.30 5.26 6.36 7.80 4.95 3.75 8.40 – 5.36 3.75 2.88 3.60 – 9.96 8.40 7.81 2.75 – 4.88 – 7.57
2.64 0.96 7.94 2.25 2.77 1.61 12.00 14.00 21.58 42.00 3.00 3.45 3.18 13.44 5.00 3.00 3.50 7.00 7.04 – 63.75 – 3.00 5.50 – – 14.61
Year Year Year Year Year Month Month Day Month Month Month Year Year Year Month Month
100.00 115.00 87.00 100.00 134.00 28.88 9.90 0.90 26.00 30,773.00 1,900.00 104.00 90.00 96.00 1.50 15,000.00
0.00 0.00 -3.33 -18.37 3.08 -5.00 -9.17 0.00 -13.33 1.64 -3.55 -4.59 0.00 -4.95 -14.77 25.00
80.00 90.00 87.00 90.00 97.00 22.80 8.18 0.98 26.00 – 1,900.00 102.00 – 86.00 1.20 12,000.00
275.00 400.00 245.00 275.00 420.00 1,588.00 5,270.00 1,016.00 3,270.00 694,059.00 484,000.00 313.00 225.00 280.00 81.57 7,000,000.00
Month Month Month Month Month Month Month
6.00 28.00 4.75 10.50 8.61 5.00 5.00
33.33 27.27 -0.42 5.00 58.56 -16.67 -16.67
6.25 23.00 3.17 6.50 7.30 3.90 3.00
60.00 600.00 92.19 110.00 70.00 100.00 200.00
GLOBAL
MARKET
COUNTRY
EUROPE, MIDDLE EAST AND AFRICA (EMEA) Vienna Austria Antwerp Belgium Brussels Belgium Sofia Bulgaria Zagreb Croatia Brno Czech Republic Ostrava Czech Republic Pilsen Czech Republic Prague Czech Republic Copenhagen Denmark Tallinn Estonia Helsinki Finland Bordeaux France Lille France Lyon France Marseille France Paris France Toulouse France Düsseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens Greece Budapest Hungary Dublin Ireland Tel Aviv Israel Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Podgorica Montenegro Oslo Norway Gdansk Poland Katowice Poland Kraków Poland Łódz Poland Poznan Poland Warsaw Poland Wrocław Poland Bucharest Romania Timisoara Romania Moscow Russia Saint Petersburg Russia Riyadh Saudi Arabia Belgrade Serbia Bratislava Slovakia Cape Peninsula South Africa Durban South Africa Gauteng – Central Witwatersrand South Africa Gauteng – East Rand South Africa Gauteng – Westrand South Africa Pretoria South Africa Barcelona Spain Madrid Spain
INDUSTRIAL SURVEY
U.S. DOLLAR – MID-YEAR 2009
PRIME WAREHOUSE RENT (USD/SF/YEAR)
PRIME BULK RENT (USD/SF/YEAR)
PRIME LAND VALUE (USD/SF)
EXCHANGE RATE (USD) JUNE 30, 2009
PRIME YIELD/ CAP RATE (%)
10-YEAR GOVT. BOND RATE (%)
9.40 5.61 5.87 7.83 9.79 7.68 5.95 4.86 6.27 8.77 8.62 13.32 7.18 7.18 6.79 7.18 11.75 6.79 7.68 9.40 8.22 10.18 7.05 9.40 7.05 13.71 11.31 7.83 8.49 6.27 7.25 – 15.12 5.33 5.64 7.52 5.64 4.54 5.48 5.64 7.44 6.89 11.15 9.29 3.17 7.83 5.64 5.94 7.50 7.07 5.62 4.78 6.37 11.36 12.53
8.62 5.48 5.22 6.27 9.40 7.21 5.64 4.46 5.80 9.64 7.52 11.75 5.48 5.09 5.61 4.96 6.27 5.61 6.89 8.62 8.22 8.93 9.40 8.62 5.95 13.05 10.75 7.83 8.49 5.48 6.11 4.70 15.12 4.86 4.70 6.27 4.39 5.01 4.46 4.54 6.66 6.27 9.76 8.36 2.60 5.48 5.33 5.66 6.37 5.47 5.02 4.71 5.66 7.44 7.44
26.11 16.97 19.58 8.49 6.79 10.44 7.57 7.18 10.44 14.03 2.61 9.14 6.79 5.87 5.87 7.57 11.10 6.27 20.89 28.72 15.67 28.72 26.11 32.64 5.22 19.58 43.36 19.58 13.05 1.96 2.74 19.58 – 5.61 5.87 8.49 3.13 6.27 6.53 5.61 6.53 4.57 8.36 5.58 21.87 3.92 6.53 14.74 22.11 8.02 7.88 6.84 14.15 – –
0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 5.30 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 3.94 0.71 0.71 0.71 0.71 0.71 6.45 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 1.00 1.00 3.75 0.71 0.71 7.88 7.88 7.88 7.88 7.88 7.88 0.71 0.71
8.75 7.25 6.50 10.00 9.50 9.50 11.00 10.75 10.00 7.50 13.00 8.00 8.20 8.20 8.10 8.10 7.60 8.30 6.75 7.40 7.70 7.40 7.30 8.00 8.20 8.50 10.00 6.80 6.90 10.00 12.00 9.00 7.50 8.75 8.75 8.75 8.75 8.75 8.75 8.75 10.50 11.00 14.00 15.00 11.00 10.50 9.00 10.00 10.80 10.50 11.00 11.50 10.00 8.50 8.50
3.65 3.67 3.67 – – 5.00 5.00 5.00 5.00 3.54 – 3.52 3.42 3.42 3.42 3.42 3.42 3.42 3.23 3.23 3.23 3.23 3.23 4.42 8.30 4.65 4.23 4.02 4.02 – – – 4.21 6.08 6.08 6.08 6.08 6.08 6.08 6.08 – – 11.41 11.41 – – 3.91 8.62 8.62 8.62 8.62 8.62 8.62 3.70 3.70
COLLIERS INTERNATIONAL
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GLOBAL
MARKET EMEA continued Gothenburg Stockholm Geneva Zurich Amsterdam Eindhoven Rotterdam The Hague Utrecht Istanbul Kyiv Birmingham Bristol Leeds London – Heathrow Manchester NORTH AMERICA Calgary, AB Edmonton, AB Halifax, NS Montréal, QC Ottawa, ON Regina, SK Saskatoon, SK Toronto, ON Vancouver, BC Waterloo Region, ON Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC Columbus, OH Dallas-Ft. Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, CA Ft. Lauderdale, FL Greenville, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, FL Kansas City, MO-KS Las Vegas, NV Little Rock, AR Los Angeles – Inland Empire, CA Los Angeles, CA
6
INDUSTRIAL SURVEY
U.S. DOLLAR – MID-YEAR 2009
PRIME WAREHOUSE RENT (USD/SF/YEAR)
PRIME BULK RENT (USD/SF/YEAR)
PRIME LAND VALUE (USD/SF)
EXCHANGE RATE (USD) JUNE 30, 2009
PRIME YIELD/ CAP RATE (%)
10-YEAR GOVT. BOND RATE (%)
Sweden Sweden Switzerland Switzerland The Netherlands The Netherlands The Netherlands The Netherlands The Netherlands Turkey Ukraine United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
8.75 8.99 14.55 12.84 11.75 7.83 9.14 10.44 9.79 5.58 7.81 9.50 12.39 9.50 20.64 9.50
7.68 7.20 10.27 12.84 8.49 6.27 7.31 8.88 8.49 6.69 7.81 8.26 9.08 8.26 20.64 7.43
9.59 7.20 25.68 42.80 50.13 26.11 25.46 24.15 24.80 1.58 10.43 11.37 11.37 60.66 10.43
7.75 7.75 1.09 1.09 0.71 0.71 0.71 0.71 0.71 1.00 1.00 0.61 0.61 0.61 0.61 0.61
7.75 7.75 7.50 5.50 7.00 7.30 7.30 7.50 7.00 9.00 17.00 8.00 8.00 8.00 6.00 8.00
3.39 3.39 1.96 1.96 3.51 3.51 3.51 3.51 3.51 6.11 – 3.67 3.67 3.67 3.67 3.67
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
6.06 6.40 5.84 3.89 6.06 6.92 7.35 4.76 6.06 4.44 3.52 4.00 5.99 5.40 3.55 3.65 3.93 2.70 2.90 4.25 3.15 3.15 4.00 4.37 6.00 3.36 7.33 3.12 5.75 13.80 5.50 4.75 3.00 4.00 6.46 3.57 4.31 6.84
5.62 5.62 4.33 3.46 5.95 5.62 6.49 4.36 5.62 4.44 3.30 3.95 4.61 5.40 4.15 3.25 2.21 2.70 3.50 4.00 2.95 2.95 3.50 – – 2.40 6.73 3.25 4.50 – 4.95 2.85 3.75 3.50 – – 4.28 6.75
10.22 10.95 4.97 9.52 7.79 5.26 6.92 11.68 21.84 6.41 1.50 5.00 5.74 3.00 2.30 1.95 4.37 2.00 1.32 1.20 2.04 1.70 4.00 – – 3.00 0.00 1.31 2.30 42.00 4.00 1.84 3.00 1.75 11.11 2.48 7.50 54.80
1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 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
7.25 7.60 8.35 8.50 8.88 8.85 7.90 7.90 7.00 7.50 8.00 7.50 8.50 8.50 10.00 10.00 8.35 – 10.25 9.00 10.00 8.70 9.25 8.00 9.00 10.00 9.22 8.25 9.50 8.50 10.00 9.50 11.00 9.00 6.20 9.00 5.90 6.00
3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45
COUNTRY
COLLIERS INTERNATIONAL
GLOBAL
MARKET NORTH AMERICA continued Louisville, KY Memphis, TN Miami, FL Milwaukee, WI Minneapolis, MN Nashville, TN New Jersey – Central New Jersey – Northern Oakland, CA Orange County, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR Raleigh, NC Reno, NV Sacramento, CA San Diego, CA San Francisco Peninsula, CA San Jose/Silicon Valley, CA Seattle/Puget Sound, WA St. Louis, MO Stockton/San Joaquin County, CA Tampa Bay, FL Washington, DC West Palm Beach, FL ASIA PACIFIC Adelaide Brisbane Melbourne Perth Sydney Beijing Hong Kong Shanghai Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul LATIN AMERICA Buenos Aires São Paulo Santiago Bogotá San José Mexico City Lima
COUNTRY
INDUSTRIAL SURVEY
PRIME WAREHOUSE RENT (USD/SF/YEAR)
U.S. DOLLAR – MID-YEAR 2009
PRIME BULK RENT (USD/SF/YEAR)
PRIME LAND VALUE (USD/SF)
EXCHANGE RATE (USD) JUNE 30, 2009
PRIME YIELD/ CAP RATE (%)
10-YEAR GOVT. BOND RATE (%)
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
3.30 2.69 7.65 4.20 4.39 4.28 4.78 5.84 4.80 8.01 5.32 4.00 5.40 4.56 5.37 4.30 3.84 5.04 8.52 9.96 6.00 7.09 3.25 3.60 5.13 8.34 7.70
3.05 2.55 6.74 3.50 4.23 3.76 4.30 5.26 6.36 7.80 4.95 3.75 8.40 – 5.36 3.75 2.88 3.60 – 9.96 8.40 7.81 2.75 – 4.88 – 7.57
2.64 0.96 7.94 2.25 2.77 1.61 12.00 14.00 21.58 42.00 3.00 3.45 3.18 13.44 5.00 3.00 3.50 7.00 7.04 – 63.75 – 3.00 5.50 – – 14.61
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
11.00 10.25 7.00 9.25 9.75 – 7.00 7.50 8.00 7.20 8.50 9.00 8.40 9.20 – 10.50 8.25 7.60 – 6.50 – – 9.50 8.50 9.20 9.25 9.50
3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45
Australia Australia Australia Australia Australia China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea
7.53 8.66 6.55 7.53 10.09 4.71 15.33 4.46 6.41 3.33 22.18 6.25 5.41 5.77 12.38 13.02
6.03 6.78 6.55 6.78 7.31 3.71 12.67 4.83 6.41 – 22.18 – – 5.17 9.90 10.42
20.71 30.13 18.45 20.71 31.63 21.56 679.96 13.79 67.22 6.26 470.76 18.81 13.52 16.83 56.09 506.39
1.23 1.23 1.23 1.23 1.23 6.84 7.75 6.84 48.64 10,298.70 95.55 1.55 1.55 1.55 1.45 1,284.69
9.00 8.75 8.75 8.75 8.50 8.75 5.00 11.00 8.30 8.00 6.50 8.35 8.50 8.50 9.00 8.00
5.37 5.37 5.37 5.37 5.37 3.70 2.29 3.70 7.62 6.52 1.32 5.72 5.72 5.72 2.27 5.30
Argentina Brazil Chile Colombia Costa Rica Mexico Peru
6.69 16.02 5.30 11.71 9.60 5.58 5.58
6.97 13.16 3.54 7.25 8.14 4.35 3.35
5.58 28.62 8.57 10.22 6.51 9.29 18.59
1.00 1.95 1.00 1.00 1.00 1.00 1.00
16.50 12.00 7.50 10.50 14.00 9.00 15.00
– 6.16 6.16 5.63 – 8.09 –
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
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.
COLLIERS INTERNATIONAL
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COLLIERS INTERNATIONAL
GLOBAL INDUSTRIAL SURVEY
Colliers International is an affiliation of leading real estate firms committed to delivering consistently superior commercial real estate services, wherever and whenever needed.
MID-YEAR 2009
$1.6 Billion (€1.1 Billion) in Global Revenue 1. 1 Billion SF (102 Million SM) Under Management 12,700 Employees
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