global industrial hilights 2009

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European, Middle Eastern and African economies registered a further slowdown in the latter half of 2008 with the Euro zone and United Kingdom in particular posting very sluggish growth. Fourth quarter annualized Euro zone GDP registered -5.9% while the downturn in the United Kingdom, Ireland and Spain gained speed as the banking crisis began to affect the broader economy. European warehouse markets, after showing surprising strength through the first half of 2008

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  • COLLIERS INTERNATIONAL 1

    www.colliers.com

    HighlightsC O L L I E R S I N T E R N AT I O N A L | G L O B A L

    Colliers International 2009 Colliers International is a worldwide affiliation of independently owned and operated companies.

    I N D U S T R I A L | 2 0 0 9

    GLOBAL LOWEST TENINDUSTRIAL CAPITALIZATIONRATES (PRIME YIELD/PERCENT)

    Zurich 5.50

    Hong Kong 5.50

    San Francisco Peninsula 5.75

    Tokyo 5.80

    London (Heathrow) 6.00

    Los Angeles - Inland Empire 6.10

    Los Angeles 6.20

    Dsseldorf 6.40

    San Jose/Silicon Valley 6.40

    Vancouver 6.60

    GLOBAL TOP TEN INDUSTRIALWAREHOUSE RENTS (US$PSF)

    Tokyo 24.31

    London (Heathrow) 19.54

    Oslo 17.68

    Hong Kong 16.88

    Geneva 15.84

    Dublin 15.72

    Honolulu 14.90

    Singapore 14.64

    Kyiv 14.50

    Madrid 13.75

    Warehouse Markets WorldwideStarting to Feel Impact of Global Downturn

    Europe,Middle East, Africa (EMEA) European, Middle Eastern and African economies registered afurther slowdown in the latter half of 2008 with the Euro zone and United Kingdom in particular postingvery sluggish growth. Fourth quarter annualized Euro zone GDP registered -5.9% while the downturn inthe United Kingdom, Ireland and Spain gained speed as the banking crisis began to affect the broadereconomy. European warehouse markets, after showing surprising strength through the first half of 2008,registered a noticeable slowdown in the second half of the year. For 2009, warehouse rents are expected todecline in; France, Sweden, Russia, Ireland, South Africa, Spain and the United Kingdom. For the rest ofthe EMEA region, however, solid fundamentals are expected to leave rents steady. Europe is also home tosome of the most expensive warehouse rents in the world with Londons Heathrow submarket holding thetitle for the second most expensive warehouse space in the world at $19.54 per square foot per year.Not surprisingly Londons Heathrow submarket registered the most expensive land in the EMEA regionat $69.75 per square foot.

    North America As anticipated, U.S. and Canadian warehouse markets registered more sluggish resultsduring the second half of 2008 compared with the first, however, Canadian markets still managed to see amodest increase in occupancy and only a marginal up-tick in vacancy. As the U.S. economy continues tocool leasing activity is expected to show a further decrease as the effects of the slowdown in spending feedsthrough to retailers and warehouse users. With weakening fundamentals, most North American marketscould see rents decrease by as much at 15/20% in 2009.

    Asia Pacific Asia Pacific continued to be the most robust region in the world; however, export-dependent economies experienced a noticeable slowdown in the second half of 2008. Seoul, Singapore,Tokyo and Hong Kong all registered a substantial decline in rents. This pattern is expected to continue forthe balance of 2009; although intra-regional trade is anticipated to stay relatively strong. Port cities withan emphasis on trade with the United States and Europe are expected to remain key sources of weaknessas global trade continues to trend lower. Despite the recent downturn in global trade, Tokyo, Hong Kongand Singapore warehouse rents all rank in the top ten with Tokyo lease rates the most expensive inthe world at $24.31 per square foot. Within the region, Tokyo was followed by Hong Kong in fourth spotat $16.88 per square foot and Singapore in eighth at $14.64 per square foot. Hong Kong also tied with

    Zurich for the lowest industrial cap ratesin the world registering 5.50%, althoughthis represented a 37-basis-point increasefrom midyear.

    Ross J. MooreExecutive Vice President,Market and Economic ResearchColliers International USA,ross.moore@colliers.com

    COUNTRY GROWTH RATES (%) G7 AND BRIC* COUNTRIES

    Source: Economist Consensus Forecast March 12, 2009* BRIC: Brazil, Russia, India and China P = Projected F = Forecast

    GROSS DOMESTIC PRODUCT (GDP)

    Country 2009P 2010F

    China 6.0 7.0India 5.0 6.6Brazil -0.4 3.2Canada -1.5 1.7France -1.9 0.7Russia -2.0 3.0United States -2.2 1.9Italy -2.7 0.5Britain -3.1 0.5Germany -3.2 0.8Japan -5.3 0.5

  • MEASURE PRIME WAREHOUSE PRIME BULK RENT PRIME LAND VALUE PRIMEQUOTED TIME RENT (LOCAL (LOCAL MEASURE, (LOCAL MEASURE, YEILD/CAP

    CITY COUNTRY UNIT CURRENCY PERIOD MEASURE, CURRENCY) CURRENCY) CURRENCY) RATE (%)

    2 COLLIERS INTERNATIONAL

    INDUSTRIAL SURVEY LOCAL MEASURE, CURRENCYGLOBAL

    EUROPE, MIDDLE EAST,AFRICA (EMEA)Vienna Austria SM EUR Month 6.00 5.00 200.00 8.00Antwerp Belgium SM EUR Year 45.00 40.00 140.00 7.00Sofia Bulgaria SM EUR Month 6.00 4.50 68.00 Zagreb Croatia SM EUR Month 8.00 8.00 115.00 10.00Brno Czech Republic SM EUR Month 4.40 4.10 45.00 9.00Ostrava Czech Republic SM EUR Month 4.10 3.90 35.00 9.50Pilsen Czech Republic SM EUR Month 4.00 3.70 30.00 9.50Prague Czech Republic SM EUR Month 4.40 4.00 50.00 8.50Copenhagen Denmark SM DKK Year 600.00 625.00 500.00 6.75Tallinn Estonia SM EUR Month 7.00 50.00 11.50Helsinki Finland SM EUR Month 8.00 7.50 70.00 7.50Bordeaux France SM EUR Year 57.00 46.00 65.00 7.40Lille France SM EUR Year 57.00 46.00 50.00 7.40Lyon France SM EUR Year 52.00 48.00 70.00 7.40Marseille France SM EUR Year 55.00 46.00 65.00 7.40Paris France SM EUR Year 90.00 52.00 120.00 7.00Toulouse France SM EUR Year 52.00 45.00 72.00 7.40Dsseldorf Germany SM EUR Month 5.40 4.70 180.00 6.40Frankfurt Germany SM EUR Month 5.00 5.90 220.00 7.00Munich Germany SM EUR Month 6.50 5.80 225.00 6.90Stuttgart Germany SM EUR Month 6.40 5.50 250.00 6.80Hamburg Gernany SM EUR Month 5.60 5.60 120.00 7.50Athens Greece SM EUR Month 6.50 6.00 200.00 7.50Budapest Hungary SM EUR Month 4.20 3.60 50.00 8.50Dublin Ireland SM EUR Year 120.00 115.00 200.00 7.25Tel Aviv Israel SM ILS Month 40.00 38.00 1,840.00 10.00Milan Italy SM EUR Year 60.00 50.00 150.00 7.00Rome Italy SM EUR Year 60.00 70.00 60.00 7.00Riga Latvia SM EUR Month 4.80 4.40 21.00 n/aVilnius Lithuana SM EUR Month 5.20 4.05 46.00 n/aKaunas Lithuania SM EUR Month 5.20 3.76 40.00 n/aKlaipeda Lithuania SM EUR Month 5.20 3.76 46.00 n/aPanevezys Lithuania SM EUR Month 4.60 3.48 16.00 n/aPodgorica Montenegro SM EUR Month 120.00 7.00Oslo Norway SM EUR Year 135.00 105.00 150.00 7.75Gdask Poland SM EUR Month 3.90 3.50 40.00 8.10Katowice Poland SM EUR Month 3.70 3.20 45.00 8.10Krakw Poland SM EUR Month 4.50 4.20 78.00 8.10d Poland SM EUR Month 3.60 3.20 30.00 8.10Pozna Poland SM EUR Month 3.60 3.20 45.00 8.10Warsaw Poland SM EUR Month 3.60 3.10 60.00 7.00Wrocaw Poland SM EUR Month 3.70 3.30 45.00 8.10Lisbon Portugal SM EUR Month 7.00 5.50 125.00 7.50Bucharest Romania SM EUR Month 5.00 4.00 65.00 8.50Timisoara Romania SM EUR Month 4.50 4.00 45.00 10.00Moscow Russia SM USD Year 145.00 140.00 180.00 14.00Saint Petersburg Russia SM USD Year 120.00 110.00 120.00 16.00Belgrade Serbia SM EUR Month 6.00 5.00 40.00 9.50Bratislava Slovakia SM EUR Month 3.80 3.40 50.00 7.25Cape Peninsula South Africa SM ZAR Month 39.00 38.00 1,200.00 10.00Durban South Africa SM ZAR Month 60.00 45.00 1,800.00 11.00Gauteng - Central Witwatersrand South Africa SM ZAR Month 40.00 38.00 650.00 11.50Gauteng - East Rand South Africa SM ZAR Month 44.00 38.00 400.00 11.00Gauteng - Westrand South Africa SM ZAR Month 40.00 32.50 675.00 11.00Pretoria South Africa SM ZAR Month 45.00 42.00 600.00 11.00

  • COLLIERS INTERNATIONAL 3

    MEASURE PRIME WAREHOUSE PRIME BULK RENT PRIME LAND VALUE PRIMEQUOTED TIME RENT (LOCAL (LOCAL MEASURE, (LOCAL MEASURE, YEILD/CAP

    CITY COUNTRY UNIT CURRENCY PERIOD MEASURE, CURRENCY) CURRENCY) CURRENCY) RATE (%)

    EUROPE, MIDDLE EAST,AFRICA (EMEA) CONTINUEDBarcelona Spain SM EUR Month 8.00 5.50 445.00 8.50Madrid Spain SM EUR Month 8.75 5.50 375.00 8.50Gothenburg Sweden SM SEK Year 750.00 600.00 850.00 7.75Malm Sweden SM SEK Year 650.00 525.00 700.00 7.75Stockholm Sweden SM SEK Year 875.00 575.00 1,000.00 7.75Geneva Switzerland SM CHF Year 180.00 120.00 300.00 7.00Zurich Switzerland SM CHF Year 150.00 150.00 500.00 5.50Amsterdam The Netherlands SM Euro Year 90.00 65.00 384.00 7.00Eindhoven The Netherlands SM EUR Year 60.00 48.00 200.00 7.30Rotterdam The Netherlands SM EUR Year 70.00 56.00 195.00 7.30The Hague The Netherlands SM EUR Year 80.00 68.00 185.00 7.50Utrecht The Netherlands SM EUR Year 75.00 65.00 190.00 7.00Istanbul Turkey SM EUR Month 6.50 6.00 250.00 8.00Birmingham United Kingdom SF GBP Year 5.90 5.25 9.18 8.00Bristol United Kingdom SF GBP Year 7.75 5.75 9.18 8.00Leeds United Kingdom SF GBP Year 5.75 5.00 6.80 8.00London (Heathrow) United Kingdom SF GBP Year 13.50 12.50 48.20 6.00Manchester United Kingdom SF GBP Year 5.75 4.50 7.46 8.00Kyiv Ukraine SM USD Month 13.00 11.00 43.00 15.00NORTHAMERICACalgary,AB Canada SF CAD Year 6.75 7.25 12.05 7.00Edmonton,AB Canada SF CAD Year 7.50 6.75 24.65 7.25Halifax, NS Canada SF CAD Year 6.75 5.50 4.25 7.50Montreal, QC Canada SF CAD Year 5.00 4.50 11.00 9.50Ottawa, ON Canada SF CAD Year 7.00 6.66 6.00 8.75Regina, SK Canada SF CAD Year 8.50 6.00 6.00 9.45Saskatoon, SK Canada SF CAD Year 8.00 7.50 8.04 8.00Toronto, ON Canada SF CAD Year 6.00 5.50 86.64 7.50Vancouver, BC Canada SF CAD Year 7.75 6.75 31.00 6.60Atlanta, GA United States SF USD Year 3.90 3.32 1.51 7.80Bakersfield, CA United States SF USD Year 4.00 3.95 5.00 7.50Baltimore, MD United States SF USD Year 5.83 4.57 5.73 8.00Boise, ID United States SF USD Year 6.72 6.72 4.20 7.30Charleston, SC United States SF USD Year 4.00 4.65 2.90 9.00Charlotte, NC United States SF USD Year 3.85 3.55 2.18 8.50Chicago, IL United States SF USD Year 4.66 3.12 5.58 7.25Cincinnati, OH United States SF USD Year 2.90 3.00 2.00 8.50Cleveland, OH United States SF USD Year 3.00 3.75 1.32 10.25Columbia, SC United States SF USD Year 4.25 4.00 1.26 7.75Columbus, OH United States SF USD Year 3.23 3.18 2.04 8.50Dallas-Ft.Worth,TX United

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