the colliers 2010 global industrial highlights report
DESCRIPTION
This report features 139 industrial markets across the globe making it the most comprehensive publication of its kindTRANSCRIPT
Warehouse Markets Poised to Bounce Back as Global Economy Gets Back on TrackRoss J. Moore | Executive Vice President, Market and Economic Research
Europe, Middle East & Africa (EMEA)European, Middle Eastern and African warehouse leasing markets again registered slow growth in the second half of 2009. The United Kingdom, Hungary, Ireland, Russia, Spain Italy and the Baltic states in particular remained key areas of weakness. Even though signs of recovery were evident across the region, many markets were still characterized by sluggish leasing activity and little expansion. During the latter half of 2009, warehouse rents across the region fell on average by 3.7% (local currency) which represented an improvement from the first half when rents fell by 6.0%. Noticeable declines were recorded in the Netherlands, Spain, South Africa, Greece, Serbia, Russia and the Baltic states. 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 $20.70 per square foot per year.
Within the EMEA region, industrial land values in London’s Heathrow submarket ranked second behind Madrid. Madrid land values averaged $50 per square foot while Heathrow averaged $47.00 per square foot. Heathrow land values still rank amongst the highest in the world despite falling 24% in the latter half of the year. Indeed land values fell in many European markets with Rome, Dublin, Munich, Paris, Helsinki, Vilnius and most of the South African markets all registering substantial declines.
North AmericaU.S. and Canadian warehouse markets continued to languish during the second half of 2009; however, in the latter stages of the year, signs began to emerge indicating that the worst was over. Tenants were still largely wary of taking additional space but the rush to return space began to show signs of subsiding. However, even though construction continued to drop off, vacancies in both countries moved higher but not with the same vigor as experienced in the first half of the year.
With both the U.S. and Canadian economies showing signs of expansion, leasing activity is expected to pick up as 2010 unfolds but occupancy rates are not expected to register a significant improvement until 2011. With fundamentals staying relatively weak for most of 2010, rents are expected to drift lower, hitting bottom in the second half of the year. For 2009 U.S rents fell 9.7% year-over-year while Canadian rents dropped 8.3%.
Asia PacificAsia Pacific remained the most robust region in the world; however, growth was still not back to pre- global financial crisis levels. Despite a relatively healthy economic backdrop, many markets within the region continued to record lower rents with Seoul, Wellington, Jakarta and Perth in particular registering double-digit declines. Signs continued to emerge, however, that with a more vibrant global economy and an improvement in both intra-regional and global trade, most of the region’s warehouse markets could be off the bottom by midyear. Despite the recent downturn, Tokyo, Hong Kong and Singapore warehouse rents all ranked in the top ten with Tokyo lease rates the most expensive in the world at $21.76 per square foot.
I N D U S T R I A L | y E A R - E N D 2 0 0 9
HighlightsCO L L I E R S I N T E R N A T I O N A L | G L O B A L
Copyright © 2010 Colliers International. Colliers International is a worldwide affiliation of independently owned and operated companies.
GLOBAL INDUSTRIAL CAPITALIZATION RATES (PRIME yIELD/PERCENT)
GLOBAL TOP TEN INDUSTRIAL WAREHOUSE RENTS
GLOBAL PRIME LAND PRICES
COLLIERS INTERNATIONAL 1
Hong Kong 4.75 5.00London - Heathrow 6.00 6.00Tokyo 6.50 6.50Vancouver 7.00 7.00Munich 7.20 7.40Paris 7.75 7.60New Jersey - Northern 8.00 7.50Seoul 8.00 8.00Atlanta 8.00 8.00Chicago 8.25 8.35Marseille 8.25 8.10Mexico City 8.30 9.00Sydney 8.50 8.50Madrid 8.50 8.50Singapore 8.50 9.00Los Angeles - Inland Empire 8.75 5.90Dallas - Ft. Worth 8.80 8.70Prague 9.50 10.00Bucharest 10.50 10.50Shanghai 11.00 11.00
Market(Select Markets)
Dec.2009(%)
June 2009(%)
Hong Kong 1063.59 38.0Tokyo 474.12 (5.1)Singapore 58.04 0.0 Seoul 47.83 (21.1)London - Heathrow 47.02 (19.6)Melbourne 20.25 (0.4)Milan 19.98 0.0 Antwerp 17.32 0.0 Hamburg 15.98 0.0 Beijing 15.18 (29.7)Shanghai 13.81 0.0 Toronto 12.02 (6.6)Leeds 11.19 2.0 Paris 8.66 (23.5)Helsinki 8.66 (7.1)Lyon 7.33 22.2 Chicago 4.37 0.0 Los Angeles - Inland Empire 4.00 (46.7)Dallas - Ft. Worth 1.75 2.9 Atlanta 1.50 0.0
* Local Currency
Market(Select Markets)
Dec.2009
(USD PSF)
6-MonthChange*
(%)
Tokyo 21.76 (5.3)
London - Heathrow 20.70 (3.7)
Oslo 19.19 14.3
Hong Kong 18.17 4.5
Geneva 15.67 2.9
Helsinki 15.19 11.8
Zurich 13.43 0.0
Dublin 13.32 (4.8)
Singapore 12.89 0.7
São Paulo 12.75 (11.1)
Market Rent(USD PSF)
6-Month Change (Local Currency, %)
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COLLIERS INTERNATIONAL2
GLOBAL INDUSTRIAL SURVEy LOCAL MEASURE/CURRENCy – yEAR-END 2009
MARKET COUNTRyQUOTED
CURRENCy UNITTIME
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 6.00 0.0 5.50 280.00
Antwerp Belgium EUR SM year 43.00 0.0 42.00 130.00
Brussels Belgium EUR SM year 45.00 0.0 40.00 150.00
Sofia Bulgaria EUR SM Month 5.00 0.0 4.00 -
Zagreb Croatia EUR SM Month 7.00 12.0 5.00 -
Prague Czech Republic EUR SM Month 4.00 0.0 3.50 -
Copenhagen Denmark DKK SM year 475.00 (5.0) 550.00 800.00
Tallinn Estonia EUR SM Month 4.00 (27.3) 3.60 20.00
Helsinki Finland EUR SM Month 9.50 11.8 7.50 65.00
Bordeaux France EUR SM year 55.00 0.0 42.00 52.00
Lyon France EUR SM year 62.00 19.2 43.00 55.00
Marseille France EUR SM year 58.00 5.5 41.00 58.00
Paris France EUR SM year 90.00 0.0 51.00 65.00
Toulouse France EUR SM year 62.00 19.2 42.00 48.00
Düsseldorf Germany EUR SM Month 4.90 0.0 4.40 160.00
Hamburg Germany EUR SM Month 5.50 4.8 5.50 120.00
Munich Germany EUR SM Month 6.50 0.0 5.30 200.00
Stuttgart Germany EUR SM Month 5.00 11.1 5.90 250.00
Athens Greece EUR SM Month 5.50 (8.3) 4.50 -
Budapest Hungary EUR SM Month 5.00 11.1 3.60 -
Dublin Ireland EUR SM year 100.00 (4.8) 100.00 120.00
Tel Aviv Israel ILS SM Month 40.00 0.0 40.00 1,840.00
Milan Italy EUR SM year 60.00 0.0 55.00 150.00
Rome Italy EUR SM year 60.00 (7.7) 70.00 60.00
Riga Latvia EUR SM Month 3.50 (12.5) 3.00 15.00
Vilnius Lithuania EUR SM Month 3.90 (15.8) 2.90 15.00
Amsterdam Netherlands EUR SM Month 6.00 (20.0) 5.00 -
Oslo Norway NOK SM year 1,200.00 14.3 1,000.00 1,000.00
Warsaw Poland EUR SM Month 3.20 (8.6) 2.50 -
Lisbon Portugal EUR SM Month 6.50 - 5.50 125.00
Bucharest Romania EUR SM Month 4.75 0.0 4.00 -
Moscow Russia EUR SM Month 5.50 (45.0) 4.50 -
Saint Petersburg Russia EUR SM Month 5.00 (40.0) 4.00 -
Belgrade Serbia EUR SM Month 4.00 (20.0) 3.00 -
Bratislava Slovakia EUR SM Month 3.40 (5.6) 3.00 -
Cape Town South Africa ZAR SM Month 35.00 (16.7) 30.00 1,200.00
Durban South Africa ZAR SM Month 55.00 3.8 50.00 1,500.00
Johannesburg South Africa ZAR SM Month 25.00 (26.0) 20.00 600.00
Pretoria South Africa ZAR SM Month 38.00 (15.6) 30.00 600.00
Madrid Spain EUR SM Month 6.50 (18.8) 4.00 375.00
Stockholm Sweden SEK SM year 750.00 0.0 600.00 600.00
Geneva Switzerland CHF SM year 175.00 2.9 130.00 300.00
Zurich Switzerland CHF SM year 150.00 0.0 150.00 500.00
Istanbul Turkey USD SM Month 5.00 0.0 6.00 -
Belfast United Kingdom GBP SF year 4.00 - 4.00 -
Birmingham United Kingdom GBP SF year 5.25 (8.7) 4.00 6.44
Bristol United Kingdom GBP SF year 7.50 0.0 5.50 7.03
Edinburgh United Kingdom GBP SF year 7.00 - 4.50 -
Glasgow United Kingdom GBP SF year 6.00 - 4.50 -
Leeds United Kingdom GBP SF year 5.50 (4.3) 5.00 7.03
London - Heathrow United Kingdom GBP SF year 13.00 (3.7) 12.00 29.52
Manchester United Kingdom GBP SF year 5.75 0.0 4.25 6.64
Kyiv Ukraine USD SM Month 6.50 (7.1) 5.00 -
MEASURE
COLLIERS INTERNATIONAL 3
NORTH AMERICA
Calgary Canada CAD SF year 6.75 (3.6) 6.25 9.25
Edmonton Canada CAD SF year 7.10 (4.1) 6.25 9.82
Halifax Canada CAD SF year 6.50 (3.7) 5.00 4.75
Montreal Canada CAD SF year 4.00 (11.1) 4.00 10.00
Ottawa Canada CAD SF year 6.75 (3.6) 6.75 6.40
Regina Canada CAD SF year 8.00 0.0 6.50 5.74
Saskatoon Canada CAD SF year 8.50 0.0 7.50 8.09
Toronto Canada CAD SF year 5.15 (6.4) 4.71 12.61
Vancouver Canada CAD SF year 6.75 (3.6) 6.25 25.25
Waterloo Region Canada CAD SF year 4.97 (3.1) 4.43 6.20
Atlanta United States USD SF year 3.56 1.1 3.20 1.50
Bakersfield United States USD SF year 4.00 0.0 3.95 3.50
Baltimore United States USD SF year 4.81 (19.7) - -
Boise United States USD SF year 5.20 (3.7) 5.20 2.90
Boston United States USD SF year 4.75 - 5.00 50.72
Charleston United States USD SF year 3.70 4.2 3.90 2.30
Charlotte United States USD SF year 3.56 (2.5) - -
Chicago United States USD SF year 3.85 (2.0) 2.83 4.37
Cleveland United States USD SF year 2.75 (5.2) 3.08 1.32
Columbia United States USD SF year 4.00 (5.9) 4.00 1.00
Columbus United States USD SF year 3.09 (1.9) - -
Dallas - Ft. Worth United States USD SF year 3.05 (3.2) 2.80 1.75
Denver United States USD SF year 3.75 (6.3) 3.50 3.25
Detroit United States USD SF year 4.12 (5.7) - -
Fairfield United States USD SF year 6.00 0.0 - -
Fresno United States USD SF year 2.40 (28.6) 2.16 2.00
Ft. Lauderdale - Broward United States USD SF year 6.92 (5.6) 6.66 11.50
Greenville United States USD SF year 3.13 0.2 2.95 0.90
Hartford United States USD SF year 4.28 (25.6) 4.28 2.30
Honolulu United States USD SF year 11.88 (13.9) - 42.00
Houston United States USD SF year 5.00 (9.1) 4.29 6.12
Jacksonville United States USD SF year 3.75 25.0 3.00 -
Las Vegas United States USD SF year 5.61 (13.2) 5.57 10.81
Little Rock United States USD SF year 3.57 0.0 1.79 2.48
Los Angeles United States USD SF year 6.24 (8.8) 5.52 15.00
Los Angeles - Inland Empire United States USD SF year 3.84 (10.9) 3.72 4.00
Louisville United States USD SF year 3.20 (3.0) 2.95 3.32
Memphis United States USD SF year 2.62 (2.6) 2.57 1.00
Miami United States USD SF year 8.06 5.4 7.07 14.00
Milwaukee United States USD SF year 4.10 (2.4) 3.40 2.10
New Jersey - Central United States USD SF year 4.43 (7.3) 3.99 -
New Jersey - Northern United States USD SF year 5.76 (1.4) 5.19 -
Oakland United States USD SF year 4.56 (5.0) 4.44 -
Orange County United States USD SF year 7.68 (4.1) 6.48 18.32
Orlando United States USD SF year 5.08 (4.5) 4.62 2.40
Philadelphia United States USD SF year 4.00 0.0 3.75 2.90
Phoenix United States USD SF year 6.36 17.8 5.07 7.86
Pleasanton/Walnut Creek United States USD SF year 4.80 5.3 4.20 13.00
Portland United States USD SF year 5.32 (0.9) 5.28 5.58
Raleigh United States USD SF year 4.09 (4.9) - -
Reno United States USD SF year 3.72 (3.1) 3.72 3.50
Sacramento United States USD SF year 4.80 (4.8) 3.00 8.00
San Diego United States USD SF year 8.28 (2.8) 7.68 -
MARKET COUNTRyQUOTED
CURRENCy UNITTIME
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)
MEASURE
GLOBAL INDUSTRIAL SURVEy LOCAL MEASURE/CURRENCy – yEAR-END 2009
COLLIERS INTERNATIONAL4
NORTH AMERICA Continued
San Francisco Peninsula United States USD SF year 9.96 0.0 9.96 175.00
San Jose/Silicon Valley United States USD SF year 6.00 0.0 5.64 37.41
Seattle/Puget Sound United States USD SF year 6.93 (2.3) - -
St. Louis United States USD SF year 3.93 20.9 - -
Stockton/San Joaquin County United States USD SF year 3.96 10.0 3.60 5.50
Tampa Bay United States USD SF year 4.84 (5.7) 4.42 -
Washington, DC United States USD SF year 7.93 (4.9) - -
West Palm Beach United States USD SF year 7.50 (2.6) 6.90 9.00
ASIA PACIFIC
Adelaide Australia AUD SM year 110.00 10.0 85.00 485.00
Brisbane Australia AUD SM Month 120.00 9.1 105.00 325.00
Melbourne Australia AUD SM year 85.00 (2.3) 85.00 244.00
Perth Australia AUD SM year 90.00 (10.0) 80.00 400.00
Sydney Australia AUD SM year 130.00 (3.0) 97.00 390.00
Beijing China RMB SM Month 27.36 (5.3) 24.32 1,117.00
Guangzhou China RMB SM Half year 28.00 - 32.00 550.00
Hong Kong China HKD SF Month 10.35 4.5 8.46 7,272.00
Shanghai China RMB SM Day 0.90 0.0 0.98 1,016.00
Delhi India INR SF Month 27.00 3.8 27.00 3,500.00
Jakarta Indonesia IDR SM Month 24,072.78 (21.8) - 700,000.00
Tokyo Japan JPy SM Month 1,800.00 (5.3) 1,800.00 470,570.00
Auckland New Zealand NZD SM year 106.00 1.9 - 253.00
Christchurch New Zealand NZD SM year 91.00 1.1 - 238.00
Wellington New Zealand NZD SM year 81.00 (15.6) - 275.00
Singapore Singapore SGD SF Month 1.51 0.7 1.20 81.57
Seoul South Korea KRW SM Month 12,000.00 (20.0) 12,000.00 600,000.00
Bangkok Thailand THB SM Month 190.00 - - 2,500.00
LATIN AMERICA
Buenos Aires Argentina USD SM Month 6.00 0.0 5.75 120.00
São Paulo Brazil BRL SM Month 20.00 (11.1) 18.00 280.00
Santiago Chile USD SF year 2.52 (46.9) 2.31 92.91
Bogota Colombia USD SM Month 10.50 0.0 6.50 220.00
San José Costa Rica USD SM Quarter 6.67 (22.5) 8.03 70.00
Mexico City Mexico USD SM Month 3.87 (22.6) 4.84 100.66
Lima Peru USD SM Month 5.00 0.0 5.00 132.00
MARKET COUNTRyQUOTED
CURRENCy UNITTIME
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)
MEASURE
GLOBAL INDUSTRIAL SURVEy LOCAL MEASURE/CURRENCy – yEAR-END 2009
COLLIERS INTERNATIONAL 5
GLOBAL INDUSTRIAL SURVEy U.S. DOLLAR – yEAR-END 2009
MARKET COUNTRy
PRIME WAREHOUSE RENT
(USD/SF/yEAR)
PRIME BULK RENT
(USD/SF/yEAR)
PRIME LAND VALUE
(USD/SF)
EXCHANGE RATE (USD)
DEC. 31, 2009
PRIME yIELD/ CAP RATE
(%)
10-yEARGOVT. BOND
RATE (%)
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Vienna Austria 9.59 8.79 37.30 0.70 9.00 3.81
Antwerp Belgium 5.73 5.59 17.32 0.70 7.25 3.64
Brussels Belgium 5.99 5.33 19.98 0.70 6.50 3.64
Sofia Bulgaria 7.99 6.39 - 0.70 10.00 -
Zagreb Croatia 11.19 7.99 - 0.70 10.00 -
Prague Czech Republic 6.39 5.59 - 0.70 9.50 3.93
Copenhagen Denmark 8.50 9.84 14.32 5.19 7.50 3.62
Tallinn Estonia 6.39 5.75 2.66 0.70 13.00 -
Helsinki Finland 15.19 11.99 8.66 0.70 8.00 3.54
Bordeaux France 7.33 5.59 6.93 0.70 8.75 3.55
Lyon France 8.26 5.73 7.33 0.70 8.20 3.55
Marseille France 7.73 5.46 7.73 0.70 8.25 -
Paris France 11.99 6.79 8.66 0.70 7.75 3.55
Toulouse France 8.26 5.59 6.39 0.70 8.75 -
Düsseldorf Germany 7.83 7.03 21.31 0.70 7.00 3.35
Hamburg Germany 8.79 8.79 15.98 0.70 7.10 3.35
Munich Germany 10.39 8.47 26.64 0.70 7.20 3.35
Stuttgart Germany 7.99 9.43 33.30 0.70 7.50 3.35
Athens Greece 8.79 7.19 - 0.70 8.25 5.72
Budapest Hungary 7.99 5.75 - 0.70 10.00 8.01
Dublin Ireland 13.32 13.32 15.98 0.70 8.50 4.83
Tel Aviv Israel 11.74 11.74 45.02 3.80 8.50 4.15
Milan Italy 7.99 7.33 19.98 0.70 7.50 4.02
Rome Italy 7.99 9.32 7.99 0.70 7.50 4.02
Riga Latvia 5.59 4.80 2.00 0.70 12.00 -
Vilnius Lithuania 6.23 4.64 2.00 0.70 12.00 -
Amsterdam Netherlands 9.59 7.99 - 0.70 8.20 3.51
Oslo Norway 19.19 15.99 15.99 5.81 6.50 4.12
Warsaw Poland 5.12 4.00 - 0.70 8.50 6.24
Lisbon Portugal 10.39 8.79 16.65 0.70 8.30 4.02
Bucharest Romania 7.59 6.39 - 0.70 10.50 -
Moscow Russia 8.79 7.19 - 0.70 14.50 8.11
Saint Petersburg Russia 7.99 6.39 - 0.70 14.50 8.11
Belgrade Serbia 6.39 4.80 - 0.70 11.00 8.11
Bratislava Slovakia 5.43 4.80 - 0.70 10.00 3.45
Cape Town South Africa 5.26 4.51 15.04 7.42 10.00 -
Durban South Africa 8.27 7.52 18.79 7.42 12.00 9.05
Johannesburg South Africa 3.76 3.01 7.52 7.42 10.00 9.05
Pretoria South Africa 5.71 4.51 7.52 7.42 10.50 9.05
Madrid Spain 10.39 6.39 49.95 0.70 8.50 3.95
Stockholm Sweden 9.70 7.76 7.76 7.19 7.75 3.38
Geneva Switzerland 15.67 11.64 26.86 1.04 7.50 1.85
Zurich Switzerland 13.43 13.43 44.77 1.04 5.50 1.85
Istanbul Turkey 5.58 6.69 - 1.00 9.00 5.15
Belfast United Kingdom 6.37 6.37 - 0.63 7.00 -
Birmingham United Kingdom 8.36 6.37 10.25 0.63 7.00 4.17
Bristol United Kingdom 11.94 8.76 11.19 0.63 7.50 4.17
Edinburgh United Kingdom 11.15 7.17 - 0.63 7.50 4.17
Glasgow United Kingdom 9.56 7.17 - 0.63 7.50 4.17
Leeds United Kingdom 8.76 7.96 11.19 0.63 7.50 -
London - Heathrow United Kingdom 20.70 19.11 47.02 0.63 6.00 -
Manchester United Kingdom 9.16 6.77 10.58 0.63 7.00 4.17
Kyiv Ukraine 7.25 5.58 - 1.00 15.00 -
COLLIERS INTERNATIONAL6
NORTH AMERICA
Calgary Canada 6.75 6.25 9.25 1.00 7.75 3.80
Edmonton Canada 6.77 5.96 9.36 1.05 8.86 3.80
Halifax Canada 6.19 4.76 4.53 1.05 9.50 3.80
Montreal Canada 3.81 3.81 9.53 1.05 - 3.80
Ottawa Canada 6.43 6.43 6.10 1.05 8.75 3.80
Regina Canada 7.62 6.19 5.47 1.05 7.50 3.80
Saskatoon Canada 8.10 7.15 7.71 1.05 8.50 3.80
Toronto Canada 4.91 4.49 12.02 1.05 7.90 3.80
Vancouver Canada 6.43 5.96 24.06 1.05 7.00 3.80
Waterloo Region Canada 4.74 4.22 5.91 1.05 8.00 -
Atlanta United States 3.56 3.20 1.50 1.00 8.00 3.81
Bakersfield United States 4.00 3.95 3.50 1.00 9.50 3.81
Baltimore United States 4.81 - - 1.00 - 3.81
Boise United States 5.20 5.20 2.90 1.00 - 3.81
Boston United States 4.75 5.00 50.72 1.00 7.50 3.81
Charleston United States 3.70 3.90 2.30 1.00 9.50 3.81
Charlotte United States 3.56 - - 1.00 - 3.81
Chicago United States 3.85 2.83 4.37 1.00 8.25 3.81
Cleveland United States 2.75 3.08 1.32 1.00 10.25 3.81
Columbia United States 4.00 4.00 1.00 1.00 - 3.81
Columbus United States 3.09 - - 1.00 - 3.81
Dallas - Ft. Worth United States 3.05 2.80 1.75 1.00 8.80 3.81
Denver United States 3.75 3.50 3.25 1.00 9.00 3.81
Detroit United States 4.12 - - 1.00 8.00 3.81
Fairfield United States 6.00 - - 1.00 - 3.81
Fresno United States 2.40 2.16 2.00 1.00 8.50 3.81
Ft. Lauderdale - Broward United States 6.92 6.66 11.50 1.00 - 3.81
Greenville United States 3.13 2.95 0.90 1.00 9.50 3.81
Hartford United States 4.28 4.28 2.30 1.00 10.00 3.81
Honolulu United States 11.88 - 42.00 1.00 - 3.81
Houston United States 5.00 4.29 6.12 1.00 10.00 3.81
Jacksonville United States 3.75 3.00 - 1.00 9.00 3.81
Las Vegas United States 5.61 5.57 10.81 1.00 - 3.81
Little Rock United States 3.57 1.79 2.48 1.00 10.25 3.81
Los Angeles United States 6.24 5.52 15.00 1.00 7.75 3.81
Los Angeles - Inland Empire United States 3.84 3.72 4.00 1.00 8.75 3.81
Louisville United States 3.20 2.95 3.32 1.00 11.00 3.81
Memphis United States 2.62 2.57 1.00 1.00 11.25 3.81
Miami United States 8.06 7.07 14.00 1.00 3.81
Milwaukee United States 4.10 3.40 2.10 1.00 9.75 3.81
New Jersey - Central United States 4.43 3.99 - 1.00 8.00 3.81
New Jersey - Northern United States 5.76 5.19 - 1.00 8.00 3.81
Oakland United States 4.56 4.44 - 1.00 8.00 3.81
Orange County United States 7.68 6.48 18.32 1.00 7.50 3.81
Orlando United States 5.08 4.62 2.40 1.00 9.20 3.81
Philadelphia United States 4.00 3.75 2.90 1.00 9.50 3.81
Phoenix United States 6.36 5.07 7.86 1.00 7.50 3.81
Pleasanton/Walnut Creek United States 4.80 4.20 13.00 1.00 - 3.81
Portland United States 5.32 5.28 5.58 1.00 - 3.81
Raleigh United States 4.09 - - 1.00 - 3.81
Reno United States 3.72 3.72 3.50 1.00 8.50 3.81
Sacramento United States 4.80 3.00 8.00 1.00 8.20 3.81
San Diego United States 8.28 7.68 - 1.00 8.49 3.81
MARKET COUNTRy
PRIME WAREHOUSE RENT
(USD/SF/yEAR)
PRIME BULK RENT
(USD/SF/yEAR)
PRIME LAND VALUE
(USD/SF)
EXCHANGE RATE (USD)
DEC. 31, 2009
PRIME yIELD/ CAP RATE
(%)
10-yEARGOVT. BOND
RATE (%)
GLOBAL INDUSTRIAL SURVEy U.S. DOLLAR – yEAR-END 2009
COLLIERS INTERNATIONAL 7
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.
NORTH AMERICA Continued
San Francisco Peninsula United States 9.96 9.96 175.00 1.00 6.50 3.81
San Jose/Silicon Valley United States 6.00 5.64 37.41 1.00 8.50 3.81
Seattle/Puget Sound United States 6.93 - - 1.00 - 3.81
St. Louis United States 3.93 - - 1.00 - 3.81
Stockton/San Joaquin County United States 3.96 3.60 5.50 1.00 8.60 3.81Tampa Bay United States 4.84 4.42 - 1.00 9.00 3.81Washington, DC United States 7.93 - - 1.00 - 3.81West Palm Beach United States 7.50 6.90 9.00 1.00 - 3.81ASIA PACIFICAdelaide Australia 9.13 7.05 40.25 1.12 8.00 5.83Brisbane Australia 9.96 8.71 26.97 1.12 9.50 5.83Melbourne Australia 7.05 7.05 20.25 1.12 8.50 5.83Perth Australia 7.47 6.64 33.19 1.12 8.50 5.83Sydney Australia 10.79 8.05 32.36 1.12 8.50 5.83Beijing China 4.46 3.97 15.18 6.84 8.31 3.70Guangzhou China 0.76 0.87 14.95 6.84 7.00 3.70Hong Kong China 18.17 9.81 1,063.59 6.84 4.75 2.45Shanghai China 4.47 4.84 13.81 6.84 11.00 3.70Delhi India 6.91 12.00 74.64 46.89 8.40 7.71Jakarta Indonesia 2.85 - 6.91 9,416.20 8.00 5.60Tokyo Japan 21.76 21.76 474.12 92.24 6.50 1.27Auckland New Zealand 7.07 - 16.87 1.39 8.29 6.12Christchurch New Zealand 6.07 - 15.87 1.39 8.63 -Wellington New Zealand 5.40 - 18.34 1.39 8.33 6.12Singapore Singapore 12.89 9.54 58.04 1.41 8.50 2.63Seoul South Korea 11.48 11.48 47.83 1,165.77 8.00 5.31Bangkok Thailand 6.33 - 6.95 33.45 11.00 3.46LATIN AMERICABuenos Aires Argentina 6.69 6.41 11.15 1.00 16.50 -São Paulo Brazil 12.75 11.47 14.87 1.75 12.00 6.16Santiago Chile 2.52 2.31 0.18 1.00 11.50 1.67Bogota Colombia 11.71 7.25 20.45 1.00 10.50 5.22San José Costa Rica 7.44 8.96 6.51 1.00 10.50 -Mexico City Mexico 4.32 5.40 9.36 1.00 8.30 7.80Lima Peru 5.58 5.58 12.27 1.00 15.00 -
MARKET COUNTRy
PRIME WAREHOUSE RENT
(USD/SF/yEAR)
PRIME BULK RENT
(USD/SF/yEAR)
PRIME LAND VALUE
(USD/SF)
EXCHANGE RATE (USD)
DEC. 31, 2009
PRIME yIELD/ CAP RATE
(%)
10-yEARGOVT. BOND
RATE (%)
GLOBAL INDUSTRIAL SURVEy U.S. DOLLAR – yEAR-END 2009
NORTH AND CENTRAL AMERICACanadaCosta RicaMexicoUnited States of America
SOUTH AMERICAArgentinaBrazilChileColombiaPeru
AlbaniaAustriaBelgiumBulgariaCroatiaCzech RepublicDenmarkEstoniaFinlandFranceGermany
GreeceHungaryIrelandItalyLatviaLithuaniaMontenegroNetherlandsNorwayPolandPortugalRomania
RussiaSerbiaSlovakiaSpain SwedenSwitzerlandTurkeyUkraineUnited Kingdom
AFRICASouth Africa
MIDDLE EASTIsraelQatarSaudi ArabiaUnited Arab Emirates
ChinaHong KongIndiaIndonesia JapanMacauPakistan
PhilippinesSingaporeSouth KoreaTaiwanThailandVietnam
New Zealand
EUROPE
ASIA
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COLLIERS INTERNATIONAL LOCATIONS | 294 OFFICES IN 61 COUNTRIES
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1. 1 Billion SF (102 Million SM) Under Management �
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Colliers International is an affiliation of leading real estate firms committed to delivering consistently superior commercial real estate services, wherever and whenever needed.
COLLIERS INTERNATIONAL8
COLLIERS INTERNATIONAL GLOBAL INDUSTRIAL SURVEy yEAR-END 2009