asia logistics-warehouse-2013

Regional Real Estate Research

Why arebeing sought after in Asia?

logistics warehouses

INTRODUCTION

COLLIERS' VIEW

SECTION 1 – Private Consumption • YoungPopulation

• GrowingUrbanisation

• BurgeoningMiddleClass

• ChinaastheKeyDriver

• OnlineRetailing

SECTION 2 – Real Estate Investment • GlobalRiskAversion

• DevelopmentCycle

• TheOpportunitiesAreThere

•WinningStrategies

• KeyChallengesandThreats

• LogisticsWarehousingandRentalOutlook

• IndustrialYield

• LogisticYield

CONTENTThe increasingvolatilityofprices invariousassetmarkets and the growing difficulty of findingreasonable risk-adjusted returns have pushedinvestors into niche real estate sectors suchas hotels, serviced apartments and logisticswarehousing. Logistics warehouses have comeontotheradarofmostprospectiveinvestorssimplybecause this unique property sector offers themthebenefitsofstable rental incomeandpremiumyields.

For this report, we conducted a comprehensivereview of the key market drivers of the logisticswarehousing sector, including the strength oflocal private consumption, the ever-increasingrate of urbanisation, and the skyrocketingvolumeofonlineretailsales.Besidesthesupportofretailconsumption, the resilient performance of Asia’sindustrial production offers solid evidence tosupportthestrongcaseforinvestingintheregion’slogisticswarehouses.Thisreportalsoexplainswhythis unique sector has hitherto been overlooked,andwhyinvestorsshouldconsideritnow.

INTRODUCTION

Despite slackening demand for imports in western economies,Asia’s industrial production has continued on an upward trend.Although external shocks, such as the global financial crisis in2008/2009, resulted in slight disruption, the region’s industrialoutput,asaproxyforthegeneraldemandforlogisticswarehouses,grewataCAGRof10.4%between2009and2012.Interestingly,itscurrentgrowthmomentumisfasterthanitwasduringthepre-crisisperiod(i.e.from2002to2007)afterAsiabenefitedgreatlyfromChina’sentryintotheWTOin2001.

Besides the proactive initiatives implemented by variousgovernments to boost their internal consumption, Asia’sdemographics bode well for private expenditure in a numberof countrieswhere the average age of the population is young,householdincomeisconsistentlyrising,andthenumberofmiddle-classfamiliesisgrowing.Allthesefactorshaveformedasolidbaseforincreasingretailsales.Fundamentally,thedemandforlogisticsis a function of external trade. Yet the growing significance ofprivateconsumptionexpenditure inAsiahasgradually redefinedtheprospectivedemandforlogisticsrealestateintheregion.

TheprolongedsovereigndebtissuesinEuropeandtheuninspiringpaceofrecoveryintheUShaveflusteredglobalmarketstovaryingdegrees.YeteconomicactivityinAsiahasremainedlargelyresilienttosuchexternalthreats,becausemostofitscountrieshavebeenprudentlymanagingtheirdebtlevelrelativetoGDP.

AResilientMarket

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

- 150

- 100

- 50

0

50

100

150

200

250

300

Jan-92

Aug

-92

Mar-93

Oct-93

May-94

Dec-94

Jul-9

5

Feb-96

Sep-96

Apr-97

Nov-97

Jun-98

Jan-99

Aug

-99

Mar-00

Oct-00

May-01

Dec-01

Jul-0

2

Feb-03

Sep-03

Apr-04

Nov-04

Jun-05

Jan-06

Aug

-06

Mar-07

Oct-07

May-08

Dec-08

Jul-0

9

Feb-10

Sep-10

Apr-11

Nov-11

Jun-12

Jan-13

% c

hang

e ye

ar-o

n-ye

ar

Inde

x (2

000

= 10

0)

10.4%

"GFC" Shock9.11 Incident

9.3%

Asia Industrial Production Index

Source : CEIC

Note : The Asia Industrial Production Index is an aggregate indicator of the overall industrial production volume in Asia. It covers 21 countries.The Index is updated every month by CEIC, and it starts with a baseline of 100 in the year 2000.

Colliers InternationalRegional Real Estate Research I June 2013

1

GFC

after

pre%

%10.4

9.3

The spendingmomentum in Asia is going to be sustained by the fact that its averagepopulationageisyoung.Asof2010,around45%ofAsia’s4.2-billionpopulationwasagedbetween20and49.Thisdemographicgrouptendstohaveahigherdisposableincomeandspendingcapacity.Thepercentagewillremainlargelyunchangedbetween2010and2020.

AmongAsia’skeymarkets,Chinaisgoingtobethepowerhouseintermsofgrowth,givenitshugepopulationandproactivegovernmentinitiatives,whichincludeconstantreviewsofitseconomicmodelandthecontinueddevelopmentofinfrastructurelinkstofosterinternalconsumptionbyallowingthecountry’ssecondandthird-tiercitiestocatchupwithitsfirst-tierones.

ThetrendinindividualAsiancitiesisexemplifiedbytheincreasingnumberofhigh-incomesingles and families (known as “DINKS” – Double Income No Kids). Besides generalmerchandise,thispopulationsectorhasagrowingappetiteforluxuryproducts.

YoungPopulations

Private consumption by the local population ongeneralmerchandiseisakeydriverofthedemandfor logistics. Suchmerchandise includes a rangeoffast-movingconsumergoods(FMCGs)fordailyconsumption.Anotheristhespendingofwealthierhouseholdsand inboundvisitorson luxury items.The growth in private consumption reflectsnot only the region’s relatively bright economicprospectsbutalso itsencouragingdemographics,including a young population, the sustained paceofurbanisation,andtheemergenceofmiddle-classhouseholds.Alloftheseareexpectedtounderpinprivateconsumptionexpenditureinthefuture,andtheconsequentialdemandforlogisticsrealestatetocaterforlocaldistribution.

SECTION 1Private Consumption

Colliers InternationalRegional Real Estate Research I June 2013

4

Asof2010,around

ofAsia's45%

20&49V

V4.2-billionpopulationwasagedbetween

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0-4

5-9

10-1

4

15-1

9

20-2

4

25-2

9

30-3

4

35-3

9

40-4

4

45-4

9

50-5

4

55-5

9

60-6

4

65-6

9

70-7

4

75-7

9

80+

Asia Population Distribution

2010 2020

Source : United Nations, Department of Economics and Social Affairs

Asia696

1,794

China

Number of people (million)

Asia’sstrongeconomicgrowthwilldomorethanboostthevolumeofsalesinitsretailmarkets;itisalsogoingtoincreasethenumberofmiddle-classfamiliesandhigh-net-worthindividuals(HNWIs)whocanaffordtobuyhigh-endluxuryproducts.Thechartbelowestimatesthesharp increase inthenumberofmiddle-classhouseholdsthatwilloccurbetween2010and2020. In fact,accordingtotheBoaoReview,696millionoftheworld’s2billionmiddle-classinhabitantslivedinAsiain2010.TheprojectionsuggeststhatthenumberofAsia’smiddle-classpeoplewillincreaseby158%toatotalof1,794millionby2020.Intermsofgeographicaldistribution,ChinaandIndiawillaccountfor80%ofthisnetincrease.

2010 2020

Source : The EIU

Source : The Boao Review

Note : “Middle-class” households are defined as households with a daily expenditure of between US$10 and US$100 per person,based on 2005 purchasing power parity items

Thecontinued improvementof infrastructureandfurthereconomicgrowtharedrivingthedemandfor labour inAsia’scities.Around200millionmorepeoplewillmoveintothembetween2012and2017.Inaddition,theunemploymentrateinmostAsiancitiesiscurrentlybelowitshistoricalaveragelevel,thusindicatingthatatightlaboursupplywillfuelthegrowthofwages,andthusprivateconsumptionexpenditure.

GrowingUrbanisation

Growing Middle Class in AsiaForecast Growth in Urban Population ( 2012 - 2017 )

China

India

Indonesia

87.1

42.5

24.2

Pakistan 11.3

Philippines 10.3

Vietnam 3.8

Malaysia 3.0

Thailand 2.1

South Korea 0.8

Singapore 0.7

Taiwan 0.6

Hong Kong, SAR 0.1

179 127

82 308

607 122

536 530

Number of people (million)

BurgeoningMiddleClass

5 6

Regional Real Estate Research I June 2013 Colliers International

India Rest of Asia

Japan

ThepropensitytospendmoneyonluxurygoodsinChinaisundoubtedlyrising,duetothesustainedaccumulationofwealthinthecountryduringthepastdecades.AccordingtoprojectionsbyEuromonitor,thenumberofhigh-incomehouseholds(i.e.thoseearningUS$35,000ormoreinayear)willgrowmorethanthreefold,from20millionin2011to65millionby2020,whereasthepercentageofhigh-incomehouseholdsisforecasttoincreasefrom5%ofthetotalin2011to15%in2020.Moreimportantly,thenumberofmiddle-classfamiliesinChinawillincreasesignificantlyduringthesameperiod.Forexample,thenumberofupper-middle-incomehouseholdswithearningsofbetweenUS$15,001andUS$35,000willnearlydoubletoaround135million.

80%

51%

24%

14%

28%

29%

5%

16%

32%

1%5%

15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005 2011 2020 (Forecast)

As

a P

erce

ntag

e of

Tot

al N

umbe

r of H

ouse

hold

s

Regional Real Estate Research I June 2013

High (More than US$35,000 p.a.) Middle (US$7,500-15,000 p.a.)

Upper middle (US$15,001-35,000 p.a.) Low (Less than US$7,500 p.a.)

Household Income Distribution in China

Source : Euromonitor

7

Colliers International

The volume of retail sales conducted via the Internet has ballooned over the pastdecade,duetothecontinuedadvancesofinformationtechnologyandgreaterInternetconnectivity.Theincreasinguseofbroadbandconnectionsviasmartphoneshasaddedextramomentumtothegrowthofonlineretailsales.Theserosenearlythreefoldbetween2010and2012.Yetthereisstillahugeamountofroomforfurthergrowth.Thevolumeofonlinesalesisforecasttosoarbyafurther260%inthefiveyearsupto2017.Thepacecouldbeevenfasterifthecurrentpercentageofonlinesalestototalphysicalsalesof2-3%catchesupwithmatureeconomies,suchasthe5-7%intheUS.Demandforlogisticsfacilitiestogetthesephysicalproductsdeliveredfromretailersandwholesalerstocompaniesandprivateindividualsisreckonedtobeequallystrong.

ThetotalvolumeofretailsalesinAsiaincreasedby12%year-on-yearduring2012;anditsurpassedUS$7,000billionforthefirsttime,thankstotherobustgrowthofconsumptioninmainlandChina.Thetopthreelocationsintheregionbymarketsize–mainlandChina,JapanandIndia–constitutedmorethan80%ofthetotalpie.Infact,mainlandChina’sUS$4,000-billionmarkethasbeenthekeycontributortoitsoverallgrowth.Besideseconomicgrowth,theunrelentingincreaseinhousehold

more than

80%

ChinaastheKeyDriver OnlineRetailing

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

China Japan India Indonesia Sourth Korea Thailand Taiwan Philippines Malaysia Vietnam Hong Kong Singapore

Val

ue o

f Ret

ail S

ales

(US

$ bi

llion

)

0

50

100

150

200

250

300

350

400

450

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Val

ue o

f Sal

es (U

SD

bill

ion)

Forecast

China, Japan and India

others

Source : The EIU Source : Euromonitor

2013 2014

Retail Sales in Asia (By Country / City) On-line Retail Sales (Asia Pacific)


incomesresultingfromthetightlabourmarketandminimumwagelegislationshouldcreateastrongimpetusforChina’ssustainedgrowth.AccordingtotheEIU’sprojection,ChinaissettoovertaketheUSforthefirsttimeeverasthecountrywiththeworld’shighestvolumeofsalesduring2013.

9 10


Thepopularityof logisticswarehouses inAsiaasaformofinvestmenthasincreasedinthepastcoupleof years, due to a significant shift of focus by realestate investors away from just short-term capitalappreciationtowardsyieldsandincomesecurity.Thiscanbeexplainedbythefactthatsustainedeconomicuncertainties in the marketplace have made globalmarketsincreasinglyvolatile.

SECTION 2Real Estate Investment Globalriskaversionisthebuzzphraseamongmanyrealestateinvestmentmanagersnowadays,andpeopleare

increasinglygoingforyields.Also,investorsaregettingmoreandmoreconcernedaboutthegrowingpolicyandliquidityrisksinsomeAsianmarkets.Forexample,theresidentialsectorisbecomingverypoliticallysensitive,asanumberoflocalgovernmentsaredeterminedtocurbanydramaticincreasesoflocalhousingpricesinordertocounteracttheriskofarealestatebubble.Atthesametime,itwouldbemoredifficultforinvestorstoexitthemarketifthereisanoversupplysituationandalackofmarketliquidity.Thecommercialsectorhasagoodlevelof liquidityandthereisconstantdemand.Yet it isalwaysachallengeforinvestorstosecureinvestment-gradedevelopmentsatpricesthatmatchtheirtargetreturns.Moreover,itistoodifficultforgeneralplayerstoparticipateintheretailpropertymarket,unlesstheyhavealreadybuiltupateamofretail-focusedstaffontheground,andhavetheassistanceoflocalexperts.

Although logisticswarehousing isahighly-specialisedpropertysector, the levelof riskduring itsdevelopmentisrelativelylow,becauseitprogressesfromabaresitetocompletionwithouttoomanycomplications.Anditiseasytoreplicateafterthefirstprojecthasbeencompletedsuccessfully,asdevelopersandtheir localpartnersgrow increasingly familiarwith various aspects of the process, for example quality requirements and buildingspecifications.

Global Risk Aversion

Development Cycle

12


Key Challenges and Threats

Investorstendtoadoptadefensivemodewhenitcomestoriskaversion.Manywouldprefertosticktothebasicsandworkonrealisticreturnparameters.Asianinvestorshavebeenchallengedwithyieldcompressioninanumberofpropertysectors.However,therearestillindustrialandwarehousingopportunitiesthatyieldanetoperatingincomeofover8%perannumsayinChina,ifinvestorsgoouttofindthem.

While the market in Asia is competitive, it is also big enough to accommodate moreinvestors. InChina,demand formodern logistics facilities insecondandthird-tiercitieshasbeengrowingrapidly.Giventhecurrentdistributionofeconomicactivityacrossthecountry,investorswillhaveabetterchanceofwinningmarketshareiftheyplanandinvestconcurrentlyinbothfirstandsecond-tiercities.Theexperienceofseasonedmarketplayersshows itmakesmoreeconomicsensetodevelopaclusterofthreeor fourwarehousesinonecity,sothattheycanleveragetheirtotalfixedcostsbetterandgainmoremarketexposureandvisibility.

Aspreviouslydiscussed,teamingupwithlocalpartnerswhounderstandthelocalmarketandsourcingsuitabledevelopmentsarethebeststrategiesformostplayers.ChangesofgovernmentpersonnelareakeyriskfactorinthemajorityofAsianemergingmarkets.Inthecaseofnewconstruction,frequentchangestothestatutoryrequirementsconcerningbuildingservicesalsoaffectthetotalcostandtimeframeofconstruction.

A key challenge for most prospective investors is the fact thatthe logisticswarehousingmarket is not transparent, especially inChina and Japan, plus the fact that stock is not readily availableforsale.Thevalueofsalestransactionsofindustrialandlogisticsdevelopments in Asia forms just aminor 7-10% of the total pie,accordingtostatisticsprovidedbyRCA.Thethinsalestransactionvolumeisattributabletothelackofmodernlogisticsfacilitiesonthesupplyside,relativetotheinherentdemandcreatedbyever-growingeconomies.Asignificantnumberofexisting logisticswarehousesinChinaarenot yet up to international standards.Manyof themaresimplyconverted,dilapidatedfactories.Theconclusion isthatdemandformodernlogisticswarehouseswillcontinuetooutstripthelevelofsupply,atleastintheneartomediumterm.

The Opportunities Are There

Winning Strategies


13 14

0

20

40

60

80

100

120

2007 2008 2009 2010 2011 2012

Val

ue o

f Tra

nsac

tions

(US

$ bi

llion

)

Office RetailIndustrial Apartment Hotel

Asia Real Estate Investment Sales Transaction Volume

Source : RCA

Note : Properties and portfolios $10 million and greater

A joint-venturepartnershipwithalocaldevelopercanhelp

notwithstandingthefactsomewouldarguethatpartneringitselfcreatesrisks!

V

V investorsavoidsomeoftheaboverisks,

Colliers International

15 16

As a general investment benchmark, the average industrial capitalisation rate inAsia fell to an all-time lowof5.8% in2Q2012;but itedgedupagainto7.1% in1Q2013,accordingtostatisticsprovidedbyRCA.Theincreaseincapratesreflectedgrowinguncertainty inthetraditionalwarehousingsectoraboutthesovereigndebtproblemsintheEurozone,whichhadstillnotbeenfullyresolved.However,strongdemandcontinuesforqualitylogisticswarehousesanddistributionfacilities,particularlythosesupportedbyseasonedmanagers,andtheaveragecapitalisationrateshavebeencompressed.

Industrial YieldLogistics Warehousing Rental Outlook

5% 5%

0%

5%4%

10%

3%

0%

5%

10%

15%

20%

25%

0

5

10

15

20

25

Hong Kong Singapore Tokyo Delhi Shanghai Beijing Guangzhou

Fore

cast

Gro

wth

(% C

hang

e ye

ar-o

n-ye

ar)

Ren

tal (

US

$ pe

r sq

ft pe

r ann

um)

Asia Logistics / Industrial Rentals ( By Key Markets ) Asia Industrial Capitalisation Rates

Source : Colliers

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2007 2008 2009 2010 2011 2012 2013

Cap

italis

atio

n R

ates

/Bon

d Y

ield

s (%

per

ann

um)

Source : RCA; CEIC

Industrial Capitalisation Rates 10-year US Bond Yields Average Industrial Cap Rate (2007-2012)

Beijingisgoingtodeliveranexceptionalperformance,primarilyduetotheacceleratingexpansionofitsthird-partylogistics(3PL)companiesande-commercesector.Meanwhile,thegrowthmomentumisgoingtobesustainedbythecity’slackofnewsupplyofquality,modernlogisticsfacilities.InTokyo,theleasingmarkethasremainedsteady,anditiswellsupportedbyanumberoflocallogisticscompanies.Giventhelengthofleasingcontracts,intheregionof5-10years,rentsinTokyoareexpectedtostayrelativelyflat.InIndia,theleasingmarket’soutlookcontinuestolookpositive,thankstothedemandfromlightindustryandIT/ITessector.Meanwhile,theIndiangovernmenthassupportedtheupgradingoflocalinfrastructuretointernationalstandards.Backedbydemandfromendusers,rentsareforecasttorisebyaround5%in2013.

InChina,thenormisaroundUS$6-7persq.ft.perannum;andinmostChinesecities,theyareexpectedtoincreaseintheorderof3-5%perannum,thankstothesustainedgrowthofindustrialproduction,cargothroughputvolumeandlocalretailsales.

HONG KONG

TOKYO

SINGAPORE

Three most-popular logistics hubs in Asia :industrial and logistics rentals there currently average US$22 per sq. ft. per annum.


DuetothesustainedflowofinvestmentsintoAsia,andtheregion’ssubduedinflationaryenvironment,risk-freerateshaveconsistentlyfallenbyaround35basispointsoverthepast12months.Thelogisticsandindustrialpropertyyieldspreadcomparedtotheserisk-freeratesnarrowedfurtherduringthe12monthsupto1Q2013.However,thespreadwidenedinJapan.Ten-yearJapanesegovernmentbondyieldsfellto0.58%,asofApril2013,duetothegovernment’sdeterminationtoloosenitsmonetarypolicyinordertospurinflation.TheJ-REITmarkethasbecomeactiveasaresultoftheenhancedvolumeofliquidity.InHongKong,investmentyieldsbyvaluationareintheorderof3.60%,duetosustaineddemandfromendusers,thestrongappetiteofprivateequityinvestors,andexpectationsoffurthercapitalappreciationarisingfromtheindustrialrevitalisationinitiativesbeingpushedbythegovernment.

InChina,long-termrealestatefundshavebeeneyeingopportunitiesformodernwarehousingfacilitiesforlong-termgrowthinboththefirstandsecond-tiercities.InvestmentyieldsforqualitylogisticspremisesinChinacurrentlyrangefrom6to8%perannum.Givengenuinesupportfromoccupiers,overallinvestmentyieldshaveremainedmorethan300basispointsabovetherisk-freerate.TheyieldspreadinIndiaissimilar,wheredemandfrommanufacturerswishingtoupgraderemainsstrong.InSingapore,theyieldspreadismorethan400basispoints,despitegenuinerentalsupport,ascapitalgrowthexpectationshavebeenmoderatedbythegovernment’snewcoolingmeasures.

0%

2%

4%

6%

8%

10%

12%

India China Japan Singapore Hong Kong

Yie

ld (%

per

ann

um)

Source : CEIC; Trading Economics

Note : Risk-free rates refer to long-term government bond yields

Yields (% p.a.) Risk-free Rates

Asia Logistics / Industrial Yields ( By Key Centres )

17


Without doubt, the universal golden rule for real estate investment is“Location, Location, andLocation”.Yet the property sector that has beengainingpopularityinthepastcoupleofyearshasbeen“Logistics,LogisticsandLogistics”.Perhaps, thebestbuzzwordnowadayswouldbe “Logisti-cation”!

Inourview,thekeyreasonforthechangeinemphasishasbeenashiftinthestrategyof investorstowardsrisk-averseproperties,particularlysincetheglobal financialcrisis.Putsimply,growingpricevolatility intraditionalcommercial real estate sectors and the increasing difficulty of sourcingreasonablerisk-adjustedreturnshavepushedmoreinvestorsintologisticswarehousing–anichepropertysectorthatdemandsagoodcombinationof physical (i.e. quality real estate) and intangible (i.e. value added by aseasonedmanagement)elements.

Logisticswarehousing is a proven defensive playwith long-term growthpotential. Demand for it in Asia is currently being fuelled by positivedemographic factors (e.g. the average population age and the pace ofurbanisation), the political policies being pursued by individual countries,andgrowingprivateconsumptionexpenditureintheregion.However,therehasalwaysbeenalackofsupplyofgood-qualitylogisticswarehouseswithhighphysicalspecificationsandmanagementsupportbythird-partylogistics(3PL)operators.A lackof investment-gradeassetsavailable forsalehasbeenthemainreasonwhythesectorwaslargelyoverlookedinthepast.

Formany years, so-called logisticswarehouses have been dominated bylocal players. The widely varying standards of service quality they haveoffered has resulted invery different rental and occupancy performance.However, demand for top-quality logistics warehouses managed bytrustworthy3PLs is actually expanding, due to thegrowing requirementsof principals engaged in the entire supply chain management process –notwithstandingthechallengesposedbytheglobaleconomicslowdown.Infact,macro-trendsinAsiahaveremainedverysolid,ascanbedemonstratedbytheresilientperformanceofboththeregion’s industrialoutputandthevolumeofretailsales.Last,butnotleast,thekeychallengeforprospectiveinvestorsisperhapshowtoteamupwithalocalpartnerwhopossessesthebest local knowledgeaboutareassuchas rulesand regulations, inordertosourceopportunitiesthatofferayieldspreadofatleast300percentagepointsabovethecorrespondingrisk-freerates.

Colliers'Views

Pros Cons strategiesGrowing demand forquality warehouse

Complex local rulesand regulations

Partnering with a right local expert

Premium yields Liquidity riskGoing for a long-term hold to enjoy steady rental return

Short development cycle; easy to replicate

Easy to introduce competition

Building up a critical mass; Targeting 3-4 development per city

Logistic Yield

executive sponsorPiersBrunnerChiefExecutiveOfficer,[email protected]:+85228220727

authorSimonLoExecutiveDirectorResearch&Advisory,[email protected]:+85228220511

JessyChung AnalystResearch&Advisory,[email protected]:+85228220643

Forfurtherdetails,pleasecontact:

www.colliers.comThisdocumenthasbeenpreparedbyColliersInternationalforadvertisingandgeneralinformationonly.ColliersInternationalmakesnoguarantees,representations orwarrantiesofanykind,expressedorimplied,regardingtheinformationincluding,butnotlimitedto,warrantiesofcontent,accuracyandreliability.Anyinterested partyshouldundertaketheirowninquiriesastotheaccuracyoftheinformation.ColliersInternationalexcludesunequivocallyallinferredorimpliedterms,conditionsandwarrantiesarisingoutofthisdocumentandexcludesallliabilityforlossanddamagesarisingtherefrom.ThispublicationisthecopyrightedpropertyofColliersInternationaland/oritslicensor(s).©2013.Allrightsreserved.

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