informe global de industrias - primer semestre 2010
DESCRIPTION
La demanda de espacios industriales está en alza. Demand for Industrial Space on the Rise. Versión Inglés.TRANSCRIPT
HIGHLIGHTSGLOBAL INDUSTRIAL
www.cOLLIeRS.cOm
FIRST HALF 2010 | INDUSTRIAL
ROSS J. mOORe Chief Economist | USA
eUROpe, mIDDLe eAST, AfRIcA (emeA)
European, Middle Eastern and African warehouse leasing markets continued to register lackluster growth in the first half of 2010. Greece, Hungary, Ireland, Russia, Spain, Italy and the Baltic states in particular remained key areas of weakness. Even though signs of recovery were evident in many parts of the region, various markets were still characterized by sluggish leasing activity and little expansion. During the first half of 2010, warehouse rents across the region managed to hold steady (local currency) which represented an improvement from the last half of 2009 when rents fell by 3.7%. Noticeable declines, however, were recorded in Hungary, Spain, South Africa, Norway and the Ukraine. 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 $19.59 per square foot per year.
Within the EMEA region, industrial land values in London’s Heathrow submarket remain far in excess of any other market in the region. At midyear, Heathrow land values averaged just over $50.00 per square foot, an increase of 12.8% during the first half of 2010 (local currency).
NORTh AmeRIcA
U.S. and Canadian warehouse markets continued to languish during the first half of 2010, but increasing evidence suggests the worst is over. Businesses were still largely wary of taking additional space, but the move by tenants to return space had mostly dissipated. However, even though construction continued to drop off, vacancies in both countries moved marginally higher.
With both the U.S. and Canadian economies showing signs of slowing at midyear, a degree of caution
entered the industrial leasing market, suggesting a robust recovery in fundamentals is unlikely to occur in the second half of 2010. As a result, occupancy rates are not expected to register a significant improvement until well into 2011. With no significant decrease in vacancy, rents are expected to remain largely directionless for some time. During the first half of 2010 U.S. rents fell 6.1% while Canadian rents dropped 1.7%.
ASIA pAcIfIc
Asia Pacific remained the most robust region in the world with exports posting double-digit growth in many countries. With the region registering healthy economic growth and exporters boosting sales both within the region and globally rents were up in almost all markets. Signs continued to emerge that as long as the global economy didn’t suffer a setback, both intra-regional and global trade should continue to increase, supporting most of the region’s warehouse markets. With a more robust economic backdrop, Tokyo, Hong Kong and Singapore warehouse rents all ranked in the top ten ,with Tokyo lease rates the most expensive in the world at $21.38 per square foot, per annum.
Demand for Industrial Space on the Rise – Led by Asia Pacific
GLOBAL INDUSTRIAL cApITALIZATION RATeS (Prime Yield/Percent)
mARKeT (Select Markets)
JUNe 2010
Dec. 2009
Hong Kong 4.75 4.75New Jersey – Northern 5.52 8.00London – Heathrow 6.00 6.00Tokyo 6.20 6.50Vancouver 6.50 7.00Munich 7.10 7.20Paris 7.25 7.75Chicago 7.50 8.25Marseille 7.75 8.25Seoul 8.00 8.00Singapore 8.00 8.50Madrid 8.25 8.50Sydney 8.31 8.50Dallas-Ft. Worth 8.50 8.80Shanghai 8.50 11.00Mexico City 9.00 8.30Los Angeles – Inland Empire 9.00 8.75Prague 9.50 9.50Atlanta 9.70 8.00Bucharest 10.00 10.50
GLOBAL pRIme LAND pRIceS
mARKeT (Select Markets)
JUNe 2010 (USD PSF)
6-mONTh chANGe*
(%)Hong Kong 951.48 1.9Tokyo 481.13 -2.5Singapore 67.06 15.0London – Heathrow 50.17 12.8Seoul 45.79 0.0Shanghai 27.30 25.0Melbourne 19.42 0.0Toronto 18.14 18.9Milan 17.02 0.0Beijing 16.08 5.5Antwerp 15.31 3.8Hamburg 13.61 0.0Leeds 10.38 -1.9Helsinki 7.60 3.1Paris 7.37 0.0Lyon 6.24 0.0Los Angeles – Inland Empire 5.24 31.0Chicago 5.00 14.4Atlanta 1.50 0.0Dallas-Ft. Worth 1.25 -28.6
*Local Currency
GLOBAL TOp TeN INDUSTRIAL wARehOUSe ReNTS
mARKeT
ReNT (USD/
PSF/Year)
6-mONTh chANGe
(Local Currency, %)Tokyo 21.38 -5.6London – Heathrow 19.59 0.0Hong Kong 16.26 1.9Zurich 15.42 0.0São Paulo 14.27 15.0Geneva 13.70 -8.6Singapore 13.38 3.3Helsinki 12.93 0.0Oslo 12.89 0.0Honolulu 11.28 -5.1Moscow 9.87 0.0
p. 2 | cOLLIeRS INTeRNATIONAL
HIgHLIgHTS | FIRST HALF 2010 | InduSTRIAL | GLOBAL
INDUSTRIAL SURVeY | LOcAL meASURe/cURReNcY ReNTS
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 5.50 280.00Antwerp Belgium EUR SM Year 43.00 0.0 40.00 135.00Brussels Belgium EUR SM Year 45.00 0.0 40.00 150.00Sofia Bulgaria EUR SM Month 4.80 -4.0 3.70 480.00Zagreb Croatia EUR SM Month 6.50 -7.1 5.00 743.00Prague Czech Republic EUR SM Month 4.00 0.0 3.50 505.00Copenhagen Denmark DKK SM Year 475.00 0.0 500.00 800.00Tallinn Estonia EUR SM Month 4.00 0.0 3.50 25.00Helsinki Finland EUR SM Year 9.50 0.0 7.50 67.00Bordeaux France EUR SM Year 55.00 0.0 42.00 52.00Lille France EUR SM Year 55.00 – 43.00 45.00Lyon France EUR SM Year 62.00 0.0 43.00 55.00Marseilles France EUR SM Year 58.00 0.0 41.00 58.00Paris France EUR SM Year 90.00 0.0 51.00 65.00Toulouse France EUR SM Year 62.00 0.0 42.00 48.00Berlin Germany EUR SM Month 5.50 – 4.00 100.00Düsseldorf Germany EUR SM Month 4.90 0.0 4.40 160.00Frankfurt Germany EUR SM Month 6.50 – 6.20 230.00Hamburg Germany EUR SM Month 5.40 -1.8 5.40 120.00Munich Germany EUR SM Month 6.30 -3.1 5.25 200.00Stuttgart Germany EUR SM Month 5.20 4.0 6.00 250.00Athens Greece EUR SM Month 5.50 0.0 4.80 120.00Budapest Hungary EUR SM Month 4.20 -16.0 3.70 45.00Dublin Ireland EUR SM Year 90.00 -10.0 80.00 100.00Tel Aviv Israel ILS SM Month 38.00 -5.0 35.00 2,500.00Milan Italy EUR SM Year 60.00 0.0 55.00 150.00Rome Italy EUR SM Year 65.00 8.3 65.00 50.00Riga Latvia EUR SM Month 3.50 0.0 3.50 22.50Vilnius Lithuania EUR SM Month 3.90 0.0 2.90 15.00Amsterdam Netherlands EUR SM Year 85.00 18.1 45.00 275.00Oslo Norway NOK SM Year 900.00 0.0 623.04 –Warsaw Poland EUR SM Month 5.50 71.9 4.50 776.00Bucharest Romania EUR SM Month 4.50 -5.3 4.25 540.00Moscow Russia EUR SM Month 7.25 0.0 8.30 823.00Saint Petersburg Russia EUR SM Month 7.00 – 6.40 600.00Belgrade Serbia EUR SM Month 4.00 0.0 3.00 436.00Bratislava Slovakia EUR SM Month 3.90 14.7 3.50 468.00Cape Town South Africa ZAR SM Month 40.00 14.3 35.00 1,100.00Durban South Africa ZAR SM Month 42.00 -23.6 40.00 1,400.00Johannesburg South Africa ZAR SM Month 55.00 – 48.00 700.00Madrid Spain EUR SM Month 6.00 -7.7 3.50 375.00Stockholm Sweden SEK SM Year 800.00 6.7 600.00 600.00Geneva Switzerland CHF SM Year 160.00 -8.6 130.00 300.00Zurich Switzerland CHF SM Year 180.00 0.0 180.00 –Istanbul Turkey USD SM Month 5.00 0.0 6.00 –Kyiv Ukraine USD SM Month 5.00 -23.1 4.50 45.00Abu Dhabi United Arab Emirates AED SM Year 95.00 – 60.00 60.00Dubai United Arab Emirates AED SM Year 229.00 – 120.00 120.00Belfast United Kingdom GBP SF Year 4.50 12.5 4.50 8.03Birmingham United Kingdom GBP SF Year 5.25 0.0 5.00 6.31Bristol United Kingdom GBP SF Year 7.00 -6.7 5.50 6.31
meASURe
HIgHLIgHTS | FIRST HALF 2010 | InduSTRIAL | GLOBAL
cOLLIeRS INTeRNATIONAL | p. 3
Edinburgh United Kingdom GBP SF Year 7.00 0.0 4.50 5.74Glasgow United Kingdom GBP SF Year 6.00 0.0 4.50 3.44Leeds United Kingdom GBP SF Year 5.50 0.0 5.00 6.89London – Heathrow United Kingdom GBP SF Year 13.00 0.0 12.00 33.30Manchester United Kingdom GBP SF Year 5.75 0.0 4.25 6.31
NORTh AmeRIcA
Calgary Canada CAD SF Year 6.75 0.0 6.25 12.17Edmonton Canada CAD SF Year 7.00 -1.4 6.15 10.76Halifax Canada CAD SF Year 7.00 7.7 5.50 4.25Montreal Canada CAD SF Year 4.00 0.0 4.00 –Ottawa Canada CAD SF Year 7.30 8.1 6.50 8.26Regina Canada CAD SF Year 8.00 0.0 6.50 5.05Saskatoon Canada CAD SF Year 9.00 5.9 8.00 9.18Toronto Canada CAD SF Year 5.13 -0.4 4.70 19.02Vancouver Canada CAD SF Year 6.50 -3.7 6.00 21.14Waterloo Region Canada CAD SF Year 4.91 -1.2 4.27 6.60Atlanta United States USD SF Year 3.14 -11.8 2.86 1.50Bakersfield United States USD SF Year 4.00 0.0 3.92 2.50Baltimore United States USD SF Year 4.71 -2.1 – –Boise United States USD SF Year 4.50 -13.5 4.50 1.76Boston United States USD SF Year 4.75 0.0 5.00 –Charleston United States USD SF Year 3.60 -2.7 3.90 2.50Charlotte United States USD SF Year 3.45 -3.1 – –Chicago United States USD SF Year 3.77 -2.1 2.50 5.00Cincinnati United States USD SF Year 3.05 – 3.05 1.50Cleveland United States USD SF Year 2.75 0.0 2.83 1.32Columbia United States USD SF Year 3.75 -6.3 4.00 1.15Columbus United States USD SF Year 2.98 -3.6 3.32 1.84Dallas-Fort Worth United States USD SF Year 3.00 -1.6 2.75 1.25Denver United States USD SF Year 3.50 -6.7 3.25 3.50Detroit United States USD SF Year 4.01 -2.7 3.65 –Fairfield United States USD SF Year 5.64 -6.0 – –Fresno United States USD SF Year 2.40 0.0 2.40 3.00Ft. Lauderdale-Broward County United States USD SF Year 7.20 4.0 6.64 6.92Greenville United States USD SF Year 3.00 -4.0 2.95 0.92Hartford United States USD SF Year 4.28 0.0 4.28 2.50Honolulu United States USD SF Year 11.28 -5.1 – –Houston United States USD SF Year 4.90 -2.0 3.98 5.00Jacksonville United States USD SF Year 3.50 -6.7 3.00 2.28Kansas City United States USD SF Year 4.02 -28.3 – –Las Vegas United States USD SF Year 5.01 40.3 4.75 6.03Little Rock United States USD SF Year 3.57 -7.0 1.79 6.10Los Angeles United States USD SF Year 5.85 82.8 5.42 10.71Los Angeles – Inland Empire United States USD SF Year 3.80 -39.1 3.65 5.24Louisville United States USD SF Year 3.45 31.7 – –Memphis United States USD SF Year 2.56 -68.2 2.46 1.25Miami United States USD SF Year 7.77 – 6.67 13.25Nashville United States USD SF Year 3.97 – 3.20 1.40New Jersey – Central United States USD SF Year 4.73 6.8 4.29 –New Jersey – Northern United States USD SF Year 6.46 12.2 5.74 –Oakland United States USD SF Year 4.44 -2.6 4.44 8.19
INDUSTRIAL SURVeY | LOcAL meASURe/cURReNcY ReNTS
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) continued
p. 4 | cOLLIeRS INTeRNATIONAL
HIgHLIgHTS | FIRST HALF 2010 | InduSTRIAL | GLOBAL
Orange County United States USD SF Year 7.21 -6.1 5.93 18.00Orlando United States USD SF Year 4.73 -6.9 4.15 2.62Philadelphia United States USD SF Year 4.00 0.0 3.75 3.10Phoenix United States USD SF Year 4.30 -32.4 4.15 5.00Pleasanton/Walnut Creek United States USD SF Year 4.80 0.0 4.20 13.00Portland United States USD SF Year 5.28 -0.8 5.05 1.50Raleigh United States USD SF Year 4.09 0.0 – –Reno United States USD SF Year 3.60 -3.2 3.59 –Sacramento United States USD SF Year 4.20 -12.5 2.76 8.00San Diego United States USD SF Year 7.80 -5.8 7.32 7.08San Francisco Peninsula United States USD SF Year 9.60 -3.6 9.60 –San Jose/Silicon Valley United States USD SF Year 5.46 -9.0 4.78 28.00Seattle/Puget Sound United States USD SF Year 7.18 3.6 – 9.00St. Louis United States USD SF Year 3.87 -1.5 – –Stockton/San Joaquin County United States USD SF Year 4.08 3.0 3.66 3.50Tampa United States USD SF Year 4.42 -8.7 4.11 –Washington, DC United States USD SF Year 7.68 -3.2 4.91 –West Palm Beach United States USD SF Year 8.13 8.4 6.36 6.00
ASIA pAcIfIc
Adelaide Australia AUD SM Year 110.00 0.0 85.00 490.00Brisbane Australia AUD SM Year 120.00 0.0 105.00 250.00Melbourne Australia AUD SM Year 85.00 0.0 85.00 244.00Perth Australia AUD SM Year 100.00 11.1 85.00 375.00Sydney Australia AUD SM Year 133.00 2.3 96.00 470.00Beijing China RMB SM Month 29.92 9.4 26.91 1,178.00Guangzhou China RMB SM Month 25.00 7.3 25.00 600.19Hong Kong China HKD SF Month 10.55 1.9 8.54 7,407.00Shanghai China RMB SM Day 1.05 16.7 0.85 2,000.00Delhi India INR SF Month 30.00 11.1 30.00 4,000.00Jakarta Indonesia IDR SM Month 26,910 11.8 – 591,679.00Tokyo Japan JPY SM Month 1,700 -5.6 1700.00 459,000.00Auckland New Zealand NZD SM Year 104.00 -1.9 – 277.00Christchurch New Zealand NZD SM Year 90.00 -1.1 – 238.00Wellington New Zealand NZD SM Year 89.00 9.9 – 275.00Singapore Singapore SGD SF Month 1.56 3.3 1.28 93.80Seoul South Korea KRW SM Month 12,000.00 0.0 12000.00 600,000.00Bangkok Thailand THB SM Month 250.00 31.6 175.00 2,000.00
LATIN AmeRIcA
Buenos Aires Argentina USD SM Month 6.00 0.0 6.25 60.00São Paulo Brazil REAL SM Month 23.00 15.0 20.00 300.00Santiago Chile USD SM Month 4.52 0.0 3.19 101.60Bogotá Colombia USD SM Month 8.00 -23.8 11.00 115.00San José Costa Rica USD SM Quarter 7.00 4.9 9.50 50.00Mexico City Mexico USD SM Month 4.90 26.6 4.90 110.00Lima Peru USD SM Month 5.00 0.0 3.00 170.00
INDUSTRIAL SURVeY | LOcAL meASURe/cURReNcY ReNTS
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)
NORTh AmeRIcA continued
HIgHLIgHTS | FIRST HALF 2010 | InduSTRIAL | GLOBAL
cOLLIeRS INTeRNATIONAL | p. 5
INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS
mARKeT cOUNTRY
exchANGe RATe (USD)
JUNe 30, 2010
pRIme wARehOUSe
ReNT (USD/Sf/YeAR)
pRIme BULK ReNT
(USD/Sf/YeAR)
pRIme LAND VALUe
(USD/Sf)
VAcANcY RATe (%)
JUNe 2010
pRIme YIeLD/ cAp RATe
(%)
10-YeAR GOVT. BOND
RATe (%)
eUROpe, mIDDLe eAST AND AfRIcA (emeA)
Vienna Austria 0.82 8.17 7.49 31.76 – 9.00 3.14Antwerp Belgium 0.82 4.88 4.54 15.31 5.0 7.30 3.49Brussels Belgium 0.82 5.10 4.54 17.02 5.0 6.50 3.49Sofia Bulgaria 0.82 6.53 5.04 54.45 – 12.00 –Zagreb Croatia 0.82 8.85 6.81 84.28 15.0 10.50 –Prague Czech Republic 0.82 5.44 4.76 57.28 – 9.50 4.05Copenhagen Denmark 6.10 7.23 7.62 12.18 3.2 7.50 2.73Tallinn Estonia 0.82 5.44 4.76 2.84 20.0 12.00 –Helsinki Finland 0.82 12.93 10.21 7.60 4.5 8.00 2.89Bordeaux France 0.82 6.24 4.76 5.90 8.0 7.75 3.07Lille France 0.82 6.24 4.88 5.10 7.5 7.25 3.07Lyon France 0.82 7.03 4.88 6.24 8.0 7.25 3.07Marseilles France 0.82 6.58 4.65 6.58 7.5 7.75 3.07Paris France 0.82 10.21 5.79 7.37 7.0 7.25 3.07Toulouse France 0.82 7.03 4.76 5.44 7.0 7.75 3.07Berlin Germany 0.82 7.49 5.44 11.34 – 8.00 2.64Düsseldorf Germany 0.82 6.67 5.99 18.15 – 7.00 2.64Frankfurt Germany 0.82 8.85 8.44 26.09 5.0 6.90 2.64Hamburg Germany 0.82 7.35 7.35 13.61 – 7.20 2.64Munich Germany 0.82 8.58 7.15 22.69 4.9 7.10 2.64Stuttgart Germany 0.82 7.08 8.17 28.36 – 7.30 2.64Athens Greece 0.82 7.49 6.53 13.61 17.0 8.50 9.83Budapest Hungary 0.82 5.72 5.04 5.10 21.3 9.00 7.55Dublin Ireland 0.82 10.21 9.07 11.34 17.0 8.60 5.48Tel Aviv Israel 3.88 10.91 10.05 59.81 – 8.75 3.69Milan Italy 0.82 6.81 6.24 17.02 7.5 7.00 4.03Rome Italy 0.82 7.37 7.37 5.67 15.0 8.00 4.03Riga Latvia 0.82 4.76 4.76 2.55 34.1 11.25 –Vilnius Lithuania 0.82 5.31 3.95 1.70 11.0 12.00 –Amsterdam Netherlands 0.82 9.64 5.10 31.19 – 7.50 2.89Oslo Norway 6.49 12.89 8.92 – – – –Warsaw Poland 0.82 7.49 6.13 88.03 – 8.50 5.88Bucharest Romania 0.82 6.13 5.79 61.25 – 10.00 –Moscow Russia 0.82 9.87 11.30 93.36 – 14.00 5.72Saint Petersburg Russia 0.82 9.53 8.71 68.06 – 14.00 5.72Belgrade Serbia 0.82 5.44 4.08 49.46 – 11.00 –Bratislava Slovakia 0.82 5.31 4.76 53.09 – 10.00 2.78Cape Town South Africa 7.65 5.83 5.10 13.36 6.3 9.50 8.64Durban South Africa 7.65 6.12 5.83 17.00 – 11.50 8.64Johannesburg South Africa 7.65 8.02 6.99 8.50 3.5 9.50 8.64Madrid Spain 0.82 8.17 4.76 42.54 – 8.25 4.54Stockholm Sweden 7.81 9.52 7.14 7.14 – 7.00 2.67Geneva Switzerland 1.09 13.70 11.13 25.69 – 8.00 1.55Zurich Switzerland 1.09 15.42 15.42 – – 6.50 1.55Istanbul Turkey 1.00 5.58 6.69 – 25.0 9.00 4.71Kyiv Ukraine 1.00 5.58 5.02 4.18 22.0 18.00 –Abu Dhabi United Arab Emirates 3.67 2.40 1.52 1.52 – 10.00 –Dubai United Arab Emirates 3.67 5.79 3.04 3.04 – 10.00 –Belfast United Kingdom 0.66 6.78 6.78 12.11 – 6.75 3.43Birmingham United Kingdom 0.66 7.91 7.53 9.51 – 7.50 3.43Bristol United Kingdom 0.66 10.55 8.29 9.51 – 7.50 3.43
p. 6 | cOLLIeRS INTeRNATIONAL
HIgHLIgHTS | FIRST HALF 2010 | InduSTRIAL | GLOBAL
Edinburgh United Kingdom 0.66 10.55 6.78 8.65 – 7.50 3.43Glasgow United Kingdom 0.66 9.04 6.78 5.18 – 7.50 3.43Leeds United Kingdom 0.66 8.29 7.53 10.38 – 7.50 3.43London – Heathrow United Kingdom 0.66 19.59 18.08 50.17 – 6.00 3.43Manchester United Kingdom 0.66 8.66 6.40 9.51 – 7.00 3.43
NORTh AmeRIcA
Calgary Canada 1.05 6.44 5.96 11.61 5.2 7.50 3.23Edmonton Canada 1.05 6.68 5.87 10.26 4.9 7.32 3.23Halifax Canada 1.05 6.68 5.25 4.05 6.4 7.83 3.23Montreal Canada 1.05 3.82 3.82 – 6.7 8.25 3.23Ottawa Canada 1.05 6.96 6.20 7.88 5.3 7.88 3.23Regina Canada 1.05 7.63 6.20 4.82 2.5 8.40 3.23Saskatoon Canada 1.05 8.58 7.63 8.76 2.7 8.00 3.23Toronto Canada 1.05 4.89 4.48 18.14 6.1 7.40 3.23Vancouver Canada 1.05 6.20 5.72 20.17 4.5 6.50 3.23Waterloo Region Canada 1.05 4.68 4.07 6.30 8.3 8.00 3.23Atlanta United States 1.00 3.14 2.86 1.50 13.7 9.70 3.11Bakersfield United States 1.00 4.00 3.92 2.50 10.3 9.50 3.11Baltimore United States 1.00 4.71 – – 11.2 – 3.11Boise United States 1.00 4.50 4.50 1.76 10.9 – 3.11Boston United States 1.00 4.75 5.00 – 22.1 9.00 3.11Charleston United States 1.00 3.60 3.90 2.50 13.7 9.50 3.11Charlotte United States 1.00 3.45 – – 13.5 – 3.11Chicago United States 1.00 3.77 2.50 5.00 11.9 7.50 3.11Cincinnati United States 1.00 3.05 3.05 1.50 8.7 – 3.11Cleveland United States 1.00 2.75 2.83 1.32 9.1 10.25 3.11Columbia United States 1.00 3.75 4.00 1.15 12.4 – 3.11Columbus United States 1.00 2.98 3.32 1.84 13.5 8.50 3.11Dallas-Fort Worth United States 1.00 3.00 2.75 1.25 11.8 8.50 3.11Denver United States 1.00 3.50 3.25 3.50 8.2 8.25 3.11Detroit United States 1.00 4.01 3.65 – 14.5 8.50 3.11Fairfield United States 1.00 5.64 – – 13.2 – 3.11Fresno United States 1.00 2.40 2.40 3.00 8.1 9.00 3.11Ft. Lauderdale-Broward County United States 1.00 7.20 6.64 6.92 9.7 – 3.11Greenville United States 1.00 3.00 2.95 0.92 11.4 9.52 3.11Hartford United States 1.00 4.28 4.28 2.50 9.3 10.00 3.11Honolulu United States 1.00 11.28 – – 4.1 – 3.11Houston United States 1.00 4.90 3.98 5.00 6.5 8.50 3.11Jacksonville United States 1.00 3.50 3.00 2.28 10.7 8.20 3.11Kansas City United States 1.00 4.02 – – 7.5 – 3.11Las Vegas United States 1.00 5.01 4.75 6.03 16.7 – 3.11Little Rock United States 1.00 3.57 1.79 6.10 16.4 9.25 3.11Los Angeles United States 1.00 5.85 5.42 10.71 5.4 8.00 3.11Los Angeles – Inland Empire United States 1.00 3.80 3.65 5.24 12.6 9.00 3.11Louisville United States 1.00 3.45 – – 12.8 – 3.11Memphis United States 1.00 2.56 2.46 1.25 13.9 10.25 3.11Miami United States 1.00 7.77 6.67 13.25 9.7 – 3.11Nashville United States 1.00 3.97 3.20 1.40 11.8 9.00 3.11New Jersey – Central United States 1.00 4.73 4.29 – 10.7 – 3.11New Jersey – Northern United States 1.00 6.46 5.74 – 8.0 5.52 3.11Oakland United States 1.00 4.44 4.44 8.19 9.4 7.50 3.11
INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS
mARKeT cOUNTRY
exchANGe RATe (USD)
JUNe 30, 2010
pRIme wARehOUSe
ReNT (USD/Sf/YeAR)
pRIme BULK ReNT
(USD/Sf/YeAR)
pRIme LAND VALUe
(USD/Sf)
VAcANcY RATe (%)
JUNe 2010
pRIme YIeLD/ cAp RATe
(%)
10-YeAR GOVT. BOND
RATe (%)
eUROpe, mIDDLe eAST AND AfRIcA (emeA) continued
HIgHLIgHTS | FIRST HALF 2010 | InduSTRIAL | GLOBAL
cOLLIeRS INTeRNATIONAL | p. 7
INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS
mARKeT cOUNTRY
exchANGe RATe (USD)
JUNe 30, 2010
pRIme wARehOUSe
ReNT (USD/Sf/YeAR)
pRIme BULK ReNT
(USD/Sf/YeAR)
pRIme LAND VALUe
(USD/Sf)
VAcANcY RATe (%)
JUNe 2010
pRIme YIeLD/ cAp RATe
(%)
10-YeAR GOVT. BOND
RATe (%)
NORTh AmeRIcA continued
Orange County United States 1.00 7.21 5.93 18.00 6.4 7.00 3.11Orlando United States 1.00 4.73 4.15 2.62 13.0 – 3.11Philadelphia United States 1.00 4.00 3.75 3.10 9.9 9.00 3.11Phoenix United States 1.00 4.30 4.15 5.00 17.7 9.50 3.11Pleasanton/Walnut Creek United States 1.00 4.80 4.20 13.00 15.4 – 3.11Portland United States 1.00 5.28 5.05 1.50 8.4 7.25 3.11Raleigh United States 1.00 4.09 – – 13.1 – 3.11Reno United States 1.00 3.60 3.59 – 15.3 – 3.11Sacramento United States 1.00 4.20 2.76 8.00 12.2 8.60 3.11San Diego United States 1.00 7.80 7.32 7.08 11.7 – 3.11San Francisco Peninsula United States 1.00 9.60 9.60 – 9.5 6.50 3.11San Jose/Silicon Valley United States 1.00 5.46 4.78 28.00 13.8 8.00 3.11Seattle/Puget Sound United States 1.00 7.18 – 9.00 7.9 – 3.11St. Louis United States 1.00 3.87 – – 10.7 – 3.11Stockton/San Joaquin County United States 1.00 4.08 3.66 3.50 17.7 8.50 3.11Tampa United States 1.00 4.42 4.11 – 11.4 7.50 3.11Washington, DC United States 1.00 7.68 4.91 – 13.0 – 3.11West Palm Beach United States 1.00 8.13 6.36 6.00 11.4 – 3.11
ASIA pAcIfIc
Adelaide Australia 1.17 8.75 6.76 39.00 – 8.25 5.33Brisbane Australia 1.17 9.55 8.36 19.90 – 8.25 5.33Melbourne Australia 1.17 6.76 6.76 19.42 – 8.50 5.33Perth Australia 1.17 7.96 6.76 29.84 – 8.25 5.33Sydney Australia 1.17 10.58 7.64 37.40 – 8.31 5.33Beijing China 6.81 4.90 4.41 16.08 – 8.49 3.10Guangzhou China 6.81 4.09 4.09 8.19 – 7.20 3.10Hong Kong China 7.78 16.26 13.16 951.48 – 4.75 2.31Shanghai China 6.81 5.23 4.23 27.30 7.9 8.50 3.10Delhi India 46.48 7.75 7.75 86.06 – 8.50 8.12Jakarta Indonesia 9165.90 3.27 – 6.00 29.0 8.10 5.10Tokyo Japan 88.66 21.38 21.38 481.13 – 6.20 1.15Auckland New Zealand 1.44 6.73 – 17.92 6.1 8.10 5.50Christchurch New Zealand 1.44 5.82 – 15.39 6.3 8.60 5.50Wellington New Zealand 1.44 5.76 – 17.79 7.2 8.20 5.50Singapore Singapore 1.40 13.38 10.98 67.06 8.2 8.00 2.16Seoul South Korea 1217.70 10.99 10.99 45.79 – 8.00 –Bangkok Thailand 32.56 8.56 5.99 5.71 16.0 – 2.92
LATIN AmeRIcA
Buenos Aires Argentina 1.00 6.00 6.25 5.58 – 17.00 –São Paulo Brazil 1.80 14.27 12.41 15.51 2.5 11.00 6.16Santiago Chile 1.00 5.04 3.56 9.44 2.2 11.50 1.93Bogotá Colombia 1.00 8.92 12.27 10.69 – 10.38 4.75San José Costa Rica 1.00 2.60 3.53 4.65 9.8 10.00 –Mexico City Mexico 1.00 5.46 5.46 10.22 10.4 9.00 6.85Lima Peru 1.00 5.58 3.35 15.80 – 12.00 –
HIgHLIgHTS | FIRST HALF 2010 | InduSTRIAL | GLOBAL
www.cOLLIeRS.cOm
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
AmeRIcASRoss [email protected]
wayne [email protected]
mario RiveraLatin [email protected]
eUROpe/mIDDLe eAST/AfRIcAThomas [email protected]
mark charltonUnited [email protected]
Renaud [email protected]
Andreas TrumppGermany [email protected]
ASIA pAcIfIcSimon [email protected]
Amit [email protected]
mark courtneyAustralia/New [email protected]
Yumiko [email protected]
GLOBAL ReSeARch cONTAcTSGLOSSARY
cOLLIeRS INTeRNATIONAL
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480 offices in 61 countries on 6 continentsUnited States: 135Canada: 39Latin America: 17Asia Pacific: 194EMEA: 95
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• Over 15,000 professionals
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