C O 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 Highlights I N D U S T R I A L M I D - Y E A R 2 0 0 9 GLOBAL INDUSTRIAL CAPITALIZATION RATES ( YIELD/PERCENT) Market (Select Markets) Hong Kong 5.00 5.50 Los Angeles Inland Empire 5.90 6.10 London Heathrow 6.00 6.00 Tokyo 6.50 5.80 Vancouver 7.00 6.60 Munich 7.40 6.90 New Jersey Northern 7.50 7.00 Paris 7.60 7.00 Seoul 8.00 8.00 Atlanta 8.00 7.80 Lille 8.20 7.40 Chicago 8.35 7.20 Sydney 8.50 8.00 Madrid 8.50 8.50 Dallas-Ft. Worth 8.70 8.00 Singapore 9.00 8.00 Mexico City 9.00 8.00 Prague 10.00 8.50 Bucharest 10.50 8.50 Shanghai 11.00 11.00 GLOBAL LAND PRICES Market (Select Markets) June 2009 Dec. 2008 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 Lyon 5.87-35.71 Warsaw 4.96-20.00 Chicago 4.37-21.68 Dallas-Ft. Worth 1.70-2.86 Atlanta 1.50-0.66 * Local Currency Global Downturn Squashes Warehouse Markets Ross J. Moore Executive Vice President, Market and Economic Research Europe, Middle East & Africa (EMEA) 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. 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 GLOBAL TOP TEN INDUSTRIAL WAREHOUSE RENTS Market Rent (USD PSF) 6-Month Change (Local Currency, %) Tokyo 22.18-3.55 London Heathrow 20.64-7.40 São Paulo 16.02 27.27 Hong Kong 15.33-9.17 Oslo 15.12-21.67 Geneva 14.55-5.56 Honolulu 13.80-7.38 Dublin 13.71-12.50 Helsinki 13.32 6.25 Seoul 13.02 25.00 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. www.colliers.com Copyright 2009 Colliers International. Colliers International is a worldwide affiliation of independently owned and operated companies. COLLIERS INTERNATIONAL 1
GLOBAL INDUSTRIAL SURVEY LOCAL MEASURE/CURRENCY MID-YEAR 2009 MEASURE QUOTED TIME CURRENCY UNIT PERIOD WAREHOUSE RENT (LOCAL MEASURE/ WAREHOUSE RENT, 6-MONTH CHANGE BULK RENT LAND VALUE EUROPE, MIDDLE EAST AND AFRICA (EMEA) Vienna Austria EUR SM Month 6.00 0.00 5.50 200.00 Antwerp Belgium EUR SM Year 43.00-4.44 42.00 130.00 Brussels Belgium EUR SM Year 45.00 40.00 150.00 Sofia Bulgaria EUR SM Month 5.00-16.67 4.00 65.00 Zagreb Croatia EUR SM Month 6.25-21.88 6.00 52.00 Brno Czech Republic EUR SM Month 4.90 11.36 4.60 80.00 Ostrava Czech Republic EUR SM Month 3.80-7.32 3.60 58.00 Pilsen Czech Republic EUR SM Month 3.10-22.50 2.85 55.00 Prague Czech Republic EUR SM Month 4.00-9.09 3.70 80.00 Copenhagen Denmark DKK SM Year 500.00-16.67 550.00 800.00 Tallinn Estonia EUR SM Month 5.50-21.43 4.80 20.00 Helsinki Finland EUR SM Month 8.50 6.25 7.50 70.00 Bordeaux France EUR SM Year 55.00-3.51 42.00 52.00 Lille France EUR SM Year 55.00-3.51 39.00 45.00 Lyon France EUR SM Year 52.00 0.00 43.00 45.00 Marseille France EUR SM Year 55.00 0.00 38.00 58.00 Paris France EUR SM Year 90.00 0.00 48.00 85.00 Toulouse France EUR SM Year 52.00 0.00 43.00 48.00 Düsseldorf Germany EUR SM Month 4.90-9.26 4.40 160.00 Frankfurt Germany EUR SM Month 6.00 20.00 5.50 220.00 Hamburg Germany EUR SM Month 5.25-6.25 5.25 120.00 Munich Germany EUR SM Month 6.50 0.00 5.70 220.00 Stuttgart Germany EUR SM Month 4.50-29.69 6.00 200.00 Athens Greece EUR SM Month 6.00-7.69 5.50 250.00 Budapest Hungary EUR SM Month 4.50 7.14 3.80 40.00 Dublin Ireland EUR SM Year 105.00-12.50 100.00 150.00 Tel Aviv Israel ILS SM Month 40.00 0.00 38.00 1,840.00 Milan Italy EUR SM Year 60.00 0.00 60.00 150.00 Rome Italy EUR SM Year 65.00 8.33 65.00 100.00 Riga Latvia EUR SM Month 4.00-16.67 3.50 15.00 Vilnius Lithuania EUR SM Month 4.63-10.96 3.90 21.00 Podgorica Montenegro EUR SM Month 3.00 150.00 Oslo Norway NOK SM Year 1,050.00-21.67 1,050.00 Gdansk Poland EUR SM Month 3.40-12.82 3.10 43.00 Katowice Poland EUR SM Month 3.60-2.70 3.00 45.00 Kraków Poland EUR SM Month 4.80 6.67 4.00 65.00 Łódz Poland EUR SM Month 3.60 0.00 2.80 24.00 Poznan Poland EUR SM Month 2.90-19.44 3.20 48.00 Warsaw Poland EUR SM Month 3.50-2.78 2.85 38.00 Wrocław Poland EUR SM Month 3.60-2.70 2.90 43.00 Bucharest Romania EUR SM Month 4.75-5.00 4.25 50.00 Timisoara Romania EUR SM Month 4.40-2.22 4.00 35.00 Moscow Russia USD SM Year 120.00-17.24 105.00 90.00 Saint Petersburg Russia USD SM Year 100.00-16.67 90.00 60.00 Riyadh Saudi Arabia SAR SM Year 128.00 105.00 883.00 Belgrade Serbia EUR SM Month 5.00-16.67 3.50 30.00 Bratislava Slovakia EUR SM Month 3.60-5.26 3.40 50.00 Cape Peninsula South Africa ZAR SM Month 42.00 7.69 40.00 1,250.00 Durban South Africa ZAR SM Month 53.00-11.67 45.00 1,875.00 Gauteng Central Witwatersrand South Africa ZAR SM Month 50.00 25.00 38.64 680.00 Gauteng East Rand South Africa ZAR SM Month 39.73-9.70 35.50 668.00 Gauteng Westrand South Africa ZAR SM Month 33.78-15.55 33.28 580.00 Pretoria South Africa ZAR SM Month 45.00 0.00 40.00 1,200.00 Barcelona Spain EUR SM Month 7.25-9.38 4.75 Madrid Spain EUR SM Month 8.00-8.57 4.75 2 COLLIERS INTERNATIONAL
GLOBAL INDUSTRIAL SURVEY LOCAL MEASURE/CURRENCY MID-YEAR 2009 MEASURE QUOTED TIME CURRENCY UNIT PERIOD WAREHOUSE RENT (LOCAL MEASURE/ WAREHOUSE RENT, 6-MONTH CHANGE BULK RENT LAND VALUE EMEA continued Gothenburg Sweden SEK SM Year 730.00-2.67 640.00 800.00 Stockholm Sweden SEK SM Year 750.00-14.29 600.00 600.00 Geneva Switzerland CHF SM Year 170.00-5.56 120.00 300.00 Zurich Switzerland CHF SM Year 150.00 0.00 150.00 500.00 Amsterdam The Netherlands EUR SM Year 90.00 0.00 65.00 384.00 Eindhoven The Netherlands EUR SM Year 60.00 0.00 48.00 200.00 Rotterdam The Netherlands EUR SM Year 70.00 0.00 56.00 195.00 The Hague The Netherlands EUR SM Year 80.00 0.00 68.00 185.00 Utrecht The Netherlands EUR SM Year 75.00 0.00 65.00 190.00 Istanbul Turkey USD SM Month 5.00-23.08 6.00 Kyiv Ukraine USD SM Month 7.00-46.15 7.00 17.00 Birmingham United Kingdom GBP SF Year 5.75-2.54 5.00 6.31 Bristol United Kingdom GBP SF Year 7.50-3.23 5.50 6.89 Leeds United Kingdom GBP SF Year 5.75 0.00 5.00 6.89 London Heathrow United Kingdom GBP SF Year 12.50-7.41 12.50 36.73 Manchester United Kingdom GBP SF Year 5.75 0.00 4.25 6.31 NORTH AMERICA Calgary, AB Canada CAD SF Year 7.00 3.70 6.50 11.82 Edmonton, AB Canada CAD SF Year 7.40-1.33 6.50 12.66 Halifax, NS Canada CAD SF Year 6.75 0.00 5.00 5.75 Montréal, QC Canada CAD SF Year 4.50-10.00 4.00 11.00 Ottawa, ON Canada CAD SF Year 7.00 0.00 6.88 9.00 Regina, SK Canada CAD SF Year 8.00-5.88 6.50 6.08 Saskatoon, SK Canada CAD SF Year 8.50 6.25 7.50 8.00 Toronto, ON Canada CAD SF Year 5.50-8.33 5.04 13.50 Vancouver, BC Canada CAD SF Year 7.00-9.68 6.50 25.25 Waterloo Region, ON Canada CAD SF Year 5.13 5.13 7.41 Atlanta, GA United States USD SF Year 3.52-9.74 3.30 1.50 Bakersfield, CA United States USD SF Year 4.00 0.00 3.95 5.00 Baltimore, MD United States USD SF Year 5.99 2.74 4.61 5.74 Boise, ID United States USD SF Year 5.40-19.64 5.40 3.00 Charleston, SC United States USD SF Year 3.55-11.25 4.15 2.30 Charlotte, NC United States USD SF Year 3.65-5.19 3.25 1.95 Chicago, IL United States USD SF Year 3.93-15.67 2.21 4.37 Cincinnati, OH United States USD SF Year 2.70-6.90 2.70 2.00 Cleveland, OH United States USD SF Year 2.90-3.33 3.50 1.32 Columbia, SC United States USD SF Year 4.25 0.00 4.00 1.20 Columbus, OH United States USD SF Year 3.15-2.48 2.95 2.04 Dallas-Ft. Worth, TX United States USD SF Year 3.15-3.08 2.95 1.70 Denver, CO United States USD SF Year 4.00-15.79 3.50 4.00 Detroit, MI United States USD SF Year 4.37-4.38 Fairfield, CA United States USD SF Year 6.00 0.00 Fresno, CA United States USD SF Year 3.36-12.50 2.40 3.00 Ft. Lauderdale, FL United States USD SF Year 7.33-6.86 6.73 Greenville, SC United States USD SF Year 3.12-0.16 3.25 1.31 Hartford, CT United States USD SF Year 5.75 0.00 4.50 2.30 Honolulu, HI United States USD SF Year 13.80-7.38 42.00 Houston, TX United States USD SF Year 5.50-1.79 4.95 4.00 Indianapolis, IN United States USD SF Year 4.75-29.10 2.85 1.84 Jacksonville, FL United States USD SF Year 3.00-25.00 3.75 3.00 Kansas City, MO-KS United States USD SF Year 4.00-8.05 3.50 1.75 Las Vegas, NV United States USD SF Year 6.46-8.89 11.11 Little Rock, AR United States USD SF Year 3.57 9.85 2.48 Los Angeles Inland Empire, CA United States USD SF Year 4.31-10.40 4.28 7.50 Los Angeles, CA United States USD SF Year 6.84-6.56 6.75 54.80 COLLIERS INTERNATIONAL 3
GLOBAL INDUSTRIAL SURVEY LOCAL MEASURE/CURRENCY MID-YEAR 2009 MEASURE QUOTED TIME CURRENCY UNIT PERIOD WAREHOUSE RENT (LOCAL MEASURE/ WAREHOUSE RENT, 6-MONTH CHANGE BULK RENT LAND VALUE NORTH AMERICA continued Louisville, KY United States USD SF Year 3.30-5.71 3.05 2.64 Memphis, TN United States USD SF Year 2.69 0.00 2.55 0.96 Miami, FL United States USD SF Year 7.65-2.05 6.74 7.94 Milwaukee, WI United States USD SF Year 4.20-1.18 3.50 2.25 Minneapolis, MN United States USD SF Year 4.39-2.44 4.23 2.77 Nashville, TN United States USD SF Year 4.28 7.00 3.76 1.61 New Jersey Central United States USD SF Year 4.78-8.08 4.30 12.00 New Jersey Northern United States USD SF Year 5.84-10.15 5.26 14.00 Oakland, CA United States USD SF Year 4.80-9.09 6.36 21.58 Orange County, CA United States USD SF Year 8.01-10.90 7.80 42.00 Orlando, FL United States USD SF Year 5.32-6.34 4.95 3.00 Philadelphia, PA United States USD SF Year 4.00-15.79 3.75 3.45 Phoenix, AZ United States USD SF Year 5.40-9.55 8.40 3.18 Pleasanton/Walnut Creek, CA United States USD SF Year 4.56 0.00 13.44 Portland, OR United States USD SF Year 5.37-2.72 5.36 5.00 Raleigh, NC United States USD SF Year 4.30-2.27 3.75 3.00 Reno, NV United States USD SF Year 3.84 18.52 2.88 3.50 Sacramento, CA United States USD SF Year 5.04-20.75 3.60 7.00 San Diego, CA United States USD SF Year 8.52-2.74 7.04 San Francisco Peninsula, CA United States USD SF Year 9.96-11.70 9.96 San Jose/Silicon Valley, CA United States USD SF Year 6.00-9.09 8.40 63.75 Seattle/Puget Sound, WA United States USD SF Year 7.09 7.91 7.81 St. Louis, MO United States USD SF Year 3.25-7.14 2.75 3.00 Stockton/San Joaquin County, CA United States USD SF Year 3.60-6.25 5.50 Tampa Bay, FL United States USD SF Year 5.13-6.90 4.88 Washington, DC United States USD SF Year 8.34-1.65 West Palm Beach, FL United States USD SF Year 7.70-13.09 7.57 14.61 ASIA PACIFIC Adelaide Australia AUD SM Year 100.00 0.00 80.00 275.00 Brisbane Australia AUD SM Year 115.00 0.00 90.00 400.00 Melbourne Australia AUD SM Year 87.00-3.33 87.00 245.00 Perth Australia AUD SM Year 100.00-18.37 90.00 275.00 Sydney Australia AUD SM Year 134.00 3.08 97.00 420.00 Beijing China CNY SM Month 28.88-5.00 22.80 1,588.00 Hong Kong China HKD SF Month 9.90-9.17 8.18 5,270.00 Shanghai China CNY SM Day 0.90 0.00 0.98 1,016.00 Delhi India INR SF Month 26.00-13.33 26.00 3,270.00 Jakarta Indonesia RUP SM Month 30,773.00 1.64 694,059.00 Tokyo Japan JPY SM Month 1,900.00-3.55 1,900.00 484,000.00 Auckland New Zealand NZD SM Year 104.00-4.59 102.00 313.00 Christchurch New Zealand NZD SM Year 90.00 0.00 225.00 Wellington New Zealand NZD SM Year 96.00-4.95 86.00 280.00 Singapore Singapore SGD SF Month 1.50-14.77 1.20 81.57 Seoul South Korea KRW SM Month 15,000.00 25.00 12,000.00 7,000,000.00 LATIN AMERICA Buenos Aires Argentina USD SM Month 6.00 33.33 6.25 60.00 São Paulo Brazil BRL SM Month 28.00 27.27 23.00 600.00 Santiago Chile USD SM Month 4.75-0.42 3.17 92.19 Bogotá Colombia USD SM Month 10.50 5.00 6.50 110.00 San José Costa Rica USD SM Month 8.61 58.56 7.30 70.00 Mexico City Mexico USD SM Month 5.00-16.67 3.90 100.00 Lima Peru USD SM Month 5.00-16.67 3.00 200.00 4 COLLIERS INTERNATIONAL
GLOBAL INDUSTRIAL SURVEY U.S. DOLLAR MID-YEAR 2009 WAREHOUSE RENT BULK RENT LAND VALUE (USD/SF) EXCHANGE RATE (USD) JUNE 30, 2009 YIELD/ CAP RATE 10-YEAR GOVT. BOND RATE EUROPE, MIDDLE EAST AND AFRICA (EMEA) Vienna Austria 9.40 8.62 26.11 0.71 8.75 3.65 Antwerp Belgium 5.61 5.48 16.97 0.71 7.25 3.67 Brussels Belgium 5.87 5.22 19.58 0.71 6.50 3.67 Sofia Bulgaria 7.83 6.27 8.49 0.71 10.00 Zagreb Croatia 9.79 9.40 6.79 0.71 9.50 Brno Czech Republic 7.68 7.21 10.44 0.71 9.50 5.00 Ostrava Czech Republic 5.95 5.64 7.57 0.71 11.00 5.00 Pilsen Czech Republic 4.86 4.46 7.18 0.71 10.75 5.00 Prague Czech Republic 6.27 5.80 10.44 0.71 10.00 5.00 Copenhagen Denmark 8.77 9.64 14.03 5.30 7.50 3.54 Tallinn Estonia 8.62 7.52 2.61 0.71 13.00 Helsinki Finland 13.32 11.75 9.14 0.71 8.00 3.52 Bordeaux France 7.18 5.48 6.79 0.71 8.20 3.42 Lille France 7.18 5.09 5.87 0.71 8.20 3.42 Lyon France 6.79 5.61 5.87 0.71 8.10 3.42 Marseille France 7.18 4.96 7.57 0.71 8.10 3.42 Paris France 11.75 6.27 11.10 0.71 7.60 3.42 Toulouse France 6.79 5.61 6.27 0.71 8.30 3.42 Düsseldorf Germany 7.68 6.89 20.89 0.71 6.75 3.23 Frankfurt Germany 9.40 8.62 28.72 0.71 7.40 3.23 Hamburg Germany 8.22 8.22 15.67 0.71 7.70 3.23 Munich Germany 10.18 8.93 28.72 0.71 7.40 3.23 Stuttgart Germany 7.05 9.40 26.11 0.71 7.30 3.23 Athens Greece 9.40 8.62 32.64 0.71 8.00 4.42 Budapest Hungary 7.05 5.95 5.22 0.71 8.20 8.30 Dublin Ireland 13.71 13.05 19.58 0.71 8.50 4.65 Tel Aviv Israel 11.31 10.75 43.36 3.94 10.00 4.23 Milan Italy 7.83 7.83 19.58 0.71 6.80 4.02 Rome Italy 8.49 8.49 13.05 0.71 6.90 4.02 Riga Latvia 6.27 5.48 1.96 0.71 10.00 Vilnius Lithuania 7.25 6.11 2.74 0.71 12.00 Podgorica Montenegro 4.70 19.58 0.71 9.00 Oslo Norway 15.12 15.12 6.45 7.50 4.21 Gdansk Poland 5.33 4.86 5.61 0.71 8.75 6.08 Katowice Poland 5.64 4.70 5.87 0.71 8.75 6.08 Kraków Poland 7.52 6.27 8.49 0.71 8.75 6.08 Łódz Poland 5.64 4.39 3.13 0.71 8.75 6.08 Poznan Poland 4.54 5.01 6.27 0.71 8.75 6.08 Warsaw Poland 5.48 4.46 4.96 0.71 8.75 6.08 Wrocław Poland 5.64 4.54 5.61 0.71 8.75 6.08 Bucharest Romania 7.44 6.66 6.53 0.71 10.50 Timisoara Romania 6.89 6.27 4.57 0.71 11.00 Moscow Russia 11.15 9.76 8.36 1.00 14.00 11.41 Saint Petersburg Russia 9.29 8.36 5.58 1.00 15.00 11.41 Riyadh Saudi Arabia 3.17 2.60 21.87 3.75 11.00 Belgrade Serbia 7.83 5.48 3.92 0.71 10.50 Bratislava Slovakia 5.64 5.33 6.53 0.71 9.00 3.91 Cape Peninsula South Africa 5.94 5.66 14.74 7.88 10.00 8.62 Durban South Africa 7.50 6.37 22.11 7.88 10.80 8.62 Gauteng Central Witwatersrand South Africa 7.07 5.47 8.02 7.88 10.50 8.62 Gauteng East Rand South Africa 5.62 5.02 7.88 7.88 11.00 8.62 Gauteng Westrand South Africa 4.78 4.71 6.84 7.88 11.50 8.62 Pretoria South Africa 6.37 5.66 14.15 7.88 10.00 8.62 Barcelona Spain 11.36 7.44 0.71 8.50 3.70 Madrid Spain 12.53 7.44 0.71 8.50 3.70 COLLIERS INTERNATIONAL 5
GLOBAL INDUSTRIAL SURVEY U.S. DOLLAR MID-YEAR 2009 WAREHOUSE RENT BULK RENT LAND VALUE (USD/SF) EXCHANGE RATE (USD) JUNE 30, 2009 YIELD/ CAP RATE 10-YEAR GOVT. BOND RATE EMEA continued Gothenburg Sweden 8.75 7.68 9.59 7.75 7.75 3.39 Stockholm Sweden 8.99 7.20 7.20 7.75 7.75 3.39 Geneva Switzerland 14.55 10.27 25.68 1.09 7.50 1.96 Zurich Switzerland 12.84 12.84 42.80 1.09 5.50 1.96 Amsterdam The Netherlands 11.75 8.49 50.13 0.71 7.00 3.51 Eindhoven The Netherlands 7.83 6.27 26.11 0.71 7.30 3.51 Rotterdam The Netherlands 9.14 7.31 25.46 0.71 7.30 3.51 The Hague The Netherlands 10.44 8.88 24.15 0.71 7.50 3.51 Utrecht The Netherlands 9.79 8.49 24.80 0.71 7.00 3.51 Istanbul Turkey 5.58 6.69 1.00 9.00 6.11 Kyiv Ukraine 7.81 7.81 1.58 1.00 17.00 Birmingham United Kingdom 9.50 8.26 10.43 0.61 8.00 3.67 Bristol United Kingdom 12.39 9.08 11.37 0.61 8.00 3.67 Leeds United Kingdom 9.50 8.26 11.37 0.61 8.00 3.67 London Heathrow United Kingdom 20.64 20.64 60.66 0.61 6.00 3.67 Manchester United Kingdom 9.50 7.02 10.43 0.61 8.00 3.67 NORTH AMERICA Calgary, AB Canada 6.06 5.62 10.22 1.16 7.25 3.40 Edmonton, AB Canada 6.40 5.62 10.95 1.16 7.60 3.40 Halifax, NS Canada 5.84 4.33 4.97 1.16 8.35 3.40 Montréal, QC Canada 3.89 3.46 9.52 1.16 8.50 3.40 Ottawa, ON Canada 6.06 5.95 7.79 1.16 8.88 3.40 Regina, SK Canada 6.92 5.62 5.26 1.16 8.85 3.40 Saskatoon, SK Canada 7.35 6.49 6.92 1.16 7.90 3.40 Toronto, ON Canada 4.76 4.36 11.68 1.16 7.90 3.40 Vancouver, BC Canada 6.06 5.62 21.84 1.16 7.00 3.40 Waterloo Region, ON Canada 4.44 4.44 6.41 1.16 7.50 3.40 Atlanta, GA United States 3.52 3.30 1.50 1.00 8.00 3.45 Bakersfield, CA United States 4.00 3.95 5.00 1.00 7.50 3.45 Baltimore, MD United States 5.99 4.61 5.74 1.00 8.50 3.45 Boise, ID United States 5.40 5.40 3.00 1.00 8.50 3.45 Charleston, SC United States 3.55 4.15 2.30 1.00 10.00 3.45 Charlotte, NC United States 3.65 3.25 1.95 1.00 10.00 3.45 Chicago, IL United States 3.93 2.21 4.37 1.00 8.35 3.45 Cincinnati, OH United States 2.70 2.70 2.00 1.00 3.45 Cleveland, OH United States 2.90 3.50 1.32 1.00 10.25 3.45 Columbia, SC United States 4.25 4.00 1.20 1.00 9.00 3.45 Columbus, OH United States 3.15 2.95 2.04 1.00 10.00 3.45 Dallas-Ft. Worth, TX United States 3.15 2.95 1.70 1.00 8.70 3.45 Denver, CO United States 4.00 3.50 4.00 1.00 9.25 3.45 Detroit, MI United States 4.37 1.00 8.00 3.45 Fairfield, CA United States 6.00 1.00 9.00 3.45 Fresno, CA United States 3.36 2.40 3.00 1.00 10.00 3.45 Ft. Lauderdale, FL United States 7.33 6.73 0.00 1.00 9.22 3.45 Greenville, SC United States 3.12 3.25 1.31 1.00 8.25 3.45 Hartford, CT United States 5.75 4.50 2.30 1.00 9.50 3.45 Honolulu, HI United States 13.80 42.00 1.00 8.50 3.45 Houston, TX United States 5.50 4.95 4.00 1.00 10.00 3.45 Indianapolis, IN United States 4.75 2.85 1.84 1.00 9.50 3.45 Jacksonville, FL United States 3.00 3.75 3.00 1.00 11.00 3.45 Kansas City, MO-KS United States 4.00 3.50 1.75 1.00 9.00 3.45 Las Vegas, NV United States 6.46 11.11 1.00 6.20 3.45 Little Rock, AR United States 3.57 2.48 1.00 9.00 3.45 Los Angeles Inland Empire, CA United States 4.31 4.28 7.50 1.00 5.90 3.45 Los Angeles, CA United States 6.84 6.75 54.80 1.00 6.00 3.45 6 COLLIERS INTERNATIONAL
GLOBAL INDUSTRIAL SURVEY U.S. DOLLAR MID-YEAR 2009 WAREHOUSE RENT BULK RENT LAND VALUE (USD/SF) EXCHANGE RATE (USD) JUNE 30, 2009 YIELD/ CAP RATE 10-YEAR GOVT. BOND RATE NORTH AMERICA continued Louisville, KY United States 3.30 3.05 2.64 1.00 11.00 3.45 Memphis, TN United States 2.69 2.55 0.96 1.00 10.25 3.45 Miami, FL United States 7.65 6.74 7.94 1.00 7.00 3.45 Milwaukee, WI United States 4.20 3.50 2.25 1.00 9.25 3.45 Minneapolis, MN United States 4.39 4.23 2.77 1.00 9.75 3.45 Nashville, TN United States 4.28 3.76 1.61 1.00 3.45 New Jersey Central United States 4.78 4.30 12.00 1.00 7.00 3.45 New Jersey Northern United States 5.84 5.26 14.00 1.00 7.50 3.45 Oakland, CA United States 4.80 6.36 21.58 1.00 8.00 3.45 Orange County, CA United States 8.01 7.80 42.00 1.00 7.20 3.45 Orlando, FL United States 5.32 4.95 3.00 1.00 8.50 3.45 Philadelphia, PA United States 4.00 3.75 3.45 1.00 9.00 3.45 Phoenix, AZ United States 5.40 8.40 3.18 1.00 8.40 3.45 Pleasanton/Walnut Creek, CA United States 4.56 13.44 1.00 9.20 3.45 Portland, OR United States 5.37 5.36 5.00 1.00 3.45 Raleigh, NC United States 4.30 3.75 3.00 1.00 10.50 3.45 Reno, NV United States 3.84 2.88 3.50 1.00 8.25 3.45 Sacramento, CA United States 5.04 3.60 7.00 1.00 7.60 3.45 San Diego, CA United States 8.52 7.04 1.00 3.45 San Francisco Peninsula, CA United States 9.96 9.96 1.00 6.50 3.45 San Jose/Silicon Valley, CA United States 6.00 8.40 63.75 1.00 3.45 Seattle/Puget Sound, WA United States 7.09 7.81 1.00 3.45 St. Louis, MO United States 3.25 2.75 3.00 1.00 9.50 3.45 Stockton/San Joaquin County, CA United States 3.60 5.50 1.00 8.50 3.45 Tampa Bay, FL United States 5.13 4.88 1.00 9.20 3.45 Washington, DC United States 8.34 1.00 9.25 3.45 West Palm Beach, FL United States 7.70 7.57 14.61 1.00 9.50 3.45 ASIA PACIFIC Adelaide Australia 7.53 6.03 20.71 1.23 9.00 5.37 Brisbane Australia 8.66 6.78 30.13 1.23 8.75 5.37 Melbourne Australia 6.55 6.55 18.45 1.23 8.75 5.37 Perth Australia 7.53 6.78 20.71 1.23 8.75 5.37 Sydney Australia 10.09 7.31 31.63 1.23 8.50 5.37 Beijing China 4.71 3.71 21.56 6.84 8.75 3.70 Hong Kong China 15.33 12.67 679.96 7.75 5.00 2.29 Shanghai China 4.46 4.83 13.79 6.84 11.00 3.70 Delhi India 6.41 6.41 67.22 48.64 8.30 7.62 Jakarta Indonesia 3.33 6.26 10,298.70 8.00 6.52 Tokyo Japan 22.18 22.18 470.76 95.55 6.50 1.32 Auckland New Zealand 6.25 18.81 1.55 8.35 5.72 Christchurch New Zealand 5.41 13.52 1.55 8.50 5.72 Wellington New Zealand 5.77 5.17 16.83 1.55 8.50 5.72 Singapore Singapore 12.38 9.90 56.09 1.45 9.00 2.27 Seoul South Korea 13.02 10.42 506.39 1,284.69 8.00 5.30 LATIN AMERICA Buenos Aires Argentina 6.69 6.97 5.58 1.00 16.50 São Paulo Brazil 16.02 13.16 28.62 1.95 12.00 6.16 Santiago Chile 5.30 3.54 8.57 1.00 7.50 6.16 Bogotá Colombia 11.71 7.25 10.22 1.00 10.50 5.63 San José Costa Rica 9.60 8.14 6.51 1.00 14.00 Mexico City Mexico 5.58 4.35 9.29 1.00 9.00 8.09 Lima Peru 5.58 3.35 18.59 1.00 15.00 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 7
COLLIERS INTERNATIONAL GLOBAL INDUSTRIAL SURVEY MID-YEAR 2009 Colliers International is an affiliation of leading real estate firms committed to delivering consistently superior commercial real estate services, wherever and whenever needed. $1.6 Billion ( 1.1 Billion) in Global Revenue 1. 1 Billion SF (102 Million SM) Under Management 12,700 Employees COLLIERS INTERNATIONAL LOCATIONS 294 OFFICES IN 61 COUNTRIES NORTH AND CENTRAL AMERICA Canada Costa Rica Mexico United States of America EUROPE Albania Austria Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Montenegro Netherlands Norway Poland Portugal Romania Russia Serbia Slovakia Spain Sweden Switzerland Turkey Ukraine United Kingdom MIDDLE EAST Israel Qatar Saudi Arabia United Arab Emirates New Zealand SOUTH AMERICA Argentina Brazil Chile Colombia Peru AFRICA South Africa ASIA China Hong Kong India Indonesia Japan Macau Pakistan Philippines Singapore South Korea Taiwan Thailand Vietnam AUSTRALIA www.colliers.com 8 COLLIERS INTERNATIONAL