2008 firm overview presentation - jllmarketing.joneslanglasalle.com/southwest/phoenix... ·...

Industrial Outlook Phoenix . Q4 2013

A substantial improvement in

the fourth quarter breathes life

back into Phoenix Industrial

2.5 million square feet of total net absorption this quarter

Total industrial vacancy valley-wide is relatively flat at 11.9 percent due to

a very active development pipeline

Jones Lang LaSalle • Phoenix Industrial Outlook • Q4 2013 3

Phoenix industrial overview

Economy By most accounts, the Phoenix economy showed us in the fourth quarter of 2013 that continued

growth in nearly all facets is achievable. With the Phoenix unemployment rate falling to 6.0 percent,

well under the Arizona unemployment rate of 7.8 percent, and job growth at a steady 2.3 percent, the

outlook for the Phoenix economy in 2014 looks to stay positive. Looking forward to 2014, there are

already signs that those numbers will continue to improve. Many businesses are moving operations to

the Phoenix area, such as Apple, which purchased the First Solar building to manufacture glass

components for a variety of their products. This specific transaction will be responsible for bringing

2,000 jobs to the Valley.

The Phoenix area has shown consistent growth over the years, and 2014 shows no signs of slowing

down. With more jobs, comes more people and the 2.6 percent overall projected population growth in

2014 is a strong testament to that. Homes are expected to bounce back, with single family permits

forecasted at more than 15,000 units next year. While there is still much to improve upon within the

Phoenix economy, the fourth quarter of 2013 showed us that better times are indeed on the horizon,

and Phoenix will continue to be a place of high demand for employers.

Market conditions Phoenix recorded a very strong end to 2013 with 2.5 million square feet of total net absorption across

all industrial product types. This substantial improvement added to year end values totaling 3.6 million

square feet absorbed over the last 12 months. Unfortunately, 2013 fell short of absorption in 2012

when almost 5.5 million square feet was newly occupied. Concerns about political risks such as the

government shutdown forced many tenants to delay their real estate decisions until clarity from

Washington was guaranteed.

Many corporate occupiers continue to hold off on any strategic decisions until the last minute to

make sure they have an accurate understanding of their space needs. These users need to move to

existing buildings in order to accommodate their timing requirements. With that in mind, Phoenix

will likely benefit significantly in the long term by attracting major corporate occupiers because the

valley has a critical mass of high-quality, institutional grade spec projects that are ready for

occupancy. The last time Phoenix delivered a significant amount of spec space, the end result was

that Amazon made commitments in excess of 4 million square feet because those projects had

already been built.

Tenants are intent on controlling their real estate costs; however, labor and transportation have a

far more significant impact on their financial performance, so the need to do a really cheap real

estate lease transaction is not as important as locating in the right market and the right facility. The

bulk of activity stems from the e-commerce companies and logistics groups, based on a growing

consumer economy and the need for same-day delivery through internet sales.

The development pipeline remains very active in Phoenix with 4.2 million square feet currently

under construction. Five projects were delivered in the fourth quarter, adding 1.4 million square feet

to the existing inventory. Three of these new buildings currently stand vacant awaiting their next

tenants. The majority of recent spec development in the bulk distribution sector is controlled by

institutions and REITS with long-term strategies. That said, there may be some rental rate

compression, however the downward pressure on rents will not be as significant as some may

expect, given investors’ belief that Phoenix has become a premier logistics location as an

alternative to California. Our neighbor to the west continues to have issues with their tax structure

and business environment and most investors believe this will bode well for Phoenix in the long

term.

Total industrial market (owner occupied included) Supply Construction Direct vacancy Total vacancy Demand Pricing

Total stock (s.f.) Under construction (s.f.) Rate Trend Rate Trend Q4 2013 net absorption (s.f.) Average rental rate (NNN)

Warehouse / Distribution 185,870,291 1,786,074 11.7% 12.1% 2,635,133 $0.43

Manufacturing 61,556,070 2,430,757 12.6% 14.1% -123,300 $0.63

Total Industrial Market 248,986,389 4,216,831 11.2% 11.9% 2,453,256 $0.44

Flex / R&D 31,669,140 0 19.2% 20.1% 325,109 $0.91


Phoenix industrial overview, cont.

Phoenix property clock

Peaking market

Falling market

Rising market

Bottoming market

Warehouse & Distribution

Land

lord

leve

rage

Tenant leverage

Outlook

The industrial landscape in Phoenix is set up for a strong performance in 2014. As fiscal

insecurities and government risks fade into the background, construction and housing will drive the

recovery through the next year. A handful of larger tenants over 200,000 square feet are ready to

commit to space and smaller users will continue to stay active as home building gains momentum.

Steady job gains are expected to continue with Trade, Transportation, and Utilities and Construction

leading the way.

Phoenix is not only a great alternative to California as a logistics market, but the valley boasts a

continuously growing consumer base due to consistent population growth that is again gaining

traction since its pre-recessionary highs. Plenty of sunshine, a high quality of living, and a great

business-friendly environment will differentiate Phoenix as one of the top markets for companies,

large and small, in the nation.

Manufacturing Flex

Phoenix Overall

Trend spotlight… • Leasing activity was relatively slow at only 11.3 million square feet in 2013, but is expected to

increase in 2014 with more fiscal clarity from Washington.

• Total industrial market vacancy, excluding Flex properties, is now 11.9 percent.

• A handful of large speculative construction buildings continue to stand vacant as activity

among larger users is slowly gaining traction.

• Rental rates are expected to remain relatively flat due to an abundance of new industrial

construction coming to market.

• Apple is setting up manufacturing operations in the Phoenix metro and is expected to attract

many more complimentary users.


Pricing trends

• Rents continue to inch upwards in most submarkets as activity slowly begins to increase.

• The Flex market recorded a negative quarter as asking rents returned to $0.91 per SF, NNN,

across the valley.

• Manufacturing product continues to struggle as rents fell from $0.64 to $0.63, while rents across

Warehouse and Distribution properties remain stable at $0.43.

• Mesa and Tempe were the only two submarkets that recorded incremental decreases in asking

rents.

• Ahwatukee/Chandler posted the largest gain increasing by 2.9 percent to $0.59 per SF, NNN.

Phoenix industrial overview, cont.

YTD net absorption

Demand trends

• Southwest recorded the greatest absorption gain in the fourth quarter with over 1.1 million square

feet of total net absorption.

• Tempe and the 51 Corridor were the only two submarkets that recorded absorption losses this

quarter while all other submarkets recorded positive net absorption gains. This is a testament to

the increased activity amongst smaller and mid-sized users who are growing with the Phoenix

economy.

• Stabilization of the U.S. budget crises and no government shutdowns expected is anticipated to

release tension and allow the active tenants that were unwilling to make a commitment in 2013,

to secure space in 2014.

Average monthly asking rental rate (NNN)

1,101,491

631,014

615,144

335,002

333,767

326,986

207,390

128,704

22,029

(11,242)

(107,316)

-500,000 -250,000 0 250,000 500,000 750,000 1,000,0001,250,000

Southwest

Grand Avenue

Airport

Northwest

Deer Valley

Ahwatukee/Chandler

Scottsdale

Mesa

Gilbert

Tempe

51 Corridor

$0.

77

$0.6

2

$0.5

9

$0.5

9

$0.5

4

$0.5

1

$0.4

8

$0.4

8

$0.4

8

$0.3

6

$0.3

5

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

Scottsdale

Deer V

alley

Mesa

Ahw

atukee/Chandler

Gilbert

51 Corridor

Tem

pe

Northw

est

Airport

Grand A

venue

Southw

est


Phoenix leased industrial market [excluding owner occupied facilities]

Methodology…

The leased industrial sector excludes owner-occupied

product from the data set and provides a rental equivalent

perspective for industrial buildings that are leased by

tenants. Buildings can move in and out of this data set

based upon being purchased or sold by a particular user.

Recent lease transactions

Tenant name Location Submarket Deal type Size (s.f.)

First Solar 2950 South Litchfield Road Southwest New 418,200

Mega Furniture 3941 West Mohave Street Southwest New 144,000

AZ Nutritional

Supplements 6850 West Morelos Place

Ahwatukee /

Chandler New 126,251

Tenants in the market

Tenant name Submarket concentration Size requirement (s.f.)

Undisclosed retailer Market-wide 1,000,000

Sports retailer Southwest 500,000

Keuhne & Nagel Market-wide 200,000

Total leased industrial market (excluding owner occupied facilities)

Supply total

stock (s.f.)

Direct

vacancy

rate

Overall

vacancy

rate

Demand

Q4 2013 net

absorption (s.f.)

Pricing

Average rental

rate (nnn)

Total leased industrial market 157,598,156 16.4% 17.5% 933,746 $0.44

Warehouse / Distribution 131,265,111 15.9% 16.4% 1,328,684 $0.43

Manufacturing 34,708,137 20.9% 23.6% -175,192 $0.65

Total leased Flex/R&D market 27,074,147 22.3% 23.3% 315,066 $0.91

Sector trends… • Direct and Total Vacancy rates across the leased industrial market have remained flat this

quarter at 16.4 percent and 17.5 percent respectively.

• Lease rates have also remained relatively stable this quarter with warehouse / distribution

product at $0.43 and leased manufacturing at $0.65.

• The fourth quarter saw 933,746 square feet of positive net absorption across all leased

industrial space.

• The majority of positive net absorption was seen across warehouse / distribution product

with 1.3 million square feet while manufacturing product recorded a negative 175,192

square feet of net absorption.

• The Flex/R&D market recorded 315,066 square feet of positive net absorption this quarter

bumping total vacancy down to 23.3 percent.


Southwest - 1110 North 127th Avenue

RBA 603,863 sf

Buyer Lake Washington Partners

Seller Clarion Partners

Price (p.s.f.) $65.66

Date sold November 2013

Gilbert – 3740 South Signal Butte Road

RBA 1,328,075 sf

Buyer Apple Inc

Seller First Solar Inc

Price (p.s.f.) $81.02

Date sold October 2013

The fourth quarter saw over $330.4 million of sales volume, and remained relatively flat compared to

the third quarter of $317.3 million.

Apple accounts for one of the largest transactions this quarter when it bought a large 1.3 million

square-foot manufacturing facility from First Solar for $81.02 per square foot. Aside from Apple’s

notable purchase, investors are looking to capitalize on value add opportunities primarily in the

Southwest and Southeast valley. Land is also increasingly scarce and parcels with proximity to

freeways and a strong labor pool will charge a premium.

The price per square foot continues its trend upwards and ended the fourth quarter at $82. Average

cap rates have continued to fluctuate around 7 percent for most product, but much lower for higher

quality spaces.

Private parties remain the largest buyers of industrial properties in Phoenix, making up 41 percent

of the buyer pool year-to-date; however, their share is slowly dwindling as REITs continue to seize

on industrial opportunities.

Cap rates for quality institutional product have continued to compress based on the lack of

opportunities and aggressive capital. Cap rates for good product with market rents in place are

expected to be around 6 percent. Rental rates are beginning to stabilize, and rent concessions are

slowly going away – less free rent. Landlords are also not as willing to pay for moving costs

anymore compared to 18 months ago. Tenant improvement allowances, however, remain relatively

static and are still primarily paid for by the landlord. Land costs are up by 20 to 30 percent in most

submarkets over the last 18 months.

Phoenix industrial capital markets overview

Phoenix select sales

Average sales price (p.s.f.) and cap rates

4%

5%

6%

7%

8%

9%

10%

11%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

2008 2009 2010 2011 2012 2013

Avg. price (p.s.f.)

Cap rate

Southwest – 7200 West Buckeye Road

RBA 400,000 sf

Buyer UBS Realty Investors

Seller Sealy & Company

Price (p.s.f.) $65.63

Date sold December 2013


Statistics

Large block availabilities

Construction map

Contacts

Appendix


Phoenix industrial market statistics

Vacancy: Physically vacant space. Total Vacancy includes both direct and sublease space. Availability: Space being marketed for lease by owner or sublessor, regardless of occupancy. Total Availability includes both direct and sublease space. Net Absorption: The net change in occupancy over a measured period of time. Average Asking Rent: Direct monthly values presented on a NNN basis, then weighted by the amount of direct available space in a building. Statistics reflect the total industrial market, including owner occupied facilities.

Submarket

Total

inventory

(s.f.)

Direct

vacancy

(%)

Total

vacancy

(%)

Direct

availability

(%)

Total

availability

(%)

Q4 direct net

absorption

(s.f.)

YTD 2013 direct

net absorption

(s.f.)

Q4 total net

absorption

(s.f.)

YTD 2013 total

net absorption

(s.f.)

Average direct

asking rent

(monthly p.s.f.)

Average total

asking rent

(monthly p.s.f.)

Under

construction

(s.f.)

YTD

completions

(s.f.)

Airport

Warehouse / Distribution 29,625,387 10.4% 10.6% 11.9% 12.4% 236,702 639,060 252,942 660,532 $0.48 $0.48 0 30,000

Manufacturing 9,321,807 12.5% 14.6% 18.2% 18.4% -44,438 -79,848 -44,438 -79,848 $0.47 $0.44 0 0

Total industrial 40,312,464 10.6% 11.4% 12.8% 13.5% 244,403 593,672 260,643 615,144 $0.48 $0.46 0 30,000

Flex / R&D 4,750,273 16.6% 16.8% 17.8% 21.5% -30,486 -60,014 -30,486 -60,014 $0.84 $0.90 0 0

Grand Avenue

Warehouse / Distribution 20,523,054 7.3% 7.4% 9.2% 9.5% 30,487 368,876 30,487 368,876 $0.35 $0.35 0 0

Manufacturing 5,957,450 7.3% 7.6% 11.4% 11.7% 127,352 166,806 127,352 166,806 $0.44 $0.46 0 0

Total industrial 26,999,453 6.6% 6.7% 8.9% 9.1% 187,348 631,014 187,348 631,014 $0.36 $0.36 0 0

Flex / R&D 1,989,931 17.0% 17.8% 18.0% 18.9% -12,293 -8,448 -4,843 -5,998 $0.63 $0.65 0 0

51 Corridor

Warehouse / Distribution 1,524,263 11.8% 11.8% 15.2% 15.2% -106,099 -90,712 -106,099 -90,712 $0.51 $0.51 0 0

Manufacturing 691,251 4.6% 4.6% 4.6% 4.6% 0 -6,220 0 -6,220 $0.50 $0.50 0 0

Total industrial 2,403,219 8.3% 8.3% 10.5% 10.5% -126,168 -107,316 -126,168 -107,316 $0.51 $0.51 0 0

Flex / R&D 837,903 11.6% 11.6% 11.5% 11.5% -3,655 -7,786 -3,655 -7,786 $0.72 $0.72 0 0

Deer Valley

Warehouse / Distribution 7,619,937 7.4% 7.8% 9.1% 9.5% 70,823 350,364 39,323 325,382 $0.59 $0.59 289,025 0

Manufacturing 4,535,954 14.3% 14.3% 16.1% 16.3% 95,952 87,737 95,952 87,737 $1.12 $1.12 0 0

Total industrial 11,165,708 5.8% 6.1% 7.6% 7.9% 100,356 358,749 68,856 333,767 $0.62 $0.62 289,025 0

Flex / R&D 3,565,479 23.4% 23.4% 26.6% 26.6% 142,799 250,764 142,799 250,764 $1.08 $1.08 0 0


Phoenix industrial market statistics, cont.


Submarket

Total

inventory

(s.f.)

Direct

vacancy

(%)

Total

vacancy

(%)

Direct

availability

(%)

Total

availability

(%)

Q4 direct net

absorption

(s.f.)

YTD 2013 direct

net absorption

(s.f.)

Q4 total net

absorption

(s.f.)

YTD 2013 total

net absorption

(s.f.)

Average direct

asking rent

(monthly p.s.f.)

Average total

asking rent

(monthly p.s.f.)

Under

construction

(s.f.)

YTD

completions

(s.f.)

Scottsdale


Manufacturing 3,190,784 9.7% 9.8% 23.1% 23.3% 11,263 18,850 8,169 14,456 $0.83 $0.82 0 0


Flex / R&D 4,101,119 18.1% 18.8% 23.0% 23.7% 77,914 93,158 74,820 89,014 $0.86 $0.85 0 0

Tempe


Manufacturing 8,607,027 8.2% 8.3% 11.3% 11.5% 52,886 -251,149 52,886 -139,800 $0.85 $0.85 0 0

Total industrial 30,297,328 11.0% 11.2% 13.4% 13.8% 389,159 -5,336 376,159 -11,242 $0.48 $0.49 0 316,000

Flex / R&D 7,391,464 12.9% 14.5% 20.8% 22.9% 18,086 -91,263 18,086 44,987 $0.98 $0.98 0 0

Mesa


Manufacturing 2,818,839 3.5% 3.5% 5.8% 5.8% 6,483 48,450 6,483 48,450 $0.63 $0.63 0 0


Flex / R&D 623,314 22.2% 22.2% 21.1% 21.1% 27,938 33,525 27,938 33,525 $0.68 $0.68 0 0

Gilbert


Manufacturing 5,602,086 35.7% 37.2% 12.8% 14.3% -510,873 -416,673 -510,873 -416,673 $0.64 $0.63 0 0

Total industrial 15,360,793 19.9% 20.7% 13.0% 13.8% -372,442 42,086 -393,424 22,029 $0.54 $0.54 0 0

Flex / R&D 3,014,182 33.6% 33.6% 32.2% 32.3% 2,690 -314,442 2,690 -314,442 $0.90 $0.90 0 0


Phoenix industrial market statistics, cont.


Submarket

Total

inventory

(s.f.)

Direct

vacancy

(%)

Total

vacancy

(%)

Direct

availability

(%)

Total

availability

(%)

Q4 direct net

absorption

(s.f.)

YTD 2013 direct

net absorption

(s.f.)

Q4 total net

absorption

(s.f.)

YTD 2013 total

net absorption

(s.f.)

Average direct

asking rent

(monthly p.s.f.)

Average total

asking rent

(monthly p.s.f.)

Under

construction

(s.f.)

YTD

completions

(s.f.)

Ahwatukee/Chandler


Manufacturing 8,456,204 6.1% 8.1% 7.9% 9.9% 11,769 117,720 11,769 117,720 $0.71 $0.71 2,430,757 130,000

Total industrial 14,190,488 6.4% 7.7% 6.2% 7.6% 59,324 338,743 59,324 326,986 $0.59 $0.58 2,430,757 256,251

Flex / R&D 3,276,690 17.7% 20.8% 20.2% 24.0% 105,340 342,832 105,340 342,832 $0.95 $0.88 0 0

Southwest

Warehouse / Distribution 70,760,271 13.3% 14.0% 15.5% 16.5% 1,827,341 881,833 1,827,341 851,324 $0.38 $0.38 1,497,049 3,917,879

Manufacturing 10,421,241 15.2% 19.8% 16.2% 21.5% 147,480 267,534 124,980 239,201 $0.33 $0.31 0 0

Total industrial 83,196,644 13.3% 14.5% 15.3% 16.8% 1,957,332 1,135,987 1,934,832 1,082,978 $0.35 $0.34 1,497,049 3,917,879

Flex / R&D 1,311,193 29.4% 30.3% 27.2% 28.1% 0 -13,656 0 -19,489 $0.73 $0.75 0 0

Northwest


Manufacturing 1,953,427 13.5% 13.5% 14.9% 14.9% 4,420 187,375 4,420 187,375 $0.56 $0.56 0 164,000

Total industrial 7,536,062 15.8% 15.8% 17.4% 17.4% 29,964 358,502 29,964 358,502 $0.48 $0.48 0 582,651

Flex / R&D 807,592 27.5% 27.5% 23.2% 23.2% -7,580 14,942 -7,580 14,942 $0.65 $0.65 0 0

Total market

Warehouse / Distribution 185,870,291 11.7% 12.1% 13.7% 14.3% 2,688,875 3,162,187 2,635,133 3,213,217 $0.43 $0.44 1,786,074 4,808,781

Manufacturing 61,556,070 12.6% 14.2% 13.6% 15.0% -97,706 140,582 -123,300 219,204 $0.63 $0.59 2,430,757 294,000

Total industrial 248,986,389 11.2% 11.9% 12.8% 13.7% 2,529,498 3,559,426 2,453,256 3,587,956 $0.44 $0.43 4,216,831 5,102,781

Flex / R&D 31,669,140 19.2% 20.1% 22.2% 23.9% 320,753 239,612 325,109 368,335 $0.91 $0.91 0 0


Phoenix industrial buildings with large block availabilities

Contiguous blocks greater than 250,000 square feet; (M): Manufacturing; (D): Distribution; (F): Flex

Northwest

1 Block

545,176 s.f.

2500 W Union Hills Dr (M/F) – 545,176 s.f

Manufacturing/Flex

Southwest

14 Blocks

6,252,136 s.f.

Buckeye Business Center (D) – 697,049 s.f.

Fowler Distribution Center (D) – 682,291 s.f.

Liberty Logistics Center I (D) – 593,600 s.f.

Home Depot Distribution (D) – 552,330 s.f.

ProLogis Park Riverside (D) – 486,241 s.f.

Cotton Lane Commerce Park (M) – 458,839 s.f.

ParkSkyway Business Park (D) – 418,651 s.f.

43rd Avenue Logistics Center (D) – 394,775 s.f.

Riverside Industrial Center (D) – 376,760 s.f.

Coldwater Depot Logistics Center (D) – 326,214 s.f.

7400 W Buckeye Rd (D) – 325,800 s.f.

Valley West Distribution Center II (D) – 323,346 s.f.

4550 West Watkins Street (D) – 313,600 s.f.

Palo Verde Distribution Center (D) – 302,640 s.f.

Distribution Distribution Distribution Distribution Distribution Distribution Distribution Distribution

Manufacturing Distribution Distribution Distribution Distribution Distribution

.

Airport

1 Block

285,198 s.f.

Honeywell Airlane Campus (M) – 285,198 s.f.

Manufacturing

Southeast Valley

1 Block

352,415 s.f.

5125 E Madison (M) – 352,415 s.f.

Manufacturing


Construction completed – Fourth Quarter 2013

ParkSkyway – 12000 N 132nd Ave

418,651 s.f.

43rd Ave Logistics – 1635 S 43rd Ave

394,775 s.f.

7400 W Buckeye Rd

325,800 s.f.

Construction in progress (100,000 s.f.+)

FAB 42 (Intel Corporation) – 4500 S Dobson Road

2,145,757 s.f. – est. delivery Q1 2014

WinCo Warehouse – S 75th & Durango

800,000 s.f. – est. delivery Q2 2014

Buckeye Business Center – 8585 W Buckeye Road

697,049 s.f. – est. delivery Q2 2014

Intel Chandler – 5400 W Chandler Blvd

285,000 s.f. – est. delivery Q3 2014

Turner Spectrum Ridge – multiple addresses

120,269 s.f. – est. delivery Q1, Q2 2014

MACK Pinnacle – 425 E Pinnacle Peak Rd

90,575 s.f. – est. delivery Q2 2014

MACK Pinnacle – 525 E Pinnacle Peak Rd

78,281 s.f. – est. delivery Q2 2014

1

Phoenix industrial construction map

7

1

1

6

6

7

2

1

4

2

4

5

3

3

Southwest Products – 11690 N 132nd St

164,000 s.f.

6850 W Morelos Pl

126,251 s.f.

4

2

3

5

5

2 3

4

5


Phoenix contacts

Brokerage Anthony J. Lydon, SIOR, CSCMP

Managing Director

+1 602 282 6268

[email protected]

Bill Honsaker

Managing Director

+1 602 282 6267

[email protected]

Marc D. Hertzberg, SIOR

Managing Director

+1 602 282 6269

[email protected]

Steve Larsen

Vice President

+1 602 282 6296

[email protected]

Riley Gilbert

Associate

+1 602 282 6271

[email protected]

Project & Development Services Chris Carrell

Senior Vice President

+1 602 282 6250

[email protected]

Derek Ruterman

Vice President

+1 602 282 6253

[email protected]

Research Eli Gilbert

Research Manager

+1 858 410 1248

[email protected]

Matt Kolano

Research Analyst

+1 602 282 6264

[email protected]

Brokerage Mark Detmer

Managing Director

+1 602 282 6289

[email protected]

Bo Mills

Managing Director

+1 213 239 6303

[email protected]

Pat Harlan

Executive Vice President

+1 602 282 6298

[email protected]

Steve Sayre

Executive Vice President

+1 602 282 6299

[email protected]

Kyle Westfall

Associate

+1 602 282 6297

[email protected]

©2013 Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any

information store and/or retrieval system without prior written permission of Jones Lang LaSalle. The information contained in this document has been compiled from sources believed to be reliable. Jones Lang LaSalle or any of their affiliates accept no liability or responsibility for the

accuracy or completeness of the information contained herein and no reliance should be placed on the information contained in this document.

Jones Lang LaSalle

3131 East Camelback Road

Suite 400

Phoenix, AZ 85016

tel +1 602 282 6300

fax +1 602 282 6301

www.us.joneslanglasalle.com/industrial

About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing

in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real

estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle

Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.

Jones Lang LaSalle Research Jones Lang LaSalle’s research team delivers intelligence, analysis, and insight through market-leading reports and services that illuminate today’s commercial real estate dynamics and identify tomorrow’s

challenges and opportunities. Our 350 professional researchers track and analyze economic and property trends and forecast future conditions in over 70 countries, producing unrivalled local and global

perspectives. Our research and expertise, fueled by real-time information and innovative thinking around the world, creates a competitive advantage for our clients and drives successful strategies and

optimal real estate decisions.

2008 firm overview presentation - jllmarketing.joneslanglasalle.com/southwest/phoenix... ·...

Documents