global industrial highlights - year end 2011

HIGHLIGHTSGLOBAL INDUSTRIAL

www.cOLLIeRS.cOm

SECOND Half 2011 | INDUSTRIal

JAmeS cOOk Director of Research | USA

Global Industrial Trend Forecast•Growing global trade will steady demand for

quality warehouse space in many regions.•Industrial vacancy rates will further drop in

most markets. •Some markets, U.S. and Australia among them,

will experience a lack of new supply in the face of growing demand.

•Prime warehouse rents will climb in most Asia Pacific markets, remain stable in EMEA and LATAM, and continue to strengthen in North American markets.

Citing deteriorating financial conditions and dimming growth prospect, the International Monetary Fund’s (IMF) revised its September 2011 World Economic Outlook growth projections downward in January 2012. However, the IMF still forecasts that global trade volume will rise by 3.8 percent in 2012 and 5.4 percent in 2013; as global trade rises, so too will demand for warehouse space.

While warehouse rents have stabilized in most EMEA and Latin American markets, prime warehouse rents quoted in local currencies increased in the majority of Asia Pacific and North American markets in 2011 over the previous year. We expect this trend to continue, with prime warehouse rents climbing in most Asia Pacific and North American markets in the next year.

Latin American Rents Poised to Stabilize In Latin America, prime warehouse rental rates took a fall. In 71.4 percent of the markets we track, year-end rents decreased in 2011 from a year earlier. However, we expect warehouse rents in Latin America to stabilize in the coming year.

São Paulo saw a 12.4 percent drop in warehouse rents in local currency, due to increased supply. However, with absorption set to outpace supply,

we expect overall warehouse rents in the São Paulo region to rise by as much as four percent in the coming year.

Mexico City saw a three percent decrease in its industrial vacancy rate in the second half of 2011, down to 4.8 percent. Mexico was more negatively affected by the recession than most countries in North America, and its economic future is largely tied to that of its key trading partner, the United States. But with U.S. growth on the upswing, Mexico too is poised to grow at a modest rate and we expect that vacancies could make further drops in the country.

Steady Demand in North America Since peaking in 2010, growth in the manufacturing and distribution industry has kept the U.S. vacancy rate dropping in a mostly regular fashion. Vacancy dropped to 9.72 percent in Q4 2011. With construction proceeding at low levels, we expect vacancies to continue to drop at a measured rate into 2013.

Toronto, Canada’s biggest industrial market, saw 13.7 million square feet of industrial space absorbed in 2011, and the city’s prime warehouse rents grew by 7.1 percent in the second half of 2011.

Dropping Vacancies in most Asian marketsAsia Pacific saw dropping vacancies in nearly every market. Prime warehouse rents grew in more than half of the markets, and observers in more than half of those markets expect that warehouse rents will continue to climb over the next six months.

Australian industrial has been especially strong in most major markets. Retail purchases, made more attractive by the relatively strong Australian dollar, have pushed up demand for large warehouse space in several port markets. While there is growing demand for large modern warehouse

Global Warehouse Demand Shows Consistent Growth

GLOBAL INDUSTRIAL cAPITALIZATION RATeS (Prime Yield/Percent)

mARkeT (Select Markets) ReGION

Dec 2011

Dec 2010

Hong Kong Asia Pacific 4.40 4.50 Singapore Asia Pacific 4.80 6.00 London (Heathrow) EMEA 6.00 6.00 Tokyo Asia Pacific 6.20 6.20 Los Angeles – Inland Empire, CA NA 6.50 8.50

Chicago, IL NA 6.50 7.15 Paris EMEA 6.80 7.00 Munich EMEA 6.90 7.00 Vancouver, BC NA 7.00 6.50 Marseilles EMEA 7.20 7.20 New Jersey – Northern NA 7.20 6.00 Dallas-Ft. Worth, TX NA 7.60 8.00 Shanghai Asia Pacific 8.00 7.25 Seoul Asia Pacific 8.00 8.00 Madrid EMEA 8.00 8.25 Sydney Asia Pacific 8.15 8.30 Mexico City LATAM 8.50 9.20 Prague EMEA 8.50 9.00 Athens EMEA 9.00 8.75 Bucharest EMEA 10.00 10.00

GLOBAL TOP TeN INDUSTRIAL wAReHOUSe ReNTS

mARkeT ReGION

ReNT (USD/

PSF/Year)6-mONTH cHANGe*

Tokyo Asia Pacific 23.14 -3.0%London (Heathrow) EMEA 20.96 3.8%Hong Kong Asia Pacific 20.55 8.1%Singapore Asia Pacific 18.79 6.8%Zurich EMEA 17.82 0.0%Oslo EMEA 16.79 8.0%Moscow EMEA 15.95 2.1%Geneva EMEA 15.80 -6.3%São Paulo LATAM 14.94 -12.4%Helsinki EMEA 14.45 0.0%Marseilles EMEA 14.45 0.0%Paris EMEA 14.45 0.0%

*Local currency

Continued on page 8

P. 2 | cOLLIeRS INTeRNATIONAL

HIgHlIgHTS | SECOND HaLf 2011 | 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)

ASIA PAcIFIc

Adelaide Australia AUD SM Year 120.00 4.3% 80.00 Brisbane Australia AUD SM Year 115.00 0.0% 95.00 Melbourne Australia AUD SM Year 91.00 1.1% 91.00 Perth Australia AUD SM Year 115.00 0.0% 90.00 Sydney Australia AUD SM Year 133.00 0.0% 101.00 Beijing China CNY SM Month 41.87 13.8% 37.55 Guangzhou China CNY SM Month 29.00 3.6% 28.00 Hong Kong China HKD SF Month 13.30 8.1% 11.00 Shanghai China CNY SM Month 35.00 4.3% 30.00 Delhi India INR SF Month 34.00 6.3% 32.00 Jakarta Indonesia IDR SM Month 31,500.00 5.8% - Tokyo Japan JPY SM Month 1,600.00 -3.0% 1,700.00 Auckland New Zealand NZD SM Year 105.00 0.0% 105.00 Christchurch New Zealand NZD SM Year 87.00 1.2% 87.00 Wellington New Zealand NZD SM Year 83.00 0.0% 83.00 Singapore Singapore SGD SF Month 2.03 6.8% 1.44 Seoul South Korea KRW SM Month 12,000.00 0.0% 12,000.00 Chonburi Province Thailand THB SM Month 165.00 6.5% 120.00 Ho Chi Minh City Vietnam USD SM Month 4.00 0.00 3.00

eUROPe, mIDDLe eAST AND AFRIcA (emeA)Vienna Austria EUR SM Month 5.00 -9.1% 4.70 Antwerp Belgium EUR SM Month 3.60 -2.7% 3.20 Brussels Belgium EUR SM Month 3.75 1.4% 3.20 Sofia Bulgaria EUR SM Month 4.00 0.0% 3.50 Zagreb Croatia EUR SM Month 5.00 0.0% 4.50 Prague Czech Republic EUR SM Month 4.30 0.0% 3.80 Copenhagen Denmark DKK SM Year 450.00 0.0% 450.00 Tallinn Estonia EUR SM Month 4.70 4.4% 4.00 Helsinki Finland EUR SM Month 10.00 0.0% 7.50 Bordeaux France EUR SM Month 6.25 0.0% 3.40 Lille France EUR SM Month 4.60 0.0% 3.50 Lyon France EUR SM Month 6.25 0.0% 3.70 Marseilles France EUR SM Month 10.00 0.0% 3.40 Paris France EUR SM Month 10.00 0.0% 4.30 Toulouse France EUR SM Month 6.25 0.0% 3.50 Berlin Germany EUR SM Month 5.70 0.0% 4.30 Düsseldorf Germany EUR SM Month 5.00 0.0% 4.00 Frankfurt Germany EUR SM Month 5.50 3.8% 6.10 Hamburg Germany EUR SM Month 5.70 0.0% 5.70 Munich Germany EUR SM Month 6.20 0.0% 5.30 Stuttgart Germany EUR SM Month 5.30 0.0% 6.00 Athens Greece EUR SM Month 4.70 -6.0% 2.85 Budapest Hungary EUR SM Month 4.00 0.0% 3.60 Milan Italy EUR SM Month 4.90 0.0% 4.60 Rome Italy EUR SM Month 5.00 0.0% 5.00 Riga Latvia EUR SM Month 3.50 0.0% 3.20 Vilnius Lithuania EUR SM Month 4.10 5.1% 3.70 Amsterdam Netherlands EUR SM Month 7.90 0.0% 3.80 Oslo Norway NOK SM Month 90.00 8.0% 70.00 Warsaw Poland EUR SM Month 5.50 -8.3% 4.50 Lisbon Portugal EUR SM Month 5.50 0.0% 3.50 Dublin Republic of Ireland EUR SM Month 5.00 0.0% 4.50

meASURe


cOLLIeRS INTeRNATIONAL | P. 3

Bucharest Romania EUR SM Month 4.40 0.0% 4.00 Moscow Russia USD SM Month 14.30 2.1% 12.00 Saint Petersburg Russia USD SM Month 9.60 4.3% 9.40 Belgrade Serbia EUR SM Month 5.00 0.0% 4.00 Bratislava Slovakia EUR SM Month 4.00 2.6% 3.60 Madrid Spain EUR SM Month 5.50 0.0% 3.50 Gothenburg Sweden SEK SM Year 700.00 6.1% 625.00 Stockholm Sweden SEK SM Year 870.00 0.0% 625.00 Geneva Switzerland CHF SM Month 13.30 -6.3% 10.80 Zurich Switzerland CHF SM Month 15.00 0.0% 13.30 Istanbul Turkey USD SM Month 6.00 0.0% 6.00 Belfast UK GBP SF Year 4.00 0.0% 4.00 Birmingham UK GBP SF Year 5.75 0.0% 5.25 Bristol UK GBP SF Year 7.00 0.0% 5.50 Edinburgh UK GBP SF Year 7.00 0.0% 4.50 Glasgow UK GBP SF Year 6.00 0.0% 5.00 Leeds UK GBP SF Year 5.50 0.0% 5.00 London (Heathrow) UK GBP SF Year 13.50 3.8% 12.00 Manchester UK GBP SF Year 5.75 0.0% 4.25 Kyiv Ukraine USD SM Month 7.00 0.0% 5.80

LATIN AmeRIcABuenos Aires Argentina USD SM Month 6.90 4.5% 6.50 São Paulo Brazil USD SM Month 13.40 -12.4% 11.80 Santiago Chile USD SM Month 5.55 1.1% 4.48 Bogotá Colombia USD SM Month 7.10 -35.5% 7.00 San José Costa Rica USD SM Year 5.61 -1.6% 6.36 Mexico City Mexico USD SM Month 4.90 -12.5% 4.90 Lima Peru USD SM Month 5.50 0.0% 5.00

NORTH AmeRIcACalgary, AB Canada CAD SF Year 8.00 3.2% 6.50 Edmonton, AB Canada CAD SF Year 7.75 6.9% 6.15 Guelph, ON Canada CAD SF Year 4.34 -8.4%Halifax, NS Canada CAD SF Year 7.75 3.3% 5.50 Montreal, QC Canada CAD SF Year 4.75 11.8% 4.00 Ottawa, ON Canada CAD SF Year 7.75 3.3% 6.25 Saskatoon, SK Canada CAD SF Year 9.50 0.0% 8.00 Toronto, ON Canada CAD SF Year 5.15 7.1% 4.56 Vancouver, BC Canada CAD SF Year 8.12 9.7% 5.75 Victoria, BC Canada CAD SF Year 12.00 0.0% 10.00 Waterloo Region, ON Canada CAD SF Year 3.75 -4.6% 3.54 Atlanta, GA United States USD SF Year 3.23 0.6% 2.84 Bakersfield, CA United States USD SF Year 4.00 0.0% 3.92 Baltimore, MD United States USD SF Year 5.45 0.4%Boise, ID United States USD SF Year 4.75 5.6% 4.50 Boston, MA United States USD SF Year 6.00 33.3% 4.95 Charleston, SC United States USD SF Year 3.75 -2.6% 4.00 Charlotte, NC United States USD SF Year 3.26 -0.6%Chicago, IL United States USD SF Year 4.33 -3.3% 2.69 Cincinnati, OH United States USD SF Year 2.88 0.0% 2.93 Cleveland, OH United States USD SF Year 3.28 -4.1%Columbia, SC United States USD SF Year 3.75 0.0% 3.75 Columbus, OH United States USD SF Year 4.66 82.0% 2.46



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eUROPe, mIDDLe eAST AND AFRIcA (emeA) continued

meASURe



Dallas-Ft. Worth, TX United States USD SF Year 3.05 1.7% 2.70 Denver, CO United States USD SF Year 4.45 27.1% 3.25 Detroit, MI United States USD SF Year 4.18 6.6% 3.52 Fairfield, CA United States USD SF Year 5.39 -4.1%Fresno, California United States USD SF Year 2.40 0.0% 2.28 Ft. Lauderdale-Broward, FL United States USD SF Year 6.52 0.8% 6.43 Grand Rapids, MI United States USD SF Year 3.07 -25.8%Greenville/Spartanburg, SC United States USD SF Year 2.90 0.0% 2.95 Hartford, CT United States USD SF Year 4.03 -0.5% 4.28 Honolulu, HI United States USD SF Year 11.04 0.7%Houston, TX United States USD SF Year 5.17 2.4% 4.32 Indianapolis, IN United States USD SF Year 3.25 8.3% 2.96 Jacksonville, Fl United States USD SF Year 3.75 0.0% 3.00

Kansas City, MO-KS United States USD SF Year 2.98 -5.4% 4.19

Las Vegas, NV United States USD SF Year 4.71 -2.1% 4.71

Little Rock, AR United States USD SF Year 2.68 0.0% 2.74

Long Island, NY United States USD SF Year 8.23 2.1%

Los Angeles – Inland Empire, CA United States USD SF Year 3.96 3.1% 3.48

Los Angeles, CA United States USD SF Year 5.76 2.1% 5.28 Louisville, KY United States USD SF Year 3.39 1.5% - Memphis, TN United States USD SF Year 2.41 -19.9% 2.49 Miami, FL United States USD SF Year 7.21 4.5% 7.04 Minneapolis/St. Paul, MN United States USD SF Year 4.67 1.7%Nashville, TN United States USD SF Year 3.91 25.3% 3.13 New Jersey – Central United States USD SF Year 4.41 -0.5% 3.77 New Jersey – Northern United States USD SF Year 6.11 4.8% 5.63 Oakland, CA United States USD SF Year 4.68 2.6% 2.88 Omaha, NE United States USD SF Year 4.25 -12.4%Orange County, CA United States USD SF Year 6.72 0.0% 5.76 Orlando, FL United States USD SF Year 4.47 -0.4% 4.11 Philadelphia, PA United States USD SF Year 4.00 0.0% 3.75 Phoenix, AZ United States USD SF Year 5.07 -1.9% 4.18 Pittsburgh, PA United States USD SF Year 4.25 -0.9%Pleasanton/Walnut Creek, CA United States USD SF Year 4.85 -3.8% 4.20 Portland, OR United States USD SF Year 5.17 -0.4% 4.64 Raleigh, NC United States USD SF Year 3.75 3.3%Reno, NV United States USD SF Year 3.72 3.3% 3.20 Sacramento, CA United States USD SF Year 4.08 -8.1% 3.77 San Diego, CA United States USD SF Year 7.92 3.1% 7.08 San Francisco Peninsula, CA United States USD SF Year 9.24 0.0% 9.24 San Jose/Silicon Valley, CA United States USD SF Year 5.54 -0.2% 5.04 Savannah, GA United States USD SF Year 3.95 0.0% 3.75 Seattle/Puget Sound, WA United States USD SF Year 5.79 3.4%St. Louis, MO United States USD SF Year 3.86 -0.5%Stockton/San Joaquin County, CA United States USD SF Year 3.90 4.8% 3.48 Tampa Bay, FL United States USD SF Year 4.20 -0.2% 3.96 Washington, DC United States USD SF Year 6.61 -13.5%West Palm Beach, FL United States USD SF Year 6.72 -0.6% 6.40



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NORTH AmeRIcA continued

meASURe



INDUSTRIAL SURVeY | U.S. DOLLAR ReNTS | VAcANcY RATeS | INVeSTmeNT RATeS

mARkeT cOUNTRY

excHANGe RATe (USD) Dec 2011

PRIme wAReHOUSe ReNT

(USD/SF/YeAR)

PRIme BULk ReNT (USD/SF/

YeAR)

VAcANcY RATe (%) Dec 2011

PRIme YIeLD/ cAP RATe (%)

ASIA PAcIFIc

Adelaide Australia 0.98 11.38 8.13 - 8.13 Brisbane Australia 0.98 10.91 8.40 - 8.40 Melbourne Australia 0.98 8.63 8.32 - 8.32 Perth Australia 0.98 10.91 8.50 - 8.50 Sydney Australia 0.98 12.62 8.15 - 8.15 Beijing China 6.29 7.42 8.50 0.70 8.50 Guangzhou China 6.29 5.14 - - - Hong Kong China 7.77 20.55 4.40 - 4.40 Shanghai China 6.29 6.20 8.00 - 8.00 Delhi India 53.06 7.69 8.00 - 8.00 Jakarta Indonesia 9,070.00 3.87 8.00 9.60 8.00 Tokyo Japan 77.12 23.14 6.20 - 6.20 Auckland New Zealand 1.29 7.59 7.80 5.20 7.80 Christchurch New Zealand 1.29 6.29 8.80 4.60 8.80 Wellington New Zealand 1.29 6.00 8.40 8.00 8.40 Singapore Singapore 1.30 18.79 4.80 5.70 4.80 Seoul South Korea 1,158.10 11.56 8.00 - 8.00 Chonburi Province Thailand 31.55 5.83 - 5.00 - Ho Chi Minh City Vietnam 1.00 4.46 - 10.00 -

eUROPe, mIDDLe eAST AND AFRIcA (emeA)Vienna Austria 0.77 7.23 9.00 - 9.00 Antwerp Belgium 0.77 5.20 7.10 - 7.10 Brussels Belgium 0.77 5.42 6.90 - 6.90 Sofia Bulgaria 0.77 5.78 11.00 - 11.00

Zagreb Croatia 0.77 7.23 10.50 - 10.50 Prague Czech Republic 0.77 6.21 8.50 - 8.50 Copenhagen Denmark 5.73 7.30 7.50 - 7.50 Tallinn Estonia 0.77 6.79 9.00 - 9.00 Helsinki Finland 0.77 14.45 7.50 - 7.50 Bordeaux France 0.77 9.03 7.50 - 7.50 Lille France 0.77 6.65 7.20 - 7.20 Lyon France 0.77 9.03 7.20 - 7.20 Marseilles France 0.77 14.45 7.20 - 7.20 Paris France 0.77 14.45 6.80 - 6.80 Toulouse France 0.77 9.03 7.50 - 7.50 Berlin Germany 0.77 8.24 7.40 - 7.40 Düsseldorf Germany 0.77 7.23 7.25 - 7.25 Frankfurt Germany 0.77 7.95 7.00 - 7.00 Hamburg Germany 0.77 8.24 7.20 - 7.20 Munich Germany 0.77 8.96 6.90 - 6.90 Stuttgart Germany 0.77 7.66 7.10 - 7.10 Athens Greece 0.77 6.79 9.00 - 9.00 Budapest Hungary 0.77 5.78 9.00 - 9.00 Milan Italy 0.77 7.08 7.80 - 7.80 Rome Italy 0.77 7.23 8.20 - 8.20 Riga Latvia 0.77 5.06 10.00 - 10.00 Vilnius Lithuania 0.77 5.93 10.00 - 10.00 Amsterdam Netherlands 0.77 11.42 7.50 - 7.50 Oslo Norway 5.98 16.79 6.50 - 6.50 Warsaw Poland 0.77 7.95 8.00 - 8.00 Lisbon Portugal 0.77 7.95 8.50 - 8.50

* Central & Eastern European quoted vacancy rates based on Class A+B stock only



Dublin Republic of Ireland 0.77 7.23 9.50 - 9.50 Bucharest Romania 0.77 6.36 - 10.00 10.00 Moscow Russia 1.00 15.95 - 11.00 11.00 Saint Petersburg Russia 1.00 10.71 - 13.00 13.00 Belgrade Serbia 0.77 7.23 - 11.00 11.00 Bratislava Slovakia 0.77 5.78 - 9.00 9.00 Madrid Spain 0.77 7.95 - 8.00 8.00 Gothenburg Sweden 6.91 9.42 - 6.75 6.75 Stockholm Sweden 6.91 11.71 - 6.75 6.75 Geneva Switzerland 0.94 15.80 - 7.50 7.50 Zurich Switzerland 0.94 17.82 - 7.50 7.50 Istanbul Turkey 1.00 6.69 - 9.00 9.00 Belfast UK 0.64 6.21 - 6.75 6.75 Birmingham UK 0.64 8.93 - 7.60 7.60 Bristol UK 0.64 10.87 - 7.60 7.60 Edinburgh UK 0.64 10.87 - 7.75 7.75 Glasgow UK 0.64 9.31 - 7.75 7.75 Leeds UK 0.64 8.54 - 7.75 7.75 London (Heathrow) UK 0.64 20.96 - 6.00 6.00 Manchester UK 0.64 8.93 - 7.50 7.50 Kyiv Ukraine 1.00 7.81 - 14.00 14.00

LATIN AmeRIcABuenos Aires Argentina 1.00 7.70 7.25 3.00 15.00 São Paulo Brazil 1.00 14.94 13.16 1.00 10.50 Santiago Chile 1.00 6.19 5.00 1.92 11.31 Bogotá Colombia 1.00 7.92 7.81 - 10.35 San José Costa Rica 1.00 0.52 0.59 8.10 12.62 Mexico City Mexico 1.00 5.46 5.46 4.80 8.50 Lima Peru 1.00 6.13 5.58 - 11.00

NORTH AmeRIcACalgary, AB Canada 1.02 7.83 6.36 4.80 6.75 Edmonton, AB Canada 1.02 7.59 6.02 3.50 - Guelph, ON Canada 1.02 4.25 - 3.70 8.22 Halifax, NS Canada 1.02 7.59 5.38 5.89 7.75 Montreal, QC Canada 1.02 4.65 3.92 5.39 8.25 Ottawa, ON Canada 1.02 7.59 6.12 6.12 8.00 Saskatoon, SK Canada 1.02 9.30 7.83 4.94 7.50 Toronto, ON Canada 1.02 5.04 4.46 4.46 6.25 Vancouver, BC Canada 1.02 7.95 5.63 3.63 7.00 Victoria, BC Canada 1.02 11.75 9.79 3.37 6.50 Waterloo Region, ON Canada 1.02 3.67 3.47 7.23 8.20 Atlanta, GA United States 1.00 3.23 2.84 13.61 8.40 Bakersfield, CA United States 1.00 4.00 3.92 7.95 10.00 Baltimore, MD United States 1.00 5.45 - 10.59 7.80 Boise, ID United States 1.00 4.75 4.50 10.88 - Boston, MA United States 1.00 6.00 4.95 20.00 - Charleston, SC United States 1.00 3.75 4.00 10.64 7.75 Charlotte, NC United States 1.00 3.26 - 12.63 - Chicago, IL United States 1.00 4.33 2.69 10.63 6.50 Cincinnati, OH United States 1.00 2.88 2.93 9.26 8.25 Cleveland, OH United States 1.00 3.28 - 9.67 - Columbia, SC United States 1.00 3.75 3.75 7.71 -


mARkeT cOUNTRY



(USD/SF/YeAR)

PRIme BULk ReNT

(USD/SF/YeAR)



eUROPe, mIDDLe eAST AND AFRIcA (emeA) continued




mARkeT cOUNTRY



(USD/SF/YeAR)

PRIme BULk ReNT

(USD/SF/YeAR)



NORTH AmeRIcA continued

Columbus, OH United States 1.00 4.66 2.46 11.76 9.00 Dallas-Ft. Worth, TX United States 1.00 3.05 2.70 10.61 7.60 Denver, CO United States 1.00 4.45 3.25 7.61 8.00 Detroit, MI United States 1.00 4.18 3.52 13.19 - Fairfield, CA United States 1.00 5.39 - 12.64 - Fresno, California United States 1.00 2.40 2.28 11.83 9.00 Ft. Lauderdale-Broward, FL United States 1.00 6.52 6.43 9.50 - Grand Rapids, MI United States 1.00 3.07 - 8.85 8.25 Greenville/Spartanburg, SC United States 1.00 2.90 2.95 9.73 9.00 Hartford, CT United States 1.00 4.03 4.28 9.50 8.50 Honolulu, HI United States 1.00 11.04 - 4.78 - Houston, TX United States 1.00 5.17 4.32 5.04 7.60 Indianapolis, IN United States 1.00 3.25 2.96 6.48 8.50 Jacksonville, Fl United States 1.00 3.75 3.00 10.70 8.20 Kansas City, MO-KS United States 1.00 2.98 4.19 7.16 - Las Vegas, NV United States 1.00 4.71 4.71 16.13 8.00 Little Rock, AR United States 1.00 2.68 2.74 13.50 9.00 Long Island, NY United States 1.00 8.23 - 5.27 8.63 Los Angeles – Inland Empire, CA United States 1.00 3.96 3.48 6.57 6.50 Los Angeles, CA United States 1.00 5.76 5.28 4.85 5.50 Louisville, KY United States 1.00 3.39 - 10.28 - Memphis, TN United States 1.00 2.41 2.49 13.19 8.63 Miami, FL United States 1.00 7.21 7.04 7.86 7.15 Minneapolis/St. Paul, MN United States 1.00 4.67 - 7.64 7.29 Nashville, TN United States 1.00 3.91 3.13 12.68 - New Jersey – Central United States 1.00 4.41 3.77 9.96 8.40 New Jersey – Northern United States 1.00 6.11 5.63 8.63 7.20 Oakland, CA United States 1.00 4.68 2.88 8.03 6.50 Omaha, NE United States 1.00 4.25 - 6.13 - Orange County, CA United States 1.00 6.72 5.76 4.75 6.20 Orlando, FL United States 1.00 4.47 4.11 11.16 8.00 Philadelphia, PA United States 1.00 4.00 3.75 9.76 8.20 Phoenix, AZ United States 1.00 5.07 4.18 13.83 8.20 Pittsburgh, PA United States 1.00 4.25 - 7.34 8.00 Pleasanton/Walnut Creek, CA United States 1.00 4.85 4.20 13.79 8.75 Portland, OR United States 1.00 5.17 4.64 7.94 8.55 Raleigh, NC United States 1.00 3.75 - 11.11 8.38 Reno, NV United States 1.00 3.72 3.20 14.64 - Sacramento, CA United States 1.00 4.08 3.77 13.10 - San Diego, CA United States 1.00 7.92 7.08 11.53 6.54 San Francisco Peninsula, CA United States 1.00 9.24 9.24 8.76 6.50 San Jose/Silicon Valley, CA United States 1.00 5.54 5.04 11.57 - Savannah, GA United States 1.00 3.95 3.75 14.31 8.50 Seattle/Puget Sound, WA United States 1.00 5.79 - 7.31 6.73 St. Louis, MO United States 1.00 3.86 - 9.00 - Stockton/San Joaquin County, CA United States 1.00 3.90 3.48 15.07 7.00 Tampa Bay, FL United States 1.00 4.20 3.96 10.27 9.00 Washington, DC United States 1.00 6.61 - 11.95 6.90 West Palm Beach, FL United States 1.00 6.72 6.40 8.78 -


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

GLOSSARY

GLOBAL ReSeARcH cONTAcTS

cOLLIeRS INTeRNATIONAL

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Copyright © 2012 Colliers International.

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.

Accelerating success.

space, a tight lending atmosphere has meant that the pipeline of new supply is still constrained in Sydney and Perth. This situation will help to support growing prime rents in those markets.

London and moscow Rents Grow In the U.K., where preliminary figures show a GDP contraction in Q4 2011, key logistical market London (Heathrow) actually saw a rise in prime rents in the

second half of 2011, with the space appropriate to occupiers’ needs in short supply.

In Moscow, the second half of the year saw prime rental growth of 2%; however, with such strong growth in the first half, annual rental growth amounted to 19%. Further increases are expected in 2012.

AmeRIcASJames [email protected]

Jeff SimonsonUSA [email protected]

eUROPe, mIDDLe eAST AND AFRIcAThomas [email protected]

mark charltonUnited [email protected]

Damian Harrington Central and Eastern [email protected]

Renaud [email protected]

Andreas TrumppGermany [email protected]

ASIA PAcIFIcSimon [email protected]

Amit Oberoi [email protected]

Nerida conisbeeAustralia/New [email protected]

Yumiko YasudaJapan [email protected]

Continued from page 1

512 offices in 61 countries on 6 continentsUnited States: 125Canada: 38Latin America: 18Asia Pacific: 214EMEA: 117

• $1.5 billion in annual revenue

• 979 million square feet under management

• Over 12,500 professionals

global industrial highlights - year end 2011

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