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Real Estate Market Overview
Reporte del Mercado Inmobiliario
2005
The information contained herein has been obtained from sources deemed asreliable while every reasonable effort has been made to ensure its accuracy wecannot guarantee it. Colliers International assumes no responsibility for anyinaccuracies.
Contenido · Contents
La información en este reporte fue obtenida de fuentes consideradas comofidedignas. Sin embargo, Colliers International no se responsabiliza deerrores o cambios de último momento.
PANORAMA ECONÓMICO · ECONOMIC OVERVIEW 1
MERCADO DE OFICINAS · OFFICE MARKETOferta · SupplyDemanda · DemandPrecios · PricesResumen de Actividad de Mercado · Summary of Market ActivityCorredor de Oficinas · Office Sub-Market
35589
CIUDAD DE GUADALAJARA
MERCADO INDUSTRIAL · INDUSTRIAL MARKETOferta · SupplyDemanda · DemandPrecios · PricesCorredor Industrial · Industrial Sub-Market
10121314
MERCADO COMERCIAL · RETAIL MARKETOferta · SupplyDemanda · DemandPrecios · PricesCorredor Comercial · Retail Sub-Market
15161720
DEFINICIONES · DEFINITIONS 21
2005
Panorama Económico · Economic Overview
1
ECONOMIC OVERVIEW
* Font: Informe Económico. BBVA Bancomer. Octubre 2004
** Font: Departamento de Estudios Macroeconómicos y Políticos de BBVA Bancomer.
2004 provided the Mexican economy with favorable conditions. During the first nine months of the previousyear, Mexico went through an evident economic deceleration. Fortunately, the industrial sector was ofparamount importance for the production activities, mainly within the exports field, thus generating a morefavorable result for the last quarter in 2003.
By the end of the first half in 2004, the Mexican economy maintained its growth rate, even surpassing 5%*. With the GNP also increased despite the downward trend shown in the last six quarters.
Such scenario would not have been possible without the contribution of other elements that, by thesecond quarter, also fostered growth in the Mexican economy, giving light to the possibility of maintainingsustainable growth until the end of 2004.
The fast US economic recovery as of the third quarter strongly encouraged the in-bond industry exports andproduction. Likewise, the private investment started reactivating, while employment increased by 3.9%during the second quarter and the actual salary recovered 8.5% pursuant to the last Government Reportissued by the President of Mexico, Mr. Vicente Fox. Moreover, the international environment was muchmore favorable this year, thus entailing great benefits for the Mexican economy performance.
The addition of high oil prices meant an increase on the Mexican external accounts, and governmental during the year, favoring the exchange rate stability with the US dollar.
Economic indicators registered in 2004, showed GNP attained a 4% growth , whereas inflation grew 5.3%.**The nominal exchange rate averaged of 11.28 Mexican Pesos per US Dollar, maintaining an upward trendthroughout the year. With the unemployment rate staying at 3.75% of the Economically Active Population.
Estimated figures issued by Grupo de Economistas Asociados (GEA) has inflation expected to be reducedover 1% and an average exchange rate of 11.60 Mexican Pesos per US Dollar.
Internal interest rates are seen to increase over one percentage point, due to a from a more restrictivemonetary policy. And the economic growth is expected to be smaller than 3.8% attained last year.
2005
GUADALAJARA CITY
2005
OFFIC
ES
3
Guadalajara
The office market in Guadalajara is made up by 113 properties. As of December 2004, the inventoryof office rental spaces in Guadalajara offered 1,200 sq.m. more than the previous year resulting fromthe addition of the Edificio Romanos, an A-class building in the New Financial Area sub-market to theinventory.
SUPPLY
OFFICE MARKET
Comparative: Office rental space availability by sub-market, 2000-2004.Includes Classes: A, B and C.
Nueva ZonaFinanciera
López MateosAméricas Vallarta
Plaza del Sol Chapultepec Providencia Alrededores0
Edificio RomanosTotal
Nueva Zona FinancieraA
Class
1,2001,200
New Building in Guadalajara City, 2004
Building Corridor Area
m2m2
Corridors/Year
The amount of office showed a downward trend within the office market, except for the Chapultepecsub-market having a slight increase of approximately 3% if compared to 2003 due, to the availabilityoffered by the "Torre Chapultepec" building with 16,000 sq. m. and the withdrawl of some companiesfrom the market. (Refer to diagram "Comparison: Availability by Office submarket, 2000-2004.Including Classes: A, B and C").
2005
15,000
25,000
20,000
10,000
5,000
2000 2001 2002 2003 2004
OFFICES
4
Guadalajara
It is important to mention that 2004 witnessed some interesting facts in connection with the availability ofoffice rental spaces: the market was expanded by means of houses offered as office with those locations,close to office sub-markets. The same happened with shopping centers such as Concentro, Plaza Bonita andEximoda who changed their use license to operate as office areas as well.
By December 2004, the sub-markets offering the biggest availability of office are as follows: Chapultepec with26% vacancy rate (20,300 m²), Torre Chapultepec offers 16,000 sq. m. Plaza del Sol sub-market’s vacancyrate goes to 25% (19,073 m²) and the World Trade Center Guadalajara building has 12,000 sq. m. available forrent. The Surrounder sub-market has a 19% vacancy rate and the Concentro building, a former shoppingcenter, offers 10,000 sq.m. of available space approximately. (Refer to diagram “Available Office rental spaceby sub-market, percentage”)
With regard to the office supply within industrial parks, Parque Tecnológico II (Hines) has 303 sq. m. availableand Intermex offers an additional 1,500 sq. m. in the southern area of Guadalajara.
INVESTMENT
As mentioned, “Torre Chapultepec”, former Torre Multiva, a 26-story (A+) building offers approximately 16,000sq. m. and considered as one of the most representative buildings in the City of Guadalajara. It was recentlyoffered to the market for auction in 2004 and acquired by Grupo Alsavisión for approximately 200 millionMexican Pesos. This building has typical floor areas of 620 sq. m. with net lease rates ranging from US $17.00 to US $22.00 per sq. m. a month.
Available Office rental space by sub-market (percentage)
2005
Providencia
Chapultepec26%
Plaza del Sol25%
López Mateos-Américas-Vallarta
Alrededores19%
Nueva ZonaFinanciera
16%
7%7%
OFFIC
ES
5
Guadalajara
IntelFreescaleTorre SilvaBrayco ProyectosBrockman & SchuhHQTotal
Relevant office rental space transactions conducted in 2004
User Location Corridor Area
2,000490800500500950
20,761
AlrededoresAlrededoresPlaza del SolNueva Zona FinancieraNueva Zona FinancieraAlrededores
Parque Industrial Tecnológico IIIntermexGWTCAméricas 1592Américas 1592Parque Integral
M2
PRICING
In 2004 office rental rates were stable when comparing with those in 2003. We experienced companiesreviewing their leasing agreements aiming at relocating their offices into better quality buildings. (Refer tochart: Historic record: Monthly Leasing Prices (USD / sq. m.) and Availability Rate, 2000 – 2005. (IncludesClasses: A, B and C).
Generally speaking, the demand for office rental in the City of Guadalajara has been steady. 2004showed a clear trend for leasing of small rental areas, between 50 to 200 sq. m. in the differentoffice sub-markets as well as office corporate buildings. There was activity in industrial parks withareas ranging from 1,000 sq. m. to 2,000 sq. m.
In 2004, Class B buildings had the highest absorption with 6,200 sq. m. in total. This due to thefact this category of buildings offer the most reasonable rates in the market. Class A buildingsregistered an absorption of 3,100 sq. m. with many of those tenants moving from houses or B class buildings (Refer to chart"Summary of activities of the Office rental space market in the City of Guadalajara,2004")
The New Financial Zone and Plaza del Sol sub-markets recorded leasing transactions over 1,500sq.m. As well, significant leasing transactions within "Intermex" and "Tecnológico II" industrial parkswere recorded, with Intel, representing approximately 2,000 sq.m. of office rental space. (Referto chart "Relevant office rental space transactions conducted in 2004").
DEMAND
2005
Guadalajara
Historic record: Monthly Rental Rates (USD / sq. m.) and Availability Rate, 2000-2005.Includes Classes: A
5.00%
10.00%
15.00%
30.00%
19
18
17
16
40.00%
35.00%
25.00%
20.00%
0.00%
2000 2001 2002 2003 2004 2005*
Price VacancyUS/sq. m. % Vacant
Year
* Forecast
If classifying by building, A-Class office rental areas by December 2004 had rental rates ranging fromUS $13.00 to US $19.00 per sq. m. a month, followed by B-Class office areas ranging from US $10.00to US $14.00 per sq. m. a month. Class-C office areas ranged from US $6.00 up to US $8.00 persq. m. a month. (Refer to chart “Monthly Leasing Price Ranges per sq. m. by sub-market and Class”)
OFFICES
6
2005
7
OFFIC
ES
Guadalajara
Submarket Class Asking Rental Ratesmax min
A $13 $19B $10 $14C $6 $ 8
All $9.67 $13.67
López Mateos – Américas - Vallarta A $12 $12B $9 $13C $7.96 $9
All $9.65 $12.33Plaza del Sol A $16 $18
B $9 $12C $7 $9
All $10.67 $13Chapultepec A+ $17 $22
A $17 $20B $9 $13C $6 $7All $12.25 $15.50
Providencia $14 $14A$10 $14B$8 $11
All $10.67 $13Others $13 $16A
$9 $12B$5 $9.96
All $9 $12.65
Nueva Zona Financiera
C
C
Monthly Rental Rates per sq. m. by sub-market and Class.
2005
OFICINAS
8
Guadalajara
Submarkets
Six main corridors
López Mateos Americas Vallarta
YearlyAbsorption
03,0746,177176
-7,198
VacancyRate
100.00%29.73%13.90%11.18%
18.33%
rental rates/ m2
18.5812.2011.797.9412.63
VacantSpace (m2)
15,99617,50124,71518,633
86,908
OfficeInventory
15,99617,501
177,783166,668
419,317
Bldgs.Surveyed
194459
113
Class
A+
Nueva Zona Financiera1,635-1,2941,265
1,606
14.39%8.35%23.59%
16.43%
14.8612.637.55
11.68
3,6211,8947,738
13,253
25,16122,69432,806
80,661
589
22
ABC
Todos
0636-545
91
15.77%6.15%7.08%
7.41%
12.3812.148.44
10.99
8251,3223,632
5,779
5,23221,50051,309
78,041
1521
27
ABC
Todos
Plaza del Sol 1,5521,250-434
2,368
64.37%14.13%11.99%
26.47%
16.8110.737.80
11.78
12,0434,1932,837
19,073
18,71029,68423665
72,059
1109
20
ABC
TodosChapultepec 0
0-129-397
-526
100.00%0.00%
10.29%4.84%
26.81%
18.580.00
11.286.63
9.12
15,99602,6721,632
20,300
15,9960
25,96533,744
75,705
10710
18
A+ABC
TodosProvidencia
5503,338
-72
3,266
0.00%11.76%3.22%
7.18%
14.1512.9210.29
12.45
01,893
412
2,305
3,20016,09712,803
32,100
196
16
ABC
Todos
Alrededores-113
2,376359
2.622
15.41%20.60%19.30%
19.96%
15.0211.016.93
10.99
1,01212,7412,382
16,135
6,56761,84312,341
80,751
154
10
ABC
Todos
Office rental space market summary of activities in the City of Guadalajara, 2004.
Avarage asking
2005
ABC
Todos
OFIC
INAS
9
Guadalajara
CORREDORES DE OFICINAS
Nueva Zona FinancieraProvidenciaLópez Mateos - Americas - VallartasChapultepecPlaza del Sol
ARCOS DEZAPOPAN
LA TUZANIAJARDINREAL
SANTAMARGARITA
PARQUE INDUSTRIALBELENES NORTE
Monumento aEmiliano Zapata
TEPEYACSANFRANCISCO
SANISIDRO
CONSTITUCION
U. de G.LOS BELENES
TABACHINESANILLO PERIFERICOBENITOJUAREZ
JARDINESALCALDE
CAPULLA
AV. MANUEL AVILA CAMACHO
UNIDADG. ORTEGA
AV.A
LCAL
DE
ZAPOPANCENTRO
BasílicaZapopana
ATLASCOLOMOS
PUERTADE HIERRO
UNIVERSIDADAUTONOMA DEGUADALAJARA
COLINAS DESAN JAVIER
LOS COLOMOS
AV. AMERICAS
CHAPULTEPECCOUNTRY
Av. d
e la
Patri
a LOMAS DEL VALLE
JUAN MANUELVALLARTA
PRADOSPROVIDENCIA
PROVIDENCIA
AV. HIDALGO
AV. A
. LOPEZ MAT
EOS
AV. A
DOLFO
LOPE
Z MATEO
S
AV.F
EDER
ALIS
MO
16DE
SEPT
IEM
BRE
AV. MEXICO
AV. VALLARTAPRADOSVALLARTA
CAMINOREAL
AV. GUADALUPE
MINERVA
CIUDAD DELOS NIÑOS
UNIVACHAPALITA
DEL SOLAV. TEPEYAC
Av. MoctezumaMOTOROLA
KODAK
LACALMA
Av. Mariano Otero
HEWLETTPACKARD
Av. Mariano Otero
VILLA GUERRERO
18 DEMARZO
LASAGUILAS
LANOGALERA
FERROCARRIL
BOSQUE
MODERNA
RESIDENCIALVICTORIA
MERCADODE ABASTOS
BOSQUES DELA VICTORIA
COLONINDUSTRIAL
8 DE JULIO
Estación delFerrocarril
LADRONDE GUEVARA
SANTATERESITA
Prol. Avenida Mariano Otero
EL TESORO
Av. de la Patria
Catedral
U. de G. AV. JUAREZBARRERA
SAN JUANDE DIOS
ParqueAgua Azul
EL BATAN
TRIQUERT
SEATTLEZOQUIPAN
Av. de la Patria
Av. de la Patria
Av. d
e la
Pat
ria
Av. de la Patria
Av. Pablo NerudaAv. Pablo Neruda
Parque deLos Colomos
ParqueMezquitán
Juan Manuel
JARDINES
CALZ. LAZARO CARDENAS
Av. Niños Héroes
AV.A
MER
ICAS
AV. C
HAPU
LTEP
EC
REVOLUCIONAv. Washington
AV.8 DE JU
LIO
2005
INDUSTRIAL
10
Guadalajara
INDUSTRIAL MARKET
By December 2004, the industrial market vacancy was 3.2%, five percentage points lower than last year(8.3%). The decrease was due to the steady growth by this sector and the lack of any new speculative buildingbeen built.
It is expected that 2005 will witness additions to the inventory with “Natsteel” offering 19,000 sq. m. and“Lite On” with 16,834 sq. m. As well Tecnologico II (Hines) and CPA’s industrial park, plan to expand theirinventory this year with a total of 20,000 sq. m.
In the Guadalajara industrial market, A-Class industrial area represents 88% of the rentable area availablein the market, or 49,700 sq. m.
The Periférico Sur sub-market recorded the highest availability of industrial vacancy with 22,000 sq. m. ofboth, Class A and B industrial premises and warehouses. With “El Bosque II” Industrial Park offering 11,500sq. m. out of its total of 47,000 sq.m.
The sub-market offering the smallest supply of rentable area is the Guadalajara Norte, with only 13,000sq. m., in such area as, “San Angel”and “Integral”, both Class-A industrial parks offering 6,500 sq. m. and 4,500sq. m. respectively. (Refer to chart “Distribution of the Industrial rental space supply by sub-market, 2004)
SUPPLY
Industrial Supply (Industrial Buildings and Warehouses class A and B by Submarket, 2004
Periféfico SurEl Salto ChapalaGuadalajara NorteZona IndustrialGuadalajara PonienteAll
44.81%29.04%26.15%
--
100%
Submarket
$ 4.75$ 4.50$ 5.30
--
$ 4.85
206,000
47,600
Percentageof
submarket
22,28014,43713,000
00
49,717
Asking Net Monthly RentUSD/m2
Total m2 VacantBuilt Area m2
2005
845,793731,792
11,000 1,842,000
INDU
STRI
AL
11
Guadalajara
With regard to the industrial land supply, El Salto Chapala sub-market records higher availability with up to1,152,000 sq. m. mainly due to the land in “Cedros” industrial park amounting to 400,000 sq. m. and landavailable in “San Jorge” and “Aeropuerto” offering up to 250,000 sq. m. and 220,000 sq. m. respectively. Thisis followed by Santa Anita sub-market offering 355,000 sq. m. of land. (Refer to chart “Distribution of theIndustrial land supply by sub-market, 2004”)
Industrial Supply Distribution by Submarket, 2004 (Industrial buildings and warehouses)All (49,700m2)
El Salto ChapalaPeriféfico SurGuadalajara NorteGuadalajara PonienteZona IndustrialAll
65.23%21.73%10.71%2.09%0.24%100%
submarket
$22$110$170$ 120$ 185
$ 133.40
3,471,7921,112,2542,443,000110,00064,126
7,201,172
Percentage ofsubmarket
1,152,321355,523189,22737,0004,250
1,766,481
Average Asking Sale PriceAvailable areatotal land sq, m.
Distribution of the Industrial Land Supply by Submarket, 2004
2005
El Salto Chapala45%
Periférico Sur29%
Guadalajara Norte28%
INDUSTRIAL
12
Guadalajara
INVESTMENT
In 2004, two important investments took place, with the sale leaseback of the “Nestlé” building, 16,500 sq.m. and “Lite On” facility, 16,834 sq. m. The latter will be available for lease in the second half of 2005.
SUPPLY
In general terms, from January to December 2004 the industrial market in Guadalajara was dynamic andshowed a clear tendency towards leasing of existing industrial premises and warehouses. Among those, themost relevant are: Ryder in El Bosque II industrial park with 22,400 sq. m. and both, Zimag with 21,000 sq.m. and Sabritas with 12,400 sq. m. in the Guadalajara Technology Park. (Refer to chart “Most relevanttransactions conducted within the Industrial Market, 2004”)
Industrial Land Supply Distribution by Submarket, 2004All (1,766,500m2)
El Salto Chapala65%
2005
Guadalajara Poniente2%
Guadalajara Norte11%
Periférico Sur22%
INDU
STRI
AL
13
Guadalajara
Most relevant transactions conducted within the Industrial Market, 2004
SigmaRyderZimagPisaVerde ValleManufacturas TESALiverpoolSabritasPlásticos la ArdillaOGS'SCiosa AutopartesSana FarmaceuticaSabritasAndreaPITICTRACSARyderAnixter
Tenant
El SaltoEl Bosque II / G AccionGuadalajara Technology Park / CPAParque Industrial GuadalajaraGuadalajara Technology Park / CPAHines Tecnologico IIGuadalajara Technology Park / CPAGuadalajara Technology Park / CPAGuadalajara Technology Park / CPAGuadalajara Technology Park / CPAGuadalajara Technology Park / CPAGuadalajara Technology Park / CPAGuadalajara Technology Park / CPAParque Industrial GuadalajaraParque Industrial El Bosque IIParque Industrial El Bosque IIParque Industrial GuadalajaraEcopark
Lease (Land)Lease (Warehouse)Sale (Land)Sale (Land)Sale (Land)Lease (Warehouse)Lease (Warehouse)Lease (Warehouse)Sale (Land)Sale (Land)Sale (Land)Sale (Land)Lease (Warehouse)Sale (Land)Lease (Warehouse)Lease (Warehouse)Lease (Warehouse)Lease (Warehouse)
Kind of transactionIndustrial Park
60,00022,45421,00019,00018,10915,86812,67212,40012,00010,49210,0429,3637,0406,9004,4284,2102,6002,500
Area sq. m.
This sector shows the significant recovery with companies increasing their staff through expansion of theirbusiness’s and movement of operations for the United States to Mexico. Among those: Flextronics, expandsfrom 6,000 to 8,000 employees and Yakult invested US $30 million in San Jorge Industrial Park, hiring 350workers. Also Sigma’s acquisition of approximately 6 hectares of land in El Salto industrial sub-market whichwill see a new 25,000 sq. m. facility been developed in 2005.
In 2004, the industrial land prices (US/sq.m.) did not register movement due to the lack of opportunitiesand the reluctancy of owners to lower prices as the industrial market in Guadalajara is limited.
Land zoned for industrial use outside industrial parks registered sales ranging from US $18.00 up to US$30.00 per sq. m. Most of these been located in the “El Salto” industrial sub-market.
In turn, the leasing prices for industrial facilities showed a steady trend if compared to 2003, with Class Aand B industrial facilities renting from US $3.00 to US $4.50 per sq.m. / month.
PRICING
2005
INDUSTRIAL
Guadalajara
14
CORREDORES INDUSTRIALES
NBASE AEREA MILITAR
ELECTRONICS
ARCOS DEZAPOPAN
LA TUZANIA
TEC DE MONTERREYCampus Guadalajara JARDIN
REAL
PanteónRecinto de la Paz
VALLE REAL
SANTAMARGARITA
VALLE DESAN ISIDRO
SAN JUANDE OCOTAN
ANILLO PERIFERICO
COCA-COLA
PARQUE INDUSTRIALBELENES NORTE
Monumento aEmiliano Zapata
TEPEYACSANFRANCISCO
SANISIDRO
CONSTITUCION
U. de G.LOS BELENES
TABACHINESANILLO PERIFERICOBENITOJUAREZ
Carretera a Zacatecas
HUENTITANEL BAJO
EXPERIENCIA
LOMASINDEPENDENCIA
PARQUE NATURALHUENTITAN
JARDINESALCALDE
CIRCUNVALACION CAL
Z.IN
DEP
END
ENCI
ANTE
Belisario
Domínguez
Av. dela
Cruz
SAN MIGUELDE HUENTITAN
GUADALAJARAORIENTE
ARANDAS
TULIPANES
ANILLO
PERIFERICO
AN
ILLOPERIFERIC
O
OBLATOS
LOMAS DEOBLATOS
LIBERTAD
LOMAS DELGALLO
ALAMEDAS DEZALATITAN
SAN GASPARDE LAS FLORES
LOMAS DELMANANTIAL
TETLAN
SANANDRES
JARDINESDEL NILO
ELROSARIO
ARCOS DEZALATITAN
BALCONESDEL ROSARIO
CONJUNTOLINDAVISTA
LA MESA
TONALA
LOMADORADACALZ. LAZARO CARDENAS
CENTRAL
CAMIONERA
CIUDADAZTLAN
SAN JOSEDE TATEPOSCO
LA GIGANTERA
LA ESPERANZA
Carretera a los Altos
FRACC.LA LOMA
SAN MARTINDE LAS FLORES
LA DURAZNERA
LAS LIEBRES
EX HACIENDADEL CASTILLO
Carretera a El Salto
Parque IndustrialEl Salto
Carretera a Chapala
SAN JOSE
EL VERDE
CORREDOR INDUSTRIALEL SALTO
LAS PINTITAS
PARQUEINDUSTRIAL
GUADALAJARA
ESMERALDA
SANTA ROSADEL VALLE
AEROPUERTO INTERNACIONAL“MIGUEL HIDALGO”
LOS GIGANTES
EL 13LAHUIZACHERA
SANTA CRUZDEL VALLE
QUO DEAGUA
TOLUQUILLALA CASTILLOTA
LA CALERILLA
HEWLETTPACKARD
SANSEBASTIANITO
SANTA MARIATEQUEPEXPAN
EJIDOLA TIJERA
SANTA ANITA
Carretera a Colima
CONDOMINIOSANTA ANITA
CAPULLA
AV. MANUEL AVILA CAMACHO
UNIDADG. ORTEGA
AV.A
LCA
LDE
ZAPOPANCENTRO
BasílicaZapopana
ATLASCOLOMOS
PUERTADE HIERRO
UNIVERSIDADAUTONOMA DEGUADALAJARA
COLINAS DESAN JAVIER
LOS COLOMOS
AV.AMERIC
AS
CHAPULTEPECCOUNTRY
APASCO
Av.A
viació
n
Carretera a
Nogales / Puerto Vallarta
JARDINESUNIVERSIDAD
Av. d
e la
Patr
ia
LOMAS DEL VALLE
JUAN MANUELVALLARTA
PRADOSPROVIDENCIA
PROVIDENCIA
AV. HIDALGO
PRO
L.LO
PEZ
MATEO
S
AV.A
. LOPE
ZMAT
EOS
AV.A
DOLF
OLO
PEZ
MATEO
S
AV.F
EDER
ALI
SMO
16D
ESE
PTIE
MBR
E
AV. MEXICO
AV. VALLARTA
UNIVERSIDADPANAMERICANA
AV. GUADALUPE
LA ESTANCIAPRADOS
VALLARTACAMINO
REALAV. GUADALUPE
MINERVA
ATLASCHAPALITA
CIUDAD DELOS NIÑOS
UNIVACHAPALITA
DEL SOLAV.TEPEYAC
Av. MoctezumaMOTOROLA
KODAK
EL COLLI
PASEOSDEL SOL
PRAISOS DEL COLLI
MIRAMARARENALESTAPATIOS
EL BRISEÑO
SANTA ANATEPETITLAN
AGRICOLA
BUGAMBILIAS
EL PALOMAR
LA TIJERA
MENEN’S
LOS GAVILANES
Calz. José
Guadalupe
Galio
EL CAMPANARIO
ITESC
AGUABLANCA
EL REAL
Car
rete
raa
San
Seba
stiá
n
Camino
Realde
Colima
LASFUENTES
LACALMA
Av. Maria
no Otero
HEWLETTPACKARD
Av. Marian
o Otero
VILLA GUERRERO
18 DEMARZO
AV. CRIS
TOBALCOLON
LASAGUILAS
PINAR DELA CALMA
COCA - COLA
ELEKTRA
JARDINES DESANTA MARIA
EMILIANOZAPATA
LOMAS DEPOLANCO
ECHEVERRIA
POLANQUITO
MEZQUITERA
MIRAVALLE
FOVISSSTEMIRAVALLE
CERRODEL CUATRO
EL REFUGIO
LOMASDEL CUATRO
LANOGALERA
EL ALAMO
PARQUEINDUSTRIAL
EL ALAMO
ELTAPATIO
LASJUNTAS
LOS ARTESANOS
LOMABONITA
SAN PEDRITO
CALZ. LAZARO CARDENAS
FERROCARRIL
ATLAS
SAN PEDROTLAQUEPAQUE
BOSQUE
MODERNA
RESIDENCIALVICTORIA
MERCADODE ABASTOS
BOSQUES DELA VICTORIA
COLONINDUSTRIAL
8 DE JULIO
Estación delFerrocarril
Melchor
Ocampo
AV.VALLARTA
JUAN DELA BARRERA
LADRONDE GUEVARA
SANTATERESITA
Prol.Avenida Mariano Otero
EL TESORO
Av. de la Patria
Glorieta dela Nompai
BARRANQUITAS
CALZ. IN
DEPEN
DENCIA
Catedral
U. de G. AV. JUAREZBARRERA
MEDRANO
BLANCO YCUELLAR
SAN JUANDE DIOS MIRADOR
SANMARTIN
CIRCUNVALACIONOBLATOS
MONUMENTAL
ParqueAgua Azul
JARDINESDE LA PAZ
FRACC.ALBORADA
EL BATAN
CALZ. LAZARO CARDENAS
HERMOSAPROVINCIA
INDUSTRIAL SUBMARKET
EL SALTO SUBMARKET
THE GUADALAJARAINDUSTRIAL PARK
Carretera a Tesistán
5
TRIQUERT
SEATTLEZOQUIPA
JARDINES DE GUADALUPE
Av. de la Patria
Av. de la Patria
Av.
de la
Pat
ria
Av. de la Patria
Av. Pablo NerudaAv. Pablo Neruda
Parque deLos Colomos
ParqueMezquitán
Juan Manuel
JARDINES
CALZ. LAZARO CARDENAS
Av. Niños Héroes
AV.A
MER
ICA
SAV
. CH
APU
LTEP
EC
EstadioJalisco
FACULTADDE MEDICINA
U. de G.
CENTROMEDICO DEOCCIDENTE
INDEPENDENCIA
Belis
ario
Dom
íngu
ez
Calz. Obreros
REPUBLICA13
Av. P
lutar
coElí
asCa
lles
Av. P
luta
rco
Elías
Call
es
AV. JAVIER MINAGIGANTES EJE
Calz
. del
Ejér
cito
REVOLUCIONAv.Washington
Circunvalación Oblatos
Revolución
Av. P
atria
ANILLO
PERI
FERI
CO
Río Nilo
Calz. Olímpica
Av.Niño
s Héroe
s
CALZ. REVOLUCION
Calz.Tlaquepaque
JESUS
GO
NZ
ALEZ
GA
LLO
Campo de GolfAtlas
Cam
. aSan
Martín
delas
Flores
AV.8 DE JU
LIO
AV. 8
DE
JULI
O
ANILLOPERIFERICO
ANILLO
PERIFE
RICO
AN
ILLOPERIFERIC
O
ELBOSQUE 2 HONDA
HERSHEY’S
ELBOSQUE 1
KODAK
PQ
IBM
PERIFERICO SUR
OLD INDUSTRIAL ZONE
BELENES /SAN JUAN DE OCOTAN
BA
E
C
D
2005
1
2 5
4
3
1
2
5
4
3
COMM
ERCI
AL
15
COMMERCIAL MARKET
In 2004 the supply for commercial rental spaces in Guadalajara shows a downward trend due to the highdemand for rental spaces inside A class “in-fashion”shopping centers such as “Centro Magno” and “La GranPlaza” offering combined vacancy of 1,000 sq. m.
B and C-rated shopping centres representing the higher percentage of the total available are: “Plaza Revolución”with 31%, “Plaza Patria” with 2% vacancy rate as well as “Plaza del Sol” with 1% available (2,500 sq. m.) (Referto diagram “Available rental space by Shopping Center (percentage)”)
Guadalajara
Distribution of the rental space offered in Shopping CentersClasses: A, B and C (percentage).
“Forum del Calzado” shopping center in the Avenida México area will offer a total rentable area of 3,000sq. m. distributed in 55 rental units with monthly rates being US $22.00 per sq. m.
In 2004 “Plazas Outlet Guadalajara” shopping center was under construction, located at López Mateos Sur(Surrounding sub-market). This project is made up by 35,000 sq. m. of rentable area of which approximately50% has been sold. The Plaza is made up of 125 commercial units for Specialty stores, 14 for fast-food, 14cinemas, 4 restaurants, banks, supermarket, gas station, gym and 2,500 sq. m. to be used as a family entertainmentcenter. (Refer to chart “Shopping Center under construction (sq. m.)”)
Centro Magno17%
Plaza Pabellón33%
Plaza Revolución31%
Plaza del Sol1%
Plaza Independencia13%
La Gran Plaza
3%
Plaza Patria2%
2005
SUPPLY
16
COMMERCIAL
Guadalajara
Plazas Outlet GuadalajaraTorrena
All
Shopping Center under construction sq. m.
Shopping Center Area sq. m.
AlrededoresPlaza del Sol
Zone
35,000 sq. m.n/d
35,000 sq. m.
INVESTMENT
From January to December 2004 the commercial market was active in connection with investments madein the following business’s with the opening of convenience stores such as Oxxo and 7 Eleven, supermarkets(Waldo’s), drugstores, banks and foreign dry cleaning companies such as Cinq a Sec (French) and Waschen(German). These latter two companies started operations in Guadalajara at the end of 2004.
SUPPLY
At the beginning of 2004’s, two events took place: the opening of “Sport City Fitness Club” with a US $15million investment in the Minerva area. The expansion of “World Gym” opening a third branch in Av. NacionesUnidas, as well as the further expansions of WalMart who invested US $18 million in its new store at LopezMateos and created 200 direct jobs. The Dutch clothing chain, C&A expanded in 2004, with a new storeopened in “Plaza Galerías”. Grupo Carso invested US $18 million and opened Sears and Sanborn’s storesin “Plaza Galerias”, creating 400 direct jobs. Mixup music store also expanded, representing a US $2 millioninvestment. Operations of El Globo bakery, The Coffee Factory and Café Café are actively expanding in themarket. (Refer to chart “Most relevant transactions conducted within the Commercial Market, 2004”)
The 306 m. high Torrena’s building is to begin construction in 2005. It’s estimated to take 20 months andwill be located at Lopez Mateos and Mariano Otero avenues. This will be the tenth tallest tower in the worldand the tallest in Latin America, with construction costs of $48 million. It will host offices related tocommunications and a substantial entertainment area.
2005
COMM
ERCI
AL
17
Guadalajara
PRICING
In 2004 the commercial rental rates in Guadalajara stayed in line with 2003.
The prices of rental areas within Class A shopping centers on a monthly basis were reported to go fromUS $17.00 to US $43.00 per sq. m. The commercial rental spaces for Class-B shopping centers had rentalrates ranging from US $13.00 up to US $30.00 per sq. m. on a monthly basis while those in C-Class shoppingcenters were between US $8.69 and US $17.39. (Refer to diagram “Monthly Leasing Prices (USD / sq. m.)and Availability Rate, 2004 – 2005. Includes Classes: A, B and C”).
Most relevant transactions conducted within the Commercial Market, 2004
User Zone Built Area m2
WalMartLiverpoolSearsCinépolisSuperamaSuperamaToyotaRenaultC&AZaraWorld GymSport CityHome DepotYAKYAK
10,00010,00010,00010,0004,0004,0004,0002,0002,0002,0002.0002.000n/d
2.0002.000
TlajomulcoPlaza GaleríasPlaza GaleríasPlaza GaleríasProvidenciaPuerta de HierroAcueductoAméricasPlaza GaleríasPlaza GaleríasNaciones UnidasMinervaLópez MateosPlaza GaleríasRío Nilo
2005
18
COMMERCIAL
Guadalajara
0
5
10
15
20
25
30
Class "A" Class "B" Class "C"0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%Price Vacancy
Monthly Net Rental Rates (USD / sq. m.) and Availability Rate, 2004. Includes Classes: A, B and C.
The shopping center with the highest rental rates is “Plaza Galerías Guadalajara” ranging from US $26.00to US $43.00 per sq. m. on a monthly basis. (Refer to diagram “Comparative: List Leasing Prices Ranges ona Monthly Basis (US / Sq. m.) by Shopping Center. Includes Classes: A, B and C, 2004”).
2005
COMM
ERCI
AL
19
Guadalajara
35.00
19.0016.00
43.00
26.00 26.0030.00
22.0017.0022.00 22.00
16.00
26.00
17.00
22.00
13.00 13.00
9.005.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
Plaz
a G
aler
ías
Gua
dala
jara
Plaz
a Pa
belló
n
Cen
tro
Mag
no
La G
ran
Plaz
a
Plaz
a de
l Sol
Plaz
a Pa
tria
Plaz
a M
éxic
o
Plaz
aIn
depe
nden
cia
Plaz
aRe
volu
ción
Comparative: Leasing Price List Ranges on a Monthly Basis (US / sq. m.) by Shopping Center. IncludesClasses: A, B and C, 2004.
2005
COMM
ERCI
AL
20
Guadalajara
TlaquepaqueTonaláPatria/AcueductoPatria/VallartaPatria/Mariano OteroLópez MateosMariano Otero
BASE AEREA MILITAR
ELECTRONICS
ARCOS DEZAPOPAN
LA TUZANIA
TEC DE MONTERREYCampus Guadalajara JARDIN
REAL
PanteónRecinto de la Paz
VALLE REAL
SANTAMARGARITA
VALLE DESAN ISIDRO
SAN JUANDE OCOTAN
ANILLO PERIFERICO
COCA-COLA
PARQUE INDUSTRIALBELENES NORTE
Monumento aEmiliano Zapata
TEPEYACSANFRANCISCO
SANISIDRO
CONSTITUCION
U. de G.LOS BELENES
TABACHINESANILLO PERIFERICOBENITOJUAREZ
Carretera a Zacatecas
HUENTITANEL BAJO
EXPERIENCIA
LOMASINDEPENDENCIA
PARQUE NATURALHUENTITAN
JARDINESALCALDE
CIRCUNVALACION CAL
Z.IN
DEP
END
ENCI
ANTE
Belisario
Domínguez
Av. dela
Cruz
SAN MIGUELDE HUENTITAN
GUADALAJARAORIENTE
ARANDAS
TULIPANES
ANILLO
PERIFERICO
AN
ILLOPERIFERIC
O
OBLATOS
LOMAS DEOBLATOS
LIBERTAD
LOMAS DELGALLO
ALAMEDAS DEZALATITAN
SAN GASPARDE LAS FLORES
LOMAS DELMANANTIAL
TETLAN
SANANDRES
JARDINESDEL NILO
ELROSARIO
ARCOS DEZALATITAN
BALCONESDEL ROSARIO
CONJUNTOLINDAVISTA
LA MESA
TONALA
LOMADORADACALZ. LAZARO CARDENAS
CENTRALCAMIONERA
CIUDADAZTLAN
SAN JOSEDE TATEPOSCO
LA GIGANTERA
LA ESPERANZA
Carretera a los Altos
FRACC.LA LOMA
SAN MARTINDE LAS FLORES
LA DURAZNERA
LAS LIEBRES
EX HACIENDADEL CASTILLO
Carretera a El Salto
Parque IndustrialEl Salto
Carretera a Chapala
SAN JOSE
EL VERDE
CORREDOR INDUSTRIALEL SALTO
LAS PINTITAS
vv PARQUEINDUSTRIAL
GUADALAJARA
ESMERALDA
SANTA ROSADEL VALLE
AEROPUERTO INTERNACIONAL“MIGUEL HIDALGO”
LOS GIGANTES
EL 13LAHUIZACHERA
SANTA CRUZDEL VALLE
Las pintas
TOLUQUILLALA CASTILLOTA
LA CALERILLA
HEWLETTPACKARD
SANSEBASTIANITO
SANTA MARIATEQUEPEXPAN
EJIDOLA TIJERA
SANTA ANITA
Carretera a Colima
CONDOMINIOSANTA ANITA
CAPULLA
AV. MANUEL AVILA CAMACHO
UNIDADG. ORTEGA
AV.A
LCA
LDE
ZAPOPANCENTRO
BasílicaZapopana
ATLASCOLOMOS
PUERTADE HIERRO
UNIVERSIDADAUTONOMA DEGUADALAJARA
COLINAS DESAN JAVIER
LOS COLOMOS
AV.AMERIC
AS
CHAPULTEPECCOUNTRY
APASCO
Av.A
viació
n
Carretera a
Nogales / Puerto Vallarta
JARDINESUNIVERSIDAD
Av. d
e la
Patr
ia
LOMAS DEL VALLE
JUAN MANUELVALLARTA
PRADOSPROVIDENCIA
PROVIDENCIA
AV. HIDALGO
PRO
L.LO
PEZ
MATEO
S
AV.A
. LOPE
ZMAT
EOS
AV.A
DOLF
OLO
PEZ
MATEO
S
AV.F
EDER
ALI
SMO
16D
ESE
PTIE
MBR
E
AV. MEXICO
AV. VALLARTA
UNIVERSIDADPANAMERICANA
AV. GUADALUPE
LA ESTANCIAPRADOS
VALLARTACAMINO
REALAV. GUADALUPE
MINERVA
ATLASCHAPALITA
CIUDAD DELOS NIÑOS
UNIVACHAPALITA
DEL SOLAV.TEPEYAC
Av. MoctezumaEL COLLI
PASEOSDEL SOL
PRAISOS DEL COLLI
MIRAMARARENALESTAPATIOS
EL BRISEÑO
SANTA ANATEPETITLAN
AGRICOLA
BUGAMBILIAS
EL PALOMAR
LA TIJERA
MENEN’S
LOS GAVILANES
Calz. José
Guadalupe
Galio
EL CAMPANARIO
ITESC
AGUABLANCA
EL REAL
Car
rete
raa
San
Seba
stián
Camino
Realde
Colima
LASFUENTES
LACALMA
Av. Maria
no Otero
HEWLETTPACKARD
Av. Marian
o Otero
VILLA GUERRERO
18 DEMARZO
AV.CRIST
OBAL COLO
N
AV.CRIST
OBAL COLO
N
LASAGUILAS
PINAR DELA CALMA
COCA - COLA
ELEKTRA
JARDINES DESANTA MARIA
EMILIANOZAPATA
LOMAS DEPOLANCO
ECHEVERRIA
POLANQUITO
MEZQUITERA
MIRAVALLE
FOVISSSTEMIRAVALLE
CERRODEL CUATRO
EL REFUGIO
LOMASDEL CUATRO
LANOGALERA
EL ALAMO
EL ALAMOINDUSTRIAL
ELTAPATIO
LASJUNTAS
LOS ARTESANOS
LOMABONITA
SAN PEDRITO
CALZ. LAZARO CARDENAS
FERROCARRIL
ATLAS
SAN PEDROTLAQUEPAQUE
BOSQUE
MODERNA
RESIDENCIALVICTORIA
MERCADODE ABASTOS
BOSQUES DELA VICTORIA
COLONINDUSTRIAL
8 DE JULIO
Estación delFerrocarril
Melchor
Ocampo
AV.VALLARTA
JUAN DELA BARRERA
LADRONDE GUEVARA
SANTATERESITA
Prol.Avenida Mariano Otero
EL TESORO
Av. de la Patria
Glorieta dela Normal
BARRANQUITAS
CALZ. IN
DEPEN
DENCIA
Catedral
U. de G. AV. JUAREZBARRERA
MEDRANO
BLANCO YCUELLAR
SAN JUANDE DIOS MIRADOR
SANMARTIN
CIRCUNVALACIONOBLATOS
MONUMENTAL
ParqueAgua Azul
JARDINESDE LA PAZ
FRACC.ALBORADA
EL BATAN
CALZ. LAZARO CARDENAS
HERMOSAPROVINCIA
Carretera a Tesistán
TRIQUERT
SEATTLEZOQUIPAN
JARDINES DE GUADALUPE
Av. de la Patria
Av. de la Patria
Av.
de la
Pat
ria
Av. de la Patria
Av. Pablo NerudaAv. Pablo Neruda
Parque deLos Colomos
ParqueMezquitán
Juan Manuel
JARDINES
CALZ. LAZARO CARDENAS
Av. Niños Héroes
AV.A
MER
ICA
SAV
. CH
APU
LTEP
EC
EstadioJalisco
FACULTADDE MEDICINA
U. de G.
CENTROMEDICO DEOCCIDENTE
INDEPENDENCIA
Belis
ario
Dom
íngue
z
Calz. Obreros
REPUBLICA13
Av. P
lutar
coElí
asCa
lles
Av. P
luta
rco
Elías
Call
es
AV. JAVIER MINAGIGANTES EJE
Calz
. del
Ejér
cito
REVOLUCIONAv.Washington
Circunvalación Oblatos
Revolución
Av. P
atria
ANILLO
PERI
FERI
CO
Río Nilo
Calz. Olímpica
Av.Niño
s Héroe
s
CALZ. REVOLUCION
Calz.Tlaquepaque
JESUS
GO
NZ
ALEZ
GA
LLO
Campo de GolfAtlas
Cam
. aSan
Martín
delas
Flores
AV.8 DE JU
LIO
AV. 8
DE
JULI
O
ANILLOPERIFERICO
ANILLO
PERIFE
RICO
AN
ILLOPERIFERIC
O
ELBOSQUE 2 HONDA
HERSHEY’S
ELBOSQUE 1
KODAK
PQ
IBM
CentroCruz del SurMinervaChapultepecGlorieta ColónOblatosOlimpica
norte
CORREDORES COMERCIALES
2005
21
Definiciones · Definitions
Anchor Stores
Warehouse
Category/Class
Sub-Market
Real Estate Deman
Entertaiment Centers
Available Spaces
Fashion Mall
Inventory
Mall
Market
Industrial Buildings
Shell
Avalailability/Supply
Outlet
Net Absorption
Chain stores or establishments where major retailactivity occurs and that receives a considerable numberof consumers. As a result, anchor stores occupy largerspaces in shopping centres. These types of stores maybe self-service, department or specialty stores, cinemasand entertainment centres.
Building designed and constructed for the activityof storage and distribution of merchandise.
Raking Category granted to a building in regard to thecharacteristics that distinguish them from otherbuildings. In the office market buildings are classifiedfrom higher to lower quality as follows: A+, A, B andC.
A city area delimited by one or various neighbourhoods,as well as avenues, that include a sufficient amount ofoffice, retail and industrial space available for sale orlease.
Measurement in m2 that shows the total space, whichwas sold or leased during a certain period of time.
Shopping centres intended for entertainment purposes.The anchor stores might be cinemas, ice-skating rinks,bingo and/or nightclubs.
The square meters available in buildings that areoffered to the market for sale or lease.
Shopping Centres that have department stores asanchors. In Mexico, these types of department storesare: Palacio de Hierro, Liverpool, Sears, Fabricas deFrancia and Dorians.
Real estate properties (measured in square meters)within the main sub-markets, excluding those that areunder construction or planned.
Indoor shopping centres, with central air conditioning,for which the main characteristic is to have an enclosedstructure providing access to any of the retail shopsfrom within the mall. Corridors exist that connect themany shops and units that are located inside.
A business trade relationship between buyers andsellers that gather to interchange merchandise, suchas: buildings, retail units, shopping centres, warehouses,industrial buildings, etc.
Facility or building designed or constructed specificallyfor industrial activities, such as: production,transformation, manufacture, assembly, industrialprocesses, storage and distribution.
Building space without improvements that is furnishedto a tenant after its purchase or lease.
Total space in square meters offered to the marketfor sale or lease during a specific period of time.
In general, Shopping centres that have clothing storesconstantly offering clearance or excess inventory. Insome cases they have fast food areas. At present, "outletmalls" are being developed including anchorstores that offer the clearance concept.
The variation in the number of square meters ofoccupied office space during a specific time period.This indicator shows the total square meters absorbed.If it is negative, it indicates an over-supply of availablespace.
2005
22
Definiciones · Definitions
Créditos · CreditsPara Comentarios
For Coments
Ciudad de México
Análisis de MercadoMarket Analysis
Diseño GráficoGraphic Design
Monterrey
Guadalajara Puebla
Querétaro
Tijuana
Javier Lomelín AnayaDirector General
aaguirre@colliers.com.mx
Adriana AguirreConnie Moreno
Douglas McMurrayEduardo Sarti
José Sánchez
arodriguez@colliers.com.mx
esarti@colliers.com.mx jcaso@colliers.com.mxhmartinez@colliers.com.mx
slomelin@colliers.com.mx
jaltamirano@colliers.com.mx
New SpacesThe total square meters added to the Real Estatemarket as new supply.
Availability Rate
Over-Supply
Stand Alone Retail Space
Power Center
Strip Center
Sub-Lease
Industrial Land
Industrial Park
Percentage of available space in any market. Thisindicator is obtained by dividing total available spaceby the total inventory, in square meters.
The effect caused by the excessive addition of spaceto a market. This phenomenon occurs when the amountof available square meters surpasses the number ofbuyers in the market.
All property intended for retail use and that is locatedoutside a shopping centre.
Shopping centres that contain a self-service store asanchor store. In Mexico these types of stores are:Auchan, Chedrahui, Comercial Mexicana, Costco,Gigante, Price Club Superama, Wal-Mart and Soriana.
Shopping centres that, unlike Malls, are "outdoors"and generally offer diverse retail concepts in buildingsdeveloped in a straight line. Normally, they have designshapes such as "L" or "U". They are also identifiedas small shopping centres located on the edge of astreet and that do not have an anchor store.
Space offered for lease by the primary tenant to athird party before the primary contract has expired.
The number of adjoining land parcels occupied by onecompany provided for the utilization of a single industry.
Area geographically delimited and designed specificallyto house industrial buildings, consisting of adequateconditions for distribution, infrastructure, equipmentand services, and permanent administration of itsoperation.
2005
23
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República ChecaRepública de Irlanda
Rumania
HolandaHong Kong
HungríaIndia
IndonesiaInglaterra
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Kazakhstan
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Direcciones · Locations
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2005
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2005