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BAJA CALIFORNIA BAJA CALIFORNIA INDUSTRIAL REAL ESTATE
January 16 2013
Presented by JP de Kervor www.Cushwake.com (858) 220.0640
January 16, 2013
©JP de KervorAll rights reserved
REAL ESTATEIN BAJAABOUT │ABOUT │ Cushman & WakefieldCushman & Wakefield
• World’s largest Privately held commercial real estate firmg y
• 253 offices in 60 countries
• 14,000 employees worldwide
• Worldwide transaction value (2010) $766 billion (US)
• Worldwide revenue (2010) $1.04 billion (US)
• 5 offices in Mexico D.F.MonterreyMonterreyJuarezTijuanaGuadalajaraGuadalajara
• 32 brokers in Mexico
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
REAL ESTATEIN BAJAMEXICALI City Map │ Industrial Parks
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
REAL ESTATEIN BAJAMEXICALI Total Market Area│ Square Feet
Sahuaro Calafia IICalafia I518,000
3%
Sahuaro1 million
6%
Calafia II36,0000% P.I. Progreso
900,0005%
Cucapa270 000
Grupo IAMSA3.4 million
18%Grupo Maran2.1 million
11%
270,0001%
Grupo Nelson4.7 million
25%Grupo PIMSA
CPA1.3 million
7%
Grupo PIMSA4.5 million
24%
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
REAL ESTATEIN BAJAMEXICALI │ Vacancy
Total Available Building Inventory (Sq Ft ):Total Available Building Inventory (Sq. Ft.):2.3 Million
Total Land Inventory (Sq. Ft.):21 8 Million21.8 Million
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
REAL ESTATEIN BAJAMEXICALI Major TransactionsMEXICALI Major Transactions│ 2012│ 2012
Type Sector Location Size (SF)
N I t t A PIMSA I 80 000New Investment Aerospace PIMSA I 80,000
Expansion Electonics PIMSA IV 88,424
GKN
Expansion Consumables Progreso 100,000
Expansion Automotive PIMSA I 110,000
E i A C l d 164 000Expansion Aerospace Colorado 164,000
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
REAL ESTATEIN BAJAMEXICALI Sample AvailabilityMEXICALI Sample Availability│ 150K+│ 150K+
Industrial Park Building Available Space (SF)
Colorado Industrial Park Videocon 973,173
MAG Building 230,000
Cosmo Cosmo 420,000
ll d iDesarrollo de Activos 187,077
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
REAL ESTATEIN BAJAMEXICALI Sample Availability MEXICALI Sample Availability │ 150K+│ 150K+
MaranVideocon
Maran
Cosmo Accuride
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
REAL ESTATEIN BAJANEW Industrial Park NEW Industrial Park │ Nicoya Technology Park│ Nicoya Technology Park
Nicoya Group has a development base on 9 years of experience in International Manufacturing with world
buildings and the shelter concept "A Soft landing in Mexico"buildings and the shelter concept A Soft landing in Mexico
Nicoya’s location is perfect for the R&D Developments, Aerospace and Electronic Manufacturing.
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
REAL ESTATEIN BAJASAN Luis Rio ColoradoSAN Luis Rio Colorado│ Industrial Zones│ Industrial Zones
Newest Port of Entry
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
BAJA CALIFORNIAINDUSTRIALREAL ESTATETIJUANA│ Industrial Zones
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
BAJA CALIFORNIAINDUSTRIALREAL ESTATETIJUANA│ Market Overall
• Tijuana has 65 million SF of Industrial Real Estate of which 8.8 Million SF are vacant.
• Currently available: 149 buildings down from 219 Buildings 2 years ago.
d f• Vacancy Rate is at 14% down from 16% 1 year ago down from 18% 2 years ago.
Ab i i i i A 1 5 Milli SF• Absorption is positive – Approx. 1.5 Million SF were absorbed in 2012.
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
BAJA CALIFORNIAINDUSTRIALREAL ESTATETIJUANA│ Over 100,000 Square Feet
• 24 Available Buildings are over 100 000 SF• 24 Available Buildings are over 100,000 SF
• The largest is 429,000 SF
• Two 300,000 SF Plus buildings came on the market in 2012
• Basically no new construction, some expansions and TI’s have kept the construction industry above water.
• 1 New Industrial Park is planned.
• 3 buildings in Pacifico and one in Otay is under contract for under $20/SF.
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
BAJA CALIFORNIAINDUSTRIALREAL ESTATETIJUANA│ Otay Mesa Total
Class C,
72 BuildingsAve. 50k SF
101 Buildings3,637.00
101 BuildingsAve. 126k SF
Class A, 12,762.00
Class B, 5,477.00
73 Buildings73 BuildingsAve. 75k SF
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
BAJA CALIFORNIAINDUSTRIALREAL ESTATETIJUANA│ Otay Mesa Total SF Available
Cl A16 Buildings 8 buildings Class AClass BClass C
16 Buildings Ave. 57K SF
8 buildingsAve. 120K SF
15 BuildingsAve. 59K SF
• Of a total 2.7 million SF available in Otay, most is still Class A or B.• Biggest comp (under contract) is at less than $20/SF.
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
BAJA CALIFORNIAINDUSTRIALREAL ESTATEGDP PER CAPITA│ Vietnam, China, Mexico
$12,000
$10,000
$ ,
$6,000
$8,000
Vietnam
China
$4,000
$ , China
Mexico
Firing Costs
$‐
$2,000 Firing Costs
Mexico 52 Weeks
US 0
Vietnam 87$
2008 2009 2010 2011http://data.worldbank.org/indicator/NY.GDP.PCAP.CD?order=wbapi_data_value_2011+wbapi_data_value+wbapi_data_value‐last&sort=asc
Vietnam 87
China 91
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
BAJA CALIFORNIAINDUSTRIALREAL ESTATEBaja California│ Trends
• Medical is growing
Chi i tti i b t th A i• China is getting more expensive, but other Asian Locations will continue to provide low cost labor.
• Housing starts should start to increase and that• Housing starts should start to increase, and that should boost Maquilas (furniture, Construction Materials)
• Most Growth will be expansions by existing Maquilas– Many that do Subcontracting
• Strong Peso Continues to increase costs in Mexico
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
BAJA CALIFORNIAINDUSTRIALREAL ESTATEBaja California│ Conclusions
P i i i i ll i O• Prices are increasing especially in Otay.
• Users ‐ Time to buy if you can take advantage of l fi i tlow financing costs.
• Empty buildings selling for less than $20/SF but that may be overthat may be over.
• Leased buildings at 9 ‐ 10% cap for LT leased with solid US corporate guaranteewith solid US corporate guarantee.
• We expect to see 1.4 million SF of net absorption in 2013absorption in 2013.
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206
REAL ESTATEIN BAJACushman & Wakefield Cushman & Wakefield
• Commercial Real estate services:
Macro /Micro Site Selection
Lease or purchase analysis
Facilities requirements analysis
Due diligence
Purchase and lease negotiation and closing
lValuation Services
Supply Chain optimization and consulting
Jean‐Paul de Kervor ‐ Lic. #01037619 Director M +1 (858) 220‐0640 T +1 (858) 334‐4042 F +1 (858) 452‐ 3206