Global Industrial Highlights YE 2010

8/4/2019 Global Industrial Highlights YE 2010

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HIGHLIGHTSGLOBAL INDUSTRIAL

WWW.COLLIERS.COM

SECOND HALF 2010 | INDUSTRIAL

ROSS J. MOORE Chief Economist | USA

EUROPE, MIDDLE EAST, AFRICA (EMEA)European, Middle Eastern and African warehouseleasing markets only managed to register modestgrowth in the second half of 2010. Greece, Hungary,Ireland, Norway, Spain, and the Baltic states in particularremained key areas of weakness. Even though signs ofrecovery were evident in some parts of the region,various markets were still characterized by sluggishleasing activity and little expansion. Warehouse rentsagain held steady during the second half of 2010,repeating a pattern witnessed during the rst sixmonths of the year. Noticeable declines, however, wererecorded in Ireland, Austria, Italy, Northern Ireland andthe Ukraine. Europe is home to some of the most

expensive warehouse rents in the world, with LondonsHeathrow submarket holding the title for the third mostexpensive warehouse space in the world at $20.11USD/12.96 GBP per square foot per year.

Within the EMEA region, industrial land values inLondons Heathrow submarket remain far in excess ofany other market in the region. At year-end, Heathrowland values averaged $56.82/36.73 GBP per squarefoot, an increase of 10.3% during the second half of2010 (local currency).

NORTH AMERICAU.S. and Canadian warehouse markets registered anoticeable pick-up in leasing activity in the second half

of 2010. Warehouse users, sensing a sustainablerecovery, began to wade cautiously back into themarket. U.S. demand for warehouse space wasconcentrated in a number of port-related markets, whilein Canada most markets enjoyed a fairly brisk six-monthperiod. With a return of demand, and continued drop-oin both Canadaian and U.S. construction, vacancies inboth countries moved lower.

With both the U.S. and Canadian economies showingsigns of recovery, industrial leasing markets areexpected to remain relatively robust with a noticeableimprovement in fundamentals by the second half of2011. Occupancy gains are expected to be sizeable,

given healthy gains in manufacturing and a continbounce-back in consumer spending. Althoufundamentals will improve as the year unfolds, rents expected to remain largely directionless for the balaof 2011. During the second half of 2010 U.S. rents 2.9% while Canadian rents increased just 0.2%. North American markets ranked in the top ten highrents, although Honolulu did come in at number 11$11.88 USD per square foot, per annum.

ASIA PACIFICAsia Pacic remained the most robust region in world, with exports posting healthy growth ratesmany countries. With the region registering hea

economic growth, and exporters boosting sales bwithin the region and globally, rents were steady orin most markets. At press time, we cannot gauge eects of the March 11 earthquake and tsunami Japans economy in 2011. However, it is safe to assuJapanese growth, and more importantly trade, willadversely aected. Trade across the region will feel eects of Japans devastating earthquake and tsunaas a result, demand for warehouse space is expectedbe sluggish relative to 2010. Tokyo, Hong Kong aSingapore warehouse rents all ranked in the top twith Tokyo lease rates the most expensive in the woat $22.56 USD per square foot, per annum/1,650JPY per square meter, per month.

Industrial Markets WorldwideShowing Signs of Recovering

GLOBAL INDUSTRIALCAPITALIZATION RATES(Prime Yield/Percent)

MARKET(Select Markets)

DEC.2010

JUNE2010

Hong Kong 4. 4.London Heathrow . .New Jersey Northern . .Singapore . .Tokyo . .Vancouver . .Munich . .Paris . .Chicago . .Marseille . .Shanghai . .Seoul . .Madrid . .Dallas-Ft. Worth . .Sydney . .Los Angeles Inland Empire . .Prague . .Atlanta . .Mexico City . .Bucharest . .

GLOBAL PRIME LAND PRICES

MARKET(Select Markets)

DEC.2010(USDPSF)

6-MONTH

CHANGE*

(%)

Hong Kong ,. .Tokyo . -.Singapore .4 .

London - Heathrow . .Seoul 4. .Shanghai . .Melbourne .4 .Beijing . .Antwerp .4 .Milan .4 -.Hamburg 4. .Leeds . .Toronto . .Los Angeles - Inland Empire . -.Helsinki . .Paris . .Lyon . .Chicago . .Dallas - Fort Worth . .Atlanta . -.

*Local Currency

GLOBAL TOP TEN INDUSTRIALWAREHOUSE RENTS

MARKET

RENT(USD/

PSF/Year)

6-MONTHCHANGE

(Local Currency, %

Tokyo . -.London Heathrow . .Zurich . .Hong Kong . .Geneva . .Oslo . .Singapore . .So Paulo . .Helsinki 4.4 .Moscow . .


2/8P. 2 | COLLIERS INTERNATIONAL

HIGHLIGHTS | SECOND HALF 2010 | INDUSTRIAL | GLOBAL

INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY RENTS

MARKET COUNTRYQUOTED

CURRENCY UNITTIME

PERIOD

PRIMEWAREHOUSERENT (LOCALMEASURE/CURRENCY)

PRIMEWAREHOUSE

RENT, 6-MONTHCHANGE (%)

PRIME BULKRENT (LOCALMEASURE/CURRENCY)

PRIME LANDVALUE (LOCA

MEASURE/CURRENCY)

EUROPE, MIDDLE EAST AND AFRICA (EMEA)

Vienna Austria EUR SM Month . -. . .

Minsk Belarus EUR SM Month . . .

Antwerp Belgium EUR SM Month . . . .

Brussels Belgium EUR SM Month . . . .

Soa Bulgaria EUR SM Month 4. -. . .

Zagreb Croatia EUR SM Month . . . .

Prague Czech Republic EUR SM Month 4.4 -4. . 4.

Copenhagen Denmark DKK SM Month . -. . .

Tallinn Estonia EUR SM Month 4. . . .

Helsinki Finland EUR SM Month . . . .

Bordeaux France EUR SM Month 4. .4 . .

Lille France EUR SM Month 4. .4 . 4.

Lyon France EUR SM Month . . . .

Marseilles France EUR SM Month 4. -. .4 .

Paris France EUR SM Month . . 4.4 .

Toulouse France EUR SM Month . . . 4.

Berlin Germany EUR SM Month . . 4. .

Dsseldorf Germany EUR SM Month . . 4.4 .

Frankfurt Germany EUR SM Month . . . .

Hamburg Germany EUR SM Month . . . .

Munich Germany EUR SM Month . . . .

Stuttgart Germany EUR SM Month . . . .

Athens Greece EUR SM Month . . 4. .

Budapest Hungary EUR SM Month 4. -4. . 4.

Tel Aviv Israel ILS SM Month 4. . .

Milan Italy EUR SM Month 4. -. 4. .

Rome Italy EUR SM Month . -. . .

Riga Latvia EUR SM Month . . . .

Vilnius Lithuania EUR SM Month . . . .

Amsterdam Netherlands EUR SM Month . . .4 .

Oslo Norway NOK SM Month . . . ,.

Warsaw Poland EUR SM Month . . 4. .

Lisbon Portugal EUR SM Month . . . .

Dublin Republic of Ireland EUR SM Month . -. . .

Bucharest Romania EUR SM Month 4.4 -. 4. .

Moscow Russia USD SM Month . . . .

Saint Petersburg Russia USD SM Month . . . .

Belgrade Serbia EUR SM Month . . 4. .

Bratislava Slovakia EUR SM Month . . . .

Cape Town South Africa ZAR SM Month . . 4. ,.

Durban South Africa ZAR SM Month 4. . 4. ,4.

Johannesburg South Africa ZAR SM Month . . 4. .

Madrid Spain EUR SM Month . . . .

Stockholm Sweden SEK SM Month . . 4. .

Geneva Switzerland CHF SM Month 4. . . .

Zurich Switzerland CHF SM Month . . .

Istanbul Turkey USD SM Month . . .

Kyiv Ukraine USD SM Month . -4. . .

Belfast United Kingdom GBP SF Year 4. -. 4. .

Birmingham United Kingdom GBP SF Year . . . .

Bristol United Kingdom GBP SF Year . . . .

MEASURE


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HIGHLIGHTS | SECOND HALF 2010 | INDUSTRIAL | GLOB

COLLIERS INTERNATIONAL | P

Edinburgh United Kingdom GBP SF Year . . 4. .4

Glasgow United Kingdom GBP SF Year . . . .44

Leeds United Kingdom GBP SF Year . . . .

London Heathrow United Kingdom GBP SF Year . . . .

Manchester United Kingdom GBP SF Year . . 4. .

NORTH AMERICA

Calgary Canada CAD SF Year . 4. . .

Edmonton Canada CAD SF Year . -. . 4.

Halifax Canada CAD SF Year . . . 4.

Montreal Canada CAD SF Year 4. . 4. .

Ottawa Canada CAD SF Year . -. . .

Regina Canada CAD SF Year . . . .

Saskatoon Canada CAD SF Year . . . .Toronto Canada CAD SF Year 4. -. 4. .

Vancouver Canada CAD SF Year . . . .

Victoria Canada CAD SF Year . .

Waterloo Region Canada CAD SF Year 4. -. .4 .4

Winnipeg Canada CAD SF Year 4. 4. .4

Atlanta United States USD SF Year . -. .4 .

Bakerseld United States USD SF Year 4. . . .

Baltimore United States USD SF Year 4. -.

Boise United States USD SF Year 4. . 4. .

Boston United States USD SF Year 4. 4. .

Charleston United States USD SF Year . .4 4. .

Charlotte United States USD SF Year .4 -.

Chicago United States USD SF Year .4 . . .

Cincinnati United States USD SF Year . -. . .

Cleveland United States USD SF Year .4 .

Columbia United States USD SF Year . . . .

Columbus United States USD SF Year .4 -.4 .4 .4

Dallas-Ft. Worth United States USD SF Year . . . .

Denver United States USD SF Year . . . .

Detroit United States USD SF Year . -. .

Faireld United States USD SF Year . -.4 .

Fresno United States USD SF Year .4 . . .

Ft. Lauderdale-Broward County United States USD SF Year . -.4 .4

Greenville United States USD SF Year . -. . .

Hartford United States USD SF Year 4. . 4. .4

Honolulu United States USD SF Year . .

Houston United States USD SF Year 4. . 4. .

Indianapolis United States USD SF Year . . .

Jacksonville United States USD SF Year . . .

Kansas City United States USD SF Year . -. 4.

Las Vegas United States USD SF Year 4. -4. 4. .

Little Rock United States USD SF Year . -. .4 .

Los Angeles United States USD SF Year .4 -. . .

Los Angeles Inland Empire United States USD SF Year . -. .4 .

Louisville United States USD SF Year .4 -.

Memphis United States USD SF Year .4 -. .4 .

Miami United States USD SF Year . -. .4 4.

Nashville United States USD SF Year . . .



CURRENCY UNITTIME

PERIOD


PRIMEWAREHOUSE


PRIME BULKRENT(LOCALMEASURE/CURRENCY)


MEASURE/CURRENCY)

EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued




New Jersey Central United States USD SF Year 4. -. . .

New Jersey Northern United States USD SF Year . -. . .4

Oakland United States USD SF Year 4. -. . .

Orange County United States USD SF Year . -. . .

Orlando United States USD SF Year 4. -.4 4.

Philadelphia United States USD SF Year 4. . . .

Phoenix United States USD SF Year .4 . 4. .

Pleasanton/Walnut Creek United States USD SF Year 4. . 4. .

Portland United States USD SF Year 4. -. 4.4 .

Raleigh United States USD SF Year . -.4

Reno United States USD SF Year .4 -. . .

Sacramento United States USD SF Year 4.4 . . .

San Diego United States USD SF Year . . . .

San Francisco Peninsula United States USD SF Year .4 -. .4

San Jose/Silicon Valley United States USD SF Year 4.44 -. .4

Savannah United States USD SF Year . . .

Seattle/Puget Sound United States USD SF Year . -. 4.

St. Louis United States USD SF Year . .

Stockton/San Joaquin County United States USD SF Year . -. .4 .

Tampa United States USD SF Year 4. -. .

Washington, DC United States USD SF Year .4 .

West Palm Beach United States USD SF Year .4 -. .4 .

ASIA PACIFIC

Adelaide Australia AUD SM Year . . . 4.

Brisbane Australia AUD SM Year . -. . .

Melbourne Australia AUD SM Year . . . .

Perth Australia AUD SM Year . . . .

Sydney Australia AUD SM Year . . . .

Beijing China RMB SM Month . . . ,.

Guangzhou China RMB SM Month . 4. . .

Hong Kong China HKD SF Month . . .4 ,.

Shanghai-Pudong China RMB SM Month . .4 . ,.

Delhi India INR SF Month . . . 4,.

Jakarta Indonesia IDR SM Month ,. . ,.

Tokyo Japan JPY SM Month ,. -. ,. 44,.

Auckland New Zealand NZD SM Year . -. .

Christchurch New Zealand NZD SM Year . -. .

Wellington New Zealand NZD SM Year . -. .

Singapore Singapore SGD SF Month . . . .

Seoul South Korea KRW SM Month ,. . ,. ,.

Chonburi Province Thailand THB SM Month . . ,.

Ho Chi Minh City Vietnam USD SM Month . . .

LATIN AMERICA

Buenos Aires Argentina USD SM Month . . . .

So Paulo Brazil REAL SM Month . . . .

Santiago Chile USD SM Month .4 . 4. .

Bogot Colombia USD SM Month . . . .

San Jos Costa Rica USD SM Month . -. . .

Mexico City Mexico USD SM Month .4 . .4 .

Lima Peru USD SM Month . . . .



CURRENCY UNITTIME

PERIOD


PRIMEWAREHOUSE


PRIME BULKRENT (LOCALMEASURE/CURRENCY)


MEASURE/CURRENCY)

NORTH AMERICA continued


5/8



INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT RATES

MARKET COUNTRY

EXCHANGERATE (USD)

DEC. 31, 2010

PRIMEWAREHOUSE

RENT(USD/SF/YEAR)

PRIMEBULK RENT

(USD/SF/YEAR)

PRIMELAND VALUE

(USD/SF)

VACANCYRATE (%)DEC. 2010

PRIME YIELD/CAP RATE

(%)

10-YEARGOVT. BON

RATE (%

EUROPE, MIDDLE EAST AND AFRICA (EMEA)

Vienna Austria . . . . . .Minsk Belarus . 4. . .* .

Antwerp Belgium . .4 4. .4 . . 4.

Brussels Belgium . . 4. . . . 4.

Soa Bulgaria . . . . .* .

Zagreb Croatia . . . . .* .

Prague Czech Republic . . . . .* . .

Copenhagen Denmark . .44 .44 . . . .

Tallinn Estonia . . . . . .

Helsinki Finland . 4.4 . . 4. . .

Bordeaux France . . . .4 . . .

Lille France . . . .4 . . .

Lyon France . . . . . . .

Marseilles France . . . .4 . . .Paris France . . . . . . .

Toulouse France . . . . . . .

Berlin Germany . . . . . .

Dsseldorf Germany . . . . . .

Frankfurt Germany . . . . 4. . .

Hamburg Germany . . . 4. . .

Munich Germany . . . 4. . . .

Stuttgart Germany . . . . . .

Athens Greece . . . . .* . .

Budapest Hungary . . . . .* . .4

Tel Aviv Israel . . . . 4.

Milan Italy . .4 . .4 . . 4.

Rome Italy . . . . . 4.Riga Latvia . . 4. .4 4. .

Vilnius Lithuania . . 4. . . .

Amsterdam Netherlands . . . 4. .4 . .4

Oslo Norway . . 4. .4 .

Warsaw Poland . . . . .* . .

Lisbon Portugal . . .4 .4 . .

Dublin Republic of Ireland . . . . . . .

Bucharest Romania . . . . .4* .

Moscow Russia . . . 4. .* . .4

Saint Petersburg Russia . . . . .* 4. .4

Belgrade Serbia . . . . .* .

Bratislava Slovakia . . 4. . .* . .

Cape Town South Africa . . . .4 . . .44

Durban South Africa . . . . . .44

Johannesburg South Africa . . . . . . .44

Madrid Spain . . . 4. . .

Stockholm Sweden . . . . . .4

Geneva Switzerland .4 . .4 4. . .

Zurich Switzerland .4 . . . .

Istanbul Turkey . . . . .

Kyiv Ukraine . . . . .* 4. .

Belfast United Kingdom . . . . .

Birmingham United Kingdom . . . . . .

Bristol United Kingdom . . . . . .

* Indicates quoted vacancy rate based on A+B class stock only




Edinburgh United Kingdom . . . . . .Glasgow United Kingdom . . . . . .

Leeds United Kingdom . . . . . .

London Heathrow United Kingdom . . . . . .

Manchester United Kingdom . . . . . .

NORTH AMERICA

Calgary Canada . . . . .4 . .4

Edmonton Canada . . . 4. 4. .4

Halifax Canada . . . 4. . . .4

Montreal Canada . 4. 4. . . . .4

Ottawa Canada . . . . . . .4

Regina Canada . . . . . . .4

Saskatoon Canada . . . . . . .4

Toronto Canada . 4. 4. . . . .4Vancouver Canada . . . . 4. . .4

Victoria Canada . . . .4

Waterloo Region Canada . 4. .4 .4 .4 . .4

Winnipeg Canada . 4. 4. .4 . . .4

Atlanta United States . . .4 . 4. . .4

Bakerseld United States . 4. . . . . .4

Baltimore United States . 4. . .4

Boise United States . 4. 4. . . .4

Boston United States . 4. 4. . .4 .4

Charleston United States . . 4. . . . .4

Charlotte United States . .4 4. .4

Chicago United States . .4 . . . . .4

Cincinnati United States . . . . . . .4Cleveland United States . .4 . .4

Columbia United States . . . . . .4

Columbus United States . .4 .4 .4 . . .4

Dallas-Ft. Worth United States . . . . . . .4

Denver United States . . . . . . .4

Detroit United States . . . .4 . .4

Faireld United States . . . . . .4

Fresno United States . .4 . . . . .4

Ft. Lauderdale-Broward County United States . . .4 .4 .4

Greenville United States . . . . . . .4

Hartford United States . 4. 4. .4 . . .4

Honolulu United States . . 4. .4

Houston United States . 4. 4. . . . .4Indianapolis United States . . . . . .4

Jacksonville United States . . . . . .4

Kansas City United States . . 4. . .4

Las Vegas United States . 4. 4. . . .4

Little Rock United States . . .4 . 4. . .4

Los Angeles United States . .4 . . . . .4

Los Angeles Inland Empire United States . . .4 . . . .4

Louisville United States . .4 . .4

Memphis United States . .4 .4 . . . .4

Miami United States . . .4 4. . . .4

Nashville United States . . . . . .4


MARKET COUNTRY

EXCHANGERATE (USD)

DEC. 31, 2010

PRIMEWAREHOUSE

RENT(USD/SF/YEAR)

PRIMEBULK RENT

(USD/SF/YEAR)

PRIMELAND VALUE

(USD/SF)



(%)

10-YEARGOVT. BON

RATE (%

EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued


7/8




MARKET COUNTRY

EXCHANGERATE (USD)

DEC. 31, 2010

PRIMEWAREHOUSE

RENT(USD/SF/YEAR)

PRIMEBULK RENT

(USD/SF/YEAR)

PRIMELAND VALUE

(USD/SF)



(%)

10-YEARGOVT. BON

RATE (%

NORTH AMERICA continued

New Jersey Central United States . 4. . . . .4New Jersey Northern United States . . . .4 . . .4

Oakland United States . 4. . . . . .4

Orange County United States . . . . . . .4

Orlando United States . 4. 4. .4 .4

Philadelphia United States . 4. . . .4 . .4

Phoenix United States . .4 4. . . . .4

Pleasanton/Walnut Creek United States . 4. 4. . . .4

Portland United States . 4. 4.4 . . .4 .4

Raleigh United States . . .4 .4

Reno United States . .4 . . 4. .4

Sacramento United States . 4.4 . . . . .4

San Diego United States . . . . . .4

San Francisco Peninsula United States . .4 .4 . . .4

San Jose/Silicon Valley United States . 4.44 .4 . .4

Savannah United States . . . . . . .4

Seattle/Puget Sound United States . . 4. . .4 .4

St. Louis United States . . . .4

Stockton/San Joaquin County United States . . .4 . . . .4

Tampa United States . 4. . . . .4

Washington, DC United States . .4 . .4

West Palm Beach United States . .4 .4 . . .4 .4

ASIA PACIFIC

Adelaide Australia . . . 4. . .

Brisbane Australia . . . . . .

Melbourne Australia . . . .4 . .

Perth Australia . . . . . .Sydney Australia . . . . . .

Beijing China . . 4. . .4 4.

Guangzhou China . 4. 4. .4 . 4.

Hong Kong China . . . ,. 4. 4.

Shanghai-Pudong China . . 4. . . . 4.

Delhi India 4. .4 . . . .

Jakarta Indonesia .4 . . . . 4.

Tokyo Japan . . . . . .

Auckland New Zealand . . . . . .

Christchurch New Zealand . . . . . .

Wellington New Zealand . . . . . .

Singapore Singapore . . . .4 . . .

Seoul South Korea . . . 4. . 4.

Chonburi Province Thailand . .4 . . . .

Ho Chi Minh City Vietnam . . . .4 .

LATIN AMERICA

Buenos Aires Argentina . . . . . .

So Paulo Brazil . . . . . . .

Santiago Chile . . . . . . .

Bogot Colombia . . . . . 4.

San Jos Costa Rica . . .4 .4 . .

Mexico City Mexico . . . .4 . . .44

Lima Peru . . . . .


8/8


WWW COLLIERS COM

Bulk Space 10,000 SM/100,000 SF ormore with up to 10 percent oce space,the balance being general industrial/logistics/distribution space with 6 to 12metre/18 to 36 SF ceiling heights. Allloading is dock-height. Built in 1990 orlater and standing in a prime industriallocation.

Warehouse Space 2,000 SM/20,000SF or more with up to 15 percent ocespace, the balance being generalindustrial/logistics/ distribution spacewith 6 to 10 metre/18 to 30 SF ceilingheights. All loading is dock-height. Builtin 1990 or later and standing in a primeindustrial location.

Land Value Land values are based onprime logistics/ industrial locations and

are based on approximately 3 acres/1.2hectares/12,10 square metre/130,680SF of serviced land.

Prime Yield/Cap Rate The yield for aprime logistics/ industrial property. Rentgures should be estimates of achievableopen market rents for each location.

SF = Square Feet

SM = Square Metres

AMERICAS

Ross Moore

USA

[email protected]

EUROPE, MIDDLE EASTAND AFRICA

Thomas Grounds

EMEA

[email protected]

Mark Charlton

United Kingdom

[email protected]

Damian Harrington

Central and Eastern Europe

damian.harrington@colliers.

com

Renaud Roger

France

[email protected]

Andreas Trumpp

Germany

[email protected]

ASIA PACIFIC

Simon Lo

Asia

[email protected]

Amit Oberoi

India

[email protected]

Nerida Conisbee

Australia/New Zealand

[email protected]

Yumiko Yasuda

Japan

[email protected]

GLOBAL RESEARCH CONTACTSGLOSSARY

COLLIERS INTERNATIONAL

601 Union Street, Suite 800

Seattle, WA 98101 USA

TEL +1 206 695 200

80 oces in61 countries on6 continentsUnited States: 135Canada: 39

Latin America: 17

Asia Pacic: 19EMEA: 95

$1.9 billion in annual revenue

2.4 billion square feet under

management

Over 15,000 professionals

Copyright 2011 Colliers International.

The information contained herein has been obtained

from sources deemed reliable. While every reasonable

eort has been made to ensure its accuracy, we cann

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.

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Global Industrial Highlights YE 2010

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