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

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JARDINES

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Av. Niños Héroes

AV.A

MER

ICA

SAV

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LTEP

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EstadioJalisco

FACULTADDE MEDICINA

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REVOLUCIONAv.Washington

Circunvalación Oblatos

Revolución

Av. P

atria

ANILLO

PERI

FERI

CO

Río Nilo

Calz. Olímpica

Av.Niño

s Héroe

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CALZ. REVOLUCION

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ANILLOPERIFERICO

ANILLO

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ELBOSQUE 2 HONDA

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ELBOSQUE 1

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IBM

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OLD INDUSTRIAL ZONE

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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

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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

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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

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Carretera a El Salto

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SANTA ANATEPETITLAN

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ELTAPATIO

LASJUNTAS

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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

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Dom

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Calz. Obreros

REPUBLICA13

Av. P

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Av. P

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Elías

Call

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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

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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

Korea del SurMalasiaMéxico

MozambiqueNueva Zelanda

Norte de IrlandaPoloniaPortugal

República ChecaRepública de Irlanda

Rumania

HolandaHong Kong

HungríaIndia

IndonesiaInglaterra

IsraelItaliaJapón

Kazakhstan

Colliers International Mexico

Colliers International Puebla

Acatlán 74-BColonia La Paz

Puebla, Pue., 72160, MéxicoTel: (52) 222 231-3999Fax: (52) 222 248-0562

Contact: Javier Lomelin (Mexico City)

Colliers International Tijuana

Paseo de los Héroes 9188, Suite 303Zona del Río

Tijuana, BC, 22320, MéxicoTel: (52) 664 684-2434Fax: (52) 664 638-8488

Contact: Javier Lomelin (Mexico City)

Av. Constituyentes Pte., 206-412Jardines de la Hacienda

Querétaro, Qro., 76180, MéxicoTel: (52) 442 216-3394Fax: (52) 442 215-1586

Contact: Javier Lomelin (Mexico City)

Colliers International Querétaro

Colliers International Monterrey

Av. Lázaro Cárdenas 2400 Pte., C-21Edificio Losoles

Garza García, N.L., 66266, MéxicoTel: (52) 818 363-5330Fax: (52) 818 363-0623

Contact: Luis Manuel Galindo

Direcciones · Locations

Colliers International México

Av. Paseo de La Reforma No. 265, PBColonia. CuauhtemocMexico City, México

Tel: (52) 555 209-3636Fax: (52) 555 209-3600Contact: Javier Lomelín

Colliers International Guadalajara

Av. Vallarta 6503. Piso 1-AColonia Ciudad Granja

Zapopan Jalisco, 45010, MéxicoTel: (52) 333 560 0120 al 26

Fax.(52) 333 560 0127Contact: Douglas McMurray

247 Oficinas en 53 Países · 247 Offices in 53 Countries

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TailandiaTaiwanTurquíaUkrania

VenezuelaYugoslavia

2005

Paseo de la Reforma 265, P.B. · Colonia Cuauhtémoc · 06500 México, D.F.Tel.: (55) 5209 3636 · Fax: (55) 5209 3600

www.colliers.com

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2005