Thailand Industrial Estate Market 2008 by Colliers International Thailand

MarketResearchINDUSTRIAL ESTATE MARKET HIGHLIGHT | OCT | 2008

I N D U S T R I A L E S TAT E M A R K E T

c o l l i e r s i n t e r n at i o n a l | t H a i l a n D

inDUstrial estate MarKet HiGHliGHt• In 2008, despite ongoing political and economic problems, industrial estates have been on an upturn in part due to new tax cuts for the property businesses that directly benefit developers. While the domestic political situation is worrying investors, it is not as big a concern as the global economic slowdown.• The total supply at the beginning of the first half of 2008 was 104,279 rais. The supply in the Eastern Seaboard area accounts for 69,635 rais, the highest of the five regions. The large supply in the Eastern Seaboard is due to BOI privileges in investment promotion zone 3, which was granted the longest term of corporate tax exemption and zero import duty on raw materials used in manufacturing export products. (See Appendix for full details of tax exemptions) Also, the Eastern Seaboard area is well located near Bangkok, Suvarnabhumi Airport and Laem Chabung and Map Ta Phut Deep Sea Ports. This strongly benefits projects in this area in terms of logistics and reduces transportation costs.• There will be approximately 24,039 rais added to the supply of industrial estate land plots by 2010. The majority of supply will be added in the Eastern Seaboard area, with approximately 14,173 rais, followed by Southern Seaboard area and Central area, with approximately 6,000 rais and 3,336 rais respectively.• The total take-up in the Eastern Seaboard area, consisting of 16 industrial estates, was highest, at 48,885 rais, followed by the Central area at 26,212 rais. The Central area also enjoys strong demand due to similar advantages of a convenient location close to Bangkok, a sea port, and available facilities.• The Central area has the highest occupancy rate of 86%, while the Eastern Seaboard area has an occupancy rate of 70%, with the largest supply of 69,635 rais. In the Central area, Bangkok and Samut Prakarn have the highest occupancy rate, at 98% and 99%, respectively.• The average SILPS (Serviced Industrial Land Plots) price in industrial estates ranges between THB 3 million and THB 4 million per rais.• Thailand has great potential to be a gateway to ASEAN, but while logistics costs in Thailand are still high compared with other countries, such as Japan, the US and Europe, Thailand will encounter increasing competition for its role as a manufacturing base.• The total supply of SME factories, as of 1H of 2008 was approximately 1,142,730 sq m. Ticon is the developer of SME factories which accounts for the largest share of supply, accounting for 494,418 sq m, followed by TFUND and Hemaraj, accounting for 286,482 sq m and 146,030 sq m, respectively.• There were approximately 216,064 sq m in 114 factories added in the first half of 2008, of which approximately 170,011 sq m in 81 factories was added by TICON, followed by Amata, accounting for 24,593 sq m in 20 factories, while the supply added by Hemaraj was approximately 21,460 sq m in 13 factories.• There will be approximately 153 factories added to the supply of SME factories by 2009, with an approximate area of 316,296 sq m.• There is an increase in investment from small manufacturers favourable to rental factories’ demand. As small manufacturers tend to rent SME factories rather than buy industrial land plots and build their own factories, we could lead to a stronger market for SME factories, which would be positive to the SME factories market. However, current economic conditions may lead to a curtailing of SME factory demand in the short term. The average occupancy rate of SME factories is 81.36%.

MarKet inDicators

2007 2008F

sUPPlY

DeManD

Price

occUPancY rate

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i n D U s t r i a l e s tat e M a r K e t | o c t | 2 0 0 8

The increasing interest of real estate from the Scandinavian market is directly connected to the upsurge in tourism to Thailand. The flow of Scandinavian interest in Thai property started from Sweden and later spread to Denmark and Norway. Earlier people of these countries tended to buy resort properties in Spain and France.

an industrial estate /park is an area of land set aside for industrial development. industrial parks are usually located close to transport facilities, especially where more than one transport modalities coincide: highways, railroads, airports, and navigable rivers.

colliers international2

inDUstrial estate MarKet oVerVieW

In 2008, industrial estates have been on an upturn due to new tax cuts for the property business that directly benefit developers. While the domestic political situation is worrying investors, it is not as big a concern as the global economic slowdown. Thailand hopes to attract up to THB 3 trillion in foreign investment between 2008 and 2011 under a new campaign aimed at eliminating red tape and streamlining licensing procedures for overseas investors. The government’s infrastructure megaproject programme, expansion of industrial estate facilities and new incentives to support basic industries, such as steel, petrochemicals, cement and power, will help facilitate investment in other sectors. The Board of Investment (BOI) plans to offer more tax and non-tax privileges in an attempt to reach its investments target of THB 600 billion this year. Japan is the largest foreign investor, with investment mostly in the automotive, auto-parts, electronics and steel industries. Japanese investors are worried about the political stability in Thailand since

they are concerned that protests may lead to delays in the government’s implementation of economic policy. Thus, in the first six months of this year, the BOI managed to attract only THB 203.7 billion worth of investment from 640 projects. This figure was 11% lower than in the same period last year or only 30% of the full-year target. As a result, the board plans tax exemptions for machinery imports by companies approved for regional operating headquarters (ROH) incentives. The ROH programme offers customs and currency privileges, plus a 10% corporate tax, one-third the normal rate. Investments planned in upstream steel, petrochemicals, energy, processed food and electronics would result in a better performance in the second half of the year.

This idea of setting land aside through this type of zoning is based on several concepts: • To be able to concentrate dedicated infrastructure in a delimited area to reduce the per-business expense of that infrastructure. Such infrastructure includes roadways, railroad sidings, ports, high-power electric supplies (often including three-phase power), high-end communications cables, large-volume water supplies, and high-volume gas lines. • To be able to attract new business by providing an integrated infrastructure in one location. • To set aside industrial uses from urban areas to try to reduce the environmental and social impact of the industrial uses. • To provide for localised environmental control that is specific to the needs of an industrial area.

The Knowledge Report | October | 2008 | Industrial Estate Market

colliers international 3

inDUstrial estate locations Colliers has divided the industrial estate market into five (5) locations, as follows:



FUtUre sUPPlY in eastern seaBoarD area

DeVeloPer ProVince area (rai)inVestMent aMoUnt

(tHB Million)

amata corporation Pcl chonburi & rayong 6,000 2,000

cP land co., ltd rayong 3,000 6,500

Wellgrow industries co., ltd chachaengsao 100 na

thai Factory Development Pcl chachaengsao 273 na

saha Group i.P. Prachinburi 2,000 na

Hemaraj land and Development Pcl rayongPhase i – 2,000

Phase ii - 800na

Source : Colliers International Thailand Research

1. eastern seaBoarD area:

This area covers the eastern part of Thailand, from Chacheongsao, Chonburi and Rayong to Prachinburi. The Eastern Seaboard area is located near Bangkok, Suvarnabhumi

Airport and Laem Chabang Deep Sea Port. This strongly benefits projects in the Eastern Seaboard area in term of logistics and reduces transportation costs.

2. central area:

This area covers Bangkok and the surrounding provinces of Pathumthani, Ayuthaya, Saraburi,

Samut Sakon, Samut Songkram, Samut Prakarn, Singhburi and Nakorn Pathom.

3. nortHern area:

This area covers the northern part of Thailand. The industrial estates in this area are at Pichit

and Lamphun. No new supply will be added in this area this year.

4. nortH eastern area:

The Industry Ministry plans to close the industrial park in Khon Kaen to cut the burden on the Industrial Estate Authority of Thailand

(IEAT). Khon Kaen’s industrial estate, on 40 rais of land, has no customers.

FUtUre sUPPlY in central area


(tHB Million)

VrM Group ratchaburi 1,266 na

rojana industrial Park Pcl (existing land development) ayuthaya 1,800 500

rojana industrial Park Pcl (new land purchasing) ayuthaya 300 100 - 200


FUtUre sUPPlY in nortH eastern area

FUtUre sUPPlY in nortH eastern area


(tHB Million)

industrial estate authority of thailand Khon Kaen 500 4




5. soUtHern seaBoarD area:

This area covers the southern part of Thailand, focusing on four provinces with potential, namely Surat Thani, Nakorn Si Thammarat, Chumpon and Pattani. A steel industrial estate was part of the Southern Seaboard project. A site for the Southern Seaboard industrial development is expected to be selected within this year and the development of a major

industrial area in the South is expected to take the pressure off the heavily industrialised Eastern Seaboard area. Potential industries on the new site include high-grade steel and furnace operations, petrochemicals and energy ventures.

cUrrent sUPPlY

The total supply at the beginning of the first half of 2008 was 104,279 rais. The supply in the Eastern Seaboard area accounts for 69,635 rais, the highest of the five regions, while the North Eastern area accounts for 4 rais, the lowest sup-ply. The large supply in the Eastern Seaboard is due to BOI privileges in investment promotion zone 3, which was granted the longest term of corporate tax exemption and zero import duty on raw materials used in manufacturing export products. (See Appendix for full details of tax exemptions) In addition to BOI investment and promotion zone privileges, location is also a factor determining supply. The Eastern Seaboard area is well located near Bangkok, Suvarnabhumi Airport and Laem Chabung

and Map Ta Phut Deep Sea Ports. This strongly benefits projects in this area in terms of logistics and reduces transportation costs. The demand to expand production lines in the automobile industry is also pushing growing supply in the Eastern Seaboard. In addition, the central area, which accounts for the second-largest supply of 30,560 rais, also benefits from both Zone 2 and Zone 3 privileges. In the Northern area, Lamphun Industrial Estate is facing a shortage of supply as more companies decide to expand. However, a new supply of 100 rais is expected to be added at Ban Thi, Lamphun.

FUtUre sUPPlY in soUtHern seaBoarD area


(tHB Million)

sahaviriya steel industries Pcl Prachuabkirikun 6,000 na




FUtUre sUPPlY

There will be approximately 24,039 rais added in the supply of industrial estate land plots by 2010. The majority of supply will be added in the Eastern Seaboard area, with approximately 14,173 rais, follow by Southern Seaboard area and Central area, with approximately 6,000 rais and 3,336 rais respectively.

FiGUre 1 : cUrrent sUPPlY oF inDUstrial lanD Plots, as oF 1H 2008

southern seaboard1%

north3% north east

0% central29%

eastern seaboard67%

north central eastern seaboard southern seaboard

Source : Industrial Estate Authority of Thailand, Board of Investment (BOI) and Colliers International Thailand Research

FiGUre 2 : FUtUre sUPPlY oF inDUstrial lanD Plots aDDeD BY 2010




DeManD

In the first half of 2008, the total take up was 77,018 rais.

The total take-up in the Eastern Seaboard area, consisting of 16 industrial estates, was highest, at 48,885 rais, followed by the Central area at 26,212 rais. The strong demand in the Eastern Seaboard area is due to the BOI investment zone privileges and the advantage of loca-tion. As the automobile industry continues to expand, the demand in the Eastern Seaboard area will continue to be strong as it is home to

105 major automotive supply line companies and foreign companies are looking to expand manufacturing plants in this area. The Central area also enjoys strong demand due to similar advantages of a convenient location close to Bangkok and a sea port, and available facili-ties.

FiGUre 3 : cUMUlatiVe taKe UP oF inDUstrial lanD Plots, as oF 1H 2008




saMPle oF sales transactions anD PUrcHase silPs DUrinG tHe First HalF oF 2008

inDUstrial estate coMPanY naMe / BUsiness area (rai) PerioD

amata nakorn industrial estate (chonburi) Mitsubishi Heavy industry 90 Q2 2008

sinsakhon industrial estate VPP Progressive 3,000 Q1 2008

ratchaburi industrial estate Gs energy company limited 62 Q2 2008

amata nakorn industrial estate (chonburi) tai Mou Precision industrial na Q3 2008

Hemaraj eastern seaboard industrial estate (rayong) suzuki Motor 412 Q1 2008

amata nakorn industrial estate (chonburi) caBtec thai company limited 19 Q1 2008

amata city industrial estate (rayong) sammitr Motor Manufacturing 100 Q1 2008

eastern seaboard industrial estate (rayong) BasF chemical (thailand) na Q1 2008

navanakorn industrial estate (nakorn ratchasrima)a Honda 90 Jul - 2008

eastern seaboard industrial estate (rayong) Danieli Far east 121 Jul - 2008

land outside industrial estate (lamphun) Metal Manufacturing 100 2008

Hemaraj eastern seaboard industrial estate (rayong) Fuserashi company limited 21 Jul - 2008

sil industrial land thai rayong Pcl 20 apr - 2008

eastern seaboard industrial estate (rayong) Mungmaichromium 20 apr - 2008

Hemaraj eastern industrial estate (Maptaput) Ptt asahi chemical 120 na


total taKe UP oF inDUstrial lanD Plots in 1H 2008 BY inDUstrial estate

inDUstrial estate total taKe-UP in 1H 2008

Hemaraj chonburi industrial estate 5

eastern seaboard industrial estate (rayong) 263

Hemaraj eastern industrial estate (Map taphut) 0

Hemaraj eastern seaboard industrial estate (rayong) 534)

saraburi industrial land 92

rayong industrial land 41

amata nakorn industrial estate (chonburi)475

amata city industrial estate (rayong)

Gateway city industrial estate 10

rojana industrial estate 300

sinsakhom industrial estate 3,000

ratchaburi industrial estate 62

Total Land Sales 4,782


}



occUPancY rate

The Central area has the highest occupancy rate of 86%, while the Eastern Seaboard area has an occupancy rate of 70%, with the larg-est supply of 69,635 rais. In the Central area, Bangkok and Samut Prakarn have the highest occupancy rate, at 98% and 99%, respectively. In the Eastern Seaboard area, industrial estates in Rayong have the lowest occupancy rate of 68%, while Chonburi industrial estate has the highest occupancy rate of 80%. The occupancy rate in the Central and Eastern Seaboard areas are close to each other as the range of prices in

both areas and the benefits of both locations are similar. Although the North Eastern area has an occupancy rate of 70%, a little higher than the Eastern Seaboard area, this area of-fers only one industrial estate in Khon Khaen, which has a supply of 4 rais. In addition, the MOI plans to set up an IT industrial estate in Khon Khaen covering 500 rais as the manufac-turing sector is suffering from the rise in energy costs. The new IT industrial estate will likely attract more businesses and increase the over-all take up in the North Eastern area.

Price

The average SILPS (Serviced Industrial Land Plots) price in industrial estates ranges between THB 3 million and THB 4 million per rai. The highest price per rai is THB 7.5 million per rai in the Eastern Seaboard area at Wellgrow Industrial Estate, which has an occupancy rate of 94% due to its convenient location and ex-cellent facilities, while the highest price in the North Eastern area is only THB 1.7 million per rai, the lowest of the five regions. The Eastern Seaboard and Central areas have a wide range of prices, from THB 600,000 to THB 7.5 mil-lion per rai due to the large number of suppli-ers. During the first half of 2008, the new take-up in the Central area, which has an available supply of 9,853 rais, was around 3,322 rais. The large reduction in available land and the strong demand in the Central area will likely push the price up in the near future. In addition, around 10 major companies in the Eastern Seaboard area acquired around 1,392 rais in the first half of 2008, due mainly to the expansion of Eco Car development. However, there is still a large amount of serviced industrial land avail-able in the Eastern Seaboard area (20,747 rai), which will help reduce the increase in price in the short term, although, if demand remains strong, prices will likely increase significantly in the long term.

FiGUre 4 : occUPancY rate oF inDUstrial lanD Plots BY location, as oF 1H 2008




The trend in the price of SILPS will increase since land in Thailand is still at relatively low values. The SILPS at Hemaraj Industrial Estate increased by 5%, from THB 2 million per rai to THB 2.1 million per rai at the beginning of July, 2008. The average SILPS at Amata City Rayong stands at THB 2.3 million baht per rai, while the SILPS at Amata Nakorn increased to THB 4.5 million per rai from just THB 3.5 million per rai.

oUtlooK

The industrial sector has consistently driven the country’s economic growth. The key factor in maintaining investors’ confidence and persuading foreign investors to invest in Thailand’s industrial estates is the estates’ quality of environmental management and their proven commitment to promoting the quality of life of the surrounding communities. Thailand has great potential to be a gateway to ASEAN. Although logistics costs in Thailand are still high compared with other countries, such as Japan, the US and Europe, Thailand will encounter increasing competition for its role as a manufacturing base. China is now considered the “world’s factory”, while Vietnam was seeing strong FDI until its recent problems. Vietnam was the top regional destination for investors due to its rapid economic growth, although the country’s economy has had a slight effect. To compete, Thailand will have to increase its attractiveness to potential investors through the use of tax privileges and better infrastructure, while developing human talent to provide a well-trained, readily available workforce.

The government should move forward with plans to develop the Southern Seaboard area and expand industrial estate zones in light of the rapid growth due to the now-overcrowded Eastern Seaboard area in Chonburi and Rayong. The government is preparing to offer incentives to attract investment to the long-delayed Southern Seaboard area, aiming to complete the project within four years. The government will offer both tax and non-tax incentives for the development of infrastructure, including water supply and an industrial estate in the Southern Seaboard area. Chumphon, Nakhon Si Thammarat and Pattani are potential locations due to their close proximity to the deep-sea port. It i s di f f icult to predict the trends in investment for the rest of the year due to the rapidly changing oil prices and global inflation. Political turmoil may not be the major concern for local or existing foreign investors, although it may affect companies that focus on selling their products in domestic markets and newcomers from overseas.

FiGUre 5 : sellinG Price Per rai oF inDUstrial lanD Plots BY ProVince, as oF 1H 2008

Source: Industrial Estate Authority of Thailand, Board of Investment (BOI) and Colliers International Thailand Research



SME factories or manufacturing plants are standard factories for international companies who do not particularly want to develop their own factories, or even to own them in order to reduce their operation costs and risks related to any possible uncertain-ties. SME factories have been completely constructed and are offered for rent. SME factories are places either to manufacture goods or supervise machines procesing one product into another or the places for the storage of goods. SME factories are used by manufacturers, importers, exporters, wholesalers, transport businesses, customs and etc. They are usually large plain buildings in industrial areas of cities and towns. The developer will offer to both rent and sell SME factories.

sUPPlY

The total supply of SME factories, as of 1H of 2008 was approximately 1,142,730 sq m. Ticon is the developer of SME factories which accounts for the largest share of supply, accounting for 494,418 sq m, followed by TFUND and Hemaraj, accounting for 286,482 sq m and 146,030 sq m, respectively. TFUND

and TIF1 expanded their portfolios by acquiring freehold industrial properties from TICON and TFD respectively.

FiGUre 6 : cUrrent sUPPlY oF FactorY For rent BY sQ M, as oF 1H 2008

The total number of SME factories, as of 1H of 2008 was 549. The number of factories was highest at Ticon, with 179 factories for rent,

followed by TFUND and Hemaraj, accounting for 131and 76 factories, respectively.


FiGUre 7 : cUrrent sUPPlY oF FactorY For rent BY nUMBer oF FactorY, as oF 1H 2008




There were approximately 216,064 sq m of 114 factories added in the first half of 2008. There was approximately 170,011 sq m of 81 fac-tories added by TICON, followed by Amata, accounting for 24,593 sq m of 20 factories,

while the supply added in Hemaraj was approximately 21,460 sq m of 13 factories.

FUtUre sUPPlY

There will be approximately 153 factories added in the supply of SME factories by 2009,

with an approximate area of 316,296 sq m.

FiGUre 8 : sUPPlY aDDeD in FactorY For rent BY sQ M in tHe First HalF oF 2008



sUPPlY aDDeD in tHe First HalF oF 2008 BY sPace (sQ M)



FUtUre sUPPlY oF FactorY For rent aDDeD in 2009

DeVeloPer no. oF Factories area (sQ M) estiMateD coMPletion

ticon 91 208,850 2H 2008 - 2009

aMata 12 25,000 2H 2008

tFD 43 65,446 2H 2008 - 2009

HeMaraJ 7 17,000 2H 2008 - Q1 2009


DeManD

Though the investment element in Thailand has been affected by political uncertainties, Thailand was still a top choice in the eyes of foreign companies when compared to several other countries in Southeast Asia. Investors are now concerned more about the market’s fundamentals than political risks. There is an increase in investment from small manufacturers favourable to rental factories’ demand. As small manufacturers tend to rent

SME factories rather than buy industrial land plots and build their own factories, we should see strong demand for SME factories, which would be positive to the SME factories market. The average occupancy rate of SME factories is 81.36%.


occUPancY rate oF FactorY For rent, as oF 1H 2008

DeVeloPer no. oF Factories total area (sQ M) leaseD area occUPancY rate (%)

tiF1 26 43,578 34,917 80.13%

tFUnD 131 286,482 248,497 86.74%

PintHonG 55 73,949 69,246 93.64%

tFD 29 35,820 25,815 72.07%

ticon 179 494,418 405,033 81.92%

HeMaraJ 76 146,030 105,549 72.28%

aMata 53 62,453 40,715 65.19%

TOTAL 546 1,142,730 929,772 81.36%


rent

SME factories in Thailand still have competitive price advantages over other sites in the region.


rental rate oF FactorY For rent, as oF 1H 2008

DeVeloPerrental rate

(tHB / sQ M / MontH)

tiF1 200 - 220

tFUnD 190 - 220

PintHonG 120 - 150

tFD 200 - 220

ticon 190 - 220

HeMaraJ 200 - 210

aMata 210 - 220


oUtlooK

In 2008, Thailand’s economy was expected to improve due in part to the newly-elected Government, its fiscal stimulus packages and policies to promote investment. However, short-term political uncertainties have constrained growth, as has concerns related to the global economic slowdown, inflationary pressures and the credit crunch. As a result, the BOI net application value dropped 13.4% year-on-year (YoY) to Bt203.5bn in 1H08, while the number of projects seeking approval was flat at 640. The average size of the projects applying for BOI privilege declined 13.4% YoY to Bt318.3mn/project, compared with Bt367.6mn/project in 1H07. The average size of auto projects applying to the BOI in 1H08 was Bt157.5mn/project, dropping 37.8% YoY from Bt253.3mn/project in 1H07. The data validates our view that the in-vestment projects applying for BOI incentives this year would be smaller, but the number of projects could increase from 2007. Thus, small projects should dominate the number of projects applying for BOI privileges in 1H 2008. Given their smaller scale of investment, many small-sized manufacturers may prefer renting SME factories instead of buying industrial land plots and constructing their own factories. This implies increasing demand for rental SME factories.



APPENDIX:

INDUSTRIAL ESTATE ZONING AND PRIVILEGES

Granting tax and Duty Privileges

Zone 1 Zone 2 Zone 3 (36 Provinces) Zone 3 ( 22 Provinces)

industrial estate

outside industrial

estate

industrial estate

outside industrial

estate

industrial estate

outside industrial

estate

industrial estate

outside industrial

estate

import duty on machinery.50%

reduction

50%

reductionexemption

50%

reductionexemption exemption exemption exemption

corporate income tax exemption. 3 years - 7 years 3 years 8 years 8 years 8 years 8 years

import duty on raw or essential materials

for export.

exemption

for 1 year

exemption

for 1 year

exemption

for 1 year

exemption

for 1 year

exemption

for 5 years

exemption

for 5 years

exemption

for 5 years

exemption

for 5 years

Double deduction from transportation. - - - -

Will be

granted

privileges

-

Will be

granted

privileges

Will be

granted

privileges

50% reduction in corporate income tax

for 5 years.- - - -

Will be

granted

privileges

-

Will be

granted

privileges

Will be

granted

privileges

the project’s infrastructure cost is

deducted.- - - -

Will be

granted

privileges

Will be

granted

privileges

Will be

granted

privileges

Will be

granted

privileges

Duty on raw or essential materials used

for domestic sales.- - - -

75%

reduction for

5 years

-

75%

reduction

for 5 years

-


contact inForMation

tHailanD: Patima Jeerapaet Managing Director Colliers International17/F Ploenchit CenterKlongtoeyBangkok 10110Tel: 662 656 7000Fax: 662 656 7111

Risinee Sarikaputra Senior Manager | Research

this report and other research materials may be found on our website at www.colliers.co.th Questions related to information herein should be directed to the research Department at the number indicated above. this document has been prepared by colliers international for advertising and general information only. colliers international makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. any interested party should undertake their own inquiries as to the accuracy of the information. colliers international excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. colliers international is a worldwide affiliation of independently owned and operated companies.

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Usa 99 canaDa 19latin aMerica 18 asia PaciFic 62 eMea 95

Us$ 2 Billion in annUal reVenUe 868 Million sQUare Feet UnDer ManaGeMent 11,048 ProFessionals


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This report and other research materials may be found on our website at www.colliers.co.th Questions related to information herein should be directed to the Research Department at the number indicated above. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies.

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