north american industrial highlights 2q 2011
TRANSCRIPT
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8/4/2019 North American Industrial Highlights 2Q 2011
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HIGHLIGHTSNORTH AMERICA
www.COllIERs.COM
Q2 2011 | IndustrIal
ROss J. MOORE Chief Economist | USA
The U.S. industrial market continued to be the commercial real estate universes star performer t
quarter. Solid demand for warehouse space in most markets coupled with minimal construction led
another modest decline in the national vacancy rate. Vacancies dropped in the majority of markets a
every region reported a lower vacancy rate for the quarter. Despite a considerable increase in occ
pancy, warehouse rents registered a modest decrease, continuing a three and a half year trend.
The outlook for the rest of 2011 is not so sanguine. With the economy decelerating and continu
unease concerning future tax and spending policies, many businesses are likely to delay expansion a
reduce aggregate demand for warehouse space in the coming months. In spite of relatively robu
exports (year-over-year growth of 17 percent) and considerable growth in manufacturing, the mac
economic environment has cooled signicantly relative to the latter half of 2010. In recent mont
consumer spendingincluding retail saleshas slowed, creating a further headwind for the indust
market. All indications are that the manufacturing sector will stay relatively robust, but will not
enough to sustain the growth in occupancy experienced over the last few quarters.
With the latest slowdown in the economy, a true rebound in the warehouse market is unlikely to occ
before well into 2012. Warehouse construction, however, will remain at very low levels, so any inc
mental increase in occupancies will immediately translate into lower vacancy rates. Except for hig
cube, high-eciency space, rents are unlikely to increase in any meaningful way until the latter half
2012at the earliest. For most landlords and investors, the best that can be expected in the comi
quarters is a modest increase in occupancies and the promise of a stronger economy in 2012.
U.S. industrial market
are very much back in
the black, but with the
economic recovery no
in doubt, leasing mark
are almost certain to
disappoint in the com
months.
MARkET INdICATORsRelative to prior period
U.s. INdUsTRIAl MARkETsUMMARy sTATIsTICs, Q2 2011
U.S. Industrial MarketsEnjoy Robust Quarter
Q22011
Q32011*
VACANCy
NET ABsORPTION
CONsTRUCTION
RENTAl RATE
*Projected
U.s. INdUsTRIAl MARkET Q2 2009 Q2 2011
MillionSquareFeet
Vacancy(%)
-60
-50
-40
-30
-20
-10
0
10
20
30
40
Q1 Q2Q4Q3Q2Q1Q4Q3Q2
Absorption Completions Vacancy
2009 2010 2011
8
9
10
11
12
Vacancy Rate: 10.33%Change from Q1 011: 0.23
Absorption:
35.2 Million Square Feet
New Construction:
10.Million Square Feet
Under Construction:
2. Million Square Feet
Asking Rents Per Square Foot
Average Warehouse/
Distribution Center: $.3Change from Q4 010: -0.2%
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8/4/2019 North American Industrial Highlights 2Q 2011
2/13P. 2 | COllIERs INTERNATIONAl
hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRIcA
UNITEd sTATEs | INdUsTRIAl sURVEy
MARkET
EXIsTINGINVENTORy (sF)JUNE. 30, 2011
NEw CONsTRUCTIONQ2 2011 (sF)
NEw CONsTRUCTIONyTd 2011
CURRENTly UNdERCONsTRUCTION (sF)
NORTHEAsT
Baltimore, MD 296,, 29, 29, 29,
Boston, MA 55,629, ,
Hartford, CT 96,95, 22,
Long Island, NY 6,3, , ,
New Jersey - Central 35,33, 2, 33,
New Jersey - Northern 3,22, 3,
Philadelphia, PA 6,23, 39, ,69, ,
Pittsburgh, PA 62,, 5, 23, ,
Washington DC 2,2, 33, 525, 9,
NORTHEAsT TOTAl ,,46, ,, ,6, ,,
sOUTH
Atlanta, GA 59,6, ,632, 5,
Charleston, SC 32,6, 25, 25, 25,
Charlotte, NC 2,36, 3, 5, 3,
Columbia, SC 35,6, ,,
Dallas-Ft. Worth, TX ,9, ,2, ,2, 62,
Ft. Lauderdale-Broward, FL 9,2, , , 6,
Greenville/Spartanburg, SC 2,95, , , ,,
Houston, TX 5,95, 55, 36, 9,
Jacksonville, FL 22,, 55, 235,
Little Rock, AR 5,2, 9,
Louisville, KY ,36, , 5, 6,
Memphis, TN 2,5, 5, 56, 69,
Miami, FL 225,6, 2, 2,
Nashville, TN 59,63, 229, , ,,
Orlando, FL ,,
Raleigh, NC 6,2, o 3,56,
Savannah, GA 3,65, , 66, 5,
Tampa Bay, FL 26,9,
West Palm Beach, FL 5,36, 5, 5, 22,
sOUTH TOTAl ,46,4, 6,78, ,868, ,7,
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRI
COllIERs INTERNATIONAl | P
UNITEd sTATEs | INdUsTRIAl sURVEy
MARkET
EXIsTINGINVENTORy (sF)JUNE. 30, 2011
NEw CONsTRUCTIONQ2 2011 (sF)
NEw CONsTRUCTIONyTd 2011
CURRENTly UNdERCONsTRUCTION (sF)
MIdwEsT
Chicago, IL ,3,96, 6, ,96, 3,3,
Cincinnati, OH 25,96, 2, 2, 63,
Cleveland, OH 3,966, 35,
Columbus, OH 2,99, ,992,
Detroit, MI 6,32, 53,
Grand Rapids, MI 2,5,
Indianapolis, IN 2,2, 62, , 523,
Kansas City, MO-KS 23,93, 33, 5, 392,
Minneapolis, MN ,329,
Omaha, NE 6,92, 2,
St. Louis, MO 262,3, , , ,
St. Paul, MN 2,9, 6,
MIdwEsT TOTAl ,777,7, ,7, ,74, 7,,
wEsT
Bakerseld, CA 3,65, 32, 32,
Boise, ID 32,96, 5, 5, 5,
Denver, CO 2,56, 92, , 2,
Faireld, CA ,552, ,
Fresno, CA ,6,
Honolulu, HI 3,56,
Las Vegas, NV ,92, 22, 56,
Los Angeles - Inland Empire, CA 39,9, 5, 2,6,
Los Angeles, CA 9,3, 3, 3, ,33,
Oakland, CA 3,233, 26,
Orange County, CA 2,53,
Phoenix, AZ 2,6, 2,52,
Pleasanton/Walnut Creek, CA 33,35,
Portland, OR 92,696, , , ,
Reno, NV 3,62, Sacramento, CA 6,2, 36, ,
San Diego, CA ,33, 22,
San Francisco Peninsula, CA ,,
San Jose/Silicon Valley, CA 253,9, 69,
Seattle/Puget Sound, WA 2,5, 3,
Stockton/San Joaquin County, CA 92,636, 9,
wEsT TOTAl ,774,46, ,6, ,664, 7,4,
U.s. TOTAl ,7,, ,4, ,884, 7,78,
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRIcA
UNITEd sTATEs | INdUsTRIAl sURVEy
MARkETABsORPTIONQ2 2011 (sF)
ABsORPTIONyTd 2011 (sF)
VACANCy RATEMAR. 31, 2011 (%)
VACANCy RATEJUNE. 30, 2011 (%)
NORTHEAsT
Baltimore, MD 5, 3, .9 .63
Boston, MA 9, ,5, 2.6 2.3
Hartford, CT , 9, 9.3 9.22
Long Island, NY (35,) 6, 5.55 5.63
New Jersey - Central ,6, (2,) .9 9.9
New Jersey - Northern (2,29,) (52,) .63 .
Philadelphia, PA ,29, 2,663, 9.6 9.53
Pittsburgh, PA , ,5, 6.99 .2
Washington DC ,23, 92, 2.6 2.3
NORTHEAsT TOTAl ,4, ,8, .7 .
sOUTH
Atlanta, GA (392,) 2,3, .3 .
Charleston, SC 3, ,, 2.3 .3
Charlotte, NC ,9, ,95, 3.9 3.2
Columbia, SC (5,) (22,) 6.33 .
Dallas-Ft. Worth, TX 3,569, 5,962, .9 .52
Ft. Lauderdale-Broward, FL 2, (9,) .92 .92
Greenville/Spartanburg, SC 3, 26, .6 9.96
Houston, TX ,32, 2,23, 5.99 5.
Jacksonville, FL 5, 5, .9 .95
Little Rock, AR 39, (39,) 5. .9
Louisville, KY ,26, ,356, . .2
Memphis, TN 39, ,563, 2.53 2.3
Miami, FL 95, 9, .6 .5
Nashville, TN (6,) , 3.6 3.6
Orlando, FL , 39, 2. 2.2
Raleigh, NC (6,) (,) 2. 2.25
Savannah, GA 5, ,36, 6. 5.22
Tampa Bay, FL 69, ,3, .6 .56
West Palm Beach, FL 2, 9, 9. 9.6
sOUTH TOTAl ,67, ,86, .7 .
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRI
COllIERs INTERNATIONAl | P
UNITEd sTATEs | INdUsTRIAl sURVEy
MARkETABsORPTIONQ2 2011 (sF)
ABsORPTIONyTd 2011 (sF)
VACANCy RATEMAR. 31, 2011 (%)
VACANCy RATEJUNE. 30, 2011 (%)
MIdwEsT
Chicago, IL (2,93,) (3,52,) .6 .
Cincinnati, OH (6,) . .3
Cleveland, OH 39, 22, 9.3 9.69
Columbus, OH 2,3, ,6, 3.3 2.3
Detroit, MI 2,2, ,63, . 3.95
Grand Rapids, MI 35, 359, 9.2 .6
Indianapolis, IN ,62, ,95, .5 .6
Kansas City, MO-KS 29, (5,) . .25
Minneapolis, MN (2,) (2,) 2.6 3.9
Omaha, NE , 32, 6.33 6.
St. Louis, MO (65,) (,) .23 .
St. Paul, MN (65,) 3, . .6
MIdwEsT TOTAl ,6, 7,64, .7 .6
wEsT
Bakerseld, CA 6, 339, . 9.5
Boise, ID (65,) (,) .95 .2
Denver, CO , (9,) . .
Faireld, CA 52, 69, . 2.5
Fresno, CA 5, , 2. 2.
Honolulu, HI (,) (,) .52 .Las Vegas, NV 6, 2, 6.63 6.25
Los Angeles - Inland Empire, CA 5,36, ,66, .6 9.2
Los Angeles, CA ,3, ,5, 5.3 5.23
Oakland, CA , ,33, 9. .6
Orange County, CA 65, ,36, 5.52 5.
Phoenix, AZ ,56, 2,3, 5. 5.22
Pleasanton/Walnut Creek, CA 299, (26,) 2.2 .33
Portland, OR 532, 5, 9.35 9.
Reno, NV 6, 3, . .6
Sacramento, CA 63, 39, 3.3 3.
San Diego, CA (26,) (9,) .3 .5
San Francisco Peninsula, CA 9, 29, 9.3 .9
San Jose/Silicon Valley, CA ,6, 696, 3.2 3.
Seattle/Puget Sound, WA ,6, 2,39, .96 .53
Stockton/San Joaquin County, CA 339, 2,25, 5. 5.2
wEsT TOTAl ,8, ,6, .7 .
U.s. TOTAl ,4, ,8, .6 .
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRIcA
UNITEd sTATEs | INdUsTRIAl sURVEy | sAlEs PRICE ANd CAP RATE As OF JUNE 2011
MARkETsAlEs PRICE
(Usd PsF)CAP RATE
(%)VACANCy FORECAsT
(3 MONTHs)ABsORPTION FORECAsT
(3 MONTHs)RENT FORECAsT
3 MONTHs
NORTHEAsT
Baltimore, MD .5 .3 Down Same Same
Boston, MA 5. .5 Down Up Same
Hartford, CT 3. .5 Up Down Down
Long Island, NY . . Up Down Same
New Jersey - Central 6. 6. Same Same Same
New Jersey - Northern 39.62 - Same Same Same
Philadelphia, PA 9.3 .5 Down Up Same
Pittsburgh, PA 5. .5 Down Up Up
NORTHEAsT AVERAGE .6 7.
sOUTH
Atlanta, GA 25.5 .99 Down Up Same
Charleston, SC 6. .5 Down Up Up
Columbia, SC - - Down Up Same
Dallas-Ft. Worth, TX 55. . Down Same Same
Ft. Lauderdale-Broward, FL .5 - Same Same Same
Greenville/Spartanburg, SC 33. .3 Down Up Up
Houston, TX 5. 9.5 Down Up Up
Jacksonville, FL .55 .2 Same Same Same
Little Rock, AR 65.5 9. Same Same Same
Memphis, TN .5 9.5 Same Same Same
Miami, FL 63.2 - Down Up Same
Nashville, TN - - Down Up Same
Orlando, FL 65.22 .25 Down Same Same
Raleigh, NC 3. .25 Same Same Same
Savannah, GA 3. .5 Same Same Same
Tampa Bay, FL 5. . Down Up Same
West Palm Beach, FL 5.22 - Same Same Same
sOUTH AVERAGE 47. 8.74
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRI
COllIERs INTERNATIONAl | P
UNITEd sTATEs | INdUsTRIAl sURVEy | sAlEs PRICE ANd CAP RATE As OF JUNE 2011
MARkETsAlEs PRICE
(Usd PsF)CAP RATE
(%)VACANCy FORECAsT
(3 MONTHs)ABsORPTION FORECAsT
(3 MONTHs)RENT FORECAsT
3 MONTHs
MIdwEsT
Chicago, IL . 6.9 Down Same Same
Cincinnati, OH 32. . Same Same Same
Columbus, OH 3. . Same Same Same
Detroit, MI 2. - Up Down Same
Grand Rapids, MI 2. . Down Up Same
Indianapolis, IN 35.5 .5 Down Up Up
Kansas City, MO-KS .5 Same Same Same
Minneapolis, MN .5 - Down Up Same
Omaha, NE - - Down Up Same
St. Paul, MN - - Up Up Same
MIdwEsT AVERAGE 4. 8.6
wEsT
Bakerseld, CA 3. . Down Same Same
Boise, ID 5. - Down Same Same
Denver, CO 5. . - Up Same
Faireld, CA 55. 6. Down Same Same
Fresno, CA 3. 9. Down Same Same
Honolulu, HI - - Same Down Same
Las Vegas, NV 2.9 - Down Up Same
Los Angeles - Inland Empire, CA 55. 5.25 Down Up UpLos Angeles, CA . 6.5 Same Same Same
Oakland, CA 3.9 . Same Up Up
Orange County, CA . 6.5 - Same Same
Phoenix, AZ 52. 9.2 Same Up Same
Pleasanton/Walnut Creek, CA . 6. Down Same Same
Portland, OR 63.3 - Down Same Same
Reno, NV 5.65 - Down Up Same
Sacramento, CA .39 - Same Down Same
San Diego, CA 25. - Same Up Up
San Francisco Peninsula, CA 5. . Down Same Same
San Jose/Silicon Valley, CA - - Same Same Same
Seattle/Puget Sound, WA .32 . Down Up Same
Stockton/San Joaquin County, CA 59. . Down Up Same
wEsT AVERAGE 6.6 7.4
U.s. AVERAGE 6. 8.8
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRIcA
Occupancie rie for fth conecutive quarter. During the second quar-
ter, net absorption totaled . million square feet (MSF)a substantial
increase from the rst quarter, when occupied space increased by 4.
MSF, and more than three-fold last years 10.4 MSF recorded in the sec-ond quarter of 010. An increasing number of markets reported increases
in occupied space. Of the 1 markets tracked in the U.S., 47 (77 percent
vs. 8 percent in Q1 011) reported positive absorption during the second
quarter; however, the West and South accounted for the lions share of the
countrys absorption, with occupied space increasing by 1. MSF and
10.7 MSF respectively. Canadian markets began the year in robust fashion
with rst quarter absorption reaching almost 7.4 MSF, considerably above
the .0 MSF in Q1.
warehoue contruction rop bac to rt-haf 2010 eve. Second
quarter completions totaled 10.4 MSF, a signicant increase from the rst
quarter when . MSF were delivered to market, and consistent with de-
livery levels registered in Q4 010. Of the 10.4 MSF delivered, percent
was build-to-suit and the balance was classied as speculative (spec)
construction. In contrast, last quarters build-to-suit deliveries accounted
for 8 percent of completions. In the coming quarters most construction
is anticipated to be build-to-suit once again, with only 18 percent under
construction at the end of the second quarter classied as speculative.
Quarter-end construction activity totaled 7. MSF, a modest decrease
from the .4 MSF underway at the end of the rst quarter, and well be-
low the 14.0 MSF recorded three years ago. Canadian construction took
a sharp jump with .7 MSF completed in Q, bringing year-to-date con-
struction to 4.1 MSF.
U.s. inutria vacancie rop 23 bai point. The U.S. industrial ware-house vacancy rate dropped basis points during the second quarter to
register 10. percent (100 basis points equals one percent). This latest
decrease leaves the national vacancy rate 70 basis points lower than a
year ago. Even more encouraging are the decreasing vacancy levels that
the majority of markets are seeing. In Q 011, 48 of the 1 markets
tracked registered a decrease in vacancy from Q1 011. Canadian ware-
house vacancies also dropped, falling by basis points during the quarter
to average 4.0 percent.
Inutria rent near at for the quarter. After three years of consis-
tently lower rents, industrial warehouse lease rates fell by just one cent
during the second quarter. Warehouse rents registered $4. per square
foot at the end of the quarter and have fallen by $1. per square foot sincethe fourth quarter of 007a decline of 0.%. Bulk warehouse rents
also fell during the quarter to average $4. per square foot, while ex
rents slipped $0.0 and R&D rents increased $0.1 per square foot.
Canadian industrial warehouse rents by comparison were up during the
quarter rising by C$0.1 to average C$7.14 per square foot.
U.S. Industrial Markets Enjoy Robust Quarter
Continued from page 1
Index
J F M A M J J A S O N D J F M A M J J A S O N D J JF M MA0
10
20
30
40
50
60
70
80
2009 2010 2011
INsTITUTE FOR sUPPly MANAGEMENT MANUFACTURING INdEX
ABsORPTION (sF) | sElECT MARkETs | Q2 2011
0
30000
60000
90000
120000
150000
M MFJDNOSAJJMA AMFJ
2010 2011
Millions,
Dollars,
SeasonallyAdjusted
TRAdE: EXPORTs - GOOds, (MIl. $, sA)
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRI
COllIERs INTERNATIONAl | P
UNITEd sTATEs | INdUsTRIAl sURVEy | RENTs As OF JUNE 2011
MARkETwAREHOUsE/dIsTRIBUTION
sPACE (Usd PsF)BUlk sPACE(Usd PsF)
FlEX/sERVICE sPACE(Usd PsF)
TECH/R&d sPACE(Usd PsF)
NORTHEAsT
Baltimore, MD 5.3 .6 9.3 -
Boston, MA .5 .5 .5 .22
Hartford, CT .5 .2 6.5 6.5
Long Island, NY .6 .25 3.29 .
New Jersey - Central .3 3. 2.5 2.62
New Jersey - Northern 5.3 5.5 .9 5.3
Philadelphia, PA . 3.5 . .
Pittsburgh, PA .29 3.5 2.2 2.2
Washington DC .6 - 2. -
NORTHEAsT AVERAGE .6 .6 . .7
sOUTH
Atlanta, GA 3.2 2. .29 .3
Charleston, SC 3.5 .2 6.25 6.25
Charlotte, NC 3.2 - .52 -
Columbia, SC 3.5 3.5 - 9.5
Dallas-Ft. Worth, TX 3. 2. 6.5 .25
Ft. Lauderdale-Broward, FL 6. 6.9 9.29 6.
Greenville/Spartanburg, SC 2.9 2.95 6.5 -
Houston, TX 5.5 .2 .93 6.6
Jacksonville, FL 3.5 3. 9. -
Little Rock, AR 2.6 2. .35 -
Louisville, KY 3.3 - . -
Memphis, TN 3. 2. 5.63 .
Miami, FL 6.9 .93 .3 .3
Nashville, TN 3.2 .9 .3 -
Orlando, FL .9 .26 .9 .53
Raleigh, NC 3.63 3.3 .69 -
Savannah, GA 3.95 3.5 . .
Tampa Bay, FL .2 .23 .32 9.3
West Palm Beach, FL 6.6 6.35 .99 5.
sOUTH AVERAGE 4.7 .4 8.4 .8
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRIcA
UNITEd sTATEs | INdUsTRIAl sURVEy | RENTs As OF JUNE 2011
MARkETwAREHOUsE/dIsTRIBUTION
sPACE (Usd PsF)BUlk sPACE(Usd PsF)
FlEX/sERVICE sPACE(Usd PsF)
TECH/R&d sPACE(Usd PsF)
MIdwEsT
Chicago, IL . 2.93 .3 -
Cincinnati, OH 2. 2. 6. 6.
Cleveland, OH 3.2 - .9 -
Columbus, OH 2.56 2.9 . .
Detroit, MI 3.92 3.69 . -
Grand Rapids, MI . 2. .5 -
Indianapolis, IN 3. 2. . -
Kansas City, MO-KS 3.5 3.3 . .9
Minneapolis, MN .59 .23 .6 -
Omaha, NE .5 5.3 5. 5.
St. Louis, MO 3. - 9. -
St. Paul, MN . . . -
MIdwEsT AVERAGE .77 .4 6.78 6.8
wEsT
Bakerseld, CA . 3.2 . -
Boise, ID .5 .5 6.3 6.3
Denver, CO 3.5 3.25 .5 9.5
Faireld, CA 5.62 5. .52 .32
Fresno, CA 2. 2.2 . 5.5
Honolulu, HI .96 - - -Las Vegas, NV . .2 6.32 .26
Los Angeles - Inland Empire, CA 3. 3.2 6.66 .5
Los Angeles, CA 5.6 5.52 9.5 2.5
Oakland, CA .56 3.6 .92 .6
Orange County, CA 6.2 5.52 2.5 3.5
Phoenix, AZ 5. . . .
Pleasanton/Walnut Creek, CA 5. 3. .5 .5
Portland, OR 5.9 . 9.2 9.3
Reno, NV 3.6 3.2 .6 9.Sacramento, CA . 3.5 9. 9.6
San Diego, CA .6 6.96 .2 .2
San Francisco Peninsula, CA 9.2 9.2 2. 2.
San Jose/Silicon Valley, CA 5.55 5.3 . 2.99
Seattle/Puget Sound, WA 5.6 .92 . NA
Stockton/San Joaquin County, CA 3.2 3.66 5.52 .6
wEsT AVERAGE . 4.7 8. .8
U.s. AVERAGE 4.6 (.) 8.4 .6
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRI
COllIERs INTERNATIONAl | P
CANAdA | INdUsTRIAl sURVEy
MARkET
EXIsTINGINVENTORy (sF)JUNE. 30, 201
NEw CONsTRUCTIONQ2 2011 (sF)
NEw CONsTRUCTIONyTd 2011
CURRENTly UNdERCONsTRUCTION (sF)
Calgary, AB 23,9, ,3, ,2, ,3,
Edmonton, AB ,5, 3, 92,
Guelph, ON 9,26, ,
Halifax, NS ,6, , ,
Montreal, QC 3,, 5,
Ottawa, ON 2,2,
Regina, SK 6,95, 2, 5, 6,
Saskatoon, SK 9,95, 25, 3, 39,
Toronto, ON 6,, 6, 6, 2,23,
Vancouver, BC 9,39, 39, 6, ,6,
Victoria, BC ,69, 3, 2,
Waterloo Region, ON 6,69, 29, 9,
CANAdA TOTAl ,648,887, ,7, ,7, 7,787,
CANAdA | INdUsTRIAl sURVEy
MARkETABsORPTIONQ2 2011 (sF)
ABsORPTIONyTd 2011 (sF)
VACANCy RATEMAR. 31, 2011 (%)
VACANCy RATEJUNE. 30, 2011 (%)
Calgary, AB 3, ,9, 5.2 .96
Edmonton, AB 92, 63, 3.95 3.
Guelph, ON (,) 32, 5.6 3.53
Halifax, NS , (5,) .2 6.92
Montreal, QC 23, 2,33, 5.9 5.5
Ottawa, ON (22,) (362,) 6.6 .
Regina, SK 6, 9, . .9
Saskatoon, SK , (99,) 2.3 .2
Toronto, ON ,29, ,2, 5. .9
Vancouver, BC , 35, .3 .
Victoria, BC 5, 62, 3.2 3.3
Waterloo Region, ON , , 6. 6.
CANAdA TOTAl ,, ,4, . 4.
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hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRIcA
CANAdA | INdUsTRIAl sURVEy | sAlEs PRICE ANd CAP RATE As OF JUNE 2011
MARkETsAlEs PRICE
(Usd PsF)CAP RATE
(%)VACANCy FORECAsT
(3 MONTHs)ABsORPTION FORECAsT
(3 MONTHs)RENT FORECAsT
3 MONTHs
Calgary, AB . . Down Up Up
Edmonton, AB . 6. Down Up Same
Guelph, ON 2. .22 Same Same Same
Halifax, NS . .5 Down Up Up
Montreal, QC 6. .5 Down Up Up
Ottawa, ON 9. .25 Up Same Same
Regina, SK 5. .5 Up Down Same
Saskatoon, SK 2. .5 Up Up Same
Toronto, ON 93. 6.9 Down Up Up
Vancouver, BC 55. 6. Down Up Same
Victoria, BC 5. 6.66 Same Up Same
Waterloo Region, ON 5. .22 Up Down Same
CANAdA AVERAGE . 7.4
CANAdA | INdUsTRIAl sURVEy | RENTs As OF JUNE 2011
MARkETwAREHOUsE/dIsTRIBUTION
sPACE (Usd PsF)BUlk sPACE(Usd PsF)
FlEX/sERVICE sPACE(Usd PsF)
TECH/R&d sPACE(Usd PsF)
Calgary, AB .5 6.25 9.5 .5
Edmonton, AB .25 6. 9.5 .
Guelph, ON . . .2 .2
Halifax, NS .5 5.5 . 5.
Montreal, QC .25 . 6.5 .5
Ottawa, ON .5 6.5 9. .5
Regina, SK 9. . 2. .
Saskatoon, SK 9.5 . 2. 3.
Toronto, ON . . 6.9 .
Vancouver, BC . - - -
Victoria, BC 2. . 3.5 3.5
Waterloo Region, ON 3.93 2. .32 .32
CANAdA AVERAGE 7.4 6. .6 .87
Glossary
Aborption Net change in leased space over agiven period of time.
Bu space 100,000 square feet or more with upto 10 percent oce space, the balance being general
warehouse space with 0 to foot ceiling heights.
All loading is dock-height.
Fex space Single-story buildings having 10- to18-foot ceilings with both oor-height and dock-
height loading. Includes wide variation in oce
space utilization, ranging from retail and personal
service through distribution, light industrial andoccasional heavy industrial use.
Inventor Includes all existing multi or single
tenant leased and owner-occupied industrial
warehouse, light manufacturing, ex and R&Dproperties greater than or equal to 10,000 square
feet.
Ne Contruction Includes completed speculative
and build-to-suit construction. New construction
quoted on a net basis after any demolitions orconversions.
service space Single story (or mezzanine) with
10- to 1-foot ceilings with frontage treatment on
one side and dock-height loading or grade levelroll-up doors on the other. Less than 1% oce.
Tech/R&d One- and two- story, 10- to 1-footceiling heights with up to 0% oce/dry lab space
(remainder in wet lab, workshop, storage and othe
support), with dock-height and oor-height loadin
Tripe Net Rent Includes rent payable to the
landlord and does not include additional expensessuch as taxes, insurance, maintenance, janitorial a
utilities. All industrial and high-tech/R&D rents in
this report are quoted on an annual, triple net per
square foot basis in U.S. dollars.
Vacanc Rate Percentage of total inventoryavailable (both vacant and occupied) as at the sur
date including direct vacant and sublease space.
warehoue 0,000 square feet or more with up
1 percent oce space, the balance being general
warehouse space with 18- to 0- foot ceilingheights. All loading is dock-height.
-
8/4/2019 North American Industrial Highlights 2Q 2011
13/13
hIghlIghts | Q2 2011 | INDUSTRIAL | NRTh AmeRIcA
COllIERs INTERNATIONAl
01 Union Street, Suite 4800
Seattle, WA 8101
TEl +1 0 400
FOR MORE INFORMATION
Ross J. Moore
Chief Economist | USA
TEl +1 17 7 01
EMAIl [email protected]
1 oces in1 countries on continentsUnited States: 1Canada: 8
Latin America: 18
Asia Pacic: 14EMEA: 117
$1.5 billion in annual rvnu
979 illion squar ft undr
anagnt
vr 12,000 profssionals
Copyright 011 Colliers International.
The information contained herein has been obtainedfrom 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.
Accelerating success
INdUsTRIAl VACANCy RATE RANkINGs
MARkET | UNITEd sTATEsVACANCy RATE
JUNE. 30, 2011 (%)
Boston, MA 2.
Las Vegas, NV 6.3
Stockton/San Joaquin County, CA 5.
Savannah, GA 5.2Phoenix, AZ 5.2
Little Rock, AR .9
Reno, NV .
Atlanta, GA .
Detroit, MI 3.9
Nashville, TN 3.
Charlotte, NC 3.3
San Jose/Silicon Valley, CA 3.
Minneapolis, MN 3.
Sacramento, CA 3.
Faireld, CA 2.
Memphis, TN 2.3
Washington DC 2.3
Columbus, OH 2.3
Raleigh, NC 2.2
Orlando, FL 2.2
Fresno, California 2.
Chicago, IL .
Dallas-Ft. Worth, TX .5
San Diego, CA .
Pleasanton/Walnut Creek, CA .3
Louisville, KY .2
Boise, ID .
Jacksonville, Fl .9
Ft. Lauderdale-Broward, FL .9
Charleston, SC .
Baltimore, MD .6
Tampa Bay, FL .6
Greenville/Spartanburg, SC .
New Jersey - Central 9.
West Palm Beach, FL 9.
Cleveland, OH 9.
Philadelphia, PA 9.5
Bakerseld, CA 9.5
Los Angeles - Inland Empire, CA 9.
Hartford, CT 9.2
Portland, OR 9.
San Francisco Peninsula, CA .9
Grand Rapids, MI .9
Cincinnati, OH .
Oakland, CA .
St. Paul, MN .
Miami, FL .6
St. Louis, MO .5
New Jersey - Northern .2Columbia, SC .9
Denver, CO .
Seattle/Puget Sound, WA .5
Kansas City, MO-KS .2
Indianapolis, IN .
Pittsburgh, Pennsylvania .
Omaha, NE 6.
Houston, TX 5.
Long Island, NY 5.6
Los Angeles, CA 5.2
Orange County, CA 5.
Honolulu, HI .
INdUsTRIAl VACANCy RATE RANkINGs
MARkET | CANAdAVACANCy RATE
JUNE. 30, 2011 (%)
Ottawa, ON .
Halifax, NS 6.92
Waterloo Region, ON 6.
Montreal, QC 5.5Toronto, ON .9
Calgary, AB .96
Vancouver, BC .
Saskatoon, SK .2
Guelph, ON 3.53
Edmonton, AB 3.
Victoria, BC 3.3
Regina, SK .9