Global Industrial Midyear 2013

Global | Industrial | Midyear 2013 HIGHLIGHTS
Trade Flows Bolster Industrial Demand in Asia and the Americas

> Despite anemic U.S. job growth, demand for North American industrial
warehouse space and modern distribution centers remains strong. In Q1 2013, the North American vacancy rate declined for the eighth straight quarter, down 20 basis points to 8.20%. Canadas vacancy rate stands at 4.13%.
Global Top 10 Industrial Warehouse Rents*

LONDON (HEATHROW) HONG KONG SINGAPORE TOKYO OSLO GENEVA PARIS HELSINKI MINSK SYDNEY
21.95 21.83 21.02 20.61 20.04 16.20 14.70 14.70 13.23 13.23
> Thanks in part to a recent drop in exports to the United States, Mexico
has seen slowing economic growth. In Q1 2013, several Mexico City industrial warehouses were vacated, slightly increasing the vacancy rate to 3.49%.
6-Month Change in Rent**
> While occupier demand for industrial property in Brazil remains strong,
the market now appears to have stabilized into a more rational mode of sustained growth. So Paulo has seen positive net absorption, in spite of the final tally in 2012 showing a 23% decrease over the previous year.
12.5% 11.1%
> Demand for Beijings logistics properties remained as strong as it has

been since 2011. Rents grew by 11.41% year-over-year as of the end of Q1 2013. Shanghais industrial sector remained stable, with average asking rents for ground floor premises of high quality facilities in both the logistics and workshop sectors unchanged.
LEGEND
EMEA APAC
> In Hong Kong, high quality warehouse buildings are nearly fully
occupied. Those users seeking to expand or rationalize their real estate costs have had to consider the option of split operations in lower quality buildings.
3.9%
PARIS
2.2%
HELSINKI GENEVA TOKYO HONG KONG LONDON - (HEATHROW)
> Indian economic growth remained sluggish through the end of 2012,
however we expect industrial activity to improve, thanks to recent government actions. These include the government-proposed National Investment and Manufacturing Zones and the newly approved 51% foreign direct investment in multi-brand retail trading.
MI
NS
OS
LO
SI
NG
AP
SY OR E
DN
EY
* December 2012 Rent (USD/PSF/YR) ** Local currency
> Industrial take-up across the UK fell by 6% year on year in 2012 but
despite steady, if unspectacular, levels of demand for big sheds, availability continues to fall across all regions. Based on average take-up levels over the past decade, total availability of new or refurbished space represents just over two years of supply across the UK as a whole.
> Munich has seen growth among automotive manufacturers and

suppliers, which are heavy users of logistics and production space.
> In Paris, a decline of household consumption and industrial

production against a backdrop of rising production costs and a loss of competitiveness of manufacturing companies have not helped the large warehouse market. Take-up of large warehouses in France through 2012 stood at 5.2 million square feet, down 24% from 2011.
North America
Strong Demand in North American Port and Distribution Markets
Despite anemic U.S. job growth, demand for industrial warehouse space and modern distribution centers remains strong. On the heels of nearly 71 million square feet of net absorption in Q4 2012, the market absorbed another 50.5 million square feet in Q1 2013. The North American vacancy rate declined for the eighth straight quarter, down 20 basis points to 8.20%. Canadas vacancy rate stands at 4.13%. Vacancy has improved the most in primary port cities and inland distribution markets with large intermodal facilities. Cap rates continue to compress and warehouse prices have risen. As institutional investors become anxious about the multifamily market, demand for modern warehouse properties in core port and inland distribution markets grows.
Global Industrial Report | Midyear 2013 | Colliers International
New Supply is picking up, but is neither excessive nor speculative. New industrial construction increased by one-third to 40.6 million square feet. But this is less than the quarterly average net absorption from Q1 2012 to Q1 2013 (45 million square feet). More than half of this new space is pre-leased or build-to-suit distribution centers for major retailers and manufacturers. An estimated 40% of existing U.S. warehouse space is old enough to be considered functionally obsolete. There is added urgency on the part of retailers and manufacturers remaking their supply chains with modern distribution facilities aligned with key post-Panamax ports, intermodal rail facilities, and air cargo/ecommerce fulfillment paths.
slowing economic growth in 2013. We expect this situation to be temporary as demands from American consumers and businesses return. A relatively slow but steady growth should continue, accompanied by further industrial property demand. During Q1 2013, several Mexico City industrial warehouses were vacated, slightly increasing the vacancy rate to 3.49%. In that period there were 14 Class A industrial properties under construction in the market. Once complete, they will add over one million square feet of inventory. There are an additional two million square feet in the planning stages, which will deliver between 2013 and 2015. We expect occupier demand combined with the dearth of speculative constructionall but four of the projects under construction are build-to-suitwill ensure that the vacancy rate remains stable.
Latin America
Construction in Mexico City, But Little is Speculative
Thanks in part to a recent drop in exports to the United States, Mexicos largest export market, the country has seen
Brazils Industrial Market Matures

While occupier demand for industrial property in Brazil remains strong, the market now appears to have stabilized into a more rational mode of sustained growth. Prices are not increasing with the rapidity that they once were and developers have become more conservative, waiting until the inventory under construction has been leased before approving new projects.
North America, Average Prime Warehouse Rent, (USD/SF/YR) & Cap Rate - December 2012
*Note: Average Net rent = Gross Asking Rent - Annual Realty Taxes - Operating Expenses
5.7% Vancouver, BC
$7.62
$3.70
Detroit
9.9%
$3.71 $6.21
Los Angeles Chicago 7%
6.3%
7% Los Angeles - Inland Empire
$4.2
$3.67
Indianapolis
$4.37
6.75%
6.3% New Jersey - Central
$3.15
$3.17
Atlanta
7.9%
7.3% Dallas-Ft Worth
So Paulo, which makes up 62% of the national industrial inventory, has seen positive net absorption, although the final tally in 2012 was a 23% decrease over the previous year. Our expectations for the city remain positive. Submarkets close to the Mario Covas Beltway, the citys ring road, have seen strong demand and high prices thanks in part to a lack of further developable land.
LATAM, Average Prime Warehouse Rent (USD/SF/YR) & Cap Rate - December 2012
Buenos Aires Sees Supply/Demand Imbalance

Buenos Aires currently suffers from an imbalanced market. Despite recent construction completions, there are virtually no premium logistics centers available for rent. This lack of supply has hurt demand, as there is simply no supply to meet it. Rental rates have increased in line with national inflation. There are many premium logistics projects currently under construction which will come online this year. Industrial parks have also shown a high occupancy scenario and an upward trend in land sales prices.
$9.48
Panama City
9.5%
$6.25
Mexico City
7.75%
$9.70
9.8% Bogot
$7.25
Lima
11%
$10.55
So Paulo
10.25%
Bogot Sees Strong Demand as Users Move to City Outskirts

In Bogot, warehouse demand exceeds supply. In H2 2012, absorption exceeded new construction by 8%, something that has not been seen since 2008. Available warehouse space was down by 45%. Few of the newly constructed warehouses are even making it to the market, as many properties are either build-tosuit or leased or sold before construction begins. The Bogot market absorbed over two million square feet of warehouse space in the second half of 2012, which was 28% more than the same period in the previous year. Since 2008, development has transitioned to the citys outskirts and now 99% of available land is to be found there. There were 570 acres of land available in the market, which is the highest weve ever recorded.
$8.81
Buenos Aires
10.5%
Asia Pacific
Consumers Support Asian Industrial Resilience
The overall demand for industrial logistics real estate in Asia remains relatively solid despite the slower-than-projected GDP growth in a number of Asian economies and the slackening demand for imports in western economies. Thanks to resilient private expenditure in a number of Southeast Asian countries, quality industrial logistics properties have been in consistent demand, especially those catering to local distribution. Rental growth expectations in most Asian cities remain positive. Beijing is the most prominent city with exceptional rental
growth, due to the accelerating expansion of third-party logistics companies and the sustained demand for logistics space due to the citys lack of new supply of quality and modern facilities. In Hong Kong, supply is falling short of demand where high quality industrial logistic warehouses are virtually fully occupied. The sustained demand for logistic space was lately demonstrated in Q2 2013 by the fact that an industrial/logistic development site in the Tsing Yi districta traditional logistics hub in Hong Kong was sold for a higher than expected land price.
Beijing Sees Sustained Demand for Logistics Space

Demand for Beijings logistics properties remained as strong as it has been since 2011. The vacancy rate rested at around 2.74% as of the end of Q1 2013. On the back of this, rents grew by 11.41% year-over-year, to RMB 35.55 per square meter per month as of end Q1 2013. One new project was completed in Beijings logistics property market in Q1 2013, and total market inventory expanded to more than 14 million square feet. The demand from third party logistics, manufacturing, and pharmacy companies should continue to grow. Several new projects are anticipated to
complete in 2013, however this will hardly alleviate the current demand. We expect rental and capital values to grow, albeit at a lower rate.
Quality Hong Kong Warehouses Near Full Occupancy

In Hong Kong, high quality warehouse buildings are nearly fully occupied. No new warehouses are set to complete construction until the second half of 2014. Logistics companies have had to negotiate with landlords for lease renewals about one year ahead of lease expiration. Some logistics companies have precommitted those yet-to-be-vacated spaces. Those users seeking to expand or rationalize their real estate costs have had to consider the option of split operations in lower quality buildings. This trend will continue until developers have completed warehouse construction in the Tsing Yi district.
Consumer Growth Supports Shanghai Logistics Sector

Shanghais industrial sector remained stable in Q1 2013, despite global economic uncertainty. Chinas official Purchasing Managers Index (PMI) and the HSBCs China Manufacturing PMI stood at 50.9 and 51.6 respectively in March, promoting positive industrial performance. Average asking rental rates for ground floor premises of high quality facilities in both the logistics and workshop sectors remained unchanged from Q4 2012. In the medium to long term, increased consumer demand, founded on rising disposable incomes and the governments stated goal of increasing efficiencies in the logistics sector will sustain demand for high-quality logistics properties. In the workshop sector, the new supply of high quality facilities will be limited by the availability of land.
Japanese Exports Improving

Japans real GDP grew for two consecutive quarters by 0.9% quarter-over-quarter or 3.5% annualized in Q1 2013. The exports stopped decreasing. The Yen depreciated against USD more than 15% since the end of 2012. The decline of industrial land prices
Asia Pacific, Average Prime Warehouse Rent (USD/SF/YR) & Cap Rate - December 2012
$6.04
Beijing
6.88%
$20.61
Tokyo
6.2%
$21.83
Hong Kong
4.1%
$21.02
Singapore
4.5%
$4.37
Jakarta
9%
$10.73
Brisbane
8.41%
$8.14
Auckland
7.79%
$11.98
Adelaide
8.25%
$13.23
Sydney
8%
$5.99
Wellington
8.5%
*Gross rent data listed for Tokyo
in Greater Tokyo during 2012 was less than that of 2011, -0.5% compared with -1.8%. Demands from rapidly growing e-commerce sectors and expanding Third Party Logistics users are strong. Both domestic and foreign investors have been active in the industrial property market and we expect this trend to continue. Three Japanese REITs that mainly target industrial properties were newly listed between November 2012 and February 2013. Only five of the thirty-nine Japanese REITs have industrial properties holdings. These holdings make up about 7.5% of total holdings.
Strong demand for industrial sites pushed land values upwards in H2 2012 after having remained stable in H1 2012. Rents for both prime warehouse space and prime bulk space improved further, driven by lease renewals and higher rental expectations from landlords. We expect demand for warehouse space to remain healthy in 2013. However, warehouse rents and capital values will rise at a slower pace. The imposition of a Sellers Stamp Duty (with effect from 12 January 2013) on industrial properties sold within three years of purchase to weed out speculative activity is likely to rein in industrial property prices.
Seoul Sees Uneven Industrial Demand

Seoul has seen a decrease in transaction volume. This has meant that there was no significant change in rent or asset value in the second half of 2012. Recent industrial sales trends have included the sales of properties in order to secure cash flows. Sale/leaseback transactions are also on the rise. The market has also witnessed many cases of PF transfer of ownership of real estate in addition to the sales of factory sites for redevelopment into large-scale residential projects. So while there have been some significant industrial sales, many were transactions where property usage was changed rather than actual industrial investment.
Government Actions to Propel Delhi Industrial Activity

Indian economic growth remained sluggish through the end of 2012, however we expect industrial activity to improve thanks to recent government actions. The government has proposed setting up eight National Investment and Manufacturing Zones (NIMZs), which are integrated industrial townships with stateof- the-art infrastructure and at least 30% of total area devoted to manufacturing. Of the eight proposed NIMZs, three would be located in the Delhi National Capital region. The cabinet has also approved 51% foreign direct investment in multi-brand retail trading, subject to certain conditions. In light of these proactive measures, we anticipate an increase in demand for industrial properties over the coming year, with most submarkets experiencing stability or growth in values and rents on the back of consistent demand and limited space availability.
Sellers Stamp Duty Likely to Rein in Sales Price Growth in Singapore

Average capital values of strata-titled warehouses continued to rise in H2 2012. This was supported by high liquidity, low interest rates and investor demand which had diverted from the residential market where several rounds of cooling measures were implemented.
Top Three Markets by Cap Rate (%) and Region - December 2012
9.80
9.50
9.80
10.0 % 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0
7.75 6.70
6.20 5.70 4.50 4.10
6.00
6.25
6.50 6.00
ASIA
SIN GA PO RE HO NG TO KY O
NORTH AMERICA
SA N JO OR LO VA NC OU AN GE ND
EMEA
OS LO FR AN KF
LATIN AMERICA
ME XIC
BO GO
PA NA
ON
Sydney Industrial a Target for Foreign Capital

Sydneys industrial market continues to attract offshore capital with a number of foreign groups inquiring and purchasing industrial assets and teaming up with local institutional owners. The weight of funds chasing Prime Grade assets has seen Prime Grade yields show signs of tightening. The attraction to Sydneys industrial market from investors continues to be driven by strong fundamentals with tenant demand for Prime Grade assets remaining active. However the ongoing lack of supply combined with demand has kept availability and vacancy levels low.
Melbournes West Still Seeing Strong Demand from Logistics Sector

The Melbourne industrial market continues to be dominated by leasing and development activity in the west precinct, and
KO NG
MA
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UR
CIT
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(H EA
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it continues to be the logistics and transport sector that is demanding the majority of industrial space. Both the North and West markets are seeing good demand from this sector, and enquiries are predominately coming from logistics users involved in the supply chain process coming out of the Port of Melbourne (west) and Melbourne Airport (north).
Investment Activity Slows in Brisbane

Investment activity has eased in the first half of 2013 with six transactions over $5 million, which is down from 15 transactions in the second half of 2012. This is mainly reflective of a lack of available stock on the market. Leasing activity has improved with 360,892 square feet of industrial floor space taken up during the first half of 2013 compared to 285,433 square feet in the latter half of 2012. With new supply additions at low levels (104,986 square feet of new industrial floor space for facilities over 32,808 square feet currently in construction phase) and demand at trend levels, prime grade net face rents are forecast to grow 1.8% in 2013 from 2012 levels.
TH RO W)
Adelaide Sees Shortfall in Quality Stock

Leasing demand remains solid, and with a number of major tenants currently in the market with requirements unfulfilled, this trend will continue. The shortfall in A Grade stock will drive pre-lease demand for design and construct development and the redevelopment of older style buildings. Expect moderate rental growth in 2013 through limited supply of A Grade stock. Institutions are now making strategic purchases and have been selling non-core assets. Expect modest yield compression from Q2 2013 when transactional activity for the year is well underway. 2013 should see some expansion in values, especially in traditional core precincts.
significant number of large premises vacant. These are typically hard to re-utilize without significant capital expenditure. Industrial leases in Wellington tend to be documented on a gross basis, as do office and retail leases in the capital. Currently this favors tenants as rising insurance premiums cannot be immediately passed on to them. While gross rentals have not reduced, net rentals have dropped slightly as a result of rising operating expenses, particularly insurance costs. We anticipate that insurance premiums will continue to rise in the next twelve months and as a consequence, net incomes will continue to decline. Leasing activity has been steady and we expect a continuation of this modest level of activity.
Expect Prime Yields to Firm in Auckland

Industrial market activity in Auckland was patchy in 2012, with few design build projects undertaken. As difficult economic times continue, businesses are tending to defer expenditures, including property expenditures, choosing instead to concentrate on sustaining their core business. We expect overall vacancy will track modestly down through 2013 but there will be considerable variation between parts of the market, whether in the context of location, quality or building size. As construction costs are expected to increase, particularly as tenants and developers pay more attention to seismic aspects of the building code, rents will have to increase or land costs decline in order to provide owners and developers with the returns that they have been enjoying historically. It is likely that demand for good quality industrial investments will continue to outstrip supply, and this will continue to be the case until more supply is produced. As a consequence prime yields are continuing to firm.
Europe, Middle East & Africa

Limited Supply of Quality Space in EMEA
Recovery in the European Logistics market remains generally patchy, reflecting a lack of momentum in retail trade and industrial production growth, two of the primary drivers of the market. After a modest pick up towards the start to the year, retail trade volume growth flattened in both Europe and the Eurozone, and remains negative on an annual basis. Industrial production marked its second consecutive monthly increase in March, but the annual trend is also downward. Sentiment in the industrial sector was also dented by a fresh downgrade of growth forecasts for some larger European economies. Generally, the market in Europe continues to be characterized by limited supply of quality space and hardly any speculative projects under construction. This situation, along with stable demand levels, leaves many occupiers with limited choice of modern developments.
Many Wellington Tenants Attracted to Smaller, Newer Space

In Wellington there is a trend for businesses to move from older, larger space to newer, smaller, more efficient space, leaving a
Pre-lease agreements continue to have a significant share in takeup figures in some of the markets (e.g. Poland). However, many tenants are withholding their decisions because of the uncertain economic outlook and the lack of immediately available space. Prime rents remained broadly unchanged across the majority of the markets, with some increases observed in core European locations, mainly on the back of the growing lack of modern supply. By contrast, rental values remain under pressure across most parts of Southern Europe, where demand remains restrained by poor economic performance. Some markets are benefitting from the further expansion of E-Commerce, with new e-fulfillment centers built across the region. Amazon for example is soon to open two new distribution centers in Northern France and Northern Italy.
Global Industrial Capitalization Rates / (Prime Yield/Percent)
MARKET (Select Markets)
REGION
DEC 2012
DEC 2011
Vancouver, BC London (Heathrow) Chicago, IL Munich Los Angeles - Inland Empire, CA Paris Marseille Dallas-Ft. Worth, TX Sydney Madrid Prague Athens Bucharest
N.A. EMEA N.A. EMEA N.A. EMEA EMEA N.A. Asia Pacific EMEA EMEA EMEA EMEA
5.70 6.00 6.30 6.90 7.00 7.00 7.20 7.30 8.00 8.25 8.25 10.00 10.25
7.00 6.00 6.50 6.90 6.50 6.80 7.20 7.60 8.15 8.50 8.50 9.00 10.00
Steady Absorption and Little New Supply in London Heathrow

Overall industrial take-up across the UK fell by 6% year-on-year in 2012 but despite steady, if unspectacular, levels of demand for big sheds, availability continues to fall across all regions. Based on average take-up levels over the past decade, total availability of new or refurbished space represents just over two years of supply across the UK as a whole. In London, the figure has slipped below 1.5 years for the best space and is only marginally higher for all Grades. Opportunities for potential occupiers seeking top quality, modern shed space in Greater London are now severely limited with only very modest levels of new supply anticipated over the next 18 months. The Heathrow market over the last four years has seen almost no speculative development, which is a direct consequence of the current economic climate and is the same situation that is prevailing throughout the rest of the South-East, West London, and the rest of the UK. Consequently, there is very little grade A stock available and therefore understandably a number of build-to-suit lettings have been concluded within the last twelve months. Steady absorption of space coupled with a shortage of new space coming to market, has meant a downward movement in vacancy levels across many London submarkets over the past three years.
combined with ongoing high demand to keep the situation on the demand side solid, even in times of economic uncertainty. In particular, further growth has been noted among automotive manufacturers and suppliers, which are heavy users of logistics and production space, while high purchasing power in the Munich metro area has given retailers opportunities for expansion. The ongoing shortage of space in the latest generation will continue to lead to high advance leasing activity in development projects this year, so large-scale signings are expected again. With all these factors in mind, we believe the market will be able to pick up where it left off, achieving as much as 918,635 square feet in total take-up of space by the end of the year.
German Market Resilient; Munich Sees Auto Occupier Logistics Demand

The German logistics market has been only marginally affected by the economic difficulties gripping the Eurozone. The availability of modern space is tight across the whole market and this has recently driven increases in prime rents in some cities such as Dusseldorf, Stuttgart and Munich. The Munich market is in particularly good shape. Satisfactory take-up figures above the long-term average have
Paris Logistics Market Suffers from Competition from Southern Picardy

Decline of household consumption and industrial production against a backdrop of rising production costs and a loss of competitiveness of our manufacturing companies have not helped the large warehouse market. In contrast, the sharp rise in e-commerce has increased logistic property needs. Despite these stimulating factors, urban logistics is struggling to establish itself in France. Take-up of large warehouses in France through 2012 stands at 5.2 square million feet, down 24% from 2011. However,
deals above 131,233 square feet accounted for 35% of the annual take-up, and this trend towards a concentration of flows in large scale logistics buildings should increase over the next few years. Ile-de-France undeniably posted the years most disappointing performance, with take-up of only 2.2 million square feet, down by 25%. Although the Paris region retains the lions share (42%) of the French logistics market, it has suffered more from competition from southern Picardy, which is close to the capital and almost trebled its take-up year-on-year in 2012. The light industrial premises market in Ile-de-France has defied the sluggish economic indicators. Against all expectations, sales to owneroccupiers in that segment were a main driver of the market.
increased while yields have improved. The main reason for this growth is the increasing demand for industrial space from the e-commerce sector and the availability of skilled employees in the region. For the next 12 months this trend is expected to continue in Noord-Brabant. By contrast, rents and yields have been reversing in Venlo; the city seems to be losing ground to cities such as Eindhoven and Tilburg that are more successfully meeting the growing demand for logistic space. Another notable trend is the decrease of rental prices in Rotterdam due to an expansion of supply. At Amsterdam Schiphol Airport there has also been an increase in supply but this has actually led to an increase in rents; the difference can be explained by the open market in Rotterdam and the airport-bound market in Schiphol. Development activity remains generally subdued and driven by build-to-suits. This has resulted in a limited availability of Class A warehouses. Occupiers on their side are holding on decisions regarding any relocations and only moving when absolutely necessary.
The Netherlands: Southern Hubs Faring Well

The Dutch logistics real estate market is characterized by relative stability, with some regional variations. Cities in the south of the Netherlands are generally performing well; rents for logistics properties in the province of Noord-Brabant have
EMEA, Average Prime Warehouse Rent (USD/SF/YR) & Cap Rate - December 2012
$12.42
Stockholm
6.75%
$9.35
7.5% Manchester
$5.59
7% Antwerp
$21.95
$13.05 $9.56 $6.10

Brussels 7% Frankfurt 6.75% 6.7%
6% London (Heathrow)
10.5% Moscow
$7.65
Warsaw
7.75%
$14.7
Paris
$6.18
Bucharest
10.25%
$6.32
Athens
$6.97
10% Istanbul
9%
10
Other trends in the logistics market are an increase in the demand for large logistics buildings, driven by both the expansion of e-commerce and sites consolidation. With the increasing demands from e-commerce, it is noteworthy that the south of the Netherlands is currently withstanding heavy rivalry from Belgium, the German Ruhr area and the north of France.
Activity in CEE Driven by Pre-Lets and Build-to-Suits

Activity remains concentrated around the larger centers of population and economic strength, with markets such as Moscow, Warsaw, Prague and Budapest providing the largest volumes of modern stock. Aside from these key city locations, there is a clear clustering of activity around the industrial regions of Poland, the Czech Republic and Slovakia. These locations benefit from proximity to their feeder markets in Germany and Austria in particular, helping drive demand for space from regional distributors, manufacturers and retailers as well as those facilitating the national market. Outside of these locations, only Athens, St Petersburg and Gdansk (Tricity) have a wider distribution role to play as major European trading ports, which escalates the volume of activity in these specific markets. Gdansk and St Petersburg are yet to fulfill their potential. Elsewhere, demand for space is driven primarily by occupiers with local and national distribution needs to satisfy the domestic economy. Generally, given the lack of new speculative development, in most markets pre-lets and built-to-suits make up a large share of new transactions. Prime rents are stable in the majority of the markets. However, some increases were recently registered in Prague, Budapest and Bratislavas region. A minor correction was observed in Athens.
Economic Crisis Taking its Toll on the Spanish Logistics Market

The Spanish industrial and logistics real estate market has felt the effects of the economic and financial crisis. Investment volumes and transactions number have fallen significantly, while the general downward pressure on rents remains. However, certain sub-markets are finding a degree of stability i.e. prime located and specified units over 20,000 sq m. The decrease in consumer spending has led to a logical decline in retail demand and, in turn, reduced the demands for space from industrial and logistics operators. Financial constraints have determined a lack of investment activity from small and medium companies who, traditionally, have sought opportunities for owner occupation. Liquidity constraints have resulted in the closure and decline of many Spanish developers, and speculative projects have virtually disappeared; any new developments are exercised purely on a turnkey basis. Rents for logistics space continue to decrease in all sectors, albeit not as sharply as previously seen. This trend is being exacerbated in secondary locations due to high levels of obsolete and vacant stock. Rental levels in Madrid and Barcelona have been adjusted by approximately 15 to 20% in prime sub markets; in secondary locations the figure is 25 to 35%, and even more in areas with both dated stock and high vacancy levels
11
INDUSTRIAL SURVEY / LOCAL MEASURE / CURRENCY RENTS

MARKET COUNTRY CURRENCY UNIT OF MEASUREMENT TIME PERIOD PRIME WAREHOUSE RENT (LOCAL MEASURE / CURRENCY) 6-MONTH CHANGE IN RENT (LOCAL CURRENCY) PRIME BULK RENT (LOCAL MEASURE / CURRENCY)
ASIA PACIFIC
Adelaide Brisbane Sydney Beijing Guangzhou Hong Kong Shanghai Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul Bangkok Chonburi Province Ho Chi Minh City
EUROPE, MIDDLE EAST, AFRICA
Australia Australia Australia China China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea Thailand Thailand Vietnam
AUD AUD AUD RMB RMB HKD RMB INR IDR JPY NZD NZD NZD SGD KRW THB THB USD
SM SM SM SM SM SF SM SF SM SM SM SM SM SF SM SM SM SM
Year Year Year Month Month Month Month Month Month Month Year Year Year Month Month Month Month Month
124.00 111.07 137.00 33.75 31.95 14.10 37.00 34.00 38,400.00 1,600.00 106.00 93.00 78.00 2.14 10,053.00 200.00 170.00 4.00
3.3% 0.0% 2.2% 4.5% 1.4% 0.0% 2.8% 0.0% 3.2% 0.0% 0.0% 1.1% 0.0% 3.9% 0.0% 0.0% 3.0% 5.0%
87.00 82.86 103.00 30.38 30.40 12.48 33.00 33.00
1,700.00
1.45 10,053.00 170.00 130.00 2.50
Vienna Minsk Antwerp Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lille Lyon Marseille Paris
Austria Belarus Belgium Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France
EUR EUR EUR EUR USD EUR EUR DKK EUR EUR EUR EUR EUR EUR EUR
SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM
Month Month Month Month Month Month Month Year Month Month Month Month Month Month Month
5.00 9.00 3.80 4.15 3.80 5.00 4.50 450.00 4.80 10.00 4.58 4.60 5.90 8.00 10.00
0.0% 12.5% 1.3% -1.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -4.8% 0.0% 0.0%
4.90
3.35 3.30
450.00
7.50 3.92 3.50 4.16 3.75 6.00
12

Toulouse Berlin Dsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Dublin Riga Vilnius Amsterdam Oslo Katowice Lodz Warsaw Gdansk Poznan Lisbon Bucharest Moscow Saint Petersburg Bratislava Madrid Gothenburg Malmo Stockholm Geneva Istanbul Belfast Birmingham Bristol Edinburgh Glasgow
France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Latvia Lithuania Netherlands Norway Poland Poland Poland Poland Poland Portugal Romania Russia Russia Slovakia Spain Sweden Sweden Sweden Switzerland Turkey UK UK UK UK UK
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR NOK EUR EUR EUR EUR EUR EUR EUR USD USD EUR EUR SEK SEK SEK CHF USD GBP GBP GBP GBP GBP
SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SF SF SF SF SF
Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Year Year Year Month Month Year Year Year Year Year
5.80 5.60 5.50 6.50 5.80 6.30 5.50 4.30 4.50 5.00 4.00 4.80 6.25 100.00 3.40 4.00 5.20 3.60 3.50 5.00 4.20 11.67 10.20 3.70 5.00 650.00 550.00 870.00 13.30 6.25 4.00 5.75 7.00 7.00 6.00
-7.2% -1.8% 10.0% 0.0% 0.0% 1.6% 3.8% 0.0% 12.5% 0.0% 14.3% 4.3% -0.8% 11.1% 0.0% 0.0% -3.7% -7.7% -2.8% -4.8% -4.5% -0.3% 0.0% -5.1% -5.7% 0.0% 0.0% 0.0% 0.0% 4.2% 0.0% 0.0% 0.0% 0.0% 0.0%
3.75 4.20 4.00 6.00 5.80 5.50 6.30
4.50
85.00
3.25
3.00 550.00 530.00 550.00 10.40 6.25 4.00 5.50 5.50 4.50 5.00
13

Leeds London (Heathrow) Manchester Kyiv

LATIN AMERICA
UK UK UK Ukraine
GBP GBP GBP USD
SF SF SF SM
Year Year Year Month
5.50 13.50 5.75 7.00
0.0% 0.0% 0.0% 0.0%
5.00 12.00 4.25
Buenos Aires So Paulo Bogot Mexico City Panama City Lima

NORTH AMERICA
Argentina Brazil Colombia Mexico Panama Peru
USD BRL USD USD USD USD
SM SM SM SM SM SM
Month Month Month Month Month Month
7.90 19.38 8.70 5.60 8.50 6.50
5.8% -1.0% -13.0% 0.0% 6.3% 18.2%
7.50 21.90 5.90 5.60 7.50 6.00
Calgary, AB Edmonton, AB Halifax, NS Montral, QC Ottawa, ON Regina, SK Saskatoon, SK Toronto, ON Vancouver, BC Victoria, BC Waterloo Region, ON Winnipeg, MB Atlanta, GA Bakersfield, CA Baltimore, MD Birmingham, AL Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH
Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada US US US US US US US US US US
CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD USD USD USD USD USD USD USD USD USD USD
SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
8.50 8.00 7.75 4.75 8.25 9.00 10.00 4.83 7.60 12.00 3.97 6.00 3.17 4.00 4.72 7.38 5.04 5.83 3.85 3.34 3.71 3.53
0.0% 0.0% 0.0% 5.6% 6.5% 0.0% 5.3% 1.3% 0.7% 0.0% -0.7% 0.0% -1.9% 0.0% -13.7% 8.7% 12.0% -2.0% 0.0% 0.6% -4.9% 11.4%
7.25 7.50 6.75 4.25 7.50 9.00 9.00
6.80 10.00 3.12 5.25 2.83 3.42 4.73 4.07 4.80 5.58 4.30 3.54 2.67 2.88
14

Cleveland, OH Columbia, SC Columbus, OH Dallas-Ft. Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, CA Ft. Lauderdale-Broward, FL Grand Rapids, MI Greenville/Spartanburg, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, Fl Kansas City, MO-KS Las Vegas, NV Little Rock, AR Long Island, NY Los Angeles - Inland Empire, CA Los Angeles, CA Louisville, KY Memphis, TN Miami, FL Milwaukee, WI Minneapolis/St. Paul, MN Nashville, TN New Jersey - Central New Jersey - Northern Oakland, CA Omaha, NE Orange County, CA Orlando, FL
US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
3.30 4.00 2.62 3.15 4.62 3.70 5.50 3.00 6.14 3.15 2.75 3.98 11.52 5.36 3.67 3.72 4.20 4.68 2.68 9.07 4.20 6.21 3.40 2.47 7.73 4.68 4.67 2.95 4.37 6.28 4.56 4.62 6.96 4.40
1.2% 6.7% -1.1% 3.3% 2.4% 3.1% 1.5% 25.0% 1.0% -1.6% -8.3% -0.7% 0.0% 5.9% -0.8% -1.6% -1.6% 2.6% 0.0% 6.0% 2.9% 3.1% 0.9% 0.4% 5.7% 10.1% 0.0% 0.7% -0.7% 2.6% 0.0% 6.7% 3.6% 0.2%
2.86 4.00 2.51 2.70 3.95 3.59 5.52 3.00 5.84 3.09 2.95 3.50
4.36 3.24 3.10 3.48 4.16 2.74 9.13 3.96 5.94 3.42 2.50 7.16 3.89 6.19 8.38 3.49 5.98 4.44 3.46 6.12 4.22
15

Philadelphia, PA Phoenix, AZ Pittsburgh, PA Pleasanton/Walnut Creek, CA Portland, OR Raleigh, NC Reno, NV Richmond, VA Sacramento, CA San Diego, CA San Francisco Peninsula, CA San Jose - Silicon Valley Savannah, GA Seattle/Puget Sound, WA St. Louis, MO
US US US US US US US US US US US US US US US
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
4.25 5.16 4.47 4.99 5.48 3.63 3.66 3.36 4.32 8.16 9.48 6.24 3.95 6.11 3.81 3.96 4.52 6.73 6.81
3.7% 3.0% 1.1% -1.0% 5.8% -0.3% -6.4% 0.0% 2.9% 1.5% -6.0% 6.3% 0.0% 0.7% -1.0% 4.8% 2.3% 0.1% 1.6%
4.14 4.21 4.10 4.26 5.06 4.28 3.12
3.84 7.56 9.48 5.90 3.75 5.88 3.80
Stockton/San Joaquin County, CA US Tampa Bay, FL Washington DC West Palm Beach, FL US US US
3.86 5.59 6.13
16
INDUSTRIAL SURVEY / U.S. DOLLAR RENTS / VACANCY RATES / INVESTMENT RATES

MARKET COUNTRY EXCHANGE RATE (USD) DECEMBER 31, 2012 DEC 2012 PRIME WAREHOUSE RENT USD/SF/YR DEC 2012 PRIME BULK RENT (USD/SF/YR) VACANCY RATE (%) DEC 2012 DEC 2012 YIELD / CAP RATE
ASIA PACIFIC
Adelaide Brisbane Sydney Beijing Guangzhou Hong Kong Shanghai Delhi Jakarta Tokyo Auckland Christchurch Wellington Singapore Seoul Bangkok Chonburi Province Ho Chi Minh City
EUROPE, MIDDLE EAST & AFRICA
Australia Australia Australia China China China China India Indonesia Japan New Zealand New Zealand New Zealand Singapore South Korea Thailand Thailand Vietnam
0.96 0.96 0.96 6.23 6.23 7.75 6.23 54.85 9,799.95 86.58 1.21 1.21 1.21 1.22 1,065.31 30.59 30.59 1.00
4.99 5.48 3.63 6.04 5.72 3.66 3.36 8.16 9.48 6.24 3.95 6.11 3.81 3.96 10.52 4.52 6.73 4.00
-1.0% 5.8% -0.3% 5.44 5.44 -6.4% 0.0% 1.5% -6.0% 6.3% 0.0% 0.7% -1.0% 4.8% 10.52 2.3% 0.1% 2.50
4.26 5.06 4.28 1.71
8.25 8.41 8.00 6.88
3.12
4.10
7.56 9.48 5.90 3.75 5.88 3.80
8.00 9.00 6.20 7.79 7.90 8.50 4.50 4.00
3.86 5.59 27.00
Vienna Minsk Antwerp Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lille Lyon Marseille
Austria Belarus Belgium Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France
0.76 0.76 0.76 0.76 1.00 0.76 0.76 5.66 0.76 0.76 0.76 0.76 0.76 0.76
7.35 13.23 5.59 6.10 4.24 7.35 6.62 7.39 7.06 14.70
7.20
8.50 15.50
4.93 4.85
7.00 6.75 11.00 10.00 8.25
7.39
7.50 9.00
11.03 5.76
7.50 8.50 7.50 7.40 7.20
6.76
5.15 6.12
11.76
5.51
17

Paris Toulouse Berlin Dsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Dublin Riga Vilnius Amsterdam Oslo Katowice Lodz Warsaw Gdansk Poznan Lisbon Bucharest Moscow Saint Petersburg Bratislava Madrid Gothenburg Malmo Stockholm Geneva Istanbul Belfast Birmingham Bristol Edinburgh
France France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Latvia Lithuania Netherlands Norway Poland Poland Poland Poland Poland Portugal Romania Russia Russia Slovakia Spain Sweden Sweden Sweden Switzerland Turkey UK UK UK UK
0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 5.56 0.76 0.76 0.76 0.76 0.76 0.76 0.76 1.00 1.00 0.76 0.76 6.51 6.51 6.51 0.92 1.00 0.62 0.62 0.62 0.62
14.70
8.82 5.51
7.00 7.50 7.40 7.25 6.70 7.20 6.90 7.20 10.00 9.00
8.23 8.09 9.56 8.53 9.26 8.09 6.32 6.62 7.35
6.18 5.88 8.82 8.53 8.09 9.26
6.62
9.00 9.25
7.06 9.19 20.04 5.00 5.88 7.65 5.29 5.15 7.35 6.18 13.01 11.38 5.44 7.35 9.28 7.85 12.42 16.20 6.97 6.50 9.35 11.38 4.41 7.85 7.57 7.85 12.67 6.97 6.50 8.94 8.94 7.32 4.78 17.04
9.25 7.00 6.50 8.25 8.25 7.75 8.25 8.25 9.25 10.25 11.50 12.00 9.00 8.25 6.75 6.75 6.75 7.50 9.00 7.00 7.50 7.50 7.75
18

Glasgow Leeds London (Heathrow) Manchester Kyiv

LATIN AMERICA
UK UK UK UK Ukraine
0.62 0.62 0.62 0.62 1.00 8.94 21.95 9.35 7.81
8.13 8.13 19.51 6.91
7.75 8.00 6.00 7.50 12.00
Buenos Aires So Paulo Bogot Mexico City Panama City Lima

NORTH AMERICA
Argentina Brazil Colombia Mexico Panama Peru
1.00 2.05 1.00 1.00 1.00 1.00
8.81 10.55 9.70 6.25 9.48 7.25
8.36 11.92 6.58 6.25 8.36 6.69
6.00 16.30
10.50 10.25 9.80
3.17 11.00
7.75 9.50 11.00
Calgary, AB Edmonton, AB Halifax, NS Montral, QC Ottawa, ON Regina, SK Saskatoon, SK Toronto, ON Vancouver, BC Victoria, BC Waterloo Region, ON Winnipeg, MB Atlanta, GA Bakersfield, CA Baltimore, MD Birmingham, AL Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH
Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada US US US US US US US US US US
0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 0.99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
8.53 8.03 7.77 4.77 8.28 9.03 10.03 4.85 7.62 12.04 3.98 6.02 3.17 4.00 4.72 7.38 5.04 5.83 3.85 3.34 3.71 3.53
7.27 7.52 6.77 4.26 7.52 9.03 9.03
5.05 3.35 9.65 4.34 5.76 3.51 4.94 4.13
7.00 6.66 7.25 7.25 7.50 7.40 7.15 6.50 5.70 7.00 7.90 8.25 7.90 10.00 6.36
6.82 10.03 3.13 5.27 2.83 3.42 4.73 4.07 4.80 5.58 4.30 3.54 2.67 2.88
3.67 4.15 6.80 2.97 12.41 2.80 10.21 9.39 9.51 17.38 10.36 11.78 9.53 9.22
9.60
7.50
6.30
19

Cleveland, OH Columbia, SC Columbus, OH Dallas-Ft. Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, CA Ft. Lauderdale-Broward, FL Grand Rapids, MI Greenville/Spartanburg, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, Fl Kansas City, MO-KS Las Vegas, NV Little Rock, AR Long Island, NY Los Angeles - Inland Empire, CA Los Angeles, CA Louisville, KY Memphis, TN Miami, FL Milwaukee, WI Minneapolis/St. Paul, MN Nashville, TN New Jersey - Central New Jersey - Northern Oakland, CA Omaha, NE Orange County, CA Orlando, FL Philadelphia, PA
US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3.30 4.00 2.62 3.15 4.62 3.70 5.50 3.00 6.14 3.15 2.75 3.98 11.52 5.36 3.67 3.72 4.20 4.68 2.68 9.07 4.20 6.21 3.40 2.47 7.73 4.68 4.67 2.95 4.37 6.28 4.56 4.62 6.96 4.40 4.25
2.86 4.00 2.51 2.70 3.95 3.59 5.52 3.00 5.84 3.09 2.95 3.50
9.05 8.78 8.76 9.48 7.45 11.45 11.30 9.26 8.35 7.29 9.16 9.19 3.75 8.50 8.00 7.90 6.75 9.00 8.75 7.30 8.20 9.90 7.40 9.00 4.16 9.88
4.36 3.24 3.10 3.48 4.16 2.74 9.13 3.96 5.94 3.42 2.50 7.16 3.89 6.19 8.38 3.49 5.98 4.44 3.46 6.12 4.22 4.14
5.15 5.26 10.08 6.72 15.53 11.17 5.59 6.45 4.21 8.96 12.46 6.57 6.51 8.12 8.82 9.17 8.35 8.23 5.09 4.90 10.21 9.75
9.00 7.67 7.00 7.00
7.75 7.00 9.00
10.32 6.30
6.50
6.25 7.50 7.84
20

Phoenix, AZ Pittsburgh, PA Pleasanton/Walnut Creek, CA Portland, OR Raleigh, NC Reno, NV Richmond, VA Sacramento, CA San Diego, CA San Francisco Peninsula, CA San Jose - Silicon Valley Savannah, GA Seattle/Puget Sound, WA St. Louis, MO Stockton/San Joaquin County, CA Tampa Bay, FL Washington DC West Palm Beach, FL
US US US US US US US US US US US US US US US US US US
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
5.16 4.47 4.99 5.48 3.63 3.66 3.36 4.32 8.16 9.48 6.24 3.95 6.11 3.81 3.96 4.52 6.73 6.81
4.21 4.10 4.26 5.06 4.28 3.12
12.81 8.21 10.22 7.18 10.23 10.97 9.98
8.00 7.75
3.84 7.56 9.48 5.90 3.75 5.88 3.80
12.92 9.87 9.85 10.73 11.84 5.82 8.42 13.45 8.50 7.00 6.00 8.50
3.86 5.59 6.13
9.36 10.71 7.29
8.75 6.52 6.94
21
Research Contributors Argentina Santiago Poy santiago.poy@colliers.com Asia Simon Lo simon.lo@colliers.com Australia Nerida Conisbee nerida.conisbee@colliers.com Mark Courtney mark.courtney@colliers.com Katy Dean katy.dean@colliers.com Anneke Thompson anneke.thompson @colliers.com Mathew Tiller mathew.tiller@colliers.com Brazil Leandro Angelino leandro.angelino@colliers.com Canada Ian MacCulloch ian.macculloch@colliers.com CEE Damian Harrington damian.harrington@colliers.com China Henes Chi henes.chi@colliers.com Cyrus Shen cyrus.shen@colliers.com Aries Shu aries.shu@colliers.com Carlby Xie carlby.xie@colliers.com Ricky Zhang ricky.zhang@colliers.com Korea Gemma Choi gemma.choi@colliers.com Mexico Flavio Gmez Aranzubia flavio.gomez@colliers.com New Zealand Alan McMahon alan.mcmahon@colliers.com Nina Zhang nina.zhang@colliers.com Nordics Anne Kaag Andersen Anne.kaagandersen@colliers.com Japan Yumiko Yasuda yumiko.yasuda@colliers.com Colombia Aurora Turriago aurora.turriago@colliers.com EMEA Zuzanna Baranowska zuzanna.baranowska@colliers.com Bruno Berretta bruno.berretta@colliers.com Germany Andreas Trumpp andreas.trumpp@colliers.com Hong Kong Arthur Yim arthur.yim@colliers.com India Surabhi Arora surabhi.arora@colliers.com Peru Jorge Marcenaro jmarcenaro@colliers.pe Philippines Karlo Pobre karlo.pobre@colliers.com Singapore Chia Siew-Chuin siew-chuin.chia@colliers.com Doreen Goh doreen.goh@colliers.com Michelle Tee michelle.tee@colliers.com Taiwan Paul Lee paul.lee@colliers.com United Kingdom Dr. Walter Boettcher walter.boettcher@colliers.com Mark Charlton mark.charlton@colliers.com United States KC Conway kc.conway@colliers.com Andrea Cross andrea.cross@colliers.com James Cook james.cook@colliers.com Cliff Plank cliff.plank@colliers.com Jeff Simonson jeff.simonson@colliers.com Lauren Chlebowski | Global Brand Designer
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Global Industrial Midyear 2013

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Global Industrial Midyear 2013

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Global | Industrial | Midyear 2013 HIGHLIGHTS

Trade Flows Bolster Industrial Demand in Asia and the Americas

Global Top 10 Industrial Warehouse Rents*

6-Month Change in Rent**

> Demand for Beijings logistics properties remained as strong as it has

HELSINKI GENEVA TOKYO HONG KONG LONDON - (HEATHROW)

* December 2012 Rent (USD/PSF/YR) ** Local currency

> Munich has seen growth among automotive manufacturers and

> In Paris, a decline of household consumption and industrial

Global Industrial Report | Midyear 2013 | Colliers International

Brazils Industrial Market Matures

7% Los Angeles - Inland Empire

6.3% New Jersey - Central

7.3% Dallas-Ft Worth

Global Industrial Report | Midyear 2013 | Colliers International

Buenos Aires Sees Supply/Demand Imbalance

Bogot Sees Strong Demand as Users Move to City Outskirts

Beijing Sees Sustained Demand for Logistics Space

Global Industrial Report | Midyear 2013 | Colliers International

Quality Hong Kong Warehouses Near Full Occupancy

Consumer Growth Supports Shanghai Logistics Sector

Japanese Exports Improving

*Gross rent data listed for Tokyo

Global Industrial Report | Midyear 2013 | Colliers International

Seoul Sees Uneven Industrial Demand

Government Actions to Propel Delhi Industrial Activity

Sellers Stamp Duty Likely to Rein in Sales Price Growth in Singapore

Global Industrial Report | Midyear 2013 | Colliers International

6.20 5.70 4.50 4.10

Sydney Industrial a Target for Foreign Capital

Melbournes West Still Seeing Strong Demand from Logistics Sector

Investment Activity Slows in Brisbane

Global Industrial Report | Midyear 2013 | Colliers International

Adelaide Sees Shortfall in Quality Stock

Expect Prime Yields to Firm in Auckland

Europe, Middle East & Africa

Many Wellington Tenants Attracted to Smaller, Newer Space

Global Industrial Report | Midyear 2013 | Colliers International

Global Industrial Capitalization Rates / (Prime Yield/Percent)

MARKET (Select Markets)

Steady Absorption and Little New Supply in London Heathrow

German Market Resilient; Munich Sees Auto Occupier Logistics Demand

Paris Logistics Market Suffers from Competition from Southern Picardy

Global Industrial Report | Midyear 2013 | Colliers International

The Netherlands: Southern Hubs Faring Well

$13.05 $9.56 $6.10

Global Industrial Report | Midyear 2013 | Colliers International

Activity in CEE Driven by Pre-Lets and Build-to-Suits

Economic Crisis Taking its Toll on the Spanish Logistics Market

Global Industrial Report | Midyear 2013 | Colliers International

INDUSTRIAL SURVEY / LOCAL MEASURE / CURRENCY RENTS

87.00 82.86 103.00 30.38 30.40 12.48 33.00 33.00

1.45 10,053.00 170.00 130.00 2.50

7.50 3.92 3.50 4.16 3.75 6.00

Global Industrial Report | Midyear 2013 | Colliers International

INDUSTRIAL SURVEY / LOCAL MEASURE / CURRENCY RENTS

3.75 4.20 4.00 6.00 5.80 5.50 6.30

Global Industrial Report | Midyear 2013 | Colliers International

INDUSTRIAL SURVEY / LOCAL MEASURE / CURRENCY RENTS

Leeds London (Heathrow) Manchester Kyiv

GBP GBP GBP USD

Year Year Year Month

5.50 13.50 5.75 7.00

0.0% 0.0% 0.0% 0.0%