Colliers NA Industrial 2010Q2

HIGHLIGHTSnortH aMeriCa

WWW.Colliers.CoM

Q2 2010 | iNDUstRiAl

ross J. Moore Chief Economist | USA

After returning space to the market in the fi rst three months of the year, industrial markets across the U.S. collectively absorbed 13.3 million square feet of warehouse space during the second quarter. New construction remained muted which helped to push the vacancy rate down to fi nish the quarter at 10.97 percent. Despite the increase in occupied space, rents generally fell over the quarter.

Even though the economy registered reasonable growth in the second quarter, further economic expansion is only expected to be modest in the coming quarters. While detracting from GDP growth, imports in particular surged during the second quarter which acted as a net positive for many U.S. industrial markets. Although the Institute for Supply Management (ISM) manufacturing index for July posted its third consecutive drop to register 55.5, the most recent reading is still well above the critical 50 level, showing the manufacturing sector is still in expansion mode. For the next few quarters the industrial market is likely to form a bottom before any robust recovery can occur. With almost no new warehouse construction coming onto the market, even a modest bounce back in demand will quickly translate into stronger fundamentals. Rents are expected to fi rm up by year-end, but apart from a few select markets, warehouse lease rates are not expected to show any appreciable increase until the second half of 2011 at the earliest. Canadian warehouse markets by comparison registered a relatively lackluster quarter with increasing signs the domestic economy will decelerate as the year progresses and warehouse markets will be largely directionless.

The second quarter could be the infl ection point many have been waiting for growth and a drop in vacancy.

MarKet inDiCatorsRelative to prior period

U.s. inDUstrial MarKetsUMMarY statistiCs, Q2 2010

U.S. Industrial Market Registers Modest Gains

Q22010

Q32010*

VaCanCY

net aBsorption

ConstrUCtion

rental rate

*Projected

Usa inDUstrial MarKet Q2 2009 Q2 2010

Absorption Completions Vacancy

-60

-40

-20

0

20

40

60

Q2 2010Q1 2010Q4 2009Q3 2009Q2 2009-60

-40

-20

0

20

40

60

Q2 2010Q1 2010Q4 2009Q3 2009Q2 2009

7

8

9

10

11%

MillionSq

uare

Feet

Vacancy (%

)

Vacancy rate: 11.00%Change from Q1 2010: -0.10

absorption: 13.3 Million Square Feet

new Construction:Spec: 2.1 Million Square Feet Build-to-Suit: 5.6 Million Square FeetTotal: 7.7 Million Square Feet

Under Construction: 14.1 Million Square Feet

asking rents per square Foot: Average Warehouse/Distribution Center: $4.78 Change from Q1 2010: 1.89%

continued on page 7

p. 2 | Colliers international

highlights | Q2 2010 | industrial | north america

UniteD states | inDUstrial sUrVeY

MarKeteXistinG inVentorY (sF)

JUne 30, 2010neW ConstrUCtion

Q2 2010 (sF)neW ConstrUCtion

YtD 2010 (sF)CUrrentlY UnDer ConstrUCtion (sF)

Atlanta, GA 581,926,000 1,700,000 1,700,000 2,159,000 Bakersfield, CA 31,384,000 167,000 540,000 560,000 Baltimore, MD 230,966,000 155,000 155,000 150,000 Boise, ID 31,711,000 25,000 60,000 25,000 Boston, MA 152,380,000 0 0 170,000 Charleston, SC 30,461,000 35,000 70,000 30,000 Charlotte, NC 278,714,000 140,000 140,000 47,000 Chicago, IL 1,312,509,000 1,680,000 1,802,000 709,000 Cincinnati, OH 254,847,000 0 0 0 Cleveland, OH 421,902,000 0 18,000 514,000 Columbia, SC 36,760,000 0 0 0 Columbus, OH 205,831,000 170,000 0 170,000 Dallas/Ft. Worth, TX 745,377,000 0 958,000 0 Denver, CO 274,756,000 146,000 805,000 869,000 Detroit, MI 465,259,000 21,000 61,000 250,000 Fairfield, CA 38,513,000 0 363,000 0 Fresno, CA 48,600,000 0 0 0 Ft. Lauderdale-Broward County, FL 127,926,000 69,000 69,000 0 Greenville, SC 154,809,000 0 0 0 Hartford, CT 96,975,000 0 0 0 Honolulu, HI 38,363,000 0 0 0 Houston, TX 493,495,000 235,000 1,783,000 239,000 Jacksonville, FL 117,125,000 0 0 723,000 Kansas City, KS 248,208,000 0 0 59,000 Las Vegas, NV 107,176,000 30,000 30,000 371,000 Little Rock, AR 44,556,000 166,000 253,000 497,000 Los Angeles Inland Empire, CA 378,431,000 0 0 667,000 Los Angeles, CA 879,359,000 68,000 97,000 243,000 Louisville, KY 158,007,000 21,000 21,000 0 Memphis, TN 193,042,000 400,000 400,000 0 Miami, FL 228,162,000 0 0 170,000 Nashville, TN 158,578,000 717,000 717,000 187,000 New Jersey Central 359,760,000 31,000 436,000 405,000 New Jersey Northern 375,748,000 0 0 12,000 Oakland, CA 131,233,000 0 0 26,000 Orange County, CA 210,709,000 0 0 872,000 Orlando, FL 143,891,000 0 0 0 Philadelphia, PA 421,909,000 714,000 714,000 1,093,000 Phoenix, AZ 230,776,000 467,000 467,000 147,000 Pleasanton/Walnut Creek, CA 31,320,000 74,000 74,000 0 Portland, OR 191,536,000 175,000 175,000 415,000 Raleigh, NC 98,232,000 0 62,000 190,000 Reno, NV 73,599,000 0 0 0 Sacramento, CA 183,388,000 21,000 21,000 62,000 San Diego, CA 188,293,000 122,000 146,000 189,000 San Francisco Peninsula, CA 40,808,000 0 0 0 San Jose/Silicon Valley, CA 253,311,000 0 0 744,000 Seattle/Puget Sound, WA 293,730,000 0 60,000 339,000 St. Louis, MO 266,238,000 0 50,000 64,000 Stockton/San Joaquin County, CA 92,547,000 0 0 0 Tampa, FL 212,200,000 0 40,000 40,000 Washington, DC 205,588,000 178,000 225,000 633,000 West Palm Beach, FL 58,420,000 0 0 24,000 U.s. total/aVeraGe 12,629,343,000 7,726,000 12,511,000 14,064,000


Colliers international | p. 3

UniteD states | inDUstrial sUrVeY

MarKetaBsorption Q2 2010 (sF)

aBsorption YtD 2010 (sF)

VaCanCY rate Mar. 31, 2010 (%)

VaCanCY rate JUne 30, 2010 (%)

Atlanta, GA 2,662,000 707,000 13.9 13.7 Bakersfield, CA 135,000 (260,000) 10.3 10.3 Baltimore, MD 111,000 1,139,000 11.1 11.2 Boise, ID 181,000 426,000 11.3 10.9 Boston, MA 115,000 (428,000) 22.3 22.1 Charleston, SC (798,000) (598,000) 11.0 13.7 Charlotte, NC (807,000) (1,819,000) 13.1 13.5 Chicago, IL 2,055,000 (1,766,000) 12.3 11.9 Cincinnati, OH 50,000 184,000 8.7 8.7 Cleveland, OH (1,098,000) (1,517,000) 8.9 9.1 Columbia, SC 87,000 193,000 12.6 12.4 Columbus, OH (382,000) (43,000) 13.3 13.5 Dallas/Ft. Worth, TX 720,000 506,000 11.9 11.8 Denver, CO 1,750,000 2,095,000 8.5 8.2 Detroit, MI 1,079,000 120,000 14.7 14.5 Fairfield, CA 213,000 4,000 13.8 13.2 Fresno, CA (35,000) 115,000 8.2 8.1 Ft. Lauderdale-Broward County, FL 370,000 564,000 9.9 9.7 Greenville, SC (127,000) 1,084,000 11.2 11.4 Hartford, CT 0 0 9.3 9.3 Honolulu, HI 40,000 201,000 4.4 4.1 Houston, TX 1,121,000 2,638,000 6.7 6.5 Jacksonville, FL 231,000 312,000 11.0 10.7 Kansas City, KS (493,000) (1,547,000) 7.4 7.5 Las Vegas, NV (562,000) (1,345,000) 16.2 16.7 Little Rock, AR (89,000) (147,000) 16.3 16.4 Los Angeles Inland Empire, CA 2,820,000 4,352,000 13.3 12.6 Los Angeles, CA 550,000 (6,035,000) 5.4 5.4 Louisville, KY (629,000) (1,528,000) 12.8 12.8 Memphis, TN (487,000) 595,000 13.7 13.9 Miami, FL 777,000 1,257,000 10.1 9.7 Nashville, TN (1,227,000) (706,000) 11.1 11.8 New Jersey Central 1,917,000 864,000 11.2 10.7 New Jersey Northern 1,035,000 257,000 8.3 8.0 Oakland, CA (99,000) (1,318,000) 9.3 9.4 Orange County, CA (364,000) (872,000) 6.2 6.4 Orlando, FL 383,000 407,000 13.2 13.0 Philadelphia, PA 980,000 1,566,000 10.0 9.9 Phoenix, AZ 2,107,000 1,493,000 18.1 17.7 Pleasanton/Walnut Creek, CA 39,000 80,000 15.3 15.4 Portland, OR 8,000 (202,000) 8.5 8.4 Raleigh, NC 286,000 (59,000) 13.4 13.1 Reno, NV 181,000 (1,300,000) 15.6 15.3 Sacramento, CA (297,000) (619,000) 12.0 12.2 San Diego, CA 285,000 276,000 11.8 11.7 San Francisco Peninsula, CA 151,000 113,000 9.8 9.5 San Jose/Silicon Valley, CA (1,805,000) (3,534,000) 13.5 13.8 Seattle/Puget Sound, WA 86,000 (806,000) 7.9 7.9 St. Louis, MO 319,000 (302,000) 10.9 10.7 Stockton/San Joaquin County, CA (664,000) (401,000) 16.9 17.7 Tampa, FL 254,000 (899,000) 11.5 11.4 Washington, DC 3,000 228,000 12.9 13.0 West Palm Beach, FL 175,000 275,000 11.7 11.4 U.s. total/aVeraGe 13,314,000 (5,999,000) 11.07 10.97



UniteD states | inDUstrial sUrVeY | sales priCe, Cap rate anD lanD priCe as oF JUne 2010

MarKetsales priCe(UsD psF)

Cap rate (%)

lanD priCe (UsD psF)

lanD priCesUBMarKet

VaCanCY ForeCast(3 MontHs)

aBsorption ForeCast (3 MontHs)

rent ForeCast (3 MontHs)

Atlanta, GA 34.83 9.70 1.50 Northeast Atlanta Same Down Same

Bakersfield, CA 48.00 9.50 2.50 Northwest Same Same Same

Boise, ID 45.00 1.76 Caldwell Up Down Same

Boston, MA 40.00 9.00 Up Up Same

Charleston, SC 41.00 9.50 2.50 Ladson Down Up Same

Chicago, IL 40.00 7.50 5.00 I-55 Corridor Down Same Same

Cincinnati, OH 1.50 Tri-County/Union Centre Down Up Same

Cleveland, OH 44.00 10.25 1.32 Northeast Ohio Same Same Same

Columbia, SC 1.15 Lexington Down Up Same

Columbus, OH 27.00 8.50 1.84 Northeast Same Same Same

Dallas/Ft. Worth, TX 40.00 8.50 1.25 South Dallas Down Up Same

Denver, CO 37.00 8.25 3.50 Northeast Same Same Same

Detroit, MI 33.00 8.50 Same Down Down

Fairfield, CA Up Down Down

Fresno, CA 40.00 9.00 3.00 South Same Up Same

Ft. Lauderdale-Broward Co., FL 75.00 6.92 Multiple Same Same Down

Greenville, SC 38.00 9.52 0.92 Multiple Down Up Same

Hartford, CT 40.00 10.00 2.50 Hartford Same Same Same

Honolulu, HI Same Same Same

Houston, TX 107.00 8.50 5.00 Northwest Up Down Down

Jacksonville, FL 36.00 8.20 2.28 Northside Same Up Same

Las Vegas, NV 6.03 North Las Vegas Up Up Down

Little Rock, AR 28.00 9.25 6.10 West Same Same Same

Los Angeles Inland Empire, CA 64.00 9.00 8.24 Ontario Down Up Same

Los Angeles, CA 92.00 8.00 10.71 San Gabriel Valley Same Same Down

Memphis, TN 27.50 10.25 1.25 DeSoto County, MS Down Up Same

Miami, FL 60.00 13.25 Multiple Same Same Down

Nashville, TN 33.00 9.00 1.40 Southeast Up Up Same

New Jersey Central 63.00 Down Down Down

New Jersey Northern 50.10 5.52 Same Same Down

Oakland, CA 76.80 7.50 8.19 Richmond, CA Same Up Same

Orange County, CA 120.00 7.00 18.00 Airport Up Down Down

Orlando, FL 54.18 2.62 Southeast Orange Same Same Down

Philadelphia, PA 45.00 9.00 3.10 Lehigh Valley Down Same Same

Phoenix, AZ 52.75 9.50 5.00 Southwest Down Up Same

Pleasanton/Walnut Creek, CA 13.00 Livermore Same Same Same

Portland, OR 83.73 7.25 1.50 Clark County Down Up Same

Reno, NV Down Same Down

Sacramento, CA 48.00 8.60 8.00 West Sacramento Down Up Same

San Diego, CA 54.06 7.08 Otay Mesa Down Same Same

San Francisco Peninsula, CA 188.00 6.50 Same Same Same

San Jose/Silicon Valley, CA 80.00 8.00 28.00 San Jose Same Same Same

Seattle/Puget Sound, WA 61.00 9.00 Kent Valley Down Same Same

Stockton/San Joaquin County, CA 50.00 8.50 3.50 Stockton Up Down Same

Tampa, FL 32.63 7.50 Same Same Down

Washington, DC Up Down Down

West Palm Beach, FL 50.00 6.00 North Palm Beach Same Same Down

U.s. aVeraGe 55.89 8.54



UniteD states | inDUstrial sUrVeY | rents as oF JUne 2010

MarKetWareHoUse/DistriBUtion

spaCe (UsD psF)BUlK spaCe(UsD psF)

FleX/serViCe spaCe (UsD psF)

teCH/r&D spaCe (UsD psF)

Atlanta, GA 3.14 2.86 7.22 7.50Bakersfield, CA 4.00 3.92 7.00 Baltimore, MD 4.71 10.26 Boise, ID 4.50 4.50 6.30 6.30Boston, MA 4.75 5.00 7.00 10.00Charleston, SC 3.60 3.90 6.00 16.00Charlotte, NC 3.45 8.58 Chicago, IL 3.77 2.50 9.19 Cincinnati, OH 3.05 3.05 6.83 6.83Cleveland, OH 2.75 2.83 7.98 9.00Columbia, SC 3.75 4.00 6.00 9.50Columbus, OH 2.98 3.32 5.34 5.34Dallas/Ft. Worth, TX 3.00 2.75 6.90 8.50Denver, CO 3.50 3.25 8.50 9.50Detroit, MI 4.01 3.65 8.20 Fairfield, CA 5.64 9.24 Fresno, CA 2.40 2.40 4.00 5.50Ft. Lauderdale-Broward County, FL 7.20 6.64 9.36 Greenville, SC 3.00 2.95 6.72 18.00Hartford, CT 4.28 4.28 7.95 7.95Honolulu, HI 11.28 Houston, TX 4.90 3.98 7.92 9.00Jacksonville, FL 3.50 3.00 9.00 Kansas City, KS 4.02 8.14 Las Vegas, NV 5.01 4.75 6.99 10.82Little Rock, AR 3.57 1.79 Los Angeles Inland Empire, CA 3.80 3.65 6.50 10.25Los Angeles, CA 5.85 5.42 11.75 13.25Louisville, KY 3.45 7.38 3.45Memphis, TN 2.56 2.46 7.11 10.00Miami, FL 7.77 6.67 11.13 Nashville, TN 3.97 3.20 7.48 New Jersey Central 4.73 4.29 11.98 12.71New Jersey Northern 6.46 5.74 11.42 6.12Oakland, CA 4.44 4.44 5.16 9.24Orange County, CA 7.21 5.93 13.00 13.50Orlando, FL 4.73 4.15 8.76 9.09Philadelphia, PA 4.00 3.75 7.00 11.00Phoenix, AZ 4.30 4.15 10.32 Pleasanton/Walnut Creek, CA 4.80 4.20 10.56 Portland, OR 5.28 5.05 9.24 10.00Raleigh, NC 4.09 8.74 Reno, NV 3.60 3.59 6.12 9.48Sacramento, CA 4.20 2.76 9.24 10.56San Diego, CA 7.80 7.32 11.28 15.12San Francisco Peninsula, CA 9.60 9.60 18.84 18.84San Jose/Silicon Valley, CA 5.46 4.78 8.43 12.66Seattle/Puget Sound, WA 7.18 12.06 St. Louis, MO 3.87 10.32 Stockton/San Joaquin County, CA 4.08 3.66 7.20 7.30Tampa, FL 4.42 4.11 8.31 9.47Washington, DC 7.68 4.91 12.14 West Palm Beach, FL 8.13 6.36 10.59 U.s. aVeraGe 4.78 4.22 8.68 10.05 Quarterly Change -1.89% -0.33% -2.25% -3.97%



CanaDa | inDUstrial sUrVeY

MarKeteXistinG inVentorY (sF)

JUne 30, 2010neW ConstrUCtion

Q2 2010 (sF)neW ConstrUCtion

YtD 2010 (sF)CUrrentlY UnDer ConstrUCtion (sF)

Calgary, AB 121,010,000 0 125,000 578,000 Edmonton, AB 76,818,000 293,000 476,000 386,000 Halifax, NS 7,077,000 0 17,000 80,000 Montreal, QC 347,771,000 130,000 180,000 268,000 Ottawa, ON 28,027,000 101,000 101,000 101,000 Regina, SK 15,526,000 500,000 520,000 500,000 Saskatoon, SK 19,183,000 25,000 18,000 48,000 Toronto, ON 759,131,000 216,000 451,000 1,649,000 Vancouver, BC 177,392,000 604,000 900,000 1,478,000 Waterloo Region, ON 61,150,000 29,000 181,000 71,000 CanaDa total/aVeraGe 1,613,086,000 1,897,000 2,969,000 5,159,000

CanaDa | inDUstrial sUrVeY

MarKetaBsorption Q2 2010 (sF)

aBsorption YtD 2010 (sF)

VaCanCY rate Mar. 31, 2010 (%)

VaCanCY rate JUne 30, 2010 (%)

Calgary, AB 677,000 1,655,000 5.7 5.2 Edmonton, AB 89,000 832,000 4.6 4.9 Halifax, NS (2,000) 129,000 6.3 6.4 Montreal, QC 593,000 136,000 6.8 6.7 Ottawa, ON (184,000) 300,000 4.6 5.3 Regina, SK 440,000 441,000 2.0 2.5 Saskatoon, SK 101,000 239,000 3.2 2.7 Toronto, ON (1,459,000) 1,950,000 5.6 6.1 Vancouver, BC 887,000 1,334,000 4.7 4.5 Waterloo Region, ON (134,000) (90,000) 8.0 8.3 CanaDa total/aVeraGe 1,007,000 6,927,000 5.74 5.94

CanaDa | inDUstrial sUrVeY | sales priCe, Cap rate anD lanD priCe as oF JUne 2010

MarKetsales priCe(CaD psF)

Cap rate (%)

lanD priCe (CaD psF)

lanD priCesUBMarKet

VaCanCY ForeCast(3 MontHs)

aBsorption ForeCast (3 MontHs)

rent ForeCast (3 MontHs)

Calgary, AB 117.00 7.50 12.17 SE Calgary Down Same SameEdmonton, AB 104.89 7.32 10.76 Southeast Same Same DownHalifax, NS 86.00 7.83 4.25 Burnside Industrial Park Down Up SameMontreal, QC 85.00 8.25 Same Same SameOttawa, ON 80.00 7.88 8.26 West End/Kanata Same Same SameRegina, SK 92.00 8.40 5.05 Ross Industrial Park Same Same SameSaskatoon, SK 120.00 8.00 9.18 Same Same SameToronto, ON 67.41 7.40 4.71 Vaughan Same Same SameVancouver, BC 115.00 6.50 21.14 Surrey Down Same SameWaterloo Region, ON 57.00 8.00 6.60 Cambridge Down Up SameCanaDa aVeraGe 92.43 7.71 9.13

CanaDa | inDUstrial sUrVeY | rents as oF JUne 2010

MarKetWareHoUse/DistriBUtion

spaCe (CaD psF)BUlK spaCe(CaD psF)

FleX/serViCe spaCe (CaD psF)

teCH/r&D spaCe (CaD psF)

Calgary, AB 6.75 6.25 9.00 9.75Edmonton, AB 7.00 6.15 8.00 8.50Halifax, NS 7.00 5.50 8.95 13.95Montreal, QC 4.00 4.00 6.50 8.25Ottawa, ON 7.30 6.50 8.30 11.25Regina, SK 8.00 6.50 12.00 14.00Saskatoon, SK 9.00 8.00 10.50 13.00Toronto, ON 5.13 4.70 7.37 7.99Vancouver, BC 6.50 6.00 8.75 9.50Waterloo Region, ON 4.91 4.27 8.34 8.34CanaDa aVeraGe 6.56 5.79 8.77 10.45 Quarterly Change 0.14% -0.22% 0.24% 0.32%



0 500,000 1,000,000 1,500,000 2,000,000

Atlanta, GA

Chicago, IL

Nashville, TN

Philadelphia, PA

Phoenix, AZ

Memphis, TN

Houston, TX

Washington, DC

Portland, OR

Columbus, OH

Bakerseld, CA

Little Rock, AR

Baltimore, MD

Denver, CO

Charlotte, NC

San Diego, CA

Pleasanton/Walnut Creek, CA

Ft. Lauderdale-Broward Co., FL

Los Angeles, CA

Charleston, SC

New Jersey Central

Las Vegas, NV

Boise, ID

Detroit, MI

Louisville, KY

Sacramento, CA

Spec

Build-to-Suit

absorption back in the black. With 13.3 million square feet (MSF) of warehouse space absorbed during the second quarter, U.S. industrial markets posted their first increase in occupied space since early 2008. This was in sharp contrast to the 19.3 MSF of negative absorption in Q1 and 57.4 MSF of space that was returned to the market a year ago. At midyear, year-to-date absorption totaled -6.0 MSF compared with -97.0 MSF for the same period in 2009. Of the 53 markets tracked in the U.S., 35 reported positive absorption during the second quarter, while in Canada, six of the ten tracked markets registered an increase in occupied space.

Warehouse construction up for the quarter but well below year-ago levels. Second quarter completions totaled 7.7 MSF, a modest increase from the first quarter when 4.8 MSF was delivered to the market but less than half the 16.7 MSF completed in Q2 2009. Of the 7.7 MSF delivered, 72 percent was build-to-suit and 28 percent speculative construction. In the coming quarters construction is anticipated to resume its downward trend with exceptionally low levels of construction expected to persist for the balance of 2010 and into 2011. Quarter-end construction activity totaled 14.1 MSF, a modest decrease from the 16.1 MSF that was under construction at the end of the first quarter and well below levels recorded a year ago when 35.0 MSF was underway. Canadian construction also remained subdued with just 1.9 MSF completed during the quarter.

U.s. industrial vacancy rate down in Q2, the first decrease since last quarter of 2007. The U.S. industrial warehouse vacancy rate dropped by 10 basis points during the second quarter to register 10.97 percent. This was the first decrease since the fourth quarter of 2007 and possibly marks a turning point for the U.S warehouse market. Of the 53 markets tracked across the country, 33 saw vacancies increase while 20 registered no change or declines. Canadian warehouse vacancies, however, increased by 20 basis points during the quarter to register 5.94 percent.

Despite firmer demand, rents move lower. Even with the benefit of increased demand, industrial rents generally drifted lower during the second quarter. Warehouse rents fell 1.9 percent to register $4.78 per square foot while bulk rents declined 0.3 percent to $4.22 per square foot, flex rents slipped 2.3 percent to $8.68 per square foot and R&D rents dropped 4.0 percent to $10.05 per square foot. Canadian industrial rents largely held steady across the board with warehouse, bulk, R&D and flex all registering little change.

U.S Industrial Market Registers Modest Gains

U.s. neW inDUstrial ConstrUCtion BY tYpe Q2 2010

0 500,000 1,000,000 1,500,000 2,000,000

Spec

Build-to-Suit

Vancouver, BC

Regina, SK

Edmonton, AB

Toronto, ON

Montreal, QC

Ottawa, ON

Waterloo Region, ON

Saskatoon, SK

Square Feet

CanaDa neW inDUstrial ConstrUCtion BY tYpe Q2 2010

Square Feet

Continued from page 1


WWW.Colliers.CoM

absorption Net change in leased space over a given period of time.

Bulk space 100,000 square feet or more with up to 10 percent office space, the balance being general warehouse space with 20 to 36 foot ceiling heights. All loading is dock-height.

Flex space Single-story buildings having 10- to 18-foot ceilings with both floor-height and dock-height loading. Includes wide variation in office space utilization, ranging from retail and personal service through distribution, light industrial and occasional heavy industrial use.

inventory Includes all existing multi or single tenant leased and owner-occupied industrial warehouse, light manufacturing, flex and R&D properties greater than or equal to 10,000 square feet.

new Construction Includes completed speculative and build-to-suit construction. New construction quoted on a net basis after any demolitions or conversions.

service space Single story (or mezzanine) with 10- to 16-foot ceilings with frontage

treatment on one side and dock-height loading or grade level roll-up doors on the other. Less than 15% office.

tech/r&D One- and two- story, 10- to 15-foot ceiling heights with up to 50% office/dry lab space (remainder in wet lab, workshop, storage and other support), with dock-height and floor-height loading.

triple net rent Includes rent payable to the landlord and does not include additional expenses such as taxes, insurance, maintenance, janitorial and 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.

Vacancy rate Percentage of total inventory available (both vacant and occupied) as at the survey date including direct vacant and sublease space.

Warehouse 50,000 square feet or more with up to 15 percent office space, the balance being general warehouse space with 18- to 30- foot ceiling heights. All loading is dock-height.

Glossary

Colliers international

601 Union Street, Suite 5300Seattle, WA 98101tel +1 206 223 0866FaX +1 206 757 9427

For More inForMation

Ross J. MooreChief Economist | USAtel +1 617 722 0221eMail [email protected]

480 offices in 61 countries on 6 continentsUnited States: 135Canada: 39Latin America: 17Asia Pacific: 194EMEA: 95

$1.9 billion in annual revenue

2.4 billion square feet under management

over 15,000 professionals

Copyright 2010 Colliers International.

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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Colliers NA Industrial 2010Q2