1. SECOND Half 2011 | INDUSTRIAL
GLOBAL INDUSTRIAL
HIGHLIGHTS
Global Warehouse Demand Shows
Consistent Growth
James Cook Director of Research | USA we expect overall warehouse rents in the São
Paulo region to rise by as much as four percent in
Global Industrial Trend Forecast the coming year.
GLOBAL INDUSTRIAL • Growing global trade will steady demand for
CAPITALIZATION RATES
(Prime Yield/Percent) quality warehouse space in many regions. Mexico City saw a three percent decrease in its
• Industrial
vacancy rates will further drop in industrial vacancy rate in the second half of 2011,
MARKET DEC DEC
(Select Markets) REGION 2011 2010 most markets. down to 4.8 percent. Mexico was more negatively
affected by the recession than most countries in
Hong Kong Asia Pacific 4.40 4.50 • Some markets, U.S. and Australia among them, North America, and its economic future is largely
Singapore Asia Pacific 4.80 6.00 will experience a lack of new supply in the face tied to that of its key trading partner, the United
London (Heathrow) EMEA 6.00 6.00 of growing demand.
Tokyo Asia Pacific 6.20 6.20 States. But with U.S. growth on the upswing,
• Prime warehouse rents will climb in most Asia
Los Angeles – Mexico too is poised to grow at a modest rate and
NA 6.50 8.50 Pacific markets, remain stable in EMEA and we expect that vacancies could make further
Inland Empire, CA
LATAM, and continue to strengthen in North drops in the country.
Chicago, IL NA 6.50 7.15
American markets.
Paris EMEA 6.80 7.00
Munich EMEA 6.90 7.00 Citing deteriorating financial conditions and Steady Demand in North America
Vancouver, BC NA 7.00 6.50 dimming growth prospect, the International Since peaking in 2010, growth in the manufacturing
Marseilles EMEA 7.20 7.20 Monetary Fund’s (IMF) revised its September 2011 and distribution industry has kept the U.S. vacancy
New Jersey – Northern NA 7.20 6.00 World Economic Outlook growth projections rate dropping in a mostly regular fashion. Vacancy
Dallas-Ft. Worth, TX NA 7.60 8.00 downward in January 2012. However, the IMF still dropped to 9.72 percent in Q4 2011. With
Shanghai Asia Pacific 8.00 7.25 forecasts that global trade volume will rise by 3.8 construction proceeding at low levels, we expect
Seoul Asia Pacific 8.00 8.00 percent in 2012 and 5.4 percent in 2013; as global vacancies to continue to drop at a measured rate
Madrid EMEA 8.00 8.25 trade rises, so too will demand for warehouse into 2013.
Sydney Asia Pacific 8.15 8.30 space.
Mexico City LATAM 8.50 9.20
Toronto, Canada’s biggest industrial market, saw
Prague EMEA 8.50 9.00 While warehouse rents have stabilized in most 13.7 million square feet of industrial space
Athens EMEA 9.00 8.75
EMEA and Latin American markets, prime absorbed in 2011, and the city’s prime warehouse
Bucharest EMEA 10.00 10.00
warehouse rents quoted in local currencies rents grew by 7.1 percent in the second half of
increased in the majority of Asia Pacific and North 2011.
GLOBAL TOP TEN INDUSTRIAL American markets in 2011 over the previous year.
WAREHOUSE RENTS We expect this trend to continue, with prime Dropping Vacancies in Most Asian Markets
RENT warehouse rents climbing in most Asia Pacific and Asia Pacific saw dropping vacancies in nearly
(USD/ 6-MONTH North American markets in the next year. every market. Prime warehouse rents grew in
MARKET REGION PSF/Year) CHANGE* more than half of the markets, and observers in
Tokyo Asia Pacific 23.14 -3.0% Latin American Rents Poised to Stabilize more than half of those markets expect that
London (Heathrow) EMEA 20.96 3.8% In Latin America, prime warehouse rental rates warehouse rents will continue to climb over the
Hong Kong Asia Pacific 20.55 8.1% took a fall. In 71.4 percent of the markets we track, next six months.
Singapore Asia Pacific 18.79 6.8% year-end rents decreased in 2011 from a year
Zurich EMEA 17.82 0.0% earlier. However, we expect warehouse rents in Australian industrial has been especially strong in
Oslo EMEA 16.79 8.0% Latin America to stabilize in the coming year. most major markets. Retail purchases, made more
Moscow EMEA 15.95 2.1%
attractive by the relatively strong Australian dollar,
Geneva EMEA 15.80 -6.3% São Paulo saw a 12.4 percent drop in warehouse have pushed up demand for large warehouse
São Paulo LATAM 14.94 -12.4%
rents in local currency, due to increased supply. space in several port markets. While there is
Helsinki EMEA 14.45 0.0%
However, with absorption set to outpace supply, growing demand for large modern warehouse
Marseilles EMEA 14.45 0.0%
Paris EMEA 14.45 0.0% Continued on page 8
*Local currency
www.colliers.com

2. highlights | SECOND Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents
PRIME
MEASURE WAREHOUSE PRIME PRIME BULK
RENT (LOCAL WAREHOUSE RENT (LOCAL
QUOTED TIME MEASURE/ RENT, 6-MONTH MEASURE/
MARKET COUNTRY CURRENCY UNIT PERIOD CURRENCY) CHANGE (%) CURRENCY)
ASIA pacific
Adelaide Australia AUD SM Year 120.00 4.3% 80.00
Brisbane Australia AUD SM Year 115.00 0.0% 95.00
Melbourne Australia AUD SM Year 91.00 1.1% 91.00
Perth Australia AUD SM Year 115.00 0.0% 90.00
Sydney Australia AUD SM Year 133.00 0.0% 101.00
Beijing China CNY SM Month 41.87 13.8% 37.55
Guangzhou China CNY SM Month 29.00 3.6% 28.00
Hong Kong China HKD SF Month 13.30 8.1% 11.00
Shanghai China CNY SM Month 35.00 4.3% 30.00
Delhi India INR SF Month 34.00 6.3% 32.00
Jakarta Indonesia IDR SM Month 31,500.00 5.8% -
Tokyo Japan JPY SM Month 1,600.00 -3.0% 1,700.00
Auckland New Zealand NZD SM Year 105.00 0.0% 105.00
Christchurch New Zealand NZD SM Year 87.00 1.2% 87.00
Wellington New Zealand NZD SM Year 83.00 0.0% 83.00
Singapore Singapore SGD SF Month 2.03 6.8% 1.44
Seoul South Korea KRW SM Month 12,000.00 0.0% 12,000.00
Chonburi Province Thailand THB SM Month 165.00 6.5% 120.00
Ho Chi Minh City Vietnam USD SM Month 4.00 0.00 3.00
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Vienna Austria EUR SM Month 5.00 -9.1% 4.70
Antwerp Belgium EUR SM Month 3.60 -2.7% 3.20
Brussels Belgium EUR SM Month 3.75 1.4% 3.20
Sofia Bulgaria EUR SM Month 4.00 0.0% 3.50
Zagreb Croatia EUR SM Month 5.00 0.0% 4.50
Prague Czech Republic EUR SM Month 4.30 0.0% 3.80
Copenhagen Denmark DKK SM Year 450.00 0.0% 450.00
Tallinn Estonia EUR SM Month 4.70 4.4% 4.00
Helsinki Finland EUR SM Month 10.00 0.0% 7.50
Bordeaux France EUR SM Month 6.25 0.0% 3.40
Lille France EUR SM Month 4.60 0.0% 3.50
Lyon France EUR SM Month 6.25 0.0% 3.70
Marseilles France EUR SM Month 10.00 0.0% 3.40
Paris France EUR SM Month 10.00 0.0% 4.30
Toulouse France EUR SM Month 6.25 0.0% 3.50
Berlin Germany EUR SM Month 5.70 0.0% 4.30
Düsseldorf Germany EUR SM Month 5.00 0.0% 4.00
Frankfurt Germany EUR SM Month 5.50 3.8% 6.10
Hamburg Germany EUR SM Month 5.70 0.0% 5.70
Munich Germany EUR SM Month 6.20 0.0% 5.30
Stuttgart Germany EUR SM Month 5.30 0.0% 6.00
Athens Greece EUR SM Month 4.70 -6.0% 2.85
Budapest Hungary EUR SM Month 4.00 0.0% 3.60
Milan Italy EUR SM Month 4.90 0.0% 4.60
Rome Italy EUR SM Month 5.00 0.0% 5.00
Riga Latvia EUR SM Month 3.50 0.0% 3.20
Vilnius Lithuania EUR SM Month 4.10 5.1% 3.70
Amsterdam Netherlands EUR SM Month 7.90 0.0% 3.80
Oslo Norway NOK SM Month 90.00 8.0% 70.00
Warsaw Poland EUR SM Month 5.50 -8.3% 4.50
Lisbon Portugal EUR SM Month 5.50 0.0% 3.50
Dublin Republic of Ireland EUR SM Month 5.00 0.0% 4.50
p. 2 | Colliers International

3. highlights | SECOND Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents
PRIME
MEASURE WAREHOUSE PRIME PRIME BULK
RENT (LOCAL WAREHOUSE RENT(LOCAL
QUOTED TIME MEASURE/ RENT, 6-MONTH MEASURE/
MARKET COUNTRY CURRENCY UNIT PERIOD CURRENCY) CHANGE (%) CURRENCY)
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
Bucharest Romania EUR SM Month 4.40 0.0% 4.00
Moscow Russia USD SM Month 14.30 2.1% 12.00
Saint Petersburg Russia USD SM Month 9.60 4.3% 9.40
Belgrade Serbia EUR SM Month 5.00 0.0% 4.00
Bratislava Slovakia EUR SM Month 4.00 2.6% 3.60
Madrid Spain EUR SM Month 5.50 0.0% 3.50
Gothenburg Sweden SEK SM Year 700.00 6.1% 625.00
Stockholm Sweden SEK SM Year 870.00 0.0% 625.00
Geneva Switzerland CHF SM Month 13.30 -6.3% 10.80
Zurich Switzerland CHF SM Month 15.00 0.0% 13.30
Istanbul Turkey USD SM Month 6.00 0.0% 6.00
Belfast UK GBP SF Year 4.00 0.0% 4.00
Birmingham UK GBP SF Year 5.75 0.0% 5.25
Bristol UK GBP SF Year 7.00 0.0% 5.50
Edinburgh UK GBP SF Year 7.00 0.0% 4.50
Glasgow UK GBP SF Year 6.00 0.0% 5.00
Leeds UK GBP SF Year 5.50 0.0% 5.00
London (Heathrow) UK GBP SF Year 13.50 3.8% 12.00
Manchester UK GBP SF Year 5.75 0.0% 4.25
Kyiv Ukraine USD SM Month 7.00 0.0% 5.80
LATIN AMERICA
Buenos Aires Argentina USD SM Month 6.90 4.5% 6.50
São Paulo Brazil USD SM Month 13.40 -12.4% 11.80
Santiago Chile USD SM Month 5.55 1.1% 4.48
Bogotá Colombia USD SM Month 7.10 -35.5% 7.00
San José Costa Rica USD SM Year 5.61 -1.6% 6.36
Mexico City Mexico USD SM Month 4.90 -12.5% 4.90
Lima Peru USD SM Month 5.50 0.0% 5.00
north AMERICA
Calgary, AB Canada CAD SF Year 8.00 3.2% 6.50
Edmonton, AB Canada CAD SF Year 7.75 6.9% 6.15
Guelph, ON Canada CAD SF Year 4.34 -8.4%
Halifax, NS Canada CAD SF Year 7.75 3.3% 5.50
Montreal, QC Canada CAD SF Year 4.75 11.8% 4.00
Ottawa, ON Canada CAD SF Year 7.75 3.3% 6.25
Saskatoon, SK Canada CAD SF Year 9.50 0.0% 8.00
Toronto, ON Canada CAD SF Year 5.15 7.1% 4.56
Vancouver, BC Canada CAD SF Year 8.12 9.7% 5.75
Victoria, BC Canada CAD SF Year 12.00 0.0% 10.00
Waterloo Region, ON Canada CAD SF Year 3.75 -4.6% 3.54
Atlanta, GA United States USD SF Year 3.23 0.6% 2.84
Bakersfield, CA United States USD SF Year 4.00 0.0% 3.92
Baltimore, MD United States USD SF Year 5.45 0.4%
Boise, ID United States USD SF Year 4.75 5.6% 4.50
Boston, MA United States USD SF Year 6.00 33.3% 4.95
Charleston, SC United States USD SF Year 3.75 -2.6% 4.00
Charlotte, NC United States USD SF Year 3.26 -0.6%
Chicago, IL United States USD SF Year 4.33 -3.3% 2.69
Cincinnati, OH United States USD SF Year 2.88 0.0% 2.93
Cleveland, OH United States USD SF Year 3.28 -4.1%
Columbia, SC United States USD SF Year 3.75 0.0% 3.75
Columbus, OH United States USD SF Year 4.66 82.0% 2.46
Colliers International | p. 3

4. highlights | SECOND Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | LOCAL MEASURE/CURRENCY rents
PRIME
MEASURE WAREHOUSE PRIME PRIME BULK
RENT (LOCAL WAREHOUSE RENT (LOCAL
QUOTED TIME MEASURE/ RENT, 6-MONTH MEASURE/
MARKET COUNTRY CURRENCY UNIT PERIOD CURRENCY) CHANGE (%) CURRENCY)
NORTH AMERICA continued
Dallas-Ft. Worth, TX United States USD SF Year 3.05 1.7% 2.70
Denver, CO United States USD SF Year 4.45 27.1% 3.25
Detroit, MI United States USD SF Year 4.18 6.6% 3.52
Fairfield, CA United States USD SF Year 5.39 -4.1%
Fresno, California United States USD SF Year 2.40 0.0% 2.28
Ft. Lauderdale-Broward, FL United States USD SF Year 6.52 0.8% 6.43
Grand Rapids, MI United States USD SF Year 3.07 -25.8%
Greenville/Spartanburg, SC United States USD SF Year 2.90 0.0% 2.95
Hartford, CT United States USD SF Year 4.03 -0.5% 4.28
Honolulu, HI United States USD SF Year 11.04 0.7%
Houston, TX United States USD SF Year 5.17 2.4% 4.32
Indianapolis, IN United States USD SF Year 3.25 8.3% 2.96
Jacksonville, Fl United States USD SF Year 3.75 0.0% 3.00
Kansas City, MO-KS United States USD SF Year 2.98 -5.4% 4.19
Las Vegas, NV United States USD SF Year 4.71 -2.1% 4.71
Little Rock, AR United States USD SF Year 2.68 0.0% 2.74
Long Island, NY United States USD SF Year 8.23 2.1%
Los Angeles – Inland Empire, CA United States USD SF Year 3.96 3.1% 3.48
Los Angeles, CA United States USD SF Year 5.76 2.1% 5.28
Louisville, KY United States USD SF Year 3.39 1.5% -
Memphis, TN United States USD SF Year 2.41 -19.9% 2.49
Miami, FL United States USD SF Year 7.21 4.5% 7.04
Minneapolis/St. Paul, MN United States USD SF Year 4.67 1.7%
Nashville, TN United States USD SF Year 3.91 25.3% 3.13
New Jersey – Central United States USD SF Year 4.41 -0.5% 3.77
New Jersey – Northern United States USD SF Year 6.11 4.8% 5.63
Oakland, CA United States USD SF Year 4.68 2.6% 2.88
Omaha, NE United States USD SF Year 4.25 -12.4%
Orange County, CA United States USD SF Year 6.72 0.0% 5.76
Orlando, FL United States USD SF Year 4.47 -0.4% 4.11
Philadelphia, PA United States USD SF Year 4.00 0.0% 3.75
Phoenix, AZ United States USD SF Year 5.07 -1.9% 4.18
Pittsburgh, PA United States USD SF Year 4.25 -0.9%
Pleasanton/Walnut Creek, CA United States USD SF Year 4.85 -3.8% 4.20
Portland, OR United States USD SF Year 5.17 -0.4% 4.64
Raleigh, NC United States USD SF Year 3.75 3.3%
Reno, NV United States USD SF Year 3.72 3.3% 3.20
Sacramento, CA United States USD SF Year 4.08 -8.1% 3.77
San Diego, CA United States USD SF Year 7.92 3.1% 7.08
San Francisco Peninsula, CA United States USD SF Year 9.24 0.0% 9.24
San Jose/Silicon Valley, CA United States USD SF Year 5.54 -0.2% 5.04
Savannah, GA United States USD SF Year 3.95 0.0% 3.75
Seattle/Puget Sound, WA United States USD SF Year 5.79 3.4%
St. Louis, MO United States USD SF Year 3.86 -0.5%
Stockton/San Joaquin County, CA United States USD SF Year 3.90 4.8% 3.48
Tampa Bay, FL United States USD SF Year 4.20 -0.2% 3.96
Washington, DC United States USD SF Year 6.61 -13.5%
West Palm Beach, FL United States USD SF Year 6.72 -0.6% 6.40
p. 4 | Colliers International

5. highlights | SECOND Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates
PRIME
exchange PRIME BULK RENT vacancy
rate (USD) WAREHOUSE RENT (usd/sf/ rate (%) prime yield/
MARKET COUNTRY dec 2011 (usd/sf/year) year) dec 2011 Cap rate (%)
asia pacific
Adelaide Australia 0.98 11.38 8.13 - 8.13
Brisbane Australia 0.98 10.91 8.40 - 8.40
Melbourne Australia 0.98 8.63 8.32 - 8.32
Perth Australia 0.98 10.91 8.50 - 8.50
Sydney Australia 0.98 12.62 8.15 - 8.15
Beijing China 6.29 7.42 8.50 0.70 8.50
Guangzhou China 6.29 5.14 - - -
Hong Kong China 7.77 20.55 4.40 - 4.40
Shanghai China 6.29 6.20 8.00 - 8.00
Delhi India 53.06 7.69 8.00 - 8.00
Jakarta Indonesia 9,070.00 3.87 8.00 9.60 8.00
Tokyo Japan 77.12 23.14 6.20 - 6.20
Auckland New Zealand 1.29 7.59 7.80 5.20 7.80
Christchurch New Zealand 1.29 6.29 8.80 4.60 8.80
Wellington New Zealand 1.29 6.00 8.40 8.00 8.40
Singapore Singapore 1.30 18.79 4.80 5.70 4.80
Seoul South Korea 1,158.10 11.56 8.00 - 8.00
Chonburi Province Thailand 31.55 5.83 - 5.00 -
Ho Chi Minh City Vietnam 1.00 4.46 - 10.00 -
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Vienna Austria 0.77 7.23 9.00 - 9.00
Antwerp Belgium 0.77 5.20 7.10 - 7.10
Brussels Belgium 0.77 5.42 6.90 - 6.90
Sofia Bulgaria 0.77 5.78 11.00 - 11.00
Zagreb Croatia 0.77 7.23 10.50 - 10.50
Prague Czech Republic 0.77 6.21 8.50 - 8.50
Copenhagen Denmark 5.73 7.30 7.50 - 7.50
Tallinn Estonia 0.77 6.79 9.00 - 9.00
Helsinki Finland 0.77 14.45 7.50 - 7.50
Bordeaux France 0.77 9.03 7.50 - 7.50
Lille France 0.77 6.65 7.20 - 7.20
Lyon France 0.77 9.03 7.20 - 7.20
Marseilles France 0.77 14.45 7.20 - 7.20
Paris France 0.77 14.45 6.80 - 6.80
Toulouse France 0.77 9.03 7.50 - 7.50
Berlin Germany 0.77 8.24 7.40 - 7.40
Düsseldorf Germany 0.77 7.23 7.25 - 7.25
Frankfurt Germany 0.77 7.95 7.00 - 7.00
Hamburg Germany 0.77 8.24 7.20 - 7.20
Munich Germany 0.77 8.96 6.90 - 6.90
Stuttgart Germany 0.77 7.66 7.10 - 7.10
Athens Greece 0.77 6.79 9.00 - 9.00
Budapest Hungary 0.77 5.78 9.00 - 9.00
Milan Italy 0.77 7.08 7.80 - 7.80
Rome Italy 0.77 7.23 8.20 - 8.20
Riga Latvia 0.77 5.06 10.00 - 10.00
Vilnius Lithuania 0.77 5.93 10.00 - 10.00
Amsterdam Netherlands 0.77 11.42 7.50 - 7.50
Oslo Norway 5.98 16.79 6.50 - 6.50
Warsaw Poland 0.77 7.95 8.00 - 8.00
Lisbon Portugal 0.77 7.95 8.50 - 8.50
* Central & Eastern European quoted vacancy rates based on Class A+B stock only Colliers International | p. 5

6. highlights | SECOND Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates
exchange PRIME PRIME vacancy
rate (USD) WAREHOUSE RENT BULK RENT rate (%) prime yield/
MARKET COUNTRY dec 2011 (usd/sf/year) (usd/sf/year) dec 2011 Cap rate (%)
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
Dublin Republic of Ireland 0.77 7.23 9.50 - 9.50
Bucharest Romania 0.77 6.36 - 10.00 10.00
Moscow Russia 1.00 15.95 - 11.00 11.00
Saint Petersburg Russia 1.00 10.71 - 13.00 13.00
Belgrade Serbia 0.77 7.23 - 11.00 11.00
Bratislava Slovakia 0.77 5.78 - 9.00 9.00
Madrid Spain 0.77 7.95 - 8.00 8.00
Gothenburg Sweden 6.91 9.42 - 6.75 6.75
Stockholm Sweden 6.91 11.71 - 6.75 6.75
Geneva Switzerland 0.94 15.80 - 7.50 7.50
Zurich Switzerland 0.94 17.82 - 7.50 7.50
Istanbul Turkey 1.00 6.69 - 9.00 9.00
Belfast UK 0.64 6.21 - 6.75 6.75
Birmingham UK 0.64 8.93 - 7.60 7.60
Bristol UK 0.64 10.87 - 7.60 7.60
Edinburgh UK 0.64 10.87 - 7.75 7.75
Glasgow UK 0.64 9.31 - 7.75 7.75
Leeds UK 0.64 8.54 - 7.75 7.75
London (Heathrow) UK 0.64 20.96 - 6.00 6.00
Manchester UK 0.64 8.93 - 7.50 7.50
Kyiv Ukraine 1.00 7.81 - 14.00 14.00
latin AMERICA
Buenos Aires Argentina 1.00 7.70 7.25 3.00 15.00
São Paulo Brazil 1.00 14.94 13.16 1.00 10.50
Santiago Chile 1.00 6.19 5.00 1.92 11.31
Bogotá Colombia 1.00 7.92 7.81 - 10.35
San José Costa Rica 1.00 0.52 0.59 8.10 12.62
Mexico City Mexico 1.00 5.46 5.46 4.80 8.50
Lima Peru 1.00 6.13 5.58 - 11.00
NORTH AMERICA
Calgary, AB Canada 1.02 7.83 6.36 4.80 6.75
Edmonton, AB Canada 1.02 7.59 6.02 3.50 -
Guelph, ON Canada 1.02 4.25 - 3.70 8.22
Halifax, NS Canada 1.02 7.59 5.38 5.89 7.75
Montreal, QC Canada 1.02 4.65 3.92 5.39 8.25
Ottawa, ON Canada 1.02 7.59 6.12 6.12 8.00
Saskatoon, SK Canada 1.02 9.30 7.83 4.94 7.50
Toronto, ON Canada 1.02 5.04 4.46 4.46 6.25
Vancouver, BC Canada 1.02 7.95 5.63 3.63 7.00
Victoria, BC Canada 1.02 11.75 9.79 3.37 6.50
Waterloo Region, ON Canada 1.02 3.67 3.47 7.23 8.20
Atlanta, GA United States 1.00 3.23 2.84 13.61 8.40
Bakersfield, CA United States 1.00 4.00 3.92 7.95 10.00
Baltimore, MD United States 1.00 5.45 - 10.59 7.80
Boise, ID United States 1.00 4.75 4.50 10.88 -
Boston, MA United States 1.00 6.00 4.95 20.00 -
Charleston, SC United States 1.00 3.75 4.00 10.64 7.75
Charlotte, NC United States 1.00 3.26 - 12.63 -
Chicago, IL United States 1.00 4.33 2.69 10.63 6.50
Cincinnati, OH United States 1.00 2.88 2.93 9.26 8.25
Cleveland, OH United States 1.00 3.28 - 9.67 -
Columbia, SC United States 1.00 3.75 3.75 7.71 -
p. 6 | Colliers International

7. highlights | SECOND Half 2011 | industrial | GLOBAL
INDUSTRIAL SURVEY | U.S. DOLLAR RENTS | VACANCY RATES | INVESTMENT rates
exchange PRIME PRIME vacancy
rate (USD) WAREHOUSE RENT BULK RENT rate (%) prime yield/
MARKET COUNTRY dec 2011 (usd/sf/year) (usd/sf/year) dec 2011 Cap rate (%)
NORTH AMERICA continued
Columbus, OH United States 1.00 4.66 2.46 11.76 9.00
Dallas-Ft. Worth, TX United States 1.00 3.05 2.70 10.61 7.60
Denver, CO United States 1.00 4.45 3.25 7.61 8.00
Detroit, MI United States 1.00 4.18 3.52 13.19 -
Fairfield, CA United States 1.00 5.39 - 12.64 -
Fresno, California United States 1.00 2.40 2.28 11.83 9.00
Ft. Lauderdale-Broward, FL United States 1.00 6.52 6.43 9.50 -
Grand Rapids, MI United States 1.00 3.07 - 8.85 8.25
Greenville/Spartanburg, SC United States 1.00 2.90 2.95 9.73 9.00
Hartford, CT United States 1.00 4.03 4.28 9.50 8.50
Honolulu, HI United States 1.00 11.04 - 4.78 -
Houston, TX United States 1.00 5.17 4.32 5.04 7.60
Indianapolis, IN United States 1.00 3.25 2.96 6.48 8.50
Jacksonville, Fl United States 1.00 3.75 3.00 10.70 8.20
Kansas City, MO-KS United States 1.00 2.98 4.19 7.16 -
Las Vegas, NV United States 1.00 4.71 4.71 16.13 8.00
Little Rock, AR United States 1.00 2.68 2.74 13.50 9.00
Long Island, NY United States 1.00 8.23 - 5.27 8.63
Los Angeles – Inland Empire, CA United States 1.00 3.96 3.48 6.57 6.50
Los Angeles, CA United States 1.00 5.76 5.28 4.85 5.50
Louisville, KY United States 1.00 3.39 - 10.28 -
Memphis, TN United States 1.00 2.41 2.49 13.19 8.63
Miami, FL United States 1.00 7.21 7.04 7.86 7.15
Minneapolis/St. Paul, MN United States 1.00 4.67 - 7.64 7.29
Nashville, TN United States 1.00 3.91 3.13 12.68 -
New Jersey – Central United States 1.00 4.41 3.77 9.96 8.40
New Jersey – Northern United States 1.00 6.11 5.63 8.63 7.20
Oakland, CA United States 1.00 4.68 2.88 8.03 6.50
Omaha, NE United States 1.00 4.25 - 6.13 -
Orange County, CA United States 1.00 6.72 5.76 4.75 6.20
Orlando, FL United States 1.00 4.47 4.11 11.16 8.00
Philadelphia, PA United States 1.00 4.00 3.75 9.76 8.20
Phoenix, AZ United States 1.00 5.07 4.18 13.83 8.20
Pittsburgh, PA United States 1.00 4.25 - 7.34 8.00
Pleasanton/Walnut Creek, CA United States 1.00 4.85 4.20 13.79 8.75
Portland, OR United States 1.00 5.17 4.64 7.94 8.55
Raleigh, NC United States 1.00 3.75 - 11.11 8.38
Reno, NV United States 1.00 3.72 3.20 14.64 -
Sacramento, CA United States 1.00 4.08 3.77 13.10 -
San Diego, CA United States 1.00 7.92 7.08 11.53 6.54
San Francisco Peninsula, CA United States 1.00 9.24 9.24 8.76 6.50
San Jose/Silicon Valley, CA United States 1.00 5.54 5.04 11.57 -
Savannah, GA United States 1.00 3.95 3.75 14.31 8.50
Seattle/Puget Sound, WA United States 1.00 5.79 - 7.31 6.73
St. Louis, MO United States 1.00 3.86 - 9.00 -
Stockton/San Joaquin County, CA United States 1.00 3.90 3.48 15.07 7.00
Tampa Bay, FL United States 1.00 4.20 3.96 10.27 9.00
Washington, DC United States 1.00 6.61 - 11.95 6.90
West Palm Beach, FL United States 1.00 6.72 6.40 8.78 -
Colliers International | p. 7

8. highlights | SECOND Half 2011 | industrial | GLOBAL
512 offices in
61 countries on
6 continents
United States: 125
Canada: 38
Latin America: 18
Asia Pacific: 214
EMEA: 117
• $1.5 billion in annual revenue
million square feet under
• 979
management
• Over 12,500 professionals
COLLIERS INTERNATIONAL
Continued from page 1
space, a tight lending atmosphere has meant that the second half of 2011, with the space appropriate to 601 Union Street, Suite 4800
pipeline of new supply is still constrained in Sydney and occupiers’ needs in short supply. Seattle, WA 98101 USA
Perth. This situation will help to support growing prime tel +1 206 695 4200
rents in those markets. In Moscow, the second half of the year saw prime
rental growth of 2%; however, with such strong growth
London and Moscow Rents Grow in the first half, annual rental growth amounted to 19%. Copyright © 2012 Colliers International.
In the U.K., where preliminary figures show a GDP Further increases are expected in 2012. The information contained herein has been obtained
contraction in Q4 2011, key logistical market London from sources deemed reliable. While every reasonable
effort has been made to ensure its accuracy, we cannot
(Heathrow) actually saw a rise in prime rents in the
guarantee it. No responsibility is assumed for any
inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the
Glossary material contained in this report.
Bulk Space – 10,000 SM/100,000 SF or more with up to Land Value – Land values are based on prime logistics/
10 percent office space, the balance being general industrial locations and are based on approximately 3
industrial/logistics/distribution space with 6 to 12 acres/1.2 hectares/12,140 square metre/130,680 SF of
metre/18 to 36 SF ceiling heights. All loading is dock- serviced land.
height. Built in 1990 or later and standing in a prime Prime Yield/Cap Rate – The yield for a prime logistics/
industrial location. industrial property. Rent figures should be estimates of
Warehouse Space – 2,000 SM/20,000 SF or more with achievable open market rents for each location.
up to 15 percent office space, the balance being general SF = Square Feet
industrial/logistics/ distribution space with 6 to 10
metre/18 to 30 SF ceiling heights. All loading is dock- SM = Square Metres
height. Built in 1990 or later and standing in a prime
industrial location.
Global research contacts
Americas ASIA PACIFIC
James Cook Mark Charlton Simon Lo
USA United Kingdom Asia
james.cook@colliers.com mark.charlton@colliers.com simon.lo@colliers.com
Jeff Simonson Damian Harrington Amit Oberoi
USA Central and Eastern Europe India
jeff.simonson@colliers.com damian.harrington@colliers.com amit.oberoi@colliers.com
Renaud Roger Nerida Conisbee
Europe, Middle East
France Australia/New Zealand
and Africa
rroger@colliers-ufgpm.fr nerida.conisbee@colliers.com
Thomas Grounds
Andreas Trumpp Yumiko Yasuda
EMEA
thomas.grounds@colliers.com
Germany Japan Accelerating success.
andreas.trumpp@colliers.com yumiko.yasuda@colliers.com
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