Beruflich Dokumente
Kultur Dokumente
INDUSTRIAL SNAPSHOT
UNITED STATES
Q3 2013
Q3 2012
Q3 2013
9.0%
8.2%
-0.8pp
$5.24
$5.27
0.6%
321.2
331.1
3.1%
Overall Vacancy
Y-O-Y 12 MONTH
CHANGE FORECAST
14.0%
$6.00
12.0%
$5.00
10.0%
$4.00
8.0%
$3.00
6.0%
4.0%
$2.00
2009
2010
2011
2012
Q3 13
500.0
400.0
300.0
95.2
331.1
112.9
415.5
95.8
417.1
100.0
90.8
200.0
346.0
Net absorption through the third quarter totaled 127.9 million square
feet (msf). The U.S. industrial sector has now absorbed 279.3 msf of
space since year-end 2011 and the last three years from 2011-2013
will go down as the strongest period on record for net absorption.
Net gains continue to be led by port cities and distribution center
hubs, but growth has also spilled over to secondary markets. Ninety
percent of the nations industrial markets reported occupancy gains
through the third quarter. The Inland Empire is the strongest in the
nation in terms of net demand with 10.2 msf of occupancy gains,
followed by Dallas/Fort Worth with 9.5 msf. Chicago also remained
strong with 7.4 msf of net absorption, which lowered its overall
vacancy rate to 7.8%, 120 bps lower than a year ago. The global
growth of e-commerce and online retailing will continue to impact
the supply chain. As retailers attack the "last mile" issue, the trend in
technology is affecting the demand for warehouse space - not only in
the amount of space, but also the location of the facilities.
STATS ON THE GO
62.1
295.4
CONTINUED MOMENTUM
OUTLOOK
psf/yr
msf
ECONOMIC OVERVIEW
0.0
2009
2010
LEASING ACTIVITY
2011
2012
YTD 13
The market terms and definitions in this report are based on NAIOP standards. No
warranty or representation, express or implied, is made to the accuracy or completeness
of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals.
2013 Cushman & Wakefield, Inc. All rights reserved.
NEW CONSTRUCTION
msf
60.0
40.0
29.47
30.53
24.51
33.48
4.39
25.23
4.71
17.22
50.44
35.68
20.0
0.0
2009
2010
2011
Build-to-suit
2012
YTD13
Speculative
LEASING ACTIVITY
Totaling 331.1 msf so far this year, new leasing volume increased 3.1%
year-over-year. Larger markets produced the most leasing activity
and Greater Los Angeles topped the nation with 28.1 msf, followed
by Chicago with 24.4 msf. When considered as a percent of total
inventory, however, Inland Empire, Dallas/Fort Worth and Houston
show some of the greatest activity through third quarter of 2013.
Among the major industrial markets, Northern New Jersey posted an
annual growth of 37.0% while Dallas/Fort Worth recorded a 28.2%
increase. The Inland Empire, which dominates the big-box market in
the U.S., accounted for 23.7% of the total number of new deals over
500,000 sf in the U.S. so far this year, totaling 6.0 msf. Leasing activity
for this market was up 11.9% from last year, totaling 22.7 msf through
the third quarter. Baltimore, MD also improved considerably with
13.5
20.2
15.7
22.7
20.3
24.4
25.7
5.5
28.1
10.5
29.0
6.6 msf leased, up 58.7% from last year. The PA I-81/I-78 Corridor
market also remained healthy with 9.7 msf leased, up 16.4% from last
year and the highest year-to-date total since 2007. Meanwhile, we
are seeing double-digit declines in leasing velocity in markets such as
Atlanta, Houston, Phoenix, Philadelphia, Columbus, Seattle and
Nashville. The top ten strongest performers were: Greater Los
Angeles (28.1 msf), Chicago (24.4 msf), Inland Empire (22.7 msf),
Dallas/Fort Worth (20.2 msf), Houston (11.5 msf), Atlanta (10.4 msf),
PA I-81/I-78 Distribution Corridor (9.7 msf), Orange County (9.5
msf), San Diego (9.2 msf) and Central New Jersey (8.7 msf).
msf
The overall vacancy rate continued to decline even with the addition
of 29.5 msf of spec new construction during the first nine months of
the year. With 54 of the 77 markets tracked (70%) reporting annual
decline in vacancies, the overall vacancy dropped to 8.2% in the third
quarter, down 80 bps from last year. Vacancy rates ranged from a
high of 14.4% in Las Vegas, NV and 14.1% in Memphis, TN to a low of
4.4% and 4.5% in the Southern California markets. Warehouse
vacancy has now declined fourteen consecutive quarters and the
warehouse overall vacancy rate has dropped 90 bps to 8.2% over the
last year. Although rents remain stubbornly low, a slight uptick in
rents resulted in average rental rate for this sector inching up 2.8%
over the last year. Overall asking rents are clearly being dragged
down by older facilities on the market. However, we are seeing
growing demand for class B product, which is a great indicator of
continued improvement. In most major markets, we are seeing
upward movement in rents for this sector.
0.5
Greater Los Chicago, IL
Inland
Dallas/Ft.
Angeles
Empire CA Worth TX
YTD 2012
YTD 2013
Houston
SALE ACTIVITY
According to Real Estate Capital Analytics, industrial sales volume
surged in the third quarter and totaled $14.2 billion, rivaling quarterly
volume at the peak in 2007 and up an astounding 70.4% year-overyear. Year-to-date, sales volume has totaled $31.9 billion, 33.5%
ahead of last year. The warehouse sector continued to dominate
transactions and accounted for $22.0 billion of the total, representing
a 46.0% annual increase. Portfolio transactions contributed $6.2
billion to third quarter volume and have totaled $10.8 billion year-todate, approximately 55.4% ahead of last year. Sales of individual
properties have also been strong, totaling $8.0 billion in third quarter.
One-off industrial property sales were up 20.6% year-over-year and
on a year-to-date basis, the increase is even larger at 24.5%. So far
this year, Chicago was ranked on top in both investment and user
sales with 14.4 msf and 9.7 msf, respectively. In New Jersey, more
than 8.4 msf of investment and user sales were recorded in the third
quarter alone, pushing its year-to-date total to nearly 20 msf. This
total far exceeds last years total of 12.9 msf and was nearly 5% higher
than the previous year-to-date high set back in 2001.
U.S. SALES VOLUME & CAP RATES
In Billions
(SOURCE: RCA)
$55
10.0%
$45
9.0%
$35
8.0%
$25
7.0%
$15
6.0%
$5
5.0%
2009
2010
2011
2012
YTD13
The market terms and definitions in this report are based on NAIOP standards. No
warranty or representation, express or implied, is made to the accuracy or completeness
of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals.
2013 Cushman & Wakefield, Inc. All rights reserved.
UNITED STATES
MARKET
INVENTORY
OVERALL
VACANCY
RATE
YTD LEASING
ACTIVITY
YTD USER
SALES
ACTIVITY
UNDER
CONSTRUCTION
YTD
CONSTRUCTION
COMPLETIONS
YTD DIRECT
NET ABSORPTION
YTD OVERALL
NET ABSORPTION
Atlanta, GA
519,247,986
9.4%
10,391,351
3,402,066
428,625
2,542,399
4,167,249
4,359,454
Austin, TX**
44,621,931
10.8%
****
328,336
687,656
27,500
952,082
972,136
Baltimore, MD
196,246,922
8.4%
6,634,146
536,545
2,025,417
642,275
3,462,179
3,297,308
Bellevue, WA**
57,943,206
11.7%
1,322,094
455,432
405,500
250,716
Binghamton, NY**
18,126,489
11.3%
211,871
159,278
****
74,558
74,558
****
Birmingham, AL**
14,290,848
17.0%
900,746
****
31,000
97,045
49,045
Boston, MA
183,812,706
13.5%
4,963,192
911,582
268,193
1,895,262
2,329,252
Buffalo, NY**
HT
MF
$4.96
$3.45
DIRECT WEIGHTED
AVERAGE NET
RENTAL RATE
OS
W/D
$7.33
$3.34
$5.64
****
$8.97
$4.48
$6.83 $11.26
$7.46
$4.75
$6.62
$3.61
****
****
$6.83
$4.03
$8.53
$6.47
****
$5.52
265,178 $15.08
****
102,843,198
10.1%
****
792,529
****
****
339,977
339,977
****
$3.42
$5.20
$3.91
Charleston, SC**
61,301,860
8.7%
1,950,819
100,522
-671,827
-755,919
$6.75
$3.78
$6.69
$4.77
Charlotte, NC**
221,867,452
10.0%
4,740,392
****
1,420,000
1,174,939
5,683,271
5,305,394
$5.87
$2.62
$6.58
$4.03
1,148,261,098
7.8%
24,356,781
9,662,557
3,685,893
3,971,932
7,130,190
7,419,842
****
$3.91
$8.40
$4.11
Cincinnati, OH**
245,986,567
7.6%
7,219,487
2,408,581
1,280,564
3,071,954
3,496,725
****
$2.65
$5.63
$3.13
Cleveland, OH**
412,712,794
8.0%
2,323,993
4,718,985
376,849
1,084,054
2,201,430
2,101,572
****
****
****
$3.37
Columbus, OH**
245,304,407
6.9%
2,245,161
****
1,601,083
1,244,686
****
3,929,096
$5.50
$4.19
$4.36
$3.53
Contra Costa, CA
35,988,988
9.0%
1,604,832
157,716
941,755
964,168
$9.36
$9.00
****
$6.48
Dallas/Ft. Worth TX
524,099,462
9.2%
20,167,294
3,833,271
7,225,514
5,562,027
9,759,409
9,464,247
****
$3.29
$7.71
$3.61
Denver, CO
234,659,493
4.9%
7,141,932
1,285,192
2,192,913
855,444
3,720,024
3,493,279
$8.62
$5.09
$9.06
$4.61
Detroit, MI**
346,854,986
11.8%
****
****
718,620
305,187
4,884,888
4,578,638
$6.68
$4.37
****
$4.18
35,530,055
6.8%
757,467
2,234,442
****
****
746,071
752,771
****
$4.49
$6.19
$4.84
Fredericksburg, VA**
12,508,824
17.5%
373,263
****
20,000
117,132
115,932 $10.55
$5.15
$9.64
$4.78
$6.24
Chicago, IL
92,831,046
8.4%
1,827,666
342,990
741,691
352,540
993,096
984,195
1,070,250,540
4.5%
28,077,787
8,236,911
1,620,938
2,001,326
377,612
234,366 $10.24
$9.92
$6.66
$6.01 $11.78
Greenville, SC **
186,866,651
8.6%
3,230,651
****
6,000
1,870,330
2,719,197
$6.70
$8.50
$2.55
$4.01
108,094,671
8.1%
2,134,279
****
95,479
13,500
-38,793
$3.30
-101,570
$6.96
$4.29
$7.27
$4.80
Hartford, CT
89,928,584
12.3%
471,553
329,757
Houston, TX
362,539,122
7.0%
11,488,928
3,394,771
3,877,855
4,506,267
-588,259
-670,286
$6.89
$4.08
****
$4.03
1,711,753
1,416,183
****
$5.70
$6.96
Indianapolis, IN**
217,557,286
7.9%
8,417,145
1,912,758
4,195,168
2,480,379
2,035,704
$4.90
1,828,079
****
$1.86
$5.83
Inland Empire CA
429,525,783
6.2%
22,732,032
4,363,851
16,397,989
7,260,226
10,043,505
$3.18
10,242,445 $13.32
$5.01
$7.99
$4.24
Jacksonville, FL
103,440,196
9.9%
2,193,635
1,163,794
335,244
92,170
414,489
425,026
226,676,284
5.6%
3,567,565
1,977,534
2,467,066
2,146,465
1,180,862
1,371,931
****
$2.91
$8.03
$3.53
$9.73
$4.76
$6.95
Knoxville, TN**
68,807,746
8.6%
340,085
438,374
-218,302
-209,402
$4.15
****
****
$6.99
Lakeland, FL
27,922,001
4.9%
474,952
139,891
438,400
382,600
129,101
$2.76
135,501
****
$4.55
$5.05
$4.51
99,896,982
14.4%
6,665,177
1,178,310
1,332,913
919,149
3,092,200
Long Island NY
126,195,121
10.2%
3,221,558
1,615,698
856,000
274,972
3,092,200
$7.92
$6.24
$8.28
$5.76
194,281 $10.07
$7.82
$7.42
Louisville, KY**
127,596,677
4.5%
3,091,540
1,306,604
2,925,050
112,000
2,299,740
2,261,917
$7.13
****
$3.22
$5.91
Memphis, TN**
175,466,163
14.1%
4,286,144
894,993
1,533,458
2,669,892
1,562,169
$3.40
2,125,829
****
****
$5.02
Miami, FL
159,425,303
7.0%
3,519,643
569,652
1,078,370
860,229
$2.39
770,840
800,044
****
$5.40
$8.64
$5.91
Milwaukee, WI**
195,389,743
6.8%
3,498,231
3,953,145
711,734
Minneapolis, MN**
100,114,106
11.8%
****
****
546,320
639,237
2,776,544
2,392,850
****
$4.03
$4.99
$3.58
1,237,863
1,431,045
$4.66
****
$4.42
Nashville, TN**
189,313,502
9.0%
3,525,679
1,026,916
$3.87
1,846,500
1,547,482
2,165,210
****
****
$8.36
New Haven, CT
50,527,761
15.1%
176,153
$3.12
4,301
8,201
$5.25
$4.51
****
$4.72
327,409,062
8.9%
286,087,421
8.9%
8,719,995
1,798,202
3,562,816
1,333,620
946,009
1,400,260 $12.29
$4.16
****
$4.49
7,187,745
2,019,984
1,228,564
180,000
3,413,618
3,485,081
$9.22
$4.92
****
Northern VA
46,243,698
$5.87
13.3%
773,583
109,000
125,550
112,500
535,658
564,190
****
**** $12.13
$8.65
139,226,249
5.6%
4,958,479
1,657,747
424,725
117,200
1,893,139
1,850,268
$8.35
$6.09
****
Oakland, CA
$5.00
73,619,097
8.0%
****
392,335
125,000
550,000
235,654
235,654
$6.38
$4.25
$4.72
$4.31
Omaha, NE **
67,809,861
5.1%
1,052,064
556,833
118,000
213,106
213,106
****
$3.52
$5.21
$4.79
Ft. Lauderdale, FL
Greater Los Angeles
****
The market terms and definitions in this report are based on NAIOP standards. No
warranty or representation, express or implied, is made to the accuracy or completeness
of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals.
2013 Cushman & Wakefield, Inc. All rights reserved.
UNITED STATES
MARKET
INVENTORY
OVERALL
VACANCY
RATE
YTD LEASING
ACTIVITY
YTD USER
SALES
ACTIVITY
UNDER
CONSTRUCTION
YTD
CONSTRUCTION
COMPLETIONS
YTD DIRECT
NET ABSORPTION
Orange County, CA
279,680,144
4.4%
9,520,325
2,476,916
209,715
308,080
1,672,622
1,779,664 $11.19
$8.19 $11.57
$7.30
Orlando, FL
105,693,335
8.9%
2,660,763
584,105
1,314,551
150,150
1,050,751
1,261,961
****
$4.14
$9.06
$4.50
41,505,502
7.4%
1,149,019
99,470
210,400
673,822
565,308
****
$5.33
$9.44
$6.65
222,401,975
8.3%
9,686,151
145,640
8,279,434
1,793,200
7,085,815
7,455,815
****
$3.04
$5.31
$3.81
Philadelphia, PA
279,775,594
6.0%
3,696,268
1,222,120
184,364
1,085,050
3,241,300
3,280,121
****
$3.68
$9.10
$4.31
Phoenix, AZ
267,388,056
9.9%
8,455,087
1,820,660
4,825,725
3,199,696
4,548,789
5,211,579 $11.78
$5.98 $11.69
$5.81
Pittsburgh, PA**
165,675,412
7.9%
2,459,884
514,769
691,800
224,168
980,458
939,399 $11.44
$4.14 $11.58
$4.93
Portland, OR
$4.64
****
$5.41
**** $10.75
$4.50
YTD OVERALL
NET ABSORPTION
HT
Palm Beach, FL
167,591,309
7.4%
5,336,560
2,326,736
380,135
78,000
-682,163
-634,727
$9.84
Providence, RI**
77,727,305
5.1%
476,307
1,003,906
198,189
198,189
****
Raleigh/Durham, NC**
90,051,239
11.5%
2,540,272
129,121
29,741
741,837
340,147 $11.14
Richmond, VA**
104,819,884
9.9%
2,297,468
****
811,730
1,704,637
Roanoke, VA**
30,458,652
10.4%
186,473
****
103,402
387,394
Rochester, NY**
73,255,135
10.5%
467,901
175,928
88,500
-312,955
Sacramento, CA
130,810,673
14.0%
3,333,617
2,023,276
220,242
201,211
704,379
811,095
107,614,440
7.7%
2,640,956
1,708,417
199,011
1,123,963
2,349,760
36,480,084
9.2%
1,099,676
483,266
2,624,808
185,970
506,802
MF
DIRECT WEIGHTED
AVERAGE NET
RENTAL RATE
OS
W/D
$4.11
$8.71
$4.05
1,736,945
$7.38
$3.51
$7.13
$4.09
387,394
$8.87
$4.86
$5.54
$2.94
-312,955 $10.00
$4.12
****
$3.12
$8.88
$4.44
****
$4.44
2,349,760
$8.22
$3.80
$6.87
$4.45
574,586
****
****
$9.47
$4.66
195,073,046
8.2%
9,188,568
1,911,396
305,825
308,027
1,728,193
2,083,677 $14.52
$8.40
****
$7.92
66,027,234
7.8%
2,590,143
437,504
869,862
1,020,763 $14.70
$8.74 $10.49
$7.08
65,111,194
5.0%
2,757,593
282,743
58,963
497,672
1,544,223
Savannah, GA**
45,877,274
11.5%
580,250
29,300
450,000
200,000
70,440
Seattle, WA**
129,129,356
7.5%
3,291,970
156,399
1,519,832
1,261,140
Silicon Valley, CA
242,871,882
9.0%
8,333,567
3,017,294
1,084,640
18,300
222,959,615
8.6%
7,129,724
1,339,545
227,500
521,718
St. Petersburg, FL
51,244,798
5.4%
534,055
319,828
Stockton/Tracy CA
48,300,429
10.4%
2,230,098
385,780
Suburban MD
45,515,823
12.2%
1,281,310
Syracuse, NY**
43,684,059
13.9%
584,442
Tampa, FL
78,779,511
6.9%
1,827,888
Tucson, AZ**
39,281,791
10.8%
Tulsa, OK**
60,048,175
11.4%
San Diego, CA
$8.77
****
****
$7.46
$3.72
-38,660
344,602 $22.97
$5.16
$8.62
$5.26
2,568,021
2,804,816 $15.82
$9.82
****
$6.25
1,161,931
1,187,586
****
$3.96
$5.95
$3.52
102,214
102,214
****
$5.51
$7.53
$5.23
474,000
1,000,000
1,328,788
1,401,322
****
$2.70
****
$3.70
360,550
167,226
196,753
122,667
****
**** $10.64
$7.83
280,740
245,000
-1,689,608
-1,689,608
****
$3.60
$3.51
$3.19
122,759
35,000
17,910
283,887
333,862
****
$3.84
$8.71
$4.20
1,228,659
499,723
7,447
18,947
418,872
459,560
$8.55
$5.49
$7.57
$6.14
595,760
1,516,562
160,000
****
-937,076
$5.52
$4.42
$6.43
$4.31
13,325,802,854
8.2% 331,097,844
95,151,344
90,789,742
$4.60
$7.81
$4.42
8,441,639,047
7.8% 243,664,249
62,707,404
64,458,281
39,597,277
$5.18
$8.91
$4.82
78,913,158
70,440
****
81,513,399 $12.38
MF = MANUFACTURING OS = OFFICE SERVICE/FLEX W/D = WAREHOUSE/DISTRIBUTION. ** ALLIANCE MARKETS - SAVANNAH HAS 2Q2013 DATA.
The market terms and definitions in this report are based on NAIOP standards. No
warranty or representation, express or implied, is made to the accuracy or completeness
of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals.
2013 Cushman & Wakefield, Inc. All rights reserved.
MARKET HIGHLIGHTS
Significant Q3 2013 Lease Transactions
MARKET
TENANT
PROPERTY TYPE
SQUARE FEET
Walmart
Warehouse/Distribution
1,200,000
Indianapolis
Warehouse/Distribution
1,119,195
NFI (BTS)
Warehouse/Distribution
980,000
Baltimore
Warehouse/Distribution
945,720
Inland Empire
Warehouse/Distribution
822,000
TN 840, Lebanon
Nashville
Starbucks Distribution
Warehouse/Distribution
680,160
Dallas/Fort Worth
Sygma Network
Warehouse/Distribution
536,502
Chicago
Mondelez International
Warehouse/Distribution
530,937
Lumber Liquidators
Warehouse/Distribution
510,624
Inland Empire
Cal Cartage
Warehouse/Distribution
500,000
Ozburn-Hessey Logistics
Warehouse/Distribution
500,000
MARKET
BUYER
SQUARE FEET
Indianapolis
Transpacific Development
$60,625,063 / $54.17
1,119,195
St. Louis
$53,000,000 / $41.98
1,262,648
Indianapolis
Hillwood Investments
$47,821,000 / $42.19
1,133,566
Baltimore
$44,000,000 / $42.50
1,035,249
Nashville
$69,100,000 / $67.94
1,016,281
Bentall Kennedy
$98,000,000 / $110.51
886,826
Inland Empire
$45,890,000 / $62.50
734,240
Atlanta
$21,900,000 / $30.21
724,916
Chicago
Waterstone Retail
$39,650,000 / $61.36
646,175
Philadelphia
$43,250,000 / $68.33
633,000
TIAA-CREF
$80,790,000 / $133.14
606,800
Denver
$46,350,000 / $84.27
550,000
MAJOR TENANT
COMPLETION DATE
Chicago
Q3 2013
1,618,048
Phoenix
TJ Maxx (BTS)
Q3 2013
1,200,000
Atlanta
Q3 2013
1,118,508
Dallas/Fort Worth
Amazon.com (BTS)
Q3 2013
1,100,000
Dallas/Fort Worth
Amazon.com (BTS)
Q3 2013
1,100,000
MARKET
MAJOR TENANT
COMPLETION DATE
Phoenix
Intel (BTS-owner)
Q4 2013
2,145,757
Q2 2014
1,691,977
Inland Empire
Q2 2014
1,409,220
Inland Empire
Speculative
Q4 2013
1,254,620
Amazon.com (BTS)
Q2 2014
1,239,000
Dallas/Fort Worth
PepsiCo (BTS)
Q1 2014
1,220,000
Dallas/Fort Worth
LG Electronics
Q2 2014
1,100,000
Orlando
Q1 2014
1,000,000
Q2 2014
1,000,000
The market terms and definitions in this report are based on NAIOP standards. No
warranty or representation, express or implied, is made to the accuracy or completeness
of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals.
2013 Cushman & Wakefield, Inc. All rights reserved.