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MARKETBEAT

INDUSTRIAL SNAPSHOT
UNITED STATES

Q3 2013

A Cushman & Wakefield Research Publication

Cushman & Wakefield World Headquarters


1290 Avenue of the Americas
New York, NY 10104-6178
www.cushmanwakefield.com/knowledge

Q3 2012

Q3 2013

9.0%

8.2%

-0.8pp

Direct Asking Rents (psf/yr)

$5.24

$5.27

0.6%

YTD Leasing Activity (msf)

321.2

331.1

3.1%

Overall Vacancy

Y-O-Y 12 MONTH
CHANGE FORECAST

RENTAL VS. VACANCY RATES


$7.00

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

DIRECT NET RENTAL RATE

Q3 13

OVERALL VACANCY RATE

OVERALL OCCUPIER ACTIVITY

For more information, contact:


Tina Arambulo, U.S. Industrial Research
310 525 1918
tina.arambulo@cushwake.com

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

The U.S. industrial market continued to show momentum with strong


leasing velocity and absorption, as well as construction levels that
have already surpassed last years total. The overall vacancy rate fell
to 8.2% in the third quarter, 300 basis points (bps) below its
recessionary peak in the first quarter of 2010. Boston recorded the
largest annual decrease in vacancy, down 510 bps. Strong demand for
industrial space in the Inland Empire lowered the overall vacancy rate
to 6.2% in third quarter, 60 bps lower than the previous quarter and
the lowest overall vacancy rate since first quarter of 2008.
Meanwhile, Dallas/Fort Worth posted a 140-bp drop in vacancy and
ended the quarter at 9.2%. On the East Coast, the overall vacancy
rate for PA I-81/I-78 Corridor declined to 8.3%, 160-bp drop from
this time last year.

Barring any additional unforeseen obstacles, healthy consumer and


business spending will continue to push the economic recovery
forward into 2014. While GDP growth in the current recovery has
been at about half the pace of the previous five recoveries, the
forecast calls for GDP growth to accelerate significantly in 2014 and
2015. With the continued e-commerce boom, online retailers as well
as traditional brick-and-mortar retailers will continue to drive
demand for warehouse space. Continued improvement in market
fundamentals should continue to push the overall rents in a positive
direction and stronger rent appreciation is likely to take place in
2014.

295.4

CONTINUED MOMENTUM

OUTLOOK

psf/yr

The U.S. unemployment rate fell in September


to 7.2%, but job creation weakened with just
148,000 new jobs. On a positive note,
employment increased in construction,
wholesale trade, and transportation and
warehousing sectors. Additionally, the U.S. manufacturing sector
expanded at its fastest pace in almost 2-1/2 years. The ISM
Manufacturing index a solid proxy for gauging the health of U.S.
manufacturing rose to 56.2 in September, its highest reading since
April 2011. Meanwhile, retail sales outside of auto dealers climbed
0.4% in September, the third biggest increase of the year. Although
the full economic impact of the government shutdown is still being
evaluated, its expected that the shutdown will restrict economic
growth to a sluggish pace for the remainder of the year.

msf

ECONOMIC OVERVIEW

0.0
2009

2010

LEASING ACTIVITY

2011

2012

YTD 13

USER SALES ACTIVITY

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

Cushman & Wakefield World Headquarters


1290 Avenue of the Americas
New York, NY 10104-6178
www.cushmanwakefield.com/knowledge

LEASING ACTIVITY TOP MARKETS


30.5
25.5
20.5
15.5
11.5

13.5

20.2

15.7

22.7

20.3

24.4

25.7

5.5

28.1

10.5
29.0

New industrial construction levels continue to rise, including a


significant amount of speculative product. This trend is expected to
continue, especially in port and intermodal markets. Construction
completions totaled 60.0 msf through the third quarter, already
surpassing 2012s year-end total of 58.0 msf. So far, seven buildings
over 1.0 msf have been delivered to the market and six of them are
on a build-to-suit-basis. Meanwhile, speculative construction
accounted for 49.1% of new completions. An additional 21.7 msf of
spec development is scheduled to be completed by year-end. The
Inland Empire leads the nation in construction activity at the end of
the third quarter, with 16.4 msf currently in development, followed
by the PA I-81/I-78 Corridor, with 8.3 msf.

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

For more information, contact:


Tina Arambulo, U.S. Industrial Research
310 525 1918
tina.arambulo@cushwake.com

In Billions

STRONG DEVELOPMENT ACTIVITY CONTINUES

(SOURCE: RCA)

$55

10.0%

$45

9.0%

$35

8.0%

$25

7.0%

$15

6.0%

$5

5.0%
2009

2010

2011

TOTAL SALE VOLUME

2012

YTD13

AVG. CAP RATE

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

**** $12.24 $10.08

$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

Fort Myers/Naples FL**

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

Hampton Roads, VA**

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

Kansas City, MO**

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

Las Vegas, NV**

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

New Jersey - Central

327,409,062

8.9%

New Jersey - Northern

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

Oklahoma City, OK**

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

Cushman & Wakefield World Headquarters


1290 Avenue of the Americas
New York, NY 10104-6178
www.cushmanwakefield.com/knowledge

For more information, contact:


Tina Arambulo, U.S. Industrial Research
310 525 1918
tina.arambulo@cushwake.com

****

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

PA I-81/I-78 Dist. Corridor

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

Salt Lake City, UT**

107,614,440

7.7%

2,640,956

1,708,417

199,011

1,123,963

2,349,760

San Antonio, TX**

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

San Francisco North Bay CA

66,027,234

7.8%

2,590,143

437,504

869,862

1,020,763 $14.70

$8.74 $10.49

$7.08

San Francisco Peninsula, CA

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

St. Louis, MO**

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

TOTALS ALL MARKETS


TOTALS C&W MARKETS
* RENTAL RATES REFLECT ASKING $PSF/YEAR

1,515,957 $21.64 $11.97

$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

60,001,044 120,934,111 127,913,517 $11.28

$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

HT= HIGH TECH

Cushman & Wakefield World Headquarters


1290 Avenue of the Americas
New York, NY 10104-6178
www.cushmanwakefield.com/knowledge

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.

For more information, contact:


Tina Arambulo, U.S. Industrial Research
310 525 1918
tina.arambulo@cushwake.com

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

2785 Commerce Center, Bethlehem

PA I-81/I-78 Distribution Corridor

Walmart

Warehouse/Distribution

1,200,000

9101 Orly Road, Indianapolis*

Indianapolis

Quaker Sales/Pepsi Co.

Warehouse/Distribution

1,119,195

West Hills Business Center, Allentown

PA I-81/I-78 Distribution Corridor

NFI (BTS)

Warehouse/Distribution

980,000

1467 Perryman, Aberdeen

Baltimore

Clorox Manufacturing (BTS)

Warehouse/Distribution

945,720

3450 Dulles Drive, Mira Loma*

Inland Empire

Nestle USA, Inc.

Warehouse/Distribution

822,000

TN 840, Lebanon

Nashville

Starbucks Distribution

Warehouse/Distribution

680,160

5500 S Freeway, Fort Worth

Dallas/Fort Worth

Sygma Network

Warehouse/Distribution

536,502

2380 Sullivan Road, Aurora*

Chicago

Mondelez International

Warehouse/Distribution

530,937

1601 Mission Blvd, Pomona

Greater Los Angeles

Lumber Liquidators

Warehouse/Distribution

510,624

4061 Francis Street, Ontario

Inland Empire

Cal Cartage

Warehouse/Distribution

500,000

80 Middlesex Road, Carlisle*

PA I-81/I-78 Distribution Corridor

Ozburn-Hessey Logistics

Warehouse/Distribution

500,000

Significant Q3 2013 Sale Transactions

MARKET

BUYER

PURCHASE PRICE / $PSF

SQUARE FEET

9101 Orly Road, Indianapolis

Indianapolis

Transpacific Development

$60,625,063 / $54.17

1,119,195

5620 Inner Park, Pontoon Beach

St. Louis

Welsh Property Trust

$53,000,000 / $41.98

1,262,648

600 & 650 S Perry Road, Plainfield

Indianapolis

Hillwood Investments

$47,821,000 / $42.19

1,133,566

630 Hanover Pike, Hampstead

Baltimore

Stag Industrial Mgmt

$44,000,000 / $42.50

1,035,249

2020 Joe B Jackson Parkway, Murfreesboro

Nashville

Cole Corp. Income Trust

$69,100,000 / $67.94

1,016,281

258 Prospect Plains, Cranbury

Central New Jersey

Bentall Kennedy

$98,000,000 / $110.51

886,826

120 Cedar Avenue, Rialto

Inland Empire

Alere Property Group

$45,890,000 / $62.50

734,240

5400 Fulton Industrial Blvd., Atlanta

Atlanta

Trident Capital Group

$21,900,000 / $30.21

724,916

Two-Building Portfolio Sale

Chicago

Waterstone Retail

$39,650,000 / $61.36

646,175

309 Dultys Lane, Burlington

Philadelphia

Cole Corporate Income

$43,250,000 / $68.33

633,000

698 Route 46 West, Teterboro

Northern New Jersey

TIAA-CREF

$80,790,000 / $133.14

606,800

17901 East 40th Avenue, Aurora

Denver

Industrial Income Trust

$46,350,000 / $84.27

550,000

Significant Q3 2013 Construction Completions MARKET

MAJOR TENANT

COMPLETION DATE

CenterPoint Intermodal Center, Joliet

Chicago

Home Depot (BTS)

Q3 2013

1,618,048

5501 W Lower Buckeye Road, Phoenix

Phoenix

TJ Maxx (BTS)

Q3 2013

1,200,000

Greenwood Industrial Parkway, McDonough

Atlanta

Home Depot (BTS)

Q3 2013

1,118,508

940 W Bethel Road, Coppell

Dallas/Fort Worth

Amazon.com (BTS)

Q3 2013

1,100,000

700 Westport Parkway, Haslet

Dallas/Fort Worth

Amazon.com (BTS)

Q3 2013

1,100,000

Significant Projects Under Construction

MARKET

MAJOR TENANT

COMPLETION DATE

4500 S Dobson Road, Chandler

Phoenix

Intel (BTS-owner)

Q4 2013

2,145,757

Olde Scotland Road, Shippensburg

PA I-81/I-78 Distribution Corridor

Procter & Gamble (BTS)

Q2 2014

1,691,977

Iris Avenue, Moreno Valley

Inland Empire

Procter & Gamble (BTS)

Q2 2014

1,409,220

Heacock Blvd, Moreno Valley

Inland Empire

Speculative

Q4 2013

1,254,620

Matrix Business Park, Robbinsville

Central New Jersey

Amazon.com (BTS)

Q2 2014

1,239,000

2200 Danieldale Road, Lancaster

Dallas/Fort Worth

PepsiCo (BTS)

Q1 2014

1,220,000

Eagle Parkway, Fort Worth

Dallas/Fort Worth

LG Electronics

Q2 2014

1,100,000

7371 Goldenrod Road, Orlando

Orlando

Publix Super Markets (BTS)

Q1 2014

1,000,000

Humboldt Industrial Park, Hazleton

PA I-81/I-78 Distribution Corridor

American Eagle (BTS)

Q2 2014

1,000,000

BUILDING SQUARE FEET

BUILDING SQUARE FEET

* RENEWAL - NOT INCLUDED IN LEASING ACTIVITY STATISTICS

Cushman & Wakefield World Headquarters


1290 Avenue of the Americas
New York, NY 10104-6178
www.cushmanwakefield.com/knowledge

For more information, contact:


Tina Arambulo, U.S. Industrial Research
310 525 1918
tina.arambulo@cushwake.com

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.

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