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Chicago Industrial Real Estate Market Conditions

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Chicago Industrial Real Estate Market Conditions Industrial Real Estate Chicago Market Conditions Presenters & Submarkets Geoffrey Kasselman, Felipe Valdez Ryan Kehoe Brian Carroll Melissa Porcelli, SIOR, LEED AP LEED Green Associate Research Analyst Director Senior Vice President Executive Managing Director, Senior Associate National Industrial Practice Leader NGKF Introduction Chicago Area Overview Far North O’Hare I-55 Corridor NGKF Chicago Overview Near North I-80 Corridor Company Overview BGC has offices in more major global markets: New York* Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a London leading global brokerage company primarily servicing the world’s wholesale financial Beijing Chicago and real estate markets. Copenhagen BGC’s brokerage business originates from one of the oldest and most established Dubai franchises in the financial services industry, Cantor Fitzgerald, which was founded in 1945 Hong Kong Houston – Over 1,500 brokers and salespeople serve the world’s largest banks and other Istanbul institutional clients in brokering approximately 200 different financial products Johannesburg including rates, credit, foreign exchange, equities and other products across two dozen Mexico City locations globally Moscow Nyon – Since Newmark Grubb Knight Frank became part of BGC, real estate services has Paris come to represent approximately one-third of BGC’s revenues Rio de Janeiro Sao Paulo – BGC had approximately $1.8 billion in revenues in 2012 Seoul Singapore – BGC's clients include many of the world's largest banks, broker-dealers, investment Sydney banks, trading firms, hedge funds, governments, corporations, property owners, real Tokyo estate developers, and investment firms Toronto Zurich * Corporate Headquarters Company Overview Aurel Leven ~75 brokers in Paris Equity derivatives Mint Partners/ Grubb & Ellis (d) Mint Equities (b) Across United States BGC Partners LP, a AS Menkul London Property & Facilities Cornish & Carey wholesale Istanbul Radix Energy Mainly Equities, Management Commercial voice brokerage Turkish equities and Singapore also Credit Commercial RE San Francisco Business, is created electronic bonds OTC Energy ~100 brokers ≈ 400 brokers Commercial RE 20 04 05 06 07 08 09 10 11 12 13 14 Maxcor/ Marex Financial (a) Liquidez Newmark Knight Frank Sterling (c) Eurobrokers London, Johannesburg Brazil United Kingdom New York, London Equity derivatives 70 brokers Across United States Rates and Tokyo emerging markets FX and Rates 425 Brokers Rates Commercial RE Ginalfi ~325 brokers Paris Credit, Swaps ETC Pollock 70 Brokers in Paris Smith Mack Rates, Credit Philadelphia Commercial RE Frederick Ross Denver Commercial RE Financial Services Real Estate Services (a) BGC acquired Marex Financial’s emerging markets business (b) BGC acquired various assets and businesses of Mint Partners and Mint Equities (c) BGC acquired all of the outstanding shares of Newmark & Company Real Estate, Inc., which operates as “Newmark Knight Frank” in the United States and is associated with London-based Knight Frank (d) BGC acquired substantially all the assets of Grubb & Ellis. Company Overview BGC Partners, Cantor Fitzgerald, and Newmark Grubb Knight Frank Company Overview BGC Partners Inc., Newmark Grubb Knight Frank, Cantor Fitzgerald and Cantor Commercial Real Estate Newmark Grubb Knight Frank is an important part of BGC’s portfolio as BGC continues to support, grow and invest in the real estate services segment NGKF’s connection to BGC provides access to an extensive roster of financial services relationships and cross-selling opportunities – CCRE, our lending business, has originated $5.4 billion of loans since its inception in 2010 – CCRE’s experience and client base creates cross-selling opportunities for NGKF The integration of our debt and equity placement expertise throughout NGKF allows us to offer owner and developer clients help with acquisition financing, construction financing, or recapitalizing their own real estate Support from a substantial research team across each entity NGKF Industrial Practice Services Overview 300+ 117 Tenant and Landlord Representation NGKF Industrial Professionals NGKF Industrial Professionals Buyer and Seller Representation in the United States Worldwide through our partnership with Knight Frank Property Management Strategic Planning Building Repositioning Facility Assessment Recruiting Spotlight Logistics Evaluation Project and Construction Management 34 years in industrial real estate sales Financial and Economic Incentives Financial Analysis Track record of over $900 million in completed Drive Time Studies, Geographic Searches, and transactions Zoning Issues Average sales and listings Operational Efficiency Greg Wright annually of 1,000,000 SF Sustainability Senior Managing Director Chicago, IL Technology and Innovation NGKF Industrial - Chicago YTD Transactions Market Presence Total volume of approximately 1 million SF through Date Type City St Size 18 completed transactions since January 2014 01/2014 Direct Lease Bedford Park Il 270,789 SF 37 active listings for industrial properties which 02/2014 Direct Lease Schaumburg IL 4,570 SF represents approximately 2.0 million square feet of 02/2014 Direct Lease Schiller Park IL 16,500 SF availability 03/2014 Lease Bolingbrook IL 45,220 SF 11 active listings for miscellaneous property types 03/2014 Lease Franklin Park IL 660 SF 03/2014 Lease Franklin Park IL 3,009 SF 03/2014 Lease Franklin Park IL 375 SF 03/2014 User Sale Chicago IL 1,100 SF 03/2014 Direct Lease Elk Grove Village IL 21,584 SF 04/2014 Lease Extension Milwaukee WI 182,250 SF 04/2014 Direct Lease Rosemont IL 6,084 SF 04/2014 User Sale Chicago Ridge IL 65,000 SF 04/2014 User Sale Wood Dale IL 116,400 SF 04/2014 Lease Franklin Park IL 2,470 SF 05/2014 Lease Elgin IL 54,153 SF 05/2014 User Sale Schaumburg IL 15,000 SF 05/2014 Direct Lease Elgin IL 3,400 SF 05/2014 Lease Streamwood IL 6,049 SF 05/2014 Lease Melrose Park IL 150,000 SF Total +/- 1 Million SF NGKF Industrial - Chicago 1001 N. Mittel Drive Wood Dale, IL 116,140-square-foot single-tenant Class-A industrial building sale transaction completed in May 2014 Bristol Group completed its due diligence and funded the acquisition within a four-week timeline The seller was exclusively represented by Ken Szady, Brian Carroll and Tom Gath of Newmark Grubb Knight Frank Bristol Group has retained the brokerage services of Brian Carroll and Tom Gath at Newmark Grubb Knight Frank to market the building Chicago Industrial OVERVIEW Chicago Industrial Market Map Chicago Industrial Market Q1 Market Overview Absorption Total Inventory 1,064,216,228 SF 6,000,000 Under Construction 9,786,163 SF 4,000,000 Total Vacancy 8.90% 2,000,000 0 1Q14 Absorption 1,389,612 SF -2,000,000 Total Asking Rent $4.62/SF Net -4,000,000 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 Warehouse/Dist Asking Rent $4.04/SF Net Net Absorption (SF) Asking Rent & Vacancy Construction & Deliveries Square Feet, millions $5.40 14% 20.0 $5.00 12% 16.0 $4.60 10% 12.0 $4.20 8% 8.0 $3.80 6% 4.0 $3.40 4% 0.0 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 2009 2010 2011 2012 2013 2014 2015 Asking Rent (Price/SF) Vacancy (%) Deliveries Under Construction Projected Deliveries Far North & Near North Submarket: Far North Q1 Market Overview Total Inventory 100,477,931 SF Under Construction 2,683,370 SF Total Vacancy 9.90% 1Q14 Absorption 220,261 SF Total Asking Rent $5.16/SF Net Warehouse/Dist Asking Rent $4.49/SF Net Net Absorption 1,200,449 1,250,000 978,350 1,000,000 688,263 750,000 534,357 465,437 500,000 395,149 205,723 250,000 0 -24,754 -250,000 -224,743 -500,000 1Q12 1Q13 1Q14 Net Absorption (SF) Submarket: Far North Notable Lease Transactions (YTD) Address 3818 Grandville Avenue 1 2 Gurnee, IL 60031 1 Tenant Metropolitan Graphic Arts Size 183,415 SF Address 3818 Grandville Avenue Gurnee, IL 60031 2 Tenant Woodland Foods Size 155,325 SF Address 28160 N. Keith Drive Lake Forest, IL 60045 3 Tenant Popcorn Factory Size 77,294 SF 3 Submarket: Near North Q1 Market Overview Total Inventory 54,415,727 SF Under Construction 0 SF Total Vacancy 6.50% 1Q14 Absorption 85,067 SF Total Asking Rent $6.02/SF Net Warehouse/Dist Asking Rent $5.16/SF Net Net Absorption 500,000 400,000 337,434 300,000 237,015 178,159 189,144 200,000 115,368 122,778 71,064 85,067 100,000 0 -100,000 -200,000 -300,000 -400,000 -371,956 -500,000 1Q12 1Q13 1Q14 Net Absorption (SF) Submarket: Near North Notable Lease Transactions (YTD) Address 730-770 S. Acco Plaza Wheeling, IL 60090 Tenant Segerdahl Graphics Inc. 1 1 Size 285,880 SF Address 7410-7420 N. Lehigh Niles, IL 60714 3 2 Tenant SPC Size 138,161 SF Address 1852-1854 Elmdale Avenue Glenview, IL 60026 3 Tenant Crimson AV Size 54,884 SF 2 O'Hare Submarket Submarket: O’Hare Q1 Market Overview Total Inventory 120,141,858 SF Under Construction 765,975 SF Total Vacancy 7.30% 1Q14 Absorption 515,336 SF Total Asking Rent $5.63/SF Net Warehouse/Dist Asking Rent $4.66/SF Net Net Absorption 1,200,000 1,014,237 900,000 719,585 758,206 753,901 718,706 515,336 600,000 355,022 266,944 300,000 0 -300,000 -600,000 -447,804 1Q12 1Q13 1Q14 Net Absorption (SF) Submarket: O’Hare Notable Lease Transactions (YTD) Address 591 Supreme Bensenville, IL 60106 1 Tenant Boise Cascade Size 201,395 SF 4 3 Address 950-990 Supreme Bensenville, IL 60106 2 1 2 Tenant Channel Distribution Size 201,011 SF Address 1501 Michael Wood Dale, IL 60191 3 Tenant Hyper Microsystems Inc. Notable Land Transactions (YTD) Size 174,000 SF Location Elk Grove Village Location Elk Grove Village Buyer Dupont Fabros
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