2005

Reporte del Mercado Inmobiliario Real Estate Market Overview

2005

Contenido · Contents

PANORAMA ECONÓMICO · ECONOMIC OVERVIEW

1

CIUDAD DE MÉXICO · MEXICO CITY MERCADO DE OFICINAS · OFFICE MARKET Oferta · Supply Demanda · Demand Precios · Prices Corredor de Oficinas · Office Sub-Market

3 8 10 14

MERCADO INDUSTRIAL · INDUSTRIAL MARKET Oferta · Supply Demanda · Demand Precios · Prices Corredor Industrial · Industrial Sub-Market

15 18 21 24

MERCADO COMERCIAL · RETAIL MARKET Oferta · Supply Demanda · Demand Precios · Prices Corredor Comercial · Retail Sub-Market

25 28 29 32

DEFINICIONES · DEFINITIONS

La información en este reporte fue obtenida de fuentes consideradas como fidedignas. Sin embargo, Colliers International no se responsabiliza de errores o cambios de último momento.

33

The information contained herein has been obtained from sources deemed as reliable while every reasonable effort has been made to ensure its accuracy we cannot guarantee it. Colliers International assumes no responsibility for any inaccuracies.

Panorama Económico · Economic Overview

2005

ECONOMIC OVERVIEW 2004 provided the Mexican economy with favorable conditions. During the first nine months of the previous year, Mexico went through an evident economic deceleration. Fortunately, the industrial sector was of paramount importance for the production activities, mainly within the exports field, thus generating a more optimistic and favorable result for the last quarter in 2003. Therefore, by the end of the first half in 2004, the Mexican economy maintained its growth rate, even surpassing 5%*. Moreover, the GNP also increased despite the precedent downward trend shown in the last six quarters. However, such scenario would not have been possible without the contribution of some other elements that, by the second quarter, also fostered growth in the Mexican economy, giving light to the possibility of maintaining sustainable growth until the end of 2004. On one hand, the fast US economic recovery as of the third quarter strongly encouraged the in-bond industry exports and production. Likewise, the private investment started reactivating, while employment increased by 3.9% during the second quarter and the actual salary recovered 8.5% pursuant to the last Government Report issued by the President of Mexico, Mr. Vicente Fox. Moreover, the international environment was much more favorable this year, thus entailing great benefits for the Mexican economy performance. Also, the high oil prices meant an increase on the Mexican external accounts, as those reporting income and governmental expenses during the year, thus favoring the exchange rate stability in connection with the US dollar. By this means and pursuant to the main economic indicators registered in 2004, GNP attained 4% growth compared to the previous year, whereas inflation grew 5.3%.** Likewise, the nominal exchange rate averaged 11.28 Mexican Pesos per US Dollar, maintaining an upward trend all along the year, despite the decrease shown during the last quarter. The open unemployment rate stayed at 3.75% of the Economically Active Total Population. Pursuant to the estimated figures issued by Grupo de Economistas Asociados (GEA) inflation is expected to be reduced over 1% and average exchange rate to attain 11.60 Mexican Pesos per US Dollar. Moreover, internal interest rates are foreseen to increase over one percentage point, deriving from a more restrictive monetary policy. Likewise, economic growth is expected to be smaller to the 3.8% attained last year.

* Font: Informe Económico. BBVA Bancomer. Octubre 2004 ** Font: Departamento de Estudios Macroeconómicos y Políticos de BBVA Bancomer.

1

2005

MEXICO CITY

Ciudad de México · Mexico City

2005

OFFICE MARKET SUPPLY The Mexico City office market, which comprises nine principal submarkets has a total inventory of approximately 5 million square meters within about 700 buildings. The size of this office market makes it the largest in Latin America. During the period from January to December 2004, 13 Class A+ buildings and 6 Class A buildings were completed, adding an additional 208,000 m². Furthermore, construction of 19 more buildings is expected for the second half of 2005, with an estimated total of 309,000 m². (See tables "New Buildings in Mexico City, 2004" and "Buildings under Construction in Mexico City, 2005".)

New Buildings in Mexico City, 2004

Building CORPORATIVO ROTONDA TORRE O, INSURGENTES 881-883 CENTRO DE ARQUITECTURA Y DISEÑO MONTES URALES 770 CENTRO URALES 715 MONTES URALES 745 MONTES URALES 625 MONTES URALES 754 AZCAPOTZALCO TECNOPARQUE "A" CORPORATIVO INTELIS CORPORATIVO KRONOS CORPORATIVO EJERCITO NACIONAL 253 CORPORATIVO NEWTON TORRE WORLD PLAZA QURVIC PLAZA DEL PARQUE CORPORATIVO DIAMANTE (TORRE I) CORPORATIVO DEL PARQUE CORPORATIVO DIAMANTE (TORRE II) All

A+ A+ A+ A A A A A+ A+ A+ A A+ A A+ A+ A+ A+ A+ A+

Submarket Bosques de las Lomas Insurgentes Lomas Palmas Lomas Palmas Lomas Palmas Lomas Palmas Lomas Palmas Lomas Palmas Other Periférico Polanco Polanco Polanco Santa Fe Santa Fe Santa Fe Santa Fe Santa Fe Santa Fe

Area(m2) 17,500 m2 22,200 m2 15,000 m2 5,600 m2 4,887 m2 4,825 m2 3,000 m2 1,830 m2 17,557 m2 9,482 m2 3,430 m2 2,800 m2 2,727 m2 22,000 m2 21,800 m2 19,000 m2 15,000 m2 11,162 m2 8,500 m2 208,300 m2

OFFICES

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

Class

3

2005

Ciudad de México · Mexico City The Lomas Palmas submarket, which has historically been the most active in Mexico City, continued with this trend as there are currently 6 new buildings under construction, which will increase supply by approximately 91,000 m² . This submarket accounts for 30% of all new construction within the entire Mexico City office market. Among the most important buildings being constructed in this Submarket are: Torre Esmeralda III by GICSA with 40,000 m² and Corporativo Metropol with 22,000 m². Is should be mentioned that some of the buildings under construction have already been pre-leased. (See graphics "Offices Area under Construction (m² ) by Submarket and Percentage".) Office Area under construction (m²) by Submarket m² 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000

OFFICES

10,000 0 Periférico Sur

Lomas Palmas

Santa Fe

Reforma

Other

Polanco

Bosques de las Lomas

Submarkets

Office Under Construction by Submarket (Percentage)

4 Other 10%

Polanco 8%

Bosques de las Lomas 2%

Periférico Sur 14% Lomas Palmas 30%

Reforma 28%

Santa Fe 8%

Ciudad de México · Mexico City

2005

The Reforma submarket continues to witness new construction in the form of mixed-use projects comprising office components totaling approximately 90,000 m². This can be distributed as follows: Torre Angel by GICSA with 40,000 m² to be occupied by HSBC Bank, Torre Libertad by IDEURBAN with 30,000 m², and Reforma 222 by GRUPO DANHOS having 20,000 m². Torre Libertad and Reforma 222 will also have commercial, and residential components. (See table "Offices Buildings under Construction in Mexico City, 2005".)

Offices Buildings under Construction in Mexico City, 2005 ESMERALDA III

Building CORPORATIVO RADIATAS ESMERALDA III METROPOL CENTRAL PALMAS PALMAS 100 MONTE PELVOUX 210 MONTES URALES 415 CENTRO CORPORATIVO SAN ANGEL TORRE II CORPORATIVO PERIFÉRICO SUR 3339 TORRE PLATINUM TORRE MATIZ AZCAPOTZALCO TECNOPARQUE "F" AZCAPOTZALCO TECNOPARQUE "B" CONJUNTO LOS ATRIOS/TORRE PASEO TORRE ÁNGEL TORRE LIBERTAD PASEO DE LA REFORMA 222 EUROCENTER TORRE BLANCA All

A A+ A+ A+ A+ A A+ A A+ A A A+ A+ A+ A+ A+ A+ A+ A+

Submarket Bosques de las Lomas Lomas Palmas Lomas Palmas Lomas Palmas Lomas Palmas Lomas Palmas Lomas Palmas Periférico Sur Periférico Sur Periférico Sur Periférico Sur Other Other Polanco Reforma Reforma Reforma Santa Fe Santa Fe

Area 6,400 40,000 22,000 13,000 6,385 5,274 4,322 17,965 17,000 5,850 1,800 17,000 13,000 25,000 40,000 30,000 20,000 14,726 10,197 309,919

m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2 m2

OFFICES

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

Class

5

In general, up to December 2004, the office vacancy rate decreased slightly by 0.75%, as compared to 2003 (16.2%). Although the vacancy rate has decreased, there is still a great deal of supply in the market, when compared to amounts registered during previous years. (See graphic "Comparative: Vacant Space (m²) by Office Submarket, 2000-2004. It includes types: A+,A, B, and C”.)

Ciudad de México · Mexico City

2005

Comparative: Vacant Space (m²) by Office Submarket, 2000-2004 It includes types: A+,A, B, and C

m² 200.00% 180.00% 160.00% 140.00% 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00%

OFFICES

Reforma

6

Polanco

Lomas Palmas

2000

Bosques de las las Lomas

2001

Santa Fe

Periférico Sur

2002

2003

Insurgentes

Interlomas

Lomas Altas

2004

Submarkets/Year

The office vacancy rates in Class A+ buildings was 27% at year-end 2004, showing an increase by 4% as compared to the previous year (23.2%). This is the result of the 13 new buildings, which have increased supply and vacancy in submarkets such as Lomas Palmas and Bosques de las Lomas. (See graphic "Record: Monthly Rent Average Prices (USD/m²) and Vacancy Percentage, 2000-2005. It includes A+ and A types”.)

Ciudad de México · Mexico City

2005

Record: Monthly Rent Average Prices (USD/m²) and Vacancy Percentage, 2000-2005. It includes types: A+ and A

USD/m²

% Vacant

30

25.00% Vacancy

Price 25

20.00%

20 15.00% 15 10.00% 10 5.00%

5 0

0.00% 2000

2001

2002

2003

2004

2005*

*Forecast

The Santa Fe submarket has the highest vacancy rate in Mexico City at 27%. This rate increased 2.1% (27,200 m²), as compared to the previous year (26.4%). This is due to the increasing supply of intelligent buildings (Class A+) competing for the scarce demand of national and international companies. On the contrary, the submarket which registered a lower vacancy rate was Interlomas, with 39 percentage points less than the previous year (64.43%). This is the result of the lease-up of 15,000 m² in the Magnocentro Plaza and Torre Acqua buildings.

OFFICES

Year

7

2005

Ciudad de México · Mexico City

DEMAND In general, activity in the office market has remained stable over the past 3 years. During the period from January to December 2004, office transactions totaling 436,500 m² were closed. This represents an increase of 19.3%, as compared to operations registered in the previous year (366,000 m²). The office submarket that witnessed the highest level of activity was Santa Fe, with absorption totaling 71,000 m², with the acquisition of Corporativo Qurvic (21,000 m²) by Banorte being the most notable transaction. The Insurgentes submarket also witnessed a great deal of demand with absorption totaling 68,100 m², including the purchase by the Federal Government of Corporativo Universidad (Insurgentes Sur No. 2416 comprising 29,000 m². The Lomas Palmas and Reforma submarkets also showed evidence of strong demand with absorption of 61,000 m² and 58,700 m² respectively. Both witnessed demand from international companies, such as MetLife, which acquired 18,550 m² in Torre Esmeralda III (Boulevard Manuel Avila Camacho No. 32), and HSBC, which bought the Torre Angel (40,000 m²) building, located along Av. Paseo de la Reforma. (See table "Most important office transactions during 2004".) Most important office transactions during 2004

OFFICES

User

8

Name/Location

Submarket

Lease/Sale

Area

HSBC - BITAL

Torre HSBC Paseo de la Reforma 327

Reforma

Venta

40,000 m2

Comisión Nacional del Agua

Corporativo Universidad Insurgentes Sur 2416

Insurgentes

Venta

28,800 m2

Banorte

Corporativo Qurvic Prol. Paseo de la Reforma 1230

Santa fe

Venta

21,800 m2

Metlife

Esmeralda III Manuel Ávila Camacho 32

Lomas Palmas

Venta

18,552 m2

Mancera

Conjunto Los Atrios/ Torre Paseo Ejército Nacional 843-B

Polanco

Renta

17,658 m2

HSBC - BITAL

Tecnoparque Ave. de las Granjas 972

Otros

Renta

17,557 m2

No disponible

Reforma 175 Paseo de la Reforma 175

Reforma Centro

Venta

14,525 m2

Invex

Esmeralda I Manuel Ávila Camacho 40

Lomas Palmas

Venta

7,200 m2

Corporativo San Jerónimo I

Periférico Sur

Venta

6,550 m2

Centro Histórico de la Ciudad de México

Periférico 101 República de Uruguay República de Uruguay 48

Otros-Centro

Venta

6,524 m2

Crédito Familiar

Lope de Vega Lope de Vega 125

Polanco

Renta

6,317 m2

Gobierno

Ciudad de México · Mexico City 2005

Transactions by Submarket to December 2004 (Percentage) All: 436,500 m²

Santa Fe 17%

Interlomas 3%

Bosques de las Lomas 7%

Insurgentes 20%

Reforma 17%

Periférico Sur 5%

Lomas Palmas 18% Polanco 13%

Net absorption within the Mexico City office market in 2004 was 114,427 m². The Santa Fe submarket registered the highest net absorption in 2004, with a total 44,000 m², while Interlomas showed a positive net absorption of 26,700 m² during the year. On the other hand, Polanco did not perform well showing a negative net absorption of -6,561 m². The main reason for the limited demand in this submarket was due mainly to the fact that 55% of its inventory is constituted by Class B product, which cannot compete with the quality of services offered by Class A+ and Class A buildings that exist within competing submarkets. Demand segmentation within the Mexico City office market can be summarized as follows: 50% of the transactions were registered by multi-national companies, 33% by national companies, and the remaining 17% by governmental entities. (See graphic " Segmentation of the demand m²: National, Transnational, and Government, 2004".)

OFICINAS

Regarding the distribution of the demand by building type, the highest square meters percentage was registered in Class A+ buildings with 45%, followed by Class A buildings with 30%, and Class B buildings accounting for the remaining 25%. This provides evidence that companies are demanding more space within high quality buildings with leading-edge technology (intelligent buildings) located within zones that provide a good corporate image.

9

2005

Ciudad de México · Mexico City

Demand segmentation of offices areas (m²) by users: National, Transnational, and Government, 2004 (Percentage)

Government 17% National 33%

OFFICES

Transnational 50%

10

PRICES Averaging asking lease rates within the Lomas Palmas submarket within Class A+ buildings ranges from $24.00 USD to $26.00 USD per m² per month, and from $21.00 USD to $23.00 USD per m²/month in Class A buildings. Within the Bosques de las Lomas submarket, average asking lease rates range between $21.00 USD and $24.00 USD per m²/month for Class A+ buildings, and from $19.00 USD to $20.00 USD per m²/month in Class A buildings. Finally, the average asking lease rates in the Reforma submarket range from $25.00 USD to $28.00 USD per m²/month, and from $18.00 USD to $23.00 USD per m²/month in Class A+ and Class A buildings respectively. The asking rates within these corridors are the highest in the entire Mexico City office market for these Building Classes. (See table "Activities Summary of Offices Market in Mexico City, 2004".)

Ciudad de México · Mexico City

2005

In general, closed lease transactions within Class A+ and A buildings ranged from $18.00 USD to $28.00 USD per m² per month. The lowest rates were witnessed within the Interlomas submarket due to the tremendous amount of oversupply within the submarket, as well as its lack of ability to compete with the Santa Fe and Bosques submarkets. (See graphic "Comparative: List Prices Range in Monthly Rent (USD/m²) by Submarket of A+ and A type buildings, 2004".) Asking sale prices range between $1,800 USD and $2,200 USD per m² in Class A+ and A buildings, followed by Class B buildings, ranging from $1,500 USD to $1,650 USD per m².

Comparative: List Prices Range in Monthly Rent (USD/m2 ) by Submarket, A+ and A type, 2004

USD/m² 30.00

28.00 26.00

26.00 24.00

25.00

24.00

25.00

24.00

24.00

20.00

21.00

20.00

20.00

22.00

20.00

19.00

17.00

OFFICES

22.00 22.00

11

10.00 Reforma

Polanco

Lomas Palmas

Bosques

Santa Fe

Submarkets

Periférico Sur

Insurgentes

Interlomas

Lomas Altas

2005

Ciudad de México · Mexico City

Real Estate Cycle in Mexico City Offices Market The Mexico City Office Market may be graphically analyzed through the following diagram, which generally shows the performance of each submarket.

INCREASING DEMAND DECREASING OVERSUPPLY

EXPANSION REFORMA BOSQUES

OVERSUPPLY

PERIFÉRICO SUR

UNDERSUPPLY

INSURGENTES POLANCO

OFFICES

RECOVERY

12

LOMAS PALMAS LOMAS ALTAS SANTA FE INTERLOMAS

RECESSION

Ciudad de México · Mexico City

2005

Activities Summary of Mexico City Offices Market, 2004

Submarket

Nine main office submarkets

Reforma

Polanco

Lomas Palmas

Bosques de las Lomas

Santa Fe

Periférico Sur

Interlomas

Lomas Altas

Office Inventory m2

Vacant Space m2

Asking Monthly Rental Rates max min

A+

66

1,240,734

334,656

$28

$18

27.02%

A

175

1,622,145

169,079

$24

$16

10.29%

55,945

B

266

1,385,182

176,240

$22

$12

12.72%

-20,213

Vacancy Rate

Net Absorption

78,350

C

192

714,628

88,302

$15

$9

12.36%

345

All A+ A B C All A+ A B C All A+ A B C All A+ A B All A+ A B All A+ A B C All A+ A B C All A+ A B All A+ A All

699 2 13 49 53 117 5 27 88 42 162 14 43 24 8 89 7 14 18 39 28 27 5 54 10 29 21 8 68 6 26 58 81 171 2 5 3 10 2 2 4

4,962,689 100,329 207,078 281,195 259,873 848,475 91,402 307,154 453,747 125,763 978,066 188,006 218,273 69,865 16,478 492,622 144,594 90,649 126,609 361,852 480,862 198,498 13,472 692,832 105,638 221,020 103,133 15,058 444,849 66,731 358,759 329,413 297,456 1,052,359 23,800 20,714 7,478 51,992 39,372 19,808 59,180

768,277 38,537 6,025 34,771 27,130 106,463 10,197 12,233 46,642 15,516 84,588 54,377 40,037 3,060 620 98,094 27,720 4,069 10,333 42,122 157,394 26,690 605 184,689 9,878 40,424 14,481 890 65,674 29,890 21,163 65,269 44,146 160,468 4,830 7,343 1,080 13,253 1,832 11,095 12,927

$22 $28 $23 $17 $12 $20 $26 $24 $22 $13 $21 $26 $23 $20 $15 $21 $24 $20 $18 $21 $24 $19 $16 $20 $24 $21 $18 $14 $19 $22 $19 $17 $11 $17 $20 $17 $15 $17 $25 $21 $20

$14 $25 $18 $13 $10 $17 $20 $18 $14 $10 $16 $24 $21 $16 $13 $19 $21 $19 $17 $19 $19 $17 $13 $17 $22 $19 $15 $13 $17 $20 $18 $12 $9 $15 $18 $16 $14 $16 $22 $19 $18

15.42% 38.41% 2.78% 12.37% 10.44% 12.41% 11.16% 4.03% 10.28% 12.34% 8.68% 25.53% 18.60% 4.38% 3.76% 19.06% 19.24% 4.49% 8.16% 11.66% 34.64% 13.45% 4.40% 27.00% 9.35% 18.29% 14.04% 5.91% 14.76% 44.85% 5.90% 19.81% 14.84% 15.25% 20.29% 35.45% 14.44%

114,427 -2,712 -1,180 7,798 -6,310 -2,404 96 13,283 -10,064 -9,875 -6,561 1,712 21,002 812 -272 23,254 614 20,987 -747 20,854 69,216 806 -61 69,961 8,697 -13,239 4,360 605 2,727 -5,680 11,655 -19,718 16,988 3,245 10,170 -49 3,616 20,246 2,751 -99 2,652

25.49% 4.65% 57.69% 22.06%

OFFICES

Insurgentes

Bldgs. Surveyed

Class

13

2005

Ciudad de México · Mexico City

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14

Interlomas Bosques de las Lomas Santa Fe Lomas Palmas Lomas Altas

Polanco Reforma Insurgentes Periférico Sur

Ciudad de México · Mexico City

2005

INDUSTRIAL MARKET

INTRODUCTION In 2004, the Mexican economy showed an increased activity, since the annual growth of industrial production was between 4.0 and 4.5%. *This sector had an important participation in the economic recovery of the country, mainly driven by the manufacture, transformation, assembly and construction sectors, as well as the increased exports to the United States. Currently, the industrial market in Mexico City and its Suburbs shows a clear trend towards the use of real properties for storage and distribution, and at the same time productive plants are being relocated to the states of the Mexican Republic.

SUPPLY

Concerning the Naucalpan submarket, the supply of spaces was increased in 69%, compared to December 2003. This is due to the increased vacation of spaces for productive plants. On the other hand, the availability in the Tlalnepantla submarket, underwent a decrease equivalent to 42% due to the constant demand in this area. Currently, the industrial market presents a high availability of buildings and warehouses for storage and distribution. The submarket with the highest availability is Cuautitlán-Tultitlán-Tepotzotlán with 198,000 m2; the main developments include “Centro Logístico II” by O’Donnell in the Cuautitlán area, with an available area of 30,000 m2, “Tultitlán I, II and III” of Gicsa, with 42,000 m2; and the “Los Cedros Business Park” Industrial Park by Grupo Metta, with 40,000 m2. The submarkets that show the smallest supply of available space include: Iztapalapa with 26,000 m2 and Iztacalco with 21,500 m2, because of the insufficiency of land areas for new developments, in addition to the fact that these areas have ceased to house industrial activities to become mainly residential and commercial areas. (See the “Industrial Supply Distribution by Submarket, 2004” table). *Source: Economic Report, BBVA BANCOMER, October 2004.

INDUSTRIAL

During 2004, the supply of built square meters showed important variations in comparison to the previous year. In the Cuautitlán-Tultitlán-Tepotzotlán submarket, there was an increase of 68% in the available area, as a consequence of the new projects located in such areas. This represented a considerable increase (119%) compared to 2002. Likewise, at the Vallejo-Azcapotzalco submarket, the available area increased in 45%, because of the real properties that have been vacated. It should be noted that a project for restoration of the main avenues is being implemented, as well as an investment in drainage, lighting, and water supply systems by the Azcapotzalco Political Subdivision in order to reactivate the industrial sector in the area.

15

2005

Ciudad de México · Mexico City

Industrial Supply Distribution(Industrial Buildings and Warehouses by Submarket, 2004)

Submarket

Cuautitlán- Tultitlán - Tepotzotlán Vallejo - Azcapotzalco Toluca - Lerma Ecatepec-Xalostoc Naucalpan Tlalnepantla Others Near Mexico City Iztapalapa Iztacalco

Total m2 built vacant

198,000 132,800 93,700 78,500 57,700 67,000 67,638 26,000 21,500 728,500

Average Monthly Price USD/m2

$5.00 $4.50 $3.50 $4.50 $5.00 $5.00 $6.00 $4.00 $4.00 $4.67

Percentage

27.18% 18.23% 12.86% 10.78% 7.65% 7.51% 9.28% 3.57% 2.95% 100%

INDUSTRIAL

Concerning the supply of industrial lands with services, the Cuautitlán-Tultitlán-Tepotzotlán and TolucaLerma submarkets register a higher availability, with 1,016,000 m2 and 800,000 m2, respectively, due mainly to the “Parque Industrial El Convento II” development by Frisa in Tepotzotlán, with a total area of 30 hectares, and “Parque Industrial Toluca Global Park” by Grupo KEN, with a total area of 32.4 hectares.

16

The main projects to be developed in the year 2005 include the “Encino” and “Agave 2, 4 and 5” distribution centers in San Martín Obispo by G.ACCION, with a total area of 103,500 m2 (available from the second and third quarter of the year) in addition to “Parque Industrial Eagle” in Tepotzotlán, with a land area of 631,600 m2, on which 286,000 m2 of buildings and warehouses will be built, of which 30,200 m2 of construction (Phase 1) will be available for the third quarter of 2005. Concerning Tultitlán, 42,000 m2 will be developed in Parque Tultitlán I by Gicsa, which will be available from March 2005. This will represent a considerable increase in the industrial real property supply, mainly in the north area of Mexico City. (See the “Projected Spec Industrial Buildings, 2005” table.)

Ciudad de México · Mexico City

2005

Projected Spec Industrial Buildings, 2005

Prjected spec Area m2

Project

Parque Industrial Eagle Centro de distribución Encino Tultitlán I Kalach Cuautitlán Centro de distribución Agave 2 Centro de distribución Agave 4 Centro de distribución Agave 5 All

286,000 53,000 42,000 30,000 23,000 18,000 10,000 462,000

Approximate completion date

30,200 m2 (Phase I) July 2005 April 2005 March 2005 N/A October 2005 July 2005 September 2005

Industrial Supply Distribution by Submarket, 2004 (Industrial Buildings and Warehouses (All 728,400 m²)

Toluca - Lerma 13%

Iztacalco 3% Iztapalapa 4%

Naucalpan 8% Others * near Mexico City 9%

* Colonias: Nueva Anzures, Santa María Insurgentes and Anahuac

Tlalnepantla 8%

Ecatepec Xalostoc 11%

INDUSTRIAL

Vallejo Azcapotzalco 18%

CuautitlanTultitlán Tepotzotlán 26%

17

2005

Ciudad de México · Mexico City

Industrial Supply Distribution by Submarket, 2004 (Industrial Buildings and Warehouses (All 728,400 m²)

Cuautitlán- Tultitlán Tepotzotlán 30% *Others near Mexico City 32%

Toluca - Lerma 24%

Iztapalapa 1%

INDUSTRIAL

Ecatepec Xalostoc 1%

Naucalpan 6% Vallejo Azcapotzalco Tlalnepantla 4% 2%

* Mexico - Querétaro Road

DEMAND From January to December 2004, transactions for approximately 842,000 m2 were registered in the industrial market in lease and sale. Of which 64% correspond to expansion activities, 27% to relocation, and the remaining 9% to the opening of companies.

18 The demand for industrial lands represented 59%, that is, 493,000 m2 approximately of the registered lease and sale transactions; including the acquisition by Kellogg’s of a plot of 91,000 m2 located in the Toluca Global Park industrial park, and the purchase of a plot of 83,000 m2 in the El Convento II industrial park in Tepotzotlán. (See the “Most important transactions closed during 2004” table).

Ciudad de México · Mexico City

2005

Most Important Industrial Transactions Closed During 2004 Tenant

Location

Developer

Transaction Area m2

Submarket

Facility Land

Vía José López Portillo s/n Coacalco, Estado de México Carr. México-Querétaro Km30 L.9 Toluca Global Park

Others North

Land

Sale

163,224

Cuautitlán-Tultitlán-Tepotzotlán

Land

Sale

97,922

Toluca-Lerma

Land

Sale

91,000

Cuautitlán-Tultitlán-Tepotzotlán

Land

Sale

83,000

Toluca-Lerma

Building

Sale

60,000

Cuautitlán-Tultitlán-Tepotzotlán

Building

Lease

48,000

Cuautitlán-Tultitlán-Tepotzotlán

Building

Sale

41,716

Private Investor

Parque Industrial El Convento II Av. Miguel Hidalgo Oriente No. 1350 Vía José López Portillo 6 Tultitlán Estado de México Autopista México-Querétaro Km. 37.5 Calz. Ermita Iztapalapa No. 3417

Land

Sale

17,988

Kraft

Norte 35 Col. Industrial Vallejo

Vallejo-Azcapotzalco

Warehouse

Sale

12,400

Suministros Domésticos

Ceylán No. 493 Vallejo

Vallejo-Azcapotzalco

Building

Sale

12,398

Grupo Gamesa S. de R.L. de C.V. Private Investor

Norte 45 No. 669 Col. Industrial Vallejo Conj. hd. Cuautitlán Lotes 17,18,19,20,21

Vallejo-Azcapotzalco

Warehouse

Lease

12,185

Sale

12,000

Inmuebles Francia S.A.deC.V. Kellog's CPA Inversionista Privado Samsung Private Investor

Iztapalapa-Tláhuac

Cuautitlán-Tultitlán-Tepotzotlán

Building

INDUSTRIAL

On the other hand, the demand for buildings and warehouses represented the remaining 41%, (349,000 m2 approximately), the most active submarkets include Cuautitlán-Tultitlán-Tepotzotlán, with 129,000 m2 (37%), followed by the Toluca-Lerma submarket with a total of 63,000 m2 (18%) approximately for lease and sale transactions (See the “Distribution of Industrial Demand by Submarket, 2004” table and the “Sale and Lease Demand Distribution of Warehouses by Submarket, 2004” table).

19

2005

Ciudad de México · Mexico City

Distribution of Industrial Demand by Submarket, 2004

Submarket

Industrial Warehouses

Cuautitlán-Tultitlán-Tepotzotlán Toluca-Lerma Vallejo-Azcapozalco Naucalpan Tlalnepantla Iztacalco Iztapalapa-Tláhuac Others All

Sale m2

Lease m2

61,198 62,700 24,794 6,901 6,000 1,230 825 11,939 175,587

67,952 0 37,146 6,870 30,457 11,142 9,744 16,665 179,976

Total m2

129,150 62,700 61,940 13,771 36,457 12,372 10,569 28,604 355,563

Industrial Lands Sale m

2

Lease m2

180,922 101,746 0 0 2,557 0 17,988 182,588 485,801

0 0 3,129 0 3,800 0 0 0 6,929

Total m2

180,922 101,746 3,129 0 6,357 0 17,988 182,588 492,730

INDUSTRIAL

It should be noted that, of the aggregate transactions registered in sale of industrial lands, that is, 493,000 m2, 69% were made by companies that seek to build industrial establishments with Built to Suit projects (real estate project conforming to the specific needs of the user).

Industrial land sale prices USD / m² by submarket, 2004

CuautitlánTultitlánTepotzotlán 37%

Toluca-Lerma 18%

20 VallejoAzcapotzalco 17%

Others 8% Tlalnepantla 10%

Naucalpan 4% Iztacalco 3%

IztapalapaTlahuac 3%

Ciudad de México · Mexico City

2005

Sale and Lease Demand Distribution of Industrial Land by Submarket, 2004

Toluca-Lerma 21%

Others 37%

Cuautitlán-TultitlánTepotzotlán 36%

Tlalnepantla 1% Vallejo-Azcapotzalco 1%

Iztapalapa-Tlahuac 4%

PRICES

As of December, the range of list prices for industrial buildings and warehouses is within a parameter of USD$3.50 to USD$7.00 per m2 of monthly rent. Such range depends on the location and characteristics of the real properties (See “Warehouse & Industrial Buildings lease rate comparison USD/m2/month, 2004” graphic).

INDUSTRIAL

In a general manner, the list prices for lease of industrial buildings and warehouses remained stable in comparison to 2003, with a slight upward variation of 10%, approximately, in the submarkets of Naucalpan, Tlalnepantla and Iztapalapa-Tláhuac, due to the scarce supply. Except for the Ecatepec-Xalostoc submarket, which has shown a consecutive decrease in its prices of 5% approximately, since demand in this submarket is practically nil due to its location and the small presence of industrial real properties of good quality.

21

2005

Ciudad de México · Mexico City

Warehouse & Industrial Buildings lease rate comparison USD/m2/month,2004

USD/m2 9.00 8.00

7.00

7.00

6.00 6.00

6.00

5.00 4.00

6.00

6.00

5.60 4.60 4.00

4.50 3.50

3.00

4.30 4.20

5.00

4.40 4.00

4.00

3.50

3.80

22

Others in the Metropolitan Area

Iztacalco

IztapalapaTláhuac

Naucalpan

Tlalnepantla

Ecatepec Xalostoc

Toluca - Lerma

Vallejo Azcapotzalco

CuautitlánTultitlán Tepotzotlán

INDUSTRIAL

2.00

Submarkets

Concerning the list prices for sale of industrial lands, a general increase was registered in practically all the submarkets, except for Toluca-Lerma, which registered a decrease in its list prices, to currently report a range from USD$30.00 to USD$50.00 per m2.The general increase in the rest of submarkets is mainly due to the incorporation of some lands to the market, which have a privileged location and additional services which increase their value.

Ciudad de México · Mexico City

2005

Industrial land sale prices USD / m² by submarket, 2004

USD/m2 300.00

240.00 220.00

225.00

150.00

150.00

230.00

220.00

180.00

170.00

170.00 130.00

210.00

150.00

100.00

75.00 50.00 60.00 50.00

Submarkets

Iztacalco

IztapalapaTláhuac

Naucalpan

Tlalnepantla

Ecatepec Xalostoc

Toluca Lerma

Vallejo Azcapotzalco

CuautitlánTultitlán Tepotzotlán

0.00

INDUSTRIAL

30.00

23

2005

Ciudad de México · Mexico City

INDUSTRIAL

Mercado Industrial - Industrial Market

24

Cuautitlán-Tultitlán-Tepotztlán Tlalnepantla Naucalpan Vallejo-Azcapotzalco Ecatepec-Xhalostoc

Others Poniente Iztacalco Iztapalapa

2005

Ciudad de México · Mexico City MERCADO COMERCIAL

· RETAIL MARKET

INTRODUCTION 2004 has been one of the years with greatest activity concerning the construction of shopping centers in the Federal District and its Greater Metropolitan Area. This includes the counties of Tultitlán, Cuautitlán, Ecatepec and Ixtapaluca, where shopping centers are being built to serve the needs of certain population sectors and will supplement the industrial areas that operate there. Currently, the greatest amount in square meters of sale floor Sale Floor'. Varied area of a retail store where (without taking into account that used for private spaces, offices and warehouses, meat cutting area, commercial premises granted under concession in front of the cashier corridor, receipt areas or any other area which does not have contact with consumers) public access, the display of merchandises and promotion, advertising, sale and collection activities occur., concerning department, self-service and specialized stores in the Federal District, is concentrated in the following municipalities: Miguel Hidalgo with 223,800 m2, Coyoacán with 208,700 m2 and Cuauhtémoc con 208,300 m2. In the Greater Metropolitan Area, the counties of Naucalpan and Tlalnepantla, with 214,800 m2 and 144,600 m2, respectively, are important. In contrast, the municipalities and counties with small commercial presence in the self-service, department, and specialized store segments are: Tláhuac with 14,900 m2 and Milpa Alta with 15,700 m2, as well as Cuautitlán Romero Rubio con 8,000 m2 in the State of Mexico. (See tables “Retail Market s.m. by Municipality in Mexico City, 2004” and “Retail Density s.m. by County of Greater Metropolitan Area, 2004”). Retail Market s.m. by Municipality in Mexico City, 2004

RETAIL

Municipality

25

Miguel Hidalgo Coyoacán Cuauhtémoc Benito Juárez Alvaro Obregón Tlalpan Iztapalapa Gustavo A. Madero Cuajimalpa Venustiano Carranza Azcapotzalco Magdalena Contreras Iztacalco Xochimilco Milpa Alta Tláhuac All

No. Retail stores

110 81 199 132 59 53 46 62 26 33 30 14 17 11 5 5 883

Font: ANTAD (Asociación Nacional deTtiendas de Autoservicio y Departamentales) Grupo Wal-Mart www.walmartmexico.com.mx Realización: Investigación de Mercados, Colliers International

m2 of retail market

223,800 208,700 208,300 203,100 138,800 135,700 132,200 131,800 104,500 75,700 74,700 41,500 36,600 19,600 15,700 14,900 1’765,600

Ciudad de México · Mexico City 2005

Sale Floor. Varied area of a retail store where (without taking into account that used for private spaces, offices and warehouses, meat cutting area, commercial premises granted under concession in front of the cashier corridor, receipt areas or any other area which does not have contact with consumers) public access, the display of merchandises and promotion, advertising, sale and collection activities occur.

Retail Market s.m by County of Greater Metropolitan Area,2004

Country Naucalpan Tlalnepantla Cuautitlán Izcalli Ecatepec Atizapán Coacalco Tultitlán Nezahualcóyotl Cuautlán Romero Rubio All

No. Retail Stores

m2 of Retail Market

87 56 35 29 19 8 5 16 5 260

214,800 144,600 87,900 78,100 49,600 31,700 23,800 21,500 8,000 660,000

SUPPLY The commercial sector in the Federal District and Greater Metropolitan Area have sale floors for approximately 2,426,000 m2, which are distributed in Departments Stores such as: El Palacio de Hierro, Sanborn’s, Sears, Liverpool, etc; Self-service Stores such as Wal-mart, Comercial Mexicana, Gigante, Oxxo, among others, and Specialized Stores such as Office Depot, Home Mart and Deportes Martí. By type of store, 55% is concentrated in Self-service stores; 23% in Department stores, and the remaining 22% in Specialized stores. (See “Type of Store Distribution in Mexico City and Greater Metropolitan Area, 2004” graphic).

RETAIL

Font: ANTAD (Asociación Nacional deTtiendas de Autoservicio y Departamentales) Grupo Wal-Mart www.walmartmexico.com.mx Realización: Investigación de Mercados, Colliers International

26

2005

Ciudad de México · Mexico City

Type of Store Distribution in Mexico City and Greater Metropolitan Area, 2004

Department 23%

Especialized 22%

Self-service 55%

During 2004 there was small stand alone premise supply at the main commercial areas, and at the popular zones of the metropolitan area in Mexico City.

RETAIL

On the other hand, the offer at Shopping Malls and Power Centers was practically nil, which resulted in waiting lists for those who purport to occupy any space within these, as well as the payment of excessive conveyance amounts, such as those registered in the Masaryk commercial area, with costs exceeding 150 thousand Dollars.

27

At the same time, there was almost no offer of commercial use lands allowing to develop Power Centertype commercial projects, since there are zoning and feasibility restrictions and limitations that make the construction thereof difficult. As of December 2004, this sector registers 9 commercial developments in construction, with a total area of 318,500 m2 of rentable spaces, approximately, of which 77% is expected to complete works during 2005, in an aggregate of 7 shopping centers; including, in the State of Mexico, the construction of Centro Las Américas of Consorcio Ara, with an estimate of 118,000 m2 of rentable commercial area in the zone of Ecatepec. On the other hand, the Federal District includes: Parque Delta of Grupo Danhos and Gigante with 57,000 m2 of rentable commercial spaces; which is being developed in the block delimited by Viaducto Miguel Alemán and Avenida Cuauhtémoc (where the Seguro Social IMSS baseball park was previously located); Parque Lindavista of Grupo Danhos, with 49,000 m2 of rentable space; Conjunto Los Atrios of Grupo Sordo Madaleno with 35,000 m2 of rentable commercial spaces; and finally the mixed development (Residential, Commerce and Offices) of Grupo Danhos located in Paseo de la Reforma 222 with a rentable commercial area of 24,000 m2 (See table “Commercial Developments under construction in Mexico City and Greater Metropolitan Area, 2004”.)

Ciudad de México · Mexico City

2005

Commercial Developments under construction in Mexico city and Great Metropolitan Area, 2004

Commercial Development

Centro Las Américas Parque Delta Parque Lindavista Conjunto Los Atrios Reforma 222 Plaza Patriotismo San Buenaventura Palmas 810 Palmas 530 All

Developer

Consorcio Ara Grupo Danhos Grupo Danhos Sordo Madaleno Grupo Danhos Asociados Consorcio Ara Vidarq Vidarq

Zone

Estado de México Distrito Federal Distrito Federal Distrito Federal Distrito Federal Distrito Federal Estado de México Distrito Federal Distrito Federal

Projected Lease Area

118,000 m2 57,000 m2 49,000 m2 35,000 m2 24,000 m2 16,000 m2 14,500 m2 3,000 m2 2,000 m2 318,500 m2

Estimated Opening Date

October 2005 October 2005 July 2006 December 2005 July 2006 October 2005 December 2005 September 2005 September 2005

It should be noted that the Premium Outlet Punta Norte project, located in the crossing of Periférico Norte and the Chamapa-La Venta road, in Cuautitlán Izcalli, State of Mexico, opened in December 2004. In its first stage, it has little more than 50 stores in an area of 21,000 m2 of construction. They expect to expand during 2005 to reach a total 36,000 m2 of construction. The master plan covers a total area of 750,000 m2, which includes, in addition to the shopping center, several retail stores, and auto mall, an entertainment park and a residential development.

In general, the commercial market during 2004 has remained active. From January to December 2004, the commercial market registered an aggregate of approximately 190,000 m2 in transactions made in commercial developments currently in construction. Domestic and international companies, seeking to improve their presence, rent spaces in Shopping Centers such as the Plaza Las Americas mixed development in the State of Mexico (currently in construction), which registered important transactions, such as: Liverpool, with an area of 24,000 m2; Wal-Mart with 15,300 m2, Sam’s Club with 14,000 m2 and Sears with 11,000 m2, approximately; among the most important. There is also Cinépolis, with 5,350 m2, and Yak Sports Book of 1,400 m2, approximately. At Parque Delta, important transactions were registered such as: Liverpool with 19,000 m2 distributed in 3 levels, Gigante with 7,900 m2, and Office Depot with 1,800 m2, approximately. In addition to important fashion stores, such as Massimo Dutti, Zara, Scappino, among the most important. (See “Most Important Retail Transactions during 2004”).

RETAIL

DEMAND

28

2005

Ciudad de México · Mexico City

Most important retail transactions during 2004

User

Liverpool Liverpool Wal-Mart Sam's Club Sears Gigante

Location

Plaza las Américas Parque Delta Plaza las Américas Plaza las Américas Plaza las Américas Parque Delta

State

Estado de México Distrito Federal Estado de México Estado de México Estado de México Distrito Federal

Area

24,000 m2 19,000 m2 15,300 m2 14,000 m2 11,000 m2 7,900 m2

On the other hand, during 2004, there was a constant demand for the establishment of new bank branches, in a new trend of “Express Banks”; as a result of the planning of institutions that project their growth and seek to improve their distribution network in this market. Likewise, there was a clear trend for the payment of conveyances, due to the small offer of commercial spaces in the main commercial areas in the city.

RETAIL

Likewise, there was an important demand by investors and developers for commercial lands to generate new Power Center-type developments throughout the country. There is also a clear expansion trend in the states of the Mexican Republic by several domestic businessmen who consolidated their presence in Mexico City.

29

PRICES As of December 2004, the commercial market experienced a 20% increase in lease asking prices during 2004, because of the small offer of commercial spaces in the main commercial submarkets and popular areas in Mexico City’s Metropolitan Area. The Condesa and Zona Rosa submarkets registered the lowest asking prices in stand alone premises, from USD$20.00 to USD$27.00 per m2/month, and USD$12.00 to USD$25.00, respectively. This is due to the age of the real properties located in colonia Condesa, and to the problems raised by the area delimited by colonia Juárez, because of the type of commercial premises located in this submarket. On the other hand, the Masaryk submarket has the highest asking prices in stand alone premises, from USD$45.00 to USD$70.00 per m2/month. This submarket, delimited by Avenida Presidente Masaryk, has the most important boutiques in Mexico City, such as Louis Vuitton, Emporio Armani,Versace, Hermenegildo Zegna, Chanel, among others. (See table: “Monthly Asking Prices Range Comparison (USD/sqm) by Retail Submarket Mexico City, 2004”).

Ciudad de México · Mexico City

2005

Monthly Asking Prices Range comparison (USD/sqm) by Retail Submarket México City, 2004

USD/m2 $75

$70

$65 $55 $45

$45 $35

$45

$36

$35 $27

$25

$27

$30

$32

$29

$20

$34 $25

$25

$24

$15

$30

$22

$20

$25

$22

$20 $12

Zona Rosa

Santa Fe

Reforma

Masaryk

Polanco

Periférico Sur

Periférico Norte

Insurgentes Sur

Condesa

Coapa

Centro

$5

Submarket

Premises inside the Perisur and Plaza Satélite shopping centers, have the highest average asking price, which is USD$55.00 per m2/month; followed by the Moliere Dos22 and Santa Fe shopping centers, with an asking price of USD$44.00 per m 2 /month and USD$36.00 per m 2 /month, respectively. On the other hand, the costs for conveyance of premises inside shopping centers have a minimum price of USD$2,600 to USD$3,400 per m2. They include Plaza Universidad and Gran Sur, with the lowest price ranges: USD$2,000 to USD$2,700 per m2, and USD$500 to USD$2,000, respectively. (See table “Asking Prices of Rent in Shopping Centers comparison and Ranges of costs by Key Money (USD/m2), Mexico City 2004”).

RETAIL

It should be noted that asking prices in shopping centers significantly vary with respect to the stand alone premises, even if they are in the same submarket. This is due to the almost nil supply at shopping centers.

30

2005

Ciudad de México · Mexico City

Asking Prices of Rent in Shopping Centers comparison and Ranges of costs by Key Money (USD/m²), Mexico City 2004

Shopping Center

Atrios Satélite Perisur Santa Fe Universidad Moliere Dos22 Centro Coyoacán Gran Sur Galerías Insurgentes Galerías Coapa Premium Outlet Price Range

Asking Prices of Rent (USD/m2/mes)

$33 $55 $56 $36 $27 $44 $34 n/d $33 $21 $23 $36

Ranges of cost by Key Money USD/m2 Max. Min.

n/d $4,050 $5,400 $4,050 $2,700 $4,050 $3,375 $2,000 $3,375 $3,375 n/d $3,597

n/d $3,375 $4,050 $2,700 $2,025 $3,375 $2,700 $500 $3,375 $2,700 n/d $2,756

RETAIL

The small offer registered in stand alone premises, both in commercial and popular areas, resulted in a general price increase between 20% and 25% during 2004. This resulted in the payment of conveyances for stand alone premises at good locations.

31

With respect to prices at shopping malls, these are continuously increased because the supply of spaces is practically nil, therefore, there are waiting lists and high conveyance prices, which may exceed USD$5,000/m2.

Ciudad de México · Mexico City

2005

AT ULA

DE ALL EN DE

Mercado Comercial ³ Retail Market

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32

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Ciudad de México · Mexico City

Fashion Mall

Net Absorption

Shopping Centres that have department stores as anchors. In Mexico, these types of department stores are: Palacio de Hierro, Liverpool, Sears, Fabricas de Francia and Dorians.

The variation in the number of square meters of occupied office space during a specific time period. This indicator shows the total square meters absorbed. If it is negative, it indicates an over-supply of available space.

Inventory Real estate properties (measured in square meters) within the main sub-markets, excluding those that are under construction or planned.

Mall Indoor shopping centres, with central air conditioning, for which the main characteristic is to have an enclosed structure providing access to any of the retail shops from within the mall. Corridors exist that connect the many shops and units that are located inside.

2005

Anchor Stores Chain stores or establishments where major retail activity occurs and that receives a considerable number of consumers. As a result, anchor stores occupy larger spaces in shopping centres. These types of stores may be self-service, department or specialty stores, cinemas and entertainment centres.

Warehouse Building designed and constructed for the activity of storage and distribution of merchandise.

Market

Category/Class

A business trade relationship between buyers and sellers that gather to interchange merchandise, such as: buildings, retail units, shopping centres, warehouses, industrial buildings, etc.

Raking Category granted to a building in regard to the characteristics that distinguish them from other buildings. In the office market buildings are classified from higher to lower quality as follows: A+, A, B and C.

Industrial Buildings Facility or building designed or constructed specifically for industrial activities, such as: production, transformation, manufacture, assembly, industrial processes, storage and distribution.

Sub-Market A city area delimited by one or various neighbourhoods, as well as avenues, that include a sufficient amount of office, retail and industrial space available for sale or lease.

Shell Building space without improvements that is furnished to a tenant after its purchase or lease.

Real Estate Deman Measurement in m2 that shows the total space, which was sold or leased during a certain period of time.

Avalailability/Supply Total space in square meters offered to the market for sale or lease during a specific period of time.

Outlet In general, Shopping centres that have clothing stores constantly offering clearance or excess inventory. In some cases they have fast food areas. At present, "outlet malls" are being developed including anchor stores that offer the clearance concept.

Entertaiment Centers Shopping centres intended for entertainment purposes. The anchor stores might be cinemas, ice-skating rinks, bingo and/or nightclubs.

Available Spaces The square meters available in buildings that are offered to the market for sale or lease.

33

2005

Definiciones · Definitions New Spaces

Stand Alone Retail Space

The total square meters added to the Real Estate market as new supply.

All property intended for retail use and that is located outside a shopping centre.

Industrial Park

Strip Center

Area geographically delimited and designed specifically to house industrial buildings, consisting of adequate conditions for distribution, infrastructure, equipment and services, and permanent administration of its operation.

Shopping centres that, unlike Malls, are "outdoors" and generally offer diverse retail concepts in buildings developed in a straight line. Normally, they have design shapes such as "L" or "U". They are also identified as small shopping centres located on the edge of a street and that do not have an anchor store.

Availability Rate Percentage of available space in any market. This indicator is obtained by dividing total available space by the total inventory, in square meters.

Power Center Shopping centres that contain a self-service store as anchor store. In Mexico these types of stores are: Auchan, Chedrahui, Comercial Mexicana, Costco, Gigante, Price Club Superama, Wal-Mart and Soriana.

Sub-Lease Space offered for lease by the primary tenant to a third party before the primary contract has expired.

Industrial Land The number of adjoining land parcels occupied by one company provided for the utilization of a single industry.

Over-Supply The effect caused by the excessive addition of space to a market.This phenomenon occurs when the amount of available square meters surpasses the number of buyers in the market.

Créditos · Credits

Para Comentarios For Coments

Javier Lomelín Anaya Director General

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Ciudad de México Adriana Aguirre Miyazaki [email protected]

Análisis de Mercado Market Analysis

Adriana Aguirre Sergio Colín Patricio Domínguez Guillermo Garrido

Diseño Gráfico Graphic Design

José Sánchez

Colliers International Mexico

2005

Direcciones · Locations Colliers International México

Colliers International Guadalajara

Av. Paseo de La Reforma No. 265, PB Colonia. Cuauhtemoc Mexico City, México Tel: (52) 555 209-3636 Fax: (52) 555 209-3600 Contact: Javier Lomelín

Av. Vallarta 6503. Piso 1-A Colonia Ciudad Granja Zapopan Jalisco, 45010, México Tel: (52) 333 560 0120 al 26 Fax.(52) 333 560 0127 Contact: Douglas McMurray

Colliers International Monterrey

Colliers International Puebla Acatlán 74-B Colonia La Paz Puebla, Pue., 72160, México Tel: (52) 222 231-3999 Fax: (52) 222 248-0562 Contact: Javier Lomelin (Mexico City)

Av. Lázaro Cárdenas 2400 Pte., C-21 Edificio Losoles Garza García, N.L., 66266, México Tel: (52) 818 363-5330 Fax: (52) 818 363-0623 Contact: Luis Manuel Galindo

Colliers International Querétaro

Colliers International Tijuana

Av. Constituyentes Pte., 206-412 Jardines de la Hacienda Querétaro, Qro., 76180, México Tel: (52) 442 216-3394 Fax: (52) 442 215-1586 Contact: Javier Lomelin (Mexico City)

Paseo de los Héroes 9188, Suite 303 Zona del Río Tijuana, BC, 22320, México Tel: (52) 664 684-2434 Fax: (52) 664 638-8488 Contact: Javier Lomelin (Mexico City)

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2005

ALCANCE GLOBAL - PODER LOCAL Global Reach - Local Power

Venta y Arrendamiento de Oficinas Office Leasing & Sale · Venta y Arrendamiento de Propiedades Industriales Industrial Leasing & Sale · Venta y Arrendamiento de Locales Comerciales Retail Leasing & Sale · Compra Venta de Propiedades como Inversiones Inmobiliarias Investment Sales · Administración de Inmuebles Property Management · Consultoría Inmobiliaria Consulting · Representación de Inquilinos Tenant Representation · Avalúos y Opiniones de valor comercial Valuation & Appraisal · Servicios Corporativos Corporate Services

Paseo de la Reforma 265, P.B. · Colonia Cuauhtémoc · 06500 México, D.F. Tel.: (55) 5209 3636 · Fax: (55) 5209 3600 www.colliers.com