Oct 14, 2010
GLOBAL OFFICE REAL ESTATE REVIEW
FIRST HALF 2010
Accelerating success.
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TABLE OF COnTEnTS
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
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GLOBAL MARKET ANALYSIS AND FORECASTS Global Summary and Regional Synopses GLOBAL OFFICE MARKETS Europe, Middle East & Africa (EMEA) North America Asia Pacific and Latin America CONSTRUCTION AND VACANCY EMEA North America Asia Pacific and Latin America CENTRAL BUSINESS DISTRICT SURVEY EMEA Occupancy Costs North America Occupancy Costs Asia Pacific and Latin America Occupancy Costs EMEA U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates North America U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates Asia Pacific and Latin America U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates SUBURBAN/OUT-OF-TOWN SURVEY EMEA Occupancy Costs North America Occupancy Costs Asia Pacific and Latin America Occupancy Costs EMEA U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates North America U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates Asia Pacific and Latin America U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates Glossary 19 20 20 21 21 22 23 23 24 24 25 13 14 14 15 15 16 17 17 18 18 10 11 11 12 12 78 89 9 16
RESEARCH CONTACTS
AMERICAS Ross Moore USA ross.moore@colliers.com Wayne Duong Canada wayne.duong@colliers.com Mario Rivera Latin America mario.rivera@colliers.com EUROpE/MIDDLE EAST/AFRICA Thomas Grounds EMEA thomas.grounds@colliers.com Mark Charlton United Kingdom mark.charlton@colliers.com Roger Renaud France roger.renaud@colliers.com Andreas Trumpp Germany andreas.trumpp@colliers.com ASIA pACIFIC Simon Lo Asia simon.lo@colliers.com Amit Oberoi India amit.oberoi@colliers.com Felice Spark Australia/New Zealand felice.spark@colliers.com Yumiko Yasuda Japan yumiko.yasuda@colliers.com
Cover photo: Singapore (Photos.com)
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
Demand for Office Space Slowly Returning
OFFICE CONSTRUCTION TOp 50 CITIES UNDER CONSTRUCTION (MILLION SQUARE FEET) MARKET (Ranked by June 2010) Shanghai Moscow Dubai Tokyo Seoul São Paulo Abu Dhabi Mexico City Riyadh Beijing Singapore Paris Ho Chi Minh City Sofia Saint Petersburg Brussels Jakarta Washington, DC Tallinn Milan Rio De Janeiro Chennai Bangalore Delhi Hamburg Madrid Amsterdam Zurich Frankfurt Calgary Istanbul Munich Bucharest New York Downtown Manhattan Sydney Seattle/Puget Sound London City Vienna Bogotá Houston Copenhagen Mumbai Boston London Docklands Düsseldorf Perth Rome Minsk Athens Dallas/Fort Worth JUNE 2010 37.0 30.2 28.0 23.1 16.4 19.6 12.9 12.5 11.2 9.3 7.6 7.5 7.2 7.2 6.9 6.5 6.1 5.6 5.0 4.9 5.0 4.1 4.0 3.9 3.8 3.6 3.5 3.2 3.1 3.0 3.0 2.9 2.9 2.6 2.5 2.5 2.5 2.5 2.4 2.2 2.2 2.1 2.0 1.9 1.7 1.7 1.7 1.6 1.6 1.5 DEC. 2009 23.7 43.5 24.0 11.5 6.7 16.1 13.1 11.3 9.9 8.3 11.8 2.7 3.4 6.5 7.3 6.0 0.06 3.6 2.1 5.4 1.5 5.3 3.8 2.7 1.6 3.9 4.5 2.6 5.2 3.2 6.6 1.9 3.0 2.4 1.6 3.6 2.2 2.0 2.3 1.9 2.2 2.5 3.0 JUNE 2009 29.3 40.9 27.1 11.5 7.8 9.2 9.3 9.5 2.0 11.5 10.0 17.2 9.3 4.1 8.6 7.8 9.7 0.2 3.9 3.2 4.2 4.7 4.7 4.8 4.3 3.0 1.1 3.8 6.5 0.8 7.9 3.2 4.6 2.1 5.0 5.3 1.8 7.7 4.3 1.6 9.0 2.0 0.7 3.7 2.6 0.9 0.1 0.3 3.2
Investors Already Bidding up Prices in Advance of a Turnaround
ROSS J. MOORE Chief Economist | USA
Office space markets around the world took another step towards returning to normal in the latest six month period. Most regions showed increasing signs that the worst of the global financial crisis had passed. Leasing activity was up significantly from the prior six month period. In particular, Asia Pacific, Latin America and Canada all posted healthy growth rates and showed signs of future expansion. The United States and much of Europe, however, chalked up another six month period of tepid demand. With the exception of Asia Pacific, all regions again reported higher vacancies while rents were more mixed. Midyear is almost certain to mark an inflection point for the global office market. In contrast to lukewarm letting conditions, however, office investment sales activity in the first half of 2010 was up in all regions. This suggests investors see a firming in market fundamentals in the coming months and are prepared to bid up prices. The outlook for the balance of 2010 and into 2011 is for continued signs of growth. The worst appears to be behind us.
EUROpE, MIDDLE EAST, AFRICA (EMEA)
Amidst a tepid recovery and marked by uneven economic growth, the EMEA average vacancy rate rose to 12.6 percent at midyear. This was an increase of 0.3 percentage points since year-end and 1.3 percentage points over the past 12 months, and brings the EMEA vacancy rate to nearly double the year-end 2007 level. The rise in vacancy was felt across the region, but was particularly acute in Dubai, Riyadh, Sofia, Bucharest, Athens, Abu Dhabi, Budapest, Johannesburg and Tirana, all of which saw their respective vacancy rates rise by at least four percentage points in the first half of 2010. Eighteen EMEA cities now register vacancy rates of 15 percent or higher and eight markets have vacancy over 20.0 percent. While the trend for the region is still up, vacancy rates in central London, Madrid, Dublin, Moscow, and Tel Aviv all fell during first half of the year. With vacancy showing signs of stabilizing, Class A rents reversed direction and increased by 1.4 percent in the first half of 2010. This was on the heels of a 3.1 percent drop in the second half of last year. Notable cities registering increases in asking rents included London, Paris, Tel Aviv, and Zurich. London again retained its position as the most expensive office market in the region, with current average Class A asking rents in the West End sub-market at $130.00 USD per square foot per year (London City, London Southbank and London Docklands ranked second, fourth and fifth). Beyond London; Paris, Milan, Stockholm and Geneva rounded out the top five cities.
Contact: Ross Moore--ross.moore@colliers.com
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GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
GLOBAL VACANCY RATES (%) MONTH/ YEAR Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009 Dec. 2009 June 2010 EMEA 11.3 10.7 11.7 9.7 8.3 8.0 7.4 6.8 6.7 7.1 8.5 11.3 12.4 12.6 ASIA pACIFIC 13.4 12.4 14.0 8.6 8.2 7.6 7.1 7.7 8.1 7.7 8.7 11.7 12.1 12.2 USA 15.1 14.9 14.2 14.2 13.5 13.1 12.6 12.4 12.6 13.2 14.2 15.5 16.2 16.3 LATIN AMERICA 15.2 12.4 12.2 11.5 9.2 7.3 7.6 5.2 3.8 2.6 2.7 5.8 6.5 7.1
The amount of office space under construction at midyear end was little changed from year-end when 180.2 million square feet was underway. This suggests the slowdown in construction may be hitting bottom. It is unlikely that development will ramp up any time soon which will help to bring vacancies down in the coming months and stabilize rents.
ASIA pACIFIC
The Asia Pacific region posted improved results during the first half of 2010 with the regional vacancy rate up just 10 basis points to 12.2 percent. The latest result comes after steady increases dating back to year-end 2006 and leaves the region's vacancy rate at levels experienced in early 2005. At the two extremes, Chinese vacancy rates drifted lower while Australian cities generally recorded increased availability. Chennai again posted the highest vacancy rate in the region at 22.5 percent, followed by Delhi, Bangalore, Canberra, Guangzhou, Ho Chi Minh City and Bangkok, all with vacancy rates at or above 15 percent. Hong Kong recorded the region's lowest vacancy rate at just 4.0 percent. After showing signs of hitting bottom in the latter half of 2009, office rents moved modestly higher in the first half of 2010, increasing an average of 4.5 percent. Cities recording significant increases included Hong Kong, Sydney, Delhi, Singapore and Brisbane. Sizeable declines were limited to just two cities; Shanghai and Bangkok. The Asia Pacific region remains characterized by high levels of office construction with Beijing, Guangzhou, Ho Chi Minh City, Jakarta, Shanghai, Seoul, Singapore and Tokyo all with at least five million square feet of construction currently underway. Construction in these eight cities totaled 133.7 million square feet at midyear. On the demand side, the region is expected to continue leading global growth through 2010 and into 2011. China, Singapore, India and Taiwan in particular continue to register very robust growth. Even Japan, which is typically the laggard in the group, is anticipated to grow by 3.2% in 2010. In a ranking of highest occupancy costs (average Class A gross rents) Hong Kong again took the top spot, both within the region and the world at $161.00 USD per square foot per year, with Tokyo second in the region (third spot worldwide) at $101.00 USD per square foot and Perth, Australia third at $64.00 per square foot. Looking to the end of 2010 and into 2011, Asia Pacific is anticipated to keep leading the global recovery and subsequently is expected to have the best leasing markets of any of the four major regions. The continued delivery of office space will act as a drag on any material growth in rents, however, a certain amount of pent up demand in tandem with rapid growth should push rents materially higher by early 2011.
EMEA VACANCY RATES (%) MONTH/ YEAR Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009 Dec. 2009 June 2010 LONDON WEST END 11.7 10.8 10.7 10.9 8.8 7.5 6.4 5.2 4.1 5.4 6.1 9.9 9.5 9.4 pARIS 4.6 5.5 5.7 5.5 5.8 5.2 5.2 5.0 4.8 5.0 5.4 6.4 6.8 7.0 FRANKFURT 15.0 16.1 17.7 16.7 16.7 16.9 15.6 15.3 15.2 15.3 14.7 15.9 16.5 17.3 MOSCOW 6.7 6.8 6.6 6.3 5.8 3.1 2.4 2.6 4.5 1.0 9.5 16.9 16.5 14.6
ASIA pACIFIC VACANCY RATES (%) MONTH/ YEAR Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009 Dec. 2009 June 2010 HONG KONG 13.8 10.0 6.2 5.6 5.0 4.2 3.8 3.8 1.7 1.5 4.0 5.1 5.1 4.0 SHANGHAI 11.0 10.0 7.2 6.1 5.0 5.4 3.7 3.1 2.5 5.5 10.3 14.1 14.8 12.8 SYDNEY 9.5 10.3 11.2 10.1 9.6 9.4 7.9 5.6 3.7 4.3 5.4 7.8 8.1 8.5 TOKYO 8.0 7.5 7.0 6.0 5.0 4.0 3.9 3.9 2.5 3.5 4.0 6.5 7.5 8.2
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GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
UNITED STATES/CANADA
Although the U.S economy finished the first half of the year on a sluggish note, leasing activity was relatively robust throughout the January-June period. This helped to stabilize market fundamentals after a prolonged period of weakness. Despite this firming in fundamentals, both Canadian and U.S. vacancies rose during the first six months of the year although the latest increases were relatively muted. Occupancies were mixed, with U.S. markets recording only mildly positive absorption while Canadian markets registered more substantial growth. Combined with new construction, the overall U.S. vacancy rate rose by 12 basis points to finish the first half of the year at 16.3 percent. With leasing activity up, rents began to stabilize, with downtown lease rates little changed for the six month period but down 6.4 percent for the year. Suburban lease rates, however, continued to drift lower falling a further 2.3 percent during the first half of 2010 and 4.1 percent over the year. Canadian markets also began to show signs of strength in the first six months of the year, albeit by modest standards. Combined with construction coming online, however, vacancies moved higher while rents were slightly lower. In contrast to the U.S., however, the Canadian marketplace is set to benefit from significant job growth and a commodity sector that continues to post robust growth. Across the continent, Midtown Manhattan continued to hold the top spot for office occupancy costs with average Class A rents of $63.00 USD per square foot, followed by Washington at $51.26 USD and Toronto $51.07 USD. The latest results reaffirms our view that the first half of 2010 was a period of transition from dramatically rising vacancies and falling rents to more modest movements in both, and a possible reversal in the near to medium term. Calling into question the idea of a swift recovery,
GLOBAL OFFICE OCCUpANCY COSTS TOp 50 CITIES CLASS A/pRIME SpACE (USD pER SQUARE FOOT) MARKET (Ranked by June 2010) Hong Kong London West End Tokyo London City Paris Rio de Janeiro London Southbank São Paulo Perth New York Midtown Manhattan London Docklands Mumbai Delhi Milan Singapore Brisbane Stockholm Sydney Geneva Bristol Abu Dhabi Washington, DC Birmingham Edinburgh Glasgow Toronto Calgary Manchester Frankfurt Ottawa Boston Zurich San Diego County Kyiv Vancouver Athens Rome New York Midtown S. Manhattan Minsk Miami-Dade Munich New York Downtown Manhattan Dubai Edmonton Los Angeles Buenos Aires Shanghai West Palm Beach/Palm Beach Co. Stamford Madrid JUNE 2010 161.42 129.58 100.76 94.17 91.82 79.50 73.08 68.50 64.42 62.76 61.77 59.64 58.60 58.38 58.08 58.05 55.91 55.83 55.63 53.49 52.94 51.26 51.23 51.23 51.23 51.07 49.60 48.97 46.28 46.26 45.51 45.36 44.74 44.61 43.69 43.56 43.07 42.42 42.20 42.01 40.84 39.82 39.47 39.19 38.88 38.59 37.86 37.54 37.02 36.75 DEC. 2009 141.52 139.43 101.24 99.46 83.19 95.62 83.48 73.31 66.34 62.37 72.82 59.11 51.69 66.56 53.71 43.54 58.13 51.42 55.47 61.28 60.16 51.00 55.74 54.95 52.56 48.56 40.02 59.50 60.70 47.17 47.90 41.16 31.44 40.12 44.79 50.58 40.59 43.25 48.75 38.85 75.84 41.35 39.24 24.31 39.41 38.94 43.16 JUNE 2009 138.08 125.52 101.57 90.83 81.53 80.12 77.62 57.23 55.99 69.70 67.71 67.84 53.04 67.84 55.53 63.97 55.13 45.53 53.90 59.45 66.98 49.60 61.11 57.80 56.15 46.37 41.52 56.15 59.53 41.96 50.10 43.63 33.50 42.38 38.06 29.76 49.57 51.30 62.66 43.50 49.35 48.60 75.82 40.48 39.80 40.48 39.41 38.94 43.86
NORTH AMERICA VACANCY RATES (%) MONTH/ YEAR Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009 Dec. 2009 June 2010 WASHINGTON, DC CBD 7.8 7.2 7.4 6.7 7.3 7.2 7.1 7.2 7.4 7.9 7.8 9.6 10.2 11.8 NEW YORK MIDTOWN 11.8 11.4 10.5 9.6 8.0 7.4 6.5 6.4 6.8 8.2 10.2 13.7 14.9 13.3 TORONTO CBD 11.7 11.1 11.0 10.1 9.2 8.9 8.0 5.2 4.6 4.0 4.0 4.7 5.1 5.5 SAN FRANCISCO 16.9 17.0 15.4 14.6 13.2 12.4 11.6 11.1 9.9 10.4 12.6 14.1 13.6 15.2
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GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
LARGEST INCREASE IN VACANCY RATES TOp 50 CITIES CHANGE IN VACANCY JUNE 2009-JUNE 2010 (Basis points) 1,758 1,156 1,100 1,020 1,000 900 810 780 760 700 656 637 600 575 572 515 500 500 496 487 486 450 400 390 370 355 353 338 333 330 234 230 220 218 217 210 210 206 200 200 193 190 190 183 180 170 170 170 164 164
MARKET Stamford White Plains Tirana Lima Dubai Riyadh Budapest Canberra Sofia Abu Dhabi New Jersey Northern New York Downtown Manhattan Bucharest Johannesburg Columbia Calgary Ho Chi Minh City Athens New Jersey Central Victoria Seattle/Puget Sound Belfast London Docklands Belgrade Prague Edmonton Kitchener-Waterloo Orange County Washington, DC Adelaide Charlotte Warsaw Auckland Seoul Detroit Singapore Bratislava Los Angeles Minsk Helsinki Miami-Dade Perth Düsseldorf Cincinnati Edinburgh Zagreb Buenos Aires Tokyo Tampa Pleasanton/Walnut Creek
however, is a noticeable downshift in the economy and still stubbornly high unemployment rates. More encouraging, however, is the eight month long gain in private sector employment, suggesting the recent improvement in office leasing activity may be sustainable.
LATIN AMERICA
For the fourth consecutive six month period the Latin America region registered higher vacancies across most markets. The regional office vacancy rate increased by 55 basis points during the first half of 2010 and comes on top of a 123 basis point increase in the latter half of 2009. Even with these increases the region's vacancy rate remains relatively low with average vacancies of just 7.1 percent. With a vacancy rate of less than 1.0 percent Rio de Janeiro again posted the lowest office vacancy rate in the region and indeed the world. The Latin American region continues to register very robust growth rates. Led by Brazil with projected GDP growth of 7.8 percent in 2010 and 4.5 percent in 2011, the rest of the region including Argentina, Peru, Chile and Colombia, the region is home to some of the fastest growing economies in the world. This growth is expected to soon reverse the rise in vacancies and once again push rents higher. Office construction remained concentrated in Mexico City and São Paulo with 28.6 million square feet currently underway. In third spot was Rio de Janeiro with 4.5 million square feet under construction which should help to relieve extremely tight leasing conditions. Rio de Janeiro captured top spot as the most expensive office market in the region with average Class A gross rents of $88.00 USD per square foot (6th spot worldwide).
LATIN AMERICA VACANCY RATES (%) MONTH/ YEAR Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009 Dec. 2009 June 2010 MEXICO CITY 16.2 15.9 15.4 16.5 13.1 11.7 10.4 8.0 7.6 8.5 6.1 5.1 9.5 10.0 SãO pAULO 14.7 14.2 15.5 14.8 11.0 8.8 7.6 5.9 3.3 2.7 4.0 5.7 4.9 3.8 BUENOS AIRES 18.2 14.0 9.9 7.6 3.0 2.4 1.8 2.9 1.4 1.5 2.9 6.2 6.9 7.9 BOGOTÁ 4.0 1.6 2.1 2.1 1.8 2.4 1.6 1.3 0.9 1.3 3.2 7.3 8.0 7.4
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GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
GLOBAL INVESTMENT SALES
Global office investment sales increased for the second consecutive six month period with first half 2010 sales totaling $58.4 USD billion. This was an increase of 31 percent from the second half of 2009 and a 37 percent increase from the same period a year ago. The EMEA region was the most active region with office sales volume of $23.5 billion followed by Asia Pacific at $17.2 billion and the America's at $14.1 billion. Prices appear to be moving higher in all three major regions with capitalization rates/yields shifting lower. Asia Pacific capitalization rates in particular moved 119 basis points lower while EMEA yields dropped by 16 basis points and in the Americas cap rates dropped 56 basis points. This would appear to mark a synchronized downward trend in yields and a corresponding uptrend in prices. A more robust global economy combined with improved financial markets is clearly boosting both transaction volume and also pricing. While debt is still relatively difficult to access, and much uncertainty still exists with respect to the sustainability of the current economic expansion, real estate markets across the globe appear to be off the bottom and slowly returning to more normal levels. Cross-border investment, however, is still relatively subdued with most investors focusing on their domestic market. Two markets bucking this trend, however, are the U.S. and U.K. which both registered a slight increase in cross-border investment in the first half of the year.
GLOBAL INVESTMENT SALES OFFICE pROpERTIES TOp 20 CITIES FIRST HALF 2010 (Million USD) 7,674 5,072 3,744 2,316 2,181 1,955 1,792 1,478 1,041 1,038 952 935 904 869 811 788 778 749 704 651 FIRST HALF 2009 (Million USD) 7,763 4,014 1,730 1,267 671 844 766 383 675 175 1,753 415 934 604 615 313 216 312 91 134 CHANGE 2009-2010 (%) -1.1 26.3 116.4 82.7 225.0 131.6 134.0 285.8 54.2 492.5 -45.7 125.4 -3.2 44.0 31.9 151.7 259.6 139.9 672.8 386.2
COUNTRY GROWTH RATES CHANGE IN GROSS DOMESTIC pRODUCT (%) COUNTRY (Ranked by 2010) China Singapore India Brazil Taiwan Argentina Malaysia Peru Philippines South Korea Indonesia Hong Kong Chile Turkey Russia Colombia Mexico Saudi Arabia Canada Slovakia Israel Japan Sweden Australia Poland United States New Zealand South Africa Switzerland Germany Denmark Britain France Netherlands Belgium Norway Austria Italy Czech Republic Finland Estonia Ireland Hungary Spain Lithuania Latvia Greece
(Projected)
2010 9.9 8.4 8.0 7.8 7.6 6.8 6.8 6.7 6.2 5.9 5.6 5.5 5.2 5.0 4.8 4.6 4.6 3.6 3.5 3.5 3.2 3.2 3.2 3.1 3.0 3.0 2.8 2.8 2.0 1.9 1.5 1.4 1.4 1.4 1.3 1.3 1.0 1.0 0.9 0.8 0.5 0.1 -0.3 -0.4 -1.8 -2.3 -4.8
(Forecast)
2011 8.3 4.5 8.1 4.5 4.3 4.0 4.0 4.1 4.3 4.0 5.9 4.4 5.0 3.9 4.0 4.4 3.5 3.7 2.9 3.3 3.3 1.6 2.7 3.3 3.4 2.8 3.2 3.7 1.9 1.6 1.8 1.9 1.4 1.5 1.4 1.4 1.3 1.0 2.0 0.9 3.1 0.1 2.5 0.5 2.3 3.0 -3.8
MARKET Tokyo London Paris New York Washinton DC Hong Kong Shanghai San Francisco Beijing Sydney Seoul Berlin Moscow Boston Los Angeles Stockholm Toronto Munich Cologne Houston
Source: Real Capital Analytics. Based on independent reports of properties and portfolios $10 million and greater.
Blue = G7 Countries Source: Economist Intelligence Group August 2010
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GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
GLOBAL CApITALIZATION RATES/INTIAL YIELDS 50 LOWEST CITIES CBD CAp RATE (%) MARKET (Ranked by June 2010) Hong Kong Singapore Geneva Zurich Vienna Munich London West End Tokyo Hamburg Copenhagen Paris Frankfurt Shanghai Berlin Düsseldorf Stuttgart Milan London City Seoul Birmingham London Docklands London Southbank Manchester Glasgow Rome Madrid Bristol Edinburgh Vancouver New York Downtown Manhattan New York Midtown S. Manhattan Brussels Helsinki Belfast Lyon Beijing Amsterdam Victoria Boston New York Midtown Manhattan Toronto Calgary Guangzhou Warsaw San Francisco Prague Istanbul Los Angeles Nashville Sydney JUNE 2010 3.34 3.80 4.00 4.40 4.50 4.50 4.50 4.80 4.80 5.00 5.10 5.40 5.40 5.50 5.50 5.50 5.50 5.50 5.50 5.75 5.75 5.75 5.75 5.85 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.20 6.25 6.25 6.30 6.47 6.50 6.50 6.50 6.50 6.60 6.63 6.69 6.70 6.75 7.00 7.00 7.00 7.00 7.12 DEC. 2009 2.97 3.85 4.50 4.40 5.00 4.75 4.75 4.80 5.00 5.00 5.75 5.40 5.80 5.30 5.50 5.50 5.50 6.00 6.30 5.75 6.25 6.25 5.75 5.85 6.00 6.00 6.00 6.00 5.75 6.00 6.00 6.30 6.50 6.50 7.42 6.50 6.50 6.50 6.80 7.50 6.00 7.00 7.00 7.00 8.30 7.45 JUNE 2009 3.28 4.06 4.60 4.60 3.50 4.75 6.00 4.60 5.00 5.75 6.00 5.40 6.40 5.50 5.75 5.50 5.50 6.75 4.10 7.00 7.00 7.00 7.00 7.00 6.50 6.00 7.00 7.00 5.75 8.00 8.00 6.30 6.40 7.00 8.30 6.32 6.50 7.00 7.00 7.50 7.80 7.00 7.50 7.00 8.30 7.40
An analysis of office sales activity by city for the first half of the year shows Tokyo took top spot at $7.7 USD billion followed by London at $5.1 billion and Paris at $3.7 billion. Rounding out the top five were New York at number four with $2.3 billion in office trades and Washington at $2.2 billion. With the exception of Tokyo all five markets posted significant year-over-year gains in investment volume. As indicated above, capitalization rates/yields in all three regions saw a modest move lower in the first half of the year. In Asia Pacific major markets such as Beijing, Sydney and Singapore all reported lower yields. In the EMEA region Central London, Paris, Geneva, Vienna, Munich, Hamburg, Brussels and Warsaw all saw capitalization rate move lower. In North America many top tier markets saw cap rates hold steady and indeed go lower in cities such as San Francisco and many Canadian markets. In secondary and tertiary markets, however, the trend was still up but signs were beginning to emerge yields were beginning to plateau. Although real estate markets are still emerging from the global financial crisis, a more robust economy, improving global trade and improved credit conditions are all helping to push yields lower and prices higher. This upward movement in prices may be held back by still relatively weak leasing conditions but investors appear to be convinced occupancies will only improve albeit over a more prolonged period. Investors may indeed be getting ahead of themselves but the move back into office real estate is almost certain to gain strength over the coming months.
HIGHEST VACANCY RATES JUNE 2010 (%) 30.0 30.0 26.8 26.1 26.0 24.7 24.7 24.1 23.6 22.6
MARKET Riga Dubai Fairfield Budapest Riyadh Los Angeles Inland Empire Las Vegas Columbia Orange County Cincinnati LOWEST VACANCY RATES
MARKET Rio de Janeiro Regina Geneva São Paulo Hong Kong Saskatoon London Southbank Vienna Zurich Seoul
JUNE 2010 (%) 1.3 1.4 2.5 3.8 4.0 4.6 5.0 5.0 5.2 5.3
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GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS EXISTING INVENTORY JUNE 2010 MARKET COUNTRY pOpULATION SQUARE FEET SQUARE METERS
GEOGRApHIC AREA
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Tirana Vienna Minsk Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lyon Montepelier Nantes Paris Strasbourg Toulouse Berlin Düsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Dublin Tel Aviv Milan Rome Riga Vilnius Amsterdam Belfast Warsaw Bucharest Moscow Saint Petersburg Riyadh Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Abu Dhabi Dubai Birmingham Bristol Edinburgh Glasgow London City
Albania Austria Belarus Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Israel Italy Italy Latvia Lithuania Netherlands Northern Ireland Poland Romania Russia Russia Saudi Arabia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Arab Emirates United Arab Emirates United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
343,078 1,687,271 1,834,200 1,048,491 1,247,059 691,724 1,233,211 1,636,749 398,594 576,632 232,260 472,305 253,712 282,853 10,000,000 272,975 439,453 3,416,255 581,122 659,021 1,770,629 1,311,573 597,176 597,176 1,702,297 1,045,769 2,203,700 1,299,633 2,718,768 713,016 546,733 755,605 277,459 1,707,981 1,931,838 10,470,318 4,568,047 4,087,152 1,120,092 428,791 3,497,097 3,468,086 5,827,524 6,271,638 1,889,945 438,177 1,307,567 12,573,836 2,765,531 630,000 1,354,980 2,284,093 551,066 446,110 634,680 7,556,900
860,800 118,360,000 3,927,400 146,336,000 12,567,680 7,187,680 29,073,520 38,206,608 60,256 90,384,000 21,520,000 49,496,000 10,760,000 26,900,000 538,000,000 31,204,000 3,228,000 192,604,000 81,507,000 125,967,320 139,019,200 238,183,468 79,731,600 69,940,000 24,784,218 38,036,600 26,792,400 129,120,000 101,144,000 3,883,413 3,394,780 73,706,000 8,000,000 36,398,928 14,855,902 130,120,680 14,741,200 8,530,130 6,735,760 14,719,680 21,577,286 27,842,700 157,634,000 17,915,400 47,344,000 176,464,000 24,946,780 12,051,200 21,520,000 36,584,000 15,500,000 11,000,000 10,500,000 14,100,000 94,946,238
80,000 11,000,000 365,000 13,600,000 1,168,000 668,000 2,702,000 3,550,800 5,600 8,400,000 2,000,000 4,600,000 1,000,000 2,500,000 50,000,000 2,900,000 300,000 17,900,000 7,575,000 11,707,000 12,920,000 22,136,010 7,410,000 6,500,000 2,303,366 3,535,000 2,490,000 12,000,000 9,400,000 360,912 315,500 6,850,000 743,494 3,382,800 1,380,660 12,093,000 1,370,000 792,763 626,000 1,368,000 2,005,324 2,587,611 14,650,000 1,665,000 4,400,000 16,400,000 2,318,474 1,120,000 2,000,000 3,400,000 1,440,520 1,022,305 975,836 1,310,409 8,824,000
CBD Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro CBD Metro Metro Metro Metro Metro CBD Metro Metro Metro Metro CBD CBD Metro Metro Metro Metro CBD Metro Metro Metro Metro Metro Metro CBD Metro Metro Metro Metro Metro Metro CBD CBD CBD CBD CBD
Contact: Ross Moore--ross.moore@colliers.com
CBD = Central Business District
Metro = Metropolitan Area
COLLIERS INTERNATIONAL |
p. 7
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS EXISTING INVENTORY JUNE 2010 MARKET COUNTRY pOpULATION SQUARE FEET SQUARE METERS
GEOGRApHIC AREA
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
London Docklands London Southbank London West End Manchester
NORTH AMERICA
United Kingdom United Kingdom United Kingdom United Kingdom Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
7,556,900 7,556,900 7,556,900 2,244,931 1,079,310 1,034,945 372,679 451,235 3,635,571 1,130,761 179,246 202,340 5,113,149 2,116,581 337,411 5,376,285 800,458 2,667,117 599,753 4,522,858 644,506 1,701,799 9,569,624 2,138,528 2,096,471 728,063 1,773,120 6,300,006 2,506,626 4,425,110 409,900 909,153 1,912,200 624,715 1,190,512 905,034 5,728,143 1,313,228 482,299 1,865,746 675,069 12,872,808 12,872,808 1,244,696 1,285,732 5,414,772 605,473 2,347,200 2,137,600 19,006,798 19,006,798 19,006,798
19,115,495 19,159,107 80,174,945 17,300,000 55,300,593 19,353,113 11,056,317 4,692,937 72,858,523 34,686,811 4,295,697 2,009,405 186,035,934 52,985,994 8,211,316 246,955,152 8,900,631 124,742,689 13,997,757 160,774,460 10,589,004 92,244,220 236,702,317 36,997,992 105,172,524 9,368,083 48,833,477 303,104,931 154,386,606 129,855,563 3,521,330 59,070,502 20,981,095 53,340,344 7,517,337 22,092,448 15,771,083 195,839,137 58,246,219 104,298,299 41,950,452 14,016,705 197,915,500 21,937,800 66,570,933 36,090,907 81,903,137 53,921,517 66,073,981 96,214,030 84,632,830 200,280,479 71,892,582
1,776,533 1,780,586 7,451,203 1,607,807 5,139,460 1,798,616 1,027,539 436,147 6,771,238 3,223,681 399,228 186,748 17,289,585 4,924,349 763,133 22,951,222 827,196 11,593,187 1,300,907 14,941,864 984,108 8,572,883 21,998,357 3,438,475 9,774,398 870,640 4,538,427 28,169,603 14,348,198 12,068,361 327,261 5,489,824 1,949,916 4,957,281 698,637 2,053,201 1,465,714 18,200,663 5,413,217 9,693,150 3,898,741 1,302,668 18,393,634 2,038,829 6,186,890 3,354,174 7,611,816 5,011,293 6,140,705 8,941,824 7,865,505 18,613,427 6,681,467
CBD CBD CBD CBD Metro Metro Metro Metro Metro Metro Metro CBD Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro CBD CBD CBD
Calgary Edmonton Halifax Kitchener-Waterloo Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas/Fort Worth Denver Detroit Fairfield Fairfield County Fresno Ft. Lauderdale/Broward County Greenville Hartford Honolulu Houston Jacksonville Kansas City Las Vegas Little Rock Los Angeles Los Angeles Inland Empire Louisville Memphis Miami-Dade Nashville New Jersey Central New Jersey Northern New York Downtown Manhattan New York Midtown Manhattan New York Midtown S. Manhattan
p. 8
| COLLIERS INTERNATIONAL
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS EXISTING INVENTORY JUNE 2010 MARKET
NORTH AMERICA continued
COUNTRY
pOpULATION
SQUARE FEET
SQUARE METERS
GEOGRApHIC AREA
Oakland Orange County Orlando Philadelphia Phoenix Pleasanton/Walnut Creek Portland Raleigh/Durham/Chapel Hill Reno Sacramento San Diego County San Francisco San Francisco Peninsula San Jose/Silicon Valley Seattle/Puget Sound St. Louis Stamford Stockton/San Joaquin County Tampa Washington, DC West Palm Beach/Palm Beach Co. Westchester County White Plains
ASIA PACIFIC
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan Korea New Zealand New Zealand Singapore Thailand Vietnam Argentina Brazil Brazil Chile Colombia Costa Rica Mexico Peru
404,155 3,029,000 2,054,574 5,838,471 4,281,899 130,314 2,207,462 1,088,765 414,784 2,109,832 3,001,072 4,274,531 4,274,531 1,819,198 3,344,813 2,816,710 121,026 672,388 2,733,761 4,255,400 536,521 1,105,840 1,763,132 350,000 1,445,077 4,119,191 10,300,723 7,547,467 7,200,000 14,230,992 4,301,326 4,343,645 9,879,172 11,978,450 8,222,515 13,039,856 10,464,051 1,303,068 448,959 4,483,900 8,900,000 8,500,000 14,917,900 6,186,710 11,037,593 6,061,185 7,243,698 1,547,760 14,007,495 8,445,211
32,899,473 77,351,300 66,092,472 150,310,842 129,148,654 40,246,889 77,915,198 81,554,043 6,768,014 89,878,912 77,835,004 83,224,170 33,518,410 61,092,359 107,271,803 121,800,484 18,548,027 8,499,818 80,800,933 448,733,066 38,680,769 45,840,486 8,171,771 14,019,860 21,765,425 7,272,749 15,452,049 51,600,731 49,503,069 60,152,467 22,665,048 39,106,908 60,056,343 48,759,269 54,396,158 74,600,000 45,501,673 681,764,360 67,546,604 14,469,123 13,295,260 48,975,745 85,144,870 15,708,008 40,771,943 48,049,781 63,674,839 37,715,683 15,619,980 8,282,198 57,323,405 4,097,881
3,057,572 7,188,783 6,142,423 13,969,409 12,002,663 3,740,417 7,241,189 7,579,372 628,998 8,353,059 7,233,736 7,734,588 3,115,094 5,677,729 9,969,498 11,319,748 1,723,794 789,946 7,509,380 41,703,817 3,594,867 4,260,268 759,458 1,302,961 2,022,809 675,906 1,436,064 4,795,607 4,600,657 5,590,378 2,106,417 3,634,471 5,581,445 4,531,531 5,055,405 6,933,086 4,228,780 63,361,000 6,277,565 1,344,714 1,235,619 4,551,649 7,913,092 1,459,852 3,789,214 4,465,593 5,917,736 3,505,175 1,451,671 769,721 5,327,454 380,844
Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro CBD Metro Metro Metro Metro CBD CBD Metro Metro Metro CBD Metro CBD CBD CBD CBD CBD Metro CBD CBD CBD Metro Metro Metro Metro CBD CBD CBD CBD CBD CBD Metro CBD CBD CBD CBD CBD Metro CBD Metro Metro
Adelaide Brisbane Canberra Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo Seoul Auckland Wellington Singapore Bangkok Ho Chi Minh City
LATIN AMERICA
Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá San José Mexico City Lima
Contact: Ross Moore--ross.moore@colliers.com
COLLIERS INTERNATIONAL |
p. 9
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS UNDER CONSTRUCTION JUNE 2010 MARKET COUNTRY SQUARE FEET SQUARE METERS VACANCY RATE JUNE 2009 (%) VACANCY RATE DEC. 2009 (%) VACANCY RATE JUNE 2010 (%)
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Tirana Vienna Minsk Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lyon Montepelier Nantes Paris Strasbourg Toulouse Berlin Düsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Dublin Tel Aviv Milan Rome Riga Vilnius Amsterdam Belfast Warsaw Bucharest Moscow Saint Petersburg Riyadh Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Abu Dhabi Dubai Birmingham Bristol Edinburgh Glasgow London City
Albania Austria Belarus Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Israel Italy Italy Latvia Lithuania Netherlands Northern Ireland Poland Romania Russia Russia Saudi Arabia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Arab Emirates United Arab Emirates United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
129,120 2,474,800 1,614,000 6,456,000 7,187,680 457,300 1,269,680 2,152,000 5,008,780 538,000 860,800 269,000 322,800 7,532,000 225,960 395,968 1,461,208 1,746,348 3,141,920 3,766,000 2,907,492 907,068 1,614,000 1,136,633 1,076,000 1,345,000 4,949,600 1,667,800 172,160 293,748 3,497,000 260,000 1,305,188 2,901,434 30,160,280 6,853,044 11,222,024 862,952 645,600 173,311 538,000 124,800 3,550,800 645,600 538,000 3,228,000 3,012,800 215,200 12,912,000 27,976,000 213,000 30,000 2,490,703
12,000 230,000 150,000 600,000 668,000 42,500 118,000 200,000 465,500 50,000 80,000 25,000 30,000 700,000 21,000 36,800 135,800 162,300 292,000 350,000 270,213 84,300 150,000 105,635 100,000 125,000 460,000 155,000 16,000 27,300 325,000 24,164 121,300 269,650 2,803,000 636,900 1,042,939 80,200 60,000 16,107 50,000 11,600 330,000 60,000 50,000 300,000 280,000 20,000 1,200,000 2,600,000 19,796 2,788 231,478
2.0 5.0 10.0 12.2 13.4 5.3 10.1 7.8 21.2 10.5 5.6 10.0 6.5 5.0 6.5 6.3 5.5 8.0 9.6 16.1 7.5 7.3 6.2 7.0 18.0 21.0 7.8 7.7 7.0 35 20.0 18.5 8.0 5.7 14.0 16.9 20.0 17.0 16.0 11.5 7.8 15.0 11.0 9.6 10.0 3.0 4.7 9.2 20.0 1.0 20.0 21.4 17.1 13.7 13.0 13.3
8.0 5.0 14.0 12.2 17.9 6.0 11.8 8.6 18.5 12.3 6.2 10.0 6.5 5.0 7.0 6.5 6.0 8.4 10.0 16.5 8.3 7.4 6.1 10.0 21.9 23.0 9.8 8.6 7.0 37 18.3 18.5 10.0 7.3 18.2 16.5 18.0 23.0 17.0 12.5 7.9 15.0 11.5 8.7 11,5 3.0 4.7 9.6 20.0 1.0 30.0 18.4 18.4 16.0 14.7 12.3
13.0 5.0 12.0 12.3 21.0 7.0 13.8 8.5 19.5 12.5 6.4 10.0 6.5 5.5 7.0 6.7 6.8 8.7 11.5 17.3 9.0 7.9 6.5 12.0 26.1 20.0 7.8 8.8 6.5 30 13.3 18.5 12.5 8.0 20.0 14.6 19.0 26.0 19.9 13.6 8.2 10.0 16.8 7.7 10.0 2.5 5.2 10.0 16.0 8.0 30.0 20.8 17.7 15.5 14.1 10.6
p. 10
| COLLIERS INTERNATIONAL
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS UNDER CONSTRUCTION JUNE 2010 MARKET COUNTRY SQUARE FEET SQUARE METERS VACANCY RATE JUNE 2009 (%) VACANCY RATE DEC. 2009 (%) VACANCY RATE JUNE 2010 (%)
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
London Docklands London Southbank London West End Manchester
NORTH AMERICA
United Kingdom United Kingdom United Kingdom United Kingdom Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
1,900,000 593,532 1,274,951 3,037,027 670,000 90,000 398,516 491,800 183,000 0 34,000 878,515 679,938 261,700 235,150 0 1,370,596 134,100 1,950,491 0 342,147 110,000 839,936 16,000 0 90,000 1,499,018 0 159,158 0 420,475 0 0 0 194,000 0 2,233,817 138,214 71,126 213,000 22,300 781,400 0 173,821 0 1,069,882 110,000 255,000 57,600 2,600,000 0 0
176,580 55,161 118,490 282,252 62,268 8,364 37,037 45,706 17,007 0 3,160 81,646 63,191 24,322 21,854 0 127,379 12,463 181,272 0 31,798 10,223 78,061 1,487 0 8,364 139,314 0 14,792 0 39,078 0 0 0 18,030 0 207,604 12,845 6,610 19,796 2,072 72,621 0 16,154 0 99,431 10,223 23,699 5,353 241,636 0 0
6.0 4.0 9.9 18.9 8.9 7.3 9.7 8.6 7.1 6.8 1.6 4.6 5.7 6.4 1.9 15.9 9.7 18.6 17.5 16.9 19.0 12.8 18.7 20.8 12.2 18.4 15.4 17.2 14.3 18.0 26.0 18.5 13.3 13.5 23.1 18.5 10.1 15.6 14.3 18.2 23.6 10.1 15.4 23.5 12.3 13.5 14.5 14.4 17.2 11.2 10.6 13.7 13.8
10.4 5.1 9.5 18.1 11.7 9.6 9.5 14.7 7.7 7.7 1.1 6.1 6.4 7.2 5.6 16.7 9.8 13.4 17.8 17.3 18.1 13.4 19.8 12.0 22.2 16.7 18.0 17.3 19.3 23.8 14.0 14.7 21.5 15.8 10.3 16.8 15.6 13.6 23.8 10.4 16.3 24.3 14.6 13.3 15.5 14.8 17.6 17.0 13.0 14.9 11.7
10.0 5.0 9.4 19.9 14.0 10.9 10.4 12.1 7.4 6.1 1.4 4.6 6.6 7.1 6.8 17.3 9.0 13.5 18.2 18.0 18.1 15.2 20.3 22.6 12.5 24.1 16.7 18.8 15.0 20.2 26.8 12.6 14.7 14.9 20.2 17.0 11.4 16.5 15.2 13.4 24.7 11.7 17.5 24.7 11.1 13.2 16.4 13.1 22.2 17.7 17.0 13.3 11.7
Calgary Edmonton Halifax Kitchener-Waterloo Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas/Fort Worth Denver Detroit Fairfield Fairfield County Fresno Ft. Lauderdale/Broward County Greenville Hartford Honolulu Houston Jacksonville Kansas City Las Vegas Little Rock Los Angeles Los Angeles Inland Empire Louisville Memphis Miami-Dade Nashville New Jersey Central New Jersey Northern New York Downtown Manhattan New York Midtown Manhattan New York Midtown S. Manhattan
Contact: Ross Moore--ross.moore@colliers.com
COLLIERS INTERNATIONAL |
p. 11
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
OFFICE MARKETS UNDER CONSTRUCTION JUNE 2010 MARKET
NORTH AMERICA continued
COUNTRY
SQUARE FEET
SQUARE METERS
VACANCY RATE JUNE 2009 (%)
VACANCY RATE DEC. 2009 (%)
VACANCY RATE JUNE 2010 (%)
Oakland Orange County Orlando Philadelphia Phoenix Pleasanton/Walnut Creek Portland Raleigh/Durham/Chapel Hill Reno Sacramento San Diego County San Francisco San Francisco Peninsula San Jose/Silicon Valley Seattle/Puget Sound St. Louis Stamford Stockton/San Joaquin County Tampa Washington, DC West Palm Beach/Palm Beach Co. Westchester County White Plains
ASIA PACIFIC
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan Korea New Zealand New Zealand Singapore Thailand Vietnam Argentina Brazil Brazil Chile Colombia Costa Rica Mexico Peru
62,000 0 1,084,219 1,051,472 545,460 0 62,200 370,615 7,484 367,516 0 210,000 0 916,856 2,505,285 785,250 400,475 0 0 5,574,472 198,475 0 0 193,680 1,097,520 0 1,690,364 2,527,782 9,333,299 26,939,489 530,398 36,971,683 3,966,832 4,084,000 3,900,000 2,057,000 6,126,722 23,101,720 16,439,752 301,280 938,272 7,610,077 1,245,761 7,210,792 949,592 5,039,414 19,594,659 1,359,031 2,379,552 566,901 12,503,755 457,569
5,762 0 100,764 97,720 50,693 0 5,781 34,444 696 34,156 0 19,517 0 85,210 232,833 72,979 37,219 0 0 518,074 18,446 0 0 18,000 102,000 0 157,097 234,924 867,407 2,503,670 49,293 3,436,030 368,665 379,554 362,454 191,171 569,398 2,147,000 1,527,858 28,000 87,200 707,256 115,777 670,148 88,252 468,347 1,821,065 126,304 221,148 52,686 1,162,059 42,525
14.6 20.2 15.8 14.4 21.4 17.7 10.1 20.1 21.2 15.6 17.9 14.1 19.9 19.8 11.2 12.1 18.8 14.8 10.4 20.1 16.4 4.8 10.7 8.2 8.0 7.8 19.2 18.3 5.1 14.1 19.0 24.5 17.0 15.5 12.4 6.5 3.1 8.4 6.0 10.6 15.4 10.0 6.2 0.6 5.7 3.8 7.4 11.6 8.6 2.7
15.0 21.5 16.4 15.2 22.0 19.1 11.3 13.5 21.0 15.9 17.8 14.7 19.0 20.2 17.4 11.7 19.5 15.9 14.8 21.0 7.6 11.3 7.4 8.2 8.1 17.2 13.5 5.1 15.3 19.0 22.5 19.5 14.5 12.9 7.5 4.5 11.5 6.8 13.2 15.6 13.0 6.9 0.6 4.9 4.8 8.0 8.8 9.6 8.4
14.7 23.6 16.9 15.3 21.1 19.3 11.2 13.8 22.1 16.5 17.8 15.2 18.4 19.8 16.0 11.8 17.6 18.1 16.4 13.7 21.1 10.7 11.6 8.1 10.9 16.0 9.9 8.5 14.4 16.4 4.0 12.8 17.0 22.5 18.5 14.5 11.4 8.2 5.3 10.6 7.2 12.7 15.8 15.0 7.9 1.3 3.8 5.3 7.4 7.9 10.0 12.9
Adelaide Brisbane Canberra Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo Seoul Auckland Wellington Singapore Bangkok Ho Chi Minh City
LATIN AMERICA
Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá San José Mexico City Lima
p. 12
| COLLIERS INTERNATIONAL
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
LOCAL MEASURE/CURRENCY CBD RENTS
MEASURE EXCHANGE RATE (USD) JUNE 30, 2010 CLASS A NET RENT CLASS A GROSS RENT GROSS RENT ANNUAL CHG. (%) TOp CLASS A NET RENT TOp CLASS A GROSS RENT
MARKET
COUNTRY
QUOTED CURRENCY
UNIT
TIME pERIOD
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Tirana Vienna Minsk Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lyon Montepelier Nantes Paris Strasbourg Toulouse Berlin Düsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Dublin Tel Aviv Milan Rome Riga Vilnius Amsterdam Belfast Warsaw Bucharest Moscow Saint Petersburg Riyadh Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Abu Dhabi Dubai Birmingham Bristol Edinburgh Glasgow London City
Albania Austria Belarus Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Israel Italy Italy Latvia Lithuania Netherlands Northern Ireland Poland Romania Russia Russia Saudi Arabia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Arab Emirates United Arab Emirates United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
EUR EUR EUR EUR EUR EUR EUR DKK EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR NIS EUR EUR EUR EUR EUR GBP EUR EUR EUR EUR SAR EUR EUR ZAR ZAR ZAR EUR SEK CHF CHF USD USD USD USD GBP GBP GBP GBP GBP
SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SF SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SF SF SF SF SF
Month Month Month Year Month Month Month Year Month Month Year Year Year Year Year Year Year Month Month Month Month Month Month Month Month Year Month Year Year Month Month Year Year Month Month Month Month Year Month Month Month Month Month Month Year Year Year Month Month Year Year Year Year Year Year Year
0.82 0.82 0.82 0.82 0.82 0.82 0.82 6.10 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 3.88 0.82 0.82 0.82 0.82 0.82 0.66 0.82 0.82 0.82 0.82 3.76 0.82 0.82 7.65 7.65 7.65 0.82 7.81 1.09 1.09 1.00 1.00 1.00 1.00 0.66 0.66 0.66 0.66 0.66
24.50 18.00 28.00 16.67 16.00 15.00 21.00 1,300.00 12.00 22.00 160.00 225.00 156.00 170.00 730.00 160.00 204.00 19.00 20.20 30.00 22.00 26.00 14.94 21.00 20.00 22.50 80.00 480.00 350.00 10.00 11.00 17.10 12.50 25.00 20.00 49.20 27.00 1,300.00 15.90 14.00 62.00 65.00 80.00 24.50 4,200.00 600.00 500.00 26.20 30.00 510.00 365.00 21.00 23.50 21.00 23.00 46.50
23.00 31.00 22.92 16.00 19.50 1,600.00 14.50 25.00 810.00 22.90 23.70 34.00 24.00 30.00 18.00 32.00 19.00 33.33 124.00 515.00 380.00 12.00 13.90 18.80 20.50 1,430.00 85.00 75.00 100.00 27.00 4,700.00 650.00 530.00 30.00 40.00 570.00 425.00 34.00 35.50 34.00 34.00 62.50
9.5 37.5 -20.0 -11.4 -15.8 -9.4 0.0 29.6 -10.2 -10.5 -7.7 -4.8 68.4 11.8 -29.8 11.7 -1.0 0.0 -0.8 -4.1 0.3 -16.7 33.3 -3.6 2.2 3.2 3.9 -11.8 5.3 -11.9 -47.9 -8.1 -1.4 -2.9 0.0 13.6
25.00 37.00 22.00 20.00 16.50 1,700.00 15.40 25.00 180.00 285.00 185.00 830.00 190.00 22.00 25.00 37.00 24.00 35.00 18.00 30.00 23.00 31.50 100.00 550.00 400.00 16.00 14.50 20.30 14.00 2,350.00 102.00 95.00 110.00 28.50 4,900.00 950.00 840.00 48.97 38.00 590.00 775.00 27.50 27.00 27.50 29.00 52.50
28.00 40.00 28.00 23.00 21.00 2,000.00 17.70 28.00 900.00 27.00 28.50 43.00 27.00 39.00 21.90 35.00 27.00 42.17 144.00 585.00 470.00 18.00 17.70 22.50 22.50 2,703.00 125.00 100.00 130.00 32.00 5,400.00 1,000.00 870.00 48.97 45.00 650.00 860.00 42.50 40.00 39.00 40.00 70.50
Contact: Ross Moore--ross.moore@colliers.com
COLLIERS INTERNATIONAL |
p. 13
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
LOCAL MEASURE/CURRENCY CBD RENTS
MEASURE EXCHANGE RATE (USD) JUNE 30, 2010 CLASS A NET RENT CLASS A GROSS RENT GROSS RENT ANNUAL CHG. (%) TOp CLASS A NET RENT TOp CLASS A GROSS RENT
MARKET
COUNTRY
QUOTED CURRENCY
UNIT
TIME pERIOD
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
London Docklands London Southbank London West End Manchester
NORTH AMERICA
United Kingdom United Kingdom United Kingdom United Kingdom Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
GBP GBP GBP GBP CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
0.66 0.66 0.66 0.66 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
25.00 32.50 70.00 20.50 33.50 24.85 17.40 11.10 14.25 13.45 21.35 21.00 28.10 22.00 23.00 9.69 9.44 24.21 12.00 24.76 15.73 26.54 12.50 12.37 11.81 12.29 10.72 13.75 11.15 14.10 16.60 15.05 11.46 11.30 19.92 18.16 10.91 20.94 19.91 9.85 22.88 22.19 8.82 21.01 15.88 39.82 35.26 17.42
41.00 48.50 86.00 32.50 52.00 41.09 31.56 26.66 32.00 48.50 34.75 31.50 53.54 45.80 37.00 21.34 17.40 24.21 18.00 45.51 24.23 26.54 32.00 21.85 20.65 19.69 20.50 25.25 26.50 22.60 24.60 32.80 20.46 23.25 35.88 35.86 20.01 20.94 34.91 16.50 38.88 22.19 17.07 42.01 26.04 39.82 62.76 42.42
0.0 3.2 13.2 -4.4 8.3 -12.2 0.3 -2.3 3.0 0.0 0.0 5.0 -0.1 4.1 0.0 -2.6 0.0 -3.3 -12.2 -9.1 -16.4 -12.5 -9.9 -6.9 -1.5 -0.5 -11.2 -1.0 -5.4 -0.1 -2.4 2.5 -5.0 -0.9 -1.6 -7.5 -4.7 3.9 -11.1 0.9 -2.4 5.4 1.2 -3.4 16.9 -18.1 -9.9 -17.2
35.00 40.00 85.00 27.00 45.00 29.56 20.86 12.38 35.25 16.95 25.83 29.50 67.00 26.00 29.00 23.35 13.04 16.00 44.25 23.50 35.50 27.52 19.16 13.60 15.72 24.50 19.65 24.00 22.00 17.25 16.00 15.05 24.72 23.55 13.90 21.00 15.35 24.44 14.75 25.50 20.84 102.50 37.50
51.00 56.00 101.00 42.00 63.50 45.80 35.02 27.94 53.00 52.00 39.23 40.00 92.44 49.80 43.00 35.00 21.00 22.00 65.00 32.00 55.00 37.00 28.00 21.00 25.50 36.00 35.00 32.50 30.00 35.00 25.00 27.00 40.68 41.25 23.00 36.00 22.00 40.44 23.00 46.50 31.00 130.00 62.50
Calgary Edmonton Halifax Kitchener-Waterloo Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas/Fort Worth Denver Detroit Fairfield Fairfield County Fresno Ft. Lauderdale/Broward County Greenville Hartford Honolulu Houston Jacksonville Kansas City Las Vegas Little Rock Los Angeles Los Angeles Inland Empire Louisville Memphis Miami-Dade Nashville New Jersey Central New Jersey Northern New York Downtown Manhattan New York Midtown Manhattan New York Midtown S. Manhattan
p. 14
| COLLIERS INTERNATIONAL
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
LOCAL MEASURE/CURRENCY CBD RENTS
MEASURE EXCHANGE RATE (USD) JUNE 30, 2010 CLASS A NET RENT CLASS A GROSS RENT GROSS RENT ANNUAL CHG. (%) TOp CLASS A NET RENT TOp CLASS A GROSS RENT
MARKET
NORTH AMERICA continued
COUNTRY
QUOTED CURRENCY
UNIT
TIME pERIOD
Oakland Orange County Orlando Philadelphia Phoenix Pleasanton/Walnut Creek Portland Raleigh/Durham/Chapel Hill Reno Sacramento San Diego County San Francisco San Francisco Peninsula San Jose/Silicon Valley Seattle/Puget Sound St. Louis Stamford Stockton/San Joaquin County Tampa Washington, DC West Palm Beach/Palm Beach Co. Westchester County White Plains
ASIA PACIFIC
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan Korea New Zealand New Zealand Singapore Thailand Vietnam Argentina Brazil Brazil Chile Colombia Costa Rica Mexico Peru
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD AUD AUD AUD AUD AUD RMB RMB HKD RMB INR INR INR INR IDR JPY KRW NZD NZD SGD THB VND USD REAL REAL USD USD USD USD USD
SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SM SM SM SM SM SM SM SF SM SF SF SF SF SM SM SM SM SM SF SM SM SM SM SM SM SM SM SM SM
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Month Month Month Day Month Month Month Month Month Year Month Year Year Month Month Month Month Month Month Month Month Year Month Month
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.17 1.17 1.17 1.17 1.17 6.81 6.81 7.78 6.81 46.48 46.48 46.48 46.48 9165.90 88.66 1219.00 1.44 1.44 1.40 32.56 19317.30 1.00 1.80 1.80 1.00 1.00 1.00 1.00 1.00
17.46 13.37 15.00 12.75 23.68 13.45 22.79 12.52 25.70 29.88 14.19 20.60 27.60 19.34 24.02 16.92 13.79 31.26 18.04 16.17
30.96 24.37 26.10 25.48 26.28 24.20 22.79 23.52 33.00 44.74 33.33 35.40 27.60 19.34 37.02 20.60 22.79 51.26 37.54 29.17
-9.5 -11.9 1.5 -11.5 -3.1 -3.6 0.6 5.9 -3.5 33.6 -2.5 -5.8 -14.0 -6.0 5.3 7.3 3.3 -24.0 16.5 -14.1 2.4 8.9 16.0 2.4 10.6 17.4 -2.6 -7.1 0.0 5.6 -16.0 4.7 -7.9 0.4 -3.3 2.5 0.6 1.5 6.0 -4.7 -5.7 23.1 23.3 -8.8 5.6 29.5
28.50 36.00 26.40 27.27 31.60 21.75 24.00 30.98 34.08 45.86 21.20 40.71 39.00 29.32 21.00 75.00 35.50 27.00
42.00 47.00 37.50 40.00 34.20 32.50 35.00 38.28 48.94 65.00 36.00 40.71 52.00 33.00 30.00 95.00 55.00 40.00
Adelaide Brisbane Canberra Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo Seoul Auckland Wellington Singapore Bangkok Ho Chi Minh City
LATIN AMERICA
360.00 460.00 580.00 730.00 360.00 420.00 660.00 810.00 574.00 702.00 172.00 202.00 133.00 161.00 89.36 104.72 6.60 7.60 55.00 65.00 47.00 55.00 193.00 227.00 196.00 231.00 110,297.00 162,705.00 96,195.00 22,907.01 32,601.54 312.00 441.00 395.00 483.00 5.16 6.77 660.00 660.00 800,100.00 914,400.00 30.30 115.00 85.00 24.03 28.00 19.06 23.40 17.30 34.60 132.00 115.00 30.09 31.00 26.40 21.50
430.00 525.00 690.00 850.00 390.00 460.00 715.00 870.00 931.00 1,104.00 210.00 240.00 156.70 213.00 157.78 180.40 8.20 9.30 60.00 70.00 55.00 65.00 258.00 304.00 212.00 287.50 223,800.00 286,464.00 145,200.00 26,685.69 37,488.99 463.00 593.00 408.00 510.00 6.60 8.50 800.00 800.00 800,100.00 914,400.00 36.00 120.00 110.00 27.47 38.00 26.00 27.00 18.00 42.50 150.00 135.00 33.39 41.60 31.00 23.10
Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá San José Mexico City Lima
Contact: Ross Moore--ross.moore@colliers.com
COLLIERS INTERNATIONAL |
p. 15
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
U.S. DOLLARS CBD MARKETS
TOp TOp CLASS A CLASS A CLASS A CLASS A NET RENT GROSS RENT NET RENT GROSS RENT (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) CBD SALES pRICE (USD pSF) CBD CAp RATE/ INITIAL YIELD (%) 10-YEAR GOVT. BONDS (%)
MARKET
COUNTRY
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Tirana Vienna Minsk Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lyon Montepelier Nantes Paris Strasbourg Toulouse Berlin Düsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Dublin Tel Aviv Milan Rome Riga Vilnius Amsterdam Belfast Warsaw Bucharest Moscow Saint Petersburg Riyadh Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Abu Dhabi Dubai Birmingham Bristol Edinburgh Glasgow London City
Albania Austria Belarus Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Israel Italy Italy Latvia Lithuania Netherlands Northern Ireland Poland Romania Russia Russia Saudi Arabia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Arab Emirates United Arab Emirates United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
33.35 24.50 38.11 21.78 20.42 28.59 19.79 16.33 29.95 18.14 25.50 17.68 19.27 82.75 18.14 23.12 25.86 27.50 40.84 29.95 35.39 20.34 28.59 27.22 2.55 22.95 54.41 39.67 13.61 14.97 1.94 18.83 34.03 27.22 66.97 36.75 32.15 21.64 19.06 9.04 9.47 11.66 33.35 49.97 51.35 42.79 29.22 33.46 47.36 33.90 31.64 35.41 31.64 34.65 70.06
31.31 42.20 21.78 26.54 24.35 19.74 34.03 91.82 31.17 32.26 46.28 32.67 40.84 24.50 43.56 25.86 3.78 35.57 58.38 43.07 16.33 18.92 2.13 30.89 35.36 12.39 10.93 14.57 36.75 55.91 55.63 45.36 33.46 44.61 52.94 39.47 51.23 53.49 51.23 51.23 94.17
34.03 50.36 27.22 22.46 25.87 20.96 34.03 20.40 32.31 20.97 94.08 21.54 29.95 34.03 50.36 32.67 47.64 24.50 40.84 31.31 3.57 28.69 62.34 45.34 21.78 19.74 2.30 21.09 58.11 14.86 13.84 16.03 38.79 58.29 81.30 71.89 54.61 42.38 54.79 71.98 41.43 40.68 41.43 43.69 79.10
38.11 54.45 31.31 28.59 30.44 24.09 38.11 102.02 36.75 38.79 58.53 36.75 53.09 29.81 47.64 36.75 4.78 41.31 66.31 53.28 24.50 24.09 2.55 33.90 66.84 18.22 14.57 18.94 43.56 64.24 85.58 74.45 54.61 50.19 60.37 79.87 64.03 60.27 58.76 60.27 106.22
623.89 181.50 453.74 229.25 272.24 408.36 472.13 453.74 340.30 397.02 283.59 260.90 1,247.78 283.59 555.83 487.77 555.83 680.61 453.74 408.36 351.31 610.50 310.99 1,020.91 680.61 136.12 510.45 507.96 320.34 558.10 282.68 240.48 211.78 206.45 170.02 635.23 1,455.88 557.62 257.34 417.29 453.44
4.50 16.00 6.20 9.50 8.50 7.00 5.00 9.00 6.25 7.50 6.30 7.75 7.50 5.10 7.50 5.50 5.50 5.40 4.80 4.50 5.50 7.50 7.80 7.50 8.25 5.50 6.00 10.00 10.00 6.50 6.25 6.70 8.50 12.00 13.00 9.00 9.00 10.50 6.00 4.00 4.40 7.00 13.00 9.00 9.00 5.75 6.00 6.00 5.85 5.50
3.14 3.49 4.05 2.73 2.89 3.07 3.07 3.07 3.07 3.07 3.07 3.07 2.64 2.64 2.64 2.64 2.64 2.64 9.83 7.55 5.48 3.69 4.03 4.03 2.89 5.48 5.88 5.72 5.72 2.78 8.64 8.64 8.64 4.54 2.67 1.55 1.55 4.71 3.43 3.43 3.43 3.43 3.43
p. 16
| COLLIERS INTERNATIONAL
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
U.S. DOLLARS CBD MARKETS
TOp TOp CLASS A CLASS A CLASS A CLASS A NET RENT GROSS RENT NET RENT GROSS RENT (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) CBD SALES pRICE (USD pSF) CBD CAp RATE/ INITIAL YIELD (%) 10-YEAR GOVT. BONDS (%)
MARKET
COUNTRY
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
London Docklands London Southbank London West End Manchester
NORTH AMERICA
United Kingdom United Kingdom United Kingdom United Kingdom Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
37.67 48.97 105.47 30.89 31.95 23.70 16.60 10.59 13.59 12.83 20.36 20.03 26.80 20.98 21.94 9.69 9.44 24.21 12.00 24.76 15.73 26.54 12.50 12.37 11.81 12.29 10.72 13.75 11.15 14.10 16.60 15.05 11.46 11.30 19.92 18.16 10.91 20.94 19.91 9.85 22.88 22.19 8.82 21.01 15.88 39.82 35.26 17.42
61.77 73.08 129.58 48.97 49.60 39.19 30.10 25.43 30.52 46.26 33.15 30.05 51.07 43.69 35.29 21.34 17.40 24.21 18.00 45.51 24.23 26.54 32.00 21.85 20.65 19.69 20.50 25.25 26.50 22.60 24.60 32.80 20.46 23.25 35.88 35.86 20.01 20.94 34.91 16.50 38.88 22.19 17.07 42.01 26.04 39.82 62.76 42.42
52.73 60.27 128.07 40.68 42.92 28.20 19.90 11.81 33.62 16.17 24.64 28.14 63.91 24.80 27.66 23.35 13.04 16.00 44.25 23.50 35.50 27.52 19.16 13.60 15.72 24.50 19.65 24.00 22.00 17.25 16.00 15.05 24.72 23.55 13.90 21.00 15.35 24.44 14.75 25.50 20.84 102.50 37.50
76.84 84.38 152.18 63.28 60.57 43.69 33.40 26.65 50.55 49.60 37.42 38.15 88.17 47.50 41.01 35.00 21.00 22.00 65.00 32.00 55.00 37.00 28.00 21.00 25.50 36.00 35.00 32.50 30.00 35.00 25.00 27.00 40.68 41.25 23.00 36.00 22.00 40.44 23.00 46.50 31.00 130.00 62.50
319.53 328.66 152.61 262.30 133.54 166.92 361.54 429.23 310.00 180.00 484.00 250.00 200.00 115.00 195.00 350.00 170.00 242.00 127.00 110.00 68.54 88.00 300.00 210.00 550.00 424.00 400.00
5.75 5.75 4.50 5.75 6.63 7.58 8.00 7.25 7.75 8.00 8.20 6.60 6.00 6.50 8.50 6.50 8.00 7.50 10.00 8.00 8.00 9.00 9.00 9.00 7.50 9.25 7.00 7.00 6.00 6.50 6.00
3.43 3.43 3.43 3.43 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11
Calgary Edmonton Halifax Kitchener-Waterloo Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas/Fort Worth Denver Detroit Fairfield Fairfield County Fresno Ft. Lauderdale/Broward County Greenville Hartford Honolulu Houston Jacksonville Kansas City Las Vegas Little Rock Los Angeles Los Angeles Inland Empire Louisville Memphis Miami-Dade Nashville New Jersey Central New Jersey Northern New York Downtown Manhattan New York Midtown Manhattan New York Midtown S. Manhattan
Contact: Ross Moore--ross.moore@colliers.com
COLLIERS INTERNATIONAL |
p. 17
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
U.S. DOLLARS CBD MARKETS
TOp TOp CLASS A CLASS A CLASS A CLASS A NET RENT GROSS RENT NET RENT GROSS RENT (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) CBD SALES pRICE (USD pSF) CBD CAp RATE/ INITIAL YIELD (%) 10-YEAR GOVT. BONDS (%)
MARKET
NORTH AMERICA continued
COUNTRY
Oakland Orange County Orlando Philadelphia Phoenix Pleasanton/Walnut Creek Portland Raleigh/Durham/Chapel Hill Reno Sacramento San Diego County San Francisco San Francisco Peninsula San Jose/Silicon Valley Seattle/Puget Sound St. Louis Stamford Stockton/San Joaquin County Tampa Washington, DC West Palm Beach/Palm Beach Co. Westchester County White Plains
ASIA PACIFIC
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan Korea New Zealand New Zealand Singapore Thailand Vietnam Argentina Brazil Brazil Chile Colombia Costa Rica Mexico Peru
17.46 13.37 15.00 12.75 23.68 13.45 22.79 12.52 25.70 29.88 14.19 20.60 27.60 19.34 24.02 16.92 13.79 31.26 18.04 16.17 28.63 46.13 28.63 52.49 45.65 28.15 21.77 137.75 32.88 14.20 12.13 49.83 50.60 13.42 20.96 20.17 25.53 44.27 22.61 42.00 33.79 63.98 47.29 26.80 31.23 1.77 26.10 19.29
30.96 24.37 26.10 25.48 26.28 24.20 22.79 23.52 33.00 44.74 33.33 35.40 27.60 19.34 37.02 20.60 22.79 51.26 37.54 29.17 36.58 58.05 33.40 64.42 55.83 33.06 26.35 161.42 37.86 16.78 14.20 58.60 59.64 19.80 100.76 29.83 28.50 31.22 58.08 22.61 48.00 38.59 73.44 68.50 33.56 34.57 29.44 23.98
28.50 36.00 26.40 27.27 31.60 21.75 24.00 30.98 34.08 45.86 21.20 40.71 39.00 29.32 21.00 75.00 35.50 27.00 34.20 54.87 31.02 56.86 74.04 34.37 25.65 243.22 40.85 15.49 14.20 66.61 54.73 27.23 24.41 29.93 26.37 56.62 27.40 42.00 40.15 66.77 61.20 30.64 42.38 2.41 30.11 20.07
42.00 47.00 37.50 40.00 34.20 32.50 35.00 38.28 48.94 65.00 36.00 40.71 52.00 33.00 30.00 95.00 55.00 40.00 41.75 67.60 36.58 69.19 87.80 39.28 34.86 278.08 46.33 18.07 16.78 78.48 74.22 34.85 152.09 34.30 38.33 32.96 72.92 27.40 48.00 47.40 83.46 75.11 37.24 46.39 34.57 25.76
55.65 85.00 160.00 88.70 225.00 356.00 225.00 130.00 350.00 302.41 557.08 576.98 684.97 435.19 325.55 545.63 166.44 2,110.21 296.82 230.71 315.63 228.36 334.57 620.51 542.95 199.26 240.89 204.46 241.64 136.34
8.00 9.00 9.00 8.50 6.75 9.00 8.00 8.50 7.50 7.50 8.00 7.12 6.47 6.69 3.34 5.40 9.50 10.00 8.75 10.00 9.62 4.80 5.50 8.70 8.10 3.80 12.00 11.50 11.50 9.56 10.35 11.50 9.00 14.00
3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 5.33 5.33 5.33 5.33 5.33 3.10 3.10 2.31 3.10 8.12 8.12 8.12 8.12 5.10 1.15 4.93 5.50 5.50 2.16 2.92 9.00 6.16 6.16 1.93 4.75 6.85
Adelaide Brisbane Canberra Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo Seoul Auckland Wellington Singapore Bangkok Ho Chi Minh City
LATIN AMERICA
Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá San José Mexico City Lima
p. 18
| COLLIERS INTERNATIONAL
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS
MEASURE EXCHANGE RATE (USD) JUNE 30, 2010 CLASS A NET RENT CLASS A GROSS RENT GROSS RENT ANNUAL CHG. (%) TOp CLASS A NET RENT TOp CLASS A GROSS RENT
MARKET
COUNTRY
QUOTED CURRENCY
UNIT
TIME pERIOD
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Tirana Vienna Minsk Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lyon Montepelier Nantes Paris Strasbourg Toulouse Berlin Düsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Dublin Tel Aviv Milan Rome Riga Vilnius Amsterdam Belfast Warsaw Bucharest Moscow Saint Petersburg Riyadh Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Abu Dhabi Dubai Birmingham Bristol Edinburgh Glasgow London City
Albania Austria Belarus Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Israel Italy Italy Latvia Lithuania Netherlands Northern Ireland Poland Romania Russia Russia Saudi Arabia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Arab Emirates United Arab Emirates United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
EUR EUR EUR EUR EUR EUR EUR DKK EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR NIS EUR EUR EUR EUR EUR GBP EUR EUR EUR EUR SAR EUR EUR ZAR ZAR ZAR EUR SEK CHF CHF USD USD USD USD GBP GBP GBP GBP GBP
SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SF SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SF SF SF SF SF
Month Month Month Year Month Month Month Year Month Month Year Year Year Year Year Year Year Month Month Month Month Month Month Month Month Year Month Year Year Month Month Year Year Month Month Month Month Year Month Month Month Month Month Month Year Year Year Month Month Year Year Year Year Year Year Year
0.82 0.82 0.82 0.82 0.82 0.82 0.82 6.10 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 3.88 0.82 0.82 0.82 0.82 0.82 0.66 0.82 0.82 0.82 0.82 3.76 0.82 0.82 7.65 7.65 7.65 0.82 7.81 1.09 1.09 1.00 1.00 1.00 1.00 0.66 0.66 0.66 0.66 0.66
17.25 8.00 18.00 10.00 14.00 11.50 17.00 1,000.00 8.00 10.00 130.00 145.00 145.00 125.00 450.00 130.00 140.00 8.30 15.35 14.00 12.00 10.00 11.68 17.00 11.00 13.42 62.00 190.00 160.00 8.00 8.70 15.00 10.00 20.50 15.00 28.40 25.00 550.00 13.00 11.00 80.00 95.00 110.00 13.50 1,900.00 450.00 300.00 18.50 23.00 16.00 16.50 15.00 16.00
10.00 21.00 13.75 12.00 16.00 1,200.00 10.50 13.00 530.00 10.80 18.85 16.50 15.00 12.00 14.70 23.00 14.50 22.50 102.00 235.00 180.00 10.00 10.30 16.65 16.00 605.00 98.00 100.00 90.00 16.00 2,300.00 480.00 320.00 21.00 18.00 29.00 29.00 27.00 26.00
-33.3 37.5 -17.2 0.0 14.3 -4.5 8.3 -3.6 -10.0 12.9 10.0 15.4 -22.4 -5.0 43.8 8.0 13.3 6.8 0.0 3.3 -6.4 -0.1 -7.0 -5.3 -11.1 0.0 11.6 39.1 -10.6 -6.9 4.0
14.00 20.00 12.50 14.00 14.00 1,300.00 10.60 14.00 140.00 180.00 185.00 140.00 500.00 145.00 190.00 12.00 22.00 16.50 15.00 17.00 13.50 17.00 16.00 15.67 65.00 240.00 180.00 10.00 10.10 25.50 11.00 1,000.00 115.00 105.00 95.00 17.00 2,200.00 600.00 450.00 40.00 18.00 20.00 21.00 17.00 17.00
16.00 23.00 16.25 16.00 18.50 1,500.00 13.00 17.00 580.00 15.00 25.50 20.00 18.00 19.00 16.50 22.00 20.00 16.33 105.00 285.00 200.00 12.00 11.80 28.35 17.00 1,100.00 140.00 120.00 105.00 19.50 2,500.00 630.00 480.00 42.50 22.00 33.00 33.00 29.00 27.00
Contact: Ross Moore--ross.moore@colliers.com
COLLIERS INTERNATIONAL |
p. 19
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS
MEASURE EXCHANGE RATE (USD) JUNE 30, 2010 CLASS A NET RENT CLASS A GROSS RENT GROSS RENT ANNUAL CHG. (%) TOp CLASS A NET RENT TOp CLASS A GROSS RENT
MARKET
COUNTRY
QUOTED CURRENCY
UNIT
TIME pERIOD
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
London Docklands London Southbank London West End Manchester
NORTH AMERICA
United Kingdom United Kingdom United Kingdom United Kingdom Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
GBP GBP GBP GBP CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
0.66 0.66 0.66 0.66 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
20.00 19.51 14.62 15.81 9.18 6.97 13.50 16.92 12.50 18.50 11.90 15.60 26.30 12.50 14.40 16.67 20.40 18.00 12.05 15.06 9.86 9.56 13.95 4.75 15.89 27.12 17.96 17.20 12.67 11.56 10.44 11.95 11.16 21.48 18.45 11.98 22.40 16.04 20.02 12.64 16.40 13.98 23.92 24.36
32.00 31.10 26.74 26.72 24.00 31.00 24.50 31.20 27.00 31.50 21.80 24.00 26.30 18.00 26.40 24.17 20.40 27.50 20.47 21.98 16.96 18.70 24.75 20.75 22.39 27.12 30.96 25.20 28.17 17.76 20.44 27.35 20.36 21.48 32.85 18.53 38.40 26.04 20.02 21.29 32.90 22.31 23.92 24.36
-7.9 -0.6 -1.8 4.8 -3.4 3.2 -12.5 4.8 -12.9 -4.5 -2.7 0.0 -0.2 -1.6 -12.3 -8.8 2.3 -1.1 -3.1 3.5 -5.5 -3.9 -2.9 -5.7 -3.8 7.1 -2.7 -2.3 0.6 -4.7 -2.6 -0.9 -3.0 -3.5 -7.5 1.5 6.3 -4.8 13.6 -2.0 -0.6 2.9 -9.4 -14.3
26.00 40.38 17.48 19.09 15.18 11.97 19.00 33.22 23.50 30.00 26.10 18.00 16.50 38.00 24.50 25.50 19.34 20.58 14.90 15.86 34.20 12.00 22.49 35.40 35.00 23.20 19.50 15.80 15.50 25.10 13.80 33.00 13.75 56.00 24.20 20.31 27.50 20.42 42.00 38.00
38.00 51.97 29.60 30.00 30.00 36.00 30.00 47.50 38.00 43.00 36.00 26.40 22.00 50.00 32.00 35.00 27.76 27.50 22.00 25.00 45.00 28.00 28.99 35.40 48.00 31.20 35.00 22.00 25.50 40.50 23.00 47.40 20.30 72.00 34.20 28.96 44.00 28.75 42.00 38.00
Calgary Edmonton Halifax Kitchener-Waterloo Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas/Fort Worth Denver Detroit Fairfield Fairfield County Fresno Ft. Lauderdale/Broward County Greenville Hartford Honolulu Houston Jacksonville Kansas City Las Vegas Little Rock Los Angeles Los Angeles Inland Empire Louisville Memphis Miami-Dade Nashville New Jersey Central New Jersey Northern New York Downtown Manhattan New York Midtown Manhattan New York Midtown S. Manhattan
p. 20
| COLLIERS INTERNATIONAL
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS
MEASURE EXCHANGE RATE (USD) JUNE 30, 2010 CLASS A NET RENT CLASS A GROSS RENT GROSS RENT ANNUAL CHG. (%) TOp CLASS A NET RENT TOp CLASS A GROSS RENT
MARKET
NORTH AMERICA continued
COUNTRY
QUOTED CURRENCY
UNIT
TIME pERIOD
Oakland Orange County Orlando Philadelphia Phoenix Pleasanton/Walnut Creek Portland Raleigh/Durham/Chapel Hill Reno Sacramento San Diego County San Francisco San Francisco Peninsula San Jose/Silicon Valley Seattle/Puget Sound St. Louis Stamford Stockton/San Joaquin County Tampa Washington, DC West Palm Beach/Palm Beach Co. Westchester County White Plains
ASIA PACIFIC
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan Korea New Zealand New Zealand Singapore Thailand Vietnam Argentina Brazil Brazil Chile Colombia Costa Rica Mexico Peru
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD AUD AUD AUD AUD AUD RMB RMB HKD RMB INR INR INR INR IDR JPY KRW NZD NZD SGD THB VND USD REAL REAL USD USD USD USD USD
SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SM SM SM SM SM SM SM SF SM SF SF SF SF SM SM SM SM SM SF SM SM SM SM SM SM SM SM SM SM
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Month Month Month Day Month Month Month Month Month Year Month Year Year Month Month Month Month Month Month Month Month Year Month Month
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.17 1.17 1.17 1.17 1.17 6.81 6.81 7.78 6.81 46.48 46.48 46.48 46.48 9165.90 88.66 1219.00 1.44 1.44 1.40 32.56 19317.30 1.00 1.80 1.80 1.00 1.00 1.00 1.00 1.00
14.94 12.86 13.82 15.13 16.01 23.01 12.45 21.45 9.54 18.82 19.91 18.12 22.38 26.51 23.39 16.05 16.73 13.89 14.46
28.44 27.36 22.82 24.25 24.64 25.20 23.20 21.45 20.04 24.72 32.64 31.92 35.88 26.51 23.39 23.80 30.73 30.64 27.46
-10.6 -12.3 -3.4 -2.8 -8.2 8.8 -2.0 -3.3 -7.2 -4.2 -10.2 -8.3 -6.3 -5.3 -6.4 -5.0 1.6 -1.2 1.8 30.9 -5.0 2.6 10.2 2.1 9.8 -9.1 0.0 4.3 -0.8 -10.0 -8.0 7.4 15.0 2.0 -23.5 0.0 -1.6 4.8
21.70 54.50 31.00 28.30 30.37 42.81 22.25 30.60 26.26 48.84 106.20 58.50 30.12 21.25 50.00 23.25 32.00
35.20 69.00 40.00 37.42 39.00 45.00 33.00 41.10 32.16 61.57 120.00 72.00 30.12 29.00 64.00 40.00 45.00
Adelaide Brisbane Canberra Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo Seoul Auckland Wellington Singapore Bangkok Ho Chi Minh City
LATIN AMERICA
300.00 360.00 375.00 475.00 340.00 400.00 363.00 452.00 173.30 203.30 31.25 39.98 2.64 2.95 26.00 30.00 27.00 32.00 101.00 121.00 101.00 119.00 90,500.00 146,350.00 246.00 300.00 4.31 5.79 450.00 450.00 476,250.00 571,500.00 22.10 70.00 60.00 21.70 15.40 25.00 88.00 85.00 24.70 17.60
350.00 410.00 450.00 525.00 355.00 420.00 570.00 675.00 224.10 254.10 42.22 52.27 3.80 4.60 30.00 35.00 34.00 40.00 165.00 194.00 223.00 262.00 134,280.00 170,088.00 298.00 345.00 5.25 6.80 380.00 380.00 476,250.00 571,500.00 23.00 80.00 85.00 25.20 16.50 27.70 105.00 110.00 29.20 18.80
Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá San José Mexico City Lima
Contact: Ross Moore--ross.moore@colliers.com
COLLIERS INTERNATIONAL |
p. 21
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS
TOp TOp CLASS A CLASS A CLASS A CLASS A NET RENT GROSS RENT NET RENT GROSS RENT (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) SUBURBAN SALES pRICE (USD pSF) SUBURBAN CAp RATE/ INITIAL YIELD (%) 10-YEAR GOVT. BONDS (%)
MARKET
COUNTRY
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Tirana Vienna Minsk Brussels Sofia Zagreb Prague Copenhagen Tallinn Helsinki Bordeaux Lyon Montepelier Nantes Paris Strasbourg Toulouse Berlin Düsseldorf Frankfurt Hamburg Munich Stuttgart Athens Budapest Dublin Tel Aviv Milan Rome Riga Vilnius Amsterdam Belfast Warsaw Bucharest Moscow Saint Petersburg Riyadh Belgrade Bratislava Cape Town Durban Johannesburg Madrid Stockholm Geneva Zurich Istanbul Kyiv Abu Dhabi Dubai Birmingham Bristol Edinburgh Glasgow London City
Albania Austria Belarus Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France France France France France France France Germany Germany Germany Germany Germany Germany Greece Hungary Ireland Israel Italy Italy Latvia Lithuania Netherlands Northern Ireland Poland Romania Russia Russia Saudi Arabia Serbia Slovakia South Africa South Africa South Africa Spain Sweden Switzerland Switzerland Turkey Ukraine United Arab Emirates United Arab Emirates United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom
23.48 10.89 24.50 13.61 19.06 15.65 23.14 15.22 10.89 13.61 14.74 16.44 16.44 14.17 51.01 14.74 15.87 11.30 20.89 19.06 16.33 13.61 15.90 23.14 14.97 1.52 17.79 21.54 18.14 10.89 11.84 1.70 15.07 27.90 20.42 38.66 34.03 13.60 17.70 14.97 11.66 13.84 16.03 18.38 22.60 38.51 25.67 20.63 25.65 24.11 24.86 2.10 24.11
13.61 28.59 18.72 16.33 21.78 18.26 14.29 17.70 60.08 14.70 25.66 22.46 20.42 16.33 20.01 31.31 19.74 2.55 29.26 26.64 20.40 13.61 14.02 1.89 24.11 14.96 14.28 14.57 13.12 21.78 27.36 41.08 27.39 23.42 20.07 43.69 43.69 3.78 39.17
19.06 27.22 17.02 19.06 19.06 19.79 14.43 19.06 15.87 20.40 20.97 15.87 56.68 16.44 21.54 16.33 29.95 22.46 20.42 23.14 18.38 23.14 21.78 1.78 18.65 27.21 20.40 13.61 13.75 2.89 16.57 24.73 16.76 15.30 13.84 23.14 26.17 51.35 38.51 44.61 20.07 30.13 31.64 2.38 25.61
21.78 31.31 22.12 21.78 25.18 22.83 17.70 23.14 65.75 20.42 34.71 27.22 24.50 25.86 22.46 29.95 27.22 1.85 30.12 32.31 22.67 16.33 16.06 3.21 25.61 27.20 20.40 17.49 15.30 26.54 29.74 53.92 41.08 47.40 24.54 49.72 49.72 4.06 40.68
340.30 136.12 283.59 173.21 164.82 272.24 281.76 226.87 226.87 204.18 204.18 794.04 204.18 260.90 204.18 306.27 374.33 306.27 198.51 289.26 161.87 283.59 215.30 567.17 340.30 82.24 414.04 348.81 204.18 257.72 243.09 252.03 136.12 136.12 182.16 170.02 170.02 306.27 856.40 232.34 171.00
5.90 18.00 6.80 11.00 9.50 8.50 6.00 10.00 7.25 7.50 9.00 8.00 6.00 7.50 7.85 7.00 5.80 6.50 8.00 6.70 6.63 8.00 9.30 8.50 8.25 6.25 7.00 12.00 12.00 6.50 6.75 8.00 10.00 15.00 14.00 11.50 13.00 11.00 10.50 10.00 10.50 6.75 5.00 5.20 9.00 15.00
3.14 3.49 4.05 2.73 2.89 3.07 3.07 3.07 3.07 3.07 3.07 3.07 2.64 2.64 2.64 2.64 2.64 2.64 9.83 7.55 5.48 3.69 4.03 4.03 2.89 5.48 5.88 5.72 5.72 2.78 8.64 8.64 8.64 4.54 2.67 1.55 1.55 4.71 3.43 3.43 3.43 3.43 3.43
p. 22
| COLLIERS INTERNATIONAL
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS
TOp TOp CLASS A CLASS A CLASS A CLASS A NET RENT GROSS RENT NET RENT GROSS RENT (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) SUBURBAN SALES pRICE (USD pSF) SUBURBAN CAp RATE/ INITIAL YIELD (%) 10-YEAR GOVT. BONDS (%)
MARKET
COUNTRY
EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued
London Docklands London Southbank London West End Manchester
NORTH AMERICA
United Kingdom United Kingdom United Kingdom United Kingdom Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States
19.08 18.61 13.95 15.08 8.76 6.65 12.88 16.14 11.92 17.65 11.90 15.60 26.30 12.50 14.40 16.67 20.40 18.00 12.05 15.06 9.86 9.56 13.95 4.75 15.89 27.12 17.96 17.20 12.67 11.56 10.44 11.95 11.16 21.48 18.45 11.98 22.40 16.04 20.02 12.64 16.40 13.98 23.92 24.36
30.52 29.66 25.51 25.49 22.89 29.57 23.37 29.76 25.75 30.05 21.80 24.00 26.30 18.00 26.40 24.17 20.40 27.50 20.47 21.98 16.96 18.70 24.75 20.75 22.39 27.12 30.96 25.20 28.17 17.76 20.44 27.35 20.36 21.48 32.85 18.53 38.40 26.04 20.02 21.29 32.90 22.31 23.92 24.36
24.80 38.52 16.67 18.21 14.48 11.42 18.12 31.69 22.42 28.62 26.10 18.00 16.50 38.00 24.50 25.50 19.34 20.58 14.90 15.86 34.20 12.00 22.49 35.40 35.00 23.20 19.50 15.80 15.50 25.10 13.80 33.00 13.75 56.00 24.20 20.31 27.50 20.42 42.00 38.00
36.25 49.57 28.23 28.62 28.62 34.34 28.62 45.31 36.25 41.01 36.00 26.40 22.00 50.00 32.00 35.00 27.76 27.50 22.00 25.00 45.00 28.00 28.99 35.40 48.00 31.20 35.00 22.00 25.50 40.50 23.00 47.40 20.30 72.00 34.20 28.96 44.00 28.75 42.00 38.00
3.43 3.43 3.43 3.43 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.23 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11
Calgary Edmonton Halifax Kitchener-Waterloo Montreal Ottawa Regina Saskatoon Toronto Vancouver Victoria Atlanta Bakersfield Baltimore Boise Boston Charleston Charlotte Chicago Cincinnati Cleveland Columbia Columbus Dallas/Fort Worth Denver Detroit Fairfield Fairfield County Fresno Ft. Lauderdale/Broward County Greenville Hartford Honolulu Houston Jacksonville Kansas City Las Vegas Little Rock Los Angeles Los Angeles Inland Empire Louisville Memphis Miami-Dade Nashville New Jersey Central New Jersey Northern New York Downtown Manhattan New York Midtown Manhattan New York Midtown S. Manhattan
314.77 94.33 104.92 166.92 143.08 219.38 310.00 276.61 140.00 163.00 135.00 112.00 153.50 115.00 90.00 153.00 250.00 192.50 221.00 107.00 90.00 130.00 57.59 110.00 250.00 216.00
7.38 8.50 7.75 8.00 8.00 8.00 7.50 7.00 9.10 7.70 11.00 8.20 9.20 9.50 9.00 9.00 8.00 8.50 8.40 9.00 9.00 9.00 9.00 8.00 7.00
Contact: Ross Moore--ross.moore@colliers.com
COLLIERS INTERNATIONAL |
p. 23
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS
TOp TOp CLASS A CLASS A CLASS A CLASS A NET RENT GROSS RENT NET RENT GROSS RENT (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) (USD pSF YR.) SUBURBAN SALES pRICE (USD pSF) SUBURBAN CAp RATE/ INITIAL YIELD (%) 10-YEAR GOVT. BONDS (%)
MARKET
NORTH AMERICA continued
COUNTRY
Oakland Orange County Orlando Philadelphia Phoenix Pleasanton/Walnut Creek Portland Raleigh/Durham/Chapel Hill Reno Sacramento San Diego County San Francisco San Francisco Peninsula San Jose/Silicon Valley Seattle/Puget Sound St. Louis Stamford Stockton/San Joaquin County Tampa Washington, DC West Palm Beach/Palm Beach Co. Westchester County White Plains
ASIA PACIFIC
United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan Korea New Zealand New Zealand Singapore Thailand Vietnam Argentina Brazil Brazil Chile Colombia Costa Rica Mexico Peru
14.94 12.86 13.82 15.13 16.01 23.01 12.45 21.45 9.54 18.82 19.91 18.12 22.38 26.51 23.39 16.05 16.73 13.89 14.46 23.86 29.82 27.04 28.87 28.39 48.17 13.14 6.71 6.97 26.07 26.07 11.01 15.90 36.98 15.41 25.00 24.65 43.44 37.23 24.20 17.17
28.44 27.36 22.82 24.25 24.64 25.20 23.20 21.45 20.04 24.72 32.64 31.92 35.88 26.51 23.39 23.80 30.73 30.64 27.46 28.63 37.78 31.81 35.95 33.30 61.63 14.69 7.75 8.26 31.24 30.72 17.81 19.39 49.67 15.41 25.00 27.88 54.60 52.74 27.55 19.63
21.70 54.50 31.00 28.30 30.37 42.81 22.25 30.60 26.26 48.84 106.20 58.50 30.12 21.25 50.00 23.25 32.00 27.83 35.79 28.23 45.33 36.71 65.08 18.92 7.75 8.78 42.60 57.57 16.34 19.26 45.04 13.02 25.00 25.65 49.64 52.74 28.10 18.40
35.20 69.00 40.00 37.42 39.00 45.00 33.00 41.10 32.16 61.57 120.00 72.00 30.12 29.00 64.00 40.00 45.00 32.61 41.75 33.40 53.68 41.62 80.57 22.90 9.04 10.33 50.08 67.64 20.70 22.30 58.34 13.02 30.00 30.89 65.15 68.26 32.57 20.97
106.30 160.00 166.00 126.00 99.79 132.00 159.39 155.00 117.90 250.00 131.50 112.00 250.00 270.58 397.91 358.12 345.15 415.30 286.65 149.52 181.68 99.91 185.87 361.96 336.11 127.60 241.64 129.74
9.00 8.00 8.80 9.00 10.00 8.80 6.50 9.00 8.00 8.00 8.50 8.00 8.50 8.40 6.82 7.00 10.00 10.47 10.00 10.50 8.69 8.80 8.80 12.00 11.00 11.00 11.25 9.00 14.00
3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 3.11 5.33 5.33 5.33 5.33 5.33 3.10 3.10 2.31 3.10 8.12 8.12 8.12 8.12 5.10 1.15 4.93 5.50 5.50 2.16 2.92 9.00 6.16 6.16 1.93 4.75 6.85 -
Adelaide Brisbane Canberra Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo Seoul Auckland Wellington Singapore Bangkok Ho Chi Minh City
LATIN AMERICA
Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá San José Mexico City Lima
p. 24
| COLLIERS INTERNATIONAL
GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010
Glossary
Class A Gross Rent The average rent quoted per square foot per annum for a class A office building within the CBD plus additional costs such as property taxes, service charges or operating expenses. Class A Net Rent The average rent quoted per square foot per annum for a class A office building within the CBD. Class A (prime) Buildings Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. Characterized by: Prime central location; first-class tenant improvements; on-site parking; state of the art elevators and HVAC systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance; ability to command a premium rent within the relevant market. The class A building designation implies that the size of the building is "significant" in accordance with the market. population The latest population statistics for the metropolitan region. Quoted Currency The currency quoted locally in all lease transactions, not necessarily national currency. (Note: Chile utilizes Unidad de Fomento, which equals USD 24.30) Sales price The average sales price paid for a class A office building within the CBD. Time period The standard way in which leases are quoted. Usually on a per month or per year basis. Top Class A Gross Rent The top/ highest rent quoted per square foot per annum for office floor space within the CBD plus additional costs such as property taxes, service charges or operating expenses. Top Class A Net Rent The top/highest rent quoted per square foot per annum for office floor space within the CBD. Total Inventory Existing office floor space (classes A, B and C) within each city's CBD (central business district).
Under Construction The total office floor space (classes A, B and C) within each city's CBD (central business district) which is under construction, but not yet completed, giving an indication of the development pipeline for each market. This includes both available and pre-let floor space.
Unit The normal convention locally in which area is measured. Usually on a per square foot or per square meter basis. Vacancy Rate (%) The percentage of the inventory (total completed office floor space, classes A, B and C, within the CBD) which is unoccupied. Yield (%) The average prime yield (or capitalization rate), expressed as a percentage, for a Class A office building within the CBD. Note: SF = Square Feet SM = Square Meter pSF = Per Square Feet pSM = Per Square Meter CBD = Central Business District
Contact: Ross Moore--ross.moore@colliers.com
COLLIERS INTERNATIONAL |
p. 25
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