Download - NA Office Highlights Q1 2012
-
7/31/2019 NA Office Highlights Q1 2012
1/16
HIGHLIGHTSNORTH AMERICA
WWW.COLLIERS.COM
Q1 2012 | OFFICE
K.C. CONWAY EMD | Market Analytics
The Bottom LineA national rebalancing o business growth rom FIRE (Finance, Insurance and Real Estate) to IC
(Intellectual Capital, Energy and Education) has shited oce demand to cities with ICEE indus
concentrations.
An oncoming wave o maturing debt will soon change the volume and tenor o sales transaction
National oce absorption remains steady, but a ul l robust recovery is still in the uture.
Oce construction is still low, with only . MSF o new supply delivered in Q .
Measured Rebalancing
We oten use the term measured rebalancing to describe the current state o the U.S. oce prope
market. This reers to the long process o working through an oversupply o oce space accordingmaterially dierent demand drivers. The market must recalculate the amount o oce space requir
and recalibrate in areas that space demand has shited.
MARKET INDICATORSRelative to prior period
U.S. OFFICE MARKETSUMMARY STATISTICS, Q
Ofce Demand Steady on Strength o
ICEE Industries
Q
Q*
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
*Projected
Vacancy Rate: .%Change rom Q : .%
Absorption:
. Million Square Feet
New Construction:
.Million Square Feet
Under Construction:
Million Square Feet
Asking Rents Per Square Foot
(Change rom Q ):
Downtown Class A: $. (+.%)Suburban Class A: $. (+.%)
15.3% vac.
15.3% vac.
Sq. Ft. By Region
2
1.
2
Total_OSF-Vacan
Vacant_OSF
Absorption Per Mar
Q4 '11 - Q1 '12
1,200,000
120,000
-120,000
-1,200,000
4 m
2 m
400
Occupied Sq. Ft.
Vacant Sq. Ft.
16.3% vac.
15.3% vac.
15.3% vac.
13.5% vac.
6.7% vac.
NORTH AMERICAN OFFICE VACANCY, INVENTORY AND ABSORPTIONQ1
-
7/31/2019 NA Office Highlights Q1 2012
2/16P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERICA
Oce space demand is now driven by techindustries in Knowledge Gateway markets,such as Austin, Boston and Silicon Valley; andenergy corridor markets extending north romHouston into Canada.
Raleigh
Washington
Silicon Valley
Austin
Denver
Houston
Calgary
Toronto
Seattle
Baltimore
ICEE Markets on Fire FIRE Markets on Ice
Houston and Calgary were the only two markets with over 1 million
square feet (MSF) of absorption in Q1 2012.
Toronto boasted the lowest vacancy (5.3 percent) of any market with
over 10 MSF of inventory.
Seattle ranks 5th highest in absorption, with a vacancy rate below13 percent.
Silicon Valley was in the top 10 US markets for decreased vacancy
rate.
Baltimore and Washington DC each boast a vacancy rate below 15
percent.
Raleigh boasts a vacancy rate below 12.5 percent and saw positive
absorption for the quarter.
Atlanta and Los Angeles were the only two metros with inventories
over 200 million SF and vacancies over 17.5 percent.
Los Angeles and Orange County each had vacancy rates over 18
percent.
Central New Jersey showed the worst absorption of the top 20oce markets.
Chicago saw negative absorption and 15 percent vacancy.
West Palm Beach experienced negative absorption and 19.5 percen
vacancy.
Midtown South Manhattan saw negative absorption in Q1 2012.
Phoenix suered from negative absorption and a vacancy rate over
22 percent.
Prior to the housing and nancial crises, oce demand was aligned with
growth in nancial services and the over-heated housing markets. New
bank charters, growing numbers o subprime lenders and unparalleled
demand or residential and commercial mortgage-backed securities allpropelled a need or more oce space in markets with high concentrations
o these industries, such as Chicago, Los Angeles and New York. As the
subsequent recession and recovery has unolded, nancial and real estate
businesses are no longer growing in the way they once were. Now, a new
set o demand drivers has taken hold.
ICEE Markets on Fire One o the key dierences between improving and
lagging oce markets is the type o industry concentrations each has.
Oce space demand is now driven by tech industries in Knowledge
Gateway markets, such as Austin, Boston and Silicon Valley; and energy
corridor markets extending north rom Houston into Canada. As some
manuacturing returns to the U.S. rom Asia and India, oce demand is
also growing in inland manuacturing markets in the Midwest and portmarkets along the Gul Coast, South Florida and the Mid-Atlantic States
especially Miami, Virginia and North Carolina.
We have chosen two categories to distinguish between leading and lagging
industries: FIRE and ICEE.
Finance, Insurance and Real Estate (FIRE) markets are seeing stalled
growth in demand or oce space.
Intellectual Capital, Energy and Education (ICEE) markets eature con-
centrations in a combination o technology, higher education and energy
industries. These growing industries are pushing up demand or oce
space in select markets, especially in Class A buildings.Oce demand has shited away rom FIRE and toward ICEE, thereby a-
voring cities with higher concentrations o ICEE industries.
Rents and Absorption Showed Improvement over Last Year The U.S.
seen a sustained modest improvement in vacancy and absorption in rec
quarters. However, a more robust recovery in oce demandsuch as
occurring in multiamily and industrial real estateremains elusiUncertainties in the economy are keeping businesses rom hiring and le
ing oces.
For Q1 2012, approximately 14.9 percent o the inventory that Colli
tracks was vacant; an improvement o 8 basis points rom year-end 20
With only 7.5 MSF o new supply delivered to these 81 markets in Q1,
absorption was a positive 8.1 MSF. With this amount o vacant space, a
anemic oce-related job growth, oce rents improved just marginally
the 36 CBD markets that reported rent increases. The other 36 CBD m
kets registered fat or declining rents. Thirty-two Suburban markets
ported rent growth, while 37 suburban markets reported fat or declin
quarter-over-quarter rents. Class A CBD rents improved rom $40.73
square oot to $40.96 per square oot. Class A Suburban rents increasrom $25.86 to $26.14 per square oot.
SELECT INTELLECTUAL CAPITAL, ENERGY AND EDUCATION (ICEE) CITIES
-
7/31/2019 NA Office Highlights Q1 2012
3/16P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERICA
Slow Recovery Makes Businesses Hesitate to Expand Owners and inves-
tors held out the hope at the onset o 2012 that the rebound in multiamily
and industrial real estate demand would soon spill over to the oce sector.
This hope was rooted in a number o promising economic metrics: in
March, it was conrmed that GDP expanded during the nal quarter o 2011
by 3 percent; the unemployment rate declined to 8.3 percent; and the labor
market delivered 227,000 new jobs in February. However, the start o
2012 now seems eerily similar to that o 2011, which began with positive
economic indicators that zzled out as the year progressed. Now a more
robust economic recovery remains elusive amidst uncertainties stemming
rom upcoming elections and concerns about the impact o the European
Crisis on the U.S. economy. Businesses and investors are anxious about
making long-term investment decisions.
Pockets o Strength While a robust recovery remains elusive at the national
level, macro market averages tell just a part o the oce property sector
story. A more detailed look shows a market split into areas o strong and
weak demand. In many cases, the shit in oce demand drivers rom FIRE to
ICEE has been the engine o growth or these stand-out markets.The largest markets are experiencing more robust ofce demand, with
ICEE as a major driver. More than hal o the total net absorption in Q1
came rom the 21 largest markets. Approximately 2.6 MSF o this net ab-
sorption (24 percent o 10.8 MSF North American total.) came rom ICEE
markets ranked among the 21 largest metros.In terms o occupancy rates, the largest U.S. markets are in line with the
overall U.S. rate. The 10 largest markets (Midtown Manhattan, MidtownManhattan South, Washington, D.C., Chicago, Dallas, Atlanta, Los Angeles,
Houston, Boston and Philadelphia) have a vacancy rate o around 15
percent.
The next ten largest markets show a lower vacancy rate, thanks to the
support o three ICEE markets. The metros ranked 11th to 2nd in size
(Toronto, Denver, Northern New Jersey, Detroit, Phoenix, Cleveland, Seattle,
Pittsburgh, Minneapolis, Central New Jersey, Charlotte and Baltimore) have
an average vacancy rate o 14.1 percent, 85 basis points lower than the aver-
age or the U.S.
The highest vacancies are concentrated in Caliornia and the Northeast.
Approximately one-third o the markets have an average vacancy rate above
15 percent. O these 27 markets, seven are located in Caliornia and ve arelocated in the Northeast, where FIRE is the primary oce demand driver.
ICEE drives much o major market absorption. Only two markets had
in excess o 1 MSF o net absorption, and both were ICEE markets:
Houston and Calgary. Only eight metros had net oce absorption in ex-
cess o 500,000 square eet (Calgary, Houston, Toronto, Seattle, Atlanta,
NY Midtown Manhattan, NY Downtown Manhattan, and Philadelphia),
and hal o these were ICEE markets.
Investors should look beyond the core, as secondary markets show
some strength, driven by ICEE, manuacturing and agriculture. Only 19
o the 60 markets that contain less than 100 MSF o inventory saw neg
tive absorption. This trend suggests that, despite the strategy o insti
tional capital which pursues properties in core markets with at least 1
MSF o oce inventory, investors should begin to look beyond the 7/
(the core 11 markets in 7 states). Oce demand in secondary marksuch as Raleigh and the Silicon Valley is being driven by ICEE, but beyo
these markets much o the demand is being ueled by a more traditio
set o drivers. A boom in agriculture and manuacturing growth is stim
lating some oce demand in markets such as Boise, Charlotte, Gra
Rapids, Indianapolis, Louisville and Nashville.
High Oce CMBS Delinquencies Set the Stage The volume and tenor
transaction activity is set to change, as the wave o maturing oce d
creeps into ocus. The news remains disconcerting. The delinquency r
or U.S. commercial real estate loans in CMBS increased another 12 ba
points in April to 9.3 percent, as reported by TREPP. The value o del
quent loans is now $58.1 billion. The oce property delinquency rate wup 85 basis points, setting a new all-time high o 10.23 percent.
In many cases, the shit in oce demanddrivers rom FIRE to ICEE has been the engineo growth or these stand-out markets.
US GDP PRE-/ FINANCIAL CRISIS THROUGH Q
Q2
Q3
Q4
Q12011
Q2
Q3
Q4
Q3
Q12009
Q2
Q2
Q4
Q3
Q12008
Q12007
Q2
Q3
Q4
Q12010
Q4
Q12012
-8
-10
-6
-4
-2
0
2
4
6
1.8
3
1.81.3
2.32.5
3.83.93.8
1.71.3
1.7
33.6
-6.7
-8.9
-3.7
-1.8 -0.7
0.40.5
Source: Trepp
DELINQUENCY RATES BY PROPERTY TYPE
APR - MAR - FEB - MO MO YR
Industrial 12.36 12.54 12.37 12.14 11.59 10.76
Lodging 10.55 10.63 11.05 12.09 14.12 15.45
Multiamily 15.18 15.39 14.65 15.39 16.73 16.77
Oce 10.23 9.41 9.04 8.90 8.95 7.20
Retail 7.98 8.24 8.00 7.88 7.61 8.15
Overall 9.80 9.68 9.37 9.52 9.77 9.65
-
7/31/2019 NA Office Highlights Q1 2012
4/16P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERICA
Stabilized and Distressed Sales Set Two Very Diferent Pricing Benchmarks The ICEE markets
will continue to attract a disproportionate share o investment capital slated or oce properties
in 2012, thanks to positive absorption, declining vacancy and strong oce-related job growth. But
unlike the distinction in demand between FIRE and ICEE, there is another story o extreme biur-
cation in transaction volume and pricing: the split between the highly valued stabilized assets in
core markets and the distressed and overleveraged properties working their way through debt
restructuring.
Institutional capital is still ocused on stabilized assets in core markets, regardless o the oce
demand drivers, with transaction activity concentrated in a ew major markets; New York,
Washington, D.C., Chicago, Boston, Houston, Los Angeles, San Francisco, Seattle, Dallas, Atlanta
and Denver were all markets with more than $1.5 billion in oce transaction activity in 2011 and
they continue to lead investment activity in Q1 2012, according to data rom Real Capital Analytics.
Much o the institutional investment in Atlanta and Chicago represents opportunistic distressed
asset investment by those wishing to capitalize on overleveraged CMBS oce debt maturities and
deaults. The remaining eight markets represent the core nancial service, technology and energy
markets. Institutional capital believes these eight markets have the most compelling metrics and
yield or investment objectives.
Two recent oce transactions illustrate the pricing dichotomy between stabilized properties incore markets and distressed or overleveraged properties.
$550 per square oot or Seattles 872,000-square-oot Russell Investment Center
$101 per square oot or Minneapolis 1.1-million-square-oot Fith Street Towers oce complex
The Russell Investment Center in Seattle, built in 2006, was originally the corporate headquarters
o Washington Mutual. As allout o the nancial crisis, the property was let without a tenant. In
2009, Northwest Mutual paid $132 per square oot or this mostly vacant CBD Seattle oce build-
ing. Since then, the property attracted investment-grade tenants leasing up 95% o its available
space. In three years, Northwest Mutual more than quadrupled its investment. This transaction
shows the high price that institutional capital will pay or a prime property in a core marketsales
above $500 per square oot are no longer atypical in Boston, Houston and Seattlewhere there iscertainty o cash-fow stability. This kind o turnaround story is what investors in the over-lever-
aged Atlanta, Charlotte, Chicago and Phoenix markets are anticipating.
The Minneapolis Fith Street Towers oce complex exemplies a very dierent type o transaction.
This 1.1 MSF 1985 vintage property was purchased in a oreclosure auction sale with an occupancy
that had allen to 60 percent. The $101 per square price shows the relatively low ceiling that in-
vestment capital is willing to pay or over-leveraged and distressed oce assets requiring both
urther unds and considerable management expertise in order to re-stabilize.
Absorption dipped
slightly below
expectations in the
beginning o .
We attribute much
o this to the
post-holiday slump
in leasing activity.
U.S. OFFICE MARKET Q Q
Q4
2011
Q12012
Q32011
Q2
2011
Q12011
Q4
2010
Q32010
Q2
2010
Absorption Completions Vacancy
MillionSquareFeet
Vacancy(%)
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0016.32 16.29 16.26 15.03 14.9515.57 15.3616.11 15.14
-10
-5
0
5
10
15
20
Q12010
49%
45%
6%
Excluding renewals, of the leases signed
this quarter in your CBD/downtown,
did most tenants:
Contract
Expand
Holding Steady
What was the trend for Free Rent
(in Months) oered by CBD Landlords
this quarter?
82%
12% 6%
Same
Less More
What was the trend for Tenant
Improvement Allowances ($ per SF)
oered by Landlords this quarter?
85%
12% 3%
Same
Less More
Excluding renewals, of the leases
signed this quarter in your Suburbanoce market, did most tenants:
48%Expand 44%
Contract
8%
Holding Steady
-
7/31/2019 NA Office Highlights Q1 2012
5/16
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERI
COLLIERS INTERNATIONAL | P
The market must recalculate the amount ooce space required, and recalibrate in areasthat space demand has shited.
Rents and Oce Construction at a Crawl, but ICEE Markets Show Signs
o Lie Only 9.5 MSF o new supply was delivered in Q1 2012, just 0.2
percent o the total 6.3 billion square eet o existing oce inventory. The
lack o signicant oce construction has helped to bolster current oce
demand and will intensiy uture demand when it returns. Stabilized oce
markets with vacancy rates o 1015 percent and 1.52.0 percent job
growth require existing inventory to expand by approximately 2.0 percent to
maintain market equilibrium and keep rents rom rising. At such a growth
rate, the nation would require 122.8 MSFmore than eight times the cur-
rent new supply. With so little new supply in the pipeline, the stage is set or
continued improvement in oce vacancy, especially in the ICEE markets.
The markets that saw the most new deliveries o space in Q1 2012 were
New York, Calgary, Washington, D.C., Houston, Philadelphia, Baltimore and
Louisville.
In some cases, the absence o available properties in technology and energy
markets is stimulating new construction activity. This has caused an uptick
in Houstons oce construction, where 915,000 square eet o new supply
was delivered in Q1 2012. It has also spurred unexpected construction insome smaller markets. In the Raleigh market, or example, sotware
publisher SAS Institute announced in March that it will build anoth
213,000 square eet on its Cary campus later this year. SAS was not a
to nd existing expansion space. This is not the rst new construction
SAS. In 2011, it opened a 287,000 square oot building, and added 367 jo
When this latest building is completed in late 2014, SAS will add anot
650 oce workers to its existing 5,000 Cary, NC, employees.
This same kind o growth and demand or oce space is occurring in oth
technology and energy markets, such as Austin, Baltimore, Denver, S
Jose/Silicon Valley, Seattle and Portland.
Downtown Houston, TX; Source: Thinkstock.com
-
7/31/2019 NA Office Highlights Q1 2012
6/16
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERI
COLLIERS INTERNATIONAL | P
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
DEC. ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
NORTHEAST
Baltimore, MD 29,115,000 34,000 - 15.3 15.3 28,000
Boston, MA 61,047,000 - 1,810,000 15.8 15.4 153,000
Hartord, CT 9,715,000 - - 24.3 25.1 (35,000)
New York, NYDowntownManhattan
110,942,000 2,845,000 5,200,000 15.9 16.0 707,000
New York, NYMidtownManhattan
227,532,000 740,000 1,052,000 11.9 11.7 766,000
New York, NYMidtownSouth Manhattan
165,369,000 35,000 850,000 8.7 8.6 (53,000)
Philadelphia, PA 43,114,000 - - 11.4 11.6 (93,000)
Pittsburgh, PA 32,234,000 - - 10.3 9.8 (50,000)
Stamord, CT 19,273,000 - - 18.8 18.7 162,000
Washington DC 140,860,000 - 2,107,000 10.5 10.3 285,000
White Plains, NY 7,800,000 - - 14.3 14.8 (26,000)
NORTHEAST TOTAL/AVERAGE 847,001,000
3,654,000 11,019,000 12.2 12.1 1,844,000
SOUTH
Atlanta, GA 49,946,000 - 450,000 17.9 17.6 154,000
Charleston, SC 2,068,000 - - 7.6 9.0 (18,000)
Charlotte, NC 23,188,000 - - 11.1 11.3 37,000
Columbia, SC 4,964,000 - - 24.1 23.8 (30,000)
Dallas/Fort Worth, TX 45,550,000 - - 23.8 24.2 (175,000)
Ft. Lauderdale-Broward, FL 8,129,000 - - 16.6 16.1 68,000
Houston, TX 38,333,000 - - 16.6 14.3 267,000
Jacksonville, FL 15,902,000 - - 13.6 14.5 10,000
Little Rock, AR 6,538,000 - - 16.0 15.3 1,000
Louisville, KY 51,664,000 233,000 195,000 11.4 11.0 461,000
Memphis, TN 13,366,000 - - 18.2 18.1 56,000
Miami-Dade, FL 17,774,000 - - 20.9 20.5 72,000
Nashville, TN 8,114,000 530,000 90,000 22.7 22.9 1,000
Oklahoma City, OK 9,576,000 - 1,800,000 16.5 15.1 133,000
Orlando, FL 12,704,000 - - 13.1 11.8 164,000
Raleigh/Durham/ChapelHill, NC
12,338,000 - 402,000 5.8 5.7 (44,000)
Savannah, GA 747,000 - 72,000 16.9 15.1 13,000
Tampa Bay, FL 8,423,000 - - 14.3 14.0 1,000
West Palm Beach/PalmBeach County, FL
10,047,000 - - 18.2 18.5 (55,000)
SOUTH TOTAL/AVERAGE 339,371,000 763,000 3,009,000 16.4 16.0 1,116,000
-
7/31/2019 NA Office Highlights Q1 2012
7/16P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
DEC. ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
MIDWEST
Chicago, IL 158,755,000 - - 14.1 14.1 (35,000)
Cincinnati, OH 18,008,000 - - 17.8 17.8 (9,000)
Cleveland, OH 34,162,000 - 475,000 18.5 18.4 26,000
Columbus, OH 19,358,000 - - 10.9 10.9 6,000
Detroit, MI 32,988,000 - - 19.4 20.5 (243,000)
Grand Rapids, MI 5,457,000 - - 24.2 24.7 (37,000)
Indianapolis, IN 23,453,000 - - 13.6 13.8 (43,000)
Kansas City, MO 35,108,000 - - 13.0 13.1 (55,000)
Minneapolis, MN 32,612,000 - 62,000 14.6 13.8 271,000
Omaha, NE 6,382,000 - - 7.4 6.0 -
St. Louis, MO 27,494,000 - - 19.1 19.2 (17,000)
St. Paul, MN 13,638,000 - - 13.8 13.4 54,000
MIDWEST TOTAL/AVERAGE 407,415,000 - 537,000 15.2 15.2 (82,000)
WEST
Bakerseld, CA 3,010,000 - - 9.9 10.1 (10,000)
Boise, ID 3,697,000 - 260,000 12.0 11.6 2,000
Denver, CO 34,361,000 - 382,000 12.5 12.1 172,000
Fresno, CA 3,285,000 - - 12.0 12.0 -
Honolulu, HI 7,113,000 - - 14.0 14.1 (10,000)
Las Vegas, NV 4,183,000 - 129,000 12.7 13.3 (22,000)
Los Angeles, CA 31,943,000 - 257,000 18.0 17.8 (30,000)
Oakland, CA 16,892,000 - - 13.3 13.5 (28,000)
Phoenix, AZ 20,176,000 - - 20.7 22.2 (337,000)
Portland, OR 34,055,000 - 133,000 8.7 9.1 (129,000)
Reno, NV 3,921,000 - - 19.8 15.4 (1,000)
Sacramento, CA 19,038,000 - - 10.3 10.1 51,000
San Diego, CA 10,150,000 - - 19.8 20.0 20,000
San Francisco, CA 87,205,000 - 1,908,000 12.4 12.2 333,000
San JoseSilicon Valley 7,602,000 - - 23.5 24.6 (91,000)
Seattle/Puget Sound, WA 56,057,000 - 544,000 13.9 13.0 525,000
Stockton, CA 8,200,000 - - 19.9 19.7 30,000
Walnut Creek/Pleasanton, CA 12,637,000 - - 17.2 17.4 (24,000)
WEST TOTAL/AVERAGE 363,525,000 - 3,613,000 14.0 13.9 451,000
U.S. TOTAL/AVERAGE 1,957,312,000 4,417,000 18,178,000 13.9 13.7 3,329,000
-
7/31/2019 NA Office Highlights Q1 2012
8/16
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERI
COLLIERS INTERNATIONAL | P
UNITED STATES | DOWNTOWN OFFICE | CLASS A
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
VACANCYRATE (%)
DEC. ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
AVG ANNUALQUOTED RENT
(USD)MAR. ,
QUARTERLYCHANGE IN
RENT(%)
ANNUAL CHANIN RENT
(%)
NORTHEAST
Baltimore, MD 13,728,000 16.3 16.4 12,000 23.25 3.7% -3.7
Boston, MA 41,259,000 15.3 15.0 106,000 45.83 -4.0% -0.1
Hartord, CT 6,383,000 23.5 24.1 (44,000) 22.86 0.4% -0.6
New York, NYDowntown Manhattan 77,673,000 18.1 18.3 594,000 48.32 0.3% 25.6
New York, NYMidtown Manhattan 192,291,000 12.6 12.5 711,000 68.61 1.3% 8.3
New York, NYMidtown South Manhattan 32,865,000 7.8 8.1 (32,000) 49.22 0.8% 4.0
Philadelphia, PA 32,961,000 11.2 11.2 17,000 26.40 0.0% 1.1
Pittsburgh, PA 17,957,000 8.0 8.2 (36,000) 22.63 0.2% 0.4
Stamord, CT 13,300,000 19.9 20.0 (24,000) 38.99 -5.3% -3.1
Washington DC 85,274,000 12.7 12.1 583,000 52.80 -0.1% -0.3
White Plains, NY 4,969,000 16.7 17.3 (15,000) 31.63 -2.0% 5.6
NORTHEAST TOTAL/AVERAGE 518,660,000 13.6 13.5 1,872,000 52.78 0.3% 6.9
SOUTH
Atlanta, GA 29,994,000 19.5 19.3 84,000 22.92 0.8% 1.1
Charleston, SC 1,043,000 5.9 5.1 8,000 29.96 2.8% 4.2
Charlotte, NC 16,174,000 12.6 13.6 (66,000) 23.49 -3.2% -2.1
Columbia, SC 2,023,000 15.5 14.7 (8,000) 14.48 -24.4% -25.7
Dallas/Fort Worth, TX 28,056,000 20.4 21.1 (197,000) 25.00 0.0% -1.0
Ft. Lauderdale-Broward, FL 4,454,000 23.8 22.4 64,000 31.37 0.4% -2.4
Houston, TX 26,122,000 14.3 10.9 239,000 36.42 3.2% 6.5
Jacksonville, FL 6,830,000 19.5 19.5 (24,000) 19.36 1.3% 2.4
Little Rock, AR 2,636,000 10.0 10.2 (3,000) 15.68 0.5% -5.5
Louisville, KY 10,222,000 12.7 11.6 226,000 19.42 -4.8% -6.0
Memphis, TN 3,934,000 18.0 17.2 30,000 33.82 1.6% -2.8
Miami-Dade, FL 9,389,000 25.5 24.6 78,000 40.38 -2.1% -2.6
Nashville, TN 3,619,000 22.7 21.4 6,000 22.92 1.6% 1.1
Oklahoma City, OK 1,950,000 12.1 6.4 111,000 17.18 0.0% N
Orlando, FL 5,740,000 17.1 15.4 94,000 23.73 -1.4% 3.4
Raleigh/Durham/Chapel Hill, NC 4,902,000 7.0 6.9 (6,000) 24.00 6.4% -0.5
Savannah, GA 570,000 10.8 12.2 (8,000) 19.15 -0.3% N
Tampa Bay, FL 4,783,000 15.8 15.5 (9,000) 23.09 2.1% 2.5
West Palm Beach/Palm Beach County, FL 3,323,000 21.5 20.9 (6,000) 37.11 0.8% 0.6
SOUTH TOTAL/AVERAGE 165,764,000 17.3 16.6 613,000 26.26 0.2% 0.1
-
7/31/2019 NA Office Highlights Q1 2012
9/16P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | CLASS A
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
VACANCYRATE (%)
DEC. ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
AVG ANNUALQUOTED RENT
(USD)MAR. ,
QUARTERLYCHANGE IN
RENT(%)
ANNUAL CHAIN RENT
(%)
MIDWEST
Chicago, IL 60,452,000 14.9 15.4 (301,000) 37.27 0.5% -0.6
Cincinnati, OH 8,815,000 19.1 20.1 (92,000) 23.25 -0.5% 9.0
Cleveland, OH 9,728,000 12.9 12.1 81,000 21.65 4.7% 2.5
Columbus, OH 8,106,000 11.3 11.2 6,000 19.64 4.5% 2.0
Detroit, MI 11,513,000 15.8 19.1 (372,000) 22.50 0.2% -2.2
Grand Rapids, MI 1,542,000 23.2 23.6 (39,000) 20.90 -0.3% 0.1
Indianapolis, IN 9,929,000 18.9 19.1 (36,000) 19.29 0.7% -0.4
Kansas City, MO 10,270,000 16.5 17.7 (120,000) 19.23 -1.7% -1.6
Minneapolis, MN 14,162,000 12.7 11.8 137,000 15.08 0.0% N
Omaha, NE 3,418,000 3.6 3.6 3,000 19.87 3.0% 5.7
St. Louis, MO 10,678,000 15.0 16.9 (227,000) 17.53 -1.4% -5.5
St. Paul, MN 3,123,000 9.8 9.8 91,000 11.10 0.0% N
MIDWEST TOTAL/AVERAGE 151,736,000 14.8% 15.4 (869,000) 26.44 0.6% -5.7
WEST
Bakerseld, CA 670,000 3.8 5.0 (8,000) 17.40 0.0% 0.0
Boise, ID 2,057,000 7.6 8.2 (12,000) 19.08 2.5% 6.0
Denver, CO 21,064,000 12.6 11.4 243,000 28.52 1.7% 5.5
Fresno, CA 1,058,000 12.4 12.4 - 26.00 0.0% 5.7
Honolulu, HI 4,960,000 13.7 14.0 (17,000) 35.16 1.0% 0.3
Las Vegas, NV 808,000 9.1 11.2 (18,000) 30.60 -1.5% -12.1
Los Angeles, CA 17,750,000 15.4 15.2 (38,000) 38.40 -0.3% -0.3
Oakland, CA 10,198,000 11.7 11.7 12,000 31.56 -0.4% 1.2Phoenix, AZ 9,554,000 20.4 20.4 (2,000) 23.47 -0.4% -2.5
Portland, OR 13,206,000 7.1 7.9 (109,000) 25.07 -0.5% -1.3
Reno, NV 667,000 16.8 19.2 (5,000) 22.05 -4.3% -5.8
Sacramento, CA 9,062,000 9.1 8.7 24,000 32.27 -0.2% 0.4
San Diego, CA 7,254,000 16.9 17.7 (42,000) 28.20 -0.4% -1.7
San Francisco, CA 52,917,000 12.0 12.0 414,000 43.51 5.8% 21.0
San JoseSilicon Valley 3,365,000 29.1 29.2 (4,000) 31.80 -0.7% -1.9
Seattle/Puget Sound, WA 32,121,000 16.9 15.5 431,000 30.13 0.1% 3.4
Stockton, CA 2,769,000 30.0 29.8 1,000 20.40 -3.4% -5.6
Walnut Creek/Pleasanton, CA 8,234,000 15.2 15.2 (2,000) 27.60 0.4% 0.0
WEST TOTAL/AVERAGE 197,714,000 13.9 13.7 868,000 33.43 2.1% 7.2
US TOTAL/AVERAGE 1,033,874,000 14.4 14.3 2,484,000 40.96 0.6% 4.3
-
7/31/2019 NA Office Highlights Q1 2012
10/16P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | ALL INVENTORY
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
DEC ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
NORTHEAST
Baltimore, MD 65,087,000 194,000 - 14.4 14.3 195,000
Boston, MA 106,977,000 - 667,000 19.6 19.8 (442,000)
Faireld County, CT 41,560,000 - - 11.1 11.2 (9,000)
Hartord, CT 12,437,000 - - 18.0 17.5 66,000
Long Island, NY 71,209,000 - 96,000 10.7 10.3 247,000
New JerseyCentral 103,675,000 - - 16.1 16.7 (693,000)
New JerseyNorthern 137,832,000 - - 15.8 15.5 366,000
Philadelphia, PA 109,975,000 218,000 895,000 15.9 15.5 597,000
Pittsburgh, PA 93,053,000 141,000 575,000 8.0 7.9 329,000
Washington DC 305,036,000 330,000 3,893,000 14.7 15.1 (750,000)
Westchester County, NY 37,713,000 - - 12.4 12.8 (148,000)
NORTHEAST TOTAL/AVERAGE 1,084,554,000 883,000 6,126,000 14.5 14.6 (242,000)
SOUTH
Atlanta, GA 170,438,000 16,000 1,251,000 17.9 17.6 474,000
Charleston, SC 9,380,000 - - 15.5 16.2 (36,000)
Charlotte, NC 74,197,000 - 644,000 13.6 13.4 198,000
Columbia, SC 5,050,000 - - 25.5 26.5 (41,000)
Dallas/Fort Worth, TX 258,883,000 85,000 995,000 15.1 15.7 392,000
Ft. Lauderdale-Broward, FL 43,569,000 - - 14.1 13.9 62,000
Houston, TX 160,231,000 916,000 2,292,000 15.3 14.7 808,000
Jacksonville, FL 43,484,000 60,000 19,000 13.6 13.8 62,000
Little Rock, AR 7,433,000 - 182,000 10.5 13.5 (223,000)Memphis, TN 53,580,000 - - 14.1 14.9 (164,000)
Miami-Dade, FL 62,246,000 - 369,000 14.8 14.5 305,000
Nashville, TN 27,030,000 - 243,000 10.3 8.4 69,000
Oklahoma City, OK 23,861,000 320,000 - 9.2 8.6 28,000
Orlando, FL 56,622,000 134,000 280,000 15.0 14.8 264,000
Raleigh/Durham/Chapel Hill, NC 67,294,000 - 141,000 14.2 13.6 237,000
Savannah, GA 1,555,000 - - 24.7 22.2 40,000
Tampa Bay, FL 71,716,000 - 286,000 15.7 16.1 (249,000)
West Palm Beach/Palm Beach County, FL 28,408,000 - - 19.8 20.0 40,000
SOUTH TOTAL/AVERAGE 1,164,977,000 1,531,000 6,702,000 15.2 15.2 2,266,000MIDWEST
Chicago, IL 155,464,000 - 416,000 17.6 17.6 7,000
Cincinnati, OH 35,097,000 - 245,000 20.5 19.2 458,000
Cleveland, OH 94,728,000 210,000 1,081,000 10.3 10.4 194,000
Columbus, OH 43,683,000 140,000 50,000 12.6 12.5 (24,000)
Detroit, MI 99,620,000 - 58,000 20.9 20.5 250,000
Grand Rapids, MI 12,791,000 - - 23.1 26.0 100,000
Indianapolis, IN 44,733,000 - - 16.1 15.9 70,000
-
7/31/2019 NA Office Highlights Q1 2012
11/16
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERI
COLLIERS INTERNATIONAL | P
UNITED STATES | SUBURBAN OFFICE | ALL INVENTORY
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
DEC ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
Kansas City, MO 56,191,000 - 102,000 13.8 13.9 (82,000)
Minneapolis, MN 83,345,000 - 467,000 13.8 13.7 121,000
Omaha, NE 20,470,000 - 679,000 12.9 12.3 133,000
St. Louis, MO 55,304,000 - - 12.5 10.8 47,000
MIDWEST TOTAL/AVERAGE 701,426,000 350,000 3,098,000 15.5 15.4 1,274,000
WEST
Bakerseld, CA 5,975,000 - - 8.1 7.8 26,000
Boise, ID 10,883,000 - - 21.4 19.2 231,000
Denver, CO 103,618,000 - 185,000 15.1 15.0 108,000
Faireld, CA 4,708,000 - - 23.7 23.5 12,000
Fresno, CA 17,981,000 6,000 10,000 13.5 13.2 69,000
Honolulu, HI 7,513,000 - - 13.1 13.1 2,000Las Vegas, NV 35,089,000 9,000 5,000 26.3 26.4 (18,000)
Los AngelesInland Empire, CA 21,558,000 - 140,000 23.3 23.2 23,000
Los Angeles, CA 168,450,000 - 1,123,000 18.3 18.3 95,000
Oakland, CA 16,066,000 - 97,000 17.6 18.6 (107,000)
Orange County, CA 80,682,000 - 380,000 18.8 18.6 (282,000)
Phoenix, AZ 110,351,000 210,000 236,000 22.0 22.0 152,000
Portland, OR 43,962,000 28,000 385,000 12.5 11.9 294,000
Reno, NV 6,934,000 - - 19.7 16.9 1,000
Sacramento, CA 72,687,000 72,000 235,000 19.4 19.4 63,000
San Diego, CA 68,066,000 4,000 249,000 14.7 14.3 255,000San Francisco Peninsula 35,123,000 - - 12.5 12.5 (5,000)
San JoseSilicon Valley 53,922,000 - 447,000 14.9 13.9 367,000
Seattle/Puget Sound, WA 72,785,000 - 426,000 13.1 12.9 124,000
Walnut Creek/Pleasanton, CA 32,942,000 - - 15.0 14.7 96,000
WEST TOTAL/AVERAGE 969,295,000 329,000 3,918,000 17.4 17.2 1,506,000
U.S. TOTAL/AVERAGE 3,920,252,000 3,093,000 19,844,000 15.6 15.5 4,804,000
-
7/31/2019 NA Office Highlights Q1 2012
12/16P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | CLASS A
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
VACANCYRATE (%)
DEC. ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
AVERAGE ANNUALQUOTED RENT (USDPSF) MAR ,
QUARTERLYCHANGE IN RENT
(%)
ANNUALCHANGE I
RENT(%)
NORTHEAST
Baltimore, MD 26,571,000 15.1 15.3 (13,000) 25.41 -1.1% -1.7
Boston, MA 44,915,000 17.3 17.4 81,000 26.74 1.1% 2.2
Faireld County, CT 17,480,000 12.2 12.0 (70,000) 37.86 17.0% 24.0
Hartord, CT 7,408,000 18.9 17.2 352,000 20.68 -1.3% 1.1
Long Island, NY 23,008,000 12.1 11.7 49,000 30.03 0.4% N/
New JerseyCentral 60,629,000 17.3 17.9 (13,000) 22.95 0.9% 0.8
New JerseyNorthern 83,843,000 14.6 14.3 81,000 23.39 -1.3% -5.2
Philadelphia, PA 67,281,000 15.3 14.9 (70,000) 24.33 1.3% 1.1
Pittsburgh, PA 17,300,000 8.1 7.6 352,000 22.69 1.7% 8.6
Washington DC 134,615,000 15.3 15.5 49,000 32.29 2.8% 3.0
Westchester County, NY 18,276,000 14.9 16.4 (13,000) 27.05 -0.6% -1.3
NORTHEAST TOTAL/AVERAGE 501,326,000 15.1 15.2 785,000 27.14 1.8% 2.3
SOUTH
Atlanta, GA 78,622,000 17.4 17.2 352,000 21.64 -0.5% -1.5
Charleston, SC 3,943,000 10.8 11.5 49,000 23.13 -2.8% 0.3
Charlotte, NC 18,451,000 16.0 15.6 (13,000) 21.64 0.7% 7.1
Columbia, SC 888,000 12.9 13.2 81,000 17.46 1.3% 0.6
Dallas/Fort Worth, TX 91,879,000 16.9 17.0 (70,000) 25.00 1.0% 1.0
Ft. Lauderdale-Broward, FL 10,739,000 20.0 19.1 352,000 27.68 -0.5% -3.0
Houston, TX 67,598,000 14.4 12.4 49,000 28.86 5.6% 7.2
Jacksonville, FL 9,204,000 8.8 10.4 (13,000) 19.98 -1.6% 1.8
Little Rock, AR 2,847,000 12.3 19.1 81,000 19.14 3.3% 3.3
Memphis, TN 15,952,000 8.4 8.5 (70,000) 43.34 0.2% 1.9
Miami-Dade, FL 15,568,000 21.3 20.0 352,000 31.50 0.1% -1.5
Nashville, TN 13,484,000 6.8 5.3 49,000 21.83 -0.1% -2.3
Oklahoma City, OK 2,669,000 12.6 8.8 (13,000) 19.91 9.8% N/
Orlando, FL 16,855,000 19.7 19.1 81,000 21.99 0.0% -2.5
Raleigh/Durham/Chapel Hill, NC 25,677,000 16.4 15.9 (70,000) 21.53 -1.9% -0.7
Savannah, GA 490,000 28.0 22.6 352,000 22.62 0.0% N/
Tampa Bay, FL 23,476,000 16.4 17.3 49,000 23.03 -1.1% -0.1
West Palm Beach/Palm Beach County,FL
9,175,000 17.9 19.1 (13,000) 30.14 -1.4% -0.3
SOUTH TOTAL/AVERAGE 407,517,000 15.9 15.5 1,585,000 24.36 1.1% 1.1
MIDWEST
Chicago, IL 75,536,000 18.2 18.2 (70,000) 27.30 0.4% -0.1
Cincinnati, OH 14,897,000 23.3 19.4 352,000 20.37 -0.6% 1.0
Cleveland, OH 13,174,000 10.9 10.5 49,000 21.23 -2.4% -1.6
Columbus, OH 17,977,000 10.7 10.7 (13,000) 18.31 4.9% 5.6
Detroit, MI 25,548,000 19.6 19.1 81,000 21.33 -0.8% -3.7
-
7/31/2019 NA Office Highlights Q1 2012
13/16
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERI
COLLIERS INTERNATIONAL | P
UNITED STATES | SUBURBAN OFFICE | CLASS A
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
VACANCYRATE (%)
DEC. ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
AVERAGE ANNUALQUOTED RENT (USDPSF) MAR ,
QUARTERLYCHANGE IN RENT
(%)
ANNUALCHANGE I
RENT(%)
Grand Rapids, MI 958,000 30.5 28.6 (70,000) 19.33 0.5% 3.4
Indianapolis, IN 12,403,000 19.7 19.5 352,000 18.11 -1.1% -5.8Kansas City, MO 14,932,000 13.8 13.7 49,000 20.25 -0.6% -1.7
Minneapolis, MN 25,466,000 15.3 15.0 (13,000) 14.17 2.2% N/
Omaha, NE 4,141,000 5.6 5.4 81,000 25.63 -0.6% -1.5
St. Louis, MO 26,028,000 13.4 10.0 (70,000) 22.01 -0.9% 0.9
MIDWEST TOTAL/AVERAGE 231,060,000 16.5 15.7 728,000 22.09 0.2% -3.5
WEST
Bakerseld, CA 2,698,000 5.5 4.8 352,000 24.00 0.0% 0.0
Boise, ID 4,620,000 24.4 21.2 49,000 17.10 0.3% -5.0
Denver, CO 33,601,000 13.3 13.1 (13,000) 22.77 3.2% 5.9
Faireld, CA 1,837,000 24.9 23.6 81,000 26.08 4.0% 2.0
Fresno, CA 3,943,000 18.7 20.2 (70,000) 25.20 0.0% 0.0
Las Vegas, NV 5,079,000 36.8 35.0 352,000 29.36 -1.5% -6.4
Los AngelesInland Empire, CA 5,054,000 28.3 27.2 49,000 23.04 0.0% -4.5
Los Angeles, CA 102,115,000 18.3 18.1 (13,000) 33.48 0.0% -3.1
Oakland, CA 3,771,000 20.7 22.7 81,000 26.28 -1.4% 1.4
Orange County, CA 32,835,000 19.7 20.2 (70,000) 22.92 -10.7% -12.0
Phoenix, AZ 30,352,000 24.7 24.3 352,000 22.88 -0.3% -3.7
Portland, OR 10,815,000 15.1 14.5 49,000 23.46 -0.8% 1.0
Reno, NV 799,000 17.9 19.5 (13,000) 16.69 -16.7% -16.2
Sacramento, CA 16,060,000 22.9 23.7 81,000 22.38 -0.7% -5.2
San Diego, CA 23,975,000 13.3 12.4 (70,000) 31.68 0.4% 0.4
San Francisco Peninsula 22,262,000 10.7 11.5 352,000 41.88 10.8% 26.4
San JoseSilicon Valley 26,235,000 15.6 14.3 49,000 36.96 2.3% 8.5
Seattle/Puget Sound, WA 26,672,000 15.0 14.8 (13,000) 31.47 0.4% 1.3
Walnut Creek/Pleasanton, CA 16,238,000 12.2 12.6 81,000 23.76 5.3% 4.2
WEST TOTAL/AVERAGE 368,961,000 17.6 17.4 1,666,000 29.27 0.7% 0.7
U.S. TOTAL/AVERAGE 1,508,864,000 16.2 15.9 4,764,000 26.14 1.1% 0.7
-
7/31/2019 NA Office Highlights Q1 2012
14/16P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERICA
CANADA | DOWNTOWN OFFICE | ALL INVENTORY
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
SF
VACANCYRATE (%)
DEC. ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
Calgary, AB 38,591,000 950,000 1,791,000 4.5 4.2 859,000
Edmonton, AB 11,284,000 - - 11.1 10.7 27,000
Guelph, ON 383,000 - 12,000 15.4 10.8 17,000
Haliax, NS 4,693,000 5,000 100,000 11.8 13.2 (61,000)
Montral, QC 49,429,000 - 304,000 5.6 5.4 77,000
Ottawa, ON 15,527,000 - 360,000 6.1 6.2 (15,000)
Regina, SK 3,434,000 - 280,000 1.7 1.7 (1,000)
Saskatoon, SK 2,099,000 - 230,000 2.4 1.8 13,000
Toronto, ON 70,273,000 - 1,573,000 5.1 4.1 349,000
Vancouver, BC 24,384,000 - 1,143,000 3.5 3.8 (97,000)
Victoria, BC* 4,938,000 - - 7.7 7.7 -
Waterloo Region, ON 3,597,000 - 176,000 12.6 11.3 45,000
CANADA TOTAL/AVERAGE 228,632,000 955,000 5,969,000 5.5 5.2 1,213,000
CANADA | DOWNTOWN OFFICE | CLASS A
MARKET
EXISTINGINVENTORY (SF)MAR. ,
VACANCYRATE (%)DEC. ,
VACANCYRATE (%)MAR. ,
ABSORPTIONQ
(SF)
AVG ANNUALQUOTED RENT
(CAD PSF)MAR. ,
QUARTERLYCHANGEIN RENT
(%)
ANNUALCHANGEIN RENT
(%)
Calgary, AB 25,757,000 1.5 1.9 858,000 58.00 4.7% 46.8%
Edmonton, AB 8,879,000 9.1 8.7 24,000 41.43 3.8% 5.6%
Guelph, ON 203,000 0.0 0.0 - 23.10 0.0% 0.0%
Haliax, NS 1,934,000 7.0 10.3 (57,000) 32.36 1.7% 0.0%
Montral, QC 23,076,000 5.2 5.1 18,000 42.00 0.0% 13.5%
Ottawa, ON 9,536,000 5.8 5.8 - 48.36 0.0% -0.1%
Regina, SK 875,000 1.9 1.9 - 38.90 5.1% 4.9%
Saskatoon, SK 492,000 0.9 0.9 - 37.00 0.0% 8.8%
Toronto, ON 37,315,000 5.2 4.6 340,000 53.66 0.7% -3.6%
Vancouver, BC 9,990,000 2.4 2.4 (15,000) 55.00 0.9% 2.8%
Victoria, BC* 821,000 7.5 7.5 - 37.78 0.0% N/A
Waterloo Region, ON 1,427,000 6.7 4.7 28,000 25.92 0.2% 11.9%
CANADA TOTAL/AVERAGE 120,305,000 4.6 4.4 1,196,000 50.13 1.8% 9.1%
* Victoria, BC year end is Q
-
7/31/2019 NA Office Highlights Q1 2012
15/16
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERI
COLLIERS INTERNATIONAL | P
CANADA | SUBURBAN OFFICE | ALL INVENTORY
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
DEC. ,
VACANCYRATE (%)
MAR. ,
ABSORPTIONQ
(SF)
Calgary, AB 23,800,000 - 1,214,000 9.4 8.4 329,000
Edmonton, AB 8,993,000 85,000 279,000 13.0 11.9 137,000
Guelph, ON 1,383,000 - - 4.4 4.7 (4,000)
Haliax, NS 6,668,000 256,000 130,000 10.0 11.9 101,000
Montral, QC 23,771,000 - 298,000 9.8 8.6 182,000
Ottawa, ON 21,008,000 36,000 122,000 8.1 8.5 (97,000)
Regina, SK 678,000 - - 0.1 0.1 -
Toronto, ON 68,278,000 104,000 664,000 7.0 6.5 454,000
Vancouver, BC 27,678,000 200,000 1,141,000 10.9 11.2 82,000
Victoria, BC* 3,593,000 - 95,000 9.1 9.1 -
Waterloo Region, ON 6,732,000 322,000 207,000 12.9 12.0 329,000
CANADA TOTAL/AVERAGE 192,582,000 1,003,000 4,150,000 8.9 8.5 1,513,000
CANADA | SUBURBAN OFFICE | CLASS A
MARKET
EXISTINGINVENTORY (SF)
MAR. ,
VACANCYRATE (%)DEC. ,
VACANCYRATE (%)MAR. ,
ABSORPTIONQ
(SF)
AVERAGE ANNUALQUOTED RENT
(CAD PSF)MAR. ,
QUARTERLYCHANGEIN RENT
(%)
ANNUAL CHANGIN RENT
(%)
Calgary, AB 11,104,366 7.8 6.6 145,792 42.00 2.4% 13.5
Edmonton, AB 847,668 3.0 4.0 - 25.96 0.6% 1.4
Guelph, ON 2,739,210 8.6 9.7 (8,440) 29.48 4.8% 4.1
Haliax, NS 13,336,192 8.0 7.1 28,702 28.00 0.0% -6.7
Montral, QC 11,980,116 8.5 8.6 124,861 31.26 0.0% -4.3
Ottawa, ON 677,530 0.1 0.1 (18,493) 28.50 0.0% 0.0
Regina, SK 31,029,906 8.3 7.1 - 29.57 0.7% -2.8
Toronto, ON 13,426,379 11.5 12.2 238,752 36.25 0.7% -5.8
Vancouver, BC 817,488 8.7 8.7 52,594 40.00 0.0% N/
Victoria, BC* 3,174,920 16.3 16.3 - 24.20 -0.7% 5.1
Waterloo Region, ON 89,133,775 8.8 8.4 270,813 31.98 0.8% 0.4
Canada Total 89,133,775 8.8 8.4 834,581 31.98 0.8% .4%
Inventory Includes all existing multi- or single-
tenant leased and owner-occupied oce properties
greater than or equal to , square eet (netrentable area). In some larger markets this minimum
size threshold may vary up to , square eet.
Does not include medical or government buildings.
Vacancy Rate Percentage o total inventory
physically vacant as o the survey date, including
direct vacant and sublease space.
Absorption Net change in physically occupied
space over a given period o time.
New Supply Includes completed speculative and
build-to-suit construction. New supply quoted on a
net basis ater any demolitions or conversions.
Annual Quoted Rent Includes all costs associated
with occupying a ull foor in the mid-rise portion o
a Class A building, inclusive o taxes, insurance,maintenance, janitorial and utilities (electricity
surcharges added where applicable). All oce rents
in this report are quoted on an annual, gross persquare oot basis. Rent calculations do not include
sublease space.
Cap Rate (Or going-in cap rate) Capitalization
rates in this survey are based on multi-tenant
institutional grade buildings ully leased at marketrents. Cap rates are calculated by dividing net
operating income (NOI) by purchase price.
Note: SF = square eetMSF = million square eet
PSF = per square oot
CBD = central business district
Glossary
* Victoria, BC year end is Q
-
7/31/2019 NA Office Highlights Q1 2012
16/16
HIGHLIGHTS | Q1 2012 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL
Union Street, Suite Seattle, WA
TEL +
FOR MORE INFORMATION
K.C. Conway
EMD Market Analytics | USA
TEL +
EMAIL [email protected]
Je SimonsonSenior Research Analyst | USA
TEL +
EMAIL [email protected]
Cli Plank
National Director | GIS & Mapping
TEL +
EMAIL [email protected]
Lauren Chlebowski
Global Brand Designer | Global Marketing
James Cook
Director o Research | USA
TEL +
EMAIL [email protected]
oces in countries on continents
United States: Canada:
Latin America:
Asia Pacic: EMEA:
$1.8 billion in annual revenue
1.25 billion square feet undermanagement
Over 12,300 professionals
Copyright Colliers International.
The inormation contained herein has been obtained
rom sources deemed reliable. While every reasonable
eort has been made to ensure its accuracy, we cann
guarantee it. No responsibility is assumed or any
inaccuracies. Readers are encouraged to consult their
proessional advisors prior to acting on any o the
material contained in this report.
Accelerating success
UNITED STATES | OFFICE INVESTMENT
MARKET
CBD SALESPRICE
(USD PSF)
CBDCAP RATE
(%)
SUBURBANSALES PRICE
(USD PSF)
SUBURBANCAP RATE
(%)
Atlanta, GA 100.00 8.20 131.00 9.00
Baltimore, MD 112.09 9.50
Boston, MA 474.00 5.50 107.00 8.50
Charleston, SC 250.00 8.00 135.00 11.00
Chicago, IL 350.00 6.50 225.00 7.25
Cincinnati, OH 125.00 9.75 137.50 9.50
Dallas/Fort Worth, TX - - 140.00 7.90
Denver, CO 238.00 6.50 179.00 8.00
Detroit, MI 35.00 47.50
Faireld County, CT - - 95.00 8.00
Fresno, CA 105.00 9.00 140.00 8.50
Ft. Lauderdale-Broward, FL 234.00 141.00
Grand Rapids, MI 125.00 9.20 110.00 9.00
Hartord, CT 112.00 8.90 -
Houston, TX - - 125.00 8.00
Indianapolis, IN 160.00 8.10 145.00 7.30Las Vegas, NV - - 116.00 -
Little Rock, AR 88.00 9.50 110.00 9.25
Long Island, NY - - 210.29 7.58
Los Angeles - Inland Empire, CA - - 175.00 8.00
Los Angeles, CA 250.00 6.60 225.00 8.60
Miami-Dade, FL - - 141.00
Minneapolis, MN - - 127.67 8.00
Nashville, TN 94.42 - 106.65
New Jersey - Central - - 120.86 8.05
New Jersey - Northern - - 188.55 7.42
New York, NY - Downtown Manhattan 290.00 5.00 - -
New York, NY - Midtown Manhattan 741.00 4.70 - -
New York, NY - Midtown South Manhattan 413.00 5.00 - -
Oakland, CA - 8.00 110.49 9.00
Oklahoma City, OK 64.00 - 81.33 10.24
Orange County, CA - - 300.00 7.00
Orlando, FL 205.00 9.00 150.00 8.20
Philadelphia, PA 130.00 8.00 162.00 8.00
Phoenix, AZ 60.00 77.00 8.30
Pittsburgh, PA 120.00 8.26 110.00 8.50
Portland, OR 313.34 77.33
San Diego, CA 79.26 230.27 7.00
San Francisco Peninsula 250.00 6.50
San Francisco, CA 418.00 6.00
San Jose - Silicon Valley 350.00 6.00Savannah, GA 150.00 9.50 120.00 9.75
Seattle/Puget Sound, WA 298.48 7.68 184.45 7.53
St. Louis, MO 95.00 9.25 130.00 8.50
Stamord, CT 350.00 8.00 - -
Stockton, CA 142.50 8.60 - -
Tampa Bay, FL - - 116.00 9.00
Walnut Creek/Pleasanton, CA 120.00 8.00 90.00 8.50
Washington DC 650.00 5.75 240.00 7.25
West Palm Beach/Palm Beach County, FL 73.00 - 133.00 -
Westchester County, NY - - 133.00 8.00
White Plains, NY 350.00 8.00 - -