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Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
Colliers global office report first half 2010
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Colliers global office report first half 2010

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  • 1. GLOBAL OFFICE REAL ESTATE REVIEW FIRST HALF 2010 Accelerating success.
  • 2. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2010 Colliers International. All rights reserved.
  • 3. TABLE OF CONTENTS GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 www.colliers.com GLOBAL MARKET ANALYSIS AND FORECASTS Global Summary and Regional Synopses 1–6 GLOBAL OFFICE MARKETS Europe, Middle East & Africa (EMEA) 7–8 North America 8–9 Asia Pacific and Latin America 9 CONSTRUCTION AND VACANCY EMEA 10 – 11 North America 11 – 12 Asia Pacific and Latin America 12 CENTRAL BUSINESS DISTRICT SURVEY EMEA – Occupancy Costs 13 – 14 North America – Occupancy Costs 14 – 15 Asia Pacific and Latin America – Occupancy Costs 15 EMEA – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 16 – 17 North America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 17 – 18 Asia Pacific and Latin America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 18 SUBURBAN/OUT-OF-TOWN SURVEY EMEA – Occupancy Costs 19 – 20 North America – Occupancy Costs 20 – 21 Asia Pacific and Latin America – Occupancy Costs 21 EMEA – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 22 – 23 North America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 23 – 24 Asia Pacific and Latin America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates 24 Glossary 25 RESEARCH CONTACTS AMERICAS EUROPE/MIDDLE EAST/AFRICA Andreas Trumpp Felice Spark Ross Moore Thomas Grounds Germany Australia/New Zealand USA EMEA andreas.trumpp@colliers.com felice.spark@colliers.com ross.moore@colliers.com thomas.grounds@colliers.com ASIA PACIFIC Yumiko Yasuda Wayne Duong Mark Charlton Simon Lo Japan Canada United Kingdom Asia yumiko.yasuda@colliers.com wayne.duong@colliers.com mark.charlton@colliers.com simon.lo@colliers.com Mario Rivera Roger Renaud Amit Oberoi Latin America France India mario.rivera@colliers.com roger.renaud@colliers.com amit.oberoi@colliers.com Cover photo: Singapore (Photos.com)
  • 4. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 Demand for Office Space Slowly Returning OFFICE CONSTRUCTION – TOP 50 CITIES Investors Already Bidding up Prices in Advance of a Turnaround UNDER CONSTRUCTION (MILLION SQUARE FEET) MARKET JUNE DEC. JUNE ROSS J. MOORE Chief Economist | USA (Ranked by June 2010) 2010 2009 2009 Shanghai 37.0 23.7 29.3 Office space markets around the world took another step towards returning Moscow 30.2 43.5 40.9 to normal in the latest six month period. Most regions showed increasing Dubai 28.0 24.0 27.1 signs that the worst of the global financial crisis had passed. Leasing activity Tokyo 23.1 11.5 11.5 was up significantly from the prior six month period. In particular, Asia Seoul 16.4 6.7 7.8 São Paulo 16.1 16.1 9.2 Pacific, Latin America and Canada all posted healthy growth rates and Abu Dhabi 12.9 13.1 9.3 showed signs of future expansion. The United States and much of Europe, Mexico City 12.5 11.3 9.5 however, chalked up another six month period of tepid demand. With the Riyadh 11.2 – 2.0 exception of Asia Pacific, all regions again reported higher vacancies while Beijing 9.3 9.9 11.5 Singapore 7.6 8.3 10.0 rents were more mixed. Midyear is almost certain to mark an inflection point Paris 7.5 11.8 17.2 for the global office market. In contrast to lukewarm letting conditions, Ho Chi Minh City 7.2 – – however, office investment sales activity in the first half of 2010 was up in Sofia 7.2 2.7 9.3 all regions. This suggests investors see a firming in market fundamentals in Saint Petersburg 6.9 3.4 4.1 Brussels 6.5 6.5 8.6 the coming months and are prepared to bid up prices. The outlook for the Jakarta 6.1 7.3 7.8 balance of 2010 and into 2011 is for continued signs of growth. The worst Washington, DC 5.6 6.0 9.7 appears to be behind us. Tallinn 5.0 0.06 0.2 Milan 4.9 – 3.9 Rio De Janeiro 4.5 3.6 3.2 EUROPE, MIDDLE EAST, AFRICA (EMEA) Chennai 4.1 2.1 4.2 Amidst a tepid recovery and marked by uneven economic growth, the EMEA Bangalore 4.0 5.4 4.7 Delhi 3.9 1.5 4.7 average vacancy rate rose to 12.6 percent at midyear. This was an increase Hamburg 3.8 5.3 4.8 of 0.3 percentage points since year-end and 1.3 percentage points over the Madrid 3.6 3.8 4.3 past 12 months, and brings the EMEA vacancy rate to nearly double the Amsterdam 3.5 2.7 3.0 year-end 2007 level. The rise in vacancy was felt across the region, but was Zurich 3.2 1.6 1.1 Frankfurt 3.1 3.9 3.8 particularly acute in Dubai, Riyadh, Sofia, Bucharest, Athens, Abu Dhabi, Calgary 3.0 4.5 6.5 Budapest, Johannesburg and Tirana, all of which saw their respective Istanbul 3.0 2.6 0.8 vacancy rates rise by at least four percentage points in the first half of 2010. Munich 2.9 5.2 7.9 Eighteen EMEA cities now register vacancy rates of 15 percent or higher Bucharest 2.9 3.2 3.2 New York – Downtown Manhattan 2.6 6.6 4.6 and eight markets have vacancy over 20.0 percent. While the trend for the Sydney 2.5 1.9 2.1 region is still up, vacancy rates in central London, Madrid, Dublin, Moscow, Seattle/Puget Sound 2.5 3.0 5.0 and Tel Aviv all fell during first half of the year. With vacancy showing signs London – City 2.5 2.4 5.3 of stabilizing, Class A rents reversed direction and increased by 1.4 percent Vienna 2.5 1.6 1.8 Bogotá 2.4 3.6 7.7 in the first half of 2010. This was on the heels of a 3.1 percent drop in the Houston 2.2 2.2 4.3 second half of last year. Notable cities registering increases in asking rents Copenhagen 2.2 2.0 1.6 included London, Paris, Tel Aviv, and Zurich. London again retained its Mumbai 2.1 – 9.0 position as the most expensive office market in the region, with current Boston 2.0 2.3 2.0 London – Docklands 1.9 1.9 0.7 average Class A asking rents in the West End sub-market at $130.00 USD Düsseldorf 1.7 2.2 3.7 per square foot per year (London City, London Southbank and London Perth 1.7 2.5 2.6 Docklands ranked second, fourth and fifth). Beyond London; Paris, Milan, Rome 1.7 – 0.9 Stockholm and Geneva rounded out the top five cities. Minsk 1.6 – 0.1 Athens 1.6 – 0.3 Dallas/Fort Worth 1.5 3.0 3.2 Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 1
  • 5. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 The amount of office space under construction at midyear end was GLOBAL VACANCY RATES (%) little changed from year-end when 180.2 million square feet was MONTH/ ASIA LATIN YEAR EMEA PACIFIC USA AMERICA underway. This suggests the slowdown in construction may be hitting Dec. 2003 11.3 13.4 15.1 15.2 bottom. It is unlikely that development will ramp up any time soon June 2004 10.7 12.4 14.9 12.4 which will help to bring vacancies down in the coming months and Dec. 2004 11.7 14.0 14.2 12.2 stabilize rents. June 2005 9.7 8.6 14.2 11.5 Dec. 2005 8.3 8.2 13.5 9.2 ASIA PACIFIC June 2006 8.0 7.6 13.1 7.3 The Asia Pacific region posted improved results during the first half of Dec. 2006 7.4 7.1 12.6 7.6 June 2007 6.8 7.7 12.4 5.2 2010 with the regional vacancy rate up just 10 basis points to 12.2 Dec. 2007 6.7 8.1 12.6 3.8 percent. The latest result comes after steady increases dating back to June 2008 7.1 7.7 13.2 2.6 year-end 2006 and leaves the region’s vacancy rate at levels Dec. 2008 8.5 8.7 14.2 2.7 experienced in early 2005. At the two extremes, Chinese vacancy June 2009 11.3 11.7 15.5 5.8 rates drifted lower while Australian cities generally recorded increased Dec. 2009 12.4 12.1 16.2 6.5 availability. June 2010 12.6 12.2 16.3 7.1 Chennai again posted the highest vacancy rate in the region at 22.5 percent, followed by Delhi, Bangalore, Canberra, Guangzhou, Ho Chi EMEA VACANCY RATES (%) Minh City and Bangkok, all with vacancy rates at or above 15 percent. MONTH/ LONDON – Hong Kong recorded the region’s lowest vacancy rate at just 4.0 YEAR WEST END PARIS FRANKFURT MOSCOW percent. After showing signs of hitting bottom in the latter half of Dec. 2003 11.7 4.6 15.0 6.7 2009, office rents moved modestly higher in the first half of 2010, June 2004 10.8 5.5 16.1 6.8 increasing an average of 4.5 percent. Cities recording significant Dec. 2004 10.7 5.7 17.7 6.6 June 2005 10.9 5.5 16.7 6.3 increases included Hong Kong, Sydney, Delhi, Singapore and Brisbane. Dec. 2005 8.8 5.8 16.7 5.8 Sizeable declines were limited to just two cities; Shanghai and June 2006 7.5 5.2 16.9 3.1 Bangkok. The Asia Pacific region remains characterized by high levels Dec. 2006 6.4 5.2 15.6 2.4 of office construction with Beijing, Guangzhou, Ho Chi Minh City, June 2007 5.2 5.0 15.3 2.6 Jakarta, Shanghai, Seoul, Singapore and Tokyo all with at least five Dec. 2007 4.1 4.8 15.2 4.5 million square feet of construction currently underway. Construction June 2008 5.4 5.0 15.3 1.0 in these eight cities totaled 133.7 million square feet at midyear. On Dec. 2008 6.1 5.4 14.7 9.5 the demand side, the region is expected to continue leading global June 2009 9.9 6.4 15.9 16.9 growth through 2010 and into 2011. China, Singapore, India and Dec. 2009 9.5 6.8 16.5 16.5 June 2010 9.4 7.0 17.3 14.6 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 ASIA PACIFIC VACANCY RATES (%) (average Class A gross rents) Hong Kong again took the top spot, both MONTH/ HONG within the region and the world at $161.00 USD per square foot per YEAR KONG SHANGHAI SYDNEY TOKYO year, with Tokyo second in the region (third spot worldwide) at Dec. 2003 13.8 11.0 9.5 8.0 $101.00 USD per square foot and Perth, Australia third at $64.00 per June 2004 10.0 10.0 10.3 7.5 square foot. Dec. 2004 6.2 7.2 11.2 7.0 June 2005 5.6 6.1 10.1 6.0 Looking to the end of 2010 and into 2011, Asia Pacific is anticipated to Dec. 2005 5.0 5.0 9.6 5.0 keep leading the global recovery and subsequently is expected to have June 2006 4.2 5.4 9.4 4.0 Dec. 2006 3.8 3.7 7.9 3.9 the best leasing markets of any of the four major regions. The June 2007 3.8 3.1 5.6 3.9 continued delivery of office space will act as a drag on any material Dec. 2007 1.7 2.5 3.7 2.5 growth in rents, however, a certain amount of pent up demand in June 2008 1.5 5.5 4.3 3.5 tandem with rapid growth should push rents materially higher by early Dec. 2008 4.0 10.3 5.4 4.0 2011. June 2009 5.1 14.1 7.8 6.5 Dec. 2009 5.1 14.8 8.1 7.5 June 2010 4.0 12.8 8.5 8.2 P. 2 | COLLIERS INTERNATIONAL
  • 6. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 UNITED STATES/CANADA GLOBAL OFFICE OCCUPANCY COSTS – TOP 50 CITIES Although the U.S economy finished the first half of the year on a CLASS A/PRIME SPACE sluggish note, leasing activity was relatively robust throughout the (USD PER SQUARE FOOT) January-June period. This helped to stabilize market fundamentals MARKET JUNE DEC. JUNE after a prolonged period of weakness. Despite this firming in (Ranked by June 2010) 2010 2009 2009 fundamentals, both Canadian and U.S. vacancies rose during the first Hong Kong 161.42 161.14 138.08 six months of the year although the latest increases were relatively London – West End 129.58 139.43 125.52 muted. Occupancies were mixed, with U.S. markets recording only Tokyo 100.76 101.24 101.57 mildly positive absorption while Canadian markets registered more London – City 94.17 99.46 90.83 substantial growth. Paris 91.82 83.19 81.53 Rio de Janeiro 87.91 95.62 80.12 London – Southbank 73.08 83.48 77.62 Combined with new construction, the overall U.S. vacancy rate rose by Perth 64.42 66.34 55.99 12 basis points to finish the first half of the year at 16.3 percent. With São Paulo 63.98 73.31 57.23 leasing activity up, rents began to stabilize, with downtown lease rates New York – Midtown Manhattan 62.76 62.37 69.70 little changed for the six month period but down 6.4 percent for the London – Docklands 61.77 72.82 67.71 year. Suburban lease rates, however, continued to drift lower falling a Mumbai 59.64 59.11 67.84 further 2.3 percent during the first half of 2010 and 4.1 percent over the Delhi 58.60 51.69 53.04 year. Canadian markets also began to show signs of strength in the first Milan 58.38 66.56 67.84 six months of the year, albeit by modest standards. Combined with Singapore 58.08 53.71 55.53 construction coming online, however, vacancies moved higher while Brisbane 58.05 43.54 63.97 rents were slightly lower. In contrast to the U.S., however, the Canadian Stockholm 55.91 58.13 55.13 Sydney 55.83 51.42 45.53 marketplace is set to benefit from significant job growth and a Geneva 55.63 55.47 53.90 commodity sector that continues to post robust growth. Across the Bristol 53.49 61.28 59.45 continent, Midtown Manhattan continued to hold the top spot for office Abu Dhabi 52.94 60.16 66.98 occupancy costs with average Class A rents of $63.00 USD per square Washington, DC 51.26 51.00 49.60 foot, followed by Washington at $51.26 USD and Toronto $51.07 USD. Birmingham 51.23 55.74 61.11 Edinburgh 51.23 54.95 57.80 The latest results reaffirms our view that the first half of 2010 was a Glasgow 51.23 52.56 56.15 period of transition from dramatically rising vacancies and falling rents Toronto 51.07 48.56 46.37 to more modest movements in both, and a possible reversal in the near Calgary 49.60 40.02 41.52 Manchester 48.97 59.50 56.15 to medium term. Calling into question the idea of a swift recovery, Frankfurt 46.28 60.70 59.53 Ottawa 46.26 47.17 41.96 Boston 45.51 47.90 50.10 Zurich 45.36 41.16 43.63 NORTH AMERICA VACANCY RATES (%) San Diego County 44.74 31.44 33.50 MONTH/ WASHINGTON, NEW YORK – TORONTO – SAN Kyiv 44.61 40.12 42.38 YEAR DC – CBD MIDTOWN CBD FRANCISCO Vancouver 43.69 44.79 38.06 Dec. 2003 7.8 11.8 11.7 16.9 Athens 43.56 – 29.76 June 2004 7.2 11.4 11.1 17.0 Rome 43.07 50.58 49.57 Dec. 2004 7.4 10.5 11.0 15.4 New York – Midtown S. Manhattan 42.42 40.59 51.30 Minsk 42.20 – 62.66 June 2005 6.7 9.6 10.1 14.6 Miami-Dade 42.01 43.25 43.50 Dec. 2005 7.3 8.0 9.2 13.2 Munich 40.84 48.75 49.35 June 2006 7.2 7.4 8.9 12.4 New York – Downtown Manhattan 39.82 38.85 48.60 Dec. 2006 7.1 6.5 8.0 11.6 Dubai 39.47 75.84 75.82 June 2007 7.2 6.4 5.2 11.1 Edmonton 39.19 41.35 40.48 Dec. 2007 7.4 6.8 4.6 9.9 Los Angeles 38.88 39.24 39.80 June 2008 7.9 8.2 4.0 10.4 Buenos Aires 38.59 24.31 40.48 Dec. 2008 7.8 10.2 4.0 12.6 Shanghai 37.86 39.41 39.41 June 2009 9.6 13.7 4.7 14.1 West Palm Beach/Palm Beach Co. 37.54 38.94 38.94 Dec. 2009 10.2 14.9 5.1 13.6 Stamford 37.02 – – June 2010 11.8 13.3 5.5 15.2 Madrid 36.75 43.16 43.86 Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 3
  • 7. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 however, is a noticeable downshift in the economy and still stubbornly LARGEST INCREASE IN VACANCY RATES – TOP 50 CITIES high unemployment rates. More encouraging, however, is the eight CHANGE IN VACANCY month long gain in private sector employment, suggesting the recent JUNE 2009-JUNE 2010 MARKET (Basis Points) improvement in office leasing activity may be sustainable. Stamford 1,758 White Plains 1,156 LATIN AMERICA Tirana 1,100 For the fourth consecutive six month period the Latin America region Lima 1,020 registered higher vacancies across most markets. The regional office Dubai 1,000 vacancy rate increased by 55 basis points during the first half of 2010 Riyadh 900 and comes on top of a 123 basis point increase in the latter half of Budapest 810 2009. Even with these increases the region’s vacancy rate remains Canberra 780 Sofia 760 relatively low with average vacancies of just 7.1 percent. With a vacancy Abu Dhabi 700 rate of less than 1.0 percent Rio de Janeiro again posted the lowest New Jersey – Northern 656 office vacancy rate in the region and indeed the world. The Latin New York – Downtown Manhattan 637 American region continues to register very robust growth rates. Led Bucharest 600 by Brazil with projected GDP growth of 7.8 percent in 2010 and 4.5 Johannesburg 575 percent in 2011, the rest of the region including Argentina, Peru, Chile Columbia 572 and Colombia, the region is home to some of the fastest growing Calgary 515 economies in the world. This growth is expected to soon reverse the Ho Chi Minh City 500 rise in vacancies and once again push rents higher. Athens 500 New Jersey – Central 496 Office construction remained concentrated in Mexico City and São Victoria 487 Paulo with 28.6 million square feet currently underway. In third spot Seattle/Puget Sound 486 was Rio de Janeiro with 4.5 million square feet under construction Belfast 450 which should help to relieve extremely tight leasing conditions. Rio de London – Docklands 400 Belgrade 390 Janeiro captured top spot as the most expensive office market in the Prague 370 region with average Class A gross rents of $88.00 USD per square Edmonton 355 foot (6th spot worldwide). Kitchener-Waterloo 353 Orange County 338 Washington, DC 333 Adelaide 330 Charlotte 234 Warsaw 230 LATIN AMERICA VACANCY RATES (%) Auckland 220 Seoul 218 MONTH/ MEXICO SãO BUENOS YEAR CITY PAULO AIRES BOGOTÁ Detroit 217 Dec. 2003 16.2 14.7 18.2 4.0 Singapore 210 June 2004 15.9 14.2 14.0 1.6 Bratislava 210 Los Angeles 206 Dec. 2004 15.4 15.5 9.9 2.1 Minsk 200 June 2005 16.5 14.8 7.6 2.1 Helsinki 200 Dec. 2005 13.1 11.0 3.0 1.8 Miami-Dade 193 June 2006 11.7 8.8 2.4 2.4 Perth 190 Dec. 2006 10.4 7.6 1.8 1.6 Düsseldorf 190 June 2007 8.0 5.9 2.9 1.3 Cincinnati 183 Dec. 2007 7.6 3.3 1.4 0.9 Edinburgh 180 June 2008 8.5 2.7 1.5 1.3 Zagreb 170 Dec. 2008 6.1 4.0 2.9 3.2 Buenos Aires 170 Tokyo 170 June 2009 5.1 5.7 6.2 7.3 Tampa 164 Dec. 2009 9.5 4.9 6.9 8.0 Pleasanton/Walnut Creek 164 June 2010 10.0 4.4 7.9 7.4 P. 4 | COLLIERS INTERNATIONAL
  • 8. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 GLOBAL INVESTMENT SALES COUNTRY GROWTH RATES Global office investment sales increased for the second consecutive six month period with first half 2010 sales totaling $58.4 USD billion. This CHANGE IN GROSS DOMESTIC PRODUCT (%) 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 COUNTRY 2010 2011 (Ranked by 2010) (Projected) (Forecast) was the most active region with office sales volume of $23.5 billion China 9.9 8.3 followed by Asia Pacific at $17.2 billion and the America’s at $14.1 billion. Singapore 8.4 4.5 India 8.0 8.1 Prices appear to be moving higher in all three major regions with Brazil 7.8 4.5 capitalization rates/yields shifting lower. EMEA capitalization rates in particular moved 119 basis points lower while EMEA yields dropped by 16 Taiwan 7.6 4.3 basis points and in the Americas cap rates dropped 56 basis points. This Argentina 6.8 4.0 would appear to mark a synchronized downward trend in yields and a Malaysia 6.8 4.0 corresponding uptrend in prices. A more robust global economy Peru 6.7 4.1 combined with improved financial markets is clearly boosting both Philippines 6.2 4.3 transaction volume and also pricing. While debt is still relatively difficult South Korea 5.9 4.0 to access, and much uncertainty still exists with respect to the Indonesia 5.6 5.9 sustainability of the current economic expansion, real estate markets Hong Kong 5.5 4.4 across the globe appear to be off the bottom and slowly returning to Chile 5.2 5.0 more normal levels. Cross-border investment, however, is still relatively Turkey 5.0 3.9 subdued with most investors focusing on their domestic market. Two Russia 4.8 4.0 markets bucking this trend, however, are the U.S. and U.K. which both Colombia 4.6 4.4 registered a slight increase in cross-border investment in the first half of Mexico 4.6 3.5 the year. Saudi Arabia 3.6 3.7 Canada 3.5 2.9 Slovakia 3.5 3.3 GLOBAL INVESTMENT SALES OFFICE PROPERTIES –TOP 20 CITIES Israel 3.2 3.3 Japan 3.2 1.6 FIRST HALF FIRST HALF CHANGE Sweden 3.2 2.7 2010 2009 2009-2010 Australia 3.1 3.3 MARKET (Million USD) (Million USD) (%) Poland 3.0 3.4 Tokyo 7,674 7,763 -1.1 United States 3.0 2.8 London 5,072 4,014 26.3 New Zealand 2.8 3.2 Paris 3,744 1,730 116.4 South Africa 2.8 3.7 New York 2,316 1,267 82.7 Switzerland 2.0 1.9 Washinton DC 2,181 671 225.0 Germany 1.9 1.6 Denmark 1.5 1.8 Hong Kong 1,955 844 131.6 Britain 1.4 1.9 Shanghai 1,792 766 134.0 France 1.4 1.4 San Francisco 1,478 383 285.8 Netherlands 1.4 1.5 Beijing 1,041 675 54.2 Belgium 1.3 1.4 Sydney 1,038 175 492.5 Norway 1.3 1.4 Seoul 952 1,753 -45.7 Austria 1.0 1.3 Berlin 935 415 125.4 Italy 1.0 1.0 Moscow 904 934 -3.2 Czech Republic 0.9 2.0 Boston 869 604 44.0 Finland 0.8 0.9 Estonia 0.5 3.1 Los Angeles 811 615 31.9 Ireland 0.1 0.1 Stockholm 788 313 151.7 Hungary -0.3 2.5 Toronto 778 216 259.6 Spain -0.4 0.5 Munich 749 312 139.9 Lithuania -1.8 2.3 Cologne 704 91 672.8 Latvia -2.3 3.0 Houston 651 134 386.2 Greece -4.8 -3.8 Source: Real Capital Analytics. Based on independent reports of properties and portfolios Blue = G7 Countries $10 million and greater. Source: Economist Intelligence Group August 2010 Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 5
  • 9. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 GLOBAL CAPITALIZATION RATES/INTIAL YIELDS – 50 LOWEST CITIES 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 CBD CAP RATE (%) $5.1 billion and Paris at $3.7 billion. Rounding out the top five were New MARKET JUNE DEC. JUNE York at number four with $2.3 billion in office trades and Washington at (Ranked by June 2010) 2010 2009 2009 $2.2 billion. With the exception of Tokyo all five markets posted Hong Kong 3.34 2.97 3.28 significant year-over-year gains in investment volume. Singapore 3.80 3.85 4.06 Geneva 4.00 4.50 4.60 As indicated above, capitalization rates/yields in all three regions saw a Zurich 4.40 4.40 4.60 modest move lower in the first half of the year. In Asia Pacific major Vienna 4.50 5.00 3.50 markets such as Beijing, Sydney and Singapore all reported lower Munich 4.50 4.75 4.75 yields. In the EMEA region Central London, Paris, Geneva, Vienna, London – West End 4.50 4.75 6.00 Munich, Hamburg, Brussels and Warsaw all saw capitalization rate Tokyo 4.80 4.80 4.60 move lower. In North America many top tier markets saw cap rates hold Hamburg 4.80 5.00 5.00 steady and indeed go lower in cities such as San Francisco and many Copenhagen 5.00 5.00 5.75 Canadian markets. In secondary and tertiary markets, however, the Paris 5.10 5.75 6.00 trend was still up but signs were beginning to emerge yields were Frankfurt 5.40 5.40 5.40 beginning to plateau. Shanghai 5.40 5.80 6.40 Berlin 5.50 5.30 5.50 Although real estate markets are still emerging from the global financial Düsseldorf 5.50 5.50 5.75 crisis, a more robust economy, improving global trade and improved Stuttgart 5.50 5.50 5.50 credit conditions are all helping to push yields lower and prices higher. Milan 5.50 5.50 5.50 This upward movement in prices may be held back by still relatively London – City 5.50 6.00 6.75 weak leasing conditions but investors appear to be convinced Seoul 5.50 6.30 4.10 occupancies will only improve albeit over a more prolonged period. Birmingham 5.75 5.75 7.00 Investors may indeed be getting ahead of themselves but the move back London – Docklands 5.75 6.25 7.00 into office real estate is almost certain to gain strength over the coming months. London – Southbank 5.75 6.25 7.00 Manchester 5.75 5.75 7.00 Glasgow 5.85 5.85 7.00 Rome 6.00 6.00 6.50 Madrid 6.00 6.00 6.00 HIGHEST VACANCY RATES Bristol 6.00 6.00 7.00 Edinburgh 6.00 6.00 7.00 JUNE 2010 Vancouver 6.00 5.75 5.75 MARKET (%) New York – Downtown Manhattan 6.00 6.00 8.00 Riga 30.0 Dubai 30.0 New York – Midtown S. Manhattan 6.00 6.00 8.00 Fairfield 26.8 Brussels 6.20 6.30 6.30 Budapest 26.1 Helsinki 6.25 6.50 6.40 Riyadh 26.0 Belfast 6.25 – – Los Angeles – Inland Empire 24.7 Las Vegas 24.7 Lyon 6.30 6.50 7.00 Columbia 24.1 Beijing 6.47 7.42 8.30 Orange County 23.6 Amsterdam 6.50 6.50 6.32 Cincinnati 22.6 Victoria 6.50 6.50 6.50 Boston 6.50 – – LOWEST VACANCY RATES New York – Midtown Manhattan 6.50 6.50 7.00 Toronto 6.60 6.80 7.00 JUNE 2010 Calgary 6.63 7.50 7.50 MARKET (%) Guangzhou 6.69 6.00 7.80 Rio de Janeiro 0.6 Warsaw 6.70 7.00 7.00 Regina 1.4 Geneva 2.5 San Francisco 6.75 7.00 7.50 Hong Kong 4.0 Prague 7.00 7.00 7.00 São Paulo 4.4 Istanbul 7.00 – – Saskatoon 4.6 Los Angeles 7.00 – – London – Southbank 5.0 Vienna 5.0 Nashville 7.00 8.30 8.30 Zurich 5.2 Sydney 7.12 7.45 7.40 Seoul 5.3 P. 6 | COLLIERS INTERNATIONAL
  • 10. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 OFFICE MARKETS EXISTING INVENTORY JUNE 2010 GEOGRAPHIC MARKET COUNTRY POPULATION SQUARE FEET SQUARE METERS AREA EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania 343,078 860,800 80,000 CBD Vienna Austria 1,687,271 118,360,000 11,000,000 Metro Minsk Belarus 1,834,200 3,927,400 365,000 Metro Brussels Belgium 1,048,491 146,336,000 13,600,000 Metro Sofia Bulgaria 1,247,059 12,567,680 1,168,000 Metro Zagreb Croatia 691,724 7,187,680 668,000 Metro Prague Czech Republic 1,233,211 29,073,520 2,702,000 Metro Copenhagen Denmark 1,636,749 38,206,608 3,550,800 Metro Tallinn Estonia 398,594 60,256 5,600 Metro Helsinki Finland 576,632 90,384,000 8,400,000 Metro Bordeaux France 232,260 21,520,000 2,000,000 Metro Lyon France 472,305 49,496,000 4,600,000 Metro Montepelier France 253,712 10,760,000 1,000,000 Metro Nantes France 282,853 26,900,000 2,500,000 Metro Paris France 10,000,000 538,000,000 50,000,000 Metro Strasbourg France 272,975 31,204,000 2,900,000 Metro Toulouse France 439,453 3,228,000 300,000 Metro Berlin Germany 3,416,255 192,604,000 17,900,000 Metro Düsseldorf Germany 581,122 81,507,000 7,575,000 Metro Frankfurt Germany 659,021 125,967,320 11,707,000 Metro Hamburg Germany 1,770,629 139,019,200 12,920,000 CBD Munich Germany 1,311,573 238,183,468 22,136,010 Metro Stuttgart Germany 597,176 79,731,600 7,410,000 Metro Athens Greece 597,176 69,940,000 6,500,000 Metro Budapest Hungary 1,702,297 24,784,218 2,303,366 Metro Dublin Ireland 1,045,769 38,036,600 3,535,000 Metro Tel Aviv Israel 2,203,700 26,792,400 2,490,000 CBD Milan Italy 1,299,633 129,120,000 12,000,000 Metro Rome Italy 2,718,768 101,144,000 9,400,000 Metro Riga Latvia 713,016 3,883,413 360,912 Metro Vilnius Lithuania 546,733 3,394,780 315,500 Metro Amsterdam Netherlands 755,605 73,706,000 6,850,000 CBD Belfast Northern Ireland 277,459 8,000,000 743,494 CBD Warsaw Poland 1,707,981 36,398,928 3,382,800 Metro Bucharest Romania 1,931,838 14,855,902 1,380,660 Metro Moscow Russia 10,470,318 130,120,680 12,093,000 Metro Saint Petersburg Russia 4,568,047 14,741,200 1,370,000 Metro Riyadh Saudi Arabia 4,087,152 8,530,130 792,763 CBD Belgrade Serbia 1,120,092 6,735,760 626,000 Metro Bratislava Slovakia 428,791 14,719,680 1,368,000 Metro Cape Town South Africa 3,497,097 21,577,286 2,005,324 Metro Durban South Africa 3,468,086 – – Metro Johannesburg South Africa 5,827,524 27,842,700 2,587,611 Metro Madrid Spain 6,271,638 157,634,000 14,650,000 Metro Stockholm Sweden 1,889,945 17,915,400 1,665,000 CBD Geneva Switzerland 438,177 47,344,000 4,400,000 Metro Zurich Switzerland 1,307,567 176,464,000 16,400,000 Metro Istanbul Turkey 12,573,836 24,946,780 2,318,474 Metro Kyiv Ukraine 2,765,531 12,051,200 1,120,000 Metro Abu Dhabi United Arab Emirates 630,000 21,520,000 2,000,000 Metro Dubai United Arab Emirates 1,354,980 36,584,000 3,400,000 Metro Birmingham United Kingdom 2,284,093 15,500,000 1,440,520 CBD Bristol United Kingdom 551,066 11,000,000 1,022,305 CBD Edinburgh United Kingdom 446,110 10,500,000 975,836 CBD Glasgow United Kingdom 634,680 14,100,000 1,310,409 CBD London – City United Kingdom 7,556,900 94,946,238 8,824,000 CBD Contact: Ross Moore—ross.moore@colliers.com CBD = Central Business District Metro = Metropolitan Area COLLIERS INTERNATIONAL | P. 7
  • 11. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 OFFICE MARKETS EXISTING INVENTORY JUNE 2010 GEOGRAPHIC MARKET COUNTRY POPULATION SQUARE FEET SQUARE METERS AREA EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued London – Docklands United Kingdom 7,556,900 19,115,495 1,776,533 CBD London – Southbank United Kingdom 7,556,900 19,159,107 1,780,586 CBD London – West End United Kingdom 7,556,900 80,174,945 7,451,203 CBD Manchester United Kingdom 2,244,931 17,300,000 1,607,807 CBD NORTH AMERICA Calgary Canada 1,079,310 55,300,593 5,139,460 Metro Edmonton Canada 1,034,945 19,353,113 1,798,616 Metro Halifax Canada 372,679 11,056,317 1,027,539 Metro Kitchener-Waterloo Canada 451,235 4,692,937 436,147 Metro Montreal Canada 3,635,571 72,858,523 6,771,238 Metro Ottawa Canada 1,130,761 34,686,811 3,223,681 Metro Regina Canada 179,246 4,295,697 399,228 Metro Saskatoon Canada 202,340 2,009,405 186,748 CBD Toronto Canada 5,113,149 186,035,934 17,289,585 Metro Vancouver Canada 2,116,581 52,985,994 4,924,349 Metro Victoria Canada 337,411 8,211,316 763,133 Metro Atlanta United States 5,376,285 246,955,152 22,951,222 Metro Bakersfield United States 800,458 8,900,631 827,196 Metro Baltimore United States 2,667,117 124,742,689 11,593,187 Metro Boise United States 599,753 13,997,757 1,300,907 Metro Boston United States 4,522,858 160,774,460 14,941,864 Metro Charleston United States 644,506 10,589,004 984,108 Metro Charlotte United States 1,701,799 92,244,220 8,572,883 Metro Chicago United States 9,569,624 236,702,317 21,998,357 Metro Cincinnati United States 333,013 36,997,992 3,438,475 Metro Cleveland United States 112,143 105,172,524 9,774,398 Metro Columbia United States 728,063 9,368,083 870,640 Metro Columbus United States 1,773,120 48,833,477 4,538,427 Metro Dallas/Fort Worth United States 6,300,006 303,104,931 28,169,603 Metro Denver United States 2,506,626 154,386,606 14,348,198 Metro Detroit United States 4,425,110 129,855,563 12,068,361 Metro Fairfield United States 409,900 3,521,330 327,261 Metro Fairfield County United States – 59,070,502 5,489,824 Metro Fresno United States 909,153 20,981,095 1,949,916 Metro Ft. Lauderdale/Broward County United States 1,912,200 53,340,344 4,957,281 Metro Greenville United States 624,715 7,517,337 698,637 Metro Hartford United States 1,190,512 22,092,448 2,053,201 Metro Honolulu United States 905,034 15,771,083 1,465,714 Metro Houston United States 5,728,143 195,839,137 18,200,663 Metro Jacksonville United States 1,313,228 58,246,219 5,413,217 Metro Kansas City United States 482,299 104,298,299 9,693,150 Metro Las Vegas United States 1,865,746 41,950,452 3,898,741 Metro Little Rock United States 675,069 14,016,705 1,302,668 Metro Los Angeles United States 12,872,808 197,915,500 18,393,634 Metro Los Angeles – Inland Empire United States 12,872,808 21,937,800 2,038,829 Metro Louisville United States 1,244,696 66,570,933 6,186,890 Metro Memphis United States 1,285,732 36,090,907 3,354,174 Metro Miami-Dade United States 5,414,772 81,903,137 7,611,816 Metro Nashville United States 605,473 53,921,517 5,011,293 Metro New Jersey – Central United States 2,347,200 66,073,981 6,140,705 Metro New Jersey – Northern United States 2,137,600 96,214,030 8,941,824 Metro New York – Downtown Manhattan United States 19,006,798 84,632,830 7,865,505 CBD New York – Midtown Manhattan United States 19,006,798 200,280,479 18,613,427 CBD New York – Midtown S. Manhattan United States 19,006,798 71,892,582 6,681,467 CBD P. 8 | COLLIERS INTERNATIONAL
  • 12. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 OFFICE MARKETS EXISTING INVENTORY JUNE 2010 GEOGRAPHIC MARKET COUNTRY POPULATION SQUARE FEET SQUARE METERS AREA NORTH AMERICA continued Oakland United States 404,155 32,899,473 3,057,572 Metro Orange County United States 3,029,000 77,351,300 7,188,783 Metro Orlando United States 2,054,574 66,092,472 6,142,423 Metro Philadelphia United States 5,838,471 150,310,842 13,969,409 Metro Phoenix United States 4,281,899 129,148,654 12,002,663 Metro Pleasanton/Walnut Creek United States 130,314 40,246,889 3,740,417 Metro Portland United States 2,207,462 77,915,198 7,241,189 Metro Raleigh/Durham/Chapel Hill United States 1,088,765 81,554,043 7,579,372 Metro Reno United States 414,784 6,768,014 628,998 Metro Sacramento United States 2,109,832 89,878,912 8,353,059 Metro San Diego County United States 3,001,072 77,835,004 7,233,736 Metro San Francisco United States 4,274,531 83,224,170 7,734,588 CBD San Francisco Peninsula United States 4,274,531 33,518,410 3,115,094 Metro San Jose/Silicon Valley United States 1,819,198 61,092,359 5,677,729 Metro Seattle/Puget Sound United States 3,344,813 107,271,803 9,969,498 Metro St. Louis United States 2,816,710 121,800,484 11,319,748 Metro Stamford United States 121,026 18,548,027 1,723,794 CBD Stockton/San Joaquin County United States 672,388 8,499,818 789,946 CBD Tampa United States 2,733,761 80,800,933 7,509,380 Metro Washington, DC United States 4,255,400 448,733,066 41,703,817 Metro West Palm Beach/Palm Beach Co. United States 536,521 38,680,769 3,594,867 Metro Westchester County United States – 45,840,486 4,260,268 CBD White Plains United States – 8,171,771 759,458 Metro ASIA PACIFIC Adelaide Australia 1,105,840 14,019,860 1,302,961 CBD Brisbane Australia 1,763,132 21,765,425 2,022,809 CBD Canberra Australia 350,000 7,272,749 675,906 CBD Perth Australia 1,445,077 15,452,049 1,436,064 CBD Sydney Australia 4,119,191 51,600,731 4,795,607 CBD Beijing China 10,300,723 49,503,069 4,600,657 Metro Guangzhou China 7,547,467 60,152,467 5,590,378 CBD Hong Kong China 7,200,000 22,665,048 2,106,417 CBD Shanghai China 14,230,992 39,106,908 3,634,471 CBD Bangalore India 4,301,326 60,056,343 5,581,445 Metro Chennai India 4,343,645 48,759,269 4,531,531 Metro Delhi India 9,879,172 54,396,158 5,055,405 Metro Mumbai India 11,978,450 74,600,000 6,933,086 Metro Jakarta Indonesia 8,222,515 45,501,673 4,228,780 CBD Tokyo Japan 13,039,856 681,764,360 63,361,000 CBD Seoul Korea 10,464,051 67,546,604 6,277,565 CBD Auckland New Zealand 1,303,068 14,469,123 1,344,714 CBD Wellington New Zealand 448,959 13,295,260 1,235,619 CBD Singapore Singapore 4,483,900 48,975,745 4,551,649 CBD Bangkok Thailand 8,900,000 85,144,870 7,913,092 Metro Ho Chi Minh City Vietnam 8,500,000 15,708,008 1,459,852 CBD LATIN AMERICA Buenos Aires Argentina 14,917,900 40,771,943 3,789,214 CBD Rio de Janeiro Brazil 15,420,375 43,534,960 4,046,000 CBD São Paulo Brazil 10,238,500 63,406,377 5,892,786 CBD Santiago Chile 6,061,185 37,715,683 3,505,175 CBD Bogotá Colombia 7,243,698 15,619,980 1,451,671 Metro San José Costa Rica 1,547,760 8,282,198 769,721 CBD Mexico City Mexico 14,007,495 57,323,405 5,327,454 Metro Lima Peru 8,445,211 4,097,881 380,844 Metro Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 9
  • 13. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 OFFICE MARKETS UNDER CONSTRUCTION VACANCY VACANCY VACANCY JUNE 2010 RATE RATE RATE MARKET COUNTRY SQUARE FEET SQUARE METERS JUNE 2009 (%) DEC. 2009 (%) JUNE 2010 (%) EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania 129,120 12,000 2.0 8.0 13.0 Vienna Austria 2,474,800 230,000 5.0 5.0 5.0 Minsk Belarus 1,614,000 150,000 10.0 14.0 12.0 Brussels Belgium 6,456,000 600,000 12.2 12.2 12.3 Sofia Bulgaria 7,187,680 668,000 13.4 17.9 21.0 Zagreb Croatia 457,300 42,500 5.3 6.0 7.0 Prague Czech Republic 1,269,680 118,000 10.1 11.8 13.8 Copenhagen Denmark 2,152,000 200,000 7.8 8.6 8.5 Tallinn Estonia 5,008,780 465,500 21.2 18.5 19.5 Helsinki Finland – – 10.5 12.3 12.5 Bordeaux France 538,000 50,000 5.6 6.2 6.4 Lyon France 860,800 80,000 10.0 10.0 10.0 Montepelier France 269,000 25,000 6.5 6.5 6.5 Nantes France 322,800 30,000 5.0 5.0 5.5 Paris France 7,532,000 700,000 6.5 7.0 7.0 Strasbourg France 225,960 21,000 6.3 6.5 6.7 Toulouse France 395,968 36,800 5.5 6.0 6.8 Berlin Germany 1,461,208 135,800 8.0 8.4 8.7 Düsseldorf Germany 1,746,348 162,300 9.6 10.0 11.5 Frankfurt Germany 3,141,920 292,000 16.1 16.5 17.3 Hamburg Germany 3,766,000 350,000 7.5 8.3 9.0 Munich Germany 2,907,492 270,213 7.3 7.4 7.9 Stuttgart Germany 907,068 84,300 6.2 6.1 6.5 Athens Greece 1,614,000 150,000 7.0 10.0 12.0 Budapest Hungary 1,136,633 105,635 18.0 21.9 26.1 Dublin Ireland 1,076,000 100,000 21.0 23.0 20.0 Tel Aviv Israel 1,345,000 125,000 7.8 9.8 7.8 Milan Italy 4,949,600 460,000 7.7 8.6 8.8 Rome Italy 1,667,800 155,000 7.0 7.0 6.5 Riga Latvia 172,160 16,000 35 37 30 Vilnius Lithuania 293,748 27,300 20.0 18.3 13.3 Amsterdam Netherlands 3,497,000 325,000 18.5 18.5 18.5 Belfast Northern Ireland 260,000 24,164 8.0 10.0 12.5 Warsaw Poland 1,305,188 121,300 5.7 7.3 8.0 Bucharest Romania 2,901,434 269,650 14.0 18.2 20.0 Moscow Russia 30,160,280 2,803,000 16.9 16.5 14.6 Saint Petersburg Russia 6,853,044 636,900 20.0 18.0 19.0 Riyadh Saudi Arabia 11,222,024 1,042,939 17.0 23.0 26.0 Belgrade Serbia 862,952 80,200 16.0 17.0 19.9 Bratislava Slovakia 645,600 60,000 11.5 12.5 13.6 Cape Town South Africa 173,311 16,107 7.8 7.9 8.2 Durban South Africa 538,000 50,000 15.0 15.0 10.0 Johannesburg South Africa 124,800 11,600 11.0 11.5 16.8 Madrid Spain 3,550,800 330,000 9.6 8.7 7.7 Stockholm Sweden 645,600 60,000 10.0 11,5 10.0 Geneva Switzerland 538,000 50,000 3.0 3.0 2.5 Zurich Switzerland 3,228,000 300,000 4.7 4.7 5.2 Istanbul Turkey 3,012,800 280,000 9.2 9.6 10.0 Kyiv Ukraine 215,200 20,000 20.0 20.0 16.0 Abu Dhabi United Arab Emirates 12,912,000 1,200,000 1.0 1.0 8.0 Dubai United Arab Emirates 27,976,000 2,600,000 20.0 30.0 30.0 Birmingham United Kingdom – – 21.4 18.4 20.8 Bristol United Kingdom 213,000 19,796 17.1 18.4 17.7 Edinburgh United Kingdom – – 13.7 16.0 15.5 Glasgow United Kingdom 30,000 2,788 13.0 14.7 14.1 London – City United Kingdom 2,490,703 231,478 13.3 12.3 10.6 P. 10 | COLLIERS INTERNATIONAL
  • 14. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 OFFICE MARKETS UNDER CONSTRUCTION VACANCY VACANCY VACANCY JUNE 2010 RATE RATE RATE MARKET COUNTRY SQUARE FEET SQUARE METERS JUNE 2009 (%) DEC. 2009 (%) JUNE 2010 (%) EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued London – Docklands United Kingdom 1,900,000 176,580 6.0 10.4 10.0 London – Southbank United Kingdom 593,532 55,161 4.0 5.1 5.0 London – West End United Kingdom 1,274,951 118,490 9.9 9.5 9.4 Manchester United Kingdom – – 18.9 18.1 19.9 NORTH AMERICA Calgary Canada 3,037,027 282,252 8.9 11.7 14.0 Edmonton Canada 670,000 62,268 7.3 9.6 10.9 Halifax Canada 90,000 8,364 9.7 9.5 10.4 Kitchener-Waterloo Canada 398,516 37,037 8.6 14.7 12.1 Montreal Canada 491,800 45,706 7.1 7.7 7.4 Ottawa Canada 183,000 17,007 6.8 7.7 6.1 Regina Canada 0 0 1.6 1.1 1.4 Saskatoon Canada 34,000 3,160 4.6 6.1 4.6 Toronto Canada 878,515 81,646 5.7 6.4 6.6 Vancouver Canada 679,938 63,191 6.4 7.2 7.1 Victoria Canada 261,700 24,322 1.9 5.6 6.8 Atlanta United States 235,150 21,854 15.9 16.7 17.3 Bakersfield United States 0 0 9.7 9.8 9.0 Baltimore United States 1,370,596 127,379 18.6 13.4 13.5 Boise United States 134,100 12,463 17.5 17.8 18.2 Boston United States 1,950,491 181,272 16.9 17.3 18.0 Charleston United States 0 0 19.0 18.1 18.1 Charlotte United States 342,147 31,798 12.8 13.4 15.2 Chicago United States 110,000 10,223 18.7 19.8 20.3 Cincinnati United States 839,936 78,061 20.8 – 22.6 Cleveland United States 16,000 1,487 12.2 12.0 12.5 Columbia United States 0 0 18.4 22.2 24.1 Columbus United States 90,000 8,364 15.4 16.7 16.7 Dallas/Fort Worth United States 1,499,018 139,314 17.2 18.0 18.8 Denver United States 0 0 14.3 17.3 15.0 Detroit United States 159,158 14,792 18.0 19.3 20.2 Fairfield United States 0 0 26.0 23.8 26.8 Fairfield County United States 420,475 39,078 18.5 – 12.6 Fresno United States 0 0 13.3 14.0 14.7 Ft. Lauderdale/Broward County United States 0 0 13.5 14.7 14.9 Greenville United States 0 0 23.1 21.5 20.2 Hartford United States 194,000 18,030 18.5 15.8 17.0 Honolulu United States 0 0 10.1 10.3 11.4 Houston United States 2,233,817 207,604 15.6 16.8 16.5 Jacksonville United States 138,214 12,845 14.3 15.6 15.2 Kansas City United States 71,126 6,610 18.2 13.6 13.4 Las Vegas United States 213,000 19,796 23.6 23.8 24.7 Little Rock United States 22,300 2,072 10.1 10.4 11.7 Los Angeles United States 781,400 72,621 15.4 16.3 17.5 Los Angeles – Inland Empire United States 0 0 23.5 24.3 24.7 Louisville United States 173,821 16,154 12.3 14.6 11.1 Memphis United States 0 0 13.5 13.3 13.2 Miami-Dade United States 1,069,882 99,431 14.5 15.5 16.4 Nashville United States 110,000 10,223 14.4 14.8 13.1 New Jersey – Central United States 255,000 23,699 17.2 17.6 22.2 New Jersey – Northern United States 57,600 5,353 11.2 17.0 17.7 New York – Downtown Manhattan United States 2,600,000 241,636 10.6 13.0 17.0 New York – Midtown Manhattan United States 0 0 13.7 14.9 13.3 New York – Midtown S. Manhattan United States 0 0 13.8 11.7 11.7 Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 11
  • 15. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 OFFICE MARKETS UNDER CONSTRUCTION VACANCY VACANCY VACANCY JUNE 2010 RATE RATE RATE MARKET COUNTRY SQUARE FEET SQUARE METERS JUNE 2009 (%) DEC. 2009 (%) JUNE 2010 (%) NORTH AMERICA continued Oakland United States 62,000 5,762 14.6 15.0 14.7 Orange County United States 0 0 20.2 21.5 23.6 Orlando United States 1,084,219 100,764 15.8 16.4 16.9 Philadelphia United States 1,051,472 97,720 14.4 15.2 15.3 Phoenix United States 545,460 50,693 21.4 22.0 21.1 Pleasanton/Walnut Creek United States 0 0 17.7 19.1 19.3 Portland United States 62,200 5,781 10.1 11.3 11.2 Raleigh/Durham/Chapel Hill United States 370,615 34,444 20.1 13.5 13.8 Reno United States 7,484 696 21.2 21.0 22.1 Sacramento United States 367,516 34,156 15.6 15.9 16.5 San Diego County United States 0 0 17.9 17.8 17.8 San Francisco United States 210,000 19,517 14.1 14.7 15.2 San Francisco Peninsula United States 0 0 19.9 19.0 18.4 San Jose/Silicon Valley United States 916,856 85,210 19.8 20.2 19.8 Seattle/Puget Sound United States 2,505,285 232,833 11.2 17.4 16.0 St. Louis United States 785,250 72,979 12.1 11.7 11.8 Stamford United States 400,475 37,219 – – 17.6 Stockton/San Joaquin County United States 0 0 18.8 19.5 18.1 Tampa United States 0 0 14.8 15.9 16.4 Washington, DC United States 5,574,472 518,074 10.4 14.8 13.7 West Palm Beach/Palm Beach Co. United States 198,475 18,446 20.1 21.0 21.1 Westchester County United States 0 0 16.4 – 10.7 White Plains United States 0 0 – – 11.6 ASIA PACIFIC Adelaide Australia 193,680 18,000 4.8 7.6 8.1 Brisbane Australia 1,097,520 102,000 10.7 11.3 10.9 Canberra Australia 0 0 8.2 7.4 16.0 Perth Australia 1,690,364 157,097 8.0 8.2 9.9 Sydney Australia 2,527,782 234,924 7.8 8.1 8.5 Beijing China 9,333,299 867,407 19.2 17.2 14.4 Guangzhou China 26,939,489 2,503,670 18.3 13.5 16.4 Hong Kong China 530,398 49,293 5.1 5.1 4.0 Shanghai China 36,971,683 3,436,030 14.1 15.3 12.8 Bangalore India 3,966,832 368,665 19.0 19.0 17.0 Chennai India 4,084,000 379,554 24.5 22.5 22.5 Delhi India 3,900,000 362,454 17.0 19.5 18.5 Mumbai India 2,057,000 191,171 15.5 14.5 14.5 Jakarta Indonesia 6,126,722 569,398 12.4 12.9 11.4 Tokyo Japan 23,101,720 2,147,000 6.5 7.5 8.2 Seoul Korea 16,439,752 1,527,858 3.1 4.5 5.3 Auckland New Zealand 301,280 28,000 8.4 11.5 10.6 Wellington New Zealand 938,272 87,200 6.0 6.8 7.2 Singapore Singapore 7,610,077 707,256 10.6 13.2 12.7 Bangkok Thailand 1,245,761 115,777 15.4 15.6 15.8 Ho Chi Minh City Vietnam 7,210,792 670,148 10.0 13.0 15.0 LATIN AMERICA Buenos Aires Argentina 949,592 88,252 6.2 6.9 7.9 Rio de Janeiro Brazil 4,533,704 421,348 0.6 0.6 0.6 São Paulo Brazil 16,140,000 1,500,000 5.7 4.9 4.4 Santiago Chile 1,359,031 126,304 3.8 4.8 5.3 Bogotá Colombia 2,379,552 221,148 7.4 8.0 7.4 San José Costa Rica 566,901 52,686 11.6 8.8 7.9 Mexico City Mexico 12,503,755 1,162,059 8.6 9.6 10.0 Lima Peru 457,569 42,525 2.7 8.4 12.9 P. 12 | COLLIERS INTERNATIONAL
  • 16. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 LOCAL MEASURE/CURRENCY CBD RENTS MEASURE GROSS TOP TOP EXCHANGE CLASS A CLASS A RENT CLASS A CLASS A QUOTED TIME RATE (USD) NET GROSS ANNUAL NET GROSS MARKET COUNTRY CURRENCY UNIT PERIOD JUNE 30, 2010 RENT RENT CHG. (%) RENT RENT EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania EUR SM Month 0.82 24.50 – – – – Vienna Austria EUR SM Month 0.82 18.00 23.00 9.5 25.00 28.00 Minsk Belarus EUR SM Month 0.82 28.00 31.00 – 37.00 40.00 Brussels Belgium EUR SM Year 0.82 16.67 22.92 37.5 22.00 28.00 Sofia Bulgaria EUR SM Month 0.82 16.00 16.00 -20.0 20.00 23.00 Zagreb Croatia EUR SM Month 0.82 15.00 19.50 -11.4 16.50 21.00 Prague Czech Republic EUR SM Month 0.82 21.00 – – – – Copenhagen Denmark DKK SM Year 6.10 1,300.00 1,600.00 -15.8 1,700.00 2,000.00 Tallinn Estonia EUR SM Month 0.82 12.00 14.50 -9.4 15.40 17.70 Helsinki Finland EUR SM Month 0.82 22.00 25.00 0.0 25.00 28.00 Bordeaux France EUR SM Year 0.82 160.00 – – 180.00 – Lyon France EUR SM Year 0.82 225.00 – – 285.00 – Montepelier France EUR SM Year 0.82 156.00 – – – – Nantes France EUR SM Year 0.82 170.00 – – 185.00 – Paris France EUR SM Year 0.82 730.00 810.00 29.6 830.00 900.00 Strasbourg France EUR SM Year 0.82 160.00 – – 190.00 – Toulouse France EUR SM Year 0.82 204.00 – – – – Berlin Germany EUR SM Month 0.82 19.00 22.90 -10.2 22.00 27.00 Düsseldorf Germany EUR SM Month 0.82 20.20 23.70 – 25.00 28.50 Frankfurt Germany EUR SM Month 0.82 30.00 34.00 -10.5 37.00 43.00 Hamburg Germany EUR SM Month 0.82 22.00 24.00 -7.7 24.00 27.00 Munich Germany EUR SM Month 0.82 26.00 30.00 -4.8 35.00 39.00 Stuttgart Germany EUR SM Month 0.82 14.94 18.00 – 18.00 21.90 Athens Greece EUR SM Month 0.82 21.00 32.00 68.4 30.00 35.00 Budapest Hungary EUR SM Month 0.82 20.00 19.00 11.8 23.00 27.00 Dublin Ireland EUR SM Year 0.82 22.50 33.33 -29.8 31.50 42.17 Tel Aviv Israel NIS SM Month 3.88 80.00 124.00 11.7 100.00 144.00 Milan Italy EUR SM Year 0.82 480.00 515.00 -1.0 550.00 585.00 Rome Italy EUR SM Year 0.82 350.00 380.00 0.0 400.00 470.00 Riga Latvia EUR SM Month 0.82 10.00 12.00 -0.8 16.00 18.00 Vilnius Lithuania EUR SM Month 0.82 11.00 13.90 -4.1 14.50 17.70 Amsterdam Netherlands EUR SM Year 0.82 17.10 18.80 0.3 20.30 22.50 Belfast Northern Ireland GBP SF Year 0.66 12.50 20.50 – 14.00 22.50 Warsaw Poland EUR SM Month 0.82 25.00 – – – – Bucharest Romania EUR SM Month 0.82 20.00 – – – – Moscow Russia EUR SM Month 0.82 49.20 – – – – Saint Petersburg Russia EUR SM Month 0.82 27.00 – – – – Riyadh Saudi Arabia SAR SM Year 3.76 1,300.00 1,430.00 – 2,350.00 2,703.00 Belgrade Serbia EUR SM Month 0.82 15.90 – – – – Bratislava Slovakia EUR SM Month 0.82 14.00 – – – – Cape Town South Africa ZAR SM Month 7.65 62.00 85.00 – 102.00 125.00 Durban South Africa ZAR SM Month 7.65 65.00 75.00 -16.7 95.00 100.00 Johannesburg South Africa ZAR SM Month 7.65 80.00 100.00 33.3 110.00 130.00 Madrid Spain EUR SM Month 0.82 24.50 27.00 -3.6 28.50 32.00 Stockholm Sweden SEK SM Year 7.81 4,200.00 4,700.00 2.2 4,900.00 5,400.00 Geneva Switzerland CHF SM Year 1.09 600.00 650.00 3.2 950.00 1,000.00 Zurich Switzerland CHF SM Year 1.09 500.00 530.00 3.9 840.00 870.00 Istanbul Turkey USD SM Month 1.00 26.20 30.00 -11.8 48.97 48.97 Kyiv Ukraine USD SM Month 1.00 30.00 40.00 5.3 38.00 45.00 Abu Dhabi United Arab Emirates USD SM Year 1.00 510.00 570.00 -11.9 590.00 650.00 Dubai United Arab Emirates USD SM Year 1.00 365.00 425.00 -47.9 775.00 860.00 Birmingham United Kingdom GBP SF Year 0.66 21.00 34.00 -8.1 27.50 42.50 Bristol United Kingdom GBP SF Year 0.66 23.50 35.50 -1.4 27.00 40.00 Edinburgh United Kingdom GBP SF Year 0.66 21.00 34.00 -2.9 27.50 39.00 Glasgow United Kingdom GBP SF Year 0.66 23.00 34.00 0.0 29.00 40.00 London – City United Kingdom GBP SF Year 0.66 46.50 62.50 13.6 52.50 70.50 Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 13
  • 17. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 LOCAL MEASURE/CURRENCY CBD RENTS MEASURE GROSS TOP TOP EXCHANGE CLASS A CLASS A RENT CLASS A CLASS A QUOTED TIME RATE (USD) NET GROSS ANNUAL NET GROSS MARKET COUNTRY CURRENCY UNIT PERIOD JUNE 30, 2010 RENT RENT CHG. (%) RENT RENT EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued London – Docklands United Kingdom GBP SF Year 0.66 25.00 41.00 0.0 35.00 51.00 London – Southbank United Kingdom GBP SF Year 0.66 32.50 48.50 3.2 40.00 56.00 London – West End United Kingdom GBP SF Year 0.66 70.00 86.00 13.2 85.00 101.00 Manchester United Kingdom GBP SF Year 0.66 20.50 32.50 -4.4 27.00 42.00 NORTH AMERICA Calgary Canada CAD SF Year 1.05 33.50 52.00 8.3 45.00 63.50 Edmonton Canada CAD SF Year 1.05 24.85 41.09 -12.2 29.56 45.80 Halifax Canada CAD SF Year 1.05 17.40 31.56 0.3 20.86 35.02 Kitchener-Waterloo Canada CAD SF Year 1.05 11.10 26.66 -2.3 12.38 27.94 Montreal Canada CAD SF Year 1.05 14.25 32.00 3.0 35.25 53.00 Ottawa Canada CAD SF Year 1.05 13.45 48.50 0.0 16.95 52.00 Regina Canada CAD SF Year 1.05 21.35 34.75 0.0 25.83 39.23 Saskatoon Canada CAD SF Year 1.05 21.00 31.50 5.0 29.50 40.00 Toronto Canada CAD SF Year 1.05 28.10 53.54 -0.1 67.00 92.44 Vancouver Canada CAD SF Year 1.05 22.00 45.80 4.1 26.00 49.80 Victoria Canada CAD SF Year 1.05 23.00 37.00 0.0 29.00 43.00 Atlanta United States USD SF Year 1.00 9.69 21.34 -2.6 23.35 35.00 Bakersfield United States USD SF Year 1.00 9.44 17.40 0.0 13.04 21.00 Baltimore United States USD SF Year 1.00 24.21 24.21 -3.3 – – Boise United States USD SF Year 1.00 12.00 18.00 -12.2 16.00 22.00 Boston United States USD SF Year 1.00 24.76 45.51 -9.1 44.25 65.00 Charleston United States USD SF Year 1.00 15.73 24.23 -16.4 23.50 32.00 Charlotte United States USD SF Year 1.00 26.54 26.54 -12.5 – – Chicago United States USD SF Year 1.00 12.50 32.00 -9.9 35.50 55.00 Cincinnati United States USD SF Year 1.00 12.37 21.85 -6.9 27.52 37.00 Cleveland United States USD SF Year 1.00 11.81 20.65 -1.5 19.16 28.00 Columbia United States USD SF Year 1.00 12.29 19.69 -0.5 13.60 21.00 Columbus United States USD SF Year 1.00 10.72 20.50 -11.2 15.72 25.50 Dallas/Fort Worth United States USD SF Year 1.00 13.75 25.25 -1.0 24.50 36.00 Denver United States USD SF Year 1.00 11.15 26.50 -5.4 19.65 35.00 Detroit United States USD SF Year 1.00 14.10 22.60 -0.1 24.00 32.50 Fairfield United States USD SF Year 1.00 – – – – – Fairfield County United States USD SF Year 1.00 – – – – – Fresno United States USD SF Year 1.00 16.60 24.60 -2.4 22.00 30.00 Ft. Lauderdale/Broward County United States USD SF Year 1.00 15.05 32.80 2.5 17.25 35.00 Greenville United States USD SF Year 1.00 11.46 20.46 -5.0 16.00 25.00 Hartford United States USD SF Year 1.00 11.30 23.25 -0.9 15.05 27.00 Honolulu United States USD SF Year 1.00 19.92 35.88 -1.6 24.72 40.68 Houston United States USD SF Year 1.00 18.16 35.86 -7.5 23.55 41.25 Jacksonville United States USD SF Year 1.00 10.91 20.01 -4.7 13.90 23.00 Kansas City United States USD SF Year 1.00 20.94 20.94 3.9 – – Las Vegas United States USD SF Year 1.00 19.91 34.91 -11.1 21.00 36.00 Little Rock United States USD SF Year 1.00 9.85 16.50 0.9 15.35 22.00 Los Angeles United States USD SF Year 1.00 22.88 38.88 -2.4 24.44 40.44 Los Angeles – Inland Empire United States USD SF Year 1.00 – – – – – Louisville United States USD SF Year 1.00 22.19 22.19 5.4 – – Memphis United States USD SF Year 1.00 8.82 17.07 1.2 14.75 23.00 Miami-Dade United States USD SF Year 1.00 21.01 42.01 -3.4 25.50 46.50 Nashville United States USD SF Year 1.00 15.88 26.04 16.9 20.84 31.00 New Jersey – Central United States USD SF Year 1.00 – – – – – New Jersey – Northern United States USD SF Year 1.00 – – – – – New York – Downtown Manhattan United States USD SF Year 1.00 39.82 39.82 -18.1 – – New York – Midtown Manhattan United States USD SF Year 1.00 35.26 62.76 -9.9 102.50 130.00 New York – Midtown S. Manhattan United States USD SF Year 1.00 17.42 42.42 -17.2 37.50 62.50 P. 14 | COLLIERS INTERNATIONAL
  • 18. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 LOCAL MEASURE/CURRENCY CBD RENTS MEASURE GROSS TOP TOP EXCHANGE CLASS A CLASS A RENT CLASS A CLASS A QUOTED TIME RATE (USD) NET GROSS ANNUAL NET GROSS MARKET COUNTRY CURRENCY UNIT PERIOD JUNE 30, 2010 RENT RENT CHG. (%) RENT RENT NORTH AMERICA continued Oakland United States USD SF Year 1.00 17.46 30.96 -9.5 28.50 42.00 Orange County United States USD SF Year 1.00 – – – – – Orlando United States USD SF Year 1.00 13.37 24.37 -11.9 36.00 47.00 Philadelphia United States USD SF Year 1.00 15.00 26.10 1.5 26.40 37.50 Phoenix United States USD SF Year 1.00 12.75 25.48 -11.5 27.27 40.00 Pleasanton/Walnut Creek United States USD SF Year 1.00 23.68 26.28 -3.1 31.60 34.20 Portland United States USD SF Year 1.00 13.45 24.20 -3.6 21.75 32.50 Raleigh/Durham/Chapel Hill United States USD SF Year 1.00 22.79 22.79 0.6 – – Reno United States USD SF Year 1.00 12.52 23.52 5.9 24.00 35.00 Sacramento United States USD SF Year 1.00 25.70 33.00 -3.5 30.98 38.28 San Diego County United States USD SF Year 1.00 29.88 44.74 33.6 34.08 48.94 San Francisco United States USD SF Year 1.00 14.19 33.33 -2.5 45.86 65.00 San Francisco Peninsula United States USD SF Year 1.00 – – – – – San Jose/Silicon Valley United States USD SF Year 1.00 20.60 35.40 -5.8 21.20 36.00 Seattle/Puget Sound United States USD SF Year 1.00 27.60 27.60 -14.0 40.71 40.71 St. Louis United States USD SF Year 1.00 19.34 19.34 -6.0 – – Stamford United States USD SF Year 1.00 24.02 37.02 – 39.00 52.00 Stockton/San Joaquin County United States USD SF Year 1.00 16.92 20.60 5.3 29.32 33.00 Tampa United States USD SF Year 1.00 13.79 22.79 7.3 21.00 30.00 Washington, DC United States USD SF Year 1.00 31.26 51.26 3.3 75.00 95.00 West Palm Beach/Palm Beach Co. United States USD SF Year 1.00 18.04 37.54 – 35.50 55.00 Westchester County United States USD SF Year 1.00 – – – – – White Plains United States USD SF Year 1.00 16.17 29.17 -24.0 27.00 40.00 ASIA PACIFIC Adelaide Australia AUD SM Year 1.17 360.00 460.00 16.5 430.00 525.00 Brisbane Australia AUD SM Year 1.17 580.00 730.00 -14.1 690.00 850.00 Canberra Australia AUD SM Year 1.17 360.00 420.00 2.4 390.00 460.00 Perth Australia AUD SM Year 1.17 660.00 810.00 8.9 715.00 870.00 Sydney Australia AUD SM Year 1.17 574.00 702.00 16.0 931.00 1,104.00 Beijing China RMB SM Month 6.81 172.00 202.00 2.4 210.00 240.00 Guangzhou China RMB SM Month 6.81 133.00 161.00 10.6 156.70 213.00 Hong Kong China HKD SF Month 7.78 89.36 104.72 17.4 157.78 180.40 Shanghai China RMB SM Day 6.81 6.60 7.60 -2.6 8.20 9.30 Bangalore India INR SF Month 46.48 55.00 65.00 -7.1 60.00 70.00 Chennai India INR SF Month 46.48 47.00 55.00 0.0 55.00 65.00 Delhi India INR SF Month 46.48 193.00 227.00 5.6 258.00 304.00 Mumbai India INR SF Month 46.48 196.00 231.00 -16.0 212.00 287.50 Jakarta Indonesia IDR SM Month 9165.90 110,297.00 162,705.00 4.7 223,800.00 286,464.00 Tokyo Japan JPY SM Year 88.66 – 96,195.00 -7.9 – 145,200.00 Seoul Korea KRW SM Month 1219.00 22,907.01 32,601.54 0.4 26,685.69 37,488.99 Auckland New Zealand NZD SM Year 1.44 312.00 441.00 -3.3 463.00 593.00 Wellington New Zealand NZD SM Year 1.44 395.00 483.00 2.5 408.00 510.00 Singapore Singapore SGD SF Month 1.40 5.16 6.77 0.6 6.60 8.50 Bangkok Thailand THB SM Month 32.56 660.00 660.00 1.5 800.00 800.00 Ho Chi Minh City Vietnam VND SM Month 19317.30 800,100.00 914,400.00 6.0 800,100.00 914,400.00 LATIN AMERICA Buenos Aires Argentina USD SM Month 1.00 30.30 34.60 -4.7 36.00 42.50 Rio de Janeiro Brazil REAL SM Month 1.80 140.00 158.00 12.9 150.00 170.00 São Paulo Brazil REAL SM Month 1.80 85.00 115.00 15.0 110.00 135.00 Santiago Chile USD SM Month 1.00 24.03 30.09 23.3 27.47 33.39 Bogotá Colombia USD SM Month 1.00 28.00 31.00 -8.8 38.00 41.60 San José Costa Rica USD SM Year 1.00 19.06 – – 26.00 – Mexico City Mexico USD SM Month 1.00 23.40 26.40 5.6 27.00 31.00 Lima Peru USD SM Month 1.00 17.30 21.50 29.5 18.00 23.10 Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 15
  • 19. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 U.S. DOLLARS CBD MARKETS TOP TOP CBD 10-YEAR CLASS A CLASS A CLASS A CLASS A CBD CAP RATE/ GOVT. NET RENT GROSS RENT NET RENT GROSS RENT SALES PRICE INITIAL YIELD BONDS MARKET COUNTRY (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF) (%) (%) EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania 33.35 – – – – – – Vienna Austria 24.50 31.31 34.03 38.11 623.89 4.50 3.14 Minsk Belarus 38.11 42.20 50.36 54.45 181.50 16.00 – Brussels Belgium – – – – 453.74 6.20 3.49 Sofia Bulgaria 21.78 21.78 27.22 31.31 229.25 9.50 – Zagreb Croatia 20.42 26.54 22.46 28.59 272.24 8.50 – Prague Czech Republic 28.59 – – – 408.36 7.00 4.05 Copenhagen Denmark 19.79 24.35 25.87 30.44 472.13 5.00 2.73 Tallinn Estonia 16.33 19.74 20.96 24.09 – 9.00 – Helsinki Finland 29.95 34.03 34.03 38.11 453.74 6.25 2.89 Bordeaux France 18.14 – 20.40 – 340.30 7.50 3.07 Lyon France 25.50 – 32.31 – 397.02 6.30 3.07 Montepelier France 17.68 – – – 283.59 7.75 3.07 Nantes France 19.27 – 20.97 – 260.90 7.50 3.07 Paris France 82.75 91.82 94.08 102.02 1,247.78 5.10 3.07 Strasbourg France 18.14 – 21.54 – 283.59 7.50 3.07 Toulouse France 23.12 – – – – – 3.07 Berlin Germany 25.86 31.17 29.95 36.75 555.83 5.50 2.64 Düsseldorf Germany 27.50 32.26 34.03 38.79 487.77 5.50 2.64 Frankfurt Germany 40.84 46.28 50.36 58.53 – 5.40 2.64 Hamburg Germany 29.95 32.67 32.67 36.75 555.83 4.80 2.64 Munich Germany 35.39 40.84 47.64 53.09 680.61 4.50 2.64 Stuttgart Germany 20.34 24.50 24.50 29.81 453.74 5.50 2.64 Athens Greece 28.59 43.56 40.84 47.64 408.36 7.50 9.83 Budapest Hungary 27.22 25.86 31.31 36.75 351.31 7.80 7.55 Dublin Ireland 2.55 3.78 3.57 4.78 610.50 7.50 5.48 Tel Aviv Israel 22.95 35.57 28.69 41.31 310.99 8.25 3.69 Milan Italy 54.41 58.38 62.34 66.31 1,020.91 5.50 4.03 Rome Italy 39.67 43.07 45.34 53.28 680.61 6.00 4.03 Riga Latvia 13.61 16.33 21.78 24.50 – 10.00 – Vilnius Lithuania 14.97 18.92 19.74 24.09 136.12 10.00 – Amsterdam Netherlands 1.94 2.13 2.30 2.55 510.45 6.50 2.89 Belfast Northern Ireland 18.83 30.89 21.09 33.90 – 6.25 5.48 Warsaw Poland 34.03 – – – 507.96 6.70 5.88 Bucharest Romania 27.22 – – – 320.34 8.50 – Moscow Russia 66.97 – – – 558.10 12.00 5.72 Saint Petersburg Russia 36.75 – – – 282.68 13.00 5.72 Riyadh Saudi Arabia 32.15 35.36 58.11 66.84 – – – Belgrade Serbia 21.64 – – – 240.48 9.00 – Bratislava Slovakia 19.06 – – – 211.78 9.00 2.78 Cape Town South Africa 9.04 12.39 14.86 18.22 206.45 10.50 8.64 Durban South Africa 9.47 10.93 13.84 14.57 – – 8.64 Johannesburg South Africa 11.66 14.57 16.03 18.94 170.02 – 8.64 Madrid Spain 33.35 36.75 38.79 43.56 635.23 6.00 4.54 Stockholm Sweden 49.97 55.91 58.29 64.24 – – 2.67 Geneva Switzerland 51.35 55.63 81.30 85.58 1,455.88 4.00 1.55 Zurich Switzerland 42.79 45.36 71.89 74.45 – 4.40 1.55 Istanbul Turkey 29.22 33.46 54.61 54.61 557.62 7.00 4.71 Kyiv Ukraine 33.46 44.61 42.38 50.19 257.34 13.00 – Abu Dhabi United Arab Emirates 47.36 52.94 54.79 60.37 417.29 9.00 – Dubai United Arab Emirates 33.90 39.47 71.98 79.87 453.44 9.00 – Birmingham United Kingdom 31.64 51.23 41.43 64.03 – 5.75 3.43 Bristol United Kingdom 35.41 53.49 40.68 60.27 – 6.00 3.43 Edinburgh United Kingdom 31.64 51.23 41.43 58.76 – 6.00 3.43 Glasgow United Kingdom 34.65 51.23 43.69 60.27 – 5.85 3.43 London – City United Kingdom 70.06 94.17 79.10 106.22 – 5.50 3.43 P. 16 | COLLIERS INTERNATIONAL
  • 20. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 U.S. DOLLARS CBD MARKETS TOP TOP CBD 10-YEAR CLASS A CLASS A CLASS A CLASS A CBD CAP RATE/ GOVT. NET RENT GROSS RENT NET RENT GROSS RENT SALES PRICE INITIAL YIELD BONDS MARKET COUNTRY (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF) (%) (%) EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued London – Docklands United Kingdom 37.67 61.77 52.73 76.84 – 5.75 3.43 London – Southbank United Kingdom 48.97 73.08 60.27 84.38 – 5.75 3.43 London – West End United Kingdom 105.47 129.58 128.07 152.18 – 4.50 3.43 Manchester United Kingdom 30.89 48.97 40.68 63.28 – 5.75 3.43 NORTH AMERICA Calgary Canada 31.95 49.60 42.92 60.57 319.53 6.63 3.23 Edmonton Canada 23.70 39.19 28.20 43.69 328.66 7.58 3.23 Halifax Canada 16.60 30.10 19.90 33.40 – – 3.23 Kitchener-Waterloo Canada 10.59 25.43 11.81 26.65 152.61 8.00 3.23 Montreal Canada 13.59 30.52 33.62 50.55 262.30 7.25 3.23 Ottawa Canada 12.83 46.26 16.17 49.60 – 7.75 3.23 Regina Canada 20.36 33.15 24.64 37.42 133.54 8.00 3.23 Saskatoon Canada 20.03 30.05 28.14 38.15 166.92 8.20 3.23 Toronto Canada 26.80 51.07 63.91 88.17 361.54 6.60 3.23 Vancouver Canada 20.98 43.69 24.80 47.50 429.23 6.00 3.23 Victoria Canada 21.94 35.29 27.66 41.01 310.00 6.50 3.23 Atlanta United States 9.69 21.34 23.35 35.00 180.00 8.50 3.11 Bakersfield United States 9.44 17.40 13.04 21.00 – – 3.11 Baltimore United States 24.21 24.21 – – – – 3.11 Boise United States 12.00 18.00 16.00 22.00 – – 3.11 Boston United States 24.76 45.51 44.25 65.00 484.00 6.50 3.11 Charleston United States 15.73 24.23 23.50 32.00 250.00 8.00 3.11 Charlotte United States 26.54 26.54 – – – – 3.11 Chicago United States 12.50 32.00 35.50 55.00 200.00 7.50 3.11 Cincinnati United States 12.37 21.85 27.52 37.00 – – 3.11 Cleveland United States 11.81 20.65 19.16 28.00 115.00 10.00 3.11 Columbia United States 12.29 19.69 13.60 21.00 – – 3.11 Columbus United States 10.72 20.50 15.72 25.50 – – 3.11 Dallas/Fort Worth United States 13.75 25.25 24.50 36.00 – – 3.11 Denver United States 11.15 26.50 19.65 35.00 195.00 8.00 3.11 Detroit United States 14.10 22.60 24.00 32.50 – – 3.11 Fairfield United States – – – – – – 3.11 Fairfield County United States – – – – 350.00 8.00 3.11 Fresno United States 16.60 24.60 22.00 30.00 170.00 9.00 3.11 Ft. Lauderdale/Broward County United States 15.05 32.80 17.25 35.00 – – 3.11 Greenville United States 11.46 20.46 16.00 25.00 – – 3.11 Hartford United States 11.30 23.25 15.05 27.00 – – 3.11 Honolulu United States 19.92 35.88 24.72 40.68 242.00 – 3.11 Houston United States 18.16 35.86 23.55 41.25 127.00 9.00 3.11 Jacksonville United States 10.91 20.01 13.90 23.00 110.00 9.00 3.11 Kansas City United States 20.94 20.94 – – – – 3.11 Las Vegas United States 19.91 34.91 21.00 36.00 68.54 7.50 3.11 Little Rock United States 9.85 16.50 15.35 22.00 88.00 9.25 3.11 Los Angeles United States 22.88 38.88 24.44 40.44 300.00 7.00 3.11 Los Angeles – Inland Empire United States – – – – – – 3.11 Louisville United States 22.19 22.19 – – – – 3.11 Memphis United States 8.82 17.07 14.75 23.00 – – 3.11 Miami-Dade United States 21.01 42.01 25.50 46.50 210.00 – 3.11 Nashville United States 15.88 26.04 20.84 31.00 – 7.00 3.11 New Jersey – Central United States – – – – – – 3.11 New Jersey – Northern United States – – – – – – 3.11 New York – Downtown Manhattan United States 39.82 39.82 – – 550.00 6.00 3.11 New York – Midtown Manhattan United States 35.26 62.76 102.50 130.00 424.00 6.50 3.11 New York – Midtown S. Manhattan United States 17.42 42.42 37.50 62.50 400.00 6.00 3.11 Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 17
  • 21. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 U.S. DOLLARS CBD MARKETS TOP TOP CBD 10-YEAR CLASS A CLASS A CLASS A CLASS A CBD CAP RATE/ GOVT. NET RENT GROSS RENT NET RENT GROSS RENT SALES PRICE INITIAL YIELD BONDS MARKET COUNTRY (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF) (%) (%) NORTH AMERICA continued Oakland United States 17.46 30.96 28.50 42.00 55.65 8.00 3.11 Orange County United States – – – – – – 3.11 Orlando United States 13.37 24.37 36.00 47.00 – – 3.11 Philadelphia United States 15.00 26.10 26.40 37.50 85.00 9.00 3.11 Phoenix United States 12.75 25.48 27.27 40.00 – – 3.11 Pleasanton/Walnut Creek United States 23.68 26.28 31.60 34.20 160.00 9.00 3.11 Portland United States 13.45 24.20 21.75 32.50 88.70 – 3.11 Raleigh/Durham/Chapel Hill United States 22.79 22.79 – – – – 3.11 Reno United States 12.52 23.52 24.00 35.00 – – 3.11 Sacramento United States 25.70 33.00 30.98 38.28 225.00 8.50 3.11 San Diego County United States 29.88 44.74 34.08 48.94 – – 3.11 San Francisco United States 14.19 33.33 45.86 65.00 356.00 6.75 3.11 San Francisco Peninsula United States – – – – – – 3.11 San Jose/Silicon Valley United States 20.60 35.40 21.20 36.00 – – 3.11 Seattle/Puget Sound United States 27.60 27.60 40.71 40.71 225.00 – 3.11 St. Louis United States 19.34 19.34 – – – – 3.11 Stamford United States 24.02 37.02 39.00 52.00 – – 3.11 Stockton/San Joaquin County United States 16.92 20.60 29.32 33.00 130.00 9.00 3.11 Tampa United States 13.79 22.79 21.00 30.00 – – 3.11 Washington, DC United States 31.26 51.26 75.00 95.00 – – 3.11 West Palm Beach/Palm Beach Co. United States 18.04 37.54 35.50 55.00 – – 3.11 Westchester County United States – – – – 350.00 8.00 3.11 White Plains United States 16.17 29.17 27.00 40.00 – – 3.11 ASIA PACIFIC Adelaide Australia 28.63 36.58 34.20 41.75 302.41 8.50 5.33 Brisbane Australia 46.13 58.05 54.87 67.60 557.08 7.50 5.33 Canberra Australia 28.63 33.40 31.02 36.58 – 7.50 5.33 Perth Australia 52.49 64.42 56.86 69.19 576.98 8.00 5.33 Sydney Australia 45.65 55.83 74.04 87.80 684.97 7.12 5.33 Beijing China 28.15 33.06 34.37 39.28 435.19 6.47 3.10 Guangzhou China 21.77 26.35 25.65 34.86 325.55 6.69 3.10 Hong Kong China 137.75 161.42 243.22 278.08 – 3.34 2.31 Shanghai China 32.88 37.86 40.85 46.33 545.63 5.40 3.10 Bangalore India 14.20 16.78 15.49 18.07 – 9.50 8.12 Chennai India 12.13 14.20 14.20 16.78 – 10.00 8.12 Delhi India 49.83 58.60 66.61 78.48 – 8.75 8.12 Mumbai India 50.60 59.64 54.73 74.22 – 10.00 8.12 Jakarta Indonesia 13.42 19.80 27.23 34.85 166.44 9.62 5.10 Tokyo Japan – 100.76 – 152.09 2,110.21 4.80 1.15 Seoul Korea 20.96 29.83 24.41 34.30 296.82 5.50 4.93 Auckland New Zealand 20.17 28.50 29.93 38.33 230.71 8.70 5.50 Wellington New Zealand 25.53 31.22 26.37 32.96 315.63 8.10 5.50 Singapore Singapore 44.27 58.08 56.62 72.92 – 3.80 2.16 Bangkok Thailand 22.61 22.61 27.40 27.40 228.36 – 2.92 Ho Chi Minh City Vietnam 42.00 48.00 42.00 48.00 – – 9.00 LATIN AMERICA Buenos Aires Argentina 33.79 38.59 40.15 47.40 334.57 12.00 – Rio de Janeiro Brazil 77.89 87.91 83.46 94.59 620.51 11.50 6.16 São Paulo Brazil 47.29 63.98 61.20 75.11 542.95 11.50 6.16 Santiago Chile 26.80 33.56 30.64 37.24 199.26 9.56 1.93 Bogotá Colombia 31.23 34.57 42.38 46.39 240.89 10.35 4.75 San José Costa Rica 1.77 – 2.41 – 204.46 11.50 – Mexico City Mexico 26.10 29.44 30.11 34.57 241.64 9.00 6.85 Lima Peru 19.29 23.98 20.07 25.76 136.34 14.00 – P. 18 | COLLIERS INTERNATIONAL
  • 22. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS MEASURE GROSS TOP TOP EXCHANGE CLASS A CLASS A RENT CLASS A CLASS A QUOTED TIME RATE (USD) NET GROSS ANNUAL NET GROSS MARKET COUNTRY CURRENCY UNIT PERIOD JUNE 30, 2010 RENT RENT CHG. (%) RENT RENT EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania EUR SM Month 0.82 17.25 – – – – Vienna Austria EUR SM Month 0.82 8.00 10.00 -33.3 14.00 16.00 Minsk Belarus EUR SM Month 0.82 18.00 21.00 – 20.00 23.00 Brussels Belgium EUR SM Year 0.82 10.00 13.75 37.5 12.50 16.25 Sofia Bulgaria EUR SM Month 0.82 14.00 12.00 -17.2 14.00 16.00 Zagreb Croatia EUR SM Month 0.82 11.50 16.00 0.0 14.00 18.50 Prague Czech Republic EUR SM Month 0.82 17.00 – – – – Copenhagen Denmark DKK SM Year 6.10 1,000.00 1,200.00 14.3 1,300.00 1,500.00 Tallinn Estonia EUR SM Month 0.82 8.00 10.50 -4.5 10.60 13.00 Helsinki Finland EUR SM Month 0.82 10.00 13.00 8.3 14.00 17.00 Bordeaux France EUR SM Year 0.82 130.00 – – 140.00 – Lyon France EUR SM Year 0.82 145.00 – – 180.00 – Montepelier France EUR SM Year 0.82 145.00 – – 185.00 – Nantes France EUR SM Year 0.82 125.00 – – 140.00 – Paris France EUR SM Year 0.82 450.00 530.00 -3.6 500.00 580.00 Strasbourg France EUR SM Year 0.82 130.00 – – 145.00 – Toulouse France EUR SM Year 0.82 140.00 – – 190.00 – Berlin Germany EUR SM Month 0.82 8.30 10.80 -10.0 12.00 15.00 Düsseldorf Germany EUR SM Month 0.82 15.35 18.85 12.9 22.00 25.50 Frankfurt Germany EUR SM Month 0.82 14.00 16.50 10.0 16.50 20.00 Hamburg Germany EUR SM Month 0.82 12.00 15.00 15.4 15.00 18.00 Munich Germany EUR SM Month 0.82 10.00 12.00 -22.4 17.00 19.00 Stuttgart Germany EUR SM Month 0.82 11.68 14.70 -5.0 13.50 16.50 Athens Greece EUR SM Month 0.82 17.00 23.00 43.8 17.00 22.00 Budapest Hungary EUR SM Month 0.82 11.00 14.50 – 16.00 20.00 Dublin Ireland EUR SM Year 0.82 13.42 22.50 8.0 15.67 16.33 Tel Aviv Israel NIS SM Month 3.88 62.00 102.00 13.3 65.00 105.00 Milan Italy EUR SM Year 0.82 190.00 235.00 6.8 240.00 285.00 Rome Italy EUR SM Year 0.82 160.00 180.00 0.0 180.00 200.00 Riga Latvia EUR SM Month 0.82 8.00 10.00 3.3 10.00 12.00 Vilnius Lithuania EUR SM Month 0.82 8.70 10.30 -6.4 10.10 11.80 Amsterdam Netherlands EUR SM Year 0.82 15.00 16.65 -0.1 25.50 28.35 Belfast Northern Ireland GBP SF Year 0.66 10.00 16.00 – 11.00 17.00 Warsaw Poland EUR SM Month 0.82 20.50 – – – – Bucharest Romania EUR SM Month 0.82 15.00 – – – – Moscow Russia EUR SM Month 0.82 28.40 – – – – Saint Petersburg Russia EUR SM Month 0.82 25.00 – – – – Riyadh Saudi Arabia SAR SM Year 3.76 550.00 605.00 – 1,000.00 1,100.00 Belgrade Serbia EUR SM Month 0.82 13.00 – – – – Bratislava Slovakia EUR SM Month 0.82 11.00 – – – – Cape Town South Africa ZAR SM Month 7.65 80.00 98.00 – 115.00 140.00 Durban South Africa ZAR SM Month 7.65 95.00 100.00 -7.0 105.00 120.00 Johannesburg South Africa ZAR SM Month 7.65 110.00 90.00 -5.3 95.00 105.00 Madrid Spain EUR SM Month 0.82 13.50 16.00 -11.1 17.00 19.50 Stockholm Sweden SEK SM Year 7.81 1,900.00 2,300.00 0.0 2,200.00 2,500.00 Geneva Switzerland CHF SM Year 1.09 450.00 480.00 11.6 600.00 630.00 Zurich Switzerland CHF SM Year 1.09 300.00 320.00 39.1 450.00 480.00 Istanbul Turkey USD SM Month 1.00 18.50 21.00 -10.6 40.00 42.50 Kyiv Ukraine USD SM Month 1.00 23.00 18.00 – 18.00 22.00 Abu Dhabi United Arab Emirates USD SM Year 1.00 – – – – – Dubai United Arab Emirates USD SM Year 1.00 – – – – – Birmingham United Kingdom GBP SF Year 0.66 16.00 29.00 – 20.00 33.00 Bristol United Kingdom GBP SF Year 0.66 16.50 29.00 – 21.00 33.00 Edinburgh United Kingdom GBP SF Year 0.66 15.00 27.00 -6.9 17.00 29.00 Glasgow United Kingdom GBP SF Year 0.66 16.00 26.00 4.0 17.00 27.00 London – City United Kingdom GBP SF Year 0.66 – – – – – Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 19
  • 23. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS MEASURE GROSS TOP TOP EXCHANGE CLASS A CLASS A RENT CLASS A CLASS A QUOTED TIME RATE (USD) NET GROSS ANNUAL NET GROSS MARKET COUNTRY CURRENCY UNIT PERIOD JUNE 30, 2010 RENT RENT CHG. (%) RENT RENT EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued London – Docklands United Kingdom GBP SF Year 0.66 – – – – – London – Southbank United Kingdom GBP SF Year 0.66 – – – – – London – West End United Kingdom GBP SF Year 0.66 – – – – – Manchester United Kingdom GBP SF Year 0.66 – – – – – NORTH AMERICA Calgary Canada CAD SF Year 1.05 20.00 32.00 -7.9 26.00 38.00 Edmonton Canada CAD SF Year 1.05 19.51 31.10 -0.6 40.38 51.97 Halifax Canada CAD SF Year 1.05 14.62 26.74 -1.8 17.48 29.60 Kitchener-Waterloo Canada CAD SF Year 1.05 15.81 26.72 4.8 19.09 30.00 Montreal Canada CAD SF Year 1.05 9.18 24.00 -3.4 15.18 30.00 Ottawa Canada CAD SF Year 1.05 6.97 31.00 3.2 11.97 36.00 Regina Canada CAD SF Year 1.05 13.50 24.50 -12.5 19.00 30.00 Saskatoon Canada CAD SF Year 1.05 – – – – – Toronto Canada CAD SF Year 1.05 16.92 31.20 4.8 33.22 47.50 Vancouver Canada CAD SF Year 1.05 12.50 27.00 -12.9 23.50 38.00 Victoria Canada CAD SF Year 1.05 18.50 31.50 -4.5 30.00 43.00 Atlanta United States USD SF Year 1.00 11.90 21.80 -2.7 26.10 36.00 Bakersfield United States USD SF Year 1.00 15.60 24.00 0.0 18.00 26.40 Baltimore United States USD SF Year 1.00 26.30 26.30 -0.2 – – Boise United States USD SF Year 1.00 12.50 18.00 -1.6 16.50 22.00 Boston United States USD SF Year 1.00 14.40 26.40 -12.3 38.00 50.00 Charleston United States USD SF Year 1.00 16.67 24.17 -8.8 24.50 32.00 Charlotte United States USD SF Year 1.00 20.40 20.40 2.3 – – Chicago United States USD SF Year 1.00 18.00 27.50 -1.1 25.50 35.00 Cincinnati United States USD SF Year 1.00 12.05 20.47 -3.1 19.34 27.76 Cleveland United States USD SF Year 1.00 15.06 21.98 3.5 20.58 27.50 Columbia United States USD SF Year 1.00 9.86 16.96 -5.5 14.90 22.00 Columbus United States USD SF Year 1.00 9.56 18.70 -3.9 15.86 25.00 Dallas/Fort Worth United States USD SF Year 1.00 13.95 24.75 -2.9 34.20 45.00 Denver United States USD SF Year 1.00 4.75 20.75 -5.7 12.00 28.00 Detroit United States USD SF Year 1.00 15.89 22.39 -3.8 22.49 28.99 Fairfield United States USD SF Year 1.00 27.12 27.12 7.1 35.40 35.40 Fairfield County United States USD SF Year 1.00 17.96 30.96 -2.7 35.00 48.00 Fresno United States USD SF Year 1.00 17.20 25.20 -2.3 23.20 31.20 Ft. Lauderdale/Broward County United States USD SF Year 1.00 12.67 28.17 0.6 19.50 35.00 Greenville United States USD SF Year 1.00 11.56 17.76 -4.7 15.80 22.00 Hartford United States USD SF Year 1.00 10.44 20.44 -2.6 15.50 25.50 Honolulu United States USD SF Year 1.00 – – – – – Houston United States USD SF Year 1.00 11.95 27.35 -0.9 25.10 40.50 Jacksonville United States USD SF Year 1.00 11.16 20.36 -3.0 13.80 23.00 Kansas City United States USD SF Year 1.00 21.48 21.48 -3.5 – – Las Vegas United States USD SF Year 1.00 18.45 32.85 -7.5 33.00 47.40 Little Rock United States USD SF Year 1.00 11.98 18.53 1.5 13.75 20.30 Los Angeles United States USD SF Year 1.00 22.40 38.40 6.3 56.00 72.00 Los Angeles – Inland Empire United States USD SF Year 1.00 16.04 26.04 -4.8 24.20 34.20 Louisville United States USD SF Year 1.00 20.02 20.02 13.6 – – Memphis United States USD SF Year 1.00 12.64 21.29 -2.0 20.31 28.96 Miami-Dade United States USD SF Year 1.00 16.40 32.90 -0.6 27.50 44.00 Nashville United States USD SF Year 1.00 13.98 22.31 2.9 20.42 28.75 New Jersey – Central United States USD SF Year 1.00 23.92 23.92 -9.4 42.00 42.00 New Jersey – Northern United States USD SF Year 1.00 24.36 24.36 -14.3 38.00 38.00 New York – Downtown Manhattan United States USD SF Year 1.00 – – – – – New York – Midtown Manhattan United States USD SF Year 1.00 – – – – – New York – Midtown S. Manhattan United States USD SF Year 1.00 – – – – – P. 20 | COLLIERS INTERNATIONAL
  • 24. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS MEASURE GROSS TOP TOP EXCHANGE CLASS A CLASS A RENT CLASS A CLASS A QUOTED TIME RATE (USD) NET GROSS ANNUAL NET GROSS MARKET COUNTRY CURRENCY UNIT PERIOD JUNE 30, 2010 RENT RENT CHG. (%) RENT RENT NORTH AMERICA continued Oakland United States USD SF Year 1.00 14.94 28.44 -10.6 21.70 35.20 Orange County United States USD SF Year 1.00 12.86 27.36 -12.3 54.50 69.00 Orlando United States USD SF Year 1.00 13.82 22.82 -3.4 31.00 40.00 Philadelphia United States USD SF Year 1.00 15.13 24.25 -2.8 28.30 37.42 Phoenix United States USD SF Year 1.00 16.01 24.64 -8.2 30.37 39.00 Pleasanton/Walnut Creek United States USD SF Year 1.00 23.01 25.20 8.8 42.81 45.00 Portland United States USD SF Year 1.00 12.45 23.20 -2.0 22.25 33.00 Raleigh/Durham/Chapel Hill United States USD SF Year 1.00 21.45 21.45 -3.3 – – Reno United States USD SF Year 1.00 9.54 20.04 -7.2 30.60 41.10 Sacramento United States USD SF Year 1.00 18.82 24.72 -4.2 26.26 32.16 San Diego County United States USD SF Year 1.00 19.91 32.64 -10.2 48.84 61.57 San Francisco United States USD SF Year 1.00 – – – – – San Francisco Peninsula United States USD SF Year 1.00 18.12 31.92 -8.3 106.20 120.00 San Jose/Silicon Valley United States USD SF Year 1.00 22.38 35.88 -6.3 58.50 72.00 Seattle/Puget Sound United States USD SF Year 1.00 26.51 26.51 -5.3 30.12 30.12 St. Louis United States USD SF Year 1.00 23.39 23.39 -6.4 – – Stamford United States USD SF Year 1.00 – – – – – Stockton/San Joaquin County United States USD SF Year 1.00 – – – – – Tampa United States USD SF Year 1.00 16.05 23.80 -5.0 21.25 29.00 Washington, DC United States USD SF Year 1.00 16.73 30.73 1.6 50.00 64.00 West Palm Beach/Palm Beach Co. United States USD SF Year 1.00 13.89 30.64 -1.2 23.25 40.00 Westchester County United States USD SF Year 1.00 14.46 27.46 1.8 32.00 45.00 White Plains United States USD SF Year 1.00 – – – – – ASIA PACIFIC Adelaide Australia AUD SM Year 1.17 300.00 360.00 30.9 350.00 410.00 Brisbane Australia AUD SM Year 1.17 375.00 475.00 -5.0 450.00 525.00 Canberra Australia AUD SM Year 1.17 340.00 400.00 2.6 355.00 420.00 Perth Australia AUD SM Year 1.17 – – – – – Sydney Australia AUD SM Year 1.17 363.00 452.00 10.2 570.00 675.00 Beijing China RMB SM Month 6.81 173.30 203.30 2.1 224.10 254.10 Guangzhou China RMB SM Month 6.81 – – – – – Hong Kong China HKD SF Month 7.78 31.25 39.98 9.8 42.22 52.27 Shanghai China RMB SM Day 6.81 2.64 2.95 – 3.80 4.60 Bangalore India INR SF Month 46.48 26.00 30.00 -9.1 30.00 35.00 Chennai India INR SF Month 46.48 27.00 32.00 0.0 34.00 40.00 Delhi India INR SF Month 46.48 101.00 121.00 4.3 165.00 194.00 Mumbai India INR SF Month 46.48 101.00 119.00 -0.8 223.00 262.00 Jakarta Indonesia IDR SM Month 9165.90 90,500.00 146,350.00 -10.0 134,280.00 170,088.00 Tokyo Japan JPY SM Year 88.66 – – – – – Seoul Korea KRW SM Month 1219.00 – – – – – Auckland New Zealand NZD SM Year 1.44 246.00 300.00 -8.0 298.00 345.00 Wellington New Zealand NZD SM Year 1.44 – – – – – Singapore Singapore SGD SF Month 1.40 4.31 5.79 7.4 5.25 6.80 Bangkok Thailand THB SM Month 32.56 450.00 450.00 – 380.00 380.00 Ho Chi Minh City Vietnam VND SM Month 19317.30 476,250.00 571,500.00 15.0 476,250.00 571,500.00 LATIN AMERICA Buenos Aires Argentina USD SM Month 1.00 22.10 25.00 2.0 23.00 27.70 Rio de Janeiro Brazil REAL SM Month 1.80 70.00 88.00 -23.5 80.00 105.00 São Paulo Brazil REAL SM Month 1.80 60.00 85.00 0.0 85.00 110.00 Santiago Chile USD SM Month 1.00 – – – – – Bogotá Colombia USD SM Month 1.00 – – – – – San José Costa Rica USD SM Year 1.00 – – – – – Mexico City Mexico USD SM Month 1.00 21.70 24.70 -1.6 25.20 29.20 Lima Peru USD SM Month 1.00 15.40 17.60 4.8 16.50 18.80 Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 21
  • 25. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS TOP TOP SUBURBAN 10-YEAR CLASS A CLASS A CLASS A CLASS A SUBURBAN CAP RATE/ GOVT. NET RENT GROSS RENT NET RENT GROSS RENT SALES PRICE INITIAL YIELD BONDS MARKET COUNTRY (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF) (%) (%) EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania 23.48 – – – – – – Vienna Austria 10.89 13.61 19.06 21.78 340.30 5.90 3.14 Minsk Belarus 24.50 28.59 27.22 31.31 136.12 18.00 – Brussels Belgium 13.61 18.72 17.02 22.12 283.59 6.80 3.49 Sofia Bulgaria 19.06 16.33 19.06 21.78 173.21 11.00 – Zagreb Croatia 15.65 21.78 19.06 25.18 164.82 9.50 – Prague Czech Republic 23.14 – – – 272.24 8.50 4.05 Copenhagen Denmark 15.22 18.26 19.79 22.83 281.76 6.00 2.73 Tallinn Estonia 10.89 14.29 14.43 17.70 – 10.00 – Helsinki Finland 13.61 17.70 19.06 23.14 226.87 7.25 2.89 Bordeaux France 14.74 – 15.87 – – – 3.07 Lyon France 16.44 – 20.40 – 226.87 7.50 3.07 Montepelier France 16.44 – 20.97 – 204.18 9.00 3.07 Nantes France 14.17 – 15.87 – 204.18 8.00 3.07 Paris France 51.01 60.08 56.68 65.75 794.04 6.00 3.07 Strasbourg France 14.74 – 16.44 – 204.18 7.50 3.07 Toulouse France 15.87 – 21.54 – 260.90 7.85 3.07 Berlin Germany 11.30 14.70 16.33 20.42 204.18 7.00 2.64 Düsseldorf Germany 20.89 25.66 29.95 34.71 306.27 5.80 2.64 Frankfurt Germany 19.06 22.46 22.46 27.22 – 6.50 2.64 Hamburg Germany 16.33 20.42 20.42 24.50 374.33 8.00 2.64 Munich Germany 13.61 16.33 23.14 25.86 306.27 6.70 2.64 Stuttgart Germany 15.90 20.01 18.38 22.46 198.51 6.63 2.64 Athens Greece 23.14 31.31 23.14 29.95 289.26 8.00 9.83 Budapest Hungary 14.97 19.74 21.78 27.22 161.87 9.30 7.55 Dublin Ireland 1.52 2.55 1.78 1.85 283.59 8.50 5.48 Tel Aviv Israel 17.79 29.26 18.65 30.12 215.30 8.25 3.69 Milan Italy 21.54 26.64 27.21 32.31 567.17 6.25 4.03 Rome Italy 18.14 20.40 20.40 22.67 340.30 7.00 4.03 Riga Latvia 10.89 13.61 13.61 16.33 – 12.00 – Vilnius Lithuania 11.84 14.02 13.75 16.06 82.24 12.00 – Amsterdam Netherlands 1.70 1.89 2.89 3.21 414.04 6.50 2.89 Belfast Northern Ireland 15.07 24.11 16.57 25.61 – 6.75 5.48 Warsaw Poland 27.90 – – – 348.81 8.00 5.88 Bucharest Romania 20.42 – – – 204.18 10.00 – Moscow Russia 38.66 – – – 257.72 15.00 5.72 Saint Petersburg Russia 34.03 – – – 243.09 14.00 5.72 Riyadh Saudi Arabia 13.60 14.96 24.73 27.20 252.03 11.50 – Belgrade Serbia 17.70 – – – 136.12 13.00 – Bratislava Slovakia 14.97 – – – 136.12 11.00 2.78 Cape Town South Africa 11.66 14.28 16.76 20.40 182.16 10.50 8.64 Durban South Africa 13.84 14.57 15.30 17.49 170.02 10.00 8.64 Johannesburg South Africa 16.03 13.12 13.84 15.30 170.02 10.50 8.64 Madrid Spain 18.38 21.78 23.14 26.54 306.27 6.75 4.54 Stockholm Sweden 22.60 27.36 26.17 29.74 – – 2.67 Geneva Switzerland 38.51 41.08 51.35 53.92 856.40 5.00 1.55 Zurich Switzerland 25.67 27.39 38.51 41.08 – 5.20 1.55 Istanbul Turkey 20.63 23.42 44.61 47.40 232.34 9.00 4.71 Kyiv Ukraine 25.65 20.07 20.07 24.54 171.00 15.00 – Abu Dhabi United Arab Emirates – – – – – – – Dubai United Arab Emirates – – – – – – – Birmingham United Kingdom 24.11 43.69 30.13 49.72 – – 3.43 Bristol United Kingdom 24.86 43.69 31.64 49.72 – – 3.43 Edinburgh United Kingdom 2.10 3.78 2.38 4.06 – – 3.43 Glasgow United Kingdom 24.11 39.17 25.61 40.68 – – 3.43 London – City United Kingdom – – – – – – 3.43 P. 22 | COLLIERS INTERNATIONAL
  • 26. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS TOP TOP SUBURBAN 10-YEAR CLASS A CLASS A CLASS A CLASS A SUBURBAN CAP RATE/ GOVT. NET RENT GROSS RENT NET RENT GROSS RENT SALES PRICE INITIAL YIELD BONDS MARKET COUNTRY (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF) (%) (%) EUROPE, MIDDLE EAST AND AFRICA (EMEA) continued London – Docklands United Kingdom – – – – – – 3.43 London – Southbank United Kingdom – – – – – – 3.43 London – West End United Kingdom – – – – – – 3.43 Manchester United Kingdom – – – – – – 3.43 NORTH AMERICA – – Calgary Canada 19.08 30.52 24.80 36.25 314.77 7.38 3.23 Edmonton Canada 18.61 29.66 38.52 49.57 – – 3.23 Halifax Canada 13.95 25.51 16.67 28.23 94.33 8.50 3.23 Kitchener-Waterloo Canada 15.08 25.49 18.21 28.62 104.92 7.75 3.23 Montreal Canada 8.76 22.89 14.48 28.62 166.92 8.00 3.23 Ottawa Canada 6.65 29.57 11.42 34.34 143.08 8.00 3.23 Regina Canada 12.88 23.37 18.12 28.62 – – 3.23 Saskatoon Canada – – – – – – 3.23 Toronto Canada 16.14 29.76 31.69 45.31 219.38 8.00 3.23 Vancouver Canada 11.92 25.75 22.42 36.25 310.00 7.50 3.23 Victoria Canada 17.65 30.05 28.62 41.01 276.61 7.00 3.23 Atlanta United States 11.90 21.80 26.10 36.00 140.00 9.10 3.11 Bakersfield United States 15.60 24.00 18.00 26.40 – – 3.11 Baltimore United States 26.30 26.30 – – – – 3.11 Boise United States 12.50 18.00 16.50 22.00 – – 3.11 Boston United States 14.40 26.40 38.00 50.00 163.00 7.70 3.11 Charleston United States 16.67 24.17 24.50 32.00 135.00 11.00 3.11 Charlotte United States 20.40 20.40 – – – – 3.11 Chicago United States 18.00 27.50 25.50 35.00 112.00 8.20 3.11 Cincinnati United States 12.05 20.47 19.34 27.76 153.50 9.20 3.11 Cleveland United States 15.06 21.98 20.58 27.50 115.00 9.50 3.11 Columbia United States 9.86 16.96 14.90 22.00 – – 3.11 Columbus United States 9.56 18.70 15.86 25.00 – – 3.11 Dallas/Fort Worth United States 13.95 24.75 34.20 45.00 90.00 9.00 3.11 Denver United States 4.75 20.75 12.00 28.00 153.00 9.00 3.11 Detroit United States 15.89 22.39 22.49 28.99 – – 3.11 Fairfield United States 27.12 27.12 35.40 35.40 – – 3.11 Fairfield County United States 17.96 30.96 35.00 48.00 250.00 8.00 3.11 Fresno United States 17.20 25.20 23.20 31.20 192.50 8.50 3.11 Ft. Lauderdale/Broward County United States 12.67 28.17 19.50 35.00 221.00 – 3.11 Greenville United States 11.56 17.76 15.80 22.00 – – 3.11 Hartford United States 10.44 20.44 15.50 25.50 107.00 8.40 3.11 Honolulu United States – – – – – – 3.11 Houston United States 11.95 27.35 25.10 40.50 90.00 9.00 3.11 Jacksonville United States 11.16 20.36 13.80 23.00 130.00 9.00 3.11 Kansas City United States 21.48 21.48 – – – – 3.11 Las Vegas United States 18.45 32.85 33.00 47.40 57.59 – 3.11 Little Rock United States 11.98 18.53 13.75 20.30 110.00 9.00 3.11 Los Angeles United States 22.40 38.40 56.00 72.00 250.00 9.00 3.11 Los Angeles – Inland Empire United States 16.04 26.04 24.20 34.20 – – 3.11 Louisville United States 20.02 20.02 – – – – 3.11 Memphis United States 12.64 21.29 20.31 28.96 – – 3.11 Miami-Dade United States 16.40 32.90 27.50 44.00 216.00 8.00 3.11 Nashville United States 13.98 22.31 20.42 28.75 – 7.00 3.11 New Jersey – Central United States 23.92 23.92 42.00 42.00 – – 3.11 New Jersey – Northern United States 24.36 24.36 38.00 38.00 – – 3.11 New York – Downtown Manhattan United States – – – – – – 3.11 New York – Midtown Manhattan United States – – – – – – 3.11 New York – Midtown S. Manhattan United States – – – – – – 3.11 Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 23
  • 27. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS TOP TOP SUBURBAN 10-YEAR CLASS A CLASS A CLASS A CLASS A SUBURBAN CAP RATE/ GOVT. NET RENT GROSS RENT NET RENT GROSS RENT SALES PRICE INITIAL YIELD BONDS MARKET COUNTRY (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF YR.) (USD PSF) (%) (%) NORTH AMERICA continued Oakland United States 14.94 28.44 21.70 35.20 106.30 9.00 3.11 Orange County United States 12.86 27.36 54.50 69.00 160.00 8.00 3.11 Orlando United States 13.82 22.82 31.00 40.00 166.00 8.80 3.11 Philadelphia United States 15.13 24.25 28.30 37.42 126.00 9.00 3.11 Phoenix United States 16.01 24.64 30.37 39.00 99.79 – 3.11 Pleasanton/Walnut Creek United States 23.01 25.20 42.81 45.00 132.00 10.00 3.11 Portland United States 12.45 23.20 22.25 33.00 159.39 – 3.11 Raleigh/Durham/Chapel Hill United States 21.45 21.45 – – – – 3.11 Reno United States 9.54 20.04 30.60 41.10 – – 3.11 Sacramento United States 18.82 24.72 26.26 32.16 155.00 8.80 3.11 San Diego County United States 19.91 32.64 48.84 61.57 117.90 – 3.11 San Francisco United States – – – – – – 3.11 San Francisco Peninsula United States 18.12 31.92 106.20 120.00 250.00 6.50 3.11 San Jose/Silicon Valley United States 22.38 35.88 58.50 72.00 – – 3.11 Seattle/Puget Sound United States 26.51 26.51 30.12 30.12 – – 3.11 St. Louis United States 23.39 23.39 – – – – 3.11 Stamford United States – – – – – – 3.11 Stockton/San Joaquin County United States – – – – – – 3.11 Tampa United States 16.05 23.80 21.25 29.00 131.50 9.00 3.11 Washington, DC United States 16.73 30.73 50.00 64.00 – – 3.11 West Palm Beach/Palm Beach Co. United States 13.89 30.64 23.25 40.00 112.00 – 3.11 Westchester County United States 14.46 27.46 32.00 45.00 250.00 8.00 3.11 White Plains United States – – – – – – 3.11 ASIA PACIFIC Adelaide Australia 23.86 28.63 27.83 32.61 270.58 8.00 5.33 Brisbane Australia 29.82 37.78 35.79 41.75 397.91 8.50 5.33 Canberra Australia 27.04 31.81 28.23 33.40 – 8.00 5.33 Perth Australia – – – – 358.12 8.50 5.33 Sydney Australia 28.87 35.95 45.33 53.68 345.15 8.40 5.33 Beijing China 28.39 33.30 36.71 41.62 415.30 6.82 3.10 Guangzhou China – – – – – – 3.10 Hong Kong China 48.17 61.63 65.08 80.57 – – 2.31 Shanghai China 13.14 14.69 18.92 22.90 286.65 7.00 3.10 Bangalore India 6.71 7.75 7.75 9.04 – 10.00 8.12 Chennai India 6.97 8.26 8.78 10.33 – 10.47 8.12 Delhi India 26.07 31.24 42.60 50.08 – 10.00 8.12 Mumbai India 26.07 30.72 57.57 67.64 – 10.50 8.12 Jakarta Indonesia 11.01 17.81 16.34 20.70 149.52 8.69 5.10 Tokyo Japan – – – – – – 1.15 Seoul Korea – – – – – – 4.93 Auckland New Zealand 15.90 19.39 19.26 22.30 181.68 8.80 5.50 Wellington New Zealand – – – – – 8.80 5.50 Singapore Singapore 36.98 49.67 45.04 58.34 – – 2.16 Bangkok Thailand 15.41 15.41 13.02 13.02 99.91 – 2.92 Ho Chi Minh City Vietnam 25.00 25.00 25.00 30.00 – – 9.00 LATIN AMERICA Buenos Aires Argentina 24.65 27.88 25.65 30.89 185.87 12.00 - Rio de Janeiro Brazil 43.44 54.60 49.64 65.15 361.96 11.00 6.16 São Paulo Brazil 37.23 52.74 52.74 68.26 336.11 11.00 6.16 Santiago Chile – – – – 127.60 11.25 1.93 Bogotá Colombia – – – – – – 4.75 San José Costa Rica – – – – – – - Mexico City Mexico 24.20 27.55 28.10 32.57 241.64 9.00 6.85 Lima Peru 17.17 19.63 18.40 20.97 129.74 14.00 - P. 24 | COLLIERS INTERNATIONAL
  • 28. GLOBAL OFFICE REAL ESTATE REVIEW | FIRST HALF 2010 Glossary Class A Gross Rent – The average rent quoted per square foot per Top Class A Net Rent – The top/highest rent quoted per square foot annum for a class A office building within the CBD plus additional costs per annum for office floor space within the CBD. such as property taxes, service charges or operating expenses. Total Inventory – Existing office floor space (classes A, B and C) within Class A Net Rent – The average rent quoted per square foot per annum each city’s CBD (central business district). for a class A office building within the CBD. Under Construction – The total office floor space (classes A, B and Class A (Prime) Buildings – Most prestigious buildings competing for C) within each city’s CBD (central business district) which is under premier office users with rents above average for the area. Buildings construction, but not yet completed, giving an indication of the develop- have high quality standard finishes, state of the art systems, exceptional ment pipeline for each market. This includes both available and pre-let accessibility and a definite market presence. floor space. ƒ Characterized by: Prime central location; first-class tenant im- Unit – The normal convention locally in which area is measured. Usu- provements; on-site parking; state of the art elevators and HVAC ally on a per square foot or per square meter basis. systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance; ability to Vacancy Rate (%) – The percentage of the inventory (total completed command a premium rent within the relevant market. The class A office floor space, classes A, B and C, within the CBD) which is unoc- building designation implies that the size of the building is “signifi- cupied. cant” in accordance with the market. Yield (%) – The average prime yield (or capitalization rate), expressed Population – The latest population statistics for the metropolitan region. as a percentage, for a Class A office building within the CBD. Quoted Currency – The currency quoted locally in all lease transac- Note: SF = Square Feet tions, not necessarily national currency. (Note: Chile utilizes Unidad de Fomento, which equals USD 24.30) SM = Square Meter Sales Price – The average sales price paid for a class A office building PSF = Per Square Feet within the CBD. PSM = Per Square Meter Time Period – The standard way in which leases are quoted. Usually CBD = Central Business District 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. Contact: Ross Moore—ross.moore@colliers.com COLLIERS INTERNATIONAL | P. 25
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