The document provides a summary of North American office market indicators for Q1 2014. Some key points:
- Vacancy rates decreased slightly across North America, while absorption, construction, and rental rates varied between increasing and decreasing in different markets.
- Intellectual capital, energy, and education (ICEE) markets continue to lead the office recovery, with vacancy decreasing more in these markets.
- Sun Belt markets represented a disproportionate share of absorption, driven by growth in professional services industries.
- Construction activity remains concentrated in markets with strong demand like Boston, San Francisco, and Silicon Valley.
Colliers North American Office Highlights 2Q 2013Coy Davidson
The document provides a summary of key office market indicators for North America in Q2 2013. Some key points:
- The overall North American vacancy rate decreased slightly to 13.86% due to declines in the US rate, while the Canadian rate increased slightly.
- Net absorption surged to 15.5 million square feet, an increase from the previous quarter, driven by an improving US economy despite headwinds.
- Construction activity remains low compared to historical levels and concentrated in strong demand markets, which will support the recovery.
- Transaction volume increased 36% year-over-year, with investors taking on more risk amid global economic weakness.
Q1 2015 North American Office HighlightsCoy Davidson
The document summarizes key trends in the North American office market in Q1 2015. While US economic and job growth slowed in Q1 due to poor weather and weakness in energy, the office market recovery is expected to continue for the rest of 2015. The overall vacancy rate was flat, with a modest increase in Canada and no change in the larger US market. Office absorption slowed but construction activity also decreased slightly. Going forward, investor demand for office properties is expected to remain robust in 2015.
The document summarizes North American office market indicators for Q3 2014. Vacancy rates declined slightly in both the US and Canada while absorption increased. Job growth drove office demand in both countries, leading to a broadening economic recovery. Office-using employment increased more than total employment, with growth seen across more industry sectors and geographic regions. Transaction volume was also up, reflecting continued strong investor demand.
2014 Q4 NORTH AMERICAN INDUSTRIAL HIGHLIGHTSCoy Davidson
The North American industrial market continued strengthening in Q4 2014:
- Vacancy rates decreased to 6.8%, with the U.S. rate falling to 7.2% and the Canadian rate remaining flat at 4.0%.
- Net absorption was robust at 70.7 million square feet, with U.S. absorption at 67 million square feet.
- Construction accelerated, totaling 178.2 million square feet, up from 155.9 million square feet in Q3 2014. However, absorption still exceeded new supply.
- Strong economic and e-commerce growth have expanded demand in distribution and intermodal markets beyond the recovery phase.
The job market increased globally in Q1 2014, with significant growth in key regions like South America, Asia, and the Middle East. The oil and gas industry still faces shortages of skilled workers. If oil prices remain above $100 per barrel, strong growth in jobs is expected through the second half of 2014. Hiring increased in many areas including Argentina, Africa, Australia, and parts of the US and Canada, while Europe saw slower hiring. Overall the outlook for 2014 remains positive if oil prices and investment levels stay high.
U.S. employment showed a healthy return to growth in February with 242,000 net new jobs. Unemployment remained at 4.9 percent, but total unemployment dropped to just 9.7 percent—the lowest rate since before the recession.
Colliers North American Office Highlights 2Q 2013Coy Davidson
The document provides a summary of key office market indicators for North America in Q2 2013. Some key points:
- The overall North American vacancy rate decreased slightly to 13.86% due to declines in the US rate, while the Canadian rate increased slightly.
- Net absorption surged to 15.5 million square feet, an increase from the previous quarter, driven by an improving US economy despite headwinds.
- Construction activity remains low compared to historical levels and concentrated in strong demand markets, which will support the recovery.
- Transaction volume increased 36% year-over-year, with investors taking on more risk amid global economic weakness.
Q1 2015 North American Office HighlightsCoy Davidson
The document summarizes key trends in the North American office market in Q1 2015. While US economic and job growth slowed in Q1 due to poor weather and weakness in energy, the office market recovery is expected to continue for the rest of 2015. The overall vacancy rate was flat, with a modest increase in Canada and no change in the larger US market. Office absorption slowed but construction activity also decreased slightly. Going forward, investor demand for office properties is expected to remain robust in 2015.
The document summarizes North American office market indicators for Q3 2014. Vacancy rates declined slightly in both the US and Canada while absorption increased. Job growth drove office demand in both countries, leading to a broadening economic recovery. Office-using employment increased more than total employment, with growth seen across more industry sectors and geographic regions. Transaction volume was also up, reflecting continued strong investor demand.
2014 Q4 NORTH AMERICAN INDUSTRIAL HIGHLIGHTSCoy Davidson
The North American industrial market continued strengthening in Q4 2014:
- Vacancy rates decreased to 6.8%, with the U.S. rate falling to 7.2% and the Canadian rate remaining flat at 4.0%.
- Net absorption was robust at 70.7 million square feet, with U.S. absorption at 67 million square feet.
- Construction accelerated, totaling 178.2 million square feet, up from 155.9 million square feet in Q3 2014. However, absorption still exceeded new supply.
- Strong economic and e-commerce growth have expanded demand in distribution and intermodal markets beyond the recovery phase.
The job market increased globally in Q1 2014, with significant growth in key regions like South America, Asia, and the Middle East. The oil and gas industry still faces shortages of skilled workers. If oil prices remain above $100 per barrel, strong growth in jobs is expected through the second half of 2014. Hiring increased in many areas including Argentina, Africa, Australia, and parts of the US and Canada, while Europe saw slower hiring. Overall the outlook for 2014 remains positive if oil prices and investment levels stay high.
U.S. employment showed a healthy return to growth in February with 242,000 net new jobs. Unemployment remained at 4.9 percent, but total unemployment dropped to just 9.7 percent—the lowest rate since before the recession.
Ontario construction labour assessment 2012 2020Shawna Henderson
This document provides an assessment of construction labour markets in Ontario from 2012 to 2020. It finds that construction employment is expected to increase by 44,000 workers over this period, with most growth concentrated in the Greater Toronto Area. Key challenges include replacing the estimated 77,000 construction workers who will retire and attracting additional workers to meet expansion demand requirements. Labour market rankings are expected to tighten periodically during peak periods of major project activity in different regions of the province.
The document provides an analysis of the Q4 2019 industrial real estate market in St. Louis. It finds that employment in the industrial sector grew 2.4% year-over-year, driven by growth in the construction sector. Absorption topped 4 million square feet for the fourth straight year thanks largely to expansions by World Wide Technology. Vacancy rates rose above 5% as several new speculative buildings delivered vacant space to the market. Leasing activity continued to be dominated by smaller tenants under 100,000 square feet.
"The SMEs surveyed in November on the trend in their business activity in 2014 downgraded their expectations compared to May.
Yet, 2014 has proved better than 2013, particularly for innovative and exporting SMEs. The same applies to tourism, industry and transport. Construction was the only exception, with a slight further deterioration in its position."
JLL’s Office Skyline focuses on the top tier of the office market, looking at some of the most iconic and highest-rent properties within CBDs and urban cores. Take a look at these five 2016 U.S. office market trends.
- Build-to-suit projects continue to dominate new construction in the St. Louis industrial market, accounting for over 50% of new starts in Q3 2019.
- Vacancy rates increased to 4.9% as several large speculative buildings with available space are expected to deliver by the end of the year.
- Employment growth in St. Louis remains strong, outpacing national growth, driven largely by growth in the industrial and manufacturing sectors.
The rate of increase in Columbus Region employment in the second quarter was more than double the Ohio and U.S. levels. Click for more news from the Columbus Region's second quarter of 2013.
This document provides an analysis of the Q3 2020 Cincinnati industrial market. It finds that while transaction velocity has slowed from record highs in 2017-2018, development and leasing activity remain strong. Specifically:
- Over 1.2 million square feet of new construction delivered in Q3, with over 7 million square feet under construction.
- Major leases included Amazon, DB Schenker, and BarkBox occupying over 1 million square feet year-to-date.
- Vacancy increased slightly as more speculative construction delivered, though fundamentals remain healthy with strong demand from e-commerce and logistics firms.
The Cincinnati metro area added 19,300 jobs over the past year and unemployment rose slightly to 5.5%. The office employment sector gained 6,800 jobs, led by professional and business services adding 6,200 jobs. Total US jobs increased by 126,000 in March, below forecasts. Cincinnati's economy is growing, with expected job growth of 2% and nearly 21,000 new jobs in 2015. Several Cincinnati businesses are expanding, including Northwestern Mutual Life Insurance, RoundTower Technologies, and Startek USA.
The Philippine economy grew 6.9% in the first quarter, driven by investments and household spending. The office and industrial markets saw increased demand, while the residential sector remained subdued due to oversupply concerns. The hotel market saw lower occupancy despite more tourists, as new rooms opened. Overall, the strong economy is boosting the property sector, though oversupply risks in the residential sector remain a challenge.
NIGERIA REAL ESTATE MARKET OUTLOOK 2017 (01)Ayodele Thomas
The Nigerian real estate market struggled from 2015-2016 due to economic and political uncertainties, with rental rates declining and new construction projects stalling. However, the 2017 outlook is positive if the economy rebounds as expected. New developments in office and retail space are projected to increase occupancy and rental rates as demand rises with an improving economy and population. The 2017 national budget aims to boost infrastructure spending and economic growth, which could pull the real estate sector out of its downturn later in the year through higher property prices, construction activity and consumer demand.
RECI July 2016 Metro Chicago Core MOB SnapshotThomas Amato
The document provides an analysis of the Metro Chicago medical office building (MOB) market for the second quarter of 2016. It finds that while job growth and demand for healthcare services remains strong, the MOB market is showing signs of slowing absorption due to a large single vacancy. Specifically, vacancy rose to 13.7% due to the vacancy of a 153,000 square foot building, while average asking rents continued to increase. The outlook remains positive, with expectations that vacancy will decline over the long term as demand and MOB job growth remain strong, fueling need for additional space.
This document summarizes phases 1-3 of a study supporting priority investment in Somerset County, New Jersey. Phase 1 findings include socioeconomic analysis showing demand for senior and multifamily housing and identification of areas with low land value suitable for redevelopment. Phase 2 assesses real estate market trends, finding high office and retail vacancy rates but opportunities for mixed-use and small industry. Phase 3 further analyzes real estate data to identify target areas. The overall goals are to align land use and infrastructure plans to convey clear development priorities and leverage resources.
The document summarizes key office market indicators and trends for Houston, Texas in Q1 2015. Net absorption slowed to 1.2 million SF compared to 2.3 million SF in Q1 2014, while vacancy rates increased slightly. Rental rates remained relatively stable, increasing 0.9% citywide. Over 3.5 million SF of new inventory delivered during the quarter, with 68% pre-leased. The effects of lower oil prices are beginning to impact the Houston office market, as available sublease space increased 33% and job growth slowed compared to previous periods. However, vacancy rates remain moderate and most proposed construction projects have been put on hold, which should help stabilize the market.
- Real GDP decreased by 0.7% quarter-on-quarter in Q1 2017, according to seasonally adjusted and annualized figures. This followed eight consecutive quarters of contraction in agriculture.
- Trade and manufacturing were the two major industries that contributed negatively to GDP growth in Q1 2017. Agriculture and mining saw increased production and contributed positively.
- Household final consumption expenditure decreased by 2.3% quarter-on-quarter due to lower spending on food, clothing, footwear and transport. Exports of goods and services also declined while imports increased.
Dr. Lawrence Yun's Economic Update at the Charleston Realtors Commercial Market Forecast event on November 15, 2018: Economic Trends and Outlook in a Rising Interest Rate Environment.
This document provides a summary of Ingersoll Rand's first quarter 2017 results. Some key points:
- Revenue increased 4% year-over-year on an organic basis to $3 billion. Adjusted EPS increased 14% to $0.57.
- Commercial and residential HVAC businesses saw strong revenue and bookings growth in the high-single digits. Industrial business bookings were up 9%.
- Adjusted operating margins improved in both the climate and industrial segments.
- Guidance for full-year 2017 revenue growth remains at 2-3% organic and adjusted EPS is increased to a range of $4.35 to $4.50.
office space toronto, toronto office space, office search toronto, office space in toronto, office rentals toronto, commercial office space, commercial real estate toronto, office rent toronto, toronto offices for lease
The global serviced office market has grown significantly in recent years. It now represents over $6 billion and 80 million square feet of office space worldwide. The market is growing at 10% annually and now includes over 5,484 centers across 101 countries. However, the market remains fragmented, with Regus as the largest provider but having only a 20% market share. The report predicts continued strong growth, especially in emerging markets like Asia, as business practices evolve to demand more flexibility.
This document provides information about leasing space at 380 Adelaide Street West in Toronto. Key details include:
- One or multiple floors totaling around 15,000 square feet are available for lease in a fully renovated building in Toronto's Warehouse Precinct entertainment district.
- Features include a great location, opportunity for building signage, high ceilings, large windows, hardwood floors, independent HVAC controls per floor, freight elevator and loading dock, and upgraded life safety systems.
- Contact information is provided to inquire about leasing one of the three floors available, each comprising approximately 5,000 square feet of renovated space in a prime downtown Toronto location.
This property listing advertises office space available for sublease in Toronto, Ontario. Specifically, it offers two options on the 5th floor of 235 Carlaw Avenue totaling either 4,620 square feet or 7,260 square feet. The sublease term is flexible between 2 to 5 years. The gross asking rent is to be discussed with the listing agent. The space is available for occupancy beginning September 1st. The document provides contact information for the listing agent to obtain more details on the available sublease space.
Ontario construction labour assessment 2012 2020Shawna Henderson
This document provides an assessment of construction labour markets in Ontario from 2012 to 2020. It finds that construction employment is expected to increase by 44,000 workers over this period, with most growth concentrated in the Greater Toronto Area. Key challenges include replacing the estimated 77,000 construction workers who will retire and attracting additional workers to meet expansion demand requirements. Labour market rankings are expected to tighten periodically during peak periods of major project activity in different regions of the province.
The document provides an analysis of the Q4 2019 industrial real estate market in St. Louis. It finds that employment in the industrial sector grew 2.4% year-over-year, driven by growth in the construction sector. Absorption topped 4 million square feet for the fourth straight year thanks largely to expansions by World Wide Technology. Vacancy rates rose above 5% as several new speculative buildings delivered vacant space to the market. Leasing activity continued to be dominated by smaller tenants under 100,000 square feet.
"The SMEs surveyed in November on the trend in their business activity in 2014 downgraded their expectations compared to May.
Yet, 2014 has proved better than 2013, particularly for innovative and exporting SMEs. The same applies to tourism, industry and transport. Construction was the only exception, with a slight further deterioration in its position."
JLL’s Office Skyline focuses on the top tier of the office market, looking at some of the most iconic and highest-rent properties within CBDs and urban cores. Take a look at these five 2016 U.S. office market trends.
- Build-to-suit projects continue to dominate new construction in the St. Louis industrial market, accounting for over 50% of new starts in Q3 2019.
- Vacancy rates increased to 4.9% as several large speculative buildings with available space are expected to deliver by the end of the year.
- Employment growth in St. Louis remains strong, outpacing national growth, driven largely by growth in the industrial and manufacturing sectors.
The rate of increase in Columbus Region employment in the second quarter was more than double the Ohio and U.S. levels. Click for more news from the Columbus Region's second quarter of 2013.
This document provides an analysis of the Q3 2020 Cincinnati industrial market. It finds that while transaction velocity has slowed from record highs in 2017-2018, development and leasing activity remain strong. Specifically:
- Over 1.2 million square feet of new construction delivered in Q3, with over 7 million square feet under construction.
- Major leases included Amazon, DB Schenker, and BarkBox occupying over 1 million square feet year-to-date.
- Vacancy increased slightly as more speculative construction delivered, though fundamentals remain healthy with strong demand from e-commerce and logistics firms.
The Cincinnati metro area added 19,300 jobs over the past year and unemployment rose slightly to 5.5%. The office employment sector gained 6,800 jobs, led by professional and business services adding 6,200 jobs. Total US jobs increased by 126,000 in March, below forecasts. Cincinnati's economy is growing, with expected job growth of 2% and nearly 21,000 new jobs in 2015. Several Cincinnati businesses are expanding, including Northwestern Mutual Life Insurance, RoundTower Technologies, and Startek USA.
The Philippine economy grew 6.9% in the first quarter, driven by investments and household spending. The office and industrial markets saw increased demand, while the residential sector remained subdued due to oversupply concerns. The hotel market saw lower occupancy despite more tourists, as new rooms opened. Overall, the strong economy is boosting the property sector, though oversupply risks in the residential sector remain a challenge.
NIGERIA REAL ESTATE MARKET OUTLOOK 2017 (01)Ayodele Thomas
The Nigerian real estate market struggled from 2015-2016 due to economic and political uncertainties, with rental rates declining and new construction projects stalling. However, the 2017 outlook is positive if the economy rebounds as expected. New developments in office and retail space are projected to increase occupancy and rental rates as demand rises with an improving economy and population. The 2017 national budget aims to boost infrastructure spending and economic growth, which could pull the real estate sector out of its downturn later in the year through higher property prices, construction activity and consumer demand.
RECI July 2016 Metro Chicago Core MOB SnapshotThomas Amato
The document provides an analysis of the Metro Chicago medical office building (MOB) market for the second quarter of 2016. It finds that while job growth and demand for healthcare services remains strong, the MOB market is showing signs of slowing absorption due to a large single vacancy. Specifically, vacancy rose to 13.7% due to the vacancy of a 153,000 square foot building, while average asking rents continued to increase. The outlook remains positive, with expectations that vacancy will decline over the long term as demand and MOB job growth remain strong, fueling need for additional space.
This document summarizes phases 1-3 of a study supporting priority investment in Somerset County, New Jersey. Phase 1 findings include socioeconomic analysis showing demand for senior and multifamily housing and identification of areas with low land value suitable for redevelopment. Phase 2 assesses real estate market trends, finding high office and retail vacancy rates but opportunities for mixed-use and small industry. Phase 3 further analyzes real estate data to identify target areas. The overall goals are to align land use and infrastructure plans to convey clear development priorities and leverage resources.
The document summarizes key office market indicators and trends for Houston, Texas in Q1 2015. Net absorption slowed to 1.2 million SF compared to 2.3 million SF in Q1 2014, while vacancy rates increased slightly. Rental rates remained relatively stable, increasing 0.9% citywide. Over 3.5 million SF of new inventory delivered during the quarter, with 68% pre-leased. The effects of lower oil prices are beginning to impact the Houston office market, as available sublease space increased 33% and job growth slowed compared to previous periods. However, vacancy rates remain moderate and most proposed construction projects have been put on hold, which should help stabilize the market.
- Real GDP decreased by 0.7% quarter-on-quarter in Q1 2017, according to seasonally adjusted and annualized figures. This followed eight consecutive quarters of contraction in agriculture.
- Trade and manufacturing were the two major industries that contributed negatively to GDP growth in Q1 2017. Agriculture and mining saw increased production and contributed positively.
- Household final consumption expenditure decreased by 2.3% quarter-on-quarter due to lower spending on food, clothing, footwear and transport. Exports of goods and services also declined while imports increased.
Dr. Lawrence Yun's Economic Update at the Charleston Realtors Commercial Market Forecast event on November 15, 2018: Economic Trends and Outlook in a Rising Interest Rate Environment.
This document provides a summary of Ingersoll Rand's first quarter 2017 results. Some key points:
- Revenue increased 4% year-over-year on an organic basis to $3 billion. Adjusted EPS increased 14% to $0.57.
- Commercial and residential HVAC businesses saw strong revenue and bookings growth in the high-single digits. Industrial business bookings were up 9%.
- Adjusted operating margins improved in both the climate and industrial segments.
- Guidance for full-year 2017 revenue growth remains at 2-3% organic and adjusted EPS is increased to a range of $4.35 to $4.50.
office space toronto, toronto office space, office search toronto, office space in toronto, office rentals toronto, commercial office space, commercial real estate toronto, office rent toronto, toronto offices for lease
The global serviced office market has grown significantly in recent years. It now represents over $6 billion and 80 million square feet of office space worldwide. The market is growing at 10% annually and now includes over 5,484 centers across 101 countries. However, the market remains fragmented, with Regus as the largest provider but having only a 20% market share. The report predicts continued strong growth, especially in emerging markets like Asia, as business practices evolve to demand more flexibility.
This document provides information about leasing space at 380 Adelaide Street West in Toronto. Key details include:
- One or multiple floors totaling around 15,000 square feet are available for lease in a fully renovated building in Toronto's Warehouse Precinct entertainment district.
- Features include a great location, opportunity for building signage, high ceilings, large windows, hardwood floors, independent HVAC controls per floor, freight elevator and loading dock, and upgraded life safety systems.
- Contact information is provided to inquire about leasing one of the three floors available, each comprising approximately 5,000 square feet of renovated space in a prime downtown Toronto location.
This property listing advertises office space available for sublease in Toronto, Ontario. Specifically, it offers two options on the 5th floor of 235 Carlaw Avenue totaling either 4,620 square feet or 7,260 square feet. The sublease term is flexible between 2 to 5 years. The gross asking rent is to be discussed with the listing agent. The space is available for occupancy beginning September 1st. The document provides contact information for the listing agent to obtain more details on the available sublease space.
office space toronto, toronto office space, office search toronto, office space in toronto, office rentals toronto, commercial office space, commercial real estate toronto, office rent toronto, toronto offices for lease
Giotan construction furniture moving cost sheets sept 2011Chris Fyvie
The document provides pricing ranges and descriptions for three levels - basic, upgraded, and premium - of office build outs. The basic office ranges from $27-37 per square foot and includes painted drywall, doors, lighting, and carpeting. The upgraded office ranges from $38-49 per square foot and features sound baffles, wall coverings, and higher quality carpeting. The premium office is $50 or more per square foot and has upgraded finishes, doors, lighting, and flooring.
office space toronto, toronto office space, office search toronto, office space in toronto, office rentals toronto, commercial office space, commercial real estate toronto, office rent toronto, toronto offices for lease
office space toronto, toronto office space, office search toronto, office space in toronto, office rentals toronto, commercial office space, commercial real estate toronto, office rent toronto, toronto offices for lease
The document provides an overview and analysis of Q3 2014 office market conditions in North America. Some key points:
- Vacancy rates declined slightly in both the US and Canada, while net absorption and rental rates increased.
- Job and office-using employment growth has broadened beyond just tech and energy markets, driving continued recovery. Demand is widespread across regions.
- The recovery is supported by projections of ongoing economic and employment expansion in both the US and Canada through 2015.
The document summarizes North American office market indicators for Q3 2014. Some key points:
- Vacancy rates decreased slightly in both the US and Canada while net absorption increased.
- Job and office-using employment growth has driven demand, with broad-based growth across sectors and regions.
- Construction activity remains concentrated in major markets, accounting for over 60% of space under construction.
- Economic and office market recoveries are strengthening and broadening across more markets.
North American Office Highlights Q4 2014Coy Davidson
This document summarizes key findings from Colliers International's Q4 2014 North American office market report. It finds that:
1) The U.S. office vacancy rate decreased while the Canadian rate increased, bringing the overall North American vacancy rate down.
2) Absorption in the U.S. was strong, reaching its highest levels since 2006, while construction activity also increased.
3) Transaction volume reached a post-recession high in 2014, though it remained below peak levels, with investment concentrated in major cities.
The document summarizes the key takeaways from a Q1 2015 North American office market outlook report. It finds that while US economic and job growth slowed in Q1 due to poor weather, a weak energy industry, and reduced exports, the office market recovery is expected to continue through 2015 as growth strengthens. The North American vacancy rate was flat at 12.9% in Q1, with a modest increase in Canada and no change in the larger US market. Office absorption slowed in North America but the US suburban market saw strong growth, while US CBD absorption virtually halted. Construction activity decreased slightly in the US for only the second time in the recovery.
North American Commercial Real Estate ReportChris Fyvie
We are pleased to share with you the our latest North American Research Report -covering approximately 70 metro areas - demonstrating that the office market in the United States and Canada will continue a steady growth, but will lack in the force and pace of prior cycles. However, positive market trends exist, including strong absorption and declining vacancy rates in all the major U.S. CBDs. Additionally, construction is increasing, but remains below historic highs.
2015 2Q North American Office Market ReportCoy Davidson
The U.S. office market saw improvements in Q2 2015, with vacancy rates declining and absorption improving. However, the Canadian office market weakened, with rising vacancy rates driven by falling oil prices. Overall North American vacancy fell slightly to 12.7%, with U.S. vacancy down to 13.0% and Canadian vacancy up to 9.1%. Absorption was positive in the U.S. at 23.1 million square feet but negative in Canada at -0.5 million square feet. The outlook remains positive for the U.S. office market but negative for Canada due to economic challenges from low oil prices.
Q1 - 2015 North American Industrial HighlightsCoy Davidson
The North American industrial vacancy rate declined 15 basis points to 6.7% in Q1 2015. Net absorption was strong at 63.1 million square feet, while 52.0 million square feet of new space was added. Healthy demand and a need for modern space has led to an upswing in construction activity in both the US and Canada. Tightening market conditions have pushed up industrial rents, with average US warehouse rents rising 2.2% to $5.16 per square foot.
C&W Marketbeat - Canadian Industrial Report- Q2-2014 Guy Masse
This document provides a summary of industrial real estate market conditions across Canada in the second quarter of 2014. Key points include:
- The Alberta economy continued to outpace other regions, driven by growth in the oil and gas industry. This fueled record industrial real estate absorption in Calgary.
- Central Canadian markets struggled due to slow economic growth, though momentum was starting to improve in the second quarter.
- Strengthening US economic conditions are expected to increase demand for Canadian goods and services, benefiting industrial markets going forward.
The document summarizes oil and gas industry hiring trends in Q2 2014 based on analysis of job postings on major industry boards. The global job index increased from 1.65 in Q1 to 1.99 in Q2, with all regions except Australasia seeing increases. The labor markets were particularly strong in South America, Africa, and the CIS region. North America saw steady growth while Europe and Australasia were relatively flat or down year-over-year. Overall conditions remain positive for continued hiring and investment in the oil and gas industry.
The document summarizes the February 2014 jobs report. It states that 175,000 new jobs were added in February, less than the average in 2013 but more than December and January. The unemployment rate rose slightly to 6.7% as more people entered the labor force. Gains were led by professional and business services adding 79,000 jobs. The report provides an overview of job growth over previous months and shows that while growth is positive, conditions remain cool with expectations of warming in coming months.
Columbus MSA employment was up 8,200 (0.8 percent) from March to June, ahead of Ohio’s increase of 0.4 percent and the U.S. increase of 0.6 percent, according to the Q2 economic update report produced by Columbus 2020. Going into the second half of the year, unemployment in the Columbus Region continued to decline at 4.6 percent, compared to June state and national rates of 5.5 and 6.1, respectively.
The document provides an executive summary of the City of Tulsa's FY15 budget. It discusses revenues, expenditures, and the economic conditions in Tulsa. Total revenues are projected to be $687 million, an 0.8% increase from FY14. Taxes make up 52% of revenues, with sales tax being the largest at 33%. Expenditures are highest for public safety at 26% and public works/transportation at 39%. The economic forecast for Tulsa is improved, with growth in employment, income, and construction activity.
The quarterly economic indicators report for Northeast Ohio in Q4 2010 found signs of gradual economic improvement. Manufacturing employment increased by almost 10,000 jobs and services employment increased by 6,000 jobs compared to Q4 2009. The unemployment rate dropped nearly 1% to 9.3% and initial unemployment claims decreased from 7,100 to 5,600 between Q4 2009 and Q4 2010. Republican John Kasich was elected governor of Ohio and plans to establish JobsOhio, a new not-for-profit corporation, to direct economic development and job creation efforts in the state.
The document summarizes economic indicators for Northeast Ohio in Q4 2010. It reports that the region saw improvements over Q4 2009, with manufacturing jobs up almost 10,000 and service sector jobs up 6,000. Unemployment claims and rates decreased from the previous year. John Kasich was elected governor of Ohio and plans to establish JobsOhio to promote economic development. Several development projects were also announced in the region.
The DC Development Report is a summary of the major development and construction projects in the District of Columbia. The Washington, DC Economic Partnership (WDCEP) began tracking development activity in 2001 with the hope of creating a comprehensive database that would answer a number of questions in regards to the construction activity in the city. The Report summarizes our entire database of projects, highlights major projects and what lies ahead for development in the District of Columbia.
This update of the DC Development Report is an overview of development activity and of the expansion occurring in DC. As a resource book, it is a compilation of nearly 14 years of data collection and research that provides an overview of an ever-changing development and construction cycle.
The WDCEP performs an annual “development census” in the month of September and receives contributions from more than 100 developers, architects, contractors and economic development organizations. This outreach results in updates to more than 350 projects. While our database of projects is constantly being updated, for the purposes of this publication all data reflects project status, design and information as of September 2014.
In 2014 the WDCEP partnered with CBRE to provide an economic overview of DC and in-depth analysis of the office, retail and residential markets. Although every attempt was made to ensure the quality of the information contained in this document, the WDCEP and CBRE makes no warranty or guarantee as to its accuracy, completeness or usefulness for any given purpose.
- The US office market continued to feel the impact of the COVID-19 recession in Q4 2020, with vacancy rates rising to 15.5% as absorption fell to -43 million square feet. Sublease space availability nearly doubled year-over-year to over 111 million square feet.
- Job losses led to falling demand for office space, with 1.2 million fewer office jobs in Q4 than before the pandemic. A record number of markets had negative absorption, bringing total space given back over three quarters to 103 million square feet.
- With vaccines now being distributed but COVID cases still rising, the outlook calls for further vacancy increases and rent declines in 2021, though recovery is expected to accelerate in the second
Economic growth remains robust in the Denver metro area, with 48,100 new jobs added over the past 12 months. The unemployment rate has declined to 5.1% from 6.5% a year ago. Job growth has been strongest in the professional/business services, education/health services, and tourism/hospitality industries. The regional economy continues to diversify, with expansions in manufacturing, mining/construction, and technology sectors. Business confidence remains positive based on continued growth in both the regional and national economies.
The presentation provided an economic forecast for the construction industry in 2015. It predicted total US construction spending to increase 9% and highlighted gains in multiple sectors such as single family housing up 15% and commercial buildings up 15%. The forecast also noted continued growth in California, with housing starts projected to increase significantly through 2018. In the local area, forecasts pointed to declines in office and industrial vacancy rates with continued residential and commercial development. Overall, the projections portrayed an optimistic outlook for the construction industry in 2015 with many sectors expected to see substantial gains over the prior year.
This is a copy of a presentation I made to the local chapter of NAWIC. It has a lot great information about the national, state and local Construction Economy
Similar to Colliers North American Office Report Q1 2014 (20)
Colliers canada national market snapshot 2020 q4Chris Fyvie
• Although Q4 2020 has brought good news on the vaccine front and removing some of the overall economic uncertainty, we are not in the clear yet and some asset types will take longer to rebound than others.
• The office market continues to experience rising vacancy, predominantly due to rising downtown sublet space. This corresponds with office attendance levels, which are trending below 15% in downtowns, compared to around 30% in the suburbs.
• After a brief pause in activity earlier in the pandemic, the industrial market continued to tighten in Q4 2020. Despite some weakness in bricks and mortar and restaurant distribution as well as in experiential users, strong demand from e-commerce and grocery users drove vacancy down and rents stable.
• The first half of 2021 will remain difficult for many. However, like in 2020, as summer 2021 approaches the economy is expected to thaw. This economic rebound will pick up steam as the vaccine rollout reaches completion.
This document provides an overview of office market statistics for various submarkets in the Greater Toronto Area (GTA) for the first quarter of 2017. Key metrics reported include number of buildings, total office inventory, vacant space, vacancy rates, available space, absorption rates, and average asking rental rates. The Financial Core submarket had 94 buildings totaling 37 million square feet of office inventory, with a vacancy rate of 4.4% and average asking gross rent of $58.72 per square foot.
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Fibre optic internet provides faster speeds and better connectivity than traditional copper broadband, improving workplace productivity. As companies increasingly adopt applications like cloud computing, big data analytics, and video conferencing that require high bandwidth, reliable internet is becoming essential for office space. However, many office buildings still lack fibre optic connectivity due to the high costs of installation. Companies looking for office space should carefully consider a building's internet infrastructure and ask questions about fibre optic availability.
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This document contains listings for commercial real estate properties in downtown Toronto that are available for lease, sublease or sale. They include details like location, size, rent amounts, lease terms and property highlights for office, retail and industrial spaces. Contact information is provided for representatives from Lennard Commercial Real Estate who can provide more information on the available properties.
The document provides a quarterly market report on the Greater Toronto Area (GTA) office market for Q1 2016. Some key points:
- The overall GTA vacancy rate remained unchanged at 9.9% as absorption of 1.8 million SF was offset by 1.7 million SF of new supply.
- Availability is highest in the GTA West submarket at 14.6% while tenants have many options and landlords offer incentives.
- Downtown Toronto had the largest positive absorption but vacancy increased due to new deliveries such as Bay Adelaide East. Availability is highest in the Financial Core submarket at 10.7%.
This document provides an overview and analysis of the office condo markets in Vancouver and Toronto. It finds that office condo markets in both cities have experienced significant growth in recent years, driven by increasing commercial lease rates. Owning an office condo can provide cost savings compared to leasing, as well as equity appreciation. The Vancouver market saw particularly strong growth in the Broadway Corridor, while the Toronto market saw most sales in downtown and midtown areas close to transportation. Both markets are expected to continue attracting demand from owner-occupiers and investors.
The document provides a quarterly market report on the Greater Toronto Area office market in Q1 2016. Some key points:
- The overall vacancy rate remained stable at 4.8% while availability increased slightly to 9.8%. Rental rates increased across the region.
- Financial services continues to be the leading demand sector, focused in downtown Toronto. Engineering drives demand in western and northern GTA.
- Almost 5 million square feet of new office space is under construction, with 2 million square feet expected to be delivered in 2016.
- Downtown Toronto vacancy held steady at 2.5% while availability increased. Rents increased most significantly in downtown east and west.
- Midtown Toronto also saw steady vacancy of
The document provides statistics on office market conditions in different submarkets in the Greater Toronto Area (GTA) during the first quarter of 2016, including:
- The Financial Core submarket had 88 buildings totaling 34.5 million square feet, with a vacancy rate of 2.4% and availability rate of 9.6%.
- The Downtown submarket had a total of 278 buildings containing 65.2 million square feet, with a vacancy rate of 2.5% and availability rate of 8.4%. It experienced a net absorption of -44,384 square feet during the quarter.
- Average asking net and gross rents in the Downtown submarket were $28.63 and $54.46 per square foot respectively
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This document provides a summary of office space vacancies across several buildings in downtown Toronto. Contact information is provided for several leasing representatives. Availability, length of terms, and additional costs like taxes, operating expenses and utilities are specified for available space in numerous buildings, including TD Centre towers, Ernst & Young Tower, 95 Wellington Street West, Yonge Corporate Centre buildings, RBC Centre, Maple Leaf Square, 156 Front Street West, Simcoe Place and several others in the Toronto Eaton Centre portfolio. Parking rates per month are also listed.
The document discusses security deposits paid by tenants to landlords. It summarizes a court case where a tenant's secured creditor claimed priority over the landlord to a $3 million security deposit held by the landlord. The court ruled the deposit was a security deposit, not prepaid rent, so the creditor had first priority. As a result, landlords may not be entitled to security deposits if the tenant declares bankruptcy. The document suggests landlords instead require guarantees, indemnities, or letters of credit from third parties to protect their interests if a tenant becomes insolvent.
The document provides options and pricing for benching, workstation, casegoods, and seating furniture systems. For benching systems, the value option is the Bridges II starting at $850, the mid-range is the Bivi starting at $1000, and the premium option is the FrameOne starting at $1500. Similarly, options and pricing are provided for the other categories of furniture. Lead times for orders and contact information for two partner firms that can provide the furniture options are also included.
This document outlines audiovisual technology options and pricing for different room scenarios. The basic option includes sound masking for huddle rooms from $2,500. The mid-range option provides audio conferencing and large screen displays for open offices from $1.25 to $1.60 per square foot installed. The premium option includes video conferencing and touch panel controls for boardrooms from $55,000. Gio Tan Design Associates and POI Business Interiors are the firms providing these solutions and services.
The document provides cost estimates for different levels of office build outs. A basic office is estimated between $32-$42 per square foot and involves painted drywall, doors and frames, lighting and power outlets. An upgraded office is $43-$55 per square foot and includes upgrades like sound baffles and vinyl wall coverings. A premium office is $56 per square foot or more and features high quality finishes, custom millwork and premium flooring. The costs provided are estimates only and do not include items like furniture or additional fees that could increase the overall costs.
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This document provides a summary of office space vacancies across several buildings in downtown Toronto as of November 2015. Contact information is provided for brokers representing each property. Availability, size, lease terms, and additional costs like taxes and parking are outlined for numerous floors across the TD Centre, Ernst & Young Tower, 95 Wellington Street West, 156 Front Street West, and other locations. Over 500,000 square feet of office space in total is advertised as available.
This document is an availability report from Ashlar Urban Realty Inc. listing various commercial real estate spaces for office, retail, and mixed-use available for lease in Toronto. It provides details on numerous properties such as their addresses, available suites and sizes, asking rental rates, and contact information for representatives. Key contacts at Ashlar are also listed at the end.
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- Only 45% of total GTA office space is currently within walking distance of rapid transit.
- Office space near transit commands higher rents and lower vacancy rates compared to non-transit areas.
- Major planned transit expansions over the next decade will significantly increase the amount of office space with fast access to rail networks.
- Areas like GTA West and Central East currently have weak office markets due to a lack of transit but may see opportunities from new rail projects.
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36,778 sq. ft. building; Zoning: SE (Suburban Employment): The (SE) District allows numerous commercial site uses; Passenger elevator; Private and common restrooms; Fully sprinkled; Data center with a grounded floor and a specialized HVAC system; 60 KVA back-up generator; Building/pylon signage; Potential to purchase adjacent parcels; Sale Price: $4,413,360
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THE NEIGHBORHOOD WE HAVE BEEN LONGING FOR IS COMING TO LIFE
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The wide streets of this 82.000 square meter development conveniently face the main boulevard in a prime Beyoglu location. “Piyalepaşa İstanbul” stands out as the only project designed to offer a neighborhood lifestyle, complete with its grocers, bagel sellers and greengrocer. Piyalepasa Istanbul has all the values to make it an authentic neighborhood, our very own community.
A NEIGHBORHOOD FULL OF LIFE, IN THE HEART OF THE CITY!
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“Piyalepaşa İstanbul” is the new attraction of this splendid city.
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1. HIGHLIGHTS
NORTH AMERICA
WWW.COLLIERS.COM
Q1 2014 | OFFICE
MARKET INDICATORS
Relative to prior period
NORTH AMERICAN OFFICE MARKET
Summary Statistics, Q1 2014
US
Q1
2014
US
Q2
2014*
Canada
Q1
2014
Canada
Q2
2014*
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE**
*Projected | Construction is the change in Under Construction
**Rental rates for current quarter are for CBD. Rent forecast is
for metro-wide rents.
US CAN NA
VACANCY RATE (%) 13.90 8.05 13.49
Change From Q4 2013 (%) -0.11 0.19 -0.09
ABSORPTION (MSF) 13.2 0.3 13.5
NEW CONSTRUCTION (MSF) 15.6 2.0 17.6
UNDER CONSTRUCTION (MSF) 70.8 21.3 92.1
ASKING RENTS PER SF US CAN
Downtown Class A ($) 44.24 50.13
Change from Q4 2013 (%) 2.64 -0.46
Suburban Class A ($) 27.17 32.24
Change from Q4 2013 (%) 1.18 1.00
The Rise of the Sun Belt
ANDREA CROSS National Office Research Manager | USA
KEY TAKEAWAYS
• North American office vacancy decreased by 9 basis
points in Q1 2014 to 13.49%, on par with the rate of
recovery during the last few years. Steady job growth is
driving demand, but tenants’ more efficient use of space
is limiting occupancy gains relative to previous cycles.
• ICEE markets continue to lead office market recovery.
Vacancy in the primary ICEE markets decreased by 26
bps this quarter, vs. just 4 bps in the primary FIRE
markets.
• Sun Belt markets also are key drivers of the current
recovery. Despite accounting for only about 30% of
U.S. office inventory tracked by Colliers, the Sun Belt
represented nearly 60% of Q1 office absorption.
• Construction activity in the U.S. remains low and is
concentrated in markets with the strongest demand, e.g.,
Boston, San Francisco, Silicon Valley. Space under construction
in U.S. and Canadian markets tracked by Colliers totaled 92.1 million
square feet in Q1 2014, up from 88.2 million square feet in Q4 2013
and 74.4 million square feet in Q1 2013.
• Domestic and foreign capital continues to target North American office properties: According
to Real Capital Analytics, combined transaction volume in the U.S. and Canada increased by
36% year-over-year in Q1 2014. Demand is still strongest for assets in CBDs and major metros,
although we anticipate rising activity in suburban and secondary markets due to the broadening
economic and office market recoveries, and higher yields on properties in those areas.
2. P. 2 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
U.S. Economic Trends
The U.S. economy began 2014 on a weak note, with severe weather
conditions throughout much of the nation. The term “Frozenomics” was
coined to describe the resulting negative economic impact. At the time,
we believed the damage from Frozenomics was overblown and would be
short-lived, and our prediction has been borne out by recent economic
data. According to the Bureau of Labor Statistics (BLS), the U.S. economy
added 288,000 jobs in April 2014, the highest monthly total since Janu-
ary 2012; also, job creation figures for February and March were revised
upward by a total of 36,000. We regularly caution that BLS employment
statistics are revised multiple times—often substantially—but, in this case,
payroll processing firm ADP’s recent data on actual payroll statistics from
20% of the nation’s private-sector companies mirrors the BLS data. ADP
reported steady acceleration in monthly job creation in early 2014, from
121,000 jobs added in January to 220,000 jobs added in April, with the
four major geographical regions all exceeding their respective six-month
trailing monthly averages.
Looking specifically at office-using employment, the bifurcated recovery
continues, with strong growth in professional and business services pro-
pelling nearly all of the growth in office demand during the current re-
covery. Moreover, professional and business services growth accelerated
through early 2014, with 77,000 jobs created in April—the highest total
since late 2012, according to ADP data. Technology-related employment
was the primary driver of this growth earlier in the cycle, but other com-
CHANGE IN EMPLOYMENT FROM CYCLICAL PEAK | US
Total Employment Office-Using Employment Professional & Business Services Financial Activities
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
0 4 8 12 16 20 24 28 32 36 40 44
MONTHS
48 52 56 60 64 68 72 76 80 84 88
Latest data as of April 2014; x-axis indicates number of months elapsed since each sector’s previous
cyclical employment peak; office-using employment sectors include professional and business services,
financial activities and information services; information services not displayed separately because sector
peaked in 2001 | Sources: Bureau of Labor Statistics, Colliers International
ponents of this sector, such as legal and accounting, have been adding
jobs during the last 12 months, albeit at a modest pace. Recent data from
Thomson Reuters indicated an increase in law firm transaction activity
among 70% of the 150 large firms surveyed in Q1 2014, compared with
just 32% one year earlier—a positive sign for this important component
of office demand. Financial activities, the other primary component of
Square Feet By Region
Absorption Per Market (SF)
Q4 2013 - Q1 2014
2,000,000
1,000,000
200,000
-200,000
-1,000,000
-2,000,000
2 billion
1 billion
200 mil.
Occupied Sq. Ft.
Vacant Sq. Ft.
SUNBELT SUNBELT
SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT SUNBELT
SUNBELT
OFFICE VACANCY, INVENTORY AND ABSORPTION | Q1 2014 | NORTH AMERICA
3. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 3
office-using employment, remains weak, although the sector does appear
to have bottomed. Other than a decrease in January, the financial activi-
ties sector has not lost jobs on a monthly basis in more than three years,
according to ADP.
In 2014, we expect the U.S. economic recovery to occur at a similar rate
as in 2013, with steady but unspectacular job creation averaging less than
200,000 per month. However, the economy should gain steam as the
year progresses compared with the Frozenomics-driven weakness at the
beginning of the year. Given the second estimate of a 1.0% decline in GDP
in Q1 2014, we expect GDP growth of less than 2.0% during 1H 2014.
However, growth should accelerate during the year, supported by greater
business and consumer confidence, the carry-forward effect of purchas-
es delayed due to weather conditions earlier in the year, and incremental
improvements in state and local government finances. Thus, we expect
healthy 3.0% GDP growth in 2H 2014, resulting in annual GDP growth in
the 2.5%–2.75% range.
Canada Economic Trends
Like the U.S., Canada was not immune to the bad weather effect in Q1
2014. GDP expanded by 1.7%, well ahead of the U.S. rate, but still a slow-
down from 2.9% in Q4 2013. Similar to the U.S., we expect stronger GDP
growth through the rest of 2014 as the temporary negative effect of the
weather dissipates. For the year, the Canadian economy will likely mirror
the trend of the last few years, expanding at a modest rate. The Con-
ference Board of Canada projects 2.3% GDP growth, a slight increase
from 1.7% in 2013 and lower than our expectations for U.S. economic
growth. However, it is important to note that the Canadian economy ex-
perienced a shallower and shorter recession than the U.S., and several
years ago recovered all of the jobs lost during the downturn. Canada is in
the midst of a moderate expansionary period rather than the protracted
recovery occurring in the U.S. For 2014, the withdrawal of fiscal stimu-
lus measures implemented in response to the recession, coupled with
a cautious outlook among private sector firms, will likely prevent faster
economic growth in Canada. The Conference Board expects improved
private investment activity in 2014, but relatively low when compared
with historical levels.
Office Outlook 2014:
Behind the Statistics &
Beyond the Basics
Scope of Colliers’ Office Outlook Report: Colliers’ office space universe
encompasses 87 markets in the U.S. and Canada, totaling more than 6.4
billion square feet. The 75 U.S. markets account for nearly 6.0 billion
square feet of tracked inventory, with the remaining 446 million square
feet in Canada. Our coverage includes 21 markets with more than 100
million square feet of space, which combined account for 3.8 billion
square feet, or nearly 60% of our office market inventory. The largest
U.S. markets are New York, Washington, D.C., Chicago, Dallas and At-
lanta; Toronto is the only Canadian market with more than 100 million
square feet of space.
VACANCY
Vacancy rate trends in Q1 2014 mirrored those observed during the last
few years. The slow but steady economic recovery, coupled with low
levels of new supply, supported an 11 basis-point decrease in the U.S.
vacancy rate, to 13.9%. Once again, the Canadian vacancy rate increased
during the quarter as additional new supply came to market. Although
Canada’s vacancy rate rose above 8%, it remains well below the 10%
threshold reflective of a healthy market.
Intellectual capital, energy and education (ICEE) markets remain the lead-
ers in the office market recovery. The vacancy rate in the primary ICEE
markets decreased by 26 basis points during the quarter, compared with
just a 4 basis-point decrease in the vacancy rate of the primary FIRE
markets. ICEE markets still top the list of tightest markets, including Ba-
kersfield, Pittsburgh, Calgary and San Francisco. However, many mar-
kets without significant clusters of ICEE industries are improving as well,
mirroring the broader economic recovery. Grand Rapids, Hartford and
Downtown Manhattan were among the markets with the largest decrease
in vacancy rate. Albuquerque, a laggard in the current recovery due in
part to its dependence on federal government spending, also ranked high
in terms of quarterly vacancy rate decrease, as did former housing-bust
markets Fresno and Stockton.
We are also observing an increasing amount of tenant spillover from the
leading tech markets and submarkets, in which rents have increased
significantly in recent years, to adjacent, lower-cost areas with greater
availabilities. Northern California’s East Bay is finally experiencing some
tenant spillover from Silicon Valley and San Francisco, where rents have
skyrocketed and the number of large blocks of available space has di-
minished. Several tenants in the health care, non-profit and gourmet
food sectors left San Francisco recently for the lower rents and/or larger
spaces available in the East Bay; and both Oakland and Walnut Creek
14.95 14.78 14.73 14.63 14.49 14.45 14.15 14.00 13.90
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0.0
5.0
10.0
15.0
20.0
25.0
Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014
Vacancy%
Absorption MSF Completions MSF Vac Rate (%)
OFFICE MARKET | Q1 2012–Q1 2014 | US
Source: Colliers International
4. P. 4 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
posted vacancy rate decreases in Q1 2014. In Chicago, mobile market-
ing firm Punchkick Interactive will relocate from River North, one of the
metro area’s leading tech submarkets, to the nearby East Loop later this
year. With technology tenants driving up rents in the hottest tech markets,
we will likely see more tenant spillover into other submarkets by both tech
and non-tech tenants.
neighborhoods that historically were less desirable than core, central city
locations like San Francisco and Manhattan. Etsy, Inc. is expanding its
Brooklyn presence, moving its headquarters into 200,000 square feet in
the DUMBO neighborhood, and has plans to nearly double the size of its
workforce. Vibrant, walkable areas proximate to transit, in core markets
as well as in emerging neighborhoods and office markets, will benefit
from these trends.
With modest economic growth still occurring in Canada, the increase in
the vacancy rate in recent quarters was primarily the result of more ef-
ficient space utilization by tenants, as well as the large amount of new
supply coming to market. The demand drivers vary by metro area, but—
as in the U.S.—ICEE firms continue to boost demand for space in core
markets. In Calgary, for example, where nearly 70% of office construc-
tion in Canada was delivered in Q1 2014, demand from energy companies
seeking large blocks of space remains robust even though the vacancy
rate increased slightly during the quarter. In Vancouver, digital media and
technology firms remain active, as well as firms entering the Vancou-
ver market for the first time. Microsoft and Sony recently signed large
deals for high-quality space in downtown Vancouver. Overall, demand has
stagnated somewhat, but this is primarily due to tenants delaying leasing
decisions until the large amount of supply under construction starts to
hit the market. Some concern remains regarding the impact of this new
space on vacancy in Class B buildings and older Class A buildings.
ABSORPTION
Although a broader range of industries have been adding jobs in recent
quarters, the ICEE industries remain the dominant force in the office
market. Absorption in the main ICEE markets outpaced absorption in the
major FIRE markets by more than four to one in Q1 2014. Houston alone
accounted for more than one-quarter of the 8.6 million square feet of ab-
sorption in the ICEE markets, posting its highest quarterly absorption total
since Q2 2007. Energy companies continue to drive the Houston market,
accounting for nearly 80% of leasing activity in Q1 2014, as high oil prices
support the industry’s growth.
Houston,TX
New
York,NY
-M
idtow
n
South
Boston,M
A
Dallas,TX
Atlanta,GA
New
York,NY
-Dow
ntow
nBaltim
ore,M
D
Phoenix,AZ
M
inneapolis,M
N
New
Jersey
-Central
0.0
0.5
1.0
1.5
2.0
2.5 MSF
Source: Colliers International
TOP MARKETS FOR METRO OFFICE ABSORPTION | Q1 2014 | NA
MSA
VACANCY
RATE (%)
Q1 2014
VACANCY
RATE (%)
Q4 2013
BASIS-
POINT
CHANGE
Grand Rapids, MI 18.36 20.72 -236
Hartford, CT 12.82 14.49 -167
San Jose – Silicon Valley 10.81 12.44 -163
New York, NY –
Downtown Manhattan
14.43 15.55 -112
Ottawa, ON 9.70 10.73 -103
New York, NY –
Midtown South Manhattan
8.83 9.74 -91
Albuquerque, NM 18.42 19.28 -86
Fresno, CA 12.74 13.50 -76
Walnut Creek, CA 15.57 16.23 -65
Atlanta, GA 16.07 16.67 -59
NORTH AMERICA 13.49% 13.58% -9
LARGEST Q-o-Q DECREASE IN OVERALL VACANCY RATE | NA
Source: Colliers International
MARKET VACANCY (%) MARKET VACANCY (%)
Toronto, ON 5.92 Winnipeg, MB 8.46
Saskatoon, SK 6.22 Vancouver, BC 8.68
Montréal, QC 7.24 Calgary, AB 8.71
Bakersfield, CA 7.29
New York, NY –
Midtown South
8.83
Pittsburgh, PA 8.09 Nashville, TN 9.15
NORTH AMERICA: 13.49%
Source: Colliers International
LOWEST OVERALL VACANCY RATES | Q1 2014 | NA
Also expected to drive the spillover trend is the increased desirability of
residential neighborhoods in areas such as Oakland and Brooklyn. Many
companies are seeking to locate near where their employees want to
live, and many millennials have been priced out of, or prefer to live in,
5. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 5
North American Downtown Markets:
Excluding renewals, of the leases signed
this quarter in your CBD/downtown, did
most tenants...?
Hold Steady
70.13%
Expand
11.69%
Contract
11.69%
North American Downtown Markets:
What was the trend in Free Rent (in months)
offered by CBD landlords this quarter?
Same
81.16%
Less
13.04%
More
5.80%
North American Downtown Markets:
What was the trend for tenant improvement
allowances offered by CBD landlords this
quarter?
Same
81.16%
Less
11.59%
More
7.25%
North American Suburban Markets:
Excluding renewals, of the leases signed
this quarter in your suburban market, did
most tenants...?
Hold Steady
65.75%
Expand
26.03%
Contract
8.22%
Charts above reflect % of markets reporting
As the recovery progresses, shortages of space are emerging in certain submarkets, or for some
sizes or classes of space in metro areas that have been slow to recover overall. For example, in
Sacramento, which still has an 18+ percent vacancy rate, tenants leased half of the blocks of space
containing 100,000 square feet or more between mid-2013 and the end of Q1 2014, leaving few con-
tiguous options for large users. However, options for smaller and mid-sized users remain abundant.
Although the economy continues to improve, many companies remain highly cost-conscious, as re-
flected in their real estate decisions. We continue to see large companies dividing functions into mul-
tiple geographical locations in order to reduce operating expenses, affecting office market dynamics
across the United States. Within the financial services industry, many major banks have been moving
mid-level and back-office functions to lower-cost locations in the South and Midwest. As of April
2014, financial activities employment exceeded pre-recession peak levels in many metro areas within
these regions, even in hard-hit housing markets such as Jacksonville, due to financial companies in-
cluding Deutsche Bank, Goldman Sachs, Credit Suisse and BNY Mellon expanding operations. We are
seeing a similar trend in non-financial industries as well. For example, GE recently announced plans
to consolidate 1,400 employees, including human resources, IT, accounting and procurement profes-
sionals, into a new Global Operations Center in the Cincinnati area by 2017. Many of the employees
will come from outside of Cincinnati, and the facility eventually could house up to 2,000 employees
in total, resulting in substantial net job creation in the area from just this company. In KPMG’s most
recent Competitive Alternatives study, Cincinnati ranked second among large metro areas in terms
of business costs, and indeed we are seeing strong job creation in many of the markets at the top
of these rankings. We expect that low costs of doing business, coupled with aggressive company
recruitment through tax and other incentives by states such as Texas, will result in continued tenant
movement from higher-cost metros.
Consolidations and reconfigurations of space throughout the public and private sectors continue to
limit office absorption. The General Services Administration (GSA) remains among the most aggres-
sive in terms of downsizing, exemplified by its April renewal for 217,313 square feet in College Park,
GA, for the Federal Aviation Administration’s Southern Regional Office. The GSA plans to relocate an
additional 330 employees from another space at which its lease is expiring, bringing the College Park
location’s headcount from less than 700 to about 1,000. With a federal budget in place, the GSA is be-
ginning to deal with the backlog of expiring leases that built up during the last few years; one-quarter
of all federal leases are set to expire in 2014. However, the agency will continue to utilize denser
configurations and reduce its real estate footprint in order to cut real estate costs. Efficient buildings
capable of handling high employee densities are in demand, potentially at the expense of incumbent
buildings. The federal government is also looking to better utilize its real estate portfolio, moving
some employees out of leased space into owned space. For example, the Department of Veterans
Affairs recently announced plans to move 800 employees out of leased space in downtown St. Louis
into a GSA-owned building in suburban Overland, MO.
Private-sector firms are attempting to cut costs as well, through more efficient space utilization—
although the potential for this varies by industry and the individual tenant’s needs. Firms are using
technology to monitor desk utilization rates, with some reporting less than 50% of workspaces used
during business hours, indicating significant potential for increasing densities through the use of
shared spaces. Many firms are reporting a desire for shorter, more flexible lease terms in order to
respond to ever-changing technologies and uncertain business conditions.
CONSTRUCTION ACTIVITY
Construction trends reflect where the U.S. and Canada are respectively in the office market cycle.
Outside of the strongest metro areas and submarkets, construction activity remains low in the U.S.
due to more efficient tenant space usage, elevated vacancy rates and high construction costs. Can-
ada’s economic expansion, on the other hand, is driving a large amount of construction activity, and
new supply is just starting to hit the market in many metros.
6. P. 6 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
Although still low, development activity has been increasing, albeit slowly.
Square footage under construction in the U.S. and Canadian markets
tracked by Colliers totaled 92.1 million square feet in Q1 2014, up from
88.2 million square feet in Q4 2013 and 74.4 million square feet in Q1
2013. Driven by voracious demand from energy companies, Houston con-
tinues to lead the U.S. both in terms of square footage underway (1 5.1
MSF) and square footage underway as a percentage of existing inventory
(7.2%). Most of the other top U.S. markets for construction activity are
tech-driven, such as San Francisco, San Jose, Boston and Seattle. Like
the energy industry, tech tenant demand remains robust, with large ten-
ants pre-leasing significant amounts of space or entire buildings, prompt-
ing additional construction. Several of the largest deals in the San Fran-
cisco office market’s history were signed in buildings under construction
in recent months, including Salesforce.com’s lease for more than half of
the 1.4 million square feet of the tower anchoring the Transbay development
(now called the Salesforce Tower), and LinkedIn’s lease of the entire 26-floor,
450,000-square-foot tower under construction at 222 Second Street.
Toronto, Calgary and Vancouver are the most active development markets
in Canada, accounting for about 83% of office construction underway na-
tionwide. In Calgary, total square footage under development accounted
for more than 10% of existing inventory as of Q1 2014, the highest share
of any U.S. or Canadian market. Like Houston, developers have responded
to robust growth among Calgary energy firms, a trend that continued in
Q1 2014 with expansions by a number of companies including Athabasca
Oil Corp., Progress Energy, TransCanada Pipelines and Total Energy Ser-
vices. Higher anticipated natural gas prices and optimism regarding lique-
fied natural gas (LNG) projects and pipeline capacity are fueling construc-
tion activity and tenant demand.
The measured supply response, particularly in the U.S., should contribute
to a continued moderate office market recovery. Given high construction
costs and only moderate increases in tenant demand in most markets, we
expect development activity to remain low and targeted, with speculative
development focused on the strongest metro areas (e.g., San Francisco,
Boston) as well as the strongest submarkets within lagging metro areas
(e.g., West Los Angeles, Chandler, AZ).
The Rise of the Sun Belt
Looking at both economic and office market indicators, the resurgence of
the Sun Belt is evident. The region’s states and metropolitan areas pos-
sess unique characteristics, such as the robust energy sector in Texas,
strong technology clusters in Austin and North Carolina’s Research Tri-
angle, and the expanding health care industry in Nashville. However, a
common thread running through most of the region is a low cost of doing
business that is proving attractive to expanding or relocating companies in
a range of industries.
MSA
SQUARE FEET
UNDERWAY
% OF EXISTING
INVENTORY
Calgary, AB 6,678,741 10.08
Vancouver, BC 4,140,952 7.68
Houston, TX 15,052,344 7.17
San Francisco, CA 5,381,410 6.06
Halifax, NS 647,446 5.78
Toronto, ON 6,799,062 4.83
Regina, SK 200,000 4.53
Edmonton, AB 886,748 4.28
San Jose/Silicon Valley, CA 2,305,928 3.18
Seattle/Puget Sound, WA 3,436,907 3.06
NORTH AMERICA 92,063,015 1.43%
CONSTRUCTION AS % OF EXISTING INVENTORY | Q1 2014 | NA
NOTE: Rankings are based on the 87 U.S. and Canadian markets tracked by Colliers International
Source: Colliers International
Houston,TXToronto,ON
Calgary,ABW
ashington,DC
San
Francisco,CA
Dallas,TXVancouver,BC
New
York,NY
-M
idtow
n
South
Boston,M
A
Seattle/PugetSound,W
A
0
2
4
6
8
10
12
14
16 MSF
NOTE: Rankings are based on the 87 U.S. and Canadian markets tracked by Colliers International
Source: Colliers International
TOP MARKETS FOR OFFICE SPACE UNDER CONSTRUCTION | Q1 2014 | NA
CANADA COST INDEX
Montréal 92.0
Toronto 93.6
Vancouver 94.6
UNITED STATES COST INDEX
Atlanta 94.7
Cincinnati 94.9
Orlando 95.1
Charlotte 95.2
San Antonio 95.6
Tampa 95.8
Cleveland 96.3
U.S. BASELINE 100.0
LOWEST-COST CITIES WITH POPULATION > 2 MILLION | U.S. & CANADA
Source: 2014 KPMG Competitive Alternatives
7. P. 7 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
Office-using job growth is coming from a range of industries including
financial services, with many firms moving operations to or expanding
in lower-cost markets such as Jacksonville and Tampa. Charlotte also is
in the midst of a remarkable recovery: Its urban yet affordable lifestyle
appeals to millennial graduates of Southeastern universities, providing an
attractive talent base to companies in a variety of industries.
The strength in the Sun Belt’s job market is spreading to the office mar-
ket. Despite accounting for only 30% of U.S. office inventory tracked by
Colliers, the Sun Belt markets represented nearly 60% of office absorp-
tion during Q1 2014. Houston alone accounted for more than 17% of U.S.
absorption during the quarter, with continued robust growth in the energy
CANADA COST INDEX
Edmonton 94.0
UNITED STATES COST INDEX
New Orleans 94.1
Nashville 94.9
Oklahoma City 95.1
Raleigh 95.6
Memphis 95.8
Indianapolis 96.2
Salt Lake City 96.6
Austin 96.8
Buffalo 96.9
U.S. BASELINE 100.0
LOWEST-COST CITIES WITH POPULATION 1-2 MILLION | US & CANADA
Source: 2014 KPMG Competitive Alternatives
Examining office-using employment trends from multiple angles, Sun Belt
markets rank high. As noted in previous reports, ICEE markets Austin,
Raleigh, Houston and Dallas-Fort Worth, as well as health care center
Nashville, all rank among the top ten U.S. markets in terms of the per-
centage of office-using jobs recovered. In fact, all of these markets have
recovered more than twice the number of office-using jobs that they lost
during the recession. However, looking at markets with the strongest
year-over-year office-using job growth in April 2014, the list has broad-
ened beyond the leading markets to include many previously lagging met-
ropolitan areas. Among the top 20 markets for office-using job growth
in April are 12 Sun Belt metros, including hard-hit Florida markets Cape
Coral-Fort Myers, Jacksonville, Orlando, Tampa and West Palm Beach.
MSA
PERCENT
CHANGE
MSA
PERCENT
CHANGE
Reno 9.8 Orlando 4.5
Cape Coral-Fort Myers 8.9 San Jose/Silicon Valley 4.5
Raleigh 8.7 West Palm Beach 4.4
Savannah 7.4 Dallas-Fort Worth 4.0
Nashville 7.0 Harrisburg 3.9
Fresno 6.8 San Francisco 3.8
Austin 6.4 Greenville, SC 3.7
Holland, MI 6.1 Tampa-St. Petersburg 3.6
Jacksonville 4.9 Portsmouth 3.4
Indianapolis 4.9 Charlotte 3.4
UNITED STATES: 2.4%
NOTE: Includes markets tracked by Colliers International; all data are seasonally adjusted as of April 2014.
Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International
FASTEST OFFICE-USING EMPLOYMENT GROWTH | APRIL 2013-2014 | US
MSA
% OF
JOBS
RECOVERED
MSA
% OF
JOBS
RECOVERED
Ann Arbor 800.0 Pittsburgh 231.8
Midland, TX 400.0 Richmond 160.9
St. Louis 385.2 Trenton 137.5
Lincoln, NE 375.0 Phoenix 136.6
Nashville 355.6 Holland, MI 133.3
Dallas-Fort Worth 308.4 Grand Rapids, MI 122.7
Omaha 277.8 Jacksonville 106.6
Austin 234.5
UNITED STATES: 33.5%
NOTE: Includes markets tracked by Colliers International; all data are seasonally adjusted as of April 2014.
Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International
MARKETS WITH FINANCIAL ACTIVITIES EMPLOYMENT AT OR ABOVE
PRE-RECESSION PEAK | APRIL 2014 | US
MSA
PERCENT
RECOVERED
MSA
PERCENT
RECOVERED
Austin 472.5 Omaha 185.2
Fayetteville, AR 342.9 Grand Rapids 179.6
Raleigh 320.6 Trenton, NJ 176.2
Nashville 317.2 Indianapolis 173.9
Madison, WI 307.9 Columbus 162.8
Pittsburgh 256.6 Harrisburg 162.2
San Francisco 256.3 Baltimore 160.4
San Jose/Silicon Valley 229.2 Holland, MI 160.0
Houston 207.1 Denver 158.4
Dallas-Fort Worth 205.1 Greenville, SC 149.1
UNITED STATES: 112.7%
NOTE: Includes markets tracked by Colliers International; all data are seasonally adjusted as of April 2014.
Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International
TOP 20 MARKETS FOR OFFICE-USING JOBS RECOVERED SINCE
RECESSION | APRIL 2014 | US
8. P. 8 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
sector. Corporate relocations to the Dallas-Fort Worth region continue at
a brisk pace, highlighted this quarter by Toyota’s announcement that it
will move its long-time headquarters from Torrance, CA, to Plano. Toyota
has already leased 120,000 square feet of space in the region to house
workers during construction of its new one-million-square-foot campus.
The Toyota deal underscores the success that Texas, in particular—and
the Sun Belt generally—has had in attracting companies and its impact on
the office market. In another example of this trend, Prince Global Sports
recently announced that it will move its headquarters from New Jersey to
Atlanta’s Buckhead submarket.
The Sun Belt’s strength is unlikely to abate anytime soon, as increas-
ingly cost-conscious firms look for low-cost locations for expansion and
relocation. ICEE hubs like Austin and Raleigh-Durham will benefit from
knowledge industry growth. The Sun Belt also will benefit from the trend
of firms dividing functions across regions, with companies moving mid-
level and back-office functions to lower-cost areas. Finally, although the
Sun Belt has a more suburban profile compared with denser Northeast
and West Coast metros, many Sun Belt markets are investing in pub-
lic transit and mixed-use, walkable developments, which are particularly
popular among millennials. Examples include:
• Raleigh-Durham – Research Triangle Park (RTP): RTP recently
acquired 100 additional acres of adjacent land for the development of
up to three million square feet of higher-density development in this
suburban tech park in the Raleigh-Durham metro area, the first
mixed-use space at the 55-year-old park;
• Dallas-Fort Worth – City Line: The location of State Farm’s new
two-million-square-foot regional center in Richardson, TX, this $1.5
billion mixed-use project under development by KDC also will contain
two hotels, nearly 4,000 apartments, 300,000 square feet of retail
and entertainment space, three parks, pedestrian walkways, and open
space for concerts and other public gatherings;
• Atlanta – Ponce City Market: This high-profile renovation of the
Sears, Roebuck & Company building near Midtown and adjacent to the
Atlanta BeltLine will feature 475,000 of Class A, loft office space,
330,000 square feet of retail and restaurants, and 259 residential
units in a walkable, creative environment reminiscent of denser tech
hubs such as San Francisco;
• Orlando – SunRail and Bike Share: Several development and transit
projects more typical of denser urban areas are opening in Orlando.
On the heels of the May 2014 opening of SunRail, the region’s new
commuter rail system, SunCycles will begin offering rentable bicycles
throughout Orlando, including near SunRail stations. Also, several
transit-adjacent co-working facilities are in the works.
These types of mixed-use developments are well suited to the prefer-
ences of the millennials, who represent an increasing share of the U.S.
workforce as they enter the labor force and the baby boomers retire. The
millennial cohort could exceed 50% of the workforce by 2020 and reach
75% of the workforce by 2025. As more millennials start families in the
coming years, many Sun Belt markets will be well-positioned to offer a
variety of living and working environments, including affordable single-
family housing as well as the types of walkable, mixed-use developments
for which this cohort has demonstrated a preference.
Capital Markets &
Transaction Activity
The office investment market remained active through Q1 2014, particu-
larly in CBD markets and major metro areas. Capital from both domestic
and international sources for investment in U.S. real estate remains plen-
tiful, supporting price increases and transaction volume gains. Accord-
ing to Real Capital Analytics (RCA), total transaction volume in the U.S.
and Canada increased by 36% year-over-year in Q1 2014, and 12-month
trailing investment volume increased by 30%, reaching $114.9 billion, the
highest total since Q2 2008. Although investor interest is spreading be-
yond gateway cities and CBDs in search of higher yields, demand remains
robust in core markets. In the U.S., CBDs posted a much larger gain in
year-over-year transaction volume (60%) compared with suburban mar-
kets (10%), and investment volume increased the most in major metros,
followed by secondary and tertiary markets, respectively. Likewise, cap
rate compression was greatest in CBD markets and major metros.
12-Month Trailing Volume (left-axis) Year-Over-Year % Change (right-axis)12-Month Trailing Volume (left-axis) Year-Over-Year % Change (right-axis)
-100%
-50%
0%
50%
100%
150%
200%
2007 2008 2009 2010 2011 2012 2013 2014
0
50
100
150
200
250
300
Bil.
OFFICE TRANSACTION VOLUME | Q1 2014 | NA
NOTE: Latest data as of Q1 2014; all data are 12-month trailing.
Source: Real Capital Analytics
Nonetheless, investors are responding to broader improvement in job
growth and office absorption by moving into secondary submarkets and
metropolitan areas, a trend that we expect to continue with the ongoing
recovery. Also, investors are anticipating future demand growth in sub-
markets proximate to core tech submarkets. For example, despite hav-
ing an elevated vacancy rate, the El Segundo submarket in Los Angeles’s
South Bay has attracted much investor attention in anticipation of greater
tenant spillover demand from tech-driven, high-rent West Los Angeles,
similar to what occurred during the last business cycle. DivcoWest, Grif-
fin Capital and Montana Avenue Capital, among others, purchased El Se-
gundo office properties in early 2014, and many investors continue to
circle the market for acquisition and redevelopment opportunities. Given
expected increases in interest rates, coupled with broadening economic
and office market improvements, we anticipate secondary and tertiary
markets, suburban markets and spillover ICEE submarkets to benefit from
growing investor demand.
9. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 9
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
NORTHEAST
Baltimore, MD 28,919,710 0 45,000 12.81 -315,134
Boston, MA 62,623,701 1,050,000 1,895,940 12.02 825,333
Hartford, CT 9,971,800 0 0 12.53 112,094
New York, NY – Downtown Manhattan 110,938,458 2,861,402 2,800,000 14.43 1,246,463
New York, NY – Midtown Manhattan 230,068,701 0 0 11.78 -1,270,068
New York, NY – Midtown South Manhattan 162,245,367 894,672 3,600,000 8.83 1,468,753
Philadelphia, PA 42,994,756 0 0 11.05 189,330
Pittsburgh, PA* 32,099,033 0 800,000 10.51 -100,993
Stamford, CT 18,708,865 0 0 20.74 152,473
Washington, DC 144,299,812 575,941 1,673,266 10.40 202,047
White Plains, NY 7,687,431 0 0 14.78 -16,011
Northeast Total 850,557,634 5,382,015 10,814,206 11.53 2,494,287
SOUTH
Atlanta, GA 50,122,707 0 487,034 16.21 277,375
Birmingham, AL 4,985,532 0 0 20.43 453,256
Charleston, SC 2,252,548 0 21,000 9.41 -5,279
Charlotte, NC 22,451,530 0 0 9.39 5,291
Columbia, SC 4,678,427 0 0 12.11 -50,399
Dallas, TX 33,948,045 0 450,000 26.33 112,274
Ft. Lauderdale-Broward, FL 8,130,042 0 0 12.81 60,392
Ft. Worth, TX 10,147,172 0 75,971 15.77 136,152
Greenville, SC 3,293,679 0 85,000 17.87 -9,299
Houston, TX 42,998,330 0 1,050,000 12.39 3,959
Jacksonville, FL 15,572,544 0 0 13.24 14,964
Little Rock, AR 6,477,052 0 0 10.79 -6,365
Louisville, KY 43,267,691 299,483 0 10.94 298,773
Memphis, TN 5,954,989 0 0 18.69 32,512
Miami-Dade, FL 18,575,117 0 128,580 17.31 26,614
Nashville, TN 13,176,826 0 0 12.74 -18,282
Orlando, FL 12,174,413 0 0 12.60 -52,169
Raleigh/Durham/Chapel Hill, NC 14,368,557 388,279 242,969 6.01 262,929
Richmond, VA 16,718,420 106,662 321,500 10.52 88,034
Savannah, GA 803,516 0 0 14.06 -1,236
Tampa Bay, FL 6,779,680 0 0 15.13 18,479
West Palm Beach/Palm Beach County, FL 9,916,338 0 0 15.43 -1,644
South Total 346,793,155 794,424 2,862,054 14.38 1,646,331
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.
10. P. 10 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
MIDWEST
Chicago, IL 158,505,062 0 1,067,400 12.81 -174,544
Cincinnati, OH 18,989,060 0 0 15.13 -18,029
Cleveland, OH 38,028,983 0 0 16.91 -6,541
Columbus, OH 19,452,521 0 490,000 10.96 54,366
Detroit, MI** 25,827,606 0 0 18.38 86,293
Grand Rapids, MI 5,454,500 0 0 17.43 22,655
Indianapolis, IN 22,548,402 0 0 9.49 -67,488
Kansas City, MO 34,862,105 0 0 14.16 91,465
Milwaukee, WI 19,053,201 0 73,100 12.02 148,454
Minneapolis, MN 31,700,971 0 0 13.44 -154,085
Omaha, NE 6,450,653 0 0 7.17 -21,322
St. Louis, MO 23,216,158 0 0 20.37 -526,476
St. Paul, MN 11,730,218 0 0 14.08 -76,515
Midwest Total 415,819,440 0 1,630,500 13.93 -641,767
WEST
Albuquerque, NM 3,191,080 0 0 27.73 17,305
Bakersfield, CA 3,230,466 0 72,233 8.72 -8,212
Boise, ID 4,177,362 252,347 234,687 8.30 6,452
Denver, CO 34,236,601 0 963,676 11.91 101,481
Fresno, CA 3,288,944 0 0 10.83 -42,447
Honolulu, HI 7,164,686 0 0 14.36 -49,832
Las Vegas, NV 4,907,615 49,200 129,000 12.15 98,220
Los Angeles, CA 32,566,100 0 508,200 20.14 -137,400
Oakland, CA 17,255,313 363,800 0 11.49 11,114
Phoenix, AZ 20,351,253 155,000 0 21.73 95,678
Portland, OR* 35,076,079 0 343,000 9.59 -61,426
Reno, NV 3,294,386 0 0 15.14 -23,604
Sacramento, CA 13,570,765 0 0 15.49 49,426
San Diego, CA 10,172,525 0 320,000 19.36 -99,066
San Francisco, CA 88,787,552 768,412 5,381,410 9.45 345,638
San Jose/Silicon Valley, CA 8,058,857 0 0 18.16 33,217
Seattle/Puget Sound, WA 55,560,625 36,600 3,246,507 11.10 243,554
Stockton, CA 8,221,819 0 0 15.87 25,078
Walnut Creek, CA 12,462,061 0 0 15.26 75,749
West Total 365,574,089 1,625,359 11,198,713 13.05 680,925
U.S. TOTAL/AVERAGE 1,978,744,318 7,801,798 26,505,473 12.81 4,179,776
(continued)
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.
11. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 11
UNITED STATES | DOWNTOWN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(USD PSF)
ABSORPTION
Q1 2014
(SF)
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT(%)
NORTHEAST
Baltimore, MD 12,805,993 22.50 209,387 4.7 -6.5
Boston, MA 42,973,537 50.15 739,540 1.2 7.2
Hartford, CT 6,771,455 22.58 73,998 16.2 -0.9
New York, NY – Downtown Manhattan 80,463,304 52.40 981,727 1.5 11.4
New York, NY – Midtown Manhattan 197,217,338 75.02 -1,128,557 5.3 12.8
New York, NY – Midtown South Manhattan 34,311,898 65.88 987,468 2.1 10.7
Philadelphia, PA 30,481,277 27.50 150,186 1.7 2.2
Pittsburgh, PA* 18,513,625 25.07 -119,853 5.3 6.6
Stamford, CT 13,339,184 38.10 65,472 -0.5 -0.5
Washington, DC 89,201,106 52.89 455,534 0.1 -2.6
White Plains, NY 4,887,012 31.62 -17,147 -1.5 0.0
Northeast Total 530,965,729 57.54 2,397,755 3.2 8.3
SOUTH
Atlanta, GA 30,396,533 21.66 206,701 -1.3 -5.0
Birmingham, AL 4,029,421 21.06 459,144 0.5 0.0
Charleston, SC 1,009,994 33.28 299 -1.5 4.0
Charlotte, NC 15,949,770 25.18 32,240 0.0 1.1
Columbia, SC 2,131,068 20.60 -51,906 -0.7 1.6
Dallas, TX 22,659,842 22.80 73,899 -1.3 5.3
Ft. Lauderdale-Broward, FL 4,494,426 33.00 33,142 3.0 4.5
Ft. Worth, TX 5,830,792 28.90 15,930 -1.0 0.3
Greenville, SC 2,021,715 20.88 6,333 2.8 5.7
Houston, TX 30,046,293 38.80 -37,190 1.1 4.5
Jacksonville, FL 6,846,824 19.93 -214,872 0.5 1.9
Little Rock, AR 2,635,440 16.57 3,874 0.0 1.6
Louisville, KY 10,579,669 19.75 250,378 -2.0 -1.8
Memphis, TN 2,009,825 17.10 10,800 -2.6 -1.1
Miami-Dade, FL 9,758,448 39.76 42,669 -1.2 -0.8
Nashville, TN 4,058,652 23.40 258 1.8 8.4
Orlando, FL 5,776,557 25.16 -47,611 2.4 3.7
Raleigh/Durham/Chapel Hill, NC 7,008,939 24.89 17,517 3.7 3.7
Richmond, VA 6,355,704 24.83 8,638 0.6 4.7
Savannah, GA 645,713 20.91 -3,478 2.0 1.6
Tampa Bay, FL 4,999,570 23.79 12,183 2.1 4.3
West Palm Beach/Palm Beach County, FL 3,211,645 36.07 10,751 3.3 2.8
South Total 182,456,840 26.83 829,699 0.1 1.6
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.
12. P. 12 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(USD PSF)
ABSORPTION
Q1 2014
(SF)
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT(%)
MIDWEST
Chicago, IL 61,063,550 37.78 -189,234 0.0 1.2
Cincinnati, OH 8,359,432 22.37 35,095 0.6 2.9
Cleveland, OH 10,828,360 21.24 -15,792 2.5 -2.7
Columbus, OH 8,377,149 19.80 43,970 0.7 2.8
Detroit, MI** 8,175,021 22.74 8,333 -0.9 -0.3
Grand Rapids, MI 1,463,659 18.90 17,645 -0.6 -2.3
Indianapolis, IN 9,501,787 18.95 -52,668 0.0 0.1
Kansas City, MO 10,514,030 18.93 -8,332 0.4 0.1
Milwaukee, WI 5,106,083 19.71 5,931 -2.7 -3.2
Minneapolis, MN 13,618,828 16.73 -153,161 0.7 -0.6
Omaha, NE 3,549,103 20.25 28,055 0.0 0.6
St. Louis, MO 9,558,798 18.09 -536,227 0.4 -0.2
St. Paul, MN 2,773,960 14.45 -82,402 0.7 8.2
Midwest Total 152,889,760 26.79 -898,787 0.4 0.8
WEST
Albuquerque, NM 575,047 20.14 0 1.5 1.9
Bakersfield, CA 729,040 17.40 -11,506 0.0 0.0
Boise, ID 1,895,059 19.22 37,890 -0.8 -1.1
Denver, CO 21,306,446 32.24 82,683 0.4 4.7
Fresno, CA 1,026,046 24.60 -22,921 0.0 2.5
Honolulu, HI 4,966,720 35.52 -64,291 -0.3 1.7
Las Vegas, NV 1,103,341 31.56 4,106 -4.0 1.9
Los Angeles, CA 18,098,100 37.32 -53,000 1.3 3.0
Oakland, CA 10,562,045 33.96 -41,698 3.7 10.5
Phoenix, AZ 9,473,518 22.90 52,232 -0.2 0.7
Portland, OR* 13,101,110 25.92 -75,177 1.7 -0.8
Reno, NV 583,955 23.60 -3,272 -1.9 -1.0
Sacramento, CA 5,945,146 31.32 18,734 -1.1 -2.6
San Diego, CA 7,257,266 29.04 -107,547 2.1 2.5
San Francisco, CA 57,113,693 55.33 282,796 5.7 15.9
San Jose/Silicon Valley, CA 3,493,453 33.96 1,800 2.2 6.8
Seattle/Puget Sound, WA 32,199,750 33.79 202,236 3.3 7.1
Stockton, CA 2,790,574 20.04 18,572 1.2 1.2
Walnut Creek, CA 7,271,861 27.84 41,552 0.4 1.8
West Total 199,492,170 38.15 363,189 3.3 8.8
U.S. TOTAL/AVERAGE 1,065,804,499 44.24 2,691,856 2.6 7.1
(continued)
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.
13. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 13
UNITED STATES | SUBURBAN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
NORTHEAST
Baltimore, MD 88,313,969 733,400 0 12.78 12.24 1,117,891
Boston, MA 112,558,294 0 1,621,398 18.54 18.06 465,723
Fairfield County, CT 41,029,234 0 0 13.83 13.88 -21,780
Hartford, CT 12,784,662 0 0 15.14 13.04 268,458
Long Island, NY* 74,441,967 17,500 83,799 10.37 10.18 59,574
New Jersey – Central 131,315,428 20,525 0 16.12 15.66 630,497
New Jersey – Northern 163,629,090 40,018 0 15.52 15.73 -227,866
Philadelphia, PA 110,589,759 409,768 444,838 15.07 15.25 154,339
Pittsburgh, PA* 89,949,523 72,758 1,358,555 7.47 7.23 313,974
Washington, DC 288,069,589 40,000 4,417,114 16.50 16.85 -992,938
Westchester County, NY 37,475,453 0 382,000 13.07 13.30 441,600
Northeast Total 1,150,156,968 1,333,969 8,307,704 14.77 14.72 2,209,472
SOUTH
Atlanta, GA 171,846,820 0 1,138,554 16.64 16.03 973,919
Birmingham, AL 14,683,132 0 0 14.15 15.02 -128,147
Charleston, SC 9,818,033 114,880 215,000 11.58 11.51 91,032
Charlotte, NC 62,212,257 135,735 284,876 12.41 12.30 166,905
Columbia, SC 4,966,961 0 0 23.69 22.62 52,966
Dallas, TX 240,233,017 321,680 4,699,879 14.91 14.55 1,150,240
Ft. Lauderdale-Broward, FL 42,915,729 0 320,000 14.29 14.50 -89,802
Ft. Worth, TX 20,935,696 0 760,935 10.56 10.47 20,007
Greenville, SC 4,896,690 0 0 18.87 19.60 -35,824
Houston, TX 167,004,638 2,203,414 14,002,344 12.14 11.94 2,270,623
Jacksonville, FL 46,157,943 12,151 219,488 12.43 11.75 315,140
Little Rock, AR 7,521,709 0 0 13.33 12.59 29,076
Memphis, TN 27,125,867 0 241,000 15.03 14.65 123,510
Miami-Dade, FL 65,856,673 0 173,537 11.37 11.18 196,117
Nashville, TN 14,982,680 239,000 731,000 4.65 6.00 25,340
Orlando, FL 54,412,681 86,581 185,428 13.54 13.65 16,518
Raleigh/Durham/Chapel Hill, NC 64,739,388 58,072 1,248,552 13.04 13.00 -8,699
Richmond, VA 34,701,543 15,000 43,000 10.02 10.35 -100,598
Savannah, GA 1,461,838 0 0 19.29 19.88 -8,571
Tampa Bay, FL 57,275,381 0 18,000 17.91 17.66 142,244
West Palm Beach/Palm Beach County, FL 28,494,121 30,000 133,586 18.11 17.66 168,999
South Total 1,142,242,797 3,216,513 24,415,179 14.02 13.78 5,370,995
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.
14. P. 14 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
MIDWEST
Chicago, IL 155,400,746 0 0 16.56 17.00 -674,174
Cincinnati, OH 46,444,317 0 1,000,000 16.13 15.80 153,274
Cleveland, OH 42,798,934 0 217,474 11.14 11.25 -49,060
Columbus, OH 44,027,261 0 396,840 10.57 10.46 47,848
Detroit, MI** 137,895,919 27,666 66,820 18.66 18.22 -877,682
Grand Rapids, MI 12,439,041 0 104,528 21.60 18.77 964
Indianapolis, IN 43,264,183 0 132,991 9.62 9.70 -34,048
Kansas City, MO 58,155,167 0 769,000 11.79 11.50 167,522
Milwaukee, WI 33,235,130 0 160,000 12.73 12.43 98,165
Minneapolis, MN 79,185,563 598,400 870,900 13.85 13.49 802,423
Omaha, NE 21,146,090 112,000 166,189 11.22 10.42 236,488
St. Louis, MO 55,394,777 183,000 435,000 9.04 9.56 -88,297
Midwest Total 729,387,128 921,066 4,319,742 14.35 14.23 -216,577
WEST
Albuquerque, NM 10,877,999 0 0 16.27 15.69 63,242
Bakersfield, CA 6,070,404 8,984 77,984 7.11 6.53 43,325
Boise, ID 17,154,856 0 137,561 10.19 12.42 -247,813
Denver, CO 106,095,670 621,035 709,757 13.05 13.04 304,644
Fairfield, CA 5,008,186 0 30,000 20.40 20.91 -25,659
Fresno, CA 17,562,156 20,000 0 14.08 13.10 189,879
Honolulu, HI 7,730,394 0 0 10.90 11.85 -14,701
Las Vegas, NV 36,591,706 47,000 468,000 22.58 22.41 96,786
Los Angeles, CA 167,879,800 152,300 1,588,000 17.82 17.64 364,700
Los Angeles – Inland Empire, CA 20,588,091 94,891 58,000 19.14 18.90 112,500
Oakland, CA 16,271,372 106,221 0 19.72 19.99 -64,320
Orange County, CA 81,034,800 0 860,000 14.99 15.67 -584,100
Phoenix, AZ 111,009,754 117,710 0 18.84 18.31 677,939
Pleasanton/Tri-Valley, CA 27,748,942 0 0 11.84 12.81 -299,353
Portland, OR* 43,336,020 0 50,644 9.95 9.97 -8,127
Reno, NV 9,625,581 0 0 14.00 14.20 -18,625
Sacramento, CA 52,144,531 68,417 77,000 19.13 18.91 141,121
San Diego, CA 72,053,974 541,135 464,917 13.13 12.81 698,502
San Francisco Peninsula 35,178,978 67,098 216,000 11.37 11.28 -14,561
San Jose/Silicon Valley, CA 64,342,407 465,283 2,305,928 11.40 9.89 261,433
Seattle/Puget Sound, WA 56,697,125 0 190,400 10.09 10.31 -80,643
Walnut Creek, CA 5,513,617 0 0 17.03 16.27 41,687
West Total 970,516,363 2,310,074 7,234,191 15.17 15.01 1,637,856
U.S. TOTAL/AVERAGE 3,992,303,256 7,781,622 44,276,816 14.57 14.43 9,001,746
(continued)
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.
15. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 15
UNITED STATES | SUBURBAN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(USD PSF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT (%)
ABSORPTION
Q1 2014
(SF)
NORTHEAST
Baltimore, MD 32,057,456 24.00 14.31 13.25 -3.5 -4.0 877,044
Boston, MA 48,167,313 25.95 16.61 16.52 1.8 2.7 93,065
Fairfield County, CT 17,951,999 39.02 12.90 11.74 0.1 4.8 -74,311
Hartford, CT 7,123,495 21.37 14.95 12.82 0.0 4.7 151,908
Long Island, NY* 25,283,739 30.38 10.43 9.98 0.3 -0.3 -8,666
New Jersey – Central 61,295,100 25.73 16.39 15.42 0.6 -2.7 594,718
New Jersey – Northern 87,786,735 27.94 17.49 18.04 3.7 5.5 -448,224
Philadelphia, PA 67,413,158 25.43 13.59 13.55 1.0 2.6 382,819
Pittsburgh, PA* 16,646,383 21.85 6.16 5.59 -1.6 -0.5 126,967
Washington, DC 137,649,927 32.50 16.49 17.16 0.0 -1.2 -880,154
Westchester County, NY 17,570,629 27.38 15.75 15.60 1.7 2.9 529,976
Northeast Total 518,945,934 28.33 15.37 15.31 0.8 0.9 1,345,142
SOUTH
Atlanta, GA 81,389,815 22.68 14.57 14.09 0.7 2.3 397,015
Birmingham, AL 9,276,993 20.69 10.67 11.88 0.0 -0.7 -112,014
Charleston, SC 3,689,350 24.41 6.36 6.04 2.3 -0.2 54,717
Charlotte, NC 20,105,237 23.16 13.81 13.89 0.9 1.6 -16,697
Columbia, SC 1,001,769 17.12 17.46 18.42 0.2 4.1 -9,607
Dallas, TX 96,558,826 24.70 13.77 13.30 2.9 6.5 622,193
Ft. Lauderdale-Broward, FL 10,570,258 27.18 16.57 14.79 0.1 -0.7 188,660
Ft. Worth, TX 3,462,446 24.95 1.75 1.55 0.2 1.8 7,040
Greenville, SC 2,458,553 19.09 13.54 14.46 4.7 7.2 -22,758
Houston, TX 73,524,938 31.83 9.10 8.48 4.9 7.8 2,148,853
Jacksonville, FL 9,183,187 19.46 9.90 9.31 -2.7 -1.6 53,959
Little Rock, AR 2,842,952 18.45 18.26 17.26 1.2 -4.1 19,425
Memphis, TN 8,135,106 21.02 8.19 8.01 -0.8 0.2 15,041
Miami-Dade, FL 16,163,894 32.51 15.53 15.20 0.8 1.9 53,384
Nashville, TN 7,539,146 25.00 3.26 6.75 1.8 4.6 -21,207
Orlando, FL 16,829,913 21.17 16.71 17.05 -0.1 1.5 -56,721
Raleigh/Durham/Chapel Hill, NC 25,186,477 21.31 11.64 11.64 1.0 4.4 666
Richmond, VA 13,775,329 17.91 8.69 9.55 -0.8 -0.7 -118,929
Savannah, GA 490,035 23.33 15.89 15.96 6.2 3.2 -320
Tampa Bay, FL 18,368,902 23.50 17.22 17.19 0.3 1.9 4,193
West Palm Beach/Palm Beach County, FL 9,008,923 31.39 17.79 18.32 2.5 4.3 -47,311
South Total 429,562,049 25.00 12.78 12.52 2.1 4.4 3,159,582
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.
16. P. 16 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(USD PSF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT (%)
ABSORPTION
Q1 2014
(SF)
MIDWEST
Chicago, IL 77,370,162 27.32 17.33 18.44 -0.4 0.2 -854,605
Cincinnati, OH 18,130,644 19.61 17.96 17.79 2.5 -2.0 30,960
Cleveland, OH 9,063,399 21.34 12.29 11.75 0.6 -0.1 48,422
Columbus, OH 18,337,079 19.31 9.33 9.00 -0.4 0.7 60,883
Detroit, MI** 34,571,052 20.16 16.43 15.30 4.2 -1.8 850,872
Grand Rapids, MI 796,522 17.50 26.07 17.14 0.0 0.0 8,139
Indianapolis, IN 12,456,333 18.45 12.64 12.52 0.5 1.1 15,123
Kansas City, MO 16,231,344 20.54 10.80 11.09 -0.5 0.7 -47,088
Milwaukee, WI 6,116,590 19.45 12.65 11.05 -4.4 -5.4 97,491
Minneapolis, MN 26,701,091 14.23 16.95 15.92 2.2 3.1 780,200
Omaha, NE 5,056,660 25.49 3.74 2.87 2.8 -2.9 131,081
St. Louis, MO 26,374,431 21.85 8.81 9.15 -0.7 -1.6 72,637
Midwest Total 251,205,307 21.87 14.52 14.52 0.4 -0.4 1,194,115
WEST
Albuquerque, NM 811,008 22.10 6.40 4.31 5.5 6.0 16,981
Bakersfield, CA 2,776,404 24.00 5.84 5.84 0.0 0.0 -191
Boise, ID 5,826,036 15.51 14.71 15.38 0.9 8.5 -39,131
Denver, CO 34,959,680 25.12 11.24 12.17 1.9 4.4 -22,087
Fairfield, CA 1,927,371 26.26 20.65 21.10 1.9 1.8 -8,681
Fresno, CA 3,973,324 25.80 18.51 16.99 0.0 2.4 14,450
Las Vegas, NV 4,849,993 29.76 33.46 33.45 0.4 0.8 328
Los Angeles, CA 102,218,200 35.04 16.72 16.37 0.0 2.8 365,600
Los Angeles – Inland Empire, CA 4,999,200 25.44 21.07 21.01 2.4 5.5 63,200
Oakland, CA 3,682,927 29.64 22.39 23.83 7.4 8.3 -11,269
Orange County, CA 32,704,300 26.40 15.20 16.21 1.4 2.8 -330,100
Phoenix, AZ 30,714,482 24.05 18.47 17.56 1.2 3.1 278,628
Pleasanton/Tri-Valley, CA 15,526,039 28.92 9.81 10.07 3.0 10.0 -70,476
Portland, OR* 11,003,028 23.50 11.58 11.62 -0.3 0.3 -4,046
Reno, NV 912,364 20.79 15.93 14.93 0.8 9.0 9,129
Sacramento, CA 14,682,299 22.32 17.78 17.39 0.5 1.1 56,858
San Diego, CA 24,414,511 35.28 12.16 12.38 3.2 4.6 422,616
San Francisco Peninsula 22,523,111 43.68 11.07 10.33 1.1 3.1 141,107
San Jose/Silicon Valley, CA 33,287,282 42.72 13.74 12.45 -1.7 9.2 284,624
Seattle/Puget Sound, WA 20,754,950 33.14 9.27 9.42 0.9 -0.5 -42,629
Walnut Creek, CA 737,964 28.68 18.18 19.13 0.0 4.7 -6,979
West Total 373,284,473 31.61 14.77 14.61 1.1 4.2 1,117,932
U.S. TOTAL/AVERAGE 1,572,997,763 27.17 14.38 14.26 1.2 2.5 6,816,771
(continued)
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.
17. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 17
CANADA | DOWNTOWN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
Calgary, AB 40,447,480 841,064 4,200,000 8.13 429,195
Edmonton, AB 11,332,244 0 629,348 8.91 13,035
Halifax, NS* 4,679,727 0 475,900 11.46 0
Montréal, QC 49,331,103 0 870,892 5.14 93,499
Ottawa, ON** 15,995,156 0 0 8.78 370,338
Regina, SK 3,739,664 0 160,000 10.95 0
Saskatoon, SK 2,402,872 13,000 0 6.22 -3,566
Toronto, ON 70,532,020 0 5,190,400 3.78 227,482
Vancouver, BC 24,474,251 45,770 2,150,490 5.56 -50,863
Victoria, BC* 4,902,931 0 29,000 8.69 0
Waterloo Region, ON 3,912,918 0 0 12.93 -23,312
Winnipeg, MB* 11,365,771 0 130,375 8.43 0
CANADA TOTAL 243,116,137 899,834 13,836,405 6.28 1,055,808
CANADA | DOWNTOWN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL
QUOTED RENT
(CAD PSF)
ABSORPTION
Q1 2014
(SF)
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT (%)
Calgary, AB 27,568,453 58.00 486,154 0.0 -2.6
Edmonton, AB 6,690,855 22.00 27,965 -4.3 -47.2
Halifax, NS* 1,934,103 32.58 0 0.0 0.2
Montréal, QC 22,794,332 45.00 -5,008 0.0 0.0
Ottawa, ON** 10,004,044 45.54 271,708 -1.2 -7.3
Regina, SK 1,392,816 44.00 0 0.0 4.8
Saskatoon, SK 570,571 43.00 0 0.0 7.5
Toronto, ON 41,006,585 56.17 126,878 -1.1 7.2
Vancouver, BC 10,094,997 52.53 -15,406 0.0 -4.5
Victoria, BC* 513,808 34.00 0 0.0 -2.9
Waterloo Region, ON 1,561,288 24.10 1,906 -4.9 -7.4
Winnipeg, MB* 2,619,428 33.75 0 0.0 0.7
CANADA TOTAL 126,751,280 50.13 894,197 -0.5 -0.7
*Halifax, Victoria and Winnipeg report semi-annually. Q4 data displayed.
**Ottawa data is from Q1 2013.
18. P. 18 | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
CANADA | SUBURBAN OFFICE | ALL INVENTORY
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
NEW SUPPLY
Q1 2014
(SF)
UNDER
CONSTRUCTION
(SF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
ABSORPTION
Q1 2014
(SF)
Calgary, AB 25,818,920 534,606 2,478,741 9.49 9.62 153,225
Edmonton, AB 9,365,692 100,000 257,400 11.08 12.37 4,152
Halifax, NS* 6,522,447 0 171,546 10.68 10.68 0
Montréal, QC 25,078,227 70,908 484,970 10.99 11.38 -34,017
Ottawa, ON** 21,083,170 0 0 10.45 10.39 14,575
Regina, SK 675,313 0 40,000 3.26 3.26 0
Toronto, ON 70,367,959 353,768 1,608,662 8.15 8.05 -7,806
Vancouver, BC 29,429,814 60,000 1,990,462 10.38 11.27 -140,171
Victoria, BC* 3,717,151 0 99,600 9.87 9.87 0
Waterloo Region, ON 7,499,773 0 242,940 12.48 21.55 -702,924
Winnipeg, MB* 3,386,471 0 70,000 8.54 8.54 0
CANADA TOTAL 202,944,937 1,119,282 7,444,321 9.64 10.18 -712,966
CANADA | SUBURBAN OFFICE | CLASS A
MARKET
EXISTING
INVENTORY (SF)
MAR 31, 2014
ANNUAL QUOTED
RENT
(CAD PSF)
VACANCY
RATE (%)
DEC 31, 2013
VACANCY
RATE (%)
MAR 31, 2014
QUARTERLY
CHANGE IN
RENT (%)
ANNUAL
CHANGE IN
RENT (%)
ABSORPTION
Q1 2014
(SF)
Calgary, AB 12,727,120 43.00 9.49 8.44 -2.3 -2.3 201,410
Halifax, NS* 2,852,545 28.50 8.70 8.70 0.0 0.5 0
Montréal, QC 13,904,646 29.00 9.56 10.02 3.6 7.4 -880
Ottawa, ON** 12,037,326 29.39 10.46 10.45 -0.4 -3.9 2,255
Toronto, ON 32,225,597 31.17 9.37 9.07 1.8 1.3 52,147
Vancouver, BC 14,776,892 33.43 11.30 12.06 2.3 -1.7 -59,165
Victoria, BC* 808,145 40.00 16.53 16.53 0.0 5.3 0
Waterloo Region, ON 3,735,759 22.41 12.87 15.18 0.9 -7.4 -86,371
CANADA TOTAL 93,068,030 32.24 10.05 10.08 1.0 0.1 109,396
*Halifax, Victoria and Winnipeg report semi-annually. Q4 data displayed. | **Ottawa data is from Q1 2013.
0.0
0.0
0.0
0.1
0.2
0.5
0.6
0.9
2.2
4.2
5.2
0.0 1.0 2.0 3.0 4.0 5.0 6.0
Saskatoon, SK
Waterloo Region, ON
Victoria, BC*
Winnipeg, MB
Regina, SK
Halifax, NS*
Edmonton, AB
Montréal, QC
Vancouver, BC
Calgary, AB
Toronto, ON
SF (Millions)
CBD OFFICE UNDER CONSTRUCTION BY MARKET | Q1 2014 | CANADA
*Victoria, Halifax and Winnipeg report data semi-annually (Q2 and Q4). | Source: Colliers International
-50.9
-23.3
-3.6
0.0
0.0
0.0
0.0
13.0
93.5
227.5
429.2
-100.0 0.0 100.0 200.0 300.0 400.0 500.0
Vancouver, BC
Waterloo Region, ON
Saskatoon, SK
Halifax, NS*
Regina, SK
Victoria, BC*
Winnipeg, MB*
Edmonton, AB
Montréal, QC
Toronto, ON
Calgary, AB
SF (Thousands)
CBD OFFICE ABSORPTION BY MARKET | Q1 2014 | CANADA
*Victoria, Halifax and Winnipeg report data semi-annually (Q2 and Q4). | Source: Colliers International
19. HIGHLIGHTS | Q1 2014 | OFFICE | NORTH AMERICA
COLLIERS INTERNATIONAL | P. 19
UNITED STATES | OFFICE INVESTMENT
MARKET
CBD
SALES PRICE
(USD PSF)
CBD
CAP RATE
(%)
SUBURBAN
SALES PRICE
(USD PSF)
SUBURBAN
CAP RATE
(%)
Albuquerque, NM 145.00 9.00 175.00 8.00
Atlanta, GA 125.00 7.90 165.00 7.80
Bakersfield, CA 205.00
Baltimore, MD 164.99 6.50 135.83 10.45
Boston, MA 319.00 6.60 235.00
Charleston, SC 400.00 6.50 240.00 7.50
Chicago, IL 375.00 6.25 225.00 7.50
Cincinnati, OH 125.00 9.75 135.00 9.25
Dallas, TX 62.00 110.00 7.00
Denver, CO 512.46 5.90 133.36 6.82
Detroit, MI** 27.00 41.00 11.60
Fairfield County, CT 139.00 9.00
Fresno, CA 125.00 8.50 160.00 8.00
Ft. Lauderdale-Broward, FL 246.00 154.00
Ft. Worth, TX 125.00 8.00
Houston, TX 335.00 5.30 214.00 7.30
Indianapolis, IN 165.00 8.50 150.00 7.25
Jacksonville, FL 112.00 9.00 125.00 9.76
Las Vegas, NV 127.94
Little Rock, AR 88.00 9.00 117.00 9.00
Long Island, NY* 176.00 8.00
Los Angeles, CA 276.00 6.44
Los Angeles – Inland Empire, CA 200.00 7.50
Miami-Dade, FL 269.00 287.00
Milwaukee, WI 120.00 8.75 110.00 9.00
Minneapolis, MN 149.00 7.50 110.00 6.90
Nashville, TN 250.00 7.10 150.00 7.00
New Jersey – Central 190.02 7.90
New Jersey – Northern 113.18 7.90
New York, NY - Downtown Manhattan 315.00 4.75
New York, NY – Midtown Manhattan 861.00 5.50
New York, NY – Midtown South Manhattan 693.00 4.50
Oakland, CA 270.00 7.00 175.00 8.00
Orange County, CA 217.00 6.14
Orlando, FL 175.00 7.50 136.00 6.00
Philadelphia, PA 162.00 7.80 171.89 7.56
Phoenix, AZ 84.00 7.50 112.00 7.00
Pittsburgh, PA* 85.00 9.00 113.00 8.40
Pleasanton/Tri-Valley, CA 175.62 6.00
Portland, OR* 166.86 6.00
Sacramento, CA 85.24 6.50 70.00 8.20
Pittsburgh, PA 85.00 9.00 113.00 8.40
Portland, OR 166.86 6.00 - -
Sacramento, CA 88.56 7.50 113.47 6.74
*Long Island, Pittsburgh and Portland data is from Q4 2013.
**Detroit data is from Q3 2013.