The U.S. office market saw a modest rebound in Q2 with higher demand and slightly lower vacancy compared to Q1. However, the recovery remains subdued as rents continued to decline slightly. The Canadian office market performed better with stronger economic and job growth. While the U.S. and Canadian economies are projected to improve in the second half of 2011, forecasts made earlier in the year now appear overly optimistic given recent weak job numbers and high energy costs, which could dampen corporate expansion plans.
North American Office Highlights 1Q 2011Coy Davidson
The U.S. office market began 2021 on a soft note with modest growth in occupied space and little change in vacancy rates. Rents increased slightly for the first time in three years in both downtown and suburban areas. While the economic recovery is ongoing, higher energy costs may impact demand for office space. The outlook remains uncertain as employment growth has been lackluster. Canadian office markets performed better in Q1 backed by a strong economy and job market. Both U.S. and Canadian economies are expected to see gains in 2021, but rising energy prices pose a risk to business expansion and inflation.
North American Office Highlights 3Q-2011Coy Davidson
The U.S. office market posted modest growth in Q3 2011 with slightly higher demand and lower vacancy. However, the much anticipated recovery has not materialized due to uncertainty in the domestic and global economies. With only modest economic growth, rents are unlikely to change significantly in the next year. Canadian markets fared better this quarter but future growth is expected to remain sluggish given uncertainty in Europe. Office vacancies will continue to gradually decline but oversupply will persist in many markets.
North American Office Highlights 4Q 2011Coy Davidson
The document summarizes office market trends in North America for Q4 2011. It predicts that the US office market will see steady absorption of space in 2012, with a pickup in 2013, as domestic growth offsets a potential Eurozone recession. Vacancy rates will continue to decline between 0.5-0.7% by the end of 2012, while demand for Class A CBD space and strong markets like Houston and Silicon Valley will allow landlords to raise rents and reduce concessions. However, maturing CMBS debt will force some sales and limit price growth through 2013. Overall, private sector job growth will fuel modest absorption through 2012.
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
North American Office Highlights 2Q 2010Coy Davidson
The office market in North America showed signs of stabilizing in Q2 2010. Vacancy rates rose slightly in both the US and Canada, but the increases were relatively small. Demand was mixed with the US seeing slightly positive absorption and Canada seeing more substantial growth. With economic growth in Q2 and continued labor market stabilization, office markets are expected to continue gradual improvement through mid-2011. The quarter affirmed the transition from dramatically rising vacancies and falling rents to more modest movements, with a possible reversal in coming quarters.
The Tampa Bay office market saw negative absorption of 350,754 square feet in Q3 2012, though numerous small and large leases were signed that will impact absorption in the next two quarters. Vacancy rates increased slightly to 16.0% overall and 15.7% for Class A buildings. Several developments are in the planning stages, with SouthGate, a 400,000 square foot LEED building, currently in pre-leasing. The market outlook for 2013 is positive as employment continues to increase in the region.
The document provides a summary of commercial real estate activity in San Francisco for the first quarter of 2010. It includes data on office leasing activity such as major leases signed, sublease space absorbed, and vacancy rates by neighborhood. It also summarizes significant building sales, projects under construction, and large developments planned. Overall, the San Francisco office market saw a net loss of space absorbed in Q1 2010, with vacancy increasing slightly, though leasing velocity and asking rents stabilized in many areas.
Studley report for south florida 4 q12Chris Lovell
South Florida's office market saw some signs of improvement in 2012 but is still bouncing along the bottom. While sectors like tourism and retail recovered slightly, the job market remains weak with office-using employment growing only 1% compared to nearly 2% nationally. Availability rates increased slightly to 22.2% overall as new buildings delivered space faster than it could be absorbed. Rents decreased slightly and concessions remained common as competition for tenants remained intense due to oversupply. The recovery is uneven across submarkets, with higher-quality buildings in places like Coral Gables performing better while older properties struggle.
North American Office Highlights 1Q 2011Coy Davidson
The U.S. office market began 2021 on a soft note with modest growth in occupied space and little change in vacancy rates. Rents increased slightly for the first time in three years in both downtown and suburban areas. While the economic recovery is ongoing, higher energy costs may impact demand for office space. The outlook remains uncertain as employment growth has been lackluster. Canadian office markets performed better in Q1 backed by a strong economy and job market. Both U.S. and Canadian economies are expected to see gains in 2021, but rising energy prices pose a risk to business expansion and inflation.
North American Office Highlights 3Q-2011Coy Davidson
The U.S. office market posted modest growth in Q3 2011 with slightly higher demand and lower vacancy. However, the much anticipated recovery has not materialized due to uncertainty in the domestic and global economies. With only modest economic growth, rents are unlikely to change significantly in the next year. Canadian markets fared better this quarter but future growth is expected to remain sluggish given uncertainty in Europe. Office vacancies will continue to gradually decline but oversupply will persist in many markets.
North American Office Highlights 4Q 2011Coy Davidson
The document summarizes office market trends in North America for Q4 2011. It predicts that the US office market will see steady absorption of space in 2012, with a pickup in 2013, as domestic growth offsets a potential Eurozone recession. Vacancy rates will continue to decline between 0.5-0.7% by the end of 2012, while demand for Class A CBD space and strong markets like Houston and Silicon Valley will allow landlords to raise rents and reduce concessions. However, maturing CMBS debt will force some sales and limit price growth through 2013. Overall, private sector job growth will fuel modest absorption through 2012.
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
North American Office Highlights 2Q 2010Coy Davidson
The office market in North America showed signs of stabilizing in Q2 2010. Vacancy rates rose slightly in both the US and Canada, but the increases were relatively small. Demand was mixed with the US seeing slightly positive absorption and Canada seeing more substantial growth. With economic growth in Q2 and continued labor market stabilization, office markets are expected to continue gradual improvement through mid-2011. The quarter affirmed the transition from dramatically rising vacancies and falling rents to more modest movements, with a possible reversal in coming quarters.
The Tampa Bay office market saw negative absorption of 350,754 square feet in Q3 2012, though numerous small and large leases were signed that will impact absorption in the next two quarters. Vacancy rates increased slightly to 16.0% overall and 15.7% for Class A buildings. Several developments are in the planning stages, with SouthGate, a 400,000 square foot LEED building, currently in pre-leasing. The market outlook for 2013 is positive as employment continues to increase in the region.
The document provides a summary of commercial real estate activity in San Francisco for the first quarter of 2010. It includes data on office leasing activity such as major leases signed, sublease space absorbed, and vacancy rates by neighborhood. It also summarizes significant building sales, projects under construction, and large developments planned. Overall, the San Francisco office market saw a net loss of space absorbed in Q1 2010, with vacancy increasing slightly, though leasing velocity and asking rents stabilized in many areas.
Studley report for south florida 4 q12Chris Lovell
South Florida's office market saw some signs of improvement in 2012 but is still bouncing along the bottom. While sectors like tourism and retail recovered slightly, the job market remains weak with office-using employment growing only 1% compared to nearly 2% nationally. Availability rates increased slightly to 22.2% overall as new buildings delivered space faster than it could be absorbed. Rents decreased slightly and concessions remained common as competition for tenants remained intense due to oversupply. The recovery is uneven across submarkets, with higher-quality buildings in places like Coral Gables performing better while older properties struggle.
Houston's industrial market saw strengthening fundamentals in Q2 2011, with vacancy decreasing to 5.7% and rental rates increasing 8.6% year-over-year. Net absorption was positive 1.3M SF, pushing year-to-date absorption over 2.1M SF. Industrial construction activity increased, with the pipeline growing to 979,767 SF under construction. Demand is expected to continue driving new development as available inventory shrinks.
By creating renegade social networks for collaboration we have the capacity to spark fresh innovation, create new economic opportunities and build a framework for positive social change.
This research provides evidence that cravings are associated with individual patterns of arousal and are expressed differently in smokers and non-smokers. Patterns of physiologic arousal were identified for craving and tobacco use. This research supports the development of individual algorithms to predict tobacco use for tobacco cessation treatment.
This white paper discusses how Generation Y will impact real estate markets. Key points:
- Generation Y expects frequent job changes, greater workplace flexibility, and a blend of work and social space in offices.
- Their influence will likely reduce demand for office space but change its orientation, with more flexible floorplans and amenities.
- Offices will need to adapt technologically to support mobile working and alternative work strategies to attract Generation Y.
- Being green and sustainable will also be important to recruit and retain Generation Y employees.
The document summarizes commercial real estate trends in central London during the first half of 2011. It notes that strong absorption of office space led to rising occupancy rates across core locations like the West End. Competition for limited Grade A space continued to drive up prime rents, while availability fell sharply. The West End saw over 1.2 million sq ft of absorption and average rents rise 11% during H1 2011 due to limited new supply. Overall 2011 take-up is expected to be below average despite continued rental growth, as absorption peaks amid a shortage of available stock.
Colliers International is a global real estate services firm that provides brokerage, corporate solutions, investment services, valuation and advisory services, project management, and research. They have over $1.5 billion in annual revenue and over 12,500 professionals across more than 500 offices in 61 countries. Colliers International aims to accelerate the success of their clients through an integrated platform and culture of collaboration.
The document discusses emerging consumer trends and how businesses must adapt to changing consumer behaviors and demographics. It covers topics like how each generation (Baby Boomers, Gen X, Gen Y) approaches spending; the rise of premium and value products squeezing out mid-tier options; consumers desiring community and immersive experiences; and how sustainability and social responsibility are growing in importance to consumers. The document argues that businesses must focus on innovation, personalized solutions, and delivering an engaging "experience" to consumers to survive and thrive in this shifting marketplace.
Metrohm offers analytical solutions for quality control of basic chemicals and raw materials used in surface finishing processes. Titration can be used to determine concentrations of common acids and bases. Ion chromatography can detect impurities in chemicals like hydrogen peroxide and isopropanol by using inline matrix elimination. When ultratraces need to be found, inline preconcentration can be added for high sensitivity analysis.
The U.S. office market posted modest growth in Q3 2011 with slightly higher demand and lower vacancy. However, the much anticipated recovery has not materialized due to uncertainty in the domestic and global economies. With only modest economic growth, rents are unlikely to change significantly in the next year. Canadian markets fared better this quarter but future growth is expected to remain sluggish given uncertainty in Europe. Office vacancies will continue to gradually decline but oversupply will persist in many markets.
North American Office Highlights 4Q 2010Coy Davidson
The U.S. office market saw a sharp drop in vacancy rates and healthy increase in occupied space in Q4 2010, though rental rates remain low. Canadian office markets also saw reasonably good growth. With improving economies and job growth in both the U.S. and Canada, the office leasing market is expected to continue strengthening in 2011.
The Tampa Bay Florida office market saw slow gains in the second quarter of 2012, with leasing activity edging up. While there was no swift rebound, vacancy rates declined from the previous quarter and year. Rental rates remained flat or down slightly in the first half of the year. Leasing activity is expected to remain steady in the second half, though not at a significant level as many businesses have adopted a wait-and-see approach locally and nationally.
The document summarizes the office market in Metro Detroit and Washtenaw County for Q4 2011. It reports that vacancy rates remained stable at 19.5% in the Metro Detroit area. Net absorption was positive 297,451 square feet for Q4 2011, while rental rates slightly decreased to $18.15 per square foot. The market is believed to be close to bottoming out with stable vacancy levels throughout 2011 and absorption of existing space continuing as new construction remains low.
North American Industrial Highlights 4Q 2010Coy Davidson
The U.S. industrial market finished 2010 strongly, with positive absorption in most regions and declining vacancy. Vacancy fell 0.22% in Q4 to 10.74% nationally as demand increased. Absorption was 28.6 million square feet in Q4 while new construction was only 9.4 million square feet. Rents fell slightly to $4.60 per square foot due to new supply coming online. With continued economic and manufacturing growth expected in 2011, demand for warehouse space is projected to keep rising through the year.
Tampa Bay Office Market Report - Q4 2011Jeff Tolrud
The Tampa Bay office market showed signs of improvement in Q4 2011. Net absorption was positive as vacancy rates declined. While overall rental rates remained steady, certain submarkets saw increases. The job market grew in sectors like healthcare and technology, lowering the unemployment rate. Investor interest in the market is expected to continue growing through 2012.
North American Office highlights 2Q 2012Coy Davidson
The office market in North America saw slowing growth in the second quarter of 2012. Key indicators like absorption, vacancy rates, and sales volumes improved but at a slower pace than in 2011. Office transaction activity declined compared to the previous year. Intellectual capital, energy, and education (ICEE) markets continued to see strong demand and lower vacancy rates. While absorption remained positive, it was shrinking compared to the prior period. The average vacancy rate for the U.S. dipped below 15% for the first time in years, though new construction means it may be difficult for the rate to fall below 14% in the near future. Delinquency rates for commercial mortgage backed securities loans on office properties set new records.
The U.S. industrial market showed signs of strength in Q3 2011, with vacancies dropping in most markets and net absorption remaining high. While warehouse rents continued to decrease, demand for warehouse space is expected to remain steady due to growth in the manufacturing sector and exports. The industrial market is projected to slowly balance out supply and demand over the next few quarters without a sharp change, as construction remains low.
Tampa Bay Office Market Report - Q3 2011Jeff Tolrud
- The Tampa Bay office market showed signs of stabilization in Q3 2011, with positive net absorption for the year and declining vacancy rates.
- Class A office space saw the largest increase in net absorption as tenants took advantage of higher quality space at lower overall costs.
- While average asking rental rates continued to fall and excess supply remains, several positive trends emerged including declines in overall and Class A vacancy rates across most submarkets. Further employment growth will be needed to sustain a recovery.
The retail real estate market is faring better than two years ago but still faces many challenges. While retail sales have increased over the past year, the gains have been uneven, with discount and high-end retailers thriving while mid-range retailers continue to struggle due to stagnant wages, high gas prices, and lackluster job growth. Consumer confidence, as measured by an index, remains below healthy levels, indicating consumers remain cautious in their spending. Vacancy rates remain elevated but are expected to decline in coming quarters as demand gradually increases.
Colliers North American Industrial Highlights 4Q-11Coy Davidson
The document summarizes industrial real estate market trends in the United States for Q4 2011. Some key points:
- US industrial vacancy is projected to drop gradually through 2012, falling below 8.9% by Q4 2012 due to continued absorption and low construction levels.
- Absorption in Q4 2011 was the highest recorded since the recovery began at 41.3 million square feet.
- Speculative construction is expected to increase in primary and select secondary markets in 2012.
The document provides a market report on Silicon Valley for Q3 2010. Some key points:
- Unemployment in Silicon Valley decreased from 12.4% to 11.2% from January to September but remains high.
- Office leasing and user activity totaled 4.85 million sqft in Q3, down from 5.49 million sqft in Q2. However, over the past four quarters, total activity has measured 20.56 million sqft, surpassing forecasts.
- Availability rates rose slightly to 18.6% in Q3 but space available has plateaued at 58.4 million sqft, up only 1.9% from a year ago. The recovery has increased
Green Building Index Profile Report: Midtown NYscottbrooker
The document provides an overview of green building and office market conditions in Midtown Manhattan, New York. It finds that while the Midtown office market vacancy rate increased significantly in 2009, signs of stability emerged in the second half of the year. It also reports that Midtown Manhattan ranked third in a green building opportunity index due to forecasted rent and job growth, though new supply may impact vacancy. Finally, it notes that Midtown leads New York in adopting and implementing LEED strategies in commercial buildings.
Houston's industrial market saw strengthening fundamentals in Q2 2011, with vacancy decreasing to 5.7% and rental rates increasing 8.6% year-over-year. Net absorption was positive 1.3M SF, pushing year-to-date absorption over 2.1M SF. Industrial construction activity increased, with the pipeline growing to 979,767 SF under construction. Demand is expected to continue driving new development as available inventory shrinks.
By creating renegade social networks for collaboration we have the capacity to spark fresh innovation, create new economic opportunities and build a framework for positive social change.
This research provides evidence that cravings are associated with individual patterns of arousal and are expressed differently in smokers and non-smokers. Patterns of physiologic arousal were identified for craving and tobacco use. This research supports the development of individual algorithms to predict tobacco use for tobacco cessation treatment.
This white paper discusses how Generation Y will impact real estate markets. Key points:
- Generation Y expects frequent job changes, greater workplace flexibility, and a blend of work and social space in offices.
- Their influence will likely reduce demand for office space but change its orientation, with more flexible floorplans and amenities.
- Offices will need to adapt technologically to support mobile working and alternative work strategies to attract Generation Y.
- Being green and sustainable will also be important to recruit and retain Generation Y employees.
The document summarizes commercial real estate trends in central London during the first half of 2011. It notes that strong absorption of office space led to rising occupancy rates across core locations like the West End. Competition for limited Grade A space continued to drive up prime rents, while availability fell sharply. The West End saw over 1.2 million sq ft of absorption and average rents rise 11% during H1 2011 due to limited new supply. Overall 2011 take-up is expected to be below average despite continued rental growth, as absorption peaks amid a shortage of available stock.
Colliers International is a global real estate services firm that provides brokerage, corporate solutions, investment services, valuation and advisory services, project management, and research. They have over $1.5 billion in annual revenue and over 12,500 professionals across more than 500 offices in 61 countries. Colliers International aims to accelerate the success of their clients through an integrated platform and culture of collaboration.
The document discusses emerging consumer trends and how businesses must adapt to changing consumer behaviors and demographics. It covers topics like how each generation (Baby Boomers, Gen X, Gen Y) approaches spending; the rise of premium and value products squeezing out mid-tier options; consumers desiring community and immersive experiences; and how sustainability and social responsibility are growing in importance to consumers. The document argues that businesses must focus on innovation, personalized solutions, and delivering an engaging "experience" to consumers to survive and thrive in this shifting marketplace.
Metrohm offers analytical solutions for quality control of basic chemicals and raw materials used in surface finishing processes. Titration can be used to determine concentrations of common acids and bases. Ion chromatography can detect impurities in chemicals like hydrogen peroxide and isopropanol by using inline matrix elimination. When ultratraces need to be found, inline preconcentration can be added for high sensitivity analysis.
The U.S. office market posted modest growth in Q3 2011 with slightly higher demand and lower vacancy. However, the much anticipated recovery has not materialized due to uncertainty in the domestic and global economies. With only modest economic growth, rents are unlikely to change significantly in the next year. Canadian markets fared better this quarter but future growth is expected to remain sluggish given uncertainty in Europe. Office vacancies will continue to gradually decline but oversupply will persist in many markets.
North American Office Highlights 4Q 2010Coy Davidson
The U.S. office market saw a sharp drop in vacancy rates and healthy increase in occupied space in Q4 2010, though rental rates remain low. Canadian office markets also saw reasonably good growth. With improving economies and job growth in both the U.S. and Canada, the office leasing market is expected to continue strengthening in 2011.
The Tampa Bay Florida office market saw slow gains in the second quarter of 2012, with leasing activity edging up. While there was no swift rebound, vacancy rates declined from the previous quarter and year. Rental rates remained flat or down slightly in the first half of the year. Leasing activity is expected to remain steady in the second half, though not at a significant level as many businesses have adopted a wait-and-see approach locally and nationally.
The document summarizes the office market in Metro Detroit and Washtenaw County for Q4 2011. It reports that vacancy rates remained stable at 19.5% in the Metro Detroit area. Net absorption was positive 297,451 square feet for Q4 2011, while rental rates slightly decreased to $18.15 per square foot. The market is believed to be close to bottoming out with stable vacancy levels throughout 2011 and absorption of existing space continuing as new construction remains low.
North American Industrial Highlights 4Q 2010Coy Davidson
The U.S. industrial market finished 2010 strongly, with positive absorption in most regions and declining vacancy. Vacancy fell 0.22% in Q4 to 10.74% nationally as demand increased. Absorption was 28.6 million square feet in Q4 while new construction was only 9.4 million square feet. Rents fell slightly to $4.60 per square foot due to new supply coming online. With continued economic and manufacturing growth expected in 2011, demand for warehouse space is projected to keep rising through the year.
Tampa Bay Office Market Report - Q4 2011Jeff Tolrud
The Tampa Bay office market showed signs of improvement in Q4 2011. Net absorption was positive as vacancy rates declined. While overall rental rates remained steady, certain submarkets saw increases. The job market grew in sectors like healthcare and technology, lowering the unemployment rate. Investor interest in the market is expected to continue growing through 2012.
North American Office highlights 2Q 2012Coy Davidson
The office market in North America saw slowing growth in the second quarter of 2012. Key indicators like absorption, vacancy rates, and sales volumes improved but at a slower pace than in 2011. Office transaction activity declined compared to the previous year. Intellectual capital, energy, and education (ICEE) markets continued to see strong demand and lower vacancy rates. While absorption remained positive, it was shrinking compared to the prior period. The average vacancy rate for the U.S. dipped below 15% for the first time in years, though new construction means it may be difficult for the rate to fall below 14% in the near future. Delinquency rates for commercial mortgage backed securities loans on office properties set new records.
The U.S. industrial market showed signs of strength in Q3 2011, with vacancies dropping in most markets and net absorption remaining high. While warehouse rents continued to decrease, demand for warehouse space is expected to remain steady due to growth in the manufacturing sector and exports. The industrial market is projected to slowly balance out supply and demand over the next few quarters without a sharp change, as construction remains low.
Tampa Bay Office Market Report - Q3 2011Jeff Tolrud
- The Tampa Bay office market showed signs of stabilization in Q3 2011, with positive net absorption for the year and declining vacancy rates.
- Class A office space saw the largest increase in net absorption as tenants took advantage of higher quality space at lower overall costs.
- While average asking rental rates continued to fall and excess supply remains, several positive trends emerged including declines in overall and Class A vacancy rates across most submarkets. Further employment growth will be needed to sustain a recovery.
The retail real estate market is faring better than two years ago but still faces many challenges. While retail sales have increased over the past year, the gains have been uneven, with discount and high-end retailers thriving while mid-range retailers continue to struggle due to stagnant wages, high gas prices, and lackluster job growth. Consumer confidence, as measured by an index, remains below healthy levels, indicating consumers remain cautious in their spending. Vacancy rates remain elevated but are expected to decline in coming quarters as demand gradually increases.
Colliers North American Industrial Highlights 4Q-11Coy Davidson
The document summarizes industrial real estate market trends in the United States for Q4 2011. Some key points:
- US industrial vacancy is projected to drop gradually through 2012, falling below 8.9% by Q4 2012 due to continued absorption and low construction levels.
- Absorption in Q4 2011 was the highest recorded since the recovery began at 41.3 million square feet.
- Speculative construction is expected to increase in primary and select secondary markets in 2012.
The document provides a market report on Silicon Valley for Q3 2010. Some key points:
- Unemployment in Silicon Valley decreased from 12.4% to 11.2% from January to September but remains high.
- Office leasing and user activity totaled 4.85 million sqft in Q3, down from 5.49 million sqft in Q2. However, over the past four quarters, total activity has measured 20.56 million sqft, surpassing forecasts.
- Availability rates rose slightly to 18.6% in Q3 but space available has plateaued at 58.4 million sqft, up only 1.9% from a year ago. The recovery has increased
Green Building Index Profile Report: Midtown NYscottbrooker
The document provides an overview of green building and office market conditions in Midtown Manhattan, New York. It finds that while the Midtown office market vacancy rate increased significantly in 2009, signs of stability emerged in the second half of the year. It also reports that Midtown Manhattan ranked third in a green building opportunity index due to forecasted rent and job growth, though new supply may impact vacancy. Finally, it notes that Midtown leads New York in adopting and implementing LEED strategies in commercial buildings.
Colliers International: Retail Highlights Fall 2010Coy Davidson
This document provides a summary of retail market conditions in the United States in Fall 2010. It finds that after a challenging period, most shopping centers are starting to show rising occupancy and stabilizing rents as the economy expands and consumer confidence increases. However, the retail landscape still exhibits disappointing fundamentals overall. Some segments like regional malls and grocery-anchored centers are performing better, while power centers and lifestyle centers continue struggling with high vacancy rates. With little new construction, vacancy rates may modestly decline for the weaker formats.
The Houston office market posted positive net absorption of 81,091 square feet in Q2 2011, with most absorption occurring in the suburban sector. Overall vacancy rates decreased slightly to 15.9% from 16.5% year-over-year. Rental rates continued to decline, with the average citywide rate dropping to $22.70 per square foot in Q2 2011. Vacancy increased in the CBD Class A properties to 12.5% while declining in the suburban Class A properties to 16.2%.
The document summarizes commercial real estate market conditions in Greater Boston during the third quarter of 2010. Key points include:
- The economy officially ended its recession in mid-2009 but employment levels did not bottom out until late 2009, leading to a sluggish recovery. Unemployment rates remained high across the US and in Massachusetts.
- In Greater Boston, net absorption improved from negative levels a year ago but availability rates remained elevated, suggesting the market is still recovering. Rents declined from a year ago but appeared stable in recent quarters.
- The Boston, Cambridge, and suburban office markets all showed signs of stabilization compared to a year ago, with declining availability and positive but modest absorption. Rents declined
C&W - MONTREAL OFFICE MARKETBEAT - Q4 2012 Guy Masse
The Montreal office market saw slowing growth in Q4 2012, with overall absorption dropping slightly to -15,000 square feet due to large blocks of vacant space returning to the market. However, vacancy rates remained steady at 7.7% overall and 6.7% direct. Suburban office markets performed better than the downtown core, with over 160,000 square feet of positive absorption offsetting increased vacancies downtown. Looking ahead, nearly 750,000 square feet of new downtown construction is expected to alleviate class A space shortages while stable rental rates and expanding suburban options will boost future leasing activity.
The document provides an executive overview and market summary for commercial real estate in Boston for the fourth quarter of 2010. Some key points:
- The US unemployment rate declined to 9.4% in Q4 2010, though the rate remains elevated. Private sector employment grew by 113,000 jobs in December.
- In Greater Boston, the office market saw positive absorption in the suburbs but negative absorption downtown. Availability rates increased slightly to 20.4%.
- The Cambridge office market remained relatively healthy with positive absorption, while the lab market was flat. Availability rates declined in both sectors.
1) The western US office market vacancy rate averaged 17.3% in Q4 2011, higher than the national average of 16%. Rates varied significantly across markets from a low of 11.2% in San Francisco to a high of 25.5% in Phoenix.
2) San Francisco has the lowest vacancy rate due to strong demand from the thriving tech sector, though high costs are a challenge. Absorption of 2.1 million sq ft in 2011 reduced the vacancy rate from 15.5% to 11.2%.
3) Barring major shocks, San Francisco's office market is expected to see continued positive absorption and falling vacancy rates, pushing lease rates higher through 2012 as the tech
Similar to North American Office Highlights 2Q 2011 (19)
The document summarizes research on working from home (WFH) trends and implications. It finds that WFH has increased 6-fold during the pandemic and is stabilizing at around 30% of workdays. Most employees prefer a hybrid model that allows some choice over WFH days. Managing hybrid teams well requires coordinating in-person office days to promote collaboration. Offices are not expected to significantly cut space but may redesign to add meeting rooms and lounge seating. Support services may increasingly offshore under long-term hybrid models.
HORIZON TOWER
520,094 RSF
17-story medical + biomedical space
13-level parking garage; 2,700 stalls
Under Construction and
On-Schedule for 4Q2023 Delivery
This document summarizes a webinar hosted by Occupier Services on May 14th discussing strategies for leading occupiers in the "new normal". The webinar featured a panel of real estate executives from Nokia, Nestle, ServiceNow and PepsiCo discussing topics like portfolio management, transaction strategies and workplace strategies in light of COVID-19. Survey results were presented showing most occupiers anticipate a decrease in future office space needs and a preference among employees to work from home at least one day a week going forward. The webinar provided insights into how large occupiers are adapting their real estate strategies in response to the pandemic.
Houston Methodist and Colliers International HoustonCoy Davidson
Colliers International has provided real estate and advisory services to Houston Methodist Hospital since 2001. Houston Methodist is one of the largest health systems in the US, consisting of 7 hospitals and over 120 locations across the Greater Houston area. Colliers International assists Houston Methodist with services such as site selection, acquisitions, property management, and tenant representation. Some of Colliers' accomplishments for Houston Methodist include selecting and acquiring sites for new hospitals in The Woodlands and Katy, Texas, as well as five emergency care centers, and representing Houston Methodist in leasing over 230,000 square feet across 23 locations.
Despite strong demand and low vacancy rates in 2016, the healthcare industry faces uncertainties in 2017. The repeal of the Affordable Care Act and its replacement details are unknown, which may delay real estate decisions. Additionally, new Medicare reimbursement rules will challenge off-campus projects' viability and cause providers to reevaluate expansion plans. Rising costs are putting pressure on providers' operating margins as the aging population increases demand for healthcare. While fundamentals remain solid, the industry will need to make nuanced real estate decisions based on the changing policy and consumer landscape.
Colliers International Houston Trends 2017Coy Davidson
This document contains multiple charts and graphs summarizing real estate market trends in Houston, Texas from 2001 to 2016. It shows that drilling permits and rig counts in Texas peaked in the late 2000s and declined sharply after 2014. Houston gained over 100,000 jobs annually from 2009 to 2013 but saw job losses in the energy sector after 2014. Office vacancy rates in Houston doubled from the early 1980s to late 1980s during a period of rapid office development. The industrial, retail, multifamily, and construction sectors are also analyzed with statistics on vacancies, rents, absorption, construction projects, and sales.
This document summarizes economic indicators and trends in Houston, Texas. It finds that while Houston added over 15,000 jobs in 2015, growth has slowed significantly since the dramatic fall in oil prices in late 2014. The energy sector, particularly upstream exploration and production, has been hardest hit, though other industries like healthcare and trade have provided job gains. Population growth remains strong at over 2.5% annually. Despite challenges from low oil prices, Houston's diverse economy, large port and medical sector position it for continued importance.
2016 Healthcare Real Estate MarketplaceCoy Davidson
Healthcare real estate continues strong performance, with demand for medical office space expected to increase due to rising healthcare spending and an aging population. Vacancy rates have declined to 9.5% nationally as absorption remains positive, while rental rates have increased slightly. Medical office building sales volumes hit a new peak in 2015, contributing to downward pressure on capitalization rates. The outlook for 2016 is continued strong fundamentals and demand in the healthcare real estate sector.
Houston Healthcare Real Estate Market Report - Year End 2015Coy Davidson
The Texas Medical Center in Houston announced plans to expand its life science research campus by 30 acres and $1.5 billion to establish Houston as a new life science hub. Additionally, Baylor College of Medicine and CHI St. Luke's Hospital plan to develop a $1.1 billion medical campus featuring a medical school, cardiovascular research institute, and nationally recognized hospital. The expansions aim to solidify Houston's position as a leader in human health and medical research.
The office market fundamentals continued to improve in Q4 2015, with rents rising and vacancies falling in the core areas of the top 10 markets. Absorption trends were generally positive, though leasing slowed in some markets due to low availability. Tech tenants remain an important driver of leasing activity, though corporate relocations and professional services are also contributing. Rents are below prior peaks in most markets, suggesting further potential for growth in 2016 as the US economy continues moderate expansion.
This document provides a summary of the crude oil market in early 2016. It notes that crude oil prices had fallen dramatically to around $30/barrel from over $100/barrel previously. It analyzes factors contributing to lower oil prices such as increased US shale oil production, the lifting of the US oil export ban, and the market share war being waged by Saudi Arabia. The document also examines projections for global oil supply and demand in 2016-2017 and the expected impacts on production levels from US shale declines, OPEC, and potential increased exports from Iran.
This document provides information on sponsors, partners, and leadership for CRE // Tech events. It lists lead sponsors and national media sponsors. It also lists the board of advisors and regional chairs that provide leadership for CRE // Tech. Finally, it thanks sponsors and supporters for making the events possible.
The document summarizes the Q4 2014 office market report for San Francisco. Key points include:
- The vacancy rate remained flat at 7.5% due to new construction, though it has decreased 51% since 2010.
- Leasing activity was strong with 1.5 million sq ft leased in Q4 and a total of 8.1 million sq ft for the year, exceeding the annual average.
- The market posted its 18th consecutive quarter of positive absorption, with over 257,000 sq ft absorbed in Q4 and over 2.8 million sq ft for the year.
- Average rents increased to $64.79 per sq ft, a 16.2% increase over the previous
Houston Medical Office Report and Healthcare CommentaryCoy Davidson
This document summarizes healthcare real estate trends in the Houston area in 2014. It notes that the population is growing rapidly and demand for healthcare services is increasing. As a result, major hospital systems are expanding by constructing new facilities and medical office buildings in the suburbs to improve access. In the Texas Medical Center, several large hospital projects were underway or completed in 2014 that will add over a million square feet of new space. Freestanding emergency departments are also proliferating as another strategy to expand access and capture market share. Overall, the healthcare sector in Houston showed no signs of slowing down despite a downturn in the energy industry.
Despite uncertainty around the Affordable Care Act, demand for healthcare real estate continues to increase due to growth in the insured population and an aging baby boomer generation. Medical office vacancy rates are at their lowest since the recession and declining further, while modern, flexible spaces in good locations see the highest demand. Both new construction and space under construction have remained low since the recession. Healthcare industry consolidation is accelerating due to the ACA and cost pressures.
The document summarizes updates to BOMA standards for measuring and calculating rentable area in commercial real estate. It outlines revisions to Method A (legacy method) and the introduction of Method B (single load factor method) for more consistent rentable area calculations. It also discusses new enclosure requirements to provide consistent boundaries for measuring interior space. Abel Design Group presented on these updates to assist clients with applying the current BOMA standards.
North American Industrial Outlook Q4 13Coy Davidson
This document discusses trends in the North American industrial real estate market in Q4 2013. It notes that vacancy rates declined slightly to 7.69% due to strong absorption in the US market. While construction of new industrial space increased, absorption exceeded new supply, indicating no overbuilding risk. The document advocates thinking in "3D" by considering factors beyond traditional supply and demand like the impact of e-commerce, changing manufacturing processes, and transportation infrastructure on industrial real estate.
The document provides an overview and summary of Colliers' first national medical office report. It discusses key drivers of the medical office building (MOB) market, including the aging baby boomer population and Affordable Care Act. It also summarizes trends in the healthcare industry such as employment growth in outpatient care and widespread industry growth across US geographies. Healthcare real estate trends are also examined, like stable MOB vacancy rates and declining construction activity in recent years.
Gianluigi Torzi | Managing Director and Head of Capital MarketsGianluigi Torzi
Gianluigi Torzi is a prominent figure in the financial industry, known for his strategic leadership as Managing Director and Head of Capital Markets for the Middle East and Africa. Gianluigi Torzi extensive experience in investment banking equips him with the skills to navigate complex financial landscapes and deliver exceptional results for clients
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Expressways of India: A Comprehensive Guidenarinav14
India’s expressway network is a testament to the nation’s dedication to improving infrastructure and connectivity. These high-speed corridors facilitate seamless travel across vast distances, reducing travel time and fuel consumption
Listing Turkey - Piyalepasa Istanbul CatalogListing Turkey
We are working around the clock to transform a long-time dream into reality. As a result, Piyalepasa Istanbul will be the largest privately developed urban regeneration project in Turkey.
THE NEIGHBORHOOD WE HAVE BEEN LONGING FOR IS COMING TO LIFE
The good old days of the Piyalepasa neighborhood are being brought back to life with Piyalepasa Istanbul houses, residences, offices, hotels and a pedestrianized shopping avenue.
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!
“Piyalepaşa İstanbul” is a “mixed-use” concept containing all the elements for a vibrant social life with houses, residences, offices, hotels and high street shopping.
“Piyalepaşa İstanbul” will take the liveliness of Istanbul into its heart. The elegant sparkle of Nisantasi, the young and colorful Besiktas, the variety and multicultural heritage of Istiklal Street will all be contained within the streets of this neighborhood.
“Piyalepaşa İstanbul” bears traces of the most beautiful examples of Turkish architecture from the Seljuks to the Ottomans and from Anatolia to Rumelia. With its graded facades, wide eaves, bay windows, pools, and interior courtyard systems, it offers a new living space without disrupting the city’s silhouette and neighborhood.
“Piyalepaşa İstanbul” is the new attraction of this splendid city.
TO BE AT THE CENTER OF ISTANBUL… THIS IS REAL LUXURY!
With its proximity to D-100 highway, connecting roads and tunnels, “Piyalepaşa İstanbul” is only minutes away from Kabatas, Besiktas, the Golden Horn and Karakoy.
“Piyalepaşa İstanbul” is close to the prestigious new Istanbul Court House, a major hospital, the Perpa trade center and the city’s most lively neighborhoods. With its shuttle service to Okmeydani Metrobus station, Sishane and the Court House subway stations, “Piyalepaşa İstanbul” will provide you with the most convenient transport connections.
https://listingturkey.com/property/piyalepasa-istanbul/
Signature Global TITANIUM SPR | 3.5 & 4.5BHK High rise Apartments in Gurgaonglobalsignature2022
Signature Global TITANIUM SPR launched a high rise apartments in Gurgaon . In this project Signature Global offers 3.5 & 4.5 BHK high rise Apartment at sector 71 Gurgaon SPR Road. Signature Global Titanium SPR is IGBC Gold certified, a testament to our commitment to sustainability.
Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
Although we are not all related by blood we have created a team of highly professional and hardworking individuals who share the common goal of delivering beautiful and functional renovated spaces. Our tight nit team are able to work together in a way where we pour our passion into each and every project as we have a love for what we do. Building is our life.
Andhra Pradesh, known for its strategic location on the southeastern coast of India, has emerged as a key player in India’s industrial landscape. Over the decades, the state has witnessed significant growth across various sectors,
Selling your home can be easy. Our team helps make it happen.Eric B. Slifkin, PA
Why hire one realtor when you can hire a team for the exact cost? Our team ensures better service, communication, and efficiency, which can make all the difference in finding your perfect home or securing the right buyer. See how we market homes for sellers.
Anilesh Ahuja Pioneering a Paradigm Shift in Real Estate Success.pptxneilahuja668
Anilesh Ahuja journey is a testament to the power of vision, resilience, and unwavering determination. As a visionary leader, he continues to inspire and empower others to dream big and challenge the status quo. His legacy extends far beyond the realm of real estate, leaving an indelible mark on the industry and the world at large.
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
Living in an UBER World - June '24 Sales MeetingTom Blefko
June 2024 Lancaster County Sales Meeting for Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. VA Suspends Buyer Agent Payment Plan (article), 2. Frequently Used Terms in title, 3. Zillow Showcase Overview, 4. QuickBuy commission promotion, 5. Documenting Cooperative Compensation, 6. NAR's Code of Ethics - Mass Media Solicitations, 7. Is it really cheaper to rent? 8. Do's and Don't's when Terminating the Agreement of Sale, 9. Living in an UBER World
Why is Revit MEP Outsourcing considered an as good option for construction pr...MarsBIM1
Outsourcing MEP modeling services require effective collaboration and coordination amongst multiple engineering trades. The engineers and the designers often change the details of the MEP projects, but the work of Revit MEP drafting services is having the master plan and model of the complete project. To have proper coordination and installation, there is a need to execute the project effectively. Hence, the work of Revit family creation facilitates the MEP engineers.
Why is Revit MEP Outsourcing considered an as good option for construction pr...
North American Office Highlights 2Q 2011
1. Q2 2011 | OFFICE
NORTH AMERICA
HIGHLIGHTS
Demand for Office Space Still Subdued,
But Q2 Better than Q1
ROSS J. MOORE Chief Economist | USA
MARKET INDICATORS
Relative to prior period The U.S. office market staged a modest rebound in the second quarter with stronger demand for
space and a slight drop in vacancy. The much anticipated recovery in the U.S. office market, however,
Q2 Q3
2011 2011* remains relatively restrained. Rents continued to languish as both downtown and suburban markets
registered small decreases. With only modest economic growth in the first half of the year and em-
VACANCY ployment showing disappointing gains, the outlook for the office space market is far from certain.
NET ABSORPTION
By comparison, Canadian markets enjoyed another reasonably good quarter on the back of a more
CONSTRUCTION robust economy and a healthier labor market. Both U.S. and Canadian economies are expected to
strengthen in the second half of 2011, but projections made at the outset now appear overly optimis-
RENTAL RATE tic. Given the sudden stall in job creation and continued high energy costs, the office market now
faces a fairly stiff headwind that will likely put a damper on corporate expansion and add to inflation
*Projected
concerns.
Second-quarter data shows the U.S. office market recovery will continue to be uneven in nature and
fairly volatile. New York, Washington, San Francisco and Seattle are the clear leaders in terms of
U.S. OFFICE MARKET demand; yet Boston, Dallas, Denver, Houston, Philadelphia, Raleigh, San Diego, San Jose, and West
SUMMARY STATISTICS, Q2 2011 Los Angeles are all seeing modest gains in occupancy. Also somewhat positive is the seventeen-
month-long gain in private-sector employment. Furthermore, office-using employment was reason-
Vacancy Rate: 15.28%
Change from Q1 2011: –0.12 continued on page 6
U.S. OFFICE MARKET Q2 2009 – Q2 2011
Absorption:
9.9 Million Square Feet 35 15.8 After peaking in early
15.6 2010, the nation’s
New Construction: 25
office vacancy rate
Million Square Feet
15.4
3.9 Million Square Feet 15 has gradually
15.2
Vacancy (%)
5 declined as the
Under Construction: 15.0
development pipeline
39.4 Million Square Feet -5 14.8
has emptied, and
14.6 demand has slowly
-15
Asking Rents Per Square Foot 14.4 ramped up.
(Change from Q1 2011): -25 14.2
Downtown Class A: $38.98 (-1.4%) -35 14.0
Suburban Class A: $26.03 (-0.7%) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2010 2011
Absorption Completions Vacancy
WWW.COLLIERS.COM
2. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
EXISTING NEW SUPPLY NEW SUPPLY UNDER VACANCY VACANCY ABSORPTION ABSORPTION
INVENTORY (SF) Q2 2011 YTD 2011 CONSTRUCTION RATE (%) RATE (%) Q2 2011 YTD 2011
MARKET JUNE 30, 2011 (SF) (SF) (SF) MAR. 31, 2011 JUNE 30, 2011 (SF) (SF)
NORTHEAST
Baltimore, MD 41,959,000 0 28,000 0 14.19 14.19 21,000 171,000
Boston, MA 60,233,000 50,000 0 1,810,000 16.58 16.34 181,000 146,000
Hartford, CT 9,628,000 0 0 180,000 22.76 23.98 (64,000) (55,000)
New York, NY – Downtown Manhattan 109,357,000 0 0 13,685,000 14.07 12.55 1,664,000 1,829,000
New York, NY – Midtown Manhattan 228,627,000 0 0 1,876,000 12.31 11.98 768,000 668,000
New York, NY – Midtown S. Manhattan 167,392,000 0 0 0 9.43 8.83 1,003,000 1,200,000
Philadelphia, PA 42,739,000 0 0 0 12.07 12.06 5,000 120,000
Pittsburgh, PA 33,146,000 0 0 0 11.82 11.34 116,000 193,000
Stamford, CT 18,798,000 0 0 0 18.68 17.45 334,000 578,000
Washington, DC 142,039,000 0 573,000 1,262,000 11.08 10.53 697,000 1,356,000
White Plains, NY 14,071,000 0 0 0 15.33 15.90 (32,000) 22,000
NORTHEAST TOTAL/AVERAGE 867,988,000 50,000 601,000 18,813,000 12.44 11.91 4,693,000 6,228,000
SOUTH
Atlanta, GA 48,889,000 0 0 0 17.93 17.89 18,000 (409,000)
Charleston, SC 1,995,000 0 0 0 10.15 9.49 13,000 9,000
Charlotte, NC 22,164,000 0 0 0 11.25 11.59 (69,000) 329,000
Columbia, SC 5,028,000 0 0 0 21.78 23.81 (48,000) (2,000)
Dallas/Fort Worth, TX 46,212,000 0 0 0 22.46 23.12 (304,000) (261,000)
Ft. Lauderdale/Broward Co., FL 8,236,000 0 0 0 17.48 17.33 12,000 (47,000)
Greenville, SC 3,184,000 0 0 0 18.81 18.35 15,000 7,000
Houston, TX 37,642,000 845,000 1,817,000 0 16.37 16.04 20,000 6,000
Jacksonville, FL 15,973,000 0 0 0 13.85 13.06 89,000 102,000
Little Rock, AR 6,538,000 (39,000) (39,000) 0 15.76 16.29 (29,000) (29,000)
Louisville, KY 16,253,000 0 0 80,000 10.49 10.33 26,000 6,000
Memphis, TN 7,869,000 0 0 0 19.03 19.28 (20,000) (32,000)
Miami-Dade, FL 17,485,000 0 0 615,000 20.43 19.56 153,000 225,000
Nashville, TN 7,857,000 0 0 90,000 22.23 22.30 32,000 83,000
Orlando, FL 12,605,000 0 105,000 0 13.49 14.30 (102,000) (7,000)
Raleigh/Durham/Chapel Hill, NC 11,472,000 0 0 324,000 6.30 6.62 (37,000) (54,000)
Savannah, GA 747,000 0 0 70,000 16.34 15.26 9,000 7,000
Tampa, FL 8,595,000 0 0 0 15.62 15.35 23,000 96,000
West Palm Beach/Palm Beach Co., FL 10,148,000 0 0 0 19.58 19.30 29,000 41,000
SOUTH TOTAL/AVERAGE 288,891,000 806,000 1,884,000 1,179,000 16.88 16.93 (170,000) 70,000
P. 2 | COLLIERS INTERNATIONAL
3. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
EXISTING NEW SUPPLY NEW SUPPLY UNDER VACANCY VACANCY ABSORPTION ABSORPTION
INVENTORY (SF) Q2 2011 YTD 2011 CONSTRUCTION RATE (%) RATE (%) Q2 2011 YTD 2011
MARKET JUNE 30, 2011 (SF) (SF) (SF) MAR. 31, 2011 JUNE 30, 2011 (SF) (SF)
MIDWEST
Chicago, IL 158,464,000 0 0 0 14.83 14.53 473,000 560,000
Cincinnati, OH 19,342,000 0 805,000 0 18.93 18.96 (6,000) 116,000
Cleveland, OH 34,223,000 0 0 475,000 19.64 19.38 (68,000) (335,000)
Columbus, OH 19,091,000 0 0 0 11.58 11.49 16,000 74,000
Detroit, MI 31,147,000 0 0 0 18.46 17.82 257,000 293,000
Grand Rapids, MI 5,404,000 0 0 0 24.63 23.87 17,000 24,000
Indianapolis, IN 70,827,000 0 23,000 0 11.43 10.69 528,000 417,000
Kansas City, MO-KS 34,342,000 0 0 0 13.23 13.65 (141,000) 66,000
Minneapolis, MN 30,731,000 0 0 0 16.61 15.24 440,000 353,000
Omaha, NE 6,747,000 0 0 0 7.44 8.98 (49,000) (59,000)
St. Louis, MO 27,203,000 61,000 61,000 363,000 17.97 18.46 (127,000) (320,000)
St Paul, MN 10,166,000 0 0 0 14.87 14.85 1,000 (55,000)
MIDWEST TOTAL/AVERAGE 447,688,000 61,000 890,000 838,000 15.15 14.84 1,341,000 1,135,000
WEST
Bakersfield, CA 2,986,000 0 0 0 9.97 10.03 (2,000) 28,000
Boise, ID 3,473,000 0 0 0 11.70 11.62 3,000 11,000
Denver, CO 30,979,000 0 0 270,000 13.89 14.14 (77,000) (33,000)
Fresno, CA 3,263,000 0 0 0 12.14 11.29 28,000 5,000
Honolulu, HI 8,074,000 0 0 0 12.08 12.35 (22,000) (5,000)
Las Vegas, NV 3,860,000 0 0 300,000 12.79 13.77 (37,000) (33,000)
Los Angeles, CA 33,368,000 0 0 0 17.44 18.59 (384,000) (446,000)
Oakland, CA 16,892,000 0 0 659,000 12.39 12.39 0 (40,000)
Phoenix, AZ 19,500,000 0 0 0 21.82 21.20 121,000 (61,000)
Pleasanton/Walnut Creek, CA 12,273,000 0 0 0 17.06 19.80 (337,000) (379,000)
Portland, OR 33,649,000 0 0 195,000 8.82 8.94 (41,000) 37,000
Reno, NV 1,326,000 0 0 0 28.05 22.91 68,000 44,000
Sacramento, CA 18,239,000 0 0 155,000 10.40 10.59 (35,000) (82,000)
San Diego County, CA 10,252,000 0 0 0 20.53 20.55 (2,000) (119,000)
San Francisco, CA 85,635,000 0 0 288,000 14.22 13.51 560,000 1,047,000
San Jose/Silicon Valley, CA 7,593,000 0 0 0 25.34 24.12 44,000 (90,000)
Seattle/Puget Sound, WA 58,346,000 600,000 1,446,000 497,000 16.46 15.01 743,000 463,000
Stockton/San Joaquin County, CA 8,345,000 0 0 0 19.49 18.95 45,000 (39,000)
WEST TOTAL/AVERAGE 358,052,000 600,000 1,446,000 2,365,000 15.02 14.78 676,000 309,000
U.S. TOTAL/AVERAGE 1,962,619,000 1,518,000 4,821,000 23,194,000 14.18 13.84 6,539,000 7,741,000
COLLIERS INTERNATIONAL | P. 3
4. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | CLASS A
AVERAGE ANNUAL QUARTERLY ANNUAL
EXISTING VACANCY VACANCY ABSORPTION ABSORPTION QUOTED RENT CHANGE IN CHANGE IN
INVENTORY (SF) RATE (%) RATE (%) Q2 2011 YTD 2011 (USD PDF) RENT RENT
MARKET JUNE 30, 2011 MAR. 31, 2011 JUNE 30, 2011 (SF) (SF) JUNE 30, 2011 (%) (%)
NORTHEAST
Baltimore, MD 15,753,000 18.50 19.00 (79,000) 86,000 24.10 -4.5 -0.5
Boston, MA 41,218,000 16.05 15.81 139,000 13,000 45.60 -0.5 0.3
Hartford, CT 6,383,000 22.44 22.13 12,000 16,000 23.00 0.1 -1.0
New York, NY – Downtown Manhattan 75,928,000 15.21 14.42 1,647,000 2,054,000 37.70 -2.1 -2.3
New York, NY – Midtown Manhattan 193,066,000 13.08 12.86 427,000 97,000 64.40 1.7 2.6
New York, NY – Midtown S. Manhattan 33,457,000 9.55 8.94 204,000 807,000 47.90 1.2 9.3
Philadelphia, PA 32,897,000 11.82 11.71 35,000 142,000 26.10 -0.1 0.0
Pittsburgh, PA 17,542,000 9.25 8.41 147,000 178,000 21.70 – –
Stamford, CT 12,899,000 18.83 17.01 105,000 87,000 37.60 -2.6 1.5
Washington, DC 82,854,000 13.81 12.55 898,000 1,675,000 55.20 4.3 7.7
White Plains, NY 9,045,000 16.32 16.74 26,000 (361,000) 30.20 0.7 –
NORTHEAST TOTAL/AVERAGE 521,043,000 13.78 13.27 3,562,000 4,793,000 49.66
SOUTH
Atlanta, GA 28,893,000 20.07 20.20 (37,000) 254,000 22.50 -1.2 2.7
Charleston, SC 1,102,000 7.59 6.83 8,000 28,000 29.00 0.9 19.8
Charlotte, NC 16,112,000 12.87 13.27 (61,000) 341,000 24.20 0.7 -8.9
Columbia, SC 2,005,000 15.38 17.30 (10,000) (8,000) 19.50 0.1 -0.9
Dallas/Fort Worth, TX 28,005,000 19.39 20.11 (202,000) (214,000) 25.30 0.0 0.0
Ft. Lauderdale/Broward Co., FL 4,464,000 25.35 25.26 4,000 (39,000) 31.80 -1.1 -3.1
Greenville, SC 1,916,000 7.59 11.46 (17,000) (5,000) 20.30 -1.3 -1.0
Houston, TX 26,964,000 12.97 12.53 32,000 (1,000) 34.20 -0.1 -4.8
Jacksonville, FL 6,685,000 14.96 15.59 (73,000) (61,000) 19.80 4.8 -0.9
Little Rock, AR 2,636,000 11.40 12.22 (22,000) (19,000) 15.50 -6.9 -6.4
Louisville, KY 3,956,000 8.83 9.05 (2,000) 50,000 21.00 2.8 -5.3
Memphis, TN 1,938,000 26.09 27.31 (24,000) (25,000) 16.70 -4.0 -2.2
Miami-Dade, FL 9,058,000 23.42 22.26 105,000 171,000 41.20 -0.7 -2.0
Nashville, TN 3,845,000 22.87 23.71 13,000 37,000 21.90 -3.3 -1.7
Orlando, FL 5,674,000 17.18 19.04 (106,000) (3,000) 24.10 5.1 -0.9
Raleigh/Durham/Chapel Hill, NC 4,597,000 8.39 9.17 (36,000) (56,000) 21.70 -9.8 -4.6
Savannah, GA 570,000 13.14 11.99 6,000 (1,000) 18.90 – –
Tampa, FL 4,809,000 16.59 16.82 (11,000) (79,000) 22.70 0.7 -0.5
West Palm Beach/Palm Beach Co., FL 3,379,000 23.10 22.71 13,000 9,000 37.20 0.9 -0.9
SOUTH TOTAL/AVERAGE 156,609,000 17.03 17.29 (421,000) 380,000 26.48
P. 4 | COLLIERS INTERNATIONAL
5. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | CLASS A
AVERAGE ANNUAL QUARTERLY ANNUAL
EXISTING VACANCY VACANCY ABSORPTION ABSORPTION QUOTED RENT CHANGE IN CHANGE IN
INVENTORY (SF) RATE (%) RATE (%) Q2 2011 YTD 2011 (USD PDF) RENT RENT
MARKET JUNE 30, 2011 MAR. 31, 2011 JUNE 30, 2011 (SF) (SF) JUNE 30, 2011 (%) (%)
MIDWEST
Chicago, IL 60,487,000 15.84 15.70 84,000 115,000 33.00 1.5 3.1
Cincinnati, OH 8,867,000 22.34 19.23 275,000 238,000 23.20 8.7 6.2
Cleveland, OH 9,728,000 13.73 13.71 (25,000) (90,000) 20.70 -2.0 0.2
Columbus, OH 7,840,000 13.01 13.43 (32,000) (28,000) 19.00 -1.1 -7.2
Detroit, MI 11,468,000 17.31 14.83 285,000 286,000 22.60 -1.9 -0.2
Grand Rapids, MI 1,525,000 18.81 18.02 0 5,000 19.90 -10.0 -16.6
Indianapolis, IN 9,395,000 14.04 12.66 130,000 71,000 19.10 -0.4 –
Kansas City, MO-KS 10,473,000 17.72 17.90 (19,000) 183,000 19.50 -0.1 -6.7
Minneapolis, MN 13,826,000 13.91 13.34 44,000 54,000 14.60 -3.4 -5.0
Omaha, NE 3,418,000 3.88 4.32 5,000 (25,000) 18.80 – –
St. Louis, MO 10,481,000 14.84 14.73 20,000 (38,000) 18.00 -2.9 -6.9
St. Paul, MN 3,073,000 9.54 9.90 (11,000) 16,000 14.20 -0.7 1.4
MIDWEST TOTAL/AVERAGE 150,580,000 15.45 14.92 756,000 787,000 24.73
WEST
Bakersfield, CA 670,000 6.28 5.75 4,000 4,000 17.40 0.0 0.0
Boise, ID 2,038,000 4.69 5.75 (22,000) (13,000) 18.00 0.0 0.0
Denver, CO 19,243,000 12.64 12.64 31,000 123,000 27.50 1.7 3.7
Fresno, CA 1,039,000 11.83 11.28 6,000 (18,000) 24.60 0.0 0.0
Honolulu, HI 4,709,000 12.62 13.27 (31,000) (48,000) 35.40 1.0 -1.3
Las Vegas, NV 808,000 8.95 11.26 (14,000) (14,000) 32.30 -7.2 -7.5
Los Angeles, CA 17,734,000 14.15 15.92 (313,000) (218,000) 38.50 0.0 -0.9
Oakland, CA 10,198,000 9.93 10.49 (57,000) (55,000) 30.70 -1.5 -0.8
Phoenix, AZ 9,536,000 22.49 22.30 18,000 (67,000) 23.90 -0.7 -6.6
Pleasanton/Walnut Creek, CA 7,950,000 18.57 19.36 (63,000) (76,000) 26.20 -5.2 -0.5
Portland, OR 13,094,000 6.96 6.81 20,000 150,000 24.80 -2.4 2.4
Reno, NV 548,000 20.38 21.10 (4,000) (8,000) 22.60 -3.6 -4.1
Sacramento, CA 8,912,000 10.10 9.75 32,000 24,000 32.40 0.7 -1.9
San Diego County, CA 7,254,000 18.30 18.89 (43,000) (127,000) 28.70 0.0 -4.0
San Francisco, CA 52,333,000 14.48 14.01 296,000 659,000 36.90 2.6 10.8
San Jose/Silicon Valley, CA 3,365,000 31.24 30.91 (27,000) (49,000) 31.90 -1.5 -9.8
Seattle/Puget Sound, WA 32,337,000 21.19 18.83 635,000 299,000 29.70 1.8 7.4
Stockton/San Joaquin County, CA 2,774,000 27.96 27.64 9,000 (2,000) 21.60 0.0 4.9
WEST TOTAL/AVERAGE 194,542,000 15.41 15.14 477,000 564,000 31.45
U.S. TOTAL/AVERAGE 1,022,774,000 14.83 14.48 4,375,000 6,524,000 39.00 weighted -1.45 1.16
27.10 equal -3.64 -4.42
COLLIERS INTERNATIONAL | P. 5
6. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
Demand for Office Space Still Subdued, EMPLOYMENT, PROFESSIONAL & BUSINESS SERVICES
But Q2 Better than Q1 90
Continued from page 1 80
Month to Month Change, thousands
ably strong during the AprilJune period, with professional and business 70
employment in particular up 2.9 percent year-over-year (June). Widespread
increases in rents are unlikely to occur in 2011 and may not materialize until 60
well into 2012. 50
40
Downtown markets push U.S. office vacancy rate lower. The U.S. national
office vacancy rate fell slightly during the second quarter, shifting 12 basis 30
points lower (100 basis points equals one percent) on a sharp drop in down-
20
town vacancies. The U.S. office vacancy rate finished the quarter at 15.28
percent—back on track to finish the year below 15.00 percent. During the 10
second quarter, downtown vacancies fell by 34 basis points to register 13.84 0
percent, while the suburban office vacancy rate held steady at 16.00 per-
cent. Over the past 12 months, the U.S. national office vacancy rate has -10
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
fallen 36 basis points. This quarter, the flight to quality was particularly evi-
dent in Class A vacancies, which shrunk 28 basis points. Canadian office
2010 2011
vacancy rates fell in most markets with central business district (CBD) Source: U.S. Bureau of Labor Statistics
va¬cancies falling 65 basis points to 6.13 percent, and suburban vacancies
decreasing 32 basis points to 8.46 percent.
ABSORPTION (SF) | SELECT DOWNTOWN MARKETS | Q2 2011
Office absorption positive for fifth consecutive quarter. The U.S. office 0 500,000 1,000,000 1,500,000 2,000,000
market registered a fifth consecutive quarter of rising occupancy. Second-
quarter absorption came in at 9.9 million square feet (MSF)—a significant Downtown Manhattan
improvement from the first quarter when occupied space increased by 4.2
Midtown S. Manhattan
MSF, and slightly more than twice the absorption recorded a year ago when
occupied space expanded by 4.9 MSF. Continuing a trend seen over the past
Midtown Manhattan
few quarters, Class A buildings continued to attract “move-up” tenants:
Class A absorption totaled 8.5 MSF, or nearly 86 percent of overall absorp- Seattle
tion. Canadian markets also recorded an increase in occupied space during
the second quarter, with absorption totaling 3.6 MSF. This was a healthy Washington, DC
increase from the 2.6 MSF recorded in the first quarter.
San Francisco
Rents take a further down-leg after showing signs of stabilizing. After a
small increase in the first quarter, both CBD and suburban rents drifted Boston
lower in the most recent three-month period. Second-quarter data shows
Class A CBD rents decreased by 1.5 percent to average $38.98 per square Philadelphia
foot. Class A suburban also moved lower, dropping 0.7 percent to average
$26.06 per square foot. Of the 57 downtown markets tracked, 30 saw rents
decrease, 20 saw rents increase and seven held steady. In the 58 suburban ABSORPTION (SF) | SELECT SUBURBAN MARKETS | Q2 2011
markets tracked, rents dropped in 28, rose in 24, and held steady in the re-
maining six. Canadian downtown office rents moved higher during Q1 with 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000
Class A CBD rents increasing 0.4 percent while suburban Class A rents
San Jose/Silicon Valley
decreased 1.3 percent.
Dallas
Office construction returns to record-low levels. After a modest increase
in the first quarter, second-quarter office completions totaled just 3.9 MSF— Atlanta
returning to levels recorded during the fourth quarter of 2010. It should also
be noted that just four markets accounted for almost 60 percent of Q2 new San Diego
supply: downtown Houston (845,000 SF), downtown Seattle (600,000 SF),
suburban Baltimore (425,000 SF), and suburban Miami (422,000 SF). San Francisco Peninsula
Construction underway increased by almost 14 MSF relative to the first
quarter, with 39.4 MSF in various stages of development at the end of the Denver
second quarter. Most of this increase was due to construction associated
with the World Trade Center site in Lower Manhattan. The Canadian office Houston
market had a modest level of new construction during the second quarter,
Raleigh/Durham
adding 1.1 MSF square feet with another 7.0 MSF underway.
P. 6 | COLLIERS INTERNATIONAL
8. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | ALL INVENTORY
EXISTING NEW SUPPLY NEW SUPPLY UNDER VACANCY VACANCY ABSORPTION ABSORPTION
INVENTORY (SF) Q2 2011 YTD 2011 CONSTRUCTION RATE (%) RATE (%) Q2 2011 YTD 2011
MARKET JUNE 30, 2011 (SF) (SF) (SF) MAR. 31, 2011 JUNE 30, 2011 (SF) (SF)
MIDWEST
Chicago, IL 153,141,000 0 0 416,000 17.91 19.02 (1,707,000) (1,639,000)
Cincinnati, OH 34,463,000 0 16,000 195,000 20.92 21.06 (51,000) 85,000
Cleveland, OH 92,374,000 57,000 71,000 1,361,000 10.33 10.44 0 (141,000)
Columbus, OH 43,748,000 0 65,000 210,000 14.13 13.67 199,000 126,000
Detroit, MI 100,009,000 24,000 51,000 24,000 21.74 21.27 481,000 364,000
Grand Rapids, MI 11,538,000 0 0 0 22.74 22.73 1,000 14,000
Indianapolis, IN 47,592,000 0 12,000 0 11.61 11.39 102,000 83,000
Kansas City, MO-KS 55,744,000 30,000 96,000 43,000 13.75 13.61 102,000 205,000
Minneapolis, MN 38,176,000 0 0 0 17.78 17.13 272,000 372,000
Omahan, NE 20,299,000 36,000 351,000 0 12.91 12.93 164,000 211,000
St. Louis, MO 55,087,000 0 0 0 12.55 13.06 (250,000) (1,214,000)
St. Paul, MN 12,244,000 0 0 0 14.64 17.38 (340,000) (410,000)
MIDWEST TOTAL/AVERAGE 664,415,000 146,000 662,000 2,248,000 15.96 16.17 (1,027,000) (1,945,000)
WEST
Bakersfield, CA 5,969,000 0 0 9,000 10.08 9.90 10,000 (4,000)
Boise, ID 10,867,000 0 0 16,000 21.93 21.83 10,000 30,000
Denver, CO 101,418,000 0 286,000 30,000 15.61 15.41 230,000 451,000
Fairfield, CA 4,269,000 0 0 0 27.22 25.78 61,000 (42,000)
Fresno, CA 17,885,000 56,000 86,000 60,000 13.42 13.43 47,000 75,000
Honolulu, HI 7,510,000 0 0 0 12.27 11.83 43,000 (21,000)
Las Vegas, NV 34,798,000 0 175,000 12,000 26.85 26.56 75,000 (87,000)
Los Angeles – Inland Empire, CA 21,667,000 0 0 0 25.67 25.00 147,000 (25,000)
Los Angeles, CA 171,405,000 0 191,000 1,001,000 18.04 18.25 (356,000) (872,000)
Oakland, CA 15,877,000 0 0 0 19.41 19.81 (63,000) (382,000)
Orange County, CA 79,234,000 0 0 0 21.26 20.60 520,000 809,000
Phoenix, AZ 109,114,000 165,000 348,000 553,000 22.50 22.56 67,000 16,000
Pleasanton/Walnut Creek, CA 32,932,000 0 0 0 16.12 17.06 (310,000) (890,000)
Portland, OR 43,993,000 0 63,000 505,000 13.35 13.12 754,000 1,770,000
Reno, NV 5,546,000 0 0 0 18.64 18.50 (50,000) (47,000)
Sacramento, CA 72,863,000 0 80,000 125,000 19.48 19.36 84,000 (192,000)
San Diego County, CA 68,075,000 0 0 87,000 15.64 15.07 359,000 683,000
San Francisco Peninsula, CA 35,175,000 0 0 0 15.24 14.26 347,000 932,000
San Jose/Silicon Valley, CA 53,989,000 0 0 578,000 18.90 17.97 636,000 1,052,000
Seattle/Puget Sound, WA 74,073,000 223,000 223,000 331,000 14.25 13.38 615,000 13,000
WEST TOTAL/AVERAGE 966,658,000 444,000 1,453,000 3,308,000 18.29 18.04 3,224,000 3,270,000
U.S. TOTAL/AVERAGE 3,891,366,000 2,374,000 4,561,000 16,180,000 16.00 16.00 3,361,000 6,386,000
COLLIERS INTERNATIONAL | P. 8
9. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | CLASS A
AVERAGE ANNUAL QUARTERLY ANNUAL
EXISTING VACANCY VACANCY ABSORPTION ABSORPTION QUOTED RENT CHANGE IN CHANGE IN
INVENTORY (SF) RATE (%) RATE (%) Q2 2011 YTD 2011 (USD PDF) RENT RENT
MARKET JUNE 30, 2011 MAR. 31, 2011 JUNE 30, 2011 (SF) (SF) JUNE 30, 2011 (%) (%)
NORTHEAST
Baltimore, MD 26,510,000 16.33 15.89 368,000 602,000 25.40 1.3 -3.4
Boston, MA 44,568,000 18.20 17.58 191,000 164,000 25.90 -1.0 -1.9
Fairfield County, CT 30,147,000 15.17 14.59 534,000 440,000 34.60 -1.2 11.8
Hartford, CT 7,486,000 14.23 16.05 (146,000) (192,000) 20.60 0.5 0.6
Long Island, NY 24,252,000 12.22 12.68 (113,000) 5,000 29.90 0.8
New Jersey – Central 62,479,000 16.75 17.19 (278,000) (281,000) 23.10 1.3 -3.6
New Jersey – Northern 83,883,000 14.36 14.36 1,000 (218,000) 24.00 -3.0 -1.7
Philadelphia, PA 67,344,000 15.47 15.36 71,000 557,000 24.00 -0.1 -0.9
Pittsburgh, PA 16,833,000 44.84 43.71 190,000 218,000 21.70 – –
Washington, DC 161,411,000 15.88 15.50 460,000 462,000 31.30 -0.3 1.7
Westchester County, NY 18,445,000 13.23 13.45 (37,000) 22,000 27.60 0.6 0.5
NORTHEAST TOTAL/AVERAGE 543,357,000 16.49 16.33 1,239,000 1,778,000 27.12 – –
SOUTH
Atlanta, GA 77,627,000 17.83 17.35 368,000 927,000 21.80 -0.4 0.0
Charleston, SC 4,475,000 13.96 13.23 33,000 117,000 23.10 0.0 –
Charlotte, NC 18,629,000 16.40 16.86 146,000 295,000 20.30 0.6 -0.4
Columbia, SC 888,000 16.31 16.54 (2,000) 33,000 16.80 -3.1 -0.8
Dallas/Fort Worth, TX 91,918,000 18.15 18.00 200,000 367,000 24.80 0.0 0.0
Ft. Lauderdale/Broward Co., FL 10,794,000 20.90 20.42 53,000 7,000 28.50 -0.1 1.2
Greenville, SC 1,931,000 18.90 21.12 (43,000) (51,000) 18.10 2.7 1.7
Houston, TX 70,015,000 16.56 16.17 261,000 799,000 26.60 -1.0 -2.6
Jacksonville, FL 9,241,000 12.25 7.98 20,000 167,000 20.40 3.9 0.1
Little Rock, AR 2,689,000 15.42 15.43 0 13,000 18.50 -0.2 -0.2
Louisville, KY 6,893,000 17.65 20.74 9,000 361,000 20.00 0.2 0.0
Memphis, TN 7,963,000 9.19 9.01 14,000 (11,000) 21.30 -0.3 0.2
Miami-Dade, FL 15,532,000 21.35 23.08 (106,000) 88,000 31.70 -0.8 -3.6
Nashville, TN 13,989,000 7.73 7.42 116,000 122,000 22.40 0.1 0.3
Orlando, FL 17,265,000 20.13 19.47 113,000 97,000 22.30 -1.7 -2.4
Raleigh/Durham/Chapel Hill, NC 25,631,000 16.04 15.84 10,000 236,000 21.70 0.3 1.4
Savannah, GA 490,000 26.39 26.44 2,000 (26,000) 22.30 – –
Tampa, FL 23,615,000 18.01 18.38 (88,000) (135,000) 23.30 0.8 -2.3
West Palm Beach/Palm Beach Co., FL 9,178,000 19.49 18.29 110,000 212,000 30.10 -0.4 -1.7
SOUTH TOTAL/AVERAGE 408,763,000 17.17 16.96 1,217,000 3,619,000 23.98
P. 9 | COLLIERS INTERNATIONAL
10. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | CLASS A
AVERAGE ANNUAL QUARTERLY ANNUAL
EXISTING VACANCY VACANCY ABSORPTION ABSORPTION QUOTED RENT CHANGE IN CHANGE IN
INVENTORY (SF) RATE (%) RATE (%) Q2 2011 YTD 2011 (USD PDF) RENT RENT
MARKET JUNE 30, 2011 MAR. 31, 2011 JUNE 30, 2011 (SF) (SF) JUNE 30, 2011 (%) (%)
MIDWEST
Chicago, IL 75,187,000 18.61 20.22 (1,206,000) (904,000) 27.00 -1.2 -1.8
Cincinnati, OH 16,602,000 19.98 19.46 85,000 172,000 21.50 6.4 4.9
Cleveland, OH 12,922,000 12.65 11.75 79,000 3,000 21.50 -0.2 -2.0
Columbus, OH 17,837,000 12.34 11.95 69,000 (21,000) 18.30 5.7 -2.0
Detroit, MI 25,723,000 19.62 18.55 280,000 172,000 21.70 -2.2 -3.2
Grand Rapids, MI 2,180,000 42.43 29.89 5,000 3,000 19.20 2.8 -8.2
Indianapolis, IN 12,580,000 15.02 14.57 57,000 39,000 18.50 -0.3 –
Kansas City, MO-KS 15,038,000 14.85 14.21 97,000 104,000 20.60 0.0 -4.1
Minneapolis, MN 16,158,000 18.38 16.04 320,000 427,000 14.60 -0.7 -5.6
Omaha, NE 4,340,000 7.13 7.02 13,000 365,000 25.50 – –
St. Louis, MO 25,880,000 14.10 14.48 (68,000) (684,000) 22.20 1.6 -5.2
St. Paul, MN 3,013,000 15.61 18.10 (61,000) (112,000) 15.00 0.3 -3.2
MIDWEST TOTAL/AVERAGE 227,460,000 16.99 17.00 (330,000) (438,000) 22.42
WEST
Bakersfield, CA 2,698,000 6.55 6.24 8,000 13,000 24.00 0.0 0.0
Boise, ID 4,684,000 24.15 23.74 19,000 0 18.00 0.0 0.0
Denver, CO 33,163,000 13.41 12.81 187,000 628,000 21.90 1.9 2.6
Fairfield, CA 1,795,000 28.95 27.86 20,000 (63,000) 25.10 -1.9 -7.5
Fresno, CA 3,851,000 17.91 17.74 7,000 34,000 25.20 0.0 0.0
Las Vegas, NV 4,923,000 37.96 37.93 (32,000) (15,000) 30.70 -2.1 -6.5
Los Angeles – Inland Empire, CA 4,970,000 31.95 30.91 52,000 49,000 23.40 -3.0 -10.1
Los Angeles, CA 102,537,000 18.43 18.52 (98,000) (345,000) 34.20 -1.0 -2.1
Oakland, CA 3,582,000 29.10 24.59 162,000 78,000 26.40 1.9 -7.2
Orange County, CA 32,936,000 23.58 22.37 399,000 415,000 25.80 -0.9 -5.7
Phoenix, AZ 30,975,000 26.04 26.19 76,000 312,000 23.70 -0.2 -3.8
Pleasanton/Walnut Creek, CA 15,978,000 14.48 15.92 (230,000) (124,000) 25.70 12.6 1.9
Portland, OR 11,086,000 14.37 15.00 (70,000) 120,000 23.60 1.6 1.7
Reno, NV 3,001,000 17.68 17.51 (50,000) (64,000) 20.50 3.0 2.4
Sacramento, CA 16,341,000 25.04 24.49 89,000 298,000 23.20 -1.6 -6.0
San Diego County, CA 23,892,000 15.87 14.05 408,000 696,000 31.10 -1.5 -4.8
San Francisco Peninsula, CA 22,246,000 13.82 12.07 390,000 972,000 34.80 5.1 9.0
San Jose/Silicon Valley, CA 26,166,000 20.86 19.78 490,000 1,061,000 35.20 3.2 -2.0
Seattle/Puget Sound, WA 26,938,000 16.99 16.37 158,000 (162,000) 26.70 -2.9 0.9
WEST TOTAL/AVERAGE 371,761,000 19.26 18.78 1,984,000 3,904,000 28.89
U.S. TOTAL/AVERAGE 1,551,341,000 17.41 17.18 4,110,000 8,863,000 26.00 weighted -0.66 -0.81
24.00 equal -1.46 -3.13
COLLIERS INTERNATIONAL | P. 10
11. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
CANADA | DOWNTOWN OFFICE | ALL INVENTORY
EXISTING NEW SUPPLY NEW SUPPLY UNDER VACANCY VACANCY ABSORPTION ABSORPTION
INVENTORY (SF) Q2 2011 YTD 2011 CONSTRUCTION RATE (%) RATE (%) Q2 2011 YTD 2011
MARKET JUNE 30, 2011 (SF) (SF) (SF) MAR. 31, 2011 JUNE 30, 2011 (SF) (SF)
Calgary, AB 37,809,000 0 0 1,940,000 10.92 7.79 1,184,000 1,577,000
Edmonton, AB 11,257,000 625,000 625,000 0 7.60 11.36 151,000 184,000
Guelph, ON 383,000 0 0 55,000 13.78 13.35 2,000 (4,000)
Halifax, NS 4,659,000 0 0 0 6.81 7.68 (32,000) 0
Montreal, QC 49,429,000 0 0 0 7.37 6.89 239,000 167,000
Ottawa, ON 14,992,000 0 0 550,000 5.63 5.39 36,000 35,000
Regina, SK 3,549,000 0 0 200,000 1.84 1.49 12,000 2,000
Saskatoon, SK 2,099,000 0 20,000 147,000 4.56 5.39 18,000 41,000
Toronto, ON 88,614,000 0 0 645,000 5.47 4.60 945,000 1,873,000
Vancouver, BC 24,295,000 58,000 58,000 72,000 3.71 3.76 (14,000) 201,000
Victoria, BC 4,910,000 0 0 0 8.39 9.04 (32,000) (32,000)
Winnipeg, MB 11,139,000 0 0 0 6.82 7.25 (48,000) (10,000)
Waterloo Region, ON 3,578,000 0 0 176,000 13.32 13.74 (7,000) 7,000
CANADA TOTAL/AVERAGE 256,712,000 683,000 703,000 3,784,000 6.78 6.13 1,570,000 1,570,000
CANADA | DOWNTOWN OFFICE | CLASS A
VACANCY VACANCY AVERAGE ANNUAL QUARTERLY ANNUAL
EXISTING RATE (%) RATE (%) ABSORPTION ABSORPTION QUOTED RENT CHANGE CHANGE
INVENTORY (SF) MAR. 31, JUNE 30, Q2 2011 YTD 2011 (CAD PSF) IN RENT IN RENT
MARKET JUNE 30, 2011 2011 2011 (SF) (SF) JUNE 30, 2011 (%) (%)
Calgary, AB 24,787,000 8.78 4.82 981,000 1,233,000 44.00 11.3 11.3
Edmonton, AB 8,879,000 7.23 9.87 346,000 346,000 39.20 -0.2 -4.7
Guelph, ON 203,000 0.00 0.00 0 14,000 27.40 0.0
Halifax, NS 1,928,000 6.70 6.53 6,000 (3,000) 32.40 0.1 2.7
Montreal, QC 23,076,000 7.29 6.65 147,000 197,000 37.00 0.0 15.6
Ottawa, ON 9,001,000 6.60 5.94 60,000 63,000 48.60 0.5 0.3
Regina, SK 1,031,000 1.52 1.52 0 (5,000) 37.10 0.0 6.7
Saskatoon, SK 492,000 0.21 0.00 1,000 1,000 34.00 0.0 7.9
Toronto, ON 42,102,000 5.99 4.94 606,000 1,177,000 52.40 -5.8 -2.1
Vancouver, BC 9,901,000 2.40 2.38 0 40,000 53.80 0.5 3.4
Victoria, BC 821,000 16.59 14.61 10,000 10,000 37.80 – –
Winnipeg, MB 2,619,000 6.59 6.11 13,000 13,000 30.00 0.0 –
Waterloo Region, ON 1,425,000 8.20 8.26 (1,000) 25,000 25.70 11.1 -3.5
CANADA TOTAL/AVERAGE 126,264,000 6.67 5.54 2,170,000 3,113,000 45.40 weighted -0.40 3.26
38.40 equal 0.77 -1.81
P. 11 | COLLIERS INTERNATIONAL
12. HIGHLIGHTS | Q2 2011 | OFFICE | NORTH AMERICA
CANADA | SUBURBAN OFFICE | ALL INVENTORY
EXISTING NEW SUPPLY NEW SUPPLY UNDER VACANCY VACANCY ABSORPTION ABSORPTION
INVENTORY (SF) Q2 2011 YTD 2011 CONSTRUCTION RATE (%) RATE (%) Q2 2011 YTD 2011
MARKET JUNE 30, 2011 (SF) (SF) (SF) MAR. 31, 2011 JUNE 30, 2011 (SF) (SF)
Calgary, AB 23,478,000 220,000 220,000 576,000 9.73 9.17 329,000 621,000
Edmonton, AB 8,940,000 0 0 40,000 15.14 13.31 139,000 182,000
Guelph, ON 1,353,000 0 0 17,000 4.26 3.80 6,000 0
Halifax, NS 6,335,000 18,000 77,000 90,000 9.65 10.41 (12,000) 38,000
Montreal, QC 23,621,000 0 0 112,000 9.93 9.41 123,000 93,000
Ottawa, ON 20,638,000 0 0 0 7.99 7.74 72,000 (143,000)
Regina, SK 659,000 0 0 0 0.26 0.14 1,000 3,000
Toronto, ON 98,006,000 116,000 116,000 918,000 7.20 7.03 327,000 1,157,000
Vancouver, BC 27,273,000 0 113,000 705,000 10.93 10.75 49,000 94,000
Victoria, BC 3,573,000 0 0 113,000 10.18 8.54 66,000 66,000
Winnipeg, MB 3,173,000 0 0 37,000 12.52 12.61 (9,000) (26,000)
Waterloo Region, ON 5,984,000 103,000 155,000 609,000 7.96 7.72 6,000 64,000
CANADA TOTAL/AVERAGE 223,033,000 456,000 679,000 3,217,000 8.78 8.46 1,097,000 2,149,000
CANADA | SUBURBAN OFFICE | CLASS A
VACANCY VACANCY AVERAGE ANNUAL QUARTERLY ANNUAL
EXISTING RATE (%) RATE (%) ABSORPTION ABSORPTION QUOTED RENT CHANGE CHANGE
INVENTORY (SF) MAR. 31, JUNE 30, Q2 2011 YTD 2011 (CAD PSF) IN RENT IN RENT
MARKET JUNE 30, 2011 2011 2011 (SF) (SF) JUNE 30, 2011 (%) (%)
Calgary, AB 10,829,000 9.90 7.94 410,000 640,000 38.00 2.7 18.8
Guelph, ON 821,000 1.08 0.86 2,000 (4,000) 24.30 -5.0 –
Halifax, NS 2,650,000 7.79 8.52 (14,000) 6,000 28.00 -1.2 4.7
Montreal, QC 13,226,000 7.43 7.77 113,000 111,000 30.00 0.0 25.0
Ottawa, ON 11,626,000 7.83 7.80 3,000 12,000 30.00 -8.2 -3.3
Regina, SK 659,000 0.26 0.14 1,000 3,000 28.50 0.0 16.3
Toronto, ON 43,204,000 8.08 7.88 122,000 556,000 29.90 -1.6 -4.1
Vancouver, BC 13,132,000 13.33 13.07 35,000 63,000 38.30 -0.6 9.3
Victoria, BC 817,000 8.67 8.93 (2,000) (2,000) 40.00 – 27.0
Waterloo Region, ON 2,413,000 10.51 8.43 50,000 30,000 21.90 -4.8 -2.1
CANADA TOTAL/AVERAGE 99,377,000 8.80 8.48 719,000 1,414,000 31.70 weighted -1.30 3.60
30.90 equal 1.46 5.12
Glossary
Inventory – Includes all existing multi- or single- New Supply – Includes completed speculative and Cap Rate – (Or going-in cap rate) Capitalization
tenant leased and owner-occupied office properties build-to-suit construction. New supply quoted on a rates in this survey are based on multi-tenant
greater than or equal to 10,000 square feet (net net basis after any demolitions or conversions. institutional grade buildings fully leased at market
rentable area). In some larger markets this minimum rents. Cap rates are calculated by dividing net
size threshold may vary up to 50,000 square feet. Annual Quoted Rent – Includes all costs associated operating income (NOI) by purchase price.
Does not include medical or government buildings. with occupying a full floor in the mid-rise portion of
a Class A building inclusive of taxes, insurance, Note: SF = square feet
Vacancy Rate – Percentage of total inventory maintenance, janitorial and utilities (electricity PSF = per square foot
physically vacant as at the survey date including surcharges added where applicable). All office rents CBD = central business district
direct vacant and sublease space. in this report are quoted on an annual, gross per
square foot basis. Rent calculations do not include
Absorption – Net change in physically occupied sublease space.
space over a given period of time.
COLLIERS INTERNATIONAL | P. 12