Colliers North American Office Highlights Q4-12
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7/29/2019 Colliers North American Office Highlights Q4-12
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HIGHLIGHTSNORTH AMERICA
WWW.COLLIERS.COM
Q4 2012 | OFFICE
KEY TAKEAWAYS
The North American and U.S. oce vacancy rates declined urther during Q to .
and .%, respectively. This was the ourth consecutive quarter o improvement or the
billion square eet o inventory in the North American oce markets tracked by Colliers.
The market uncertainty and volatility o H inhibited neither oce leasing or transact
activity. Q North American net absorption o . MSF was more than double Qs . M
total net absorption was . MSF (roughly the oce inventory o Ft. Lauderdale), the
since the nancial crisis.
Major oce property transactions totaled $. billion in , and surged at year-end
Qs $. billion in oce building sales surpassed all prior quarters in , according to RCapital Analytics.
MARKET INDICATORSRelative to prior period
NORTH AMERICAN OFFICE MARKETSummary Statistics, Q
USQ
USQ
*
CanadaQ
CanadaQ
*
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
*Projected
Construction is the change in Under Construction
Sq. Ft. By Region
2.0000
1.0000
2.0000
Total_OSF-Vacant_O
Vacant_OSF
Absorption Per Mark et (q3 '12 - q4 '12
2,500,000
1,250,000
250,000
-250,000
-1,250,000
-2,500,000
2 billi
1 billi
200 m
Occupied Sq. Ft.
Vacant Sq. Ft.
NORTH AMERICAN OFFICE VACANCY, INVENTORY AND ABSORPTION Q
US CAN NA
VACANCY RATE 14.63% .% .%
Change From Q -.% -.% -.%
ABSORPTION (MSF) . . .
NEW CONSTRUCTION (MSF) . . .
UNDER CONSTRUCTION (MSF) . . .
ASKING RENTS PER SF US CAN
Downtown Class A $. $.
Change rom Q .% .%
Suburban Class A $. $.
Change rom Q .% .%
Unlocking 2013 OfceProperty PerormanceWhat will be the right combination in 2013?
K.C. CONWAY, MAI, CRE EMD | Market Analytics
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HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERICA
KEY TAKEAWAYS (continued)
Capital is migrating out o the risk curve or investment in oce building assets in search o yield. This trend, reported by Colliers in previous
reports, was corroborated by the recent Association o Foreign Investors in Real Estate report in which our o the top ve markets or investm
were in the U.S., including Houston or the rst time.
ICEE oce markets are still hot. Intellectual Capital, Energy and Education (ICEE) markets continue to capture a disproportionate share o No
American oce absorption. During , two-thirds o the North American MSAs with the greatest absorption are characterizedICEE markets. We see this trend continuing in as technology, energy and knowledge gateway centers remain the dominant generators
oce-related employment.
Medical Oce has been a sleeper oce sub-property type that saw a % growth in transaction activity in CY to $. billion, or just shy
the % total $. billion in CY oce property sales. And, approximately hal o the MSF o oce space under construction in the U.S
the onset o is or medical-related use.
Recovery in housing is an overlooked oce demand driver that will gain additional traction in .
-183.2
-130.9
-14.4
-0.5
0.0
13.3
24.4
138.9
190.2
203.3
330.0
365.7
-300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0
Ottawa, ON
Vancouver, BC
Victoria, BC
Halifax, NS
Winnipeg, MB
Edmonton, AB
Waterloo Region, ON
Saskatoon, SK
Regina, SK
Toronto, ON
Calgary, AB
Montral, QC
Thousands
CANADIAN OFFICE ABSORPTION BY MARKET Q4 2012
IN THIS QUARTERS REPORT, WE TAKE A LOOK AT THECOMBINATION TO UNLOCKING VALUE IN :
RIGHT : In look or North American
vacancy to drop below %, ueled by
another MSF o absorption.
LEFT :total oce transactions above
$ billion
RIGHT : CMBS oce property
delinquencies rate below %
LEFT ICEE: Oce job growth in Tech/
Energy/Education MSAs outperorms
FIRE MSAs or a third consecutive year
RIGHT MO: Medical Oce is the emergingleader among oce sub-property sectors
0.00
0.00
0.05
0.07
0.08
0.13
0.19
0.30
0.36
1.56
1.66
2.78
0.0 0.5 1.0 1.5 2.0 2.5 3.0
Edmonton, AB
Victoria, BC
Saskatoon, SK
Waterloo Region, ON
Regina, SK
Winnipeg, MB
Halifax, NS
Montral, QC
Ottawa, ON
Vancouver, BC
Calgary, AB
Toronto, ON
Millions
CANADIAN OFFICE UNDER CONSTRUCTION BY MARKET Q4 2012
Note: Q data reported or Winnipeg, MB
See page or details
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HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERIC
COLLIERS INTERNATIONAL | P
North American Downtown Markets:
Excluding renewals, of the leases signed
this quarter, did most tenants:
Hold Steady
69.1%Expand16.2%
Contract14.7%
North American Downtown Markets:
What was the trend in Free Rent (in months
oered by CBD landlords this quarter?
Same80.9%Less
14.7%
More4.4%
North American Downtown Markets:
What was the trend for tenant
improvement allowances oered by
CBD landlords this quarter?
Hold Steady91.2%
Contract2.9%
Expand5.9%
North American Suburban Markets:
Excluding renewals, of the leases signedthis quarter in your CBD/downtown,did most tenants:
Hold Steady60.3%
Expand30.9%
Contract8.8%
IN BRIEF: OFFICE OUTLOOK nishedand beganas Colliers observed in all : with progress on all ronts.
North American Oce Vacancy alls to just .% at YE .
Net leasing activity best in ve years: i) . MSF in Q ; and ii) . MSF or CY
A % surge in oce building sales surpasses transaction volume (,+ properties
totaling approximately $ billion during )
Despite the harmul summer UV (Uncertainty & Volatility) rays during H, and lingering anxiety
surrounding the U.S. scal debt crisis, ongoing Eurozone recession, the cost and logistics o
implementing Obamacare, and anemic job growth (,/month) or two consecutive years, oce
real estate is persevering and returning to a state o balance. However, the recovery is broadening,
both in the actors that have driven it over the past months, as well as the markets that its reaching.
No longer is the recovery conned to the CBDs o the sexy six core MSAs o New York, Boston,
Chicago, Los Angeles, San Francisco and Seattle; its expanding to suburban submarkets and
secondary MSAs. Real Capital Analytics Ofce Year In Reviewreport noted a percent increase in
suburban oce building sales during , and a percent increase in oce building sales outside
the six core MSAs. While this new interest is driven by a dearth o assets in the core MSAs and the
search or yield in response to Federal Reserve monetary policy and cap rate compression, it has been
oce job growth in technology, energy and primary-education ocused MSAs (what Colliers coined theIntellectual Capital, Energy and Education, or ICEE markets in ) that has dened which secondary
markets were participating in this broadening recovery in the oce property sector thus ar.
In , two other positive inuences will impact this expansion: the housing recovery and growth in
medical oce demand. Both are broad-based across the U.S. and will have more o an efect on
suburban oce submarkets than CBDs. Why? First, proessional services associated with a rise in
new home construction and existing home sales activity will rebuild in proximity to this increasing
housing activity in the suburbs. Second, our healthcare delivery model is shiting rom one concentrated
on expensive urban hospital campuses to less capital-intensive, suburban outpatient acilities.
The ICEE, housing, and medical oce actors, along with the continuing search or yield by investors,
add up to M.O.T.S (More Oce To Secondaries) in . As the diagram below depicts, rising
absorption and modest new supply are driving vacancy down, and the requisite conditions to improveNOI are in place to absorb any interest rate risk in H.
U.S. OFFICE MARKET Q Q
16.1115.57 15.36 15.14 15.03 14.96 14.88 14.83 14.63
-
2.0
4.0
6.0
8.010.0
12.0
14.0
16.0
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Q4 Q1
2011 2012
Q2 Q3 Q4 Q1 Q2 Q3 Q4
Vacancy%
Absorption MSF Completions MSF Vacancy %
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HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERICA
BEHIND THE STATISTICS & BEYOND THE BASICSScope o Colliers Oce Outlook Report: Colliers monitors oce property
conditions in North American markets rom Toronto to Tampa, totaling
. billion square eet o inventory. Approximately percent (. billion
square eet) o this inventory is located in the United States.
The largest North American markets (those with at least MSF o
existing inventory) constitute approximately percent o the . billion
square eet o North American oce space tracked by Colliers. All o the
> million-square-oot markets are located in the U.S., except one: Toronto.
With respect to net absorption, just o the markets accounted
or percent o the . MSF o net absorption, and all but one market
(Calgary) are located in the U.S. Below are the ten absorption-leading
MSAs or seven o which are ICEE markets.
US CA NA
Vacancy Rate: .% .% .%
Change rom Q -.% -.% -.%
Vacancy
From a regional perspective, Canada has the lowest average vacancy r
at . percent; and in the U.S., the Northeast has the lowest vacancy r
just shy o percent. The highest vacancy rate among North Ameri
regions is the Western U.S. at . percent. The South and Midwest h
average regional vacancy rates o .% and .%, respectiv
Housing has been slow in its recovery in both these regions, and the
growth has been more ocused on manuacturing, transportation a
distribution, avoring industrial real estate over oce.
Absorption
The nal tally on net oce absorption was not in the cards
mid-, when it appeared that tenants and businesses were pulling brom leasing activity driving absorption down % over the prior six-mo
period (H). However, despite the markets anxiety over the Novem
election and the Fiscal Clif, s net oce absorption had
best perormance since the nancial crisis. Q net absorp
was more than double that or any prior quarter during (. MS
Q compared to . MSF or the rest o the year).
Which markets outperormed and why? Examination o the top ten No
American markets with respect to absorption in Q and YTD rev
the impact o ICEE employment drivers, commencement o a true hous
recovery, and importance o having a nationally or regionally recogniz
medical center.
MSA ABSORPTION
Houston (ICEE) . MSF
Dallas (ICEE) . MSF
Atlanta (ICEE) . MSF
Detroit . MSF
Chicago . MSF
Calgary (ICEE) . MSF
Phoenix . MSF
Boston (ICEE) . MSF
Philadelphia (ICEE) . MSF
Seattle (ICEE) . MSF
ICEE MARKETS LEAD IN 2012 ABSORPTION
MSA Q MSA CY
Detroit(Auto + Housing)
. MSF Houston . MSF(ICEE) + Medical Cen
Phoenix . MSF Dallas . MSF(ICEE) + Medical Cen
Chicago . MSF Atlanta(Housing Recovery)
. MSF(ICEE) + Medical Cen
Montreal(ICEE)
. MSF Detroit . MSFMedical Center
Philadelphia(ICEE)
. MSF Chicago . MSFMedical Center
Houston
(ICEE). MSF Calgary
. MSF(ICEE)
Boston(ICEE)
. MSF Phoenix(Housing Recovery)
. MSF
Dallas(ICEE)
. MSF Boston . MSF(ICEE) + Medical Cen
Minneapolis . MSF Philadelphia. MSF
(ICEE) + Medical Cen
Sacramento . MSF Seattle. MSF
(ICEE) + Medical Cen
TOP MARKETS FOR ABSORPTION
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HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERIC
COLLIERS INTERNATIONAL | P
Looking at this list, several themes emerge:
The overlapping seven MSAs: Seven o the top ten most active
markets or leasing activity in Q were also among the ten most active
MSAs or all o calendar . Houston, Dallas, Detroit, Chicago,
Phoenix, Boston, and Philadelphia are prominent in both categories.
The predominance o ICEE: Seven o the top ten markets or netabsorption in are MSAs with an ICEE employment prole
(technology, energy and/or primary education).
The increasing role o housing and medical oce: However, only
ve o the top ten markets or Q leasing activity are ICEE MSAs.
What explains the diference, and what explains the emergence o
MSAs like Atlanta, Detroit and Phoenix? The answer is two-old:
) the real housing recovery is taking hold in even the most
distressed housing markets, such as Atlanta, Detroit and Phoenix;
and ) high-prole medical centers are strongly impacting demand
or medical oce space: Eight o the leading MSAs or absorption
in have nationally or regionally recognized medical centers.
Looking orward to , the only brake on oce leasing activity in key
energy marketsDallas, Denver, Houston, Oklahoma City, Philadelphia
(impact o Bakken shale), and Calgarywill be the delayed delivery o new
space under construction. Houston and Denver cant complete new space
ast enough to keep pace with demand. ICEE will also continue to be an
important oce space demand driver in markets like Atlanta and Detroit
where auto technology is ueling demand or engineers, and the oce
space to house them. (In , Porsche and General Motors both made
material commitments to locating auto technology centers in Atlanta.)
And, the housing recovery will benet suburban oce space demand as
contractors and proessional service providers (closing attorneys,
architects, engineers, building inspectors, etc.) rebuild or expand their
operations to service housing activity o approximately . million new
unitsater years o less than hal that level o activity. Atlanta, Charlotte,
Nashville, Phoenix, Tampa, and inland Caliornia markets will see the most
benet rom this housing recovery in . In aggregate, should
surpass s MSF o net absorption by conservative estimates o
%%, or . to . MSF in total. Market orces will see H
disproportionately higher net leasing activity than H, as was the case
in .
Transaction Activity
Transactions o major oce property were also uninhibited by H
uncertainty. There were more than , transactions in , totaling
$. billion, with a noticeable surge at year-end : the $. billion in
Q oce building sales surpassed all prior quarters in , according to
Real Capital Analytics. As in recent years, New York, San Francisco, Los
Angeles, Washington D.C., and Seattle accounted or approximately
percent o the total dollar volume o oce building sales during .
Houston and Denver (two key ICEE MSAs) now rank among the top
markets or oce building transaction volume.
The $. billion in oce transaction activity rom is likely to be
surpassed in , given the amount o idle domestic and oreign capital
searching or yield in tangible assets, such as commercial real estate. The
Association o Foreign Investors in Real Estates annual Fore
Investment Surveyranked the U.S. as the top place overall to invest;
U.S. markets were among their top ve picks, including Houston, wh
had never beore made this reports global ranking.
Construction Activity
To assess the risk o overbuilding, new construction activity nee
to be considered rom three perspectives: ) new supply as a perc
o existing inventory; ) geographic concentration; and ) sub-prope
type concentration.
At the onset o , approximately . MSF o new oce supply
underway in the U.S. and Canada, according to Dodge Pipeline. T
activity translates to a North American new supply to existing invent
ratio o .%. Historically, only when this ratio passes .% is it conside
elevated and indicative o overbuilding risk. Whats more, the curr
supply-to-inventory ratio is actually much lower or most U.S. o
markets due to geographic and sub-property type concentration.
With respect to sub-property type construction, % o the . MSFtotal new supply is medical-oce-related construction. O the remain
. MSF, . MSF (.% o the non-medical oce new supply
concentrated in just ve states. The ollowing table delineates th
geographic and sub-property type ratios:
DelineationNew Supply
(MSF)Ratio (%)
North America . .
Canada . .
United States . .
Oce Property . .
Medical Oce . .
Non-Medical Oce . .
U.S. Non-Medical Oce . .
Top States . .
Texas . .
Caliornia . .
Pennsylvania . .
New York . .
New Jersey . .
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HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERICA
ENGINEERING NEWS-RECORDS CONSTRUCTION COST INDEX
YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG
Note: Construction Costs never dropped post & are rising at a aster pace.
INDEX METHODOLOGY: hours o common labor at the -city average o common labor rates, plus cwt o standard structural steel shapes at the mill price prior to and the abrica-city price rom , plus . tons o portland cement at the -city price, plus , board-t o x lumber at the -city price.
The good news is that the U.S. ratio o new supply to inventory (excluding
medical oce construction) is less than a one-hal o one percentthe
lowest since . And, only MSF o new construction is underway
outside o the ve most active states, where energy and technology
companies, such as Exxon Mobil and Shell Energy in Texas and Endo
Pharmaceutical in Pennsylvania, account or percent o activity.
However, rising construction costs are a concern that spans al l commercial
property types. It may surprise many to learn that construction costs
never actually declined during the nancial crisis and the
ensuing recession. As documented by the Engineering-News Record,
Construction, costs have risen % since the end o , and are up over
. percent since February . Investors and developers considering
new construction investments should budget construction cost increases at
double the CPI or and , due to pressures on labor and materials.
CAPITAL MARKETSWhat is better than improving oce property type undamentals?
those that purchased any o the , oce properties that traded
, the answer is availability o capital. Domestic and oreign sour
are ush with capital ready to invest in tangible assets like real estate, t
can ofer . to . times the yield ofered by the U.S. governme
-year Treasury bond. And, the CMBS debt markets are opening up ag
ater our consecutive years o annual new issuance below $ bill
Underwriting terms and pricing spreads have also compressed in avo
borrowers: Improving market conditions have enabled even proper
with elevated vacancy rates to become nanceable again due to the
DSCR hurdle provided by sub-. percent interest rates and perc
LTVs. Declining CMBS delinquency rates have urther aided new issua
interest, and have CMBS investors enthusiastic about new issua
increasing percent over s $ billion level to $ billion. I
have tenants, and can meet a . DSCR using a .% loan coupon,
capital markets are once again open to renance your oce building.
JAN DEC NOV MON MON YEA
Industrial . . . . . .
Lodging . . . . . .
Multiamily . . . . . .
Oce . . . . . .
Retail . . . . . .
Source: Trepp January CMBS Delinquency Report
PERCENTAGE + DAYS DELINQUENT BY PROPERTY TYPE
8
10
Jan 2012
9.529.37
Mar 2012 May 2012 Jul 2012 Sep 2012 Nov 2012 Jan 2013
12
9.68
10.0410.16
10.3410.13
9.99
9.69 9.71 9.719.57
9.80
PERCENTAGE + DAYS DELINQUENT BY PROPERTY TYPE
Source: Trepp January CMBS Delinquency Report
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HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERIC
COLLIERS INTERNATIONAL | P
THE COMBINATION TO UNLOCKING OFFICE PROPERTY PERFORMANCE
RIGHT Vacancy:I the absorption momentum rom H carries over into
and Congress can maneuver its scal debt obstacle
course in H, the North American oce vacancy rate will decline
below . percent or the rst time since . Oce property investors
are keenly ocused on the need or improvement in NOI in oce properties
going orward to be positioned to absorb higher interest rate costs -
years out. Cap rate compression has aided property values the past two
years, but uture value enhancement will have to be unlocked through NOI
improvement (i.e., increasing occupancy and rental rates).
LEFT Oce Transaction Activity:With improving oce property undamentals and cheap debt to
leverage transactions to maximize yield, should see oce
transaction activity surpass the $ billion mark by as much as %. The
opportunity to unlock value here is in quality assets in secondary ICEEmarkets, such as Atlanta, Austin, Baltimore (now a post-Panamax ready
port), Denver, Fort Worth, and Houston.
RIGHT CMBS Oce Delinquency:For the capital markets to contribute to the improving oce
property conditions, CMBS delinquency rates need to continue
on their downward trajectory and remain south o percent overall. As
new issuance increases to a level north o $ billion (increases the
denominator in the delinquency calculation), and special servicers
continue to resolve in excess o $. billion in delinquent or deaulted loans
(decreases the numerator portion o the delinquency ratio calculation),
CMBS delinquency is likely to remain below percent. This trend needs
to translate over to the oce property sector. With a January CMBS ocedelinquency rate o .%, this ratio should decline urther, and maybe
even drop below %, as mature legacy oce property loans are nally
able to renance. CMBS delinquency below percent is critical to capital
market condence and unlocking more opportunity or oce property
leverage in .
LEFT ICEE Oce Demand Drivers:The greatest opportunity or value enhancement and yield
remain in those secondary markets with an ICEE employm
prole. Traditional FIRE (Finance Insurance and Real Estate) markets
going to ace oce absorption headwinds as nancial institutions red
operating costs and the amount o oce space they occupy. Finan
institutions will be returning oce inventory to the market undermin
recent improvement in vacancy. For this part o the combination, turn
ICEE vs. FIRE.
RIGHT MO Medical Oce:The role o medical oce space in the overall oce vaca
picture warrants monitoring in , particularly as the Oba
administrations healthcare legislation and mandated healthcare exchan
are implemented. Due to strong demand and an absence o much n
supply since , demand or medical oce space has risen dramaticand is ueling a boom in new construction. The states with the m
medical oce construction activity are Texas, Caliornia, Maryland, N
York, North Carolina and Ohio. Medical oce ofers an unlocked opportu
as contraction continues among traditional users o oce space, su
as nancial services rms. Do your homework beore jumping into t
sub-property sector, though. Vacancy and rental rates vary widely, a
this subsector lacks the same availability o data and transparency as
greater North American oce market.
Houston
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HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
MARKETEXISTING
INVENTORY (SF)DEC ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ
(SF)
NORTHEAST
Baltimore, MD 28,840,782 234,874 - 14.06 14.02 9,076Boston, MA 60,725,404 98,096 2,435,000 14.08 13.06 616,698
Hartord, CT 9,769,060 - - 21.24 20.72 50,896
New York, NY Downtown Manhattan 110,942,138 - 5,200,000 16.09 15.36 814,431
New York, NY Midtown Manhattan 227,532,283 - 1,052,150 11.94 12.04 (226,585)
New York, NY Midtown South Manhattan 165,368,697 - 850,000 7.96 8.03 (119,601)
Philadelphia, PA 43,133,883 654,000 - 11.17 10.76 178,159
Pittsburgh, PA 32,161,109 52,000 800,000 9.68 10.9 (129,087)
Stamord, CT 18,966,293 - - 19.55 21.00 (274,722)
Washington, DC 140,909,953 - 1,903,911 10.44 10.48 (59,655)
White Plains, NY 7,741,025 - - 15.19 15.78 (45,062)
Northeast Total 846,090,627 1,038,970 12,241,061 11.86 11.77 814,548
SOUTH
Atlanta, GA 49,933,614 433,822 450,000 17.04 16.94 47,727
Birmingham, AL* 4,338,335 - - 22.00 19.80 95,482
Charleston, SC 2,068,469 - 52,000 7.70 7.24 9,369
Charlotte, NC 22,511,630 828,831 - 8.80 7.94 193,649
Columbia, SC 4,490,309 - - 16.80 14.21 116,125
Dallas, TX 34,744,566 204,109 - 26.98 27.58 (208,846)
Ft. Lauderdale-Broward, FL 8,003,061 - - 16.49 16.33 12,534
Ft. Worth, TX 10,400,974 - 154,801 13.05 12.14 94,885
Greenville, SC 3,143,679 - 235,000 12.24 15.68 (107,938)
Houston, TX 36,514,081 50,000 - 14.45 13.72 269,002
Jacksonville, FL 15,994,027 73,423 - 14.66 14.42 30,994
Little Rock, AR 6,422,699 - - 11.30 12.48 (22,714)
Louisville, KY 43,630,770 300,000 - 11.80 11.89 228,712
Memphis, TN 6,108,640 - 26,000 14.77 14.66 6,481
Miami-Dade, FL 18,491,614 33,930 - 18.29 18.36 (12,903)
Nashville, TN 12,087,245 48,000 - 14.76 13.52 167,473
Orlando, FL 12,744,796 - - 11.83 11.86 (3,379)Raleigh/Durham/Chapel Hill, NC 13,657,917 - - 6.49 6.08 55,964
Richmond, VA 17,066,905 - 112,000 10.76 10.70 10,479
Savannah, GA 825,240 72,072 - 15.21 14.18 68,561
Tampa Bay, FL 8,607,635 66,927 - 12.91 13.36 (39,132)
West Palm Beach/Palm Beach County, FL 10,130,113 - - 17.79 16.69 110,753
South Total 341,916,319 2,111,114 1,029,801 15.10 14.88 1,123,278
*Absorption and vacancy fgures or Birmingham account or direct space only
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HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERIC
COLLIERS INTERNATIONAL | P
UNITED STATES | DOWNTOWN OFFICE | ALL INVENTORY
MARKETEXISTING
INVENTORY (SF)DEC ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ
(SF)
MIDWEST
Chicago, IL 159,986,353 297,763 - 13.45 13.23 347,362Cincinnati, OH 18,047,286 - - 18.12 18.09 5,408
Cleveland, OH 34,140,929 710,100 475,000 19.26 19.07 66,433
Columbus, OH 19,597,350 395,500 280,000 11.00 11.90 36,469
Detroit, MI 26,153,283 1,165,425 - 21.04 20.88 42,065
Grand Rapids, MI 5,461,588 - - 23.24 22.34 49,026
Indianapolis, IN 23,453,317 - 18,000 13.71 13.34 94,650
Kansas City, MO 34,664,036 - 215,000 14.60 14.43 61,577
Milwaukee, WI 19,887,288 145,000 - 13.71 13.39 62,655
Minneapolis, MN 31,840,763 - - 15.13 14.98 46,977
Omaha, NE 6,358,928 60,000 - 7.16 8.53 9,192
St. Louis, MO 27,493,907 - - 16.52 16.66 (37,405)
St. Paul, MN 12,904,838 - - 13.85 13.82 4,013
Midwest Total 419,989,866 2,773,788 988,000 14.98 14.86 788,422
WEST
Bakerseld, CA 3,020,093 - - 8.86 7.62 44,571
Boise, ID 3,741,536 241,208 260,000 10.95 10.24 66,851
Denver, CO 34,251,235 39,656 112,000 12.43 12.26 70,574
Fresno, CA 3,284,713 - - 11.40 11.66 (8,393)
Honolulu, HI 7,119,083 - - 14.00 13.21 55,973
Las Vegas, NV 4,192,128 - 458,200 12.31 12.37 (2,488)
Los Angeles, CA 31,942,700 418,600 229,500 18.46 19.03 (178,200)
Oakland, CA 16,891,513 - - 12.90 13.45 (92,321)
Phoenix, AZ 21,016,381 203,609 - 21.30 21.52 29,081
Portland, OR 33,287,613 100,083 - 9.77 9.89 (40,940)
Reno, NV 1,388,078 - - 19.58 19.50 9,309
Sacramento, CA 18,949,701 130,000 - 9.80 9.59 39,662
San Diego, CA 10,149,972 - - 20.14 19.84 30,448
San Francisco, CA 88,179,309 189,835 2,510,615 10.51 10.28 387,187
San Jose/Silicon Valley 7,601,845 318,000 - 23.69 24.73 (81,425)Seattle/Puget Sound, WA 56,216,928 340,563 625,501 12.01 12.04 284,779
Stockton, CA 8,221,819 - - 18.86 18.16 58,138
Walnut Creek/Pleasanton, CA 12,561,714 - - 16.26 15.71 (4,731)
West Total 362,016,361 1,981,554 4,195,816 13.32 13.29 668,075
U.S. TOTAL 1,970,013,173 7,905,426 18,454,678 13.36 13.25 3,394,323
(continued)
7/29/2019 Colliers North American Office Highlights Q4-12
10/19P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERICA
UNITED STATES | DOWNTOWN OFFICE | CLASS A
MARKETEXISTING
INVENTORY (SF)DEC ,
AVG ANNUALQUOTED RENT
(USD PSF)DEC ,
QUARTERLYCHANGEIN RENT
(%)
ANNUALCHANGEIN RENT
(%)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIOQ
(SF)
NORTHEAST
Baltimore, MD 13,228,621 14.93 0.7 5.9 14.93 14.92 1,726Boston, MA 41,333,537 13.92 1.5 1.7 13.92 13.07 349,709
Hartord, CT 6,660,379 22.39 -1.0 -0.3 22.39 21.47 60,970
New York, NY Downtown Manhattan 77,672,777 18.75 -0.1 -2.2 18.75 17.54 940,170
New York, NY Midtown Manhattan 192,290,701 12.60 -1.2 0.7 12.60 12.76 (297,418)
New York, NY Midtown South Manhattan 32,865,338 6.79 0.1 11.7 6.79 8.33 (504,207)
Philadelphia, PA 32,656,957 10.59 -0.5 - 10.59 10.52 19,612
Pittsburgh, PA 18,279,017 7.64 2.9 4.1 7.64 7.13 29,859
Stamord, CT 13,299,364 21.77 -1.9 -6.4 21.77 23.01 (164,957)
Washington, DC 85,704,698 11.90 0.3 2.1 11.90 11.92 (20,351)
White Plains, NY 4,885,999 17.00 -2.0 -4.3 17.00 18.10 (53,855)
Northeast Total 518,877,388 13.30 -0.2 1.2 13.30 13.22 361,258
SOUTH
Atlanta, GA 30,000,462 18.87 0.1 -1.3 18.87 18.53 101,522
Birmingham, AL* 3,322,353 11.56 - 1.0 11.56 11.34 7,962
Charleston, SC 1,043,494 3.33 1.2 10.1 3.33 2.55 8,134
Charlotte, NC 16,040,594 10.40 1.9 1.4 10.40 9.11 208,132
Columbia, SC 1,926,914 15.02 3.9 4.1 15.02 10.13 94,216
Dallas, TX 22,693,924 23.68 0.9 2.3 23.68 24.69 (230,826)
Ft. Lauderdale-Broward, FL 4,454,238 21.30 -0.4 -0.5 21.30 21.27 1,229
Ft. Worth, TX 5,850,052 11.69 0.9 0.9 11.69 10.54 67,382
Greenville, SC 1,871,715 8.83 6.1 -3.5 8.83 15.32 (121,511)
Houston, TX 26,119,764 10.69 0.4 5.2 10.69 9.75 244,855
Jacksonville, FL 6,830,482 15.40 0.3 2.0 15.40 14.97 29,314
Little Rock, AR 2,636,353 9.72 0.2 0.6 9.72 11.83 (3,212)
Louisville, KY 10,560,672 13.05 0.4 -4.6 13.05 14.57 100,131
Memphis, TN 1,966,542 18.26 -0.1 0.3 18.26 18.63 (7,338)
Miami-Dade, FL 9,758,448 21.50 -0.9 -3.2 21.50 21.31 18,821
Nashville, TN 3,953,423 20.50 -1.5 -6.7 20.50 18.37 84,077
Orlando, FL 5,784,868 16.57 -1.2 -2.1 16.57 15.93 37,028Raleigh/Durham/Chapel Hill, NC 5,633,684 8.74 0.4 -3.1 8.74 8.33 22,893
Richmond, VA 5,895,522 7.46 0.1 4.6 7.46 7.37 4,979
Savannah, GA 642,460 13.02 7.5 7.2 13.02 7.65 97,201
Tampa Bay, FL 4,791,174 13.98 -0.5 2.0 13.98 15.22 (59,515)
West Palm Beach/Palm Beach County, FL 3,337,557 22.51 -0.3 3.2 22.51 20.69 60,785
South Total 175,114,695 15.62 0.7 1.0 15.62 15.40 766,259
*Absorption and vacancy fgures or Birmingham account or direct space only
7/29/2019 Colliers North American Office Highlights Q4-12
11/19
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERIC
COLLIERS INTERNATIONAL | P
UNITED STATES | DOWNTOWN OFFICE | CLASS A
MARKETEXISTING
INVENTORY (SF)DEC ,
AVG ANNUALQUOTED RENT
(USD PSF)DEC ,
QUARTERLYCHANGEIN RENT
(%)
ANNUALCHANGEIN RENT
(%)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIOQ
(SF)
MIDWEST
Chicago, IL 60,846,877 37.36 0.3 0.7 14.52 14.05 284,974Cincinnati, OH 8,815,068 21.96 - -6.0 19.11 22.06 (260,407)
Cleveland, OH 9,728,269 21.33 -0.3 6.3 13.68 13.34 32,992
Columbus, OH 8,106,210 18.52 -1.4 -1.5 12.15 11.14 82,018
Detroit, MI 9,120,878 22.80 -0.2 -3.1 17.14 17.07 6,139
Grand Rapids, MI 1,542,050 19.28 0.1 -8.1 22.34 19.56 42,756
Indianapolis, IN 9,928,804 19.03 2.0 -1.2 18.92 18.30 50,070
Kansas City, MO 10,276,792 18.90 -0.3 0.7 19.91 19.89 2,029
Milwaukee, WI 5,411,144 20.17 2.8 0.9 13.09 12.07 55,208
Minneapolis, MN 13,618,828 16.52 6.9 15.3 12.33 11.78 75,272
Omaha, NE 3,417,878 19.62 -0.6 1.7 4.22 4.54 (10,025)
St. Louis, MO 10,678,000 17.73 0.5 -0.3 13.53 13.78 (25,983)
St. Paul, MN 2,773,960 13.35 -0.4 17.8 9.64 10.19 (15,440)
Midwest Total 154,264,758 27.20 0.6 0.8 14.85 14.64 319,603
WEST
Bakerseld, CA 699,798 17.40 - - 4.35 3.86 3,413
Boise, ID 2,228,115 20.12 -2.6 8.1 7.05 5.21 200,470
Denver, CO 21,238,158 30.0 0.1 4.2 13.54 13.02 110,767
Fresno, CA 1,058,046 24.00 - -7.7 12.37 12.37 -
Honolulu, HI 4,966,720 34.45 0.7 -1.0 13.34 12.23 43,171
Las Vegas, NV 807,588 31.32 0.4 0.8 10.67 11.60 (7,551)
Los Angeles, CA 17,749,600 36.12 - -6.2 16.46 18.00 (267,100)
Oakland, CA 10,198,245 30.72 -3.0 -3.0 9.86 11.22 (138,461)
Phoenix, AZ 9,459,620 22.86 - 1.5 20.05 21.15 (104,497)
Portland, OR 13,189,621 24.89 - - 8.76 8.78 (3,087)
Reno, NV 557,635 21.31 -1.3 -7.5 20.87 18.03 15,817
Sacramento, CA 9,062,614 32.40 - - 8.34 8.08 23,514
San Diego, CA 7,254,266 28.20 - -0.4 17.67 17.37 21,659
San Francisco, CA 56,642,612 49.56 5.6 20.5 10.31 9.71 508,711
San Jose/Silicon Valley 3,365,127 31.83 -6.6 -0.7 25.84 27.02 (40,361)Seattle/Puget Sound, WA 32,531,336 30.96 2.1 3.4 14.12 13.60 428,837
Stockton, CA 2,790,574 20.16 - -4.5 27.05 26.45 16,621
Walnut Creek/Pleasanton, CA 8,233,222 27.72 0.4 0.9 14.97 15.44 (38,786)
West Total 202,032,897 35.43 - 0.8 13.07 12.96 773,137
U.S. TOTAL 1,050,289,738 41.22 0.2 1.0 13.87 13.74 2,220,257
(continued)
7/29/2019 Colliers North American Office Highlights Q4-12
12/19P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | ALL INVENTORY
MARKETEXISTING
INVENTORY (SF)DEC ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ
(SF)
NORTHEAST
Baltimore, MD 86,786,838 234,874 1,163,140 12.65 12.44 386,882
Boston, MA 110,971,331 98,096 1,563,851 19.37 19.10 314,921
Faireld County, CT 41,493,424 74,726 - 12.56 12.88 -68,762
Hartord, CT 12,251,551 - - 14.96 14.44 63,815
Long Island, NY 71,732,215 768,000 55,000 10.71 10.66 718,538
New Jersey Central 103,723,820 315,670 116,057 20.92 20.70 487,335
New Jersey Northern 137,967,000 30,000 737,600 21.03 21.09 -52,196
Philadelphia, PA 110,578,994 654,000 322,005 15.17 14.94 802,694
Pittsburgh, PA 89,275,846 52,000 764,395 7.57 7.06 46,342
Washington, DC 283,566,213 - - 15.44 15.83 -1,118,510
Westchester County, NY 37,071,839 - - 15.05 15.39 -126,457
Northeast Total 1,085,419,071 2,227,366 4,722,048 15.73 15.73 1,454,602
SOUTH
Atlanta, GA 171,243,642 433,822 674,097 17.04 17.03 363,892
Birmingham, AL* 14,213,847 - - 18.48 17.93 77,062
Charleston, SC 9,379,515 - 75,000 15.00 14.79 35,516
Charlotte, NC 75,365,988 828,831 108,596 13.31 13.45 626,394
Columbia, SC 5,016,258 - - 24.04 25.61 -79,155
Dallas, TX 241,020,318 204,109 1,027,817 15.94 15.57 1,050,842
Ft. Lauderdale-Broward, FL 42,982,403 - 806,572 13.73 13.71 6,984Ft. Worth, TX 20,158,197 - 144,233 7.73 7.25 97,536
Greenville, SC 5,093,005 - - 18.52 18.10 21,540
Houston, TX 159,079,088 50,000 4,394,827 14.20 13.81 664,309
Jacksonville, FL 44,916,088 73,423 2,607 13.36 13.26 96,049
Little Rock, AR 7,625,053 - 46,000 12.58 12.45 -43,423
Memphis, TN 27,443,840 - 113,392 14.82 14.46 100,717
Miami-Dade, FL 63,016,310 33,930 162,063 13.96 13.64 229,620
Nashville, TN 14,842,231 28,000 - 7.49 7.51 23,248
Orlando, FL 53,927,670 - 87,895 15.58 14.95 431,065
Raleigh/Durham/Chapel Hill, NC 64,136,382 - - 14.15 13.97 119,064
Richmond, VA 34,412,752 - - 11.73 12.21 -164,213
Savannah, GA 1,534,208 - - 23.69 18.94 48,350
Tampa Bay, FL 71,219,715 66,927 269,272 16.08 15.69 404,271
West Palm Beach/Palm Beach County, FL 28,655,101 - 30,000 19.18 18.30 251,828
South Total 1,155,281,611 1,719,042 7,942,371 15.03 14.78 4,361,496
*Absorption and vacancy fgures or Birmingham account or direct space only
7/29/2019 Colliers North American Office Highlights Q4-12
13/19
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERIC
COLLIERS INTERNATIONAL | P
UNITED STATES | SUBURBAN OFFICE | ALL INVENTORY
MARKETEXISTING
INVENTORY (SF)DEC ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ
(SF)
MIDWEST
Chicago, IL 157,535,389 297,763 - 17.07 16.73 783,012Cincinnati, OH 35,718,611 - - 20.10 21.01 -326,094
Cleveland, OH 107,371,768 710,100 788,866 9.94 9.97 605,183
Columbus, OH 43,849,812 156,500 111,000 11.88 12.06 56,993
Detroit, MI 137,172,750 1,165,425 31,232 19.08 18.59 1,619,025
Grand Rapids, MI 11,557,283 - 382,000 23.28 23.19 10,173
Indianapolis, IN 45,740,597 - 75,000 13.29 13.15 90,627
Kansas City, MO 56,941,429 - 1,510,765 13.45 13.27 103,240
Milwaukee, WI 33,034,701 145,000 - 11.51 11.70 -59,970
Minneapolis, MN 82,273,735 - 931,700 14.33 13.39 776,569
Omaha, NE 20,597,840 60,000 180,000 12.12 12.10 72,609
St. Louis, MO 55,244,405 - - 11.53 11.08 247,729
Midwest Total 787,038,320 2,534,788 4,010,563 14.86 14.62 3,979,096
WEST
Bakerseld, CA 5,994,188 - 81,594 6.60 6.98 -22,693
Boise, ID 11,093,685 196,235 - 18.77 18.98 135,657
Denver, CO 104,416,469 - 745,767 14.29 14.08 126,306
Faireld, CA 4,877,417 - - 25.28 25.70 -20,478
Fresno, CA 18,008,675 - 70,000 12.99 13.25 -47,197
Honolulu, HI 7,490,275 - 40,000 12.89 12.88 9,218
Las Vegas, NV 35,115,687 - 42,123 25.55 24.64 320,637
Los Angeles, CA 168,909,400 418,600 1,213,700 17.76 17.78 410,100
Los Angeles Inland Empire, CA 21,626,300 - - 22.84 21.25 344,823
Oakland, CA 16,165,151 - - 19.54 18.11 231,011
Orange County, CA 80,477,400 - 380,000 17.08 16.61 315,300
Phoenix, AZ 109,902,559 108,609 375,482 21.58 20.36 1,435,184
Portland, OR 44,445,096 100,083 163,874 11.71 11.19 322,024
Reno, NV 5,547,351 - - 16.37 15.99 38,829
Sacramento, CA 73,472,600 130,000 257,451 18.74 17.82 781,917
San Diego, CA 70,818,124 - 946,457 13.92 13.59 235,680San Francisco Peninsula 35,142,199 18,781 - 13.69 14.03 -102,740
San Jose/Silicon Valley 54,745,633 318,000 - 12.86 12.42 390,701
Seattle/Puget Sound, WA 74,567,897 - 82,950 12.47 10.98 370,396
Walnut Creek/Pleasanton, CA 32,987,041 - - 12.77 11.73 343,070
West Total 975,803,147 1,290,308 4,399,398 16.56 16.00 5,617,745
U.S. TOTAL 4,003,542,149 7,771,504 21,074,380 15.56 15.31 15,412,939
(continued)
7/29/2019 Colliers North American Office Highlights Q4-12
14/19P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERICA
UNITED STATES | SUBURBAN OFFICE | CLASS A
MARKETEXISTING
INVENTORY (SF)DEC ,
AVERAGEANNUAL QUOTEDRENT (USD PSF)
DEC ,
QUARTERLYCHANGE INRENT (%)
ANNUALCHANGE INRENT (%)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ
(SF)
NORTHEAST
Baltimore, MD 30,282,850 24.87 -1.03 -3.23 15.91 15.37 362,930Boston, MA 47,074,119 24.74 -1.55 -3.06 17.80 17.88 -40,309
Faireld County, CT 17,597,470 35.35 -2.67 9.24 13.25 13.77 -27,217
Hartord, CT 7,906,889 20.25 -2.78 -3.39 13.53 12.75 61,867
Long Island, NY 23,077,975 30.47 0.20 1.84 11.46 11.56 -21,446
New Jersey Central 60,391,076 26.52 -0.86 -1.78 22.45 21.95 546,337
New Jersey Northern 84,682,274 26.28 -1.05 -1.28 20.62 20.42 193,221
Philadelphia, PA 68,076,073 24.73 0.91 2.96 14.54 14.27 740,149
Pittsburgh, PA 17,179,193 21.95 0.87 2.09 6.49 5.30 148,053
Washington, DC 132,646,603 32.03 -1.39 -1.51 15.26 15.83 -745,611
Westchester County, NY 17,442,819 26.42 -0.38 -2.87 18.72 19.26 -94,133
Northeast Total 506,357,341 27.65 -0.92 -0.61 16.74 16.73 1,123,841
SOUTH
Atlanta, GA 79,312,905 22.34 0.68 0.81 16.61 16.34 527,253
Birmingham, AL* 8,943,059 21.09 -0.80 0.43 16.81 15.96 76,173
Charleston, SC 3,942,925 23.18 0.17 -2.56 11.45 11.49 809
Charlotte, NC 19,403,225 22.80 0.62 6.19 15.18 16.61 410,325
Columbia, SC 973,189 16.55 -1.55 -4.00 13.77 14.93 -11,304
Dallas, TX 91,055,763 23.30 - 1.30 16.20 15.50 634,612
Ft. Lauderdale-Broward, FL 10,963,059 27.14 0.04 -2.44 18.82 18.45 40,574
Ft. Worth, TX 2,638,353 24.00 - -2.04 3.89 3.85 1,032
Greenville, SC 2,245,798 17.32 1.88 -0.40 15.60 12.66 66,172
Houston, TX 66,845,822 28.20 3.26 3.15 12.00 11.44 379,470
Jacksonville, FL 9,206,865 19.58 - -3.59 8.46 8.32 13,028
Little Rock, AR 3,027,212 19.25 0.94 3.89 18.98 18.71 9,217
Memphis, TN 8,113,880 21.44 -0.79 -1.02 8.42 8.10 25,608
Miami-Dade, FL 16,308,475 30.52 0.07 -3.05 19.81 18.70 180,756
Nashville, TN 7,288,561 23.23 0.13 6.32 5.34 5.87 -39,206
Orlando, FL 16,827,628 20.93 -1.60 -3.77 21.08 19.88 201,731
Raleigh/Durham/Chapel Hill, NC 24,532,197 20.76 -0.48 -2.21 14.39 13.76 154,190Richmond, VA 13,564,697 18.78 -0.05 0.48 14.24 13.60 86,395
Savannah, GA 490,035 22.70 0.18 0.35 23.70 17.79 28,932
Tampa Bay, FL 23,629,402 22.78 -0.35 -2.15 16.07 14.48 214,151
West Palm Beach/Palm Beach County, FL 9,163,879 29.68 -1.53 -2.94 18.14 17.23 83,092
South Total 418,476,929 23.80 0.61 0.57 15.23 14.70 3,083,010
*Absorption and vacancy fgures or Birmingham account or direct space only
7/29/2019 Colliers North American Office Highlights Q4-12
15/19
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERIC
COLLIERS INTERNATIONAL | P
UNITED STATES | SUBURBAN OFFICE | CLASS A
MARKETEXISTING
INVENTORY (SF)DEC ,
AVERAGEANNUAL QUOTEDRENT (USD PSF)
DEC ,
QUARTERLYCHANGE INRENT (%)
ANNUALCHANGE INRENT (%)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ
(SF)
MIDWEST
Chicago, IL 76,979,405 27.00 - 1.89 18.23 17.70 403,696Cincinnati, OH 15,916,607 20.54 0.39 0.20 19.40 20.31 -144,815
Cleveland, OH 13,701,278 21.34 -0.33 0.05 10.44 10.05 689,788
Columbus, OH 18,133,071 19.05 0.37 2.14 10.57 11.50 -27,569
Detroit, MI 33,643,164 20.52 -0.24 -2.01 15.52 15.72 -67,275
Grand Rapids, MI 2,206,876 17.50 -2.78 -9.00 28.84 28.22 13,520
Indianapolis, IN 12,403,471 18.00 0.39 1.58 17.72 17.10 85,772
Kansas City, MO 14,734,064 20.30 0.30 -1.93 11.87 11.78 14,100
Milwaukee, WI 5,912,609 22.32 9.90 9.79 10.93 10.58 20,889
Minneapolis, MN 26,674,839 13.80 -1.43 -0.50 16.12 15.62 131,289
Omaha, NE 4,342,362 26.15 - 0.85 5.07 5.01 104,815
St. Louis, MO 25,996,388 21.89 0.05 -1.40 10.62 10.79 -45,320
Midwest Total 250,644,134 21.91 0.14 0.77 15.26 15.12 1,178,890
WEST
Bakerseld, CA 2,697,867 24.00 - - 4.74 5.28 -14,426
Boise, ID 3,108,058 15.12 0.13 0.47 14.14 13.57 17,779
Denver, CO 34,321,698 23.74 1.32 4.49 11.95 11.96 -3,198
Faireld, CA 1,917,086 25.61 -2.07 2.11 26.88 29.77 -55,433
Fresno, CA 4,017,507 25.20 - - 17.26 18.85 -63,910
Las Vegas, NV 4,979,076 29.28 - -1.61 34.96 33.02 96,889
Los Angeles, CA 102,533,800 33.96 0.71 1.43 17.26 17.20 455,100
Los Angeles Inland Empire, CA 5,194,800 23.52 1.03 2.08 27.39 23.62 195,866
Oakland, CA 3,870,228 26.40 - -0.90 26.20 24.23 76,225
Orange County, CA 32,834,800 25.56 -0.93 -0.47 17.93 16.96 253,700
Phoenix, AZ 30,242,049 23.29 0.26 -1.06 23.12 20.31 918,319
Portland, OR 11,012,912 22.95 -0.35 0.31 14.02 14.06 -4,348
Reno, NV 2,989,478 18.62 - -7.09 13.90 13.91 34,636
Sacramento, CA 16,324,396 22.20 -0.54 -1.60 21.51 20.99 185,646
San Diego, CA 23,418,247 32.88 - 4.18 11.52 10.73 184,465
San Francisco Peninsula 22,281,029 41.64 -0.29 10.16 13.53 14.09 -109,899San Jose/Silicon Valley 27,077,797 39.07 -1.34 8.17 14.02 14.43 145,393
Seattle/Puget Sound, WA 20,850,141 31.68 0.86 4.55 10.38 8.57 132,984
Walnut Creek/Pleasanton, CA 15,972,148 25.92 3.85 14.89 10.33 8.98 216,974
West Total 365,643,117 30.38 0.35 3.37 16.25 15.68 2,662,762
U.S. TOTAL 1,541,121,521 26.21 -0.08 0.82 15.97 15.67 8,048,503
(continued)
7/29/2019 Colliers North American Office Highlights Q4-12
16/19P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERICA
CANADA | DOWNTOWN OFFICE | ALL INVENTORY
MARKETEXISTING
INVENTORY (SF)DEC ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ
(SF)
Calgary, AB 39,567,994 256,657 1,661,000 4.52 3.68 330,012
Edmonton, AB 11,260,840 117,768 - 8.42 8.30 13,280Haliax, NS 4,684,110 38,948 190,000 11.44 11.45 -470
Montral, QC 49,428,581 127,000 304,000 5.01 4.27 365,660
Ottawa, ON 15,526,942 87,700 360,000 5.57 6.75 -183,170
Regina, SK 3,801,824 220,000 80,000 1.92 2.59 190,164
Saskatoon, SK* 2,319,464 109,000 50,000 3.25 3.34 138,900
Toronto, ON 69,531,181 464,455 2,784,698 5.10 4.58 203,259
Vancouver, BC 24,408,488 20,299 1,563,810 3.50 4.03 -130,891
Victoria, BC 4,952,849 80,455 - 7.79 8.28 -14,428
Waterloo Region, ON 3,772,982 - 66,075 14.87 14.22 24,360
Winnipeg, MB 11,188,648 - 130,375 6.59 6.59 -
CANADA TOTAL 240,443,903 1,522,282 7,189,958 5.35 5.04 936,676
*Saskatoon tracks but does not submit suburban inventory gures or this report
CANADA | DOWNTOWN OFFICE | CLASS A
MARKETEXISTING
INVENTORY (SF)DEC ,
AVG ANNUALQUOTED RENT
(CAD PSF)DEC ,
QUARTERLYCHANGE
IN RENT (%)
ANNUALCHANGE
IN RENT (%)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ (SF)
Calgary, AB 26,727,389 60.21 - 8.7 1.46 1.84 -102,756
Edmonton, AB 9,074,913 42.02 0.7 5.3 8.27 8.45 -16,593
Haliax, NS 1,933,746 32.35 - 1.7 9.06 8.95 2,144Montral, QC 23,075,596 45.00 7.1 7.1 4.49 4.13 82,257
Ottawa, ON 9,535,830 51.60 3.5 6.7 4.52 4.92 -38,670
Regina, SK 1,094,911 42.00 4.0 13.5 0.96 1.42 212,815
Saskatoon, SK 570,571 40.00 5.3 8.1 1.84 3.59 67,509
Toronto, ON 40,130,328 54.28 0.6 2.4 5.70 4.70 187,396
Vancouver, BC 10,029,234 54.57 -1.1 0.1 2.08 2.65 -60,827
Victoria, BC 513,808 35.00 -2.8 -7.4 9.43 4.88 39
Waterloo Region, ON 1,559,429 25.66 - -0.8 12.48 12.01 7,282
Winnipeg, MB 2,619,428 33.50 - N/A 4.76 4.76 -
CANADA TOTAL 126,865,183 51.42 1.7 4.5 4.46 4.24 340,596
7/29/2019 Colliers North American Office Highlights Q4-12
17/19
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERIC
COLLIERS INTERNATIONAL | P
CANADA | SUBURBAN OFFICE | ALL INVENTORY
MARKETEXISTING
INVENTORY (SF)DEC ,
NEW SUPPLYQ
(SF)
UNDERCONSTRUCTION
(SF)
VACANCYRATE (%)
SEP ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ
(SF)
Calgary, AB 24,444,605 256,657 - 8.54 9.34 40,263
Edmonton, AB 9,110,948 117,768 315,150 11.24 11.13 103,952Haliax, NS 6,545,973 38,948 73,500 10.45 10.98 -152
Montral, QC 24,355,843 127,000 153,516 8.93 8.55 627,008
Ottawa, ON 21,181,500 87,700 416,450 9.10 9.84 -78,742
Regina, SK 720,541 - - 0.41 - -
Toronto, ON 68,333,270 250,000 924,250 8.12 7.47 377,866
Vancouver, BC 27,698,230 20,299 1,712,524 11.13 10.00 309,956
Victoria, BC 3,681,143 80,455 121,000 8.51 9.39 19,167
Waterloo Region, ON 7,112,148 - 154,710 10.76 10.85 -3,876
Winnipeg, MB 3,353,094 - 192,000 12.26 12.26 -
CANADA TOTAL 196,537,295 978,827 4,063,100 9.17 8.95 1,395,442
CANADA | SUBURBAN OFFICE | CLASS A
MARKETEXISTING
INVENTORY (SF)DEC ,
AVG ANNUALQUOTED RENT
(CAD PSF)DEC ,
QUARTERLYCHANGE
IN RENT (%)
ANNUALCHANGE
IN RENT (%)
VACANCYRATE (%)
SEP. ,
VACANCYRATE (%)
DEC ,
ABSORPTIONQ
(SF)
Calgary, AB 11,635,483 44.00 2.3 7.3 7.10 7.63 176,873
Haliax, NS 2,875,036 27.44 - -2.5 10.64 9.84 20,869
Montral, QC 13,562,834 27.00 - -3.6 7.80 6.66 272,484
Ottawa, ON 12,123,116 30.58 -2.8 -2.2 8.86 9.70 -69,890
Regina, SK 395,432 N/A N/A N/A - - -
Toronto, ON 31,584,389 30.59 -0.1 1.0 9.40 8.87 306,382
Vancouver, BC 13,426,379 33.50 0.4 -6.9 11.13 9.91 179,328
Victoria, BC 770,939 38.00 - -5.0 8.39 13.98 32,512
Waterloo Region, ON 3,422,481 24.15 -0.8 -0.6 10.39 9.99 13,845
CANADA TOTAL* 89,796,089 31.94 0.2 -0.5 9.08 8.72 932,403
*Edmonton and Winnipeg do not track Suburban Class A inventory.
7/29/2019 Colliers North American Office Highlights Q4-12
18/19P. | COLLIERS INTERNATIONAL
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERICA
UNITED STATES | OFFICE INVESTMENT
MARKETCBD
SALES PRICE(USD PSF)
CBDCAP RATE
(%)
SUBURBANSALES PRICE
(USD PSF)
SUBURBANCAP RATE
(%)
Atlanta, GA 170.00 7.7 125.00 8.3
Baltimore, MD 48.01 131.82 7.5
Boise, ID 84.73 7.4
Boston, MA 246.00 5.5 154.48
Charleston, SC 250.00 8.0 135.00 11.0
Chicago, IL 350.00 6.5 225.00 7.5
Cincinnati, OH 120.00 9.8 137.50 9.5
Columbia, SC 180.00
Columbus, OH 67.40 80.58 8.2
Dallas, TX 150.00 7.0
Denver, CO 144.00 6.5 125.00 7.4
Detroit, MI 75.29 10.3 47.89
Faireld County, CT 243.00 5.0Fresno, CA 125.00 9.0 175.00 8.5
Ft. Lauderdale-Broward, FL 175.00 167.00 7.5
Grand Rapids, MI 102.56 8.8
Hartord, CT 95.87 7.8
Houston, TX 200.00 7.3
Indianapolis, IN 165.00 9.0 155.00 8.5
Jacksonville, FL 150.00 8.5
Las Vegas, NV 132.60
Long Island, NY 190.23 7.6
Los Angeles, CA 200.00 8.0
Los Angeles Inland Empire, CA 191.00 7.0 247.00 6.6
Memphis, TN 32.57 9.0 84.25
Miami-Dade, FL 285.00 6.0 239.00 5.4
Milwaukee, WI 120.00 9.0 100.00 9.5
Minneapolis, MN 121.27 7.3
Nashville, TN 200.00 7.0 120.00 7.0
New Jersey Central 172.00 7.5
New Jersey Northern 190.00 7.9
New York, NY Downtown Manhattan 533.00 5.0
New York, NY Midtown Manhattan 712.00 5.0
New York, NY Midtown South Manhattan 400.00 5.2Oakland, CA 152.47 7.5 111.49 8.5
Orange County, CA 350.00 6.3
Orlando, FL 175.00 8.0 135.00 8.3
Philadelphia, PA 150.00 8.0 159.00 8.0
Phoenix, AZ 65.00 8.0 108.00 7.5
Pittsburgh, PA 130.00 8.0 105.00 8.3
Portland, OR 175.11 8.8 131.62 7.3
Sacramento, CA 151.44 128.97 8.9
San Diego, CA 244.52 6.7 218.44 6.8
7/29/2019 Colliers North American Office Highlights Q4-12
19/19
HIGHLIGHTS | Q4 2012 | OFFICE | NORTH AMERIC
COLLIERS INTERNATIONAL Union Street, Suite
Seattle, WA TEL +
FOR MORE INFORMATION
K.C. Conway
Executive Managing Director,
Market Analytics | USATEL +
EMAIL kc.conway@colliers.com
James Cook
Director o Research | USA
TEL + EMAIL james.cook@colliers.com
CONTRIBUTORS
Jef Simonson
Senior Research Analyst | USA
Jennier Macatiag
Graphic Designer | USA
Clif Plank
National Director | GIS & Mapping
oces in countries on continentsUnited States:
Canada: Latin America:
Asia Pacic: EMEA:
$1.8 billion in annual revenue
1.25 billion square eet under
management
Over 12,300 proessionals and staf
Copyright Colliers International.
The inormation contained herein has been obtained rom sources
deemed reliable. While every reasonable efort has been made toensure its accuracy, we cannot guarantee it. No responsibility is
assumed or any inaccuracies. Readers are encouraged to consult
their proessional advisors prior to acting on any o the material
contained in this report.
Accelerating success.
UNITED STATES | OFFICE INVESTMENT
MARKETCBD
SALES PRICE(CAD PSF)
CBDCAP RATE
(%)
SUBURBANSALES PRICE
(CAD PSF)
SUBURBANCAP RATE
(%)
San Francisco, CA 500.00 5.0
San Francisco Peninsula 250.00 7.0San Jose/Silicon Valley 280.00 7.0 350.00 6.0
Savannah, GA 150.00 9.5 120.00 9.8
Seattle/Puget Sound, WA 170.22 4.4 367.60 7.4
St. Louis, MO 85.00 9.8 120.00 8.8
Stamord, CT 72.00 8.0
Tampa Bay, FL 115.62 7.4 120.87 9.0
Walnut Creek/Pleasanton, CA 210.00 7.5 180.00 8.0
Washington, DC 575.00 5.6 260.00 6.5
West Palm Beach/Palm Beach County, FL 122.00 188.00 6.4
Westchester County, NY 125.00 8.0
White Plains, NY 72.00 8.0
U.S. AVERAGES* 204.62 7.4 163.49 7.8
CANADA | OFFICE INVESTMENT
Calgary, AB 550.00 5.5 460.00 5.8
Edmonton, AB 354.67 5.8
Montral, QC 275.00 6.5 190.00 7.3
Ottawa, ON 360.00 6.3 165.00 7.4
Regina, SK 125.00 7.0
Saskatoon, SK 240.00 7.0
Victoria, BC 354.00 6.2 280.00 6.3
Waterloo Region, ON 140.00 7.3 150.00 7.5
CANADA AVERAGES* 299.83 6.4 249.00 6.8
*Straight averages used.
Inventory Includes all existing multi- or single-
tenant leased and owner-occupied oce properties
greater than or equal to , square eet (netrentable area). In some larger markets this minimum
size threshold may vary up to , square eet.
Does not include medical or government buildings.
Vacancy Rate Percentage o total inventory
physically vacant as o the survey date, including
direct vacant and sublease space.
Absorption Net change in physically occupied space
over a given period o time.
New Supply Includes completed speculative and
build-to-suit construction. New supply quoted on a netbasis ater any demolitions or conversions.
Annual Quoted Rent Includes all costs associated
with occupying a ull oor in the mid-rise portion
o a Class A building, inclusive o taxes, insurance,maintenance, janitorial and utilities (electricity
surcharges added where applicable). All oce rents in
this report are quoted on an annual, gross per squarefoot basis. Rent calculations do not include sublease space.
CapRate (Or going-in cap rate) Capitalization rates
in this survey are based on multi-tenant institutionalgrade buildings ully leased at market rents. Cap rates
are calculated by dividing net operating income (NOI)
by purchase price.
Note: SF = square eet
MSF = million square eet PSF = per square oot
CBD = central business district
Glossary
(continued)
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