Вы находитесь на странице: 1из 8

COLLIERS INTERNATIONAL | NORTH AMERICA

Highlights
OFFICE | SECOND QUARTER | 2009

Office Space Markets Posts Another Weak Quarter


Ross J. Moore, Executive Vice President, Market and Economic Research
Office leasing markets across North America endured another sluggish quarter with rising vacancy levels
and falling rents. With the U.S. economy still contracting and experiencing sizable monthly job losses,
many businesses were only interested in shedding space, not taking on more. This was reflected in almost all
regions of the U.S. with the vast majority of cities surveyed posting higher vacancy levels. For the sixth con-
MARKET INDICATORS secutive quarter tenants returned more space to the market than they leased, helping to push the national
vacancy rate up for the seventh consecutive three-month period.
Q2 Q3 A modest supply of office development also came on the market during the second quarter, again helping to
2009  2009*
put upward pressure on the national vacancy rate. Rents moved downward as landlords competed for tenants
in an attempt to keep occupancies from declining further. This was more apparent in downtown markets
VACANCY
but suburban rents also moved lower. While the economy is showing signs of stabilizing, the outlook for the
office market is not encouraging with little chance of new hiring until well into 2010. With business condi-
NET ABSORPTION tions still fragile, the office leasing market will remain extremely weak for the balance of 2009 and much of
2010.
CONSTRUCTION
U.S. office vacancy rate up sharply. The US national office vacancy rate moved substantially higher
during the second quarter, marking the seventh consecutive increase. Aided by sublease space increasing by
RENTAL RATE 6.3 million square feet (MSF) to total 86.9 MSF, the overall vacancy rate increased 97 basis points to reg-
ister 15.47%. Vacancy levels have now returned to Q4 2004 levels. The Downtown vacancy rate increased
*Projected, relative to
prior period
84 basis points to register 13.77% while suburban vacancies increased 103 basis points to total 16.27%.
Canadian vacancy rates also moved higher with CBD vacancies rising 86 basis points to 4.76% compared
with suburban vacancies which increased 90 basis points to 8.08%.
USA OFFICE MARKET Downsizing and consolidation continues with more negative absorption. Second quarter
SUMMARY STATISTICS absorption was again negative with occupied space contracting by 25.1 MSF. This was the sixth consecutive
SECOND QUARTER 2009 quarterly contraction and significantly worse than a year ago when absorption was –1.6 MSF, but broadly in
line with Q1, when occupied space fell by 25.3 MSF. Companies are now shedding space at the quickest pace
since Q3 2001, when occupied space shrank by 28.0 MSF. Canadian markets also recorded a contraction in
Vacancy Rate Q2 2009: 15.47% occupied space with 221,000 SF returned to the market.
Change from Q1 2009: 0.97% continued on page 7

Absorption Q2 2009:
USA OFFICE MARKET Q2 2008 – Q2 2009
–25.1 Million Square Feet

New Construction Q2 2009: 30 16%


16.3 Million Square Feet
Vacancy (%)

15
20
14
Million Square Feet

Under Construction:
10
65.0 Million Square Feet 13
0 12
Asking Rents Per Square Foot
-10
(Change from Q1 2009):
Downtown Class A: $41.15 (-5.1%) -20
Suburban Class A: $27.37 (-1.2%)
-30
Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
Tenant Inducements Per Square Foot
(Months of Free Rent): Absorption Completions Vacancy

Downtown Class A: $29.19 (4.4)


www.colliers.com

Copyright © 2009 Colliers International. COLLIERS INTERNATIONAL 1


Colliers International is a worldwide affiliation of independently owned and operated companies.
UNITED STATES OF AMERICA DOWNTOWN OFFICE ALL INVENTORY

EXISTING NEW UNDER VACANCY VACANCY ABSORPTION ABSORPTION


INVENTORY (SF) SUPPLY CONSTRUCTION RATE (%) RATE (%) Q2 2009 YTD 2009
MARKET JUNE 30, 2009 Q2 2009 (SF) (SF) MARCH 31, 2009 JUNE 30, 2009 (SF) (SF)
Atlanta, GA 56,086,000 541,000 719,000 13.3 14.2 (26,000) 28,000
Bakersfield, CA 2,931,000 0 0 6.6 7.8 (29,000) (38,000)
Baltimore, MD 19,503,000 0 803,000 17.7 19.0 (251,000) (53,000)
Boise, ID 3,470,000 0 0 9.9 10.6 (25,000) (39,000)
Boston, MA 57,797,000 206,000 1,464,000 11.5 12.8 (581,000) (1,160,000)
Charleston, SC 2,064,000 0 0 8.0 9.4 (29,000) (57,000)
Charlotte, NC 18,648,000 390,000 2,427,000 4.2 6.7 (97,000) (301,000)
Chicago, IL 130,117,000 0 2,303,000 14.6 15.2 (824,000) (2,018,000)
Cincinnati, OH 12,707,000 0 825,000 17.4 17.4 0 (3,000)
Cleveland, OH 29,917,000 0 0 16.2 16.3 (51,000) (126,000)
Columbia, SC 4,631,000 171,000 190,000 13.5 14.7 (77,000) (122,000)
Columbus, OH 9,673,000 195,000 0 15.1 15.3 (82,000) (118,000)
Dallas/Fort Worth, TX 35,581,000 0 0 20.7 21.2 (148,000) (12,000)
Denver, CO 26,628,000 0 496,000 15.1 14.4 (22,000) (289,000)
Detroit, MI 29,747,000 0 0 16.4 16.5 (83,000) (140,000)
Fresno, CA 3,206,000 0 0 10.7 10.5 7,000 35,000
Ft. Lauderdale/Broward County, FL 9,066,000 0 0 11.5 11.5 3,000 (11,000)
Greenville, SC 3,133,000 55,000 0 24.3 24.1 (6,000) (6,000)
Hartford, CT 10,096,000 0 0 16.2 18.8 (256,000) (461,000)
Honolulu, HI 8,064,000 0 0 11.0 10.9 (39,000) (89,000)
Houston, TX 37,933,000 0 1,817,000 13.0 13.1 (61,000) (229,000)
Indianapolis, IN 11,559,000 0 0 14.8 15.5 (83,000) (66,000)
Jacksonville, FL 12,878,000 0 0 10.9 10.9 0 (13,000)
Kansas City MO-KS 11,288,000 (14,000) 0 21.5 22.0 (68,000) (61,000)
Las Vegas, NV 3,356,000 0 0 10.3 10.7 (13,000) (96,000)
Little Rock, AR 5,169,000 0 0 14.0 11.4 107,000 131,000
Los Angeles, CA 31,493,000 0 0 15.0 14.8 127,000 44,000
Louisville, KY 10,089,000 140,000 0 7.8 8.2 83,000 51,000
Memphis, TN 8,458,000 0 0 12.7 13.2 (43,000) (93,000)
Miami/Dade County, FL 15,568,000 0 1,973,000 14.5 15.7 (198,000) (247,000)
Milwaukee, WI 10,620,000 0 0 18.6 19.1 (47,000) (239,000)
Minneapolis/St. Paul, MN 25,621,000 0 0 17.2 17.8 (242,000) (240,000)
Nashville, TN 7,513,000 0 520,000 17.5 19.1 (120,000) (170,000)
New York, NY - Downtown Manhattan 89,744,000 0 4,600,000 10.2 10.6 (346,000) (348,000)
New York, NY - Midtown Manhattan 257,412,000 0 1,438,000 12.4 13.7 (3,174,000) (6,771,000)
New York, NY - Midtown S. Manhattan 98,339,000 0 315,000 13.1 13.8 (747,000) (2,394,000)
Oakland, CA 17,023,000 110,000 62,000 11.0 12.3 (93,000) (140,000)
Orlando, FL 11,581,000 0 12,000 15.2 15.9 (75,000) (204,000)
Philadelphia, PA 41,918,000 0 0 10.1 10.6 (241,000) (545,000)
Phoenix, AZ 19,946,000 0 1,045,000 14.6 16.8 (418,000) (579,000)
Pleasanton/Walnut Creek, CA 22,370,000 0 0 19.3 19.9 (959,000) (1,790,000)
Portland, OR 34,041,000 23,000 578,000 7.6 7.9 (75,000) (162,000)
Raleigh/Durham/Chapel Hill, NC 3,726,000 13,000 0 8.8 10.8 (34,000) (60,000)
Reno, NV 1,326,000 0 0 21.8 21.8 8,000 (3,000)
Sacramento, CA 19,165,000 434,000 0 7.7 9.2 113,000 219,000
San Diego County, CA 10,101,000 0 40,000 15.1 15.0 15,000 36,000
San Francisco, CA 82,895,000 0 418,000 13.2 14.1 (689,000) (1,242,000)
San Jose/Silicon Valley, CA 7,593,000 318,000 0 20.5 24.4 (20,000) (184,000)
Seattle/Puget Sound, WA 57,783,000 492,000 4,227,000 9.3 11.3 (679,000) (1,326,000)
St. Louis, MO 11,401,000 0 0 21.3 21.5 (24,000) 10,000
Stockton/San Joaquin County, CA 8,476,000 0 30,000 18.2 18.8 (24,000) (57,000)
Tampa, FL 9,355,000 0 0 14.1 14.6 (52,000) (116,000)
Washington, DC 115,753,000 1,593,000 6,928,000 8.3 9.6 (231,000) (57,000)
West Palm Beach/Palm Beach County, FL 9,501,000 0 0 18.1 17.2 86,000 69,000
USA TOTAL/AVERAGE 1,594,058,000 4,667,000 33,231,000 12.93 13.77 (10,828,000) (21,253,000)

2 COLLIERS INTERNATIONAL
UNITED STATES OF AMERICA DOWNTOWN OFFICE CLASS A

AVERAGE
ANNUAL YTD
EXISTING VACANCY VACANCY ABSORPTION ABSORPTION QUOTED RENT QUARTERLY CHANGE
INVENTORY (SF) RATE (%) RATE (%) Q2 2009 YTD 2009 (US$ PSF) CHANGE IN IN RENT
MARKET JUNE 30, 2009 MARCH 31, 2009 JUNE 30, 2009 (SF) (SF) JUNE 30, 2009 RENT (%) (%)
Atlanta, GA 30,963,000 17.3 18.4 111,000 138,000 21.90 (3.18) (4.49)
Bakersfield, CA 670,000 5.0 7.7 (16,000) (17,000) 17.40 0.00 0.00
Baltimore, MD 9,236,000 16.5 16.4 16,000 (71,000) 25.00 (0.52) 3.77
Boise, ID 2,038,000 4.6 5.5 (18,000) (16,000) 20.50 (0.97) 2.91
Boston, MA 39,558,000 10.0 12.3 (347,000) (740,000) 50.10 (4.52) (19.15)
Charleston, SC 1,031,000 5.9 6.4 (5,000) 0 29.00 (3.33) 3.57
Charlotte, NC 13,350,000 3.4 6.3 (20,000) (177,000) 30.30 (1.30) (5.78)
Chicago, IL 71,075,000 14.1 15.3 (849,000) (1,021,000) 35.50 (4.05) (8.97)
Cincinnati, OH 5,869,000 14.3 14.5 (9,000) (13,000) 23.50 0.00 (0.34)
Cleveland, OH 8,932,000 13.5 13.2 26,000 (41,000) 21.00 1.85 5.54
Columbia, SC 1,896,000 9.5 13.7 (80,000) (105,000) 19.80 (3.18) (3.18)
Columbus, OH 4,308,000 13.8 13.3 (44,000) (49,000) 23.10 0.39 1.05
Dallas/Fort Worth, TX 22,524,000 21.6 21.9 (67,000) 85,000 25.50 (0.97) (1.92)
Denver, CO 17,342,000 14.6 14.1 (70,000) (299,000) 28.00 (12.50) (17.65)
Detroit, MI 11,619,000 13.5 13.0 4,000 (22,000) 22.60 0.58 1.30
Fresno, CA 1,039,000 12.5 12.8 (4,000) (6,000) 25.20 (2.33) (4.55)
Ft. Lauderdale/Broward County, FL 4,504,000 16.7 17.6 (42,000) 42,000 32.00 (0.03) (1.84)
Greenville, SC 1,838,000 17.7 20.3 (57,000) (57,000) 21.50 (1.73) (1.73)
Hartford, CT 6,337,000 15.5 19.5 (256,000) (461,000) 23.50 (1.35) (1.35)
Honolulu, HI 4,700,000 11.3 11.5 (9,000) (27,000) 36.50 (2.90) (2.54)
Houston, TX 27,838,000 8.5 8.4 13,000 (118,000) 38.80 (0.23) 0.96
Indianapolis, IN 6,504,000 17.8 19.0 (79,000) (97,000) 20.30 0.00 (1.51)
Jacksonville, FL 6,602,000 13.3 13.3 0 73,000 21.00 0.00 0.00
Kansas City MO-KS 6,115,000 17.8 18.6 (45,000) (69,000) 20.20 (0.15) 0.80
Las Vegas, NV 700,000 10.5 10.5 0 0 39.30 0.00 0.00
Little Rock, AR 2,384,000 7.8 10.3 (58,000) 97,000 16.40 0.00 3.81
Los Angeles, CA 14,789,000 13.5 12.1 80,000 90,000 39.80 1.84 6.07
Louisville, KY 2,997,000 8.8 9.5 106,000 102,000 21.10 1.89 (1.68)
Memphis, TN 1,901,000 23.7 23.7 0 (62,000) 16.90 0.12 (0.06)
Miami/Dade County, FL 7,941,000 11.0 12.6 (122,000) (212,000) 43.50 1.83 (1.43)
Milwaukee, WI 5,319,000 12.0 12.8 (41,000) (11,000) 22.00 0.00 0.00
Minneapolis/St. Paul, MN 13,240,000 12.5 13.6 (145,000) (103,000) 26.50 (4.71) (2.28)
Nashville, TN 3,943,000 18.0 20.4 (92,000) (123,000) 22.30 (3.00) 8.10
New York, NY - Downtown Manhattan 55,574,000 7.5 7.8 (118,000) (39,000) 48.60 (2.11) (14.03)
New York, NY - Midtown Manhattan 162,881,000 12.1 13.4 (2,109,000) (3,963,000) 69.70 (6.91) (15.17)
New York, NY - Midtown S. Manhattan 14,176,000 7.8 7.9 (19,000) (300,000) 51.30 (1.99) (13.62)
Oakland, CA 10,198,000 7.1 9.7 (142,000) (177,000) 34.20 25.55 0.71
Orlando, FL 5,681,000 18.1 18.6 (29,000) (84,000) 27.70 (0.75) (2.30)
Philadelphia, PA 30,860,000 9.6 10.2 (193,000) (507,000) 25.70 (0.08) 0.23
Phoenix, AZ 9,550,000 13.4 16.2 (251,000) (311,000) 28.80 (5.30) (7.58)
Pleasanton/Walnut Creek, CA 13,039,000 18.6 18.9 (402,000) (897,000) 27.10 (0.88) (0.88)
Portland, OR 14,629,000 5.9 6.1 (4,000) (7,000) 25.10 (0.91) (1.10)
Raleigh/Durham/Chapel Hill, NC 2,732,000 7.2 9.8 (18,000) (23,000) 22.70 (2.16) (1.52)
Reno, NV 548,000 16.7 16.4 1,000 (10,000) 22.20 (3.14) (3.14)
Sacramento, CA 8,653,000 5.6 9.7 57,000 150,000 34.20 (0.35) 0.00
San Diego County, CA 6,977,000 16.3 15.6 54,000 54,000 33.50 (1.06) (2.79)
San Francisco, CA 49,687,000 12.1 12.7 (307,000) (706,000) 34.20 (13.40) (20.63)
San Jose/Silicon Valley, CA 3,365,000 25.1 32.8 (18,000) (123,000) 37.60 (6.85) (7.94)
Seattle/Puget Sound, WA 28,967,000 10.8 14.1 (443,000) (847,000) 32.10 (6.93) (0.22)
St. Louis, MO 6,843,000 21.1 21.5 (22,000) 12,000 20.60 0.00 0.00
Stockton/San Joaquin County, CA 8,476,000 18.1 18.8 (24,000) (85,000) 19.60 (2.98) (5.23)
Tampa, FL 5,642,000 14.5 15.4 (53,000) (105,000) 21.20 (9.23) (5.64)
Washington, DC 74,506,000 8.9 8.4 364,000 122,000 49.60 (1.17) (1.08)
West Palm Beach/Palm Beach County, FL 3,002,000 23.4 22.0 41,000 44,000 38.40 (3.37) (4.41)
USA TOTAL/AVERAGE 875,089,000 12.09 12.99 (5,752,000) (10,326,000) 41.10 (weighted) (5.10) (10.29)
29.30 (equal) (2.02) (4.36)

COLLIERS INTERNATIONAL 3
UNITED STATES OF AMERICA SUBURBAN OFFICE ALL INVENTORY

EXISTING NEW UNDER VACANCY VACANCY ABSORPTION ABSORPTION


INVENTORY (SF) SUPPLY CONSTRUCTION RATE (%) RATE (%) Q2 2009 YTD 2009
MARKET JUNE 30, 2009 Q2 2009 (SF) (SF) MARCH 31, 2009 JUNE 30, 2009 (SF) (SF)
Atlanta, GA 182,350,000 344,000 2,507,000 15.9 16.4 (567,000) (935,000)
Bakersfield, CA 5,923,000 13,000 48,000 10.6 10.6 62,000 125,000
Baltimore, MD 49,265,000 654,000 380,000 18.2 18.4 459,000 (158,000)
Boise, ID 10,221,000 0 318,000 17.3 19.8 (255,000) (348,000)
Boston, MA 100,555,000 427,000 544,000 17.0 19.3 (949,000) (1,733,000)
Charleston, SC 7,986,000 83,000 0 20.0 21.5 (52,000) 46,000
Charlotte, NC 54,699,000 38,000 249,000 14.7 14.9 (105,000) (272,000)
Chicago, IL 105,710,000 0 390,000 21.8 23.0 (1,285,000) (2,158,000)
Cincinnati, OH 19,422,000 145,000 737,000 22.6 23.0 (61,000) (61,000)
Cleveland, OH 72,489,000 35,000 223,000 9.9 10.5 (193,000) (453,000)
Columbia, SC 4,886,000 70,000 0 17.8 22.0 (214,000) (214,000)
Columbus, OH 16,589,000 350,000 337,000 14.7 15.5 (75,000) (56,000)
Dallas/Fort Worth, TX 255,685,000 561,000 3,210,000 16.3 16.6 (378,000) 83,000
Denver, CO 125,453,000 232,000 0 2.7 14.3 187,000 (371,000)
Detroit, MI 99,291,000 0 197,000 18.7 18.4 4,000 (403,000)
Fairfield, CA 3,593,000 22,000 0 25.3 26.0 (30,000) (59,000)
Fresno, CA 17,698,000 106,000 11,000 13.8 13.8 92,000 29,000
Ft. Lauderdale/Broward County, FL 45,366,000 95,000 326,000 12.9 13.8 (335,000) (601,000)
Greenville, SC 4,433,000 0 0 20.7 22.5 (80,000) (80,000)
Hartford, CT 14,322,000 0 0 19.2 18.3 131,000 2,000
Honolulu, HI 7,642,000 0 0 7.8 9.3 (44,000) (82,000)
Houston, TX 155,815,000 1,293,000 2,509,000 15.2 16.2 (447,000) (609,000)
Indianapolis, IN 19,879,000 0 301,000 21.7 22.5 (164,000) (239,000)
Jacksonville, FL 26,339,000 0 0 16.0 16.0 0 (414,000)
Kansas City MO-KS 35,938,000 224,000 521,000 16.3 17.0 (84,000) (241,000)
Las Vegas, NV 37,610,000 143,000 324,000 23.6 24.8 (285,000) (555,000)
Little Rock, AR 9,739,000 0 67,000 8.1 9.4 (107,000) 21,000
Los Angeles - Inland Empire, CA 22,913,000 0 455,000 23.3 23.5 (55,000) (209,000)
Los Angeles, CA 165,777,000 1,206,000 1,667,000 17.2 15.5 (1,077,000) (3,747,000)
Louisville, KY 9,221,000 0 0 16.6 16.8 (11,000) 8,000
Memphis, TN 27,409,000 7,000 152,000 13.6 13.5 18,000 (6,000)
Miami/Dade County, FL 61,693,000 289,000 1,493,000 12.6 14.1 (768,000) (1,069,000)
Milwaukee, WI 17,809,000 0 0 16.4 16.5 (28,000) (17,000)
Minneapolis/St. Paul, MN 44,146,000 0 430,000 19.7 20.1 (335,000) (563,000)
Nashville, TN 25,107,000 300,000 84,000 11.5 13.0 (113,000) (406,000)
New Jersey - Central 104,024,000 59,000 463,000 15.3 17.2 (1,984,000) (1,756,000)
New Jersey - Northern 159,001,000 283,000 158,000 11.2 11.2 206,000 459,000
New York - Fairfield County, CT 57,371,000 0 975,000 17.6 18.5 (497,000) (1,177,000)
New York - Westchester County, NY 44,229,000 0 0 16.9 16.4 227,000 (197,000)
Oakland, CA 15,877,000 0 0 17.0 17.2 (10,000) (70,000)
Orange County, CA 77,207,000 0 81,000 19.5 20.2 (613,000) (1,734,000)
Orlando, FL 52,278,000 459,000 815,000 14.7 15.8 (412,000) (640,000)
Philadelphia, PA 109,064,000 215,000 1,261,000 15.1 15.8 (547,000) (162,000)
Phoenix, AZ 107,493,000 0 1,348,000 20.6 22.2 (630,000) (967,000)
Pleasanton/Walnut Creek, CA 17,837,000 0 0 14.4 14.9 (894,000) (1,692,000)
Portland, OR 43,289,000 327,000 61,000 10.9 11.8 (90,000) (361,000)
Raleigh/Durham/Chapel Hill, NC 41,071,000 345,000 766,000 19.0 21.0 (456,000) (827,000)
Reno, NV 5,399,000 0 0 20.9 21.0 (5,000) (112,000)
Sacramento, CA 68,900,000 579,000 737,000 16.8 17.4 19,000 (260,000)
San Diego County, CA 66,855,000 330,000 742,000 18.1 18.3 70,000 (173,000)
San Francisco Peninsula, CA 33,478,000 161,000 0 18.4 19.9 (408,000) (1,010,000)
San Jose/Silicon Valley, CA 52,671,000 102,000 1,736,000 16.8 19.2 (1,539,000) (2,362,000)
Seattle/Puget Sound, WA 83,673,000 993,000 816,000 10.7 11.1 387,000 1,007,000
St. Louis, MO 38,754,000 391,000 1,164,000 9.5 9.3 52,000 284,000
Tampa, FL 70,959,000 250,000 267,000 14.0 14.8 (652,000) (1,158,000)
Washington, DC - N.Virginia 150,397,000 0 1,542,000 10.0 10.6 665,000 143,000
Washington, DC - Suburban, MD 74,101,000 347,000 1,245,000 11.5 11.6 148,000 (276,000)
West Palm Beach/Palm Beach Co., FL 28,677,000 135,000 81,000 20.0 21.0 (202,000) (407,000)
USA TOTAL/AVERAGE 3,365,576,000 11,612,000 31,736,000 15.25 16.27 (14,305,000) (29,188,000)

4 COLLIERS INTERNATIONAL
UNITED STATES OF AMERICA SUBURBAN OFFICE CLASS A

AVERAGE
ANNUAL YTD
EXISTING VACANCY VACANCY ABSORPTION ABSORPTION QUOTED RENT QUARTERLY CHANGE
INVENTORY (SF) RATE (%) RATE (%) Q2 2009 YTD 2009 (US$ PSF) CHANGE IN IN RENT
MARKET JUNE 30, 2009 MARCH 31, 2009 JUNE 30, 2009 (SF) (SF) JUNE 30, 2009 RENT (%) (%)
Atlanta, GA 77,330,000 16.0 16.2 101,000 105,000 22.40 (1.58) (3.11)
Bakersfield, CA 2,661,000 7.2 6.8 11,000 78,000 24.00 0.00 0.00
Baltimore, MD 21,151,000 20.7 20.6 555,000 214,000 26.40 1.46 1.15
Boise, ID 4,343,000 18.5 20.3 (78,000) (112,000) 18.30 0.00 (3.43)
Boston, MA 29,007,000 18.2 18.8 175,000 (162,000) 30.10 (0.33) (6.17)
Charleston, SC 3,941,000 16.4 17.8 0 127,000 26.50 0.00 26.19
Charlotte, NC 18,721,000 20.7 20.4 (52,000) (183,000) 19.90 (0.60) (0.50)
Chicago, IL 44,680,000 28.8 30.5 (753,000) (1,276,000) 27.80 (0.68) 15.88
Cincinnati, OH 12,187,000 20.4 21.1 59,000 22,000 21.10 0.19 3.07
Cleveland, OH 12,647,000 10.3 11.0 (77,000) (28,000) 21.20 0.43 0.76
Columbia, SC 996,000 13.5 18.4 (54,000) (54,000) 18.00 1.47 1.47
Columbus, OH 8,980,000 9.4 9.5 8,000 11,000 19.50 0.88 0.41
Dallas/Fort Worth, TX 94,236,000 15.9 16.4 (126,000) 164,000 25.50 (0.97) (1.92)
Denver, CO 37,396,000 16.5 13.9 201,000 162,000 22.00 (10.20) (12.00)
Detroit, MI 27,552,000 16.6 16.9 (157,000) (327,000) 23.30 (1.61) (2.06)
Fairfield, CA 2,157,000 27.4 27.8 (7,000) (27,000) 25.30 0.00 (0.47)
Fresno, CA 3,764,000 24.1 21.8 87,000 81,000 25.80 (2.27) (4.44)
Ft. Lauderdale/Broward County, FL 10,770,000 17.5 18.5 (34,000) (107,000) 28.00 0.14 (10.77)
Greenville, SC 1,812,000 14.2 14.2 0 0 18.60 (1.06) 0.00
Hartford, CT 8,136,000 17.5 17.7 (5,000) (133,000) 21.00 (0.29) (0.43)
Houston, TX 65,967,000 14.3 16.0 (147,000) 483,000 27.60 (0.93) (1.04)
Indianapolis, IN 10,005,000 22.3 22.6 (50,000) (131,000) 19.50 0.00 1.40
Jacksonville, FL 9,410,000 17.1 17.1 0 (480,000) 21.00 0.00 0.00
Kansas City MO-KS 11,068,000 15.7 16.9 (35,000) (41,000) 22.30 (2.07) (1.81)
Las Vegas, NV 4,895,000 34.6 38.6 (55,000) (111,000) 35.50 (1.96) (3.45)
Little Rock, AR 2,945,000 5.6 4.6 25,000 135,000 18.30 0.00 0.00
Los Angeles - Inland Empire, CA 4,936,000 33.3 37.2 (3,000) (64,000) 27.40 (2.15) (4.20)
Los Angeles, CA 99,024,000 13.7 15.0 (530,000) (2,048,000) 36.10 (2.67) (5.05)
Louisville, KY 5,388,000 16.1 16.2 (4,000) 37,000 17.60 0.28 (9.40)
Memphis, TN 6,918,000 7.7 8.0 (23,000) (81,000) 21.70 (0.32) 1.40
Miami/Dade County, FL 14,253,000 17.5 18.8 8,000 (139,000) 33.10 (2.62) (4.58)
Milwaukee, WI 6,225,000 10.5 14.1 (224,000) (139,000) 21.00 0.00 (30.81)
Minneapolis/St. Paul, MN 16,730,000 14.7 16.7 (147,000) (393,000) 27.50 (0.90) (1.54)
Nashville, TN 15,808,000 10.7 12.6 (64,000) (233,000) 21.70 (1.23) (3.30)
New Jersey - Central 61,439,000 14.9 18.0 (1,912,000) (1,493,000) 26.40 0.80 (2.69)
New Jersey - Northern 90,175,000 14.0 13.9 341,000 877,000 28.40 (0.98) (2.20)
New York - Fairfield County, CT 31,271,000 20.0 20.8 (273,000) (735,000) 31.80 (5.91) 1.27
New York - Westchester County, NY 25,108,000 19.3 19.2 23,000 (236,000) 27.00 (4.09) (5.10)
Oakland, CA 3,582,000 35.0 43.7 (139,000) (164,000) 31.80 12.77 (0.31)
Orange County, CA 32,256,000 21.4 22.5 (348,000) (761,000) 31.20 (3.29) (11.86)
Orlando, FL 15,456,000 16.5 16.8 55,000 (220,000) 23.60 (0.25) (2.03)
Philadelphia, PA 67,050,000 14.1 14.9 (332,000) 91,000 25.00 0.48 (0.44)
Phoenix, AZ 32,975,000 25.5 26.3 (119,000) 12,000 26.80 (3.52) (9.42)
Pleasanton/Walnut Creek, CA 9,802,000 12.0 12.6 (22,000) 17,000 23.20 (3.50) (4.46)
Portland, OR 12,394,000 9.6 11.4 8,000 (102,000) 23.70 (2.71) (3.78)
Raleigh/Durham/Chapel Hill, NC 24,969,000 16.8 18.8 (307,000) (275,000) 22.20 0.05 (0.76)
Reno, NV 2,916,000 23.7 22.0 48,000 (19,000) 21.60 (5.26) (5.26)
Sacramento, CA 15,165,000 22.8 23.0 351,000 263,000 25.80 (2.71) 2.38
San Diego County, CA 23,653,000 23.4 23.0 312,000 309,000 36.40 (1.94) (5.02)
San Francisco Peninsula, CA 21,757,000 17.9 19.9 (319,000) (659,000) 34.80 (3.33) (11.31)
San Jose/Silicon Valley, CA 24,882,000 18.5 22.3 (907,000) (1,261,000) 38.30 (5.34) (7.80)
Seattle/Puget Sound, WA 23,644,000 9.0 9.7 585,000 1,032,000 28.00 3.55 39.72
St. Louis, MO 24,045,000 7.8 7.4 92,000 275,000 25.00 0.00 (3.85)
Tampa, FL 24,141,000 15.9 17.4 (400,000) (610,000) 25.10 1.01 3.30
Washington, DC - N.Virginia 98,511,000 13.3 13.6 665,000 1,018,000 29.70 (0.20) 7.41
Washington, DC - Suburban, MD 38,733,000 14.9 16.0 (200,000) (315,000) 30.20 1.75 (0.75)
West Palm Beach/Palm Beach Co., FL 8,868,000 18.0 19.9 (72,000) 202,000 31.00 (1.56) (5.66)
USA TOTAL/AVERAGE 1,408,827,000 16.42 17.26 (4,263,000) (7,919,000) 27.40 (weighted) (1.16) (2.56)
25.60 (equal) (1.09) (2.32)

COLLIERS INTERNATIONAL 5
CANADA DOWNTOWN AND SUBURBAN OFFICE ALL INVENTORY AND CLASS A

DOWNTOWN OFFICE – ALL INVENTORY


EXISTING NEW UNDER VACANCY VACANCY ABSORPTION ABSORPTION
INVENTORY (SF) SUPPLY CONSTRUCTION RATE (%) RATE (%) Q2 2009 YTD 2009
MARKET JUNE 30, 2009 Q2 2009 (SF) (SF) MARCH 31, 2009 JUNE 30, 2009 (SF) (SF)
Calgary, AB 34,211,000 0 5,454,000 6.4 7.8 (484,000) (1,086,000)
Edmonton, AB 10,613,000 461,000 578,000 0.5 5.0 463,000 375,000
Halifax, NS 4,891,000 0 0 3.8 3.8 2,000 (33,000)
Kitchener-Waterloo, ON 1,786,000 0 169,000 10.2 10.0 3,000 4,000
Montreal, QC 49,429,000 0 0 4.8 6.2 (656,000) (888,000)
Ottawa, ON 14,606,000 0 360,000 3.1 2.9 28,000 (83,000)
Regina, SK 3,733,000 0 0 1.6 1.6 2,000 14,000
Saskatoon, SK 1,926,000 0 127,000 4.6 4.6 (1,000) 3,000
Toronto, ON 84,998,000 26,000 4,571,000 4.2 4.7 86,000 411,000
Vancouver, BC 24,497,000 22,000 0 3.5 4.5 (242,000) (534,000)
Victoria, BC 4,636,000 (5,000) 243,000 – 2.7 (19,000) (19,000)
CANADA TOTAL/AVERAGE 235,326,000 504,000 11,502,000 4.27 5.26 (818,000) (1,835,000)

DOWNTOWN OFFICE – CLASS A


AVG. ANNUAL YTD
EXISTING VACANCY VACANCY ABSORPTION ABSORPTION QUOTED RENT QUARTERLY CHANGE
INVENTORY (SF) RATE (%) RATE (%) Q2 2009 YTD 2009 (C$ PSF) CHANGE IN IN RENT
MARKET JUNE 30, 2009 MARCH 31, 2009 JUNE 30, 2009 (SF) (SF) JUNE 30, 2009 RENT (%) (%)
Calgary, AB 20,750,000 3.6 3.7 (72,000) (354,000) 48.00 (14.29) (13.51)
Edmonton, AB 8,275,000 3.9 3.8 5,000 (68,000) 46.80 (1.91) 2.77
Halifax, NS 1,916,000 1.4 2.8 (22,000) (5,000) 31.50 2.18 2.88
Kitchener-Waterloo, ON 571,000 11.4 11.1 1,000 0 27.30 0.00 -
Montreal, QC 23,076,000 4.4 6.3 (452,000) (463,000) 31.10 6.69 12.73
Ottawa, ON 8,641,000 3.0 2.6 32,000 (82,000) 48.50 0.00 (3.98)
Regina, SK 1,026,000 0.6 0.6 0 (4,000) 34.80 0.00 5.30
Saskatoon, SK 442,000 0.0 0.0 4,000 4,000 30.00 4.35 (0.37)
Toronto, ON 37,955,000 4.7 5.7 (30,000) 243,000 53.60 1.29 (7.22)
Vancouver, BC 10,034,000 2.1 3.2 (107,000) (180,000) 44.00 0.00 0.00
Victoria, BC 596,000 – 3.8 (10,000) (10,000) 37.00 0.00 0.00
CANADA TOTAL/AVERAGE 113,283,000 3.90 4.76 (651,000) (921,000) 45.40 (weighted) (2.19) (3.46)
39.30 (equal) (1.00) (4.47)
SUBURBAN OFFICE – ALL INVENTORY
EXISTING NEW UNDER VACANCY VACANCY ABSORPTION ABSORPTION
INVENTORY (SF) SUPPLY CONSTRUCTION RATE (%) RATE (%) Q2 2009 YTD 2009
MARKET JUNE 30, 2009 Q2 2009 (SF) (SF) MARCH 31, 2009 JUNE 30, 2009 (SF) (SF)
Calgary, AB 16,717,000 390,000 1,005,000 9.2 11.0 117,000 40,000
Edmonton, AB 8,192,000 76,000 173,000 3.1 10.4 (5,000) 21,000
Halifax, NS 5,864,000 (20,000) 150,000 14.7 14.6 21,000 145,000
Kitchener-Waterloo, ON 2,393,000 0 73,000 7.7 7.5 5,000 128,000
Montreal, QC 22,422,000 0 0 9.7 9.1 133,000 280,000
Ottawa, ON 19,885,000 0 0 9.3 9.7 (92,000) (26,000)
Regina, SK 533,000 0 0 1.4 1.4 0 16,000
Toronto, ON 95,667,000 496,000 1,594,000 5.8 6.7 572,000 64,000
Vancouver, BC 27,892,000 0 870,000 7.6 8.1 (147,000) (274,000)
Victoria, BC 3,377,000 28,000 150,000 – 0.8 (5,000) (5,000)
CANADA TOTAL/AVERAGE 202,942,000 969,000 4,014,000 7.18 8.08 597,000 389,000

SUBURBAN OFFICE – CLASS A


AVG. ANNUAL YTD
EXISTING VACANCY VACANCY ABSORPTION ABSORPTION QUOTED RENT QUARTERLY CHANGE
INVENTORY (SF) RATE (%) RATE (%) Q2 2009 YTD 2009 (C$ PSF) CHANGE IN IN RENT
MARKET JUNE 30, 2009 MARCH 31, 2009 JUNE 30, 2009 (SF) (SF) JUNE 30, 2009 RENT (%) (%)
Calgary, AB 7,559,000 9.1 10.3 265,000 410,000 34.80 (0.14) (7.33)
Edmonton, AB 4,176,000 6.7 8.5 (26,000) (26,000) 31.30 (0.06) (2.13)
Halifax, NS 2,430,000 23.7 19.6 15,000 104,000 27.20 0.15 2.91
Kitchener-Waterloo, ON 993,000 10.5 9.4 11,000 107,000 25.50 0.00 (5.20)
Montreal, QC 12,027,000 8.4 8.2 21,000 140,000 24.90 0.61 (9.83)
Ottawa, ON 11,645,000 10.3 11.6 (150,000) (200,000) 30.00 0.10 (7.57)
Regina, SK 533,000 1.4 1.4 0 16,000 28.00 0.00 0.00
Toronto, ON 43,734,000 6.9 7.0 683,000 741,000 29.80 (0.13) (0.87)
Vancouver, BC 12,649,000 10.5 11.1 (86,000) (166,000) 31.00 (3.13) 0.00
Victoria, BC 682,000 – 2.8 (8,000) (8,000) 33.00 0.00 0.00
CANADA TOTAL/AVERAGE 96,430,000 8.49 8.86 724,000 1,118,000 29.70 (weighted) (0.98) (3.49)
29.50 (equal) (0.30) (3.11)

6 COLLIERS INTERNATIONAL
NORTH AMERICA OFFICE INVESTMENT

UNITED STATES OF AMERICA – OFFICE INVESTMENT Office Space Markets Post Another Weak Quarter
Continued from page 1
CBD CBD SUBURBAN SUBURBAN
SALES PRICE CAP RATE SALES PRICE CAP RATE Rents (CBD) register third substantial drop. For the
MARKET (US$ PSF) (%) (US$ PSF) (%) third consecutive quarter, downtown lease rates dropped signifi-
Atlanta, GA 180.00 7.40 135.00 8.10 cantly with Q2 Class A asking rents dipping by 5.1% to $41.15
Bakersfield, CA – – 235.00 – per square foot. Markets such as Manhattan, Boston, Chicago
and San Francisco again contributed to the unusually large
Baltimore, MD 200.00 8.50 175.00 9.00
drop but nonetheless the national trend is clearly down as dem-
Boise, ID 151.00 7.60 151.00 7.60
onstrated by unweighted rental declines (see unweighted rent
Boston, MA 470.00 – 95.00 – on page 3). Suburban asking rents also fell during the quarter,
Charleston, SC 250.00 8.50 150.00 10.00 declining by 1.2% to $27.37 per square foot. Year-to-date CBD
Charlotte, NC 275.00 8.00 120.00 9.00 rents are down 10.3% while suburban rents are down 2.6%.
Chicago, IL 161.00 7.50 112.00 8.20 Office rents in Canada also fell with CBD rents declining 2.2%
Cleveland, OH 115.00 10.00 115.00 9.50 while suburban rents moved 1.0% lower.
Columbus, OH – – 158.00 –
Office construction up for the quarter but the trend
Dallas/Fort Worth, TX – – 130.00 9.00 remains down. Second quarter office completions totaled 16.3
Denver, CO 195.00 9.25 125.00 9.50 MSF, a slight increase from the 15.4 MSF recorded in the first
Fresno, CA 185.00 8.50 203.00 8.00 quarter, but a modest decline from the second quarter of 2008
Ft. Lauderdale/Broward County, FL – – 147.00 – when construction registered 19.4 MSF. Construction activity
Houston, TX 140.00 8.00 89.00 9.00 continued to decline with Q2 under construction activity falling
by 18.8 MSF to total 65 MSF. Construction activity is expected
Jacksonville, FL 115.00 9.00 135.00 9.00
to maintain this trend, leaving the development pipeline below
Kansas City MO-KS 245.00 9.00 120.00 10.00
levels witnessed in early 2005, when just 40 MSF of office devel-
Las Vegas, NV – – 295.00 7.80 opment was underway.
Little Rock, AR 79.00 9.00 128.00 9.00
Los Angeles - Inland Empire, CA – – 134.00 7.10 CANADA – OFFICE INVESTMENT
Los Angeles, CA 292.00 4.90 287.00 6.10
CBD CBD SUBURBAN SUBURBAN
Miami/Dade County, FL 165.00 – 155.00 7.75 SALES PRICE CAP RATE SALES PRICE CAP RATE
Milwaukee, WI 225.00 8.00 180.00 8.00 MARKET (C$ PSF) (%) (C$ PSF) (%)
Minneapolis/St. Paul, MN 165.00 8.50 150.00 8.50 Calgary, AB 385.00 7.50 275.00 8.00
Nashville, TN 177.00 8.25 97.00 7.25 Kitchener-
Waterloo, ON 160.00 8.00 110.00 7.75
New Jersey - Central – – 165.00 8.50
Montreal, QC 275.00 7.50 175.00 8.25
New Jersey - Northern – – 170.00 8.00
Ottawa, ON – 8.00 130.00 8.40
New York - Fairfield County, CT – – 250.00 8.00
Regina, SK 139.00 7.70 – –
New York - Westchester County, NY – – 200.00 8.00
Saskatoon, SK 175.00 8.50 – –
New York, NY - Downtown Manhattan 200.00 8.00 – –
Toronto, ON 341.00 7.00 201.00 7.80
New York, NY - Midtown Manhattan 350.00 7.00 – –
Vancouver, BC 500.00 5.75 300.00 7.50
New York, NY - Midtown S. Manhattan 300.00 8.00 – –
Victoria, BC 325.00 6.50 290.00 6.75
Oakland, CA 250.00 8.00 200.00 8.00
CANADA
Orange County, CA – – 276.00 6.50 AVERAGE 287.50 7.38 211.57 7.78
Orlando, FL 180.00 8.50 170.00 9.50
Philadelphia, PA 130.00 8.90 131.00 8.90
GLOSSARY
Phoenix, AZ – – 93.00 8.95 Inventory – Includes all existing multi- or single-tenant leased and owner-
Pleasanton/Walnut Creek, CA 314.00 9.10 299.00 6.50 occupied office properties greater than or equal to 10,000 square feet (net
rentable area). In some larger markets this minimum size threshold may
Portland, OR 98.00 158.98 7.50 vary up to 50,000 square feet. Does not include medical or government
Raleigh/Durham/Chapel Hill, NC – – 120.00 9.75 buildings.
Vacancy Rate – Percentage of total inventory physically vacant as at the
Reno, NV 150.00 9.00 205.00 8.25 survey date including direct vacant and sublease space.
Sacramento, CA 250.00 8.00 204.00 7.50 Absorption –Net change in physically occupied space over a given period
San Diego County, CA – – 128.00 – of time.
New Supply – Includes completed speculative and build-to-suit
San Francisco, CA 265.00 7.50 – – construction. New supply quoted on a net basis after any demolitions or
San Jose/Silicon Valley, CA – – 151.00 – conversions.
St. Louis, MO – – 100.00 10.50 Annual Quoted Rent – Includes all costs associated with occupying a
full floor in the mid-rise portion of a Class A building inclusive of taxes,
Stockton/San Joaquin County, CA 150.00 8.80 – – insurance, maintenance, janitorial and utilities (electricity surcharges added
where applicable). All office rents in this report are quoted on an annual,
Tampa, FL 150.00 8.50 150.00 9.00 gross per square foot basis. Rent calculations do not include sublease
Washington, DC 351.00 6.95 – – space.
Washington, DC - N.Virginia 395.00 7.15 305.00 8.10 Cap Rate – (Or going-in cap rate) Capitalization rates in this survey are
based on multi-tenant institutional grade buildings fully leased at market
Washington, DC - Suburban, MD 395.00 7.15 241.00 7.90 rents. Cap rates are calculated by dividing net operating income (NOI) by
purchase price.
West Palm Beach/Palm Beach Co., FL 103.00 9.40 184.00 7.50
Note: SF = Square Feet; PSF = Per Square Foot;
USA AVERAGE 217.11 8.18 167.87 8.36 CBD = Central Business District

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made
to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to COLLIERS INTERNATIONAL 7
consult their professional advisors prior to acting on any of the material contained in this report.
COLLIERS INTERNATIONAL HIGHLIGHTS · NORTH AMERICA OFFICE · SECOND QUARTER 2009

Colliers International is an affiliation of leading ƒƒ $1.6 Billion (€1.1 Billion) in Global Revenue
real estate firms committed to delivering
ƒƒ 1. 1 Billion SF (102 Million SM) Under Management
consistently superior commercial real estate
services, wherever and whenever needed. ƒƒ 12,700 Employees

COLLIERS INTERNATIONAL LOCATIONS | 294 OFFICES IN 61 COUNTRIES

NORTH AND
CENTRAL
AMERICA
Canada
Costa Rica
Mexico
United States
of America EUROPE
Albania Greece Russia
Austria Hungary Serbia
Belgium Ireland Slovakia
Bulgaria Italy Spain
Croatia Latvia Sweden
Czech Lithuania Switzerland
Republic Montenegro Turkey
Denmark Netherlands Ukraine
Estonia Norway United MIDDLE EAST
Finland Poland Kingdom
France Israel
Portugal
Germany Qatar
Romania
Saudi Arabia
United Arab Emirates

New
Zealand

SOUTH
AMERICA
Argentina
Brazil
Chile
Colombia
Peru

AUSTRALIA
ASIA
China Philippines
Hong Kong Singapore
India South Korea
Indonesia Taiwan
Japan Thailand
AFRICA Macau Vietnam
South Africa Pakistan

www.colliers.com

8 COLLIERS INTERNATIONAL

Похожие интересы