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Global Office Real Estate Review

Mid-Year 2009


Contents Global Summary and Regional Synopses . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 – 6

GLOBAL OFFICE MARKETS Europe, Middle East & Africa (EMEA). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 – 8 North America. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 – 9 Asia Pacific and Latin America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

CONSTRUCTION AND VACANCY EMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 – 11 North America. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 – 12 Asia Pacific and Latin America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

CENTRAL BUSINESS DISTRICT SURVEY EMEA – Occupancy Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 – 14 North America – Occupancy Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 – 15 Asia Pacific and Latin America – Occupancy Costs. . . . . . . . . . . . . . . . . . . . . 15 EMEA – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates . . . . . . . . . . . . . . . . . . . . . . 16 – 17 North America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates . . . . . . . . . . . . . . . . . . . . . . 17 – 18 Asia Pacific and Latin America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates . . . . . . . . . . . . . . . . . . . . . . . . . . 18

SUBURBAN/OUT-OF-TOWN SURVEY EMEA – Occupancy Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 – 20 North America – Occupancy Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 – 21 Asia Pacific and Latin America – Occupancy Costs. . . . . . . . . . . . . . . . . . . . . 21 EMEA – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates . . . . . . . . . . . . . . . . . . . . . . 22 – 23 North America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates . . . . . . . . . . . . . . . . . . . . . . 23 – 24 Asia Pacific and Latin America – U.S. Dollars Occupancy Costs/Sales Prices/Cap Rates . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Colliers Office Locations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

RESEARCH CONTACTS North America Ross Moore ross.moore@colliers.com

Asia Pacific Simon Lo simon.lo@colliers.com

Australia & New Zealand Felice Spark felice.spark@colliers.com

Europe, Middle East & Africa Kate Lawler kate.lawler@colliers.com

Latin America Mario Rivera mario.rivera@colliers.com

Japan Yumiko Yasuda yumiko.yasuda@colliers.com

For more detailed information, please go to http://www.colliers.com and view Colliers’ latest market reports. Cover photo of Vancouver, Canada, home of the 2010 Winter Olympics.


GLOBAL OFFICE REAL ESTATE REVIEW | MID-YEAR 2009

OFFICE CONSTRUCTION – TOP 50 CITIES UNDER CONSTRUCTION – MILLION SF Market (Ranked by June 2009) Moscow Guangzhou Shanghai Dubai Paris Beijing Tokyo – Central Wards Singapore Washington DC – Metro London Mexico City Sofia Abu Dhabi São Paulo Mumbai Brussels Munich Seoul Jakarta Bogotá Calgary New York Toronto Seattle Hamburg Bangalore Delhi Houston Madrid Chennai Saint Petersburg Milan Frankfurt Düsseldorf Santiago Budapest Miami/Dade County Bucharest Atlanta Dallas/Ft. Worth Rio de Janeiro Amsterdam Belgrade Chicago Warsaw Charlotte Perth Melbourne Kiev Phoenix

June 2009

Dec. 2008

June 2008

40.9 35.5 29.3 27.1 17.2 11.5 11.5 10.0 9.7 9.6 9.5 9.3 9.3 9.2 9.0 8.6 7.9 7.8 7.8 7.7 6.5 6.4 6.2 5.0 4.8 4.7 4.7 4.3 4.3 4.2 4.1 3.9 3.8 3.7 3.7 3.6 3.5 3.2 3.2 3.2 3.2 3.0 2.9 2.7 2.7 2.7 2.6 2.6 2.5 2.4

43.0 21.1 35.4 40.9 20.2 15.3 7.8 10.3 12.3 11.0 9.7 9.7 4.0 11.2 9.6 8.1 6.2 11.6 8.5 7.7 9.8 9.1 6.1 6.2 3.4 12.2 6.0 6.3 4.3 7.9 10.0 4.3 2.1 5.3 4.8 5.8 3.4 7.4 4.3 4.0 3.2 3.2 3.2 5.0 4.3 3.4 3.0 2.7 3.5 3.6

69.9 19.8 41.6 42.0 18.6 12.3 7.8 8.6 14.0 12.3 7.1 7.9 5.0 15.6 3.8 4.5 5.0 13.4 8.6 6.3 11.9 9.3 5.4 7.3 2.3 5.1 11.7 9.7 4.3 4.0 12.2 5.4 3.0 0.6 4.9 4.2 4.3 5.6 5.3 6.3 4.4 3.7 4.4 4.8 5.4 4.5 2.5 – 12.2 6.9

Global Office Market Shows Further Deterioration Ross J. Moore | Executive Vice President, Market and Economic Research Despite signs the global economic downturn is beginning to subside, office markets around the world again posted decidedly weaker results at mid-year compared with six months prior. All regions of the world continue to experience below trend growth and as a result, demand for office space is sub-par relative to the recent past. In particular, the United States, Japan and much of central and eastern Europe are key sources of weakness. A year ago, only major financial centers were reporting sluggish leasing activity; however, over the past twelve months weakness has spread to all continents and almost all countries. All regions again reported higher vacancies and most reported falling rents. A handful of cities in particular saw vacancies surge and rents plunge. In parallel with sluggish leasing conditions, office investment sales activity was very limited, with most regions reporting first half 2009 transaction activity well down from first half 2008 levels. The outlook for the balance of 2009 is for a further weakening in fundamentals and little prospect of recovery until early in 2010. All eyes will be on the debt markets which remain a key ingredient before any type of recovery can begin.

Europe, Middle East & Africa (EMEA) Amidst continuing economic troubles throughout the region and weak office demand, the EMEA average vacancy rate rose to 11.4% at mid-year 2009. This marks an increase of over two and a half percentage points during the first six months of the year and brings the EMEA vacancy to its highest level since 2004. The rise in vacancy was felt across the region, but was most dramatic in the Baltic States, Russia, Ireland, Romania, Turkey, Ukraine, the United Arab Emirates and the United Kingdom. Eight EMEA cities are now registering vacancy rates of 20% or higher; six months ago, the highest vacancy rates in the region were near the 15% mark. With vacancy increasing, Class A rents decreased by a further 4.5% in the first half of 2009, following a 6% drop in the second half of 2008. Eastern Europe and the Middle East saw the largest declines, as recent construction booms took their toll in Abu Dhabi and Dubai as well as Moscow, Saint Petersburg and Kiev. With a few exceptions, markets in Western Europe fared somewhat better in the first half of the year, as rents in Belgium, France, Germany, The Netherlands, Switzerland, the United Kingdom and the Nordic countries decreased only marginally. Owing to severe rental declines in Dubai and Moscow (and the strengthened Pound Sterling), London regained its position as the most expensive office market in the region, with current average Class A asking rents in the West End sub-market at USD 126 per square foot per year (though generous tenant incentives are keeping headline rents artificially high). Beyond London; Moscow, Paris, Dubai and Dublin rounded out the top five cities.

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GLOBAL OFFICE REAL ESTATE REVIEW

GLOBAL VACANCY RATES (%) Month/Year June 2003 Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009

EMEA

Asia Pacific

USA

Latin America

9.5 11.3 10.7 11.7 9.7 8.3 8.0 7.4 6.8 6.7 7.1 8.5 11.4

14.7 13.4 12.4 14.0 8.6 8.2 7.6 7.1 7.7 8.1 7.7 8.7 11.4

15.1 15.1 14.9 14.2 14.2 13.5 13.1 12.6 12.4 12.6 13.2 14.2 15.5

18.5 15.2 12.4 12.2 11.5 9.2 7.3 7.6 5.2 3.8 2.6 2.7 4.5

Paris

Frankfurt

Moscow

12.0 15.0 16.1 17.7 16.7 16.7 16.9 15.6 15.3 15.2 14.5 14.7 15.9

6.7 6.7 6.8 6.6 6.3 5.8 3.1 2.4 2.6 4.5 3.6 9.5 16.9

Tokyo

EMEA VACANCY RATES (%) London – Month/Year West End June 2003 Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009

11.7 11.7 10.8 10.7 10.9 8.8 7.5 6.4 5.2 4.1 5.4 6.1 9.9

5.8 4.6 5.5 5.7 5.5 5.8 5.2 5.2 5.0 4.8 5.1 5.4 6.4

ASIA PACIFIC VACANCY RATES (%) Month/Year June 2003 Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009

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Hong Kong

Shanghai

Sydney

15.1 14.3 10.2 6.3 4.4 4.7 3.8 3.3 3.3 1.8 1.5 4.1 5.1

14.7 11.0 10.0 7.2 6.1 5.0 5.4 3.7 3.1 2.5 5.5 10.3 14.1

8.5 9.5 10.3 11.2 10.1 9.6 9.4 7.9 5.6 3.7 4.3 5.4 7.7

COLLIERS INTERNATIONAL

8 8 7.5 7 6.0 5.0 4.0 3.9 3.9 2.5 3.5 4.0 6.5

MID-YEAR 2009

The amount of office space under construction is down 8% from year-end 2008 and 23% from one year ago, evidence that development pipelines have slowed dramatically. Nevertheless, vacancy will continue to increase over the second half of 2009, and further rental declines are expected in 50% of the markets included in this survey. Current market conditions have spurred many tenants either to renegotiate more favorable lease terms or to move into markets and/or properties previously considered too expensive. Tenant incentives have also increased dramatically, with long rent-free periods (in some cases up to several years on long contracts), low or no service charges, and free fit-outs are increasingly common.

Asia Pacific The Asia Pacific region posted weak results during the first half of the year with the regional vacancy rate increasing by 278 basis points to register 11.4%. This increase comes on top of a rise in vacancy recorded in latter half of 2008 and brings the region’s vacancy rate back to levels experienced in 2005. The jump in vacancies during the first half of the year was recorded in every city across the region. Noticeably large increases were recorded in Shanghai, Perth and Brisbane, with vacancy rates up by over 750 basis points since the beginning of the year. Guangzhou posted the highest vacancy rate in the region at 24.4%, followed by Chennai and Beijing at 22.5% and 19.2% respectively. Seoul recorded the region’s lowest vacancy rate at just 3.1%. Office rents declined broadly across the region with only a few cities spared. For the first six months of the year, rents fell 11.8% on average. Sizeable declines were witnessed in all the Indian markets as well as Singapore, Hong Kong, Beijing, Taipei, Tokyo and most Australian cities. The Asia Pacific region remains characterized by high levels of office construction ,with Beijing, Guangzhou, Shanghai and Singapore all with at least 10 million square feet of construction currently underway. Construction in these four cities totals 86.3 million square feet. On the demand side, the region is split with China, India and Indonesia in particular continuing to register positive growth rates, while Hong Kong, Japan, New Zealand, Malaysia, South Korea, Singapore and Taiwan are all expected to see their respective economies contract in 2009. In a ranking of highest occupancy costs (average Class A gross rents) Hong Kong took the top spot, both within the region and the world at $138.00 USD per square foot, with Tokyo second in the region (and third worldwide) at $102.00 USD per square foot.


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GLOBAL OFFICE REAL ESTATE REVIEW

United States/Canada

GLOBAL OFFICE OCCUPANCY COSTS – TOP 50 CITIES

The U.S. office market turned decidedly more bearish in the first half of 2009 as companies gave back space and economic conditions worsened. Combined with additional new construction, the overall vacancy rate increased almost one and a half percentage points to average 15.5%. Rents continued to reflect weakness in the general economy, with downtown lease rates down 10.3% while suburban lease rates fell a more modest 2.6%. Looking forward, office space fundamentals are sure to continue weakening as new construction comes online and demand is expected to remain subdued through until the end of 2009 and into next year. Job losses remain elevated with businesses still looking to dispose of excess space leaving leasing conditions exceptionally weak. With the exception of education, health care and government services, all sectors of the economy remain sources of weakness. However, with a few signs of recovery in a number of areas including finance, the office market may show signs of stabilizing by early- to mid-2010, but considerable risks still exist. Canadian markets also weakened in the first half of the year, albeit by modest standards compared to the United States. Combined with construction coming online, vacancies moved higher while rents were more mixed. Against a very weak global economy the Canadian office market continues to demonstrate surprising strength. However, as in the U.S., job losses are still prevalent, but there are increasing signs the North American economy may be past the worst. Midtown Manhattan continued to hold the top spot for North American office occupancy costs, with average Class A rents at $70.00 USD per square foot, although this represents a 15.2% decline from year-end.

NORTH AMERICA VACANCY RATES (%) Month/Year June 2003 Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009

Washington New York DC Midtown 6.8 7.2 7.4 7.5 7.3 7.2 7.2 7.1 7.3 7.4 7.9 7.8 9.6

MID-YEAR 2009

12.3 11.8 11.4 10.5 9.6 8.0 7.4 6.5 6.4 6.8 8.2 10.2 13.8

Toronto

San Francisco

11.7 11.7 10.9 11.0 10.1 9.8 9.4 8.8 6.0 5.6 5.2 4.6 5.7

17.4 16.9 17.0 15.4 14.6 13.2 12.4 11.6 11.1 9.9 10.4 12.6 19.9

CLASS A/PRIME SPACE – PSF USD Market (Ranked by June 2009)

June 2009

Dec. 2008

June 2008

Hong Kong London – West End Tokyo – Central Wards London – City Moscow Paris Rio de Janeiro London – Southbank Dubai Dublin New York, NY – Midtown Mumbai Milan London – Docklands Abu Dhabi Minsk Birmingham Frankfurt Bristol Saint Petersburg Edinburgh São Paulo Glasgow Manchester Perth Singapore Stockholm Geneva Delhi New York, NY – Midtown S. Boston, MA Washington, DC Rome Munich New York, NY – Downtown Brisbane Toronto, ON Sydney Shanghai Madrid Zurich Miami/Dade County, FL Warsaw Kyiv Ottawa, ON Calgary, AB Hamburg Edmonton, AB Buenos Aires Berlin

138.08 125.52 101.57 90.83 90.09 81.53 80.12 77.62 75.82 74.36 69.70 67.84 67.84 67.71 66.98 62.66 61.11 59.53 59.45 58.51 57.80 57.23 56.15 56.15 55.99 55.53 55.13 53.90 53.04 51.30 50.10 49.60 49.57 49.35 48.60 47.04 46.37 45.53 44.60 43.86 43.63 43.50 43.08 42.38 41.96 41.52 40.73 40.48 40.48 39.95

177.86 112.16 128.40 82.85 139.41 80.56 66.27 70.91 104.95 75.97 82.11 98.80 55.02 61.51 91.80 – 52.82 50.46 52.10 71.28 50.65 52.07 49.20 49.20 57.74 97.07 57.44 56.32 86.45 59.33 61.93 50.18 57.64 51.09 56.53 47.79 47.18 52.60 52.78 55.02 44.88 44.10 59.45 67.55 41.26 45.34 42.44 37.20 47.40 41.65

213.68 207.42 129.01 145.59 167.29 88.04 90.11 – 96.12 96.25 96.95 102.00 61.63 109.69 75.89 – 74.79 49.30 71.80 90.99 71.80 69.31 67.81 67.81 80.34 125.06 74.63 58.37 88.92 62.08 62.25 51.07 56.49 53.88 59.67 66.95 51.63 68.74 53.90 66.03 46.51 43.02 58.1 129.37 44.41 57.86 46.66 46.48 49.52 56.52

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CHANGE IN VACANCY RATES – TOP 50 CITIES JUNE 2008 TO JUNE 2009

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Market

BPS

Riga Vilnius Kyiv Dubai Saint Petersburg Tallinn Riyadh Moscow Abu Dhabi Istanbul Sofia Dublin Brisbane Shanghai Perth San Jose/Silicon Valley, CA Charleston, NC Los Angeles, CA – Inland Empire Manchester San Francisco, CA – Peninsula Belgrade London – City Glasgow Bogotá Las Vegas, NV Bristol Birmingham New York, NY – Midtown Budapest Calgary, AB Phoenix, AZ Rome Delhi Milan Columbia, SC Buenos Aires Honolulu, HI Pleasanton/Walnut Creek, CA London – West End Raleigh/Durham/Chapel Hill, NC Prague Greenville, SC Beijing Nashville, TN Taipei Boise, ID New York – Midtown S. Boston, MA Los Angeles, CA San Francisco, CA

2,010 1,820 1,800 1,700 1,650 1,410 1,400 1,330 1,300 1,031 977 950 950 860 770 764 745 737 680 633 620 610 600 600 597 590 580 546 542 519 511 500 500 500 472 470 469 450 450 444 433 427 415 397 390 388 381 377 366 366

COLLIERS INTERNATIONAL

GLOBAL OFFICE REAL ESTATE REVIEW

MID-YEAR 2009

Latin America For the second consecutive six month period, the Latin America region registered higher vacancies across most markets. After a five year period of declining vacancy rates, the regional office vacancy rate increased by 116 basis points during the latter half of 2008 and a further 176 basis points in the first half of 2009. The region’s vacancy rate, however, averaged a very low 4.5%, with both Rio de Janeiro and Lima boasting vacancies below 3.0%. Rents were more mixed with both Santiago and Bogotá registering increases while the rest were flat or down. Office construction remained concentrated in Bogotá, Mexico City and Sao Paulo with 26.4 million square feet currently underway. For these three cities this represents a 6.7% decrease from construction underway at the end of 2008. Rio de Janeiro took the top spot as the most expensive office market in the region with average Class A gross rents of $80.00 USD per square foot (seventh spot worldwide).

Global Investment Sales Office investment sales continued to trend down in the first six months of 2009 with global sales totaling $36.2 billion, 69% below year ago levels and $233 billion under peak volume in the first half of 2007. The Americas led the decline with sales volume off 83%, followed by EMEA down 64% and Asia Pacific falling 59%. Prices moved lower as capitalization rates/yields shifted higher in all regions of the world. EMEA cap rates in particular moved up 114 basis points followed by the Americas with a 47 basis point increase and Asia Pacific at just 28 basis points.

LATIN AMERICA VACANCY RATES (%) Month/Year June 2003 Dec. 2003 June 2004 Dec. 2004 June 2005 Dec. 2005 June 2006 Dec. 2006 June 2007 Dec. 2007 June 2008 Dec. 2008 June 2009

Mexico City

São Paulo

Buenos Aires

19.0 16.2 15.9 15.4 16.5 13.1 11.7 10.4 8.0 7.6 8.5 6.1 5.1

13.4 14.7 14.2 15.5 14.8 11.0 8.8 7.6 5.9 3.3 2.7 4.0 5.7

18.7 18.2 14.0 9.9 7.6 3.0 2.4 1.8 2.9 1.4 1.5 2.9 6.2

Bogotá 6.8 4.0 1.6 2.1 2.1 1.8 2.4 1.6 1.3 0.9 1.3 3.2 7.3


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GLOBAL OFFICE REAL ESTATE REVIEW

The ongoing drought of debt capital, combined with a more sluggish global economy, put a considerable damper on investment sales with investors pulling back and lenders tightening underwriting standards. Cross-border investment in particular dropped, with most investors refocusing on domestic markets as opportunities emerged closer to home. This trend is not expected to continue, however, as a rising number of global investment funds are preparing to launch global distressed real estate funds in the coming months.

Tokyo London

6,586 3,600

China

8.0

8.0

India

5.5

6.3

Indonesia

4.1

4.4

Peru

1.3

2.7

Australia

0.0

1.8

Poland

-0.8

1.5

Brazil

-1.0

2.7

Colombia

-1.0

2.7

Philippines

-1.0

3.7

Saudi Arabia

-1.0

3.3

Israel

-1.1

1.5

Chile

-1.2

3.0

South Korea

-1.8

2.0

Norway

-2.0

0.5

New Zealand

-2.1

0.7

Canada

-2.2

1.8

South Africa

-2.2

3.1

Switzerland

-2.3

0.4

United States

-2.6

2.0

France

-2.8

0.8

Austria

-3.2

0.2

Argentina

-3.5

0.5

-46.4

Belgium

-3.5

0.4

-63.4

Czech Republic

-3.5

1.2

Greece

-3.5

-0.8

Denmark

-3.9

0.6

Spain

-3.9

-0.6

United Kingdom

-4.2

1.0

Netherlands

-4.3

0.7

Sweden

-4.9

1.3

Malaysia

-5.0

3.3

Italy

-5.1

0.4

% Change

Paris

1,720

-73.0

Seoul

1,638

-25.9

NYC Metro

1,221

-85.8

872

-0.2

Moscow

% CHANGE IN GROSS DOMESTIC PRODUCT (GDP) 2010 (Forecast)

GLOBAL INVESTMENT SALES OFFICE PROPERTIES – TOP 20 CITIES First Half 2009 (Million USD)

COUNTRY GROWTH RATES

2009

Tokyo repeated its top market ranking while Japan took the most active country ranking. London stayed at number two while the UK replaced the U.S. as the second most active country. The U.S. fell to third position for office property sales and in the city rankings Manhattan sunk to number five. Paris moved up to number three spot. Rounding out the top five was Seoul at number four. Just six properties traded above $500 million in the first half of 2009, although three of those were partial interests, and only one major portfolio transaction closed.

Market

MID-YEAR 2009

Country (Ranked by 2009)

Shanghai

780

-12.4

Munich

744

139.7

Madrid

743

-55.4

Hong Kong

-5.4

2.6

Hong Kong

730

-75.0

Slovakia

-5.5

0.7

Beijing

677

-76.4

Turkey

-5.6

2.3

Finland

-5.7

-0.1

DC Metro

669

-76.9

Taiwan

-5.7

2.5

Boston

650

21.2

Germany

-5.9

0.8

Melbourne

610

71.8

Singapore

-6.2

3.2

LA Metro

592

-76.6

Hungary

-6.3

-1.0

Japan

-6.4

1.1

Taipei

452

68.6

Russia

-7.0

2.5

Berlin

422

-58.9

Mexico

-7.1

2.8

Ireland

-7.7

-2.6

Estonia

-13.0

-3.0

Lithuania

-15.0

-4.5

Latvia

-17.0

-4.0

Dusseldorf

421

12.9

Osaka

417

-79.8

SF Metro

364

-84.6

Source: Real Capital Analytics

Bold = G7 country Source: Economist Intelligence Unit, August 2009

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GLOBAL CAPITALIZATION RATES/INTIAL YIELDS – 50 LOWEST CITIES CBD CAP RATE (%) Market (Ranked by June 2009) Hong Kong Singapore Vienna Geneva Tokyo – Central Wards Zurich Munich Los Angeles Hamburg Frankfurt Berlin Milan Stockholm Stuttgart Copenhagen Düsseldorf Seoul Vancouver London – West End Madrid Paris Oslo Brussels Amsterdam Eindhoven Helsinki Shanghai Antwerp Rome Utrecht Victoria The Hague Rotterdam London – City Washington, DC Athens Birmingham Bristol Edinburgh Glasgow London – Docklands London – Southbank Lyon Manchester New York – Midtown Prague Toronto Warsaw Nantes Washington, DC – N.Virginia

6

June 2009

Dec. 2008

June 2008

3.28 4.06 4.50 4.60 4.60 4.60 4.75 4.90 5.00 5.40 5.50 5.50 5.50 5.50 5.75 5.75 5.75 5.75 6.00 6.00 6.00 6.25 6.30 6.32 6.40 6.40 6.40 6.50 6.50 6.50 6.50 6.60 6.70 6.75 6.95 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.15 7.15

4.02 5.56 3.50 4.50 4.10 4.60 4.75 5.00 5.50 5.40 5.45 5.00 5.90 5.30 5.75 5.12 7.00 5.75 6.00 6.00 6.00 6.50 6.25 6.50 7.30 6.00 7.60 6.50 6.00 6.50 6.50 6.60 6.70 6.75 6.30 6.70 7.00 7.00 7.00 7.00 7.00 7.00 6.50 7.00 5.50 6.50 6.60 6.50 6.85 7.00

3.42 6.19 3.50 4.50 3.90 4.60 4.25 5.00 5.50 4.50 5.25 4.75 4.75 5.10 5.00 5.25 – 5.50 6.00 5.25 5.00 5.90 5.70 6.50 7.30 5.20 7.30 6.00 5.25 6.50 6.00 5.75 6.50 5.80 5.80 5.80 5.80 5.30 – 5.90 5.80 5.00 – 6.00 5.75 – 6.60

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MID-YEAR 2009

With a slowdown in the global economy and the repricing of debt an upward movement in capitalization rates/yields was witnessed in many areas. Major markets continued to be particularly hard hit during the first six months of the year, with New York’s midtown submarket registering another outward movement in capitalization rates. At mid-year, midtown Manhattan capitalization rates averaged 7.00% compared with 5.50% at year-end 2008. Rome, Milan, Prague and Warsaw also saw capitalization rates increase all rising by 50 basis points. In Asia Pacific, Tokyo also saw capitalization rates increase by 50 basis points to average 4.6%. By comparison Singapore capitalization rates were down 150 basis points and Hong Kong down 74. In Canada, Toronto capitalization rates increased by 40 basis points to register 7.00%. As real estate worldwide gets re-priced, capitalization rates are expected to drift higher as fundamentals weaken and credit markets remain fragile.

HIGHEST VACANCY RATES (%) Market

June 2009

Riga

30.0

Fairfield, CA

26.0

Guangzhou

24.4

Las Vegas, NV

23.6

Los Angeles, CA – Inland Empire

23.5

Greenville, SC

23.1

Chennai

22.5

Dublin

22.0

Birmingham

21.4

Phoenix, AZ

21.4

LOWEST VACANCY RATES (%) Market

June 2009

Pretoria

4.5

London – Southbank

4.0

Santiago

3.8

Seoul

3.1

Lima

2.7

Tirana

2.0

Geneva

2.0

Victoria, BC

1.9

Regina, SK

1.6

Rio de Janeiro

0.6


GLOBAL

MARKET

COUNTRY

EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania Vienna Austria Minsk Belarus Antwerp Belgium Brussels Belgium Sofia Bulgaria Zagreb Croatia Prague Czech Republic Copenhagen Denmark Tallinn Estonia Helsinki Finland Bordeaux France Lyon France Montpellier France Nantes France Paris France Strasbourg France Toulouse France Berlin Germany D端sseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens Greece Budapest Hungary Dublin Ireland Tel Aviv Israel Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Amsterdam Netherlands Eindhoven Netherlands Rotterdam Netherlands The Hague Netherlands Utrecht Netherlands Oslo Norway Warsaw Poland Lisbon Portugal Bucharest Romania Moscow Russia Saint Petersburg Russia Riyadh Saudi Arabia Belgrade Serbia Bratislava Slovakia Cape Town South Africa Durban South Africa Johannesburg South Africa Pretoria South Africa Sandton South Africa Madrid Spain Stockholm Sweden Geneva Switzerland Zurich Switzerland Istanbul Turkey Abu Dhabi United Arab Emirates Dubai United Arab Emirates

OFFICE MARKETS

POPULATION 343,078 1,687,271 1,829,100 1,715,707 1,048,491 1,247,059 691,724 1,233,211 1,636,749 398,594 576,632 232,260 472,305 251,634 282,853 11,532,398 272,975 437,715 3,416,255 584,217 659,021 1,770,629 1,311,573 591,762 3,187,734 1,702,297 1,045,769 2,203,700 1,299,633 2,718,768 713,016 546,733 755,605 212,269 587,134 481,864 299,891 575,475 1,707,981 489,562 1,931,838 10,470,318 4,568,047 4,087,152 1,120,092 428,791 3,497,097 3,468,086 3,888,180 2,345,908 125,583 6,271,638 1,889,945 438,177 1,307,567 12,573,836 630,000 1,354,980

MID-YEAR 2009

EXISTING INVENTORY JUNE 2009 SF SM 763,422 116,423,200 1,721,600 21,520,000 136,974,800 10,383,400 10,544,800 28,133,279 119,436,000 4,928,080 89,308,000 21,928,880 49,496,000 10,760,000 26,900,000 538,000,000 30,128,000 35,508,000 192,066,000 79,827,429 126,860,400 137,620,400 234,460,400 79,525,008 57,835,000 23,831,495 33,248,400 26,362,000 125,892,000 96,840,000 3,561,560 3,206,480 72,630,000 15,279,200 38,198,000 49,765,000 27,438,000 91,460,000 33,925,871 46,035,347 11,513,200 116,208,000 11,567,000 7,202,884 9,630,200 13,272,686 8,102,495 7,456,389 16,703,921 5,132,724 13,816,152 156,020,000 17,861,600 46,806,000 109,752,000 24,632,481 18,023,000 39,686,140

70,950 10,820,000 160,000 2,000,000 12,730,000 965,000 980,000 2,614,617 11,100,000 458,000 8,300,000 2,038,000 4,600,000 1,000,000 2,500,000 50,000,000 2,800,000 3,300,000 17,850,000 7,418,906 11,790,000 12,790,000 21,790,000 7,390,800 5,375,000 2,214,823 3,090,000 2,450,000 11,700,000 9,000,000 331,000 298,000 6,750,000 1,420,000 3,550,000 4,625,000 2,550,000 8,500,000 3,152,962 4,278,378 1,070,000 10,800,000 1,075,000 669,413 895,000 1,233,521 753,020 692,973 1,552,409 477,019 1,284,029 14,500,000 1,660,000 4,350,000 10,200,000 2,289,264 1,675,000 3,688,303

CBD = Central Business District

GEOGRAPHIC AREA CBD Metro CBD Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro CBD Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro CBD CBD CBD CBD CBD Metro Metro Metro Metro Metro Metro Metro Metro Metro CBD CBD CBD CBD CBD Metro CBD Metro Metro Metro Metro Metro Metro = Metropolitan Area

COLLIERS INTERNATIONAL

7


GLOBAL

MARKET EMEA continued Kyiv Birmingham Bristol Edinburgh Glasgow London – City London – Docklands London – Southbank London – West End Manchester NORTH AMERICA Calgary, AB Edmonton, AB Halifax, NS Kitchener-Waterloo, ON Montréal, QC Ottawa, ON Regina, SK Saskatoon, SK Toronto, ON Vancouver, BC Victoria, BC Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC Columbus, OH Dallas/Fort Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, CA Ft. Lauderdale/Broward Co., FL Greenville, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, FL Kansas City, MO-KS Las Vegas, NV Little Rock, AR Los Angeles, CA Los Angeles – Inland Empire, CA Louisville, KY Memphis, TN Miami/Dade County, FL Milwaukee, WI Minneapolis/St. Paul, MN Nashville, TN New Jersey – Central New Jersey – Northern

8

COUNTRY Ukraine United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

COLLIERS INTERNATIONAL

OFFICE MARKETS

POPULATION

MID-YEAR 2009

EXISTING INVENTORY JUNE 2009 SF SM

GEOGRAPHIC AREA

2,765,531 2,284,093 551,066 446,110 634,680 7,556,900 7,556,900 7,556,900 7,556,900 2,244,931

763,422 116,423,200 1,721,600 21,520,000 136,974,800 10,383,400 10,544,800 28,133,279 119,436,000 4,928,080

70,950 10,820,000 160,000 2,000,000 12,730,000 965,000 980,000 2,614,617 11,100,000 458,000

CBD Metro CBD Metro Metro Metro Metro Metro Metro Metro

1,079,310 1,034,945 372,679 451,235 3,635,571 1,130,761 179,246 202,340 5,113,149 2,116,581 337,411 5,376,285 800,458 2,667,117 599,753 4,522,858 644,506 1,701,799 9,569,624 2,155,137 112,143 728,063 1,773,120 6,300,006 2,506,626 4,425,110 409,900 909,153 1,912,200 624,715 1,190,512 905,034 5,728,143 1,715,459 1,313,228 2,002,047 1,865,746 675,069 12,872,808 12,872,808 1,244,696 1,285,732 5,414,772 1,549,308 3,229,878 1,550,733 2,347,200 2,137,600

50,928,000 18,805,000 10,755,000 4,179,000 71,851,000 34,491,000 4,266,000 1,926,000 180,665,000 52,389,000 8,013,000 238,436,000 8,854,000 68,768,000 13,691,000 158,352,000 10,050,000 73,347,000 235,827,000 32,129,000 102,406,000 9,517,000 26,262,000 291,266,000 152,081,000 129,038,000 3,593,000 20,904,000 54,432,000 7,566,000 24,418,000 15,706,000 193,748,000 31,438,000 39,217,000 47,226,000 40,966,000 14,908,000 197,270,000 22,913,000 19,310,000 35,867,000 77,261,000 28,429,000 69,767,000 32,620,000 104,024,000 159,001,000

4,733,086 1,747,677 999,535 388,383 6,677,602 3,205,483 396,468 178,996 16,790,428 4,868,866 744,703 22,159,480 822,862 6,391,078 1,272,398 14,716,729 934,015 6,816,636 21,917,007 2,985,967 9,517,286 884,480 2,440,706 27,069,331 14,133,922 11,992,379 333,922 1,942,751 5,058,736 703,160 2,269,331 1,459,665 18,006,320 2,921,747 3,644,703 4,389,033 3,807,249 1,385,502 18,333,643 2,129,461 1,794,610 3,333,364 7,180,390 2,642,100 6,483,922 3,031,599 9,667,658 14,777,045

Metro Metro Metro Metro Metro Metro Metro CBD Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro


GLOBAL

MARKET NORTH AMERICA continued New York, NY – Downtown New York, NY – Fairfield Co., CT New York, NY – Midtown New York, NY – Midtown S. New York, NY – Westchester Co. Oakland, CA Orange County, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR Raleigh/Durham/Chapel Hill. NC Reno, NV Sacramento, CA San Diego County, CA San Francisco, CA San Francisco Peninsula, CA San Jose/Silicon Valley, CA Seattle/Puget Sound, WA St. Louis, MO Stockton/San Joaquin Co., CA Tampa, FL Washington, DC Washington, DC – N.Virginia Washington, DC – Suburban MD West Palm Beach/Palm Beach Co., FL ASIA PACIFIC Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo – Central Wards Auckland Wellington Singapore Seoul Taipei LATIN AMERICA Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá Mexico City Lima

COUNTRY

OFFICE MARKETS

POPULATION

MID-YEAR 2009

EXISTING INVENTORY JUNE 2009 SF SM

GEOGRAPHIC AREA

United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

19,006,798 19,006,798 19,006,798 19,006,798 19,006,798 404,155 3,029,000 2,054,574 5,838,471 4,281,899 953,457 2,207,462 1,088,765 414,784 2,109,832 3,001,072 4,274,531 4,274,531 1,819,198 3,344,813 2,816,710 672,388 2,733,761 4,255,400 4,255,400 4,255,400 536,521

89,744,000 57,371,000 257,412,000 98,339,000 44,229,000 32,900,000 77,207,000 63,859,000 150,982,000 127,439,000 40,207,000 77,330,000 44,797,000 6,725,000 88,065,000 76,956,000 82,895,000 33,478,000 60,264,000 141,456,000 50,155,000 8,476,000 80,314,000 115,753,000 150,397,000 74,101,000 38,178,000

8,340,520 5,331,877 23,923,048 9,139,312 4,110,502 3,057,621 7,175,372 5,934,851 14,031,784 11,843,773 3,736,710 7,186,803 4,163,290 625,000 8,184,480 7,152,045 7,703,996 3,111,338 5,600,743 13,146,468 4,661,245 787,732 7,464,126 10,757,714 13,977,416 6,886,710 3,548,141

CBD Metro CBD CBD Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro Metro CBD Metro Metro Metro Metro Metro Metro CBD Metro Metro Metro

Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan New Zealand New Zealand Singapore South Korea Taiwan

1,040,719 1,676,389 3,371,888 1,256,035 3,641,422 16,330,000 7,547,467 7,200,000 14,230,992 4,301,326 4,343,645 9,879,172 11,978,450 8,222,515 8,736,474 1,303,068 448,959 4,483,900 9,820,171 2,629,269

13,371,161 21,136,750 41,739,288 14,656,616 51,032,506 47,165,599 18,498,915 22,665,048 34,787,317 54,020,000 41,200,000 45,930,000 59,939,000 42,034,682 675,362,160 14,529,088 13,127,200 47,081,299 68,041,904 50,987,530

1,242,673 1,964,382 3,879,116 1,362,139 4,742,798 4,383,420 1,719,230 2,106,417 3,233,022 5,020,446 3,828,996 4,268,587 5,570,539 3,906,569 62,766,000 1,350,287 1,220,000 4,375,585 6,323,597 4,738,618

CBD CBD CBD CBD CBD Metro CBD CBD CBD Metro Metro Metro Metro CBD CBD CBD CBD CBD CBD CBD

Argentina Brazil Brazil Chile Colombia Mexico Peru

14,917,900 15,420,375 10,238,500 4,656,690 7,243,698 14,007,495 8,445,211

39,779,559 41,502,504 60,349,096 22,280,517 12,704,676 55,007,121 4,465,540

3,696,985 3,857,110 5,608,652 2,070,680 1,180,732 5,112,186 415,013

CBD CBD CBD CBD CBD Metro Metro

COLLIERS INTERNATIONAL

9


GLOBAL

MARKET

COUNTRY

EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania Vienna Austria Minsk Belarus Antwerp Belgium Brussels Belgium Sofia Bulgaria Zagreb Croatia Prague Czech Republic Copenhagen Denmark Tallinn Estonia Helsinki Finland Bordeaux France Lyon France Montpellier France Nantes France Paris France Strasbourg France Toulouse France Berlin Germany Düsseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens Greece Budapest Hungary Dublin Ireland Tel Aviv Israel Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Amsterdam Netherlands Eindhoven Netherlands Rotterdam Netherlands The Hague Netherlands Utrecht Netherlands Oslo Norway Warsaw Poland Lisbon Portugal Bucharest Romania Moscow Russia Saint Petersburg Russia Riyadh Saudi Arabia Belgrade Serbia Bratislava Slovakia Cape Town South Africa Durban South Africa Johannesburg South Africa Pretoria South Africa Sandton South Africa Madrid Spain Stockholm Sweden Geneva Switzerland Zurich Switzerland Istanbul Turkey Abu Dhabi United Arab Emirates Dubai United Arab Emirates

10

COLLIERS INTERNATIONAL

OFFICE MARKETS

MID-YEAR 2009

UNDER CONSTRUCTION JUNE 2009 SF SM 323,876 1,829,200 100,000 269,000 8,608,000 9,296,640 834,976 – 1,614,000 182,920 1,076,000 – 1,076,000 161,400 645,600 17,216,000 398,120 1,076,000 1,076,000 3,658,400 3,840,244 4,842,000 7,854,800 143,108 322,800 3,574,009 860,800 538,000 3,873,600 860,800 723,072 176,464 3,010,648 215,200 1,226,640 1,439,688 457,300 2,108,960 2,722,280 2,004,588 3,228,000 40,888,000 4,088,800 2,017,844 2,885,294 1,819,731 107,600 – – 215,200 2,072,742 4,304,000 602,560 753,200 1,076,000 789,698 9,307,400 27,083,243

30,100 170,000 9,294 25,000 800,000 864,000 77,600 – 150,000 17,000 100,000 – 100,000 15,000 60,000 1,600,000 37,000 100,000 100,000 340,000 356,900 450,000 730,000 13,300 30,000 332,157 80,000 50,000 360,000 80,000 67,200 16,400 279,800 20,000 114,000 133,800 42,500 196,000 253,000 186,300 300,000 3,800,000 380,000 187,532 268,150 169,120 10,000 – – 20,000 192,634 400,000 56,000 70,000 100,000 73,392 865,000 2,517,030

VACANCY RATE JUNE 2008 (%)

VACANCY RATE DEC. 2008 (%)

VACANCY RATE JUNE 2009 (%)

2.0 5.0 – 5.5 9.8 3.7 4.0 5.8 4.8 5.9 8.0 5.3 6.5 3.5 – 5.1 – 3.0 7.0 8.5 14.5 6.8 7.2 6.4 8.0 12.6 12.5 4.5 7.0 7.0 9.9 1.8 17.0 13.0 15.0 13.0 12.0 3.0 2.1 – 0.5 3.6 3.5 3.0 9.8 8.0 5.0 15.1 9.9 2.5 4.6 6.0 7.0 0.8 6.5 2.4 2.0 3.0

4.0 5.6 – 7.5 10.1 9.1 4.0 9.0 5.4 6.9 7.8 6.1 5.0 4.5 – 5.4 – 4.2 8.1 8.4 14.7 6.5 7.1 6.2 10.0 16.8 15.0 5.5 6.8 10.0 15.0 11.0 17.5 13.0 13.0 14.0 12.0 7.8 2.9 7.1 – 9.5 13.8 9.0 12.0 8.8 4.6 14.0 8.2 2.5 5.6 6.3 7.0 1.3 4.5 4.8 2.0 3.0

2.0 5.0 17.0 8.3 11.0 13.5 5.3 10.1 6.4 20.0 8.3 5.6 9.7 6.5 – 6.4 6.3 5.5 8.0 9.6 15.9 7.5 7.3 6.2 9.0 18.0 22.0 7.8 12.0 12.0 30.0 20.0 18.0 13.0 13.5 14.0 12.0 6.6 5.7 6.9 14.0 16.9 20.0 17.0 16.0 11.5 5.4 14.7 8.3 4.5 6.6 7.2 8.0 2.0 4.9 12.7 15.0 20.0


GLOBAL

MARKET EMEA continued Kyiv Birmingham Bristol Edinburgh Glasgow London – City London – Docklands London – Southbank London – West End Manchester NORTH AMERICA Calgary, AB Edmonton, AB Halifax, NS Kitchener-Waterloo, ON Montréal, QC Ottawa, ON Regina, SK Saskatoon, SK Toronto, ON Vancouver, BC Victoria, BC Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC Columbus, OH Dallas/Fort Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, CA Ft. Lauderdale/Broward Co., FL Greenville, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, FL Kansas City, MO-KS Las Vegas, NV Little Rock, AR Los Angeles, CA Los Angeles – Inland Empire, CA Louisville, KY Memphis, TN Miami/Dade County, FL Milwaukee, WI Minneapolis/St. Paul, MN Nashville, TN New Jersey – Central New Jersey – Northern

COUNTRY

OFFICE MARKETS

MID-YEAR 2009

UNDER CONSTRUCTION JUNE 2009 SF SM

VACANCY RATE JUNE 2008 (%)

VACANCY RATE DEC. 2008 (%)

VACANCY RATE JUNE 2009 (%)

Ukraine United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom

2,458,843 505,800 515,000 402,000 562,199 5,333,033 733,500 978,524 2,646,237 472,815

228,517 47,007 47,862 37,361 52,249 495,635 68,169 90,941 245,933 43,942

3.0 15.6 11.2 13.1 7.0 7.2 4.3 5.2 5.4 12.1

11.5 16.3 11.9 13.2 9.8 9.7 5.2 2.7 6.1 15.3

21.0 21.4 17.1 13.7 13.0 13.3 6.0 4.0 9.9 18.9

Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

6,459,000 751,000 150,000 242,000 0 360,000 0 127,000 6,165,000 870,000 393,000 3,226,000 48,000 1,183,000 318,000 2,008,000 0 2,676,000 2,693,000 1,562,000 223,000 190,000 337,000 3,210,000 496,000 197,000 0 11,000 326,000 0 0 0 4,326,000 301,000 0 521,000 324,000 67,000 1,667,000 455,000 0 152,000 3,466,000 0 430,000 604,000 463,000 158,000

600,279 69,796 13,941 22,491 0 33,457 0 11,803 572,955 80,855 36,524 299,814 4,461 109,944 29,554 186,617 0 248,699 250,279 145,167 20,725 17,658 31,320 298,327 46,097 18,309 0 1,022 30,297 0 0 0 402,045 27,974 0 48,420 30,112 6,227 154,926 42,286 0 14,126 322,119 0 39,963 56,134 43,030 14,684

3.7 3.8 9.0 – 6.6 6.5 1.6 5.0 5.2 4.0 3.7 14.6 7.9 15.9 13.6 13.1 11.5 10.1 16.0 19.2 13.4 13.7 15.0 17.7 12.3 17.9 25.5 12.6 12.1 18.9 17.0 5.5 12.5 17.0 12.5 16.1 17.6 12.3 11.8 16.1 11.0 13.3 11.6 15.4 17.4 10.4 15.6 11.3

4.7 3.9 9.4 – 6.4 6.3 1.5 4.8 4.6 4.6 2.5 15.0 9.0 16.8 14.6 14.7 18.3 10.4 16.5 19.9 12.1 15.3 13.7 16.5 15.8 17.6 24.4 12.5 12.9 18.2 17.1 8.6 12.8 18.7 13.2 17.1 21.0 12.8 12.9 18.6 11.9 12.8 13.0 16.8 17.4 11.6 15.5 11.3

8.9 7.3 9.7 8.6 7.1 6.8 1.6 4.6 5.7 6.4 1.9 15.9 9.7 18.6 17.5 16.9 19.0 12.8 18.7 20.8 12.2 18.4 15.4 17.2 14.3 18.0 26.0 13.3 13.5 23.1 18.5 10.1 15.6 19.9 14.3 18.2 23.6 10.1 15.4 23.5 12.3 13.5 14.5 17.5 19.2 14.4 17.2 11.2

COLLIERS INTERNATIONAL

11


GLOBAL

MARKET NORTH AMERICA continued New York, NY – Downtown New York, NY – Fairfield Co., CT New York, NY – Midtown New York, NY – Midtown S. New York, NY – Westchester Co. Oakland, CA Orange County, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR Raleigh/Durham/Chapel Hill. NC Reno, NV Sacramento, CA San Diego County, CA San Francisco, CA San Francisco Peninsula, CA San Jose/Silicon Valley, CA Seattle/Puget Sound, WA St. Louis, MO Stockton/San Joaquin Co., CA Tampa, FL Washington, DC Washington, DC – N.Virginia Washington, DC – Suburban MD West Palm Beach/Palm Beach Co., FL ASIA PACIFIC Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo – Central Wards Auckland Wellington Singapore Seoul Taipei LATIN AMERICA Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá Mexico City Lima

12

COUNTRY

OFFICE MARKETS

MID-YEAR 2009

UNDER CONSTRUCTION JUNE 2009 SF SM

VACANCY RATE JUNE 2008 (%)

VACANCY RATE DEC. 2008 (%)

VACANCY RATE JUNE 2009 (%)

United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

4,600,000 975,000 1,438,000 315,000 0 62,000 81,000 827,000 1,261,000 2,393,000 0 639,000 766,000 0 737,000 782,000 418,000 0 1,736,000 5,043,000 1,164,000 30,000 267,000 6,928,000 1,542,000 1,245,000 81,000

427,509 90,613 133,643 29,275 0 5,762 7,528 76,859 117,193 222,398 0 59,387 71,190 0 68,494 72,677 38,848 0 161,338 468,680 108,178 2,788 24,814 643,866 143,309 115,706 7,528

8.6 15.2 8.2 10.0 16.6 18.1 18.1 12.2 12.9 16.2 13.2 9.8 15.7 19.2 12.9 14.9 10.4 13.6 12.2 10.0 11.8 18.4 12.4 7.9 10.9 10.8 16.9

10.2 16.4 10.2 11.4 16.0 17.5 18.6 13.6 13.3 19.1 15.9 9.6 16.3 19.1 13.7 17.1 12.6 16.1 14.5 11.8 11.7 18.6 13.8 7.8 12.9 11.0 18.6

10.6 18.5 13.7 13.8 16.4 14.6 20.2 15.8 14.4 21.4 17.7 10.1 20.1 21.2 15.6 17.9 14.1 19.9 19.8 11.2 12.1 18.8 14.8 9.6 10.6 11.6 20.1

Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan New Zealand New Zealand Singapore South Korea Taiwan

538,000 1,961,322 2,551,734 2,575,514 2,061,013 11,509,671 35,509,657 363,657 29,279,768 4,736,000 4,180,000 4,650,000 9,041,000 7,823,101 11,459,400 753,200 936,120 10,021,191 7,761,522 1,700,865

50,000 182,279 237,150 239,360 191,544 1,069,672 3,300,154 33,797 2,721,168 440,149 388,476 432,156 840,242 727,054 1,065,000 70,000 87,000 931,337 721,331 158,073

3.9 1.2 3.0 0.3 4.3 15.0 22.3 1.5 5.5 16.0 13.0 12.0 12.0 11.2 3.5 7.0 7.6 7.5 0.5 6.3

3.4 0.7 4.7 1.3 5.4 16.5 22.5 4.0 10.3 18.0 15.0 13.5 14.0 10.3 4.0 7.7 5.0 8.9 1.0 7.0

4.8 10.7 4.8 8.0 7.7 19.2 24.4 5.1 14.1 19.0 22.5 17.0 15.0 11.7 6.5 8.4 6.0 10.6 3.1 10.2

575,972 3,186,090 9,211,873 3,660,229 7,676,367 9,507,385 1,757,538

53,529 296,105 856,122 340,170 713,417 883,586 163,340

1.5 0.8 2.7 0.5 1.3 8.5 1.1

2.9 1.2 4.0 0.7 3.2 6.1 1.0

6.2 0.6 5.7 3.8 7.3 5.1 2.7

Argentina Brazil Brazil Chile Colombia Mexico Peru

COLLIERS INTERNATIONAL


GLOBAL

MARKET

OFFICE MARKETS

COUNTRY

EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania Vienna Austria Minsk Belarus Antwerp Belgium Brussels Belgium Sofia Bulgaria Zagreb Croatia Prague Czech Republic Copenhagen Denmark Tallinn Estonia Helsinki Finland Bordeaux France Lyon France Montpellier France Nantes France Paris France Strasbourg France Toulouse France Berlin Germany Düsseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens Greece Budapest Hungary Dublin Ireland Tel Aviv Israel Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Amsterdam Netherlands Eindhoven Netherlands Rotterdam Netherlands The Hague Netherlands Utrecht Netherlands Oslo Norway Warsaw Poland Lisbon Portugal Bucharest Romania Moscow Russia Saint Petersburg Russia Riyadh Saudi Arabia Belgrade Serbia Bratislava Slovakia Cape Town South Africa Durban South Africa Johannesburg South Africa Pretoria South Africa Sandton South Africa Madrid Spain Stockholm Sweden Geneva Switzerland Zurich Switzerland Istanbul Turkey Abu Dhabi United Arab Emirates Dubai United Arab Emirates

LOCAL MEASURE/CURRENCY CBD RENTS – MID-YEAR 2009

MEASURE EXCHANGE QUOTED TIME RATE (USD) CURRENCY UNIT PERIOD JUN. 30, 2009 EUR EUR EUR EUR EUR EUR EUR EUR DKK EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR ILS EUR EUR EUR EUR EUR EUR EUR EUR EUR NOK EUR EUR EUR USD USD SAR EUR EUR ZAR ZAR ZAR ZAR ZAR EUR SEK CHF CHF USD AED AED

SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM

Month Month Month Year Year Month Month Month Year Month Month Year Year Year Year Year Year Year Month Month Month Month Month Month Month Month Year Month Year Year Month Month Year Year Year Year Year Year Month Month Month Year Year Year Month Month Month Month Month Month Month Month Year Year Year Month Year Year

0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 5.30 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 3.94 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 6.45 0.71 0.71 0.71 1.00 1.00 3.75 0.71 0.71 7.88 7.88 7.88 7.88 7.88 0.71 7.75 1.09 1.09 1.00 3.67 3.67

CLASS A NET RENT

CLASS A GROSS RENT

17.00 18.00 32.00 125.00 200.00 17.00 16.00 19.00 1,600.00 13.50 22.00 150.00 172.00 135.00 165.00 550.00 165.00 180.00 21.50 17.00 32.00 23.00 27.50 15.00 17.00 12.50 430.00 76.00 480.00 350.00 10.00 11.60 205.00 135.00 149.00 144.00 153.00 2,424.00 22.50 16.50 19.00 700.00 450.00 1,444.00 15.50 12.00 77.00 85.00 53.00 90.00 93.00 27.00 4,100.00 590.00 480.00 28.10 2,400.00 2,700.00

20.00 21.00 40.00 160.00 275.00 20.00 22.00 23.00 1,900.00 16.00 25.00 – – 150.00 – 625.00 – – 25.50 21.00 38.00 26.00 31.50 17.85 19.00 17.00 570.00 111.00 520.00 380.00 12.10 14.50 225.00 150.00 165.00 160.00 170.00 2,624.00 27.50 18.50 – 970.00 630.00 1,531.00 18.50 15.00 95.00 90.00 75.00 108.00 120.00 28.00 4,600.00 630.00 510.00 34.00 2,650.00 3,000.00

GROSS RENT TOP TOP ANNUAL CLASS A CLASS A CHG. (%) NET RENT GROSS RENT

-9.1 0.0 – 0.0 0.0 -7.0 -2.2 2.2 8.6 -27.9 -3.8 – – – – 4.2 – – -20.6 11.1 35.7 -1.9 2.9 -17.0 -22.4 -5.3 -13.1 -12.6 0.0 -1.3 -48.5 -34.7 0.0 0.0 0.0 0.0 0.0 -20.5 -16.7 – – -46.1 -35.6 -15.1 -11.8 0.0 60.7 50.0 92.9 1.7 -25.3 -4.2 -1.6 0.0 -7.6 -11.7 -21.1

22.00 24.00 38.00 145.00 260.00 30.00 17.00 22.00 1,800.00 17.00 25.00 174.00 281.00 120.00 172.00 660.00 200.00 200.00 25.00 23.00 38.00 25.00 35.00 18.50 22.00 19.00 540.00 85.00 600.00 450.00 15.00 14.50 243.00 158.00 167.00 203.00 212.00 4,550.00 26.00 18.00 24.00 900.00 650.00 2,360.00 16.50 18.00 102.00 95.00 68.00 110.00 123.00 33.00 4,400.00 1,000.00 920.00 56.50 3,200.00 3,770.00

25.00 28.00 47.00 185.00 335.00 35.00 24.00 26.00 2,100.00 19.00 29.00 – – 170.00 – 750.00 – – 30.00 27.00 45.20 28.00 39.00 22.00 24.00 24.00 680.00 120.00 660.00 500.00 18.15 17.40 270.00 175.00 185.00 225.00 235.00 4,750.00 31.00 21.00 – 1,200.00 860.00 2,525.00 19.50 21.00 120.00 100.00 90.00 127.00 150.00 35.00 4,900.00 1,100.00 950.00 62.50 3,550.00 4,150.00

COLLIERS INTERNATIONAL

13


GLOBAL

OFFICE MARKETS

MARKET EMEA continued Kyiv Birmingham Bristol Edinburgh Glasgow London – City London – Docklands London – Southbank London – West End Manchester NORTH AMERICA Calgary, AB Edmonton, AB Halifax, NS Kitchener-Waterloo, ON Montréal, QC Ottawa, ON Regina, SK Saskatoon, SK Toronto, ON Vancouver, BC Victoria, BC Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC Columbus, OH Dallas/Fort Worth, TX Denver, CO Detroit, MI Fresno, CA Ft. Lauderdale/Broward Co., FL Greenville, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, FL Kansas City, MO-KS Las Vegas, NV Little Rock, AR Los Angeles, CA Louisville, KY Memphis, TN Miami/Dade County, FL Milwaukee, WI Minneapolis/St. Paul, MN Nashville, TN

14

COUNTRY

LOCAL MEASURE/CURRENCY CBD RENTS – MID-YEAR 2009

MEASURE EXCHANGE QUOTED TIME RATE (USD) CURRENCY UNIT PERIOD JUN. 30, 2009

CLASS A NET RENT

CLASS A GROSS RENT

GROSS RENT TOP TOP ANNUAL CLASS A CLASS A CHG. (%) NET RENT GROSS RENT

Ukraine United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom

USD GBP GBP GBP GBP GBP GBP GBP GBP GBP

SM SF SF SF SF SF SF SF SF SF

Month Year Year Year Year Year Year Year Year Year

1.00 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.61

32.00 24.00 24.00 23.00 23.00 39.00 25.00 31.00 60.00 22.00

38.00 37.00 36.00 35.00 34.00 55.00 41.00 47.00 76.00 34.00

-67.2 -1.3 0.0 -2.8 0.0 -24.7 -25.5 – -26.9 0.0

35.00 32.00 27.50 28.50 29.00 48.00 30.00 39.00 75.00 28.50

41.00 47.00 40.50 40.00 40.00 64.00 46.00 55.00 91.00 42.50

Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF

Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year

1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

30.00 32.16 16.11 13.40 12.55 25.23 21.36 20.00 25.79 26.00 23.00 9.75 9.44 12.86 14.50 32.10 20.00 20.30 16.00 13.66 12.16 12.40 15.08 14.10 14.15 7.60 17.20 13.32 12.50 11.50 20.21 21.10 10.72 11.80 11.83 27.30 9.80 21.18 – 9.00 22.96 11.00 13.06 14.55

48.00 46.80 31.50 27.30 31.10 48.50 34.80 30.00 53.60 44.00 37.00 21.90 17.40 25.00 20.50 50.10 29.00 30.30 35.50 23.50 21.00 19.80 23.10 25.50 28.00 22.60 25.20 32.00 21.50 23.50 36.50 38.80 20.30 21.00 20.20 39.30 16.40 39.80 21.10 16.90 43.50 22.00 26.50 22.30

-17.9 -0.4 4.0 – 5.1 8.0 5.5 -0.3 2.7 -4.3 2.8 -1.9 0.0 4.2 3.3 -19.5 3.1 -8.4 -15.5 -0.1 6.0 -2.1 15.4 -1.9 -17.6 -1.8 -6.7 0.5 4.8 -1.4 -0.7 1.6 3.6 5.0 -2.1 -0.9 4.1 0.5 8.2 -0.6 1.1 0.0 0.6 11.0

35.00 39.19 19.50 14.50 35.17 29.94 25.79 20.00 42.58 39.00 31.00 27.85 13.04 20.10 16.00 52.00 23.00 25.00 33.50 20.16 20.16 14.60 17.71 24.60 21.15 10.90 22.00 27.32 16.00 13.00 25.11 27.57 16.42 14.80 18.13 33.00 13.15 24.70 – 15.10 25.96 15.00 29.06 20.75

53.00 53.83 34.89 28.40 53.72 53.21 39.23 30.00 70.39 57.00 45.00 40.00 21.00 32.24 22.00 70.00 32.00 35.00 53.00 30.00 29.00 22.00 25.73 36.00 35.00 25.90 30.00 46.00 25.00 25.00 41.40 45.27 26.00 24.00 26.50 45.00 19.75 43.32 23.50 23.00 46.50 26.00 42.50 28.50

COLLIERS INTERNATIONAL


GLOBAL

MARKET NORTH AMERICA continued New York, NY – Downtown New York, NY – Midtown New York, NY – Midtown S. Oakland, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR Raleigh/Durham/Chapel Hill. NC Reno, NV Sacramento, CA San Diego County, CA San Francisco, CA San Jose/Silicon Valley, CA Seattle/Puget Sound, WA St. Louis, MO Stockton/San Joaquin Co., CA Tampa, FL Washington, DC West Palm Beach/Palm Beach Co., FL ASIA PACIFIC Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo – Central Wards Auckland Wellington Singapore Seoul Taipei LATIN AMERICA Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá Mexico City Lima

OFFICE MARKETS

COUNTRY

LOCAL MEASURE/CURRENCY CBD RENTS – MID-YEAR 2009

MEASURE EXCHANGE QUOTED TIME RATE (USD) CURRENCY UNIT PERIOD JUN. 30, 2009

United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF

Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan New Zealand New Zealand Singapore South Korea Taiwan

AUD AUD AUD AUD AUD RMB RMB HKD RMB INR INR INR INR IDR JPY NZD NZD SGD KRW NTD

SM SM SM SM SM SM SM SF SM SF SF SF SF SM SM SM SM SF SM Ping

Year 1.23 Year 1.23 Year 1.23 Year 1.23 Year 1.23 Month 6.84 Month 6.84 Month 7.75 Day 6.84 Month 48.64 Month 48.64 Month 48.64 Month 48.64 Month 10,298.70 Year 95.55 Year 1.55 Year 1.55 Month 1.45 Month 1,284.69 Month 32.97

Argentina Brazil Brazil Chile Colombia Mexico Peru

USD BRL BRL USD USD USD USD

SM SM SM SM SM SM SM

Month Month Month Month Month Month Month

1.00 1.95 1.95 1.00 1.00 1.00 1.00

CLASS A NET RENT

24.60 43.20 24.80 20.20 14.40 14.47 15.72 25.66 14.88 14.40 11.70 22.40 24.26 16.10 22.90 – 10.97 14.48 10.47 19.60 19.99

CLASS A GROSS RENT

48.60 69.70 51.30 34.20 27.70 25.70 28.80 27.10 25.10 22.70 22.20 34.20 33.50 34.20 37.60 32.10 20.60 19.60 21.20 49.60 38.40

305.00 395.00 525.00 625.00 364.00 465.00 598.00 744.00 485.00 605.00 167.36 197.36 103.70 145.60 74.80 89.18 7.10 9.00 60.00 70.00 46.00 55.00 183.00 215.00 234.00 275.00 105,163.00 155,356.00 – 104,500.00 336.00 456.00 394.00 471.00 5.13 6.73 22,482.00 32,279.00 2,256.00 2,456.00 30.70 120.00 80.00 21.00 33.00 22.50 14.60

36.30 140.00 100.00 24.40 34.00 25.00 16.60

GROSS RENT TOP TOP ANNUAL CLASS A CLASS A CHG. (%) NET RENT GROSS RENT

-18.6 -28.1 -17.4 1.8 -2.9 -0.8 -9.4 -2.7 -1.7 5.6 -3.1 -2.1 -6.0 -36.7 -8.1 -11.2 0.1 -1.0 -10.1 -2.9 -2.7

51.00 98.50 48.50 27.40 21.70 26.27 26.92 46.56 24.73 20.65 15.30 29.00 37.80 40.19 27.30 – 12.37 24.28 16.69 46.00 46.59

75.00 125.00 75.00 41.40 35.00 37.50 40.00 48.00 34.95 28.95 25.80 40.80 47.04 58.29 42.00 62.04 22.00 29.40 27.42 76.00 65.00

-1.3 335.00 430.00 -12.0 750.00 850.00 1.1 451.00 562.00 -17.3 700.00 866.00 -13.6 825.00 950.00 -32.0 195.34 225.34 12.0 – – -35.8 131.15 150.16 -15.8 8.20 10.20 -22.2 72.00 85.00 -26.7 55.00 65.00 -40.3 255.00 300.00 -33.4 225.00 300.00 15.4 248,000.00 317,440.00 -29.1 – 163,350.00 1.3 430.00 550.00 8.3 460.00 570.00 -52.6 6.75 8.50 8.2 26,107.00 37,157.00 -2.6 3,300.00 3,500.00 -18.2 7.7 0.0 11.9 -4.2 -23.1 -10.3

37.50 140.00 110.00 25.00 36.50 28.30 15.60

42.20 160.00 135.00 29.00 38.50 31.80 17.80

COLLIERS INTERNATIONAL

15


GLOBAL

MARKET

OFFICE MARKETS

COUNTRY

EUROPE, MIDDLE EAST AND AFRICA (EMEA) Tirana Albania Vienna Austria Minsk Belarus Antwerp Belgium Brussels Belgium Sofia Bulgaria Zagreb Croatia Prague Czech Republic Copenhagen Denmark Tallinn Estonia Helsinki Finland Bordeaux France Lyon France Montpellier France Nantes France Paris France Strasbourg France Toulouse France Berlin Germany Düsseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens Greece Budapest Hungary Dublin Ireland Tel Aviv Israel Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Amsterdam Netherlands Eindhoven Netherlands Rotterdam Netherlands The Hague Netherlands Utrecht Netherlands Oslo Norway Warsaw Poland Lisbon Portugal Bucharest Romania Moscow Russia Saint Petersburg Russia Riyadh Saudi Arabia Belgrade Serbia Bratislava Slovakia Cape Town South Africa Durban South Africa Johannesburg South Africa Pretoria South Africa Sandton South Africa Madrid Spain Stockholm Sweden Geneva Switzerland Zurich Switzerland Istanbul Turkey Abu Dhabi United Arab Emirates Dubai United Arab Emirates

16

COLLIERS INTERNATIONAL

U.S. DOLLARS CBD MARKETS – MID-YEAR 2009

CLASS A NET RENT (PSF USD YR.)

CLASS A GROSS RENT (PSF USD YR.)

TOP CLASS A NET RENT (PSF USD YR.)

TOP CLASS A GROSS RENT (PSF USD YR.)

26.63 28.20 50.13 16.31 26.09 26.63 25.07 29.76 28.03 21.15 34.46 19.57 22.44 17.61 21.53 71.75 21.53 23.48 33.68 26.63 50.13 36.03 43.08 23.50 26.63 19.58 56.10 21.49 62.62 45.66 15.67 18.17 26.74 17.61 19.44 18.79 19.96 34.89 35.25 25.85 29.76 65.01 41.79 35.75 24.28 18.80 10.89 12.03 7.50 12.73 13.16 42.30 49.14 50.47 41.06 31.34 60.66 68.24

31.33 32.90 62.66 20.87 35.88 31.33 34.46 36.03 33.29 25.07 39.16 – – 19.57 – 81.53 – – 39.95 32.90 59.53 40.73 49.35 27.96 29.76 26.63 74.36 31.39 67.84 49.57 18.96 22.72 29.35 19.57 21.53 20.87 22.18 37.77 43.08 28.98 – 90.09 58.51 37.90 28.98 23.50 13.44 12.73 10.61 15.28 16.98 43.86 55.13 53.90 43.63 37.92 66.98 75.82

34.46 37.60 59.53 18.92 33.92 47.00 26.63 34.46 31.54 26.63 39.16 22.70 36.66 15.65 22.44 86.10 26.09 26.09 39.16 36.03 59.53 39.16 54.83 28.98 34.46 29.76 70.45 24.04 78.27 58.70 23.50 22.72 31.70 20.61 21.79 26.48 27.66 65.49 40.73 28.20 37.60 83.58 60.37 58.42 25.85 28.20 14.43 13.44 9.62 15.56 17.40 51.70 52.73 85.55 78.70 63.01 80.88 95.28

39.16 43.86 73.63 24.13 43.70 54.83 37.60 40.73 36.79 29.76 45.43 – – 22.18 0.00 97.84 – – 47.00 42.30 70.81 43.86 61.10 34.46 37.60 37.60 88.71 33.93 86.10 65.23 28.43 27.26 35.22 22.83 24.13 29.35 30.66 68.37 48.56 32.90 – 111.45 79.87 62.51 30.55 32.90 16.98 14.15 12.73 17.97 21.22 54.83 58.72 94.10 81.27 69.70 89.72 104.89

CBD SALES PRICE (PSF USD)

– 848.56 274.15 280.68 522.19 326.37 326.37 – 604.85 221.93 574.41 – – 274.15 293.73 1436.02 – – 587.46 – – 587.46 887.72 522.19 718.01 – 783.29 235.66 1044.38 718.01 208.88 215.40 587.99 489.55 391.64 443.86 430.81 – – 424.28 – 557.62 418.22 271.26 – – 117.91 76.64 135.59 88.43 212.24 874.67 839.52 1369.74 898.89 – 505.85 478.03

CBD CAP RATE/ INITIAL YIELD (%)

10-YEAR GOVT. BONDS (%)

– 4.50 14.50 6.50 6.30 9.25 8.00 7.00 5.75 10.00 6.40 – 7.00 7.75 7.15 6.00 – – 5.50 5.75 5.40 5.00 4.75 5.50 7.00 – 7.50 9.50 5.50 6.50 10.00 10.00 6.32 6.40 6.70 6.60 6.50 6.25 7.00 7.25 8.50 12.75 14.00 11.00 – 9.50 9.70 13.00 13.50 11.00 8.75 6.00 5.50 4.60 4.60 – 13.00 10.00

– 3.65 – 3.67 3.67 – – 5.00 3.54 – 3.52 3.42 3.42 3.42 3.42 3.42 3.42 3.42 3.23 3.23 3.23 3.23 3.23 3.23 4.42 8.30 4.65 4.23 4.02 4.02 – – 3.51 3.51 3.51 3.51 3.51 4.21 6.08 3.84 – 11.42 11.42 – – 3.91 8.62 8.62 8.62 8.62 8.62 3.70 3.39 1.96 1.96 6.11 – –


GLOBAL

MARKET EMEA continued Kyiv Birmingham Bristol Edinburgh Glasgow London – City London – Docklands London – Southbank London – West End Manchester NORTH AMERICA Calgary, AB Edmonton, AB Halifax, NS Kitchener-Waterloo, ON Montréal, QC Ottawa, ON Regina, SK Saskatoon, SK Toronto, ON Vancouver, BC Victoria, BC Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC Columbus, OH Dallas/Fort Worth, TX Denver, CO Detroit, MI Fresno, CA Ft. Lauderdale/Broward Co., FL Greenville, SC Hartford, CT Honolulu, HI Houston, TX Indianapolis, IN Jacksonville, FL Kansas City, MO-KS Las Vegas, NV Little Rock, AR Los Angeles, CA Louisville, KY Memphis, TN Miami/Dade County, FL Milwaukee, WI Minneapolis/St. Paul, MN Nashville, TN

OFFICE MARKETS

U.S. DOLLARS CBD MARKETS – MID-YEAR 2009

COUNTRY

CLASS A NET RENT (PSF USD YR.)

CLASS A GROSS RENT (PSF USD YR.)

TOP CLASS A NET RENT (PSF USD YR.)

TOP CLASS A GROSS RENT (PSF USD YR.)

CBD SALES PRICE (PSF USD)

CBD CAP RATE/ INITIAL YIELD (%)

Ukraine United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom

35.69 39.64 39.64 37.99 37.99 64.41 41.29 51.20 99.09 36.33

42.38 61.11 59.45 57.80 56.15 90.83 67.71 77.62 125.52 56.15

39.03 52.85 45.42 47.07 47.89 79.27 49.55 64.41 123.86 47.07

45.72 77.62 66.89 66.06 66.06 105.70 75.97 90.83 150.29 70.19

– – – – – – – – – –

14.00 7.00 7.00 7.00 7.00 6.75 7.00 7.00 6.00 7.00

– 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67

Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

25.95 27.82 13.94 11.59 10.86 21.83 18.48 17.30 22.31 22.49 19.90 9.75 9.44 12.86 14.50 32.10 20.00 20.30 16.00 13.66 12.16 12.40 15.08 14.10 14.15 7.60 17.20 13.32 12.50 11.50 20.21 21.10 10.72 11.80 11.83 27.30 9.80 21.18 – 9.00 22.96 11.00 13.06 14.55

41.52 40.48 27.25 23.62 26.90 41.96 30.10 25.95 46.37 38.06 32.01 21.90 17.40 25.00 20.50 50.10 29.00 30.30 35.50 23.50 21.00 19.80 23.10 25.50 28.00 22.60 25.20 32.00 21.50 23.50 36.50 38.80 20.30 21.00 20.20 39.30 16.40 39.80 21.10 16.90 43.50 22.00 26.50 22.30

30.28 33.90 16.87 12.54 30.42 25.90 22.31 17.30 36.83 33.74 26.82 27.85 13.04 20.10 16.00 52.00 23.00 25.00 33.50 20.16 20.16 14.60 17.71 24.60 21.15 10.90 22.00 27.32 16.00 13.00 25.11 27.57 16.42 14.80 18.13 33.00 13.15 24.70 – 15.10 25.96 15.00 29.06 20.75

45.85 46.57 30.18 24.57 46.47 46.03 33.94 25.95 60.89 49.31 38.93 40.00 21.00 32.24 22.00 70.00 32.00 35.00 53.00 30.00 29.00 22.00 25.73 36.00 35.00 25.90 30.00 46.00 25.00 25.00 41.40 45.27 26.00 24.00 26.50 45.00 19.75 43.32 23.50 23.00 46.50 26.00 42.50 28.50

333.04 – – 138.41 237.89 – 120.24 151.38 294.98 432.53 281.14 180.00 – 200.00 151.00 470.00 250.00 275.00 161.00 – 115.00 – – – 195.00 – 185.00 – – – – 140.00 – 115.00 245.00 – 79.00 292.00 – – 165.00 225.00 165.00 177.00

7.50

3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45

8.00 7.50 8.00 7.70 8.50 7.00 5.75 6.50 7.40 8.50 7.60 8.50 8.00 7.50 10.00

9.25 8.50

8.00 9.00 9.00 9.00 4.90 – – – 8.00 8.50 8.25

10-YEAR GOVT. BONDS (%)

COLLIERS INTERNATIONAL

17


GLOBAL

18

U.S. DOLLARS CBD MARKETS – MID-YEAR 2009

CLASS A NET RENT (PSF USD YR.)

CLASS A GROSS RENT (PSF USD YR.)

TOP CLASS A NET RENT (PSF USD YR.)

TOP CLASS A GROSS RENT (PSF USD YR.)

CBD SALES PRICE (PSF USD)

United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

24.60 43.20 24.80 20.20 14.40 14.47 15.72 25.66 14.88 14.40 11.70 22.40 24.26 16.10 22.90 – 10.97 14.48 10.47 19.60 19.99

48.60 69.70 51.30 34.20 27.70 25.70 28.80 27.10 25.10 22.70 22.20 34.20 33.50 34.20 37.60 32.10 20.60 19.60 21.20 49.60 38.40

51.00 98.50 48.50 27.40 21.70 26.27 26.92 46.56 24.73 20.65 15.30 29.00 37.80 40.19 27.30 – 12.37 24.28 16.69 46.00 46.59

75.00 125.00 75.00 41.40 35.00 37.50 40.00 48.00 34.95 28.95 25.80 40.80 47.04 58.29 42.00 62.04 22.00 29.40 27.42 76.00 65.00

200.00 350.00 300.00 250.00 180.00 130.00 – 314.00 98.00 – 150.00 250.00 – 265.00 – – – 150.00 150.00 351.00 103.00

8.00 7.00 8.00 8.00 8.50 8.90 – 9.10 – – 9.00 8.00 – 7.50 – – – 8.80 8.50 6.95 9.40

3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45

Australia Australia Australia Australia Australia China China China China India India India India Indonesia Japan New Zealand New Zealand Singapore South Korea Taiwan

22.95 39.51 27.39 45.01 36.50 27.27 16.90 115.81 35.19 14.80 11.35 45.14 57.73 11.39 – 20.18 23.66 42.33 19.52 22.81

29.73 47.04 35.00 55.99 45.53 32.16 23.72 138.08 44.60 17.27 13.57 53.04 67.84 16.82 101.57 27.39 28.29 55.53 28.02 24.83

25.21 56.45 33.94 52.68 62.09 31.83 – 203.06 40.64 17.76 13.57 62.91 55.51 26.86 – 25.83 27.63 55.70 22.66 33.36

32.36 63.97 42.30 65.18 71.50 36.72 – 232.49 50.55 20.97 16.03 74.01 74.01 34.38 158.77 33.03 34.23 70.14 32.26 35.38

301.25 504.60 357.74 376.57 588.20 330.66 269.69 1915.00 448.06 185.02 174.74 760.63 591.03 153.41 2307.13 360.62 300.51 1043.11 293.78 –

8.50 8.50 7.80 8.25 7.35 8.25 7.80 3.28 6.40 11.00 9.18 9.80 12.50 9.36 4.60 8.20 7.75 4.06 1.05 –

5.37 5.37 5.37 5.37 5.37 3.70 3.70 2.29 3.70 7.62 7.62 7.62 7.62 6.52 1.32 5.72 5.72 2.27 5.30 1.33

34.24 68.68 45.78 23.42 36.80 25.09 16.28

40.48 80.12 57.23 27.21 37.92 27.88 18.51

41.82 80.12 62.95 27.88 40.71 31.56 17.40

47.06 91.57 77.26 32.34 42.94 35.46 19.85

335.50 429.23 476.92 185.87 208.18 241.64 139.41

12.00 12.00 12.00 9.00 10.20 10.00 13.00

– 6.16 6.16 2.38 5.63 8.09 –

MARKET NORTH AMERICA continued New York, NY – Downtown New York, NY – Midtown New York, NY – Midtown S. Oakland, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR Raleigh/Durham/Chapel Hill. NC Reno, NV Sacramento, CA San Diego County, CA San Francisco, CA San Jose/Silicon Valley, CA Seattle/Puget Sound, WA St. Louis, MO Stockton/San Joaquin Co., CA Tampa, FL Washington, DC West Palm Beach/Palm Beach Co., FL ASIA PACIFIC Adelaide Brisbane Melbourne Perth Sydney Beijing Guangzhou Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Tokyo – Central Wards Auckland Wellington Singapore Seoul Taipei LATIN AMERICA Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá Mexico City Lima

OFFICE MARKETS

COUNTRY

Argentina Brazil Brazil Chile Colombia Mexico Peru

COLLIERS INTERNATIONAL

CBD CAP RATE/ INITIAL YIELD (%)

10-YEAR GOVT. BONDS (%)


GLOBAL

MARKET

OFFICE MARKETS

LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS – MID-YEAR 2009

COUNTRY

EUROPE, MIDDLE EAST AND AFRICA (EMEA) Vienna Austria Minsk Belarus Antwerp Belgium Brussels Belgium Sofia Bulgaria Zagreb Croatia Prague Czech Republic Copenhagen Denmark Tallinn Estonia Helsinki Finland Bordeaux France Lyon France Montpellier France Nantes France Paris France Strasbourg France Toulouse France Berlin Germany Düsseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens Greece Budapest Hungary Dublin Ireland Tel Aviv Israel Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Amsterdam Netherlands Eindhoven Netherlands Rotterdam Netherlands The Hague Netherlands Utrecht Netherlands Oslo Norway Warsaw Poland Lisbon Portugal Bucharest Romania Moscow Russia Saint Petersburg Russia Riyadh Saudi Arabia Belgrade Serbia Bratislava Slovakia Cape Town South Africa Durban South Africa Johannesburg South Africa Pretoria South Africa Sandton South Africa Madrid Spain Stockholm Sweden Geneva Switzerland Zurich Switzerland Istanbul Turkey Abu Dhabi United Arab Emirates Dubai United Arab Emirates

MEASURE EXCHANGE QUOTED TIME RATE (USD) CURRENCY UNIT PERIOD JUN. 30, 2009 EUR EUR EUR EUR EUR EUR EUR DKK EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR ILS EUR EUR EUR EUR EUR EUR EUR EUR EUR NOK EUR EUR EUR USD USD SAR EUR EUR ZAR ZAR ZAR ZAR ZAR EUR SEK CHF CHF USD AED AED

SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM SM

Month Month Year Year Month Month Month Year Month Month Year Year Year Year Year Year Year Month Month Month Month Month Month Month Month Year Month Year Year Month Month Year Year Year Year Year Year Month Month Month Year Year Year Month Month Month Month Month Month Month Month Year Year Year Month Year Year

0.71 0.71 0.71 0.71 0.71 0.71 0.71 5.30 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 3.94 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71 6.45 0.71 0.71 0.71 1.00 1.00 3.75 0.71 0.71 7.88 7.88 7.88 7.88 7.88 0.71 7.75 1.09 1.09 1.00 3.67 3.67

CLASS A NET RENT

CLASS A GROSS RENT

11.00 – 115.00 120.00 12.25 12.00 15.50 900.00 8.60 10.00 125.00 150.00 – 135.00 470.00 114.00 140.00 9.00 9.50 14.00 12.00 11.00 13.00 18.00 9.00 160.00 55.00 180.00 160.00 8.00 8.70 180.00 104.00 104.00 85.00 99.00 1,500.00 15.50 14.00 13.00 550.00 270.00 1,200.00 10.00 11.00 77.00 85.00 50.00 65.00 81.00 17.00 2,000.00 400.00 210.00 18.35 2,150.00 1,400.00

15.00 – 150.00 165.00 14.50 16.00 18.50 1,050.00 11.00 12.00 – – – – 550.00 – – 12.00 13.50 16.70 15.00 13.00 15.50 16.00 13.00 250.00 90.00 220.00 180.00 9.68 11.00 200.00 115.00 115.00 95.00 110.00 1,700.00 19.50 17.00 – 790.00 400.00 1,320.00 13.00 13.00 95.00 107.50 72.00 80.00 100.00 18.00 2,300.00 430.00 230.00 23.50 2,375.00 1,550.00

GROSS RENT TOP TOP ANNUAL CLASS A CLASS A CHG. (%) NET RENT GROSS RENT

0.0 – -3.2 0.0 -9.4 -3.0 8.8 -4.5 -22.5 -7.7 – – – – 0.0 – – – -4.9 11.3 -11.8 -12.2 5.2 -26.8 -23.5 -6.7 0.0 22.2 -18.2 -58.8 -48.8 0.0 0.0 0.0 0.0 0.0 -22.7 2.6 – – -34.2 -51.3 -13.3 -10.3 -13.6 7.5 20.0 -2.4 6.4 -21.7 -4.2 0.0 -4.2 -29.5 3.3 -46.6

15.00 – 130.00 150.00 16.00 14.00 17.00 1,250.00 10.50 14.00 145.00 180.00 – 139.00 545.00 170.00 170.00 16.00 12.00 17.00 15.00 25.00 15.00 19.00 10.00 220.00 65.00 240.00 200.00 10.00 10.10 347.00 135.00 153.00 158.00 162.00 2,100.00 18.00 16.50 20.00 650.00 345.00 1,200.00 11.00 12.50 97.00 120.00 58.00 100.00 101.00 21.00 2,200.00 600.00 620.00 40.00 2,500.00 1,620.00

20.00 – 165.00 195.00 18.00 19.00 20.00 1,550.00 13.00 17.00 – – – – 620.00 – – 19.00 16.00 20.20 18.00 27.00 17.90 20.00 14.00 310.00 100.00 300.00 220.00 12.10 12.50 385.00 150.00 170.00 175.00 180.00 2,300.00 22.00 19.50 – 900.00 500.00 1,320.00 14.00 15.50 115.00 135.00 80.00 115.00 120.00 22.00 2,500.00 650.00 650.00 45.00 2,750.00 1,800.00

COLLIERS INTERNATIONAL

19


GLOBAL

OFFICE MARKETS

MARKET EMEA continued Birmingham Edinburgh Glasgow NORTH AMERICA Calgary, AB Edmonton, AB Halifax, NS Kitchener-Waterloo, ON Montréal, QC Ottawa, ON Regina, SK Toronto, ON Vancouver, BC Victoria, BC Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC Columbus, OH Dallas/Fort Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, CA Ft. Lauderdale/Broward Co., FL Greenville, SC Hartford, CT Houston, TX Indianapolis, IN Jacksonville, FL Kansas City, MO-KS Las Vegas, NV Little Rock, AR Los Angeles, CA Los Angeles – Inland Empire, CA Louisville, KY Memphis, TN Miami/Dade County, FL Milwaukee, WI Minneapolis/St. Paul, MN Nashville, TN New Jersey – Central New Jersey – Northern New York, NY – Fairfield Co., CT New York, NY – Westchester Co. Oakland, CA Orange County, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR

20

LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS – MID-YEAR 2009

COUNTRY

MEASURE EXCHANGE QUOTED TIME RATE (USD) CURRENCY UNIT PERIOD JUN. 30, 2009

CLASS A NET RENT

CLASS A GROSS RENT

GROSS RENT TOP TOP ANNUAL CLASS A CLASS A CHG. (%) NET RENT GROSS RENT

United Kingdom United Kingdom United Kingdom

GBP GBP GBP

SF SF SF

Year Year Year

0.61 0.61 0.61

18.00 17.00 16.00

31.00 29.00 25.00

– – –

21.00 19.00 17.00

34.00 31.00 26.00

Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD

SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF

Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year

1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

22.05 20.14 11.01 14.70 10.30 12.40 17.00 14.33 18.00 20.00 12.25 15.60 15.25 12.80 13.10 19.00 11.55 17.30 13.40 14.28 10.90 13.21 14.80 8.25 16.80 20.50 17.80 12.32 12.10 11.00 12.20 10.66 11.80 12.53 23.50 11.85 21.50 18.17 – 13.55 16.93 13.00 15.33 14.67 16.40 19.20 18.80 14.00 17.80 20.78 17.10 16.43 17.80 21.91 14.57

34.80 31.30 27.20 25.50 24.90 30.00 28.00 29.80 31.00 33.00 22.40 24.00 26.40 18.30 30.10 26.50 19.90 27.80 21.10 21.20 18.00 19.50 25.50 22.00 23.30 25.30 25.80 28.00 18.60 21.00 27.60 19.50 21.00 22.30 35.50 18.30 36.10 27.40 17.60 21.70 33.10 21.00 27.50 21.70 26.40 28.40 31.80 27.00 31.80 31.20 23.60 25.00 26.80 23.20 23.70

-3.3 9.1 7.7 – 14.6 13.0 16.7 -1.0 3.3 -2.9 -4.9 0.0 0.4 -4.5 -1.9 1.9 -1.2 -0.7 2.7 1.2 1.9 0.9 -4.7 -12.0 -2.9 – -4.4 -10.3 -2.5 -0.4 -0.6 -0.5 2.4 -0.7 -5.2 0.3 -8.8 – -12.0 1.3 -4.2 0.0 0.1 0.7 – – – – 3.9 – -3.0 0.5 -6.4 -11.7 -0.3

25.25 38.48 18.00 18.70 15.80 21.40 19.00 28.64 25.00 32.00 24.85 18.00 26.85 17.00 43.00 21.50 17.65 24.50 20.30 18.08 12.90 14.21 32.80 14.25 18.63 26.52 23.80 16.32 17.00 15.00 25.10 16.16 16.30 23.98 36.00 14.05 60.52 24.97 – 20.85 37.96 14.00 26.41 21.47 26.50 30.80 87.00 32.00 24.70 49.58 25.50 27.55 32.00 43.71 23.87

38.00 49.64 34.19 29.50 30.40 39.00 30.00 44.11 38.00 45.00 35.00 26.40 38.00 22.50 60.00 29.00 26.00 35.00 28.00 25.00 20.00 20.50 43.50 28.00 25.13 31.32 31.80 32.00 23.50 25.00 40.50 25.00 25.50 33.75 48.00 20.50 75.12 34.20 23.00 29.00 54.13 22.00 38.58 28.50 36.50 40.00 100.00 45.00 38.70 60.00 32.00 36.12 41.00 45.00 33.00

COLLIERS INTERNATIONAL


GLOBAL

OFFICE MARKETS

MARKET NORTH AMERICA continued Raleigh/Durham/Chapel Hill. NC Reno, NV Sacramento, CA San Diego County, CA San Francisco Peninsula, CA San Jose/Silicon Valley, CA Seattle/Puget Sound, WA St. Louis, MO Tampa, FL Washington, DC – N.Virginia Washington, DC – Suburban MD West Palm Beach/Palm Beach Co., FL ASIA PACIFIC Adelaide Brisbane Melbourne Sydney Beijing Hong Kong Bangalore Chennai Delhi Mumbai Jakarta Auckland Singapore LATIN AMERICA Buenos Aires Rio de Janeiro São Paulo Mexico City Lima

LOCAL MEASURE/CURRENCY SUBURBAN/OUT-OF-TOWN RENTS – MID-YEAR 2009

COUNTRY

MEASURE EXCHANGE QUOTED TIME RATE (USD) CURRENCY UNIT PERIOD JUN. 30, 2009

United States United States United States United States United States United States United States United States United States United States United States United States

USD USD USD USD USD USD USD USD USD USD USD USD

SF SF SF SF SF SF SF SF SF SF SF SF

Year Year Year Year Year Year Year Year Year Year Year Year

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Australia Australia Australia Australia China China India India India India Indonesia New Zealand Singapore

AUD AUD AUD AUD RMB HKD INR INR INR INR IDR NZD SGD

SM SM SM SM SM SF SF SF SF SF SM SM SF

Year 1.23 Year 1.23 Year 1.23 Year 1.23 Month 6.84 Month 7.75 Month 48.64 Month 48.64 Month 48.64 Month 48.64 Month 10,298.70 Year 1.55 Month 1.45

Argentina Brazil Brazil Mexico Peru

USD BRL BRL USD USD

SM SM SM SM SM

Month Month Month Month Month

1.00 1.95 1.95 1.00 1.00

CLASS A NET RENT

15.00 10.40 15.90 27.16 21.00 24.80 – 15.25 15.12 14.20 17.42 14.69

CLASS A GROSS RENT

22.20 21.60 25.80 36.40 34.80 38.30 28.00 25.00 25.10 29.70 30.20 31.00

210.00 275.00 375.00 475.00 251.00 288.00 335.00 410.00 169.14 199.14 27.94 36.42 28.00 33.00 27.00 32.00 99.00 116.00 102.00 120.00 117,753.00 162,588.00 265.00 326.00 3.95 5.39 21.50 95.00 60.00 22.60 15.20

24.50 115.00 85.00 25.10 16.80

GROSS RENT TOP TOP ANNUAL CLASS A CLASS A CHG. (%) NET RENT GROSS RENT

-2.0 -10.0 0.5 -7.2 – -9.6 1.3 -3.8 1.5 – – -7.1

23.80 14.60 30.90 46.56 154.20 75.30 – 19.75 23.02 42.80 36.22 23.69

31.00 25.80 40.80 55.80 168.00 88.80 60.00 29.50 33.00 58.30 49.00 40.00

-26.7 290.00 350.00 5.6 450.00 550.00 -15.3 – – -11.3 700.00 808.00 -11.7 215.94 245.94 -21.0 38.89 48.67 -45.0 34.00 40.00 -41.8 34.00 40.00 -42.0 157.00 185.00 -52.0 212.00 250.00 10.9 148,800.00 188,480.00 – 360.00 430.00 -45.1 4.50 6.00 -7.5 4.5 -5.6 -13.4 -4.5

29.30 120.00 85.00 26.50 16.00

34.60 140.00 110.00 30.00 18.00

COLLIERS INTERNATIONAL

21


GLOBAL

OFFICE MARKETS

MARKET

U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS – MID-YEAR 2009

COUNTRY

EUROPE, MIDDLE EAST AND AFRICA (EMEA) Vienna Austria Minsk Belarus Antwerp Belgium Brussels Belgium Sofia Bulgaria Zagreb Croatia Prague Czech Republic Copenhagen Denmark Tallinn Estonia Helsinki Finland Bordeaux France Lyon France Montpellier France Nantes France Paris France Strasbourg France Toulouse France Berlin Germany Düsseldorf Germany Frankfurt Germany Hamburg Germany Munich Germany Stuttgart Germany Athens Greece Budapest Hungary Dublin Ireland Tel Aviv Israel Milan Italy Rome Italy Riga Latvia Vilnius Lithuania Amsterdam Netherlands Eindhoven Netherlands Rotterdam Netherlands The Hague Netherlands Utrecht Netherlands Oslo Norway Warsaw Poland Lisbon Portugal Bucharest Romania Moscow Russia Saint Petersburg Russia Riyadh Saudi Arabia Belgrade Serbia Bratislava Slovakia Cape Town South Africa Durban South Africa Johannesburg South Africa Pretoria South Africa Sandton South Africa Madrid Spain Stockholm Sweden Geneva Switzerland Zurich Switzerland Istanbul Turkey Abu Dhabi United Arab Emirates Dubai United Arab Emirates

22

COLLIERS INTERNATIONAL

CLASS A NET RENT (PSF USD YR.)

CLASS A GROSS RENT (PSF USD YR.)

TOP CLASS A NET RENT (PSF USD YR.)

TOP CLASS A GROSS RENT (PSF USD YR.)

17.23 – 15.00 15.65 19.19 18.80 24.28 15.77 13.47 15.67 16.31 19.57 – 17.61 61.31 14.87 18.26 14.10 14.88 21.93 18.80 17.23 20.37 28.20 14.10 20.87 15.55 23.48 20.87 12.53 13.63 23.48 13.57 13.57 11.09 12.92 21.59 24.28 21.93 20.37 51.08 25.08 29.71 15.67 17.23 10.89 12.03 7.07 9.20 11.46 26.63 23.97 34.22 17.97 20.46 54.34 35.38

23.50 – 19.57 21.53 22.72 25.07 28.98 18.40 17.23 18.80 – – – – 71.75 – – 18.80 21.15 26.16 23.50 20.37 24.23 25.07 20.37 32.61 25.45 28.70 23.48 15.16 17.23 26.09 15.00 15.00 12.39 14.35 24.47 30.55 26.63 – 73.37 37.15 32.68 20.37 20.37 13.44 15.21 10.19 11.32 14.15 28.20 27.56 36.79 19.68 26.21 60.03 39.18

23.50 – 16.96 19.57 25.07 21.93 26.63 21.90 16.45 21.93 18.92 23.48 – 18.13 71.10 22.18 22.18 25.07 18.80 26.63 23.50 39.16 24.28 29.76 15.67 28.70 18.38 31.31 26.09 15.67 15.82 45.27 17.61 19.96 20.61 21.13 30.23 28.20 25.85 31.33 60.37 32.04 29.71 17.23 19.58 13.72 16.98 8.21 14.15 14.29 32.90 26.37 51.33 53.04 44.61 63.19 40.94

31.33 – 21.53 25.44 28.20 29.76 31.33 27.16 20.37 26.63 – – – – 80.88 – – 29.76 25.07 31.64 28.20 42.30 28.04 31.33 21.93 40.44 28.28 39.14 28.70 18.96 19.58 50.23 19.57 22.18 22.83 23.48 33.11 34.46 30.55 – 83.58 46.44 32.68 21.93 24.28 16.27 19.10 11.32 16.27 16.98 34.46 29.96 55.61 55.61 50.19 69.50 45.49

SUBURBAN SUBURBAN CAP SALES PRICE RATE/INITIAL (PSF USD) YIELD (%)

326.37 169.71 248.04 326.37 195.82 221.93 – 350.64 117.49 221.93 0.00 0.00 241.51 195.82 913.83 – – 221.93 – – 430.81 339.42 248.04 522.19 – 391.64 141.40 300.26 391.64 117.49 110.97 483.94 287.20 261.10 293.73 261.10 0.00 – 257.83 – 0.00 167.29 0.00 – – 188.65 165.07 147.39 170.97 212.24 391.64 359.79 642.07 299.63 – 354.09 231.43

5.50 13.50 6.75 6.75 10.25 8.50 8.50 6.75 11.50 7.50 – 8.50 8.00 8.00 6.75 – – 7.30 6.00 6.50 8.00 6.70 7.10 7.50 – 8.50 10.00 7.00 7.70 11.00 11.50 6.50 8.30 8.00 7.90 7.90 7.50 7.50 7.50 12.00 – 16.00 – – 10.50 9.80 10.00 14.00 10.50 9.25 7.30 7.00 6.00 6.00 – 13.50 11.50

10-YEAR GOVT. BONDS (%)

3.65 – 3.67 3.67 – – 5.00 3.54 – 3.52 3.42 3.42 3.42 3.42 3.42 3.42 3.42 3.23 3.23 3.23 3.23 3.23 3.23 4.42 8.30 4.65 4.23 4.02 4.02 – – 3.51 3.51 3.51 3.51 3.51 4.21 6.08 3.84 – 11.42 11.42 – – 3.91 8.62 8.62 8.62 8.62 8.62 3.70 3.39 1.96 1.96 6.11 – –


GLOBAL

OFFICE MARKETS

MARKET EMEA continued Birmingham Edinburgh Glasgow NORTH AMERICA Calgary, AB Edmonton, AB Halifax, NS Kitchener-Waterloo, ON Montréal, QC Ottawa, ON Regina, SK Toronto, ON Vancouver, BC Victoria, BC Atlanta, GA Bakersfield, CA Baltimore, MD Boise, ID Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Cleveland, OH Columbia, SC Columbus, OH Dallas/Fort Worth, TX Denver, CO Detroit, MI Fairfield, CA Fresno, CA Ft. Lauderdale/Broward Co., FL Greenville, SC Hartford, CT Houston, TX Indianapolis, IN Jacksonville, FL Kansas City, MO-KS Las Vegas, NV Little Rock, AR Los Angeles, CA Los Angeles – Inland Empire, CA Louisville, KY Memphis, TN Miami/Dade County, FL Milwaukee, WI Minneapolis/St. Paul, MN Nashville, TN New Jersey – Central New Jersey – Northern New York, NY – Fairfield Co., CT New York, NY – Westchester Co. Oakland, CA Orange County, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR

U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS – MID-YEAR 2009

COUNTRY

CLASS A NET RENT (PSF USD YR.)

CLASS A GROSS RENT (PSF USD YR.)

TOP CLASS A NET RENT (PSF USD YR.)

TOP CLASS A GROSS RENT (PSF USD YR.)

SUBURBAN SUBURBAN CAP SALES PRICE RATE/INITIAL (PSF USD) YIELD (%)

10-YEAR GOVT. BONDS (%)

United Kingdom United Kingdom United Kingdom

29.73 28.08 26.42

51.20 47.89 41.29

34.68 31.38 28.08

56.15 51.20 42.94

– – –

– – –

3.67 3.67 3.67

Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States United States

19.07 17.42 9.52 12.72 8.91 10.73 14.71 12.40 15.57 17.30 12.25 15.60 15.25 12.80 13.10 19.00 11.55 17.30 13.40 14.28 10.90 13.21 14.80 8.25 16.80 20.50 17.80 12.32 12.10 11.00 12.20 10.66 11.80 12.53 23.50 11.85 21.50 18.17 – 13.55 16.93 13.00 15.33 14.67 16.40 19.20 18.80 14.00 17.80 20.78 17.10 16.43 17.80 21.91 14.57

30.10 27.08 23.53 22.06 21.54 25.95 24.22 25.78 26.82 28.55 22.40 24.00 26.40 18.30 30.10 26.50 19.90 27.80 21.10 21.20 18.00 19.50 25.50 22.00 23.30 25.30 25.80 28.00 18.60 21.00 27.60 19.50 21.00 22.30 35.50 18.30 36.10 27.40 17.60 21.70 33.10 21.00 27.50 21.70 26.40 28.40 31.80 27.00 31.80 31.20 23.60 25.00 26.80 23.20 23.70

21.84 33.29 15.57 16.18 13.67 18.51 16.44 24.78 21.63 27.68 24.85 18.00 26.85 17.00 43.00 21.50 17.65 24.50 20.30 18.08 12.90 14.21 32.80 14.25 18.63 26.52 23.80 16.32 17.00 15.00 25.10 16.16 16.30 23.98 36.00 14.05 60.52 24.97 – 20.85 37.96 14.00 26.41 21.47 26.50 30.80 87.00 32.00 24.70 49.58 25.50 27.55 32.00 43.71 23.87

32.87 42.94 29.58 25.52 26.30 33.74 25.95 38.16 32.87 38.93 35.00 26.40 38.00 22.50 60.00 29.00 26.00 35.00 28.00 25.00 20.00 20.50 43.50 28.00 25.13 31.32 31.80 32.00 23.50 25.00 40.50 25.00 25.50 33.75 48.00 20.50 75.12 34.20 23.00 29.00 54.13 22.00 38.58 28.50 36.50 40.00 100.00 45.00 38.70 60.00 32.00 36.12 41.00 45.00 33.00

237.89 – – 95.16 151.38 112.46 – 173.88 259.52 250.87 135.00 235.00 175.00 151.00 95.00 150.00 120.00 112.00 – 115.00 – 158.00 130.00 125.00 – – 203.00 147.00 – – 89.00 – 135.00 120.00 295.00 128.00 287.00 134.00 – – 155.00 180.00 150.00 97.00 165.00 170.00 250.00 200.00 200.00 276.00 170.00 131.00 93.00 299.00 158.98

8.00 – – 7.75 8.25 8.40 – 7.80 7.50 6.75 8.10 – 9.00 7.60 – 10.00 9.00 8.20 – 9.50 – – 9.00 9.50 – – 8.00 – – – 9.00 – 9.00 10.00 7.80 9.00 6.10 7.10 – – 7.75 8.00 8.50 7.25 8.50 8.00 8.00 8.00 8.00 6.50 9.50 8.90 8.95 6.50 7.50

3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.40 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45

COLLIERS INTERNATIONAL

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GLOBAL

OFFICE MARKETS

CLASS A NET RENT (PSF USD YR.)

CLASS A GROSS RENT (PSF USD YR.)

TOP CLASS A NET RENT (PSF USD YR.)

TOP CLASS A GROSS RENT (PSF USD YR.)

United States United States United States United States United States United States United States United States United States United States United States United States

15.00 10.40 15.90 27.16 21.00 24.80 – 15.25 15.12 14.20 17.42 14.69

22.20 21.60 25.80 36.40 34.80 38.30 28.00 25.00 25.10 29.70 30.20 31.00

23.80 14.60 30.90 46.56 154.20 75.30 – 19.75 23.02 42.80 36.22 23.69

31.00 25.80 40.80 55.80 168.00 88.80 60.00 29.50 33.00 58.30 49.00 40.00

120.00 205.00 204.00 128.00 – 151.00 – 100.00 150.00 305.00 241.00 184.00

9.75 8.25 7.50 – – – – 10.50 9.00 8.10 7.90 7.50

3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45

Australia Australia Australia Australia Australia China China China India India India India Indonesia New Zealand Singapore

15.80 28.22 18.89 – 25.21 27.56 43.26 – 6.91 6.66 24.42 25.16 12.75 15.92 32.59

20.70 35.75 21.67 – 30.86 32.45 56.39 – 8.14 7.89 28.62 29.60 17.61 19.58 44.48

21.83 33.87 – – 52.68 35.18 60.21 – 8.39 8.39 38.73 52.30 16.11 21.62 37.13

26.34 41.39 – – 60.81 40.07 75.36 – 9.87 9.87 45.64 61.67 20.41 25.83 49.51

263.60 – 218.41 376.57 330.78 349.45 – 230.82 83.94 94.22 386.75 299.11 105.58 192.33 –

7.75 8.75 9.30 9.00 8.30 7.89 – 7.00 9.60 10.47 9.30 11.20 9.00 8.50 –

5.37 5.37 5.37 5.37 5.37 3.70 2.29 3.70 7.62 7.62 7.62 7.62 6.52 5.72 2.27

Argentina Brazil Brazil Chile Colombia Mexico Peru

23.98 54.37 34.34 – – 25.20 16.95

27.32 65.81 48.65 – – 27.99 18.74

32.68 68.68 48.65 – – 29.55 17.84

38.59 80.12 62.95 – – 33.46 20.07

204.46 238.46 286.15 148.70 208.18 241.64 130.11

12.00 11.00 11.00 10.00 10.20 10.00 13.00

– 6.16 6.16 2.38 5.63 8.09 –

MARKET NORTH AMERICA continued Raleigh/Durham/Chapel Hill. NC Reno, NV Sacramento, CA San Diego County, CA San Francisco Peninsula, CA San Jose/Silicon Valley, CA Seattle/Puget Sound, WA St. Louis, MO Tampa, FL Washington, DC – N.Virginia Washington, DC – Suburban MD West Palm Beach/Palm Beach Co., FL ASIA PACIFIC Adelaide Brisbane Melbourne Perth Sydney Beijing Hong Kong Shanghai Bangalore Chennai Delhi Mumbai Jakarta Auckland Singapore LATIN AMERICA Buenos Aires Rio de Janeiro São Paulo Santiago Bogotá Mexico City Lima

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U.S. DOLLARS SUBURBAN/OUT-OF-TOWN MARKETS – MID-YEAR 2009

COUNTRY

COLLIERS INTERNATIONAL

SUBURBAN SUBURBAN CAP SALES PRICE RATE/INITIAL (PSF USD) YIELD (%)

10-YEAR GOVT. BONDS (%)


COLLIERS INTERNATIONAL

GLOBAL OFFICE REAL ESTATE REVIEW

MID-YEAR 2009

Glossary Class A Gross Rent – The average rent quoted per square foot per annum for a class A office building within the CBD plus additional costs such as property taxes, service charges or operating expenses. Class A Net Rent – The average rent quoted per square foot per annum for a class A office building within the CBD. Class A (Prime) Buildings – Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. ƒƒ Characterized by: Prime central location; first-class tenant improvements; on-site parking; state of the art elevators and HVAC systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance; ability to command a premium rent within the relevant market. The class A building designation implies that the size of the building is “significant” in accordance with the market. Population – The latest population statistics for the metropolitan region. Quoted Currency – The currency quoted locally in all lease transactions, not necessarily national currency. (Note: Chile utilizes Unidad de Fomento, which equals USD 24.30) Sales Price – The average sales price paid for a class A office building within the CBD.

Top Class A Net Rent – The top/highest rent quoted per square foot per annum for office floor space within the CBD. Total Inventory – Existing office floor space (classes A, B and C) within each city’s CBD (central business district). Under Construction – The total office floor space (classes A, B and C) within each city’s CBD (central business district) which is under construction, but not yet completed, giving an indication of the development pipeline for each market. This includes both available and pre-let floor space. Unit – The normal convention locally in which area is measured. Usually on a per square foot or per square meter basis. Vacancy Rate (%) – The percentage of the inventory (total completed office floor space, classes A, B and C, within the CBD) which is unoccupied. Yield (%) – The average prime yield (or capitalization rate), expressed as a percentage, for a Class A office building within the CBD. Note: SF = Square Feet

SM = Square Meter

PSF = Per Square Feet

PSM = Per Square Meter

CBD = Central Business District

Time Period – The standard way in which leases are quoted. Usually on a per month or per year basis. Top Class A Gross Rent – The top/ highest rent quoted per square foot per annum for office floor space within the CBD plus additional costs such as property taxes, service charges or operating expenses.

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

Copyright © 2009 Colliers International. Colliers International is a worldwide affiliation of independently owned and operated companies.

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COLLIERS INTERNATIONAL

GLOBAL OFFICE REAL ESTATE REVIEW

Colliers International is an affiliation of leading real estate firms committed to delivering consistently superior commercial real estate services, wherever and whenever needed.

MID-YEAR 2009

ƒƒ $1.6 Billion (€1.1 Billion) in Global Revenue ƒƒ 1. 1 Billion SF (102 Million SM) Under Management 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 Austria Belgium Bulgaria Croatia Czech Republic Denmark Estonia Finland France Germany

Greece Hungary Ireland Italy Latvia Lithuania Montenegro Netherlands Norway Poland Portugal Romania

Russia Serbia Slovakia Spain Sweden Switzerland Turkey Ukraine United Kingdom

MIDDLE EAST Israel Qatar Saudi Arabia United Arab Emirates New Zealand

SOUTH AMERICA Argentina Brazil Chile Colombia Peru

AUSTRALIA

ASIA

AFRICA South Africa

China Hong Kong India Indonesia Japan Macau Pakistan

Philippines Singapore South Korea Taiwan Thailand Vietnam

www.colliers.com 26

COLLIERS INTERNATIONAL


Global Office Real Estate Review Mid-Year 2009