São Paulo Office Skyline July 2014

Transcription

1 Office Skyline July 2014

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3 w Office Market Overview - Global Prime Offices City Rental Clock The Jones Lang LaSalle Property Clocks SM Based on rents for Grade A space in CBD or equivalent. US positions relate to the overall market 1Q2013 1Q2014 Moscow San Francisco Houston Toronto Frankfurt Dallas, London Stockholm Berlin Boston Mumbai New York, Johannesburg, Istanbul, Tokyo Los Angeles, Dubai Berlin, Frankfurt Houston San Francisco Dallas Amsterdam, Sao Paulo Rental Value growth slowing Rental Value growth accelerating Seoul Moscow Shanghai Rental Value growth slowing Rental Values falling Rental Values bottoming out Brussels, Singapore, Shanghai Rental Values falling Paris Beijing Milan Hong Kong Sydney Washington DC Rome Chicago, Madrid Amsterdam Toronto Johannesburg Sao Paulo Prime Offices - Rental Change, Q12013-Q12014 Singapore Dubai London San Francisco Los Angeles New York Tokyo Toronto Shanghai Chicago Frankfurt Boston Stockholm Hong Kong Mumbai Washington DC Madrid Brussels Seoul Sydney Paris Beijing Moscow Sao Paulo Rental Values Americas EMEA Asia Pacific % change Source: JLL, April Based on rents for Grade A space in CBD or equivalent. In local currency. Sao Paulo Shanghai Mumbai Dubai Moscow Tokyo Beijing Hong Kong London Singapore San Francisco Paris Boston Seoul Sydney Frankfurt Stockholm Toronto Brussels Washington DC New York Madrid Los Angeles Chicago Capital Values Supply Pipeline Major Markets Prime Offices - Projected Changes in Values, Completions as % of existing stock Source: JLL, April Covers all office sub-markets in each city. Tokyo CBD - 5 kus. London New York, Stockholm Tokyo Rental Value growth accelerating Rental Values bottoming out Boston Los Angeles, Istanbul Mumbai Milan Singapore Chicago, Dubai Washington DC Seoul Brussels, Paris, Madrid Beijing, Hong Kong, Sydney % - 0-5% Singapore Dubai, London*, New York* San Francisco, Hong Kong, Tokyo Frankfurt, Paris*, Boston, Chicago Los Angeles, Toronto, Washington DC, Beijing, Seoul, Mumbai Shanghai, Stockholm Brussels, Madrid Moscow, Sydney Sao Paulo Tokyo, New York* San Francisco, Madrid Dubai, London*, Boston, Chicago Los Angeles, Frankfurt Seoul, Singapore Paris*, Shanghai, Mumbai Washington DC, Toronto, Beijing, Hong Kong Sydney, Stockholm, Brussels Moscow Sao Paulo Americas EMEA Asia Pacific *New York Midtown, London West End, Paris - CBD. Nominal rates in local currency. Source: JLL, April 2014

4 Latin-America Production Pipeline vs. Current Stock Production Pipeline vs. Current Stock (m2) Average Asking Average Rents, Rents (USd/m2/mo) EY 2013 Caracas Santiago Rio de Janeiro Bogotá Buenos Aires Caracas Lima Monterrey San José Rio de Janeiro Bogotá Montevideo Lima Buenos Aires Santiago Cali Monterrey Guadalajara San José Medellín Cali Guayaquil Panama City Bogotá Quito San Juan Barranquilla Caracas Panama City Medellín San Juan Medellín Guadalajara Panama City Lima Quito Montevideo Guayaquil Guadalajara Cali Current Stock: End-Year 2013 Production: Q Q Barranqulila Monterrey San Juan Quito San José Average Rent Class A Average Rent Class AB São Paulo Rio de Janeiro Barranquilla Rentable Area (Millions of m2) Vacancy Rates, EY Vacancy, 2013Q Guayaquil $- $10,00 $20,00 $30,00 $40,00 $50,00 $60,00 $70,00 Average Asking Rents (USD/m2/month) Y-o-Y Production vs. Net Absorption, Q Production vs. Net Absorption - Q (m2), Y-o-Y Santiago Buenos Aires Montevideo Panama City 37,3% 18,4% Monterrey 17,5% San Juan 16,5% Guayaquil 15,8% Rio de Janeiro 14,6% San José 11,5% 11, Montevideo 7,4% Guadalajara 6,8% Cali 6,5% Quito 6,1% Santiago 5,2% Buenos Aires 4,9% Barranquilla 4,8% Caracas 4,3% Bogotá 3, Lima 2,8% Medellín 2,2% 5% 1 15% 2 25% 3 35% 4 Office Vacancy Rate, Class A and AB Santiago Panama City Rio de Janeiro Lima San José Bogotá Buenos Aires Quito Caracas Medellín Barranquilla Guadalajara Guayaquil Monterrey Montevideo Net Absorption Production Cali San Juan Rentable Area (m2) Latin-America 2Q2014 Monterrey Guadalajara Medellin Bogotá Lima Caracas, Santiago Rental Growth Slowing Rental Growth Accelerating Montevideo Rents Falling Rents Bottoming Out San Jose Buenos Aires Panama City Santo Domingo San Juan Rio de Janeiro Sao Paulo

5 Million sq.m. 6,0 5,0 4,0 Classes AA&A stock evolution 000 sq.m Net absorption and vacancy evolution 3 25% Total inventory approximately: 13.0 million sqm 3,0 2,0 1, % 1 High-end stock (AA & A): 28% of total inventory 0,0 46,1% 46,7% Vacancy Rate (%) NEW STOCK NET ABSORPTION VACANCY RATE -100 R$/sq.m. Class AA&A asking rents 5% 2Q 2014 Vacancy Rate (AA &A): 20.5% 17, 12,5% 22,5% 20,9% 7,2% 7,2% 16,6% 13,5% 12,7% 13, 0, 0, 20,1% 18,9% 8,7% 8,7% 4,3% 3,6% 13,8% 13,9% 27,6% 23,9% average asking rent (AA & A): R$ 95.1 Average asking rent YoY variation -16. Source: Jones Lang LaSalle reserach - Brazil, July 2014 Demographics Sources: SEADE / IBGE / PMSP Population million inhabitants Population density 7,500 inhab/km² Average income R$3,500 per household R$ 443 billion GDP 5 million formal jobs positions 65% is from services sector

6 Marginal Pinheiros 74% Marginal Pinheiros AA & A buildings in skyline! Class AA 84% Occupied floor Vacant floor Pre-leased Future available / under construction Retail Parking, other unusable space Class A 74% T Building Address Built Total Area Floor Area (min) Floor Area (max) Available Area Vacancy Rate Pre-leased space Villa Lobos Av. Nações Unidas, ,461 sqm 970 sqm 970 sqm 970 sqm 5% Birmann 21 Av. Nações Unidas, ,975 sqm 586 sqm 1,252 sqm Grand Station R. Gilberto Sabino, ,073 sqm 1,500 sqm 1,500 sqm 15,073 sqm 10 WTorre Nações Unidas I Av. Nações Unidas, ,680 sqm 1,360 sqm 1,360 sqm WTorre Nações Unidas II Av. Nações Unidas, ,000 sqm 1,100 sqm 1,100 sqm WTorre Nações Unidas III Rua E. de Medeiros, ,298 sqm 1,488 sqm 1,488 sqm 7,440 sqm 36% Sede Odebrecht Rua Gerivativa, ,367 sqm 1,357 sqm 1,357 sqm Company Plaza Av. Eusébio Matoso, ,842 sqm 703 sqm 703 sqm 703 sqm 7% Million sq.m. 6,0 5,0 4,0 3,0 2,0 1,0 0,0 - Classes AA&A stock evolution Marginal high-end stock: 607,100 sq.m. Last 12 months production: 35,800 sq.m. New Stock forecast : 341,600 sq.m.

7 Marginal Pinheiros Occupied floor Vacant floor Pre-leased Future available / under construction Retail Parking, other unusable space T Building Address Built/Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased space Metrô Office Butantã R. Catequese, ,104 sqm 592 sqm 1,144 sqm 2,328 sqm 56% 1,776 sqm Eldorado Business Tower Av. Nações Unidas, ,903 sqm 1,780 sqm 1,780 sqm 18,690 sqm 32% Quadra Hungria R. Hungria, ,200 sqm 1,400 sqm 1,400 sqm Riverside R. Hungria, ,572 sqm 719 sqm 719 sqm 820 sqm 12% Ed. Nações R. Hungria, ,688 sqm 1,227 sqm 1,227sqm CJCC Continental Tower Av. Magalhães de Castro, ,331 sqm 1,728 sqm 1,917 sqm 18,573 sqm 37% 6,296 sqm CJCC Capital Building Av. Magalhães de Castro, ,813 sqm 569 sqm 569 sqm 4,441 sqm sqm CJCC Parque Tower Av. Magalhães de Castro, ,136 sqm 741 sqm 741 sqm 7,006 sqm 43% 1,111 sqm 46,1% 46,7% 17, 12,5% 22,5% 20,9% 7,2% 7,2% 16,6% 13,5% 12,7% 13, 0, - Vacancy Rate (%) 27,6% 23,9% 20,1% 18,9% 13,8% 13,9% 8,7% 8,7% 4,3% 3,6% 0, Last 12 months net absorption 30,900 sq.m. Marginal AA buildings vacancy rate 20.8% Marginal A buildings vacancy rate: 16.6% 2 of stock is available Marginal vacancy rate YoY variation -7 bps Marginal region vacancy 18.9%

8 Marginal Pinheiros Occupied floor Vacant floor Pre-leased Future available / under construction Retail Parking, other unusable space T Building Address Built/ Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased space Sul América R. Pedro Avancini, ,650 sqm 1,850 sqm 1,850 sqm AD 2200 R. Alexandre Dumas, ,540 sqm 793 sqm 793 sqm 5,481 sqm 33% EENU R. Verbo Divino, ,314 sqm 1,080 sqm 1,929 sqm 17,729 sqm 87% 1,080 sqm Birmann 20 Av. Nações Unidas, ,558 sqm 1,438 sqm 1,438 sqm 5,852 sqm 33% CENESP - Torre A Av. M. C. de Aguiar, ,724 2,844 2,844 CENESP - Torre B Av. M. C. de Aguiar, ,810 2,844 2,844 12% CENESP - C Av. M. C. de Aguiar, ,752 sqm 4,266 sqm 18% CENESP - D Av. M. C. de Aguiar, ,752 sqm 12% R$/sq.m. - Class AA&A asking rents Class AA asking rent R$ 83 Asking rent average decreased 1.1% QoQ Class A asking rent R$ 67 Asking rent average decreased 24.5% YoY AA&A Marginal asking rent R$73

9 Marginal Pinheiros Occupied floor Vacant floor Pre-leased Future available / under construction Retail Parking, other unusable space T Building Address Built/ Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased space CENESP - E Av. M. C. de Aguiar, ,752 sqm 483 sqm 2% CENESP - F Av. M. C. de Aguiar, ,752 sqm 1,422 sqm 6% Panamérica Green Park 1 Av. Guido Caloi, ,392 sqm 2,260 sqm 2,377 sqm 9,392 sqm 10 Panamérica Park - 1 Av. Guido Caloi, ,200 sqm 1,040 sqm 1,040 sqm 3,120 sqm 6 Panamérica Park - 2 Av. Guido Caloi, ,232 sqm 1,058 sqm 1,058 sqm Panamérica Park - 3 Av. Guido Caloi, ,800 sqm 1,200 sqm 1,200 sqm 1,200 sqm 25% Panamérica Park - 4 Av. Guido Caloi, ,800 sqm 1,200 sqm 1,200 sqm 1,200 sqm 25% Panamérica Park - 8 Av. Guido Caloi, ,400 sqm 1,080 1,080 5,400 sqm 10 Million sq.m. Milhões 1,2 1,0 0,8 0,6 - New Stock Forecast Marginal new stock to be delivered between 2014 and 2015 represents 56% of current stock. 0,4 0,2 All of the 341,600 sqm are class AA buildings 0,0

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12 About JLL JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. JLL is the brand name of Jones Lang LaSalle Incorporated. For further information, visit About JLL Brazil JLL brought its extensive international experience to Brazil in 1996, making it one of the first professional building management companies in the market. It currently has a professional staff of around 550 working out of offices in, Rio de Janeiro and Curitiba. They serve Brazilian and multinational clients under contract in all national territory. For further information, visit Client Solutions: Rio de Janeiro Global Clients: Office Division: Transactions: Market Intelligence: José Victor Cardim jose.cardim@am.jll.com Marcelo Sasaki marcelo.sasaki@am.jll.com Roberto Patino roberto.patino@am.jll.com Paulo Casoni / paulo.casoni@am.jll.com Monica Lee monica.lee@am.jll.com Julia Botelho Office Division Leader André Rosa Managing Director Alessandra Osiro Operations Director Ricardo Hirata Head of Research COPYRIGHT JONES LANG LASALLE IP, INC This publication is the exclusive property of JLL and may not be copied, reproduced or transmitted in any form or by any means, in whole or in part, without the prior written consent of JLL. ADDITIONAL INFORMATION: This publication is biannual and the data presented in this issue was collected between April 1st and July 31st, The information contained in this publication has been obtained in the market, by the Research and Market Intelligence team of JLL Brazil, through sources deemed reliable; however, JLL does not accept responsibility for the accuracy of this information. The content is merely informative, it aims the general public and, under any circumstances, should be considered as an investment guide; as such, JLL does not accept responsibility for any decisions based on this publication. Since JLL does not exhaust all the possibilities of the market in this publication, if you need additional information and advice targeted to your needs, the JLL team is available via and telephone at: client.solutions@am.jll.com and +55 (11)