CBRE Global Office Rent Cycles Q Global Research and Consulting

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Juniper Cobb
8 years ago
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1 RE Global Office Rent ycles Q1 2013

2 revious Quarter Q4 2012

3 RE Global Office Rent ycle, Q ondon ity ydney ondon West End New York- idtown N aris hanghai ão aulo T Toronto exico ity adrid ingapore ong Kong uckland F Frankfurt os ngeles - Downtown T Tokyo W Washington D.. hicago os ngeles entury ity ource: RE Research. RE age 3

ingapore ong Kong uckland F Frankfurt os ngeles - Downtown T Tokyo W

4 urrent Quarter Q1 2013

5 RE Global Office Rent ycle, Q hanghai ondon ity ondon West End ydney New York- idtown N exico ity aris ão aulo Toronto T adrid ong Kong uckland F Frankfurt hicago os ngeles entury ity os ngeles - Downtown T Tokyo ingapore W Washington D.. ource: RE Research. RE age 5

Kong uckland F Frankfurt hicago os ngeles entury ity os ngeles -

6 RE mericas Office Rent ycle, Q uenos ires os ngeles Downtown hicago Dallas Uptown/Turtle reek Denver os ngeles entury ity hiladelphia iami tlanta anama ity hoenix an Diego eattle D D ustin oston Dallas reston enter ima D ouston New York idtown Rio de Janeiro an Francisco antiago N R algary ontreal exico ity ao aulo Toronto Vancouver T V N Northern New Jersey O Orange ounty W Washington, D.. ource: RE Research, Q RE age 6

enter ima D ouston New York idtown Rio de Janeiro an Francisco antiago N R algary ontreal exico ity ao aulo

7 RE EE Office arket Rent ycle, Q msterdam erlin irmingham isbon adrid ilan thens ucharest arcelona udapest Frankfurt rague F Dublin oscow D elsinki unich anchester Dusseldorf Edinburgh amburg Istanbul Oslo Vienna D E I O V russels openhagen Geneva ondon ity ondon West End aris Rotterdam tockholm Warsaw Zurich G R W Z Rome R ource: RE Research. RE age 7

Dusseldorf Edinburgh amburg Istanbul Oslo Vienna D E I O V russels openhagen Geneva ondon

8 RE sia acific Office Rent ycle, Q K delaide angalore Kuala umpur hanghai elbourne umbai ydney eijing erth New Delhi henzhen N risbane J Jakarta eoul anoi ong Kong G Guangzhou uckland anberra ity ingapore angkok T anila Taipei T Tokyo W Wellington ource: RE Research. RE age 8

Jakarta eoul anoi ong Kong G Guangzhou uckland anberra ity ingapore

9 Rent ycle ositions ource: RE Research. RE age 9

10 Rent ycle osition Definitions egment Number Description Rents at eak 1 Rents are at their peak and are expected to decline over the next 6-12 months. Rental Decline ccelerating 2 Rental Decline oderating 3 Rents have started to fall, and the rate of decline is expected to accelerate over the next 6-12 months. The rate of rental decline is at its peak. Rents are expected to continue declining but at a slower rate. Rental Decline lowing 4 The rate of rental decline has slowed. Rents are not yet at their trough, and are expected to decline further, but at a slower rate. Rents at Trough 5 Rents are at their trough. The next movement is expected to be upwards. Rental Growth ccelerating 6 Rental Growth oderating 7 Rental Growth lowing 8 Rents at eak lateau 9 Rents have started to rise, and the rate of increase is expected to accelerate over the next 6-12 months. The rate of rental growth is at its peak. Rents are expected to continue rising but at a slower rate. The rate of rental growth has slowed. Rents are not yet at their peak, and are expected to increase further, but at a slower lower rate. Rents are at their peak and are considered to have reached a plateau. arginal further growth still possible, but a significant decline not yet expected. ource: RE Research. RE age 10

The rate of rental decline is at its peak. Rents are expected to continue declining but at a slower rate. Rental Decline lowing 4 The rate of rental decline has slowed.

11 General Guidance The cycle does not conform to a particular time scale. That is, it is capable of accommodating markets with very different cyclical characteristics. The position of markets at any given point should reflect an understanding of the current position in the context of each market s unique and broader cyclical behaviour. The cycle is intended to illustrate the office rent cycle for (a) core locations that (b) tend to attract the highest rents, which (c) represent the principle concentration of major occupiers in a city. In many cases this will be the D but need not be. There may be more than one of these in a given market (e.g. West End and ity in ondon) which have different characteristics and rent dynamics. Feel free to track more than one location, so long as they are appropriately labelled on the cycle and, in your opinion, do not materially misrepresent rent movements in the market as a whole. ource: RE Research. RE age 11

The cycle is intended to illustrate the office rent cycle for (a) core locations that (b) tend to attract the highest rents, which (c) represent the principle concentration of major occupiers in a

GLOBAL OFFICE RENT CYCLE

GLOBAL OFFICE RENT CYCLE GO OFFIE RENT YE Q4 2013 GO REER ND ONUTING GO OFFIE RENT YE revious Quarter, Q3 2013 GO REER ND ONUTING GO OFFIE RENT YE Q3 2013 ydney hanghai exico ity New York- idtown N Toronto T ão aulo ondon ity