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 73% AA & A buildings in skyline! Class AA 98% Occupied floor Vacant floor Pre-leased Future available / under construction Retail Parking, other unusable space Class A 31% T Building Address Built/ Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased Area 4440 Av. Brg., ,083 sqm 1,046 sqm 1,882 sqm 1,046 sqm 5% F.L Corporate Av. Brg., ,895 sqm 687 sqm 1,306 sqm 3,932 sqm 23% 11,213 sqm Praça Av. Brg., ,946 sqm 400 sqm 1,146 sqm 8,924 sqm 43% 6,876 sqm Ed. Vera Cruz II Av. Brig ,000 sqm 1,800 sqm 1,800 sqm 20,000 sqm 10 Miss Silvia Av. Brg ,578 sqm 977 sqm 977 sqm 15,578 sqm 10 The One R. Min. J. Cardoso, ,505 sqm 1,063 sqm 1,482 sqm 3,334 sqm 29% International Plaza Av. Pres. J. Kubitschek, ,295 sqm 1,207 sqm 1,207 sqm Million sq.m. 6,0 5,0 4,0 3,0 2,0 1,0 0,0 - Classes AA&A stock evolution high-end stock: 547,900 sq.m. Last 12 months production: 40,800 sq.m. New Stock forecast : 35,500 sq.m.

7 Occupied floor Vacant floor Pre-leased Future available / under construction Retail Parking, other unusable space T UUUUU Building Address Built/ Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased Area International Plaza II Av. Pres. J. Kubitschek, ,169 sqm 626 sqm 759 sqm JK 1455 Av. Pres. J. Kubitschek, ,376 sqm 1,865 sqm 1,865 sqm 5,595 sqm 25% Maria Cecília Lara Campos Av. Pres. J. Kubitschek, ,565 sqm 1,006 sqm 1,006 sqm 503 sqm 4% Pedro Mariz Av. Brig., ,472 sqm 1,078 sqm 1,305 sqm 2,610 sqm 14% Birmann 32 Av. Brig., ,000 sqm ~ 2,000 sqm ~ 2,000 sqm 16,000 sqm 10 Birmann 29 Av. Brig., ,051 sqm 1,313 sqm 1,313 sqm 1,313 sqm 7% Air Atílio Innocenti Rua Atílio Innocenti ,300 sqm 750 sqm 750 sqm 15,300 sqm ,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 48,400 sq.m. AA buildings vacancy rate 18.9% A buildings vacancy rate: 10.4% 13.4% of stock is available vacancy rate YoY variation -248 bps region vacancy 16.6%

8 Occupied floor Vacant floor Pre-leased Future available / under construction Retail Parking, other unusable space Torre A Torre C Torre B T Building Address Built/ Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased Area Square Av. Brig., ,972 sqm 1,645 sqm 1,679 sqm 3,324 sqm 18% New Century R. Leopoldo C. M. Jr., ,228 sqm 919 sqm 1,000 sqm 1,378 sqm Infinity Tower R. Leopoldo C. M. Jr, ,894 sqm 1,814 sqm 2,018 sqm 3500 Av. Brig., ,000 sqm 4,000 sqm 5,000 sqm Pátio Victor Malzoni Av. Brig., ,045 sqm 14,832 sqm 35,280 sqm 994 sqm 1,434 sqm 1,480 sqm 1,881 sqm 1,710 sqm 2,417 sqm 25,045 sqm 10 Financial Center Av. Brig., ,489 sqm 1,282 sqm 2,219 sqm R$/sq.m. - Class AA&A asking rents Class AA asking rent R$ 147 Asking rent average decreased 3.5% QoQ Class A asking rent R$ 123 Asking rent average decreased 15.2% AA&A asking rent R$138

9 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 Area Spazio R. Iguatemi, ,500 sqm 700 sqm 700 sqm 350 sqm 2% Icon Av. Brig., ,147 sqm 608 sqm 895 sqm 895 sqm Seculum Av. Brig., ,705 sqm 825 sqm 825 sqm 825 sqm 8% Seculum II Av. Brig ,050 sqm 850 sqm 850 sqm 11,050 sqm 10 HSBC Tower Av. Brig., ,048 sqm 1,348 sqm 1,348 sqm 4,044 sqm Cidade Jardim Av. Cidade Jardim, ,937 sqm 1,395 sqm 1,504 sqm 9,776 sqm 65% Million sq.m. Milhões 1,2 1,0 0,8 0,6 - New Stock Forecast new stock to be delivered between 2014 and 2015 represents 6,5% of current stock. 0,4 0,2 All of the 35,500 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. The information contained herein has been obtained from reliable sources; however, JLL does not accept responsibility for the accuracy of this information. The content is merely informative, and as such JLL does not accept responsibility for any decisions based on this publication. Photos and other artwork are for illustrative purposes only.