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 ondon West End ong Kong uckland adrid aris os ngeles - Downtown F Frankfurt T hicago os ngeles entury ity Tokyo ingapore W Washington D.. ource: RE Research, Q3 2013. 3 GO REER ND ONUTING GO OFFIE RENT YE Q4 2013
GO OFFIE RENT YE urrent Quarter, Q4 2013 GO REER ND ONUTING
GO OFFIE RENT YE Q4 2013 ão aulo hanghai exico ity ydney New York- idtown N T Toronto ondon ity ondon West End aris W Washington D.. ong Kong F os ngeles - Downtown uckland Frankfurt adrid hicago os ngeles entury ity T Tokyo ingapore ource: RE Research, Q4 2013. 5 GO REER ND ONUTING GO OFFIE RENT YE Q4 2013
ERI OFFIE RENT YE Q4 2013 V algary anama ity Vancouver uenos ires tlanta hicago Dallas reston enter Denver os ngeles entury ity D D ustin ima exico ity New York idtown N ontreal Rio de Janeiro Toronto an Francisco antiago R T ão aulo iami Orange ounty O D oston eattle Dallas Uptown/Turtle reek hiladelphia ouston hoenix Washington, D.. W an Diego os ngeles Downtown Northern New Jersey N ource: RE Research, Q4 2013. 6 GO REER ND ONUTING GO OFFIE RENT YE Q4 2013
I IFI OFFIE RENT YE Q4 2013 K Kuala umpur erth hanghai elbourne ydney delaide anberra umbai T Jakarta angkok Taipei anila J New Delhi eijing henzhen angalore N anoi ong Kong risbane eoul G Guangzhou ity W Wellington T ingapore Tokyo uckland ource: RE Research. Q4 2013 7 GO REER ND ONUTING GO OFFIE RENT YE Q4 2013
EE OFFIE RKET RENT YE Q4 2013 Vienna Oslo V O Rotterdam R anchester Zurich Z E Edinburgh W G Warsaw Geneva isbon R Rome thens aris rague udapest Frankfurt F msterdam ilan adrid oscow arcelona Dublin elsinki D ondon ity ondon West End unich russels irmingham tockholm openhagen erlin amburg Dusseldorf Istanbul D I ucharest ource: RE Research. Q4 2013 8 GO REER ND ONUTING GO OFFIE RENT YE Q4 2013
RENT YE OITION 1 9 2 8 3 7 4 6 5 ource: RE Research. 9 GO REER ND ONUTING GO OFFIE RENT YE Q4 2013
RENT YE OITION DEFINITION 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. 10 GO REER ND ONUTING GO OFFIE RENT YE Q4 2013
GENER GUIDNE 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. 11 GO REER ND ONUTING GO OFFIE RENT YE Q4 2013