global office forecast 2015 2016
TRANSCRIPT
U.S. COMEBACK FUELS REGIONAL GROWTH
SOUTH AMERICA IN SLUMP
SUN SHINES ON JAPAN AND INDIA
AMERICAS
ASIA PACIFIC
EASTERN EUROPE
WESTERN EUROPE
GLOBAL OFFICE
5
RENTAL GROWTH IN BOTH ESTABLISHED AND EMERGING ASIAN MARKETS
RENTAL GROWTH EXPECTED IN MOST EUROPEANMARKETS OVER THREE YEARS
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%
Los Angeles Seattle
New York Barcelona
San Francisco Jakarta
Houston Tokyo Dublin Boston
6
TENANTS MOVING PROACTIVELYIN ACTIVE MARKETS
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
Jakarta
Shanghai
Manila
Mexico City
Pune
Hyderabad
Shenzhen
Chengdu
Istanbul
Ho Chi Minh City
0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0%
Seattle
Hyderabad
Manila
Mexico City
Shanghai
Mumbai
Jakarta
Guangzhou
Shenzhen
Ho Chi Minh City
GLOBAL OFFICE
MEXICO CITY ON THE UPSWING
SOUTH AMERICAN SLOWDOWN
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Ottawa Chicago Atlanta
Los Angeles Montreal
Philadelphia Houston
New York San Francisco
CalgaryWashington, DC
Toronto Dallas
Buenos Aires Boston
Vancouver São Paulo
Santiago Rio de Janeiro
pp y g y ( )
10
DYNAMICS SUPPORT LEASING ACTIVITY
TENANT LEVERAGE IN SEOUL TO ERODE
NEW SUPPLY DRIVES UP VACANCYIN EMERGING MARKETS
TOKYO ON RECOVERY TRACK; HONG KONG ON HOLD
GLOBAL OFFICE
SOUTHEAST ASIA AND INDIA’S OUTLOOK BRIGHTENS
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0
Seoul Hong Kong
Bangkok Chennai
Melbourne Tokyo
Kuala Lumpur Taipei Beijing
Chengdu Sydney
Brisbane Perth
Singapore Pune
Delhi - NCR Bengaluru
Hyderabad Manila
Shanghai Mumbai Jakarta
Guangzhou
SUPPLY LED REVIVAL
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Barcelona Madrid Lisbon
Amsterdam London Dublin Milan
Stockholm Zurich
Frankfurt Paris
Munich Brussels
Budapest Luxembourg
Bratislava Moscow
Warsaw Prague
Bucharest Istanbul
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
GLOBAL OFFICE
s2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL
CURRENCY US$/SF/YR LOCAL MEASURE SF
LOCAL MEASURE
SF LOCAL MEASURE SF
0 0 500 500
0 0 0 0 550 550
0 0 0 0 615 615
0 0 0 0 606 606
0 0 0 0
20
s2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL
CURRENCY US$/SF/YR LOCAL MEASURE SF
LOCAL MEASURE
SF LOCAL MEASURE SF
0 0 0 0 622 622
50 50
0 0
168 168 892 892
GLOBAL OFFICE
21
s2015 2016 2015 2016 2015 2016
CITY(LOCAL MEASURE) % % %
LOCAL CURRENCY
US$/SF/YRLOCAL
CURRENCYUS$/SF/YR
LOCAL CURRENCY
US$/SF/YRLOCAL
MEASURESF
LOCAL MEASURE
SFLOCAL
MEASURESF
882 882
0 0
0 0 0 0
285 285
909 909
22
s2015 2016 2015 2016 2015 2016
CITY(LOCAL MEASURE) % % %
LOCAL CURRENCY
US$/SF/YRLOCAL
CURRENCYUS$/SF/YR
LOCAL CURRENCY
US$/SF/YRLOCAL
MEASURESF
LOCAL MEASURE
SFLOCAL
MEASURESF
86 929 28
501
216 155
GLOBAL OFFICE
s2015 2016 2015 2016 2015 2016
CITY(LOCAL MEASURE) % % % LOCAL
CURRENCYUS$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
MANILA
162 560
9 58
BANGKOK 0 0 0 0
s2015 2016 2015 2016 2015 2016
CITY(LOCAL MEASURE) % % % LOCAL
CURRENCYUS$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
906
50 802
12 102 8 91
29 812
GLOBAL OFFICE
25
s2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCYUS$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
0 0
266 628
BEIJING
258
26
s2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCYUS$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
111 108
265
0 0 86
90 26 919 0 0
GLOBAL OFFICE
s2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCYUS$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
0 0
862 862
28
s2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCYUS$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL CURRENCY
US$D/SF/YR
LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
GLOBAL OFFICE
29
s 2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL
CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
280 290
515 0 0
s 2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL
CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
0 0
0 0
MILAN
GLOBAL OFFICE
s 2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL
CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
810
s 2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL
CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
GLOBAL OFFICE
VACANCY s 2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL
CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
VACANCY s 2015 2016 2015 2016 2015 2016
CITY (LOCAL MEASURE) % % % LOCAL
CURRENCY US$/SF/YR LOCAL CURRENCY US$/SF/YR LOCAL
CURRENCY US$/SF/YR LOCAL MEASURE SF LOCAL
MEASURE SF LOCAL MEASURE SF
GLOBAL OFFICE