P. | COLLIERS INTERNATIONAL
| Q4 2012 | OFFICE | NORTH AMERICA
• Capital is migrating out o the risk curve or investment in oce building assets in search o yield.
This trend, reported by Colliers in previous reports, was corroborated by the recent Association o Foreign Investors in Real Estate report in which our o the top ve markets or investmentwere in the U.S., including Houston or the rst time.
• “ICEE” oce markets are still hot.
Intellectual Capital, Energy and Education (ICEE) markets continue to capture a disproportionate share o NorthAmerican oce absorption. During , two-thirds o the North American MSAs with the greatest absorption are characterized asICEE markets. We see this trend continuing in as technology, energy and knowledge gateway centers remain the dominant generators ooce-related employment.
• Medical Oce has been a sleeper oce sub-property type that saw a % growth in transaction activity in CY to $. billion,
or just shy othe % total $. billion in CY oce property sales. And, approximately hal o the MSF o oce space under construction in the U.S. atthe onset o is or medical-related use.
• Recovery in housing is an overlooked oce demand driver that will gain additional traction in .
203.3330.0365.7-300.0-200.0-100.00.0100.0200.0300.0400.0Ottawa, ONVancouver, BCVictoria, BCHalifax, NSWinnipeg, MBEdmonton, ABWaterloo Region, ONSaskatoon, SKRegina, SKToronto, ONCalgary, ABMontréal, QCThousands
CANADIAN OFFICE ABSORPTION BY MARKET Q4 2012
IN THIS QUARTER’S REPORT, WE TAKE A LOOK AT THECOMBINATION TO UNLOCKING VALUE IN :
RIGHT :In look or North Americanvacancy to drop below %, ueled byanother MSF o absorption.LEFT :total oce transactions above$ billionRIGHT :CMBS oce propertydelinquencies rate below %LEFT ICEE:Oce job growth in Tech/Energy/Education MSAs outperormsFIRE MSAs or a third consecutive yearRIGHT MO:Medical Oce is the emergingleader among oce sub-property sectors
0.00.51.01.52.02.53.0Edmonton, ABVictoria, BCSaskatoon, SKWaterloo Region, ONRegina, SKWinnipeg, MBHalifax, NSMontréal, QCOttawa, ONVancouver, BCCalgary, ABToronto, ONMillions
CANADIAN OFFICE UNDER CONSTRUCTION BY MARKET Q4 2012
Note: Q data reported or Winnipeg, MB
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