Calgary Downtown Office Overview CB Richard Ellis Research October - - PowerPoint PPT Presentation

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Calgary Downtown Office Overview CB Richard Ellis Research October 2010 Inventory vs. Vacancy Rates 2000 3Q 2010 Historical Calgary Downtown Office Inventory vs. Vacancy Rates 2000 - 3Q 2010 37,000 18.0% 36,000 16.0% 35,000 14.0%

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Calgary Downtown Office Overview

CB Richard Ellis – Research

October 2010

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CB Richard Ellis | Page 2

Inventory vs. Vacancy Rates

2000 – 3Q 2010

2009 = Centennial Place West 2010 = Eighth Avenue Place East

Historical Calgary Downtown Office Inventory vs. Vacancy Rates 2000 - 3Q 2010

28,000 29,000 30,000 31,000 32,000 33,000 34,000 35,000 36,000 37,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 3Q 2010 Years Inventory (0 0 0 's) SF 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% Vacancy Rates (%) Inventory Vacancy

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CB Richard Ellis | Page 3

Absorption

2000 – YTD 2010

Calgary Downtown O ffice Absorption 2000 - YTD 2010

1,500
1,000
500

500 1,000 1,500 2,000 2,500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2010 Years Absorption 000's SF

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CB Richard Ellis | Page 4

Average Rental Rates by Class

By Class

11.8% 13.2% 17.2% 17.2% 39.4%

Average Downtown R ental R ates 3Q 2010

$10.90 $13.13 $16.76 $22.16 $33.85 $22.39 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 Downtown Overall AA Class A Class B Class C Class D Class Building Class Average R ental R ate

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CB Richard Ellis | Page 5

Average Rental Rates by Submarket

By Class

11.8% 13.2% 17.2% 17.2% 39.4%

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CB Richard Ellis | Page 6

Vacancy

Vacancy Rates by Classes 3Q 2010 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% Class AA Class A Class B Class C Class D Classes Vacancy Rate (%)

By Class

11.8% 13.2% 17.2% 17.2% 39.4%

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CB Richard Ellis | Page 7

Downtown YTD 2010 Absorption

YTD 2010 Downtown O ffice Absorption

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 Class AA Class A Class B Class C Class D Classes Absorption (SF)

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CB Richard Ellis | Page 8

DOWNTOWN DEVELOPMENTS

BUILDING SIZE (SF) AVAILABLE (SF) OCCUPANCY Bankers Court 275,000 Q3 2009 8West 140,000 25,000 Q2 2009 Le Germain 90,000 60,000 Q4 2009 Centennial Place 800,000 430,000 180,000 170,000 Q1/Q2 2010 Jamieson Place 780,000 80,000 Q1 2010 PennWest Plaza (HH2) 360,000 171,000 Q2 2010 8th Avenue Place (E) 1,070,000 680,000 Q1 2011 The Bow 1,700,000 Q3 2011

Jamieson Place The Bow Centennial Place - West Eighth Avenue Place – East and West

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CB Richard Ellis | Page 9

Q3 Downtown Sublease Market

1,345,000 SF of sublease product and falling Represents 26% of total available product Was 52% of total product 12 months ago

Available Product Class AA Class A

Sublease June/10 378,899 713,071 Sublease Sept/10 231,256 509,306 Net Rates (Improved Space) $30 - $20 as is $25 - $10 as is

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CB Richard Ellis | Page 10

Encana Fallout

TD Canada Trust Tower Floors: 8 – 30 Area: 410,000 SF Bankers Hall West Floors: 7 – 9 Area: 61,000 SF Bankers Hall East Floors: 10 – 18, p19, 20 Area: 176,000 SF Encana Place Floors: 2 – 30 all office floors Area: 430,000 SF One Palliser Square Floors: 3 – 11 24 – 25 Area: 163,000 SF

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Calgary Downtown Office Overview

CB Richard Ellis – Research

October 2010