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NAIOP Broker UpdateOffice Market:
Tenant Representation Perspective
September 2011
Cheri O’NeilSenior Vice PresidentBranch ManagerStudley, Inc.
Washington, DC
Orange County
San Francisco
Silicon Valley
South Florida
Houston
New York City
Philadelphia CBD
Dallas/Fort Worth
U.S.
Suburban Philadelphia
Los Angeles
San Diego
Atlanta
Tampa Bay
Chicago CBD
Denver
Suburban Maryland
Northern New Jersey
Northern Virginia
-4.0 -2.5 -1.0 0.5 2.0
-2.9
-2.7
-2.7
-2.5
-1.7
-1.5
-1.4
-0.8
-0.8
-0.7
-0.7
-0.2
-0.1
0.0
0.0
0.5
1.0
1.0
1.1
1.4
Availability Rate PP Change (Y-O-Y)
(%)
Washington, DC
New York City
Philadelphia CBD
Suburban Maryland
Silicon Valley
San Diego
San Francisco
Chicago CBD
Northern Virginia
U.S.
Houston
Northern New Jersey
Orange County
Los Angeles
Suburban Philadelphia
Denver
South Florida
Tampa Bay
Dallas/Fort Worth
Atlanta
0% 10% 20% 30%
11.2%
11.3%
13.8%
15.5%
16.0%
16.4%
17.0%
17.7%
17.9%
18.1%
18.4%
19.7%
19.8%
20.2%
20.8%
21.1%
21.3%
23.2%
25.6%
25.9%
September 2011
Office Market: Tenant Representation Perspective2
Availability Rates Major Market Comparison
• Washington, DC and New York City have the lowest availability and are already pushing rental rates.
• Tampa Bay availability was flat compared to the same period last year.
Tampa Bay
Availability PP Change (Y-O-Y)Availability Comparison
Tampa Bay
U.S.
Tampa Bay
• US Average Asking Rents - $28.41; down .01% from a year ago; • The highest priced markets saw the greatest increase.• Tampa Bay Asking Rents decreased by 2.3% from the same period last year. • Tampa Bay continues to be one of the least expensive; down a notch from last year.
September 2011
Office Market: Tenant Representation Perspective3
Rental Rates (2Q 2011 vs. 2Q 2010)Major Market Comparison
San Francisco
Silicon Valley
New York City
Northern Virginia
Chicago CBD
Suburban Maryland
Atlanta
Northern New Jersey
Dallas/Fort Worth
Suburban Philadelphia
U.S.
Philadelphia CBD
Denver
Tampa Bay
Houston
Los Angeles
Washington, DC
South Florida
Orange County
San Diego
-10% -5% 0% 5% 10% 15%
12.8%
10.4%
7.2%
2.2%
1.5%
1.0%
0.5%
-0.3%
-0.4%
-0.5%
-0.6%
-0.8%
-0.9%
-2.3%
-2.6%
-3.6%
-3.7%
-4.8%
-5.0%
-5.2%
Annual Change in Asking Rents
(%)
Tampa Bay
New York City
Washington, DC
San Francisco
Chicago CBD
Silicon Valley
Northern Virginia
U.S.
Los Angeles
South Florida
San Diego
Northern New Jersey
Suburban Maryland
Philadelphia CBD
Suburban Philadelphia
Orange County
Houston
Atlanta
Tampa Bay
Denver
Dallas/Fort Worth
$0 $10 $20 $30 $40 $50
$50.69
$47.31
$32.72
$32.46
$30.04
$28.79
$28.41
$27.87
$27.16
$25.98
$25.87
$25.74
$25.46
$24.83
$23.23
$22.80
$21.03
$20.52
$19.92
$19.92
Overall Asking Rents
($/sf)
Tampa Bay
Overall Asking Rents Annual Change in Asking Rents
U.S.
Tampa Bay
Dallas/Fort Worth
Silicon Valley
San Diego
Houston
New York City
New Jersey
National
L.A
Tampa Bay
Washington, DC
San Francisco
South Florida
Orange County
Denver
Chicago
Philadelphia
Atlanta
-2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%
4.2%
3.8%
2.6%
2.6%
2.3%
1.8%
1.8%
1.6%
1.5%
1.5%
1.2%
1.1%
0.2%
0.1%
-0.1%
-0.4%
-1.4%
Change in Office-Using Employment (May 2010 - May 2011)
(%)
Philadelphia
Atlanta
Denver
Orange County, CA
Chicago
South Florida
Tampa Bay
LA
San Francisco
U.S.
New Jersey
Boston
San Diego
Seattle
New York City
Houston
Silicon Valley
Washington, DC
Dallas/Fort Worth
0% 10% 20% 30% 40% 50% 60% 70% 80%
0.1%
1.2%
6.3%
7.9%
8.3%
8.9%
11.1%
14.1%
18.2%
23.1%
24.1%
25.8%
27.4%
46.1%
47.1%
47.9%
56.7%
62.5%
68.6%
Recovery of Office-using Jobs lost in RecessionRecovery of Office-using Jobs lost in Recession
Tampa Bay
September 2011
Office Market: Tenant Representation Perspective4
Office-using Employment (Losses vs. Gains)Major Market Comparison
• As of June 2011, 23.1% of US jobs lost during the recession have been recovered;
• 11.1% of Tampa Bay jobs lost have been recovered.
• Office-using employment in Tampa Bay increased Y-O-Y by 1.5% as of 2Q 11 .
U.S.
Tampa Bay
Tampa Bay
September 2011
Office Market: Tenant Representation Perspective5
Emerging Confidence Tampa Bay is on the Rebound
• Nationally, Tampa Bay is once again perceived as a very affordable option with a deep employment base.
• According to the Tampa Hillsborough EDC, 2011 is turning into a banner year, with 1,924 new jobs YTD for Hillsborough County alone. In addition, there are currently four other projects in the 2011 Hillsborough pipeline representing another 1,460 new jobs.
• Longer term commitments – Benefits outweigh flexibility, risk aversion.
September 2011
Office Market: Tenant Representation Perspective6
Advising Our ClientsSecuring the Tenant’s Interest
• According to Real Capital Analytics, Tampa Bay has already worked out 32% of its distressed properties at a 54% recovery rate (not including fees) and currently has another 337 outstanding, which is 16% less than 2010.
• Changes affecting Tenants – Financial (Topic 840 - FAS 13); Physical (Workplace Environments); Technological (IT Infrastructure).
• Distressed Property concerns – Debt Restructures, Time Delays, TI’s & Commissions, Building Services, etc.
September 2011
Office Market: Tenant Representation Perspective7
Today’s ViewBalancing Concerns & Concessions
• Changes affecting Landlords;
• Structuring the Deal, Creating the “Win-Win”;
• Those Tenants and Landlord best equipped to deal with change will fare the best;
• Tampa Bay Office Market … positioned for recovery!