1、U.S.Office Markets:Performance&ProspectsU.S.Research Report|Q3 2022Office ServicesMichael LirtzmanHead of Office Agency Leasing|U.S.+1 312 612 Research Steig SeawardSr.National Director of Research|U.S.+1 303 779 Research Stephen NewboldNational Director of Office Research|U.S.+1 202 534 Occupier Se

2、rvices Scott NelsonCEO,Occupier Services|Global+1 470 386 Occupier Services Chris ZlockiHead of Client Experience|Executive Vice President,Occupier Services|Global+1 313 595 2Colliers U.S.Research Report:Q3 2022Introduction.4U.S.Office Market:Outlook.9Market Cycle Analysis .13Office Market Rankings.

3、14Economic Metrics .15Albuquerque.17Atlanta.18Austin.19Baltimore.20Birmingham.21Boise.22Boston.23Charleston.24Charlotte.25Chicago.26Cincinnati.27Cleveland.28Columbia.29Columbus.30Dallas-Ft.Worth.31Dayton.32Denver.33Detroit.34Fort Lauderdale.35Grand Rapids.36Greenville-Spartanburg.37Hartford.38Housto

4、n.39Indianapolis.40Jacksonville.41Kansas City.42Las Vegas.43Los Angeles.44Memphis.45Miami.46Milwaukee.47Minneapolis.48Nashville.49New Hampshire.50New Jersey.51New York(Manhattan).52Norfolk.53Oakland.54Omaha.55Orange County.56Orlando.57Palm Beach.58Philadelphia.59Phoenix.60Pittsburgh.61Portland.62Ral

5、eigh.63Reno-Sparks.64Richmond.65Sacramento.66Salt Lake City.67San Diego.68San Francisco.69San Jose.70Seattle .71St.Louis.72Stockton.73Tampa.74Washington D.C.75Definitions .76Methodology&Sources.77Table of Contents3U.S.Office Markets:Performance&ProspectsU.S.Office Market:Current Context The U.S.offi

6、ce vacancy rate stands at 15.1%,an increase of 10 basis points in Q2 2022.However,vacancy is still comfortably below the record peak of 16.3%,seen at the height of the Global Financial Crisis(GFC).Net absorption,which measures the change in occupied office inventory,was positive in over half(53%)of

7、the office markets tracked in our national survey in the second quarter.National office absorption totaled 3.1 million square feet and has been positive in three of the past four quarters starting in Q3 2021.This marked a significant turnaround from the prior four quarters when cumulative net absorp

8、tion was negative 141.8 million square feet.IntroductionThe U.S.office market is in unchartered territory.Following two years of pandemic-driven correction,signs of stabilization are emerging.However,there is considerable debate and speculation regarding the future.The office sector is facing a set

9、of challenges that could result in significant structural shifts over the years ahead.In this report,we examine the national context and outlook,before looking at current economic and real estate trends in 59 leading U.S.office markets,along with their outlook through year-end 2022.In addition,we es

10、tablish where each market sits in the office cycle.Are local trends declining,stabilizing or showing signs of recovery?10111213141516-50-40-30-20-10010203040Q42018Q12019Q22019Q32019Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Absorption(MSF)New Supply(MSF)Vacancy Rate(%)Millions

11、 SFVacancy%Source:ColliersU.S.Office Market:Supply,Demand&Vacancy 4Colliers U.S.Research Report:Q3 2022Source:ColliersSource:ColliersOffice Vacancy Rates CBD vs.SuburbanNet Absorption:CBD vs.SuburbanTenants continue to show a clear preference for the best quality space.Class A absorption in Q2 2022

12、totaled 5.6 million square feet,while the combined amount for Class B and C space was negative 2.5 million square feet.Eight metro office markets posted more than 500,000 square feet of positive absorption in Q2 2022,led by New York City(1.1 million square feet),Atlanta(one million square feet)and L

13、os Angeles(921,000 square feet).Denver,Philadelphia,Phoenix,Raleigh-Durham and San Diego also saw healthy gains.Chicago took the hardest hit with 997,000 square feet of negative absorption in the second quarter.Minneapolis also posted over half a million square feet of negative absorption.The bifurc

14、ation of the San Francisco Bay Area continues.Second quarter net absorption was negative 505,000 square feet in the City of San Francisco,while Silicon Valley saw 707,000 square feet of occupancy gains.CBD vacancy at 15.5%is now higher than suburban levels(15%).This is the first time this has occurr

15、ed in the history of our data series and can be attributed to a combination of more space being placed on the market in CBD locations which also have a greater share of new deliveries.On the demand side,suburban absorption was 3.9 million square feet in Q2 2022,compared to negative 0.8 million squar

16、e feet across the CBD markets.Cumulative suburban absorption over the past four quarters was 18 million square feet,compared to negative 3.1 million square feet in CBD markets.8910111213141516Q32018Q42018Q12019Q22019Q32019Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022%CBDSuburban

17、-2-1012345678910Q3 2021Q4 2021Q1 2022Q2 2022MSFCBDSuburban5U.S.Office Markets:Performance&ProspectsThere is now a record 217.8 million square feet of sublease space available across the U.S.office market,significantly higher than the prior peak of 143.3 million square feet seen in Q2 2009.As firms c

18、ontinue to evaluate their post-COVID real estate needs,sublease space will remain a cost-competitive,short-term option until there is greater clarity on business and economic direction.San Francisco still has the highest sublease availability rate among the top 10 markets,by a fair margin,at 7.9%.Lo

19、s Angeles is next,at 4%,followed by Manhattan,Seattle and Silicon Valley all at 3.8%.In an analysis of Class A rental discounts for sublease space over direct space across the top 10 office markets,the average discount is 30.1%,up from 26.1%in Q1 2022.Houston leads all markets with a 51.5%discount,f

20、ollowed by Chicago at 38.8%and Seattle at 34%.020406080100120140160180200220Q1 2008Q2 2008Q3 2008Q4 2008Q1 2009Q2 2009Q3 2009Q4 2009Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015

21、Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022MSF0%10%20%30%40%BostonDallasSilicon ValleyWashington D.C.San FranciscoManhattanAverageLos AngelesAtlantaSeattleChicag

22、oSource:Colliers/CoStarSource:ColliersU.S.Office Market:Available Sublease SpaceTop 10 Office Markets:Class A CBD Sublease Space Rental Discount Q2 2022217.8MSFAvailable office sublease space across the U.S.(A new record)6Colliers U.S.Research Report:Q3 2022Construction activity continues to slow.Cu

23、rrently,119.9 million square feet are underway,which is down 27%from this cycles peak of 164 million square feet,seen in Q3 2020.The New York City metro has by far the largest amount of ongoing construction,at 22.1 million square feet,followed by the San Francisco Bay Area with 11.6 million square f

24、eet and Seattle with 7.3 million square feet.020406080100120140160180Q1 2006Q2 2006Q3 2006Q4 2006Q1 2007Q2 2007Q3 2007Q4 2007Q1 2008Q2 2008Q3 2008Q4 2008Q1 2009Q2 2009Q3 2009Q4 2009Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014

25、Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Under ConstructionHistoric AverageMSFSource:ColliersU.S.Office Market

26、:Quarterly Under Construction Totals7U.S.Office Markets:Performance&ProspectsAsking rates are,by and large,holding firm.However,the gap between asking and effective rents remains significant due to increased concessions on offer.Tenant improvement allowances of$100 per square foot or more plus 12 to

27、 15 months of rent abatement are available in several major markets when a tenant signs a new 10-year lease on Class A space.Office return dates have been a moving target throughout the pandemic,particularly over the last 12 months,with plans being stalled by the Delta and Omicron variants in turn.C

28、urrent office occupancy stands at 44.1%,as tracked by Kastle Systems across 10 U.S.office metros.This compares with 42%at the end of Q1 2022.Office utilization is highest in suburban,principally car-borne cities,as opposed to denser CBDs where there is a greater reliance on public transportation.It

29、will take time for firms to recast their property strategies and decide how much space will be needed going forward,not to mention where it should be located.Uncertainty in the economy is clouding the picture,further impacting the timing of such decisions.In addition,existing lease commitments will

30、also restrict the ability to implement change.Structural shifts in the U.S.office sector look to be afoot,but will take some time to play out.0%5%10%15%20%25%30%35%40%45%50%55%60%San JosePhiladelphiaSan FranciscoWashington D.C.New YorkLos AngelesChicagoAverageDallasHoustonAustinSource:Kastle Systems

31、 07/13/2022Office Occupancy Rates Across 10 Metro Markets“Tenant improvement allowances of$100 per square foot or more plus 12 to 15 months of rent abatement are available in several major markets when a tenant signs a new 10-year lease on Class A space.”8Colliers U.S.Research Report:Q3 2022U.S.Offi

32、ce Market:OutlookKey Trends Return to the Office:The uptick in occupancy levels has slowed.Further,incremental increases are expected,with occupancy remaining higher in suburban locations than in dense Central Business Districts.(CBDs).New Working Practices:Some degree of remote working is here to s

33、tay,but we are still awaiting clarity on the adoption of hybrid working and how many days per week people will be required to be in the office.Business sector variations are anticipated.Occupier Strategy:Businesses continue to reassess their space requirements,including changes in work models,busine

34、ss location,and space use.The general consensus is that medium-to-large tenants are looking to reduce their office footprint when relocating or renewing.Flexible Workspace:Employees are demanding greater choice in where they work.That should accelerate demand for flexible workspace solutions,particu

35、larly drop-in options closer to home with short commute times.Flight to Quality Continues:The highest-quality work experience will be the key to bringing employees back to the office and attracting talent,particularly in CBD locations.Factors include enhanced amenities,health and safety protocols,an

36、d expanded adoption of Environmental,Social and Corporate Governance(ESG)initiatives.Increased Obsolescence:With new Class A space dominating leasing activity,where does this leave older Class A,B and C assets?Unless such properties can be repurposed or are deemed worthy of major capital improvement

37、s,increased structural vacancy is set to occur.Suburban or Downtown Markets:The dynamic between the suburbs and downtown has shifted.Look for suburban markets to remain in the ascendancy until there is sufficient uplift in downtown occupancy.Tech and Sunbelt Markets Outperform:Medium-sized tech-cent

38、ric cities,such as Austin,Nashville,and Salt Lake City,along with sunbelt markets,particularly those in Florida,should post some of the strongest fundamentals.Gateway Economies Rebound:Four of the six gateway markets Boston,Los Angeles,New York and San Francisco rank in the top 20 cities for project

39、ed economic expansion in 2022.West coast tech markets in general,most notably Silicon Valley and Seattle,are set to post strong growth through year-end 2022.9U.S.Office Markets:Performance&ProspectsU.S.National Office Forecast Vacancy:The U.S.office vacancy rate is stabilizing,which is expected to c

40、ontinue during the second half of 2022.Any notable decline in vacancy rates is still 12 to 18 months away.Demand:Net absorption has been modestly positive in three of the past four quarters,after a cumulative 153 million square feet of occupancy losses in the pandemic-driven downturn.Leasing activit

41、y should increase as business confidence rises,but could be delayed until there is less uncertainty in the economy Sublease Space:After falling in the second half of 2021,sublease space is at a record high.This will continue to provide attractive(and lower-cost)short-to-medium-term options while bus

42、iness strategies are reassessed.Construction:Development,already down 27%from this cycles peak,will continue to slow,especially for speculative projects.Rents:Asking rents are holding up,albeit with generous concessions.Any decline in asking rates should be modest until tenant demand increases,there

43、by driving competition between landlords to attract new and retain existing tenants.U.S.Economic Context and OutlookCurrent economic headlines are dominated by overly high inflation and the Federal Reserves(Fed)policy response.The U.S.inflation rate hit a 40-year high in June when Consumer Price Inf

44、lation(CPI)the principal measure used by the Bureau of Labor Statistics(BLS)reached a 9.1%annualized rate,up from 5%one year earlier.What is driving the rapid increase in CPI to such elevated levels?It is a confluence of factors,including strong consumer demand,a tight labor market,companies retaini

45、ng pricing power,elevated gasoline prices and supply-chain stress aggravated by the COVID-related China lockdown and the continued Russian-Ukraine war.As a result,energy and food prices have risen rapidly,with increases of 34.6%and 10.1%,respectively,over the 12 months to June 2022.Although CPI fell

46、 to an 8.5%annualized rate in July,the descent in inflation is expected to be gradual.Consensus Forecasts projects that CPI will still be close to 7%at the close of 2022.Although cooling should occur in 2023,with CPI projected to run at around 3.5%by year-end,this is still elevated compared to the 1

47、0-year average of 1.8%during 2011 to 2020.To curb inflation,the Fed raised interest rates by a combined 150 basis points at its three meetings from March through May 2022.The 75-basis point rise in May was the highest since 1994 and was followed by further 75-basis point increases in July and Septem

48、ber.Federal Reserve policy makers now see the U.S.Central Banks key rate rising to 4.4%by the end of 2022.10Colliers U.S.Research Report:Q3 2022There is concern that moving rates up aggressively could weaken the economy,thereby raising the risk of recession.Although the economy should continue to sl

49、ow,Consensus Forecasts projects real GDP growth of 2.1%in 2022,falling to 1%in 2023.On a positive note,the labor market remains strong,with an average of 488,000 new jobs added per month in the first half of 2022,with a further 528,000 jobs added in July.Encouragingly for the office sector,spending

50、continues to shift from goods to services.Over 70%of the markets tracked have returned to their pre-pandemic office employment levels.Mirroring the performance of the office sector,employment growth has been led by second-tier tech markets and Florida.Austin,Nashville and Raleigh all rank in the top

51、 10 along with the Florida markets of Jacksonville,Orlando and Tampa.Office employment growth in the major markets has been led by Atlanta and Dallas.-5%0%5%10%15%20%25%AustinRaleighDallas-Ft.WorthJacksonvilleNashvilleTampaBoiseAtlantaOrlandoSeattleCharlotteMiamiPalm BeachNew HampshireIndianapolisFo

52、rt LauderdaleDenverSan DiegoGreenville-SpartanburgPhoenixSalt Lake CityU.S.MemphisDetroitBostonLas VegasSan JoseNew JerseyColumbiaSan FranciscoBirminghamBaltimoreChicagoPhiladelphiaHoustonWashington D.C.StocktonCincinnatiSacramentoPortlandReno-SparksLos AngelesClevelandNew YorkPittsburghOrange Count

53、yKansas CitySt.LouisColumbusMinneapolisOaklandNorfolkMilwaukeeRichmondGrand RapidsAlbuquerqueOmahaHartfordMetro Office Employment-%Change from February 2020Source:Oxford Economics11U.S.Office Markets:Performance&Prospects0.0%2.5%5.0%7.5%MemphisColumbiaDaytonIndianapolisNew HampshireColumbusCincinnat

54、iClevelandGreenville-SpartanburgSt.LouisRichmondBirminghamKansas CityMilwaukeeOmahaJacksonvilleSacramentoNorfolkBoiseOrange CountyPalm BeachReno-SparksAlbuquerqueTampaDetroitSalt Lake CityChicagoSan DiegoMinneapolisPittsburghCharlestonHartfordWashington D.C.Grand RapidsCharlotteBaltimoreHoustonPhoen

55、ixPhiladelphiaStocktonFort LauderdaleAtlantaRaleighNashvilleBostonPortlandDallas-Ft.WorthOaklandMiamiNew YorkDenverNew JerseyLos AngelesOrlandoAustinSan FranciscoSeattleLas VegasSan JoseMetro GDP Growth:2022Source:Oxford EconomicsWest coast markets dominate projected GDP growth for 2022.Led by San J

56、ose,at 6%,Los Angeles,San Francisco and Seattle are also in the top 10.The tourism led cities of Las Vegas and Orlando are also expected to bounce back sharply.12Colliers U.S.Research Report:Q3 2022Columbia,Denver,Grand Rapids,Greenville-Spartanburg,Kansas City,Los Angeles,New Hampshire,New Jersey,N

57、ew York,Norfolk,Omaha,Philadelphia,Richmond,U.S.Albuquerque,Baltimore,Charleston,Cleveland,Columbus,Detroit,Indianapolis,Memphis,Milwaukee,Oakland,Pittsburgh,Reno-Sparks,Sacramento,Stockton,Washington D.C.Atlanta,Austin,Birmingham,Orlando,Phoenix,San Jose,TampaBoise,Boston,Charlotte,Fort Lauderdale,

58、Jacksonville,Miami,Nashville,Orange County,Raleigh,San DiegoChicago,Dallas-Ft.Worth,Houston,San FranciscoCincinnati,Dayton,Hartford,Minneapolis,Portland,Seattle,St.LouisLas Vegas,Palm Beach,Salt Lake CityImbalenceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRe

59、ntal value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibranceImbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outde

60、nialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentkey momentkey momentMarket Cycle Analysis The Market Cycle Forecast analyzes occupancy movements and rental growth rates in 59 Metropolitan Statistical Areas(MSAs).Starting in the Recovery Phase at the bottom left of t

61、he cycle(see chart below),occupancy has reached its trough due to negative demand or oversupply of new developments.Traditionally,the beginning point of the recovery phase is achieved when the development pipeline empties,and vacancy stabilizes.In the relief stage,excess space is absorbed,vacancy ra

62、tes fall,and rental rates firm.As the market progresses into the optimism stage of the recovery phase,landlords slowly begin to increase rates.When the market reaches the Expansion Phase,demand rises,and lease rates follow suit.As a result,markets tend to spend more time in the expansion phase than

63、other phases during a complete real estate cycle.Construction commences once lease rates have reached an equilibrium point that justifies new development.Although new construction has begun,vacancy rates will decrease during this period as new inventory is still under development and existing supply

64、 can no longer keep up with demand.The market moves into the early stages of the Imbalance Phase once the supply of new developments delivered to the market overtakes current demand.This key moment is often missed as the market appears extremely healthy.However,as the market moves deeper into the co

65、ncern stage of the imbalance phase,supply begins to outpace demand noticeably,vacancy rates rise,and rental rates start to moderate before ultimately contracting.The Consolidation Phase begins when new supply continues to be delivered to the market,experiencing little to negative net absorption.Rent

66、s decline further as the vacancy rate continues to rise.The end of this market cycle phase is signified when development activity no longer exists or when demand begins to outpace supply once again.U.S.Office Markets:Forecast Cycle Position-Year-End 202213U.S.Office Markets:Performance&ProspectsOffi

67、ce Market RankingsIn this report,we ranked each city on a scale of 1 to 59 across five metrics to better determine which metros are best positioned for a sustained recovery.The growth metrics are as follows:GDP By comparing GDP growth rates,we gain insight into the size of the local economy and how

68、it is performing.Real GDP growth is often used as an indicator of the economys general health.The higher the rate of growth,the stronger the local economy.Employment While job growth is essential to all sectors of the economy,it is imperative to the office sector as the demand for office space is ti

69、ed directly to job growth.Spending Consumer spending is a key economic barometer as strong spending figures point towards medium and long-term confidence in the markets overall health.Population Substantial population gains are a positive indicator of a metro areas comparative advantages(quality of

70、life,climate,recreation and economic vitality).While employees have historically moved to where the jobs are,the country is experiencing a transformational shift in which employers are now moving to the workforce.Home Prices While home price appreciation is widely viewed as a positive indicator of a

71、n areas desirability,years of rampant growth are beginning to raise affordability issue concerns,particularly among the east and west coast markets.14Colliers U.S.Research Report:Q3 2022Economic Metrics Q2 2022 Top U.S.Office MarketsGDP Growth&RankEmployment Growth&RankPopulation Growth&RankSpending

72、 Growth&RankHouse Prices Growth&RankAlbuquerque2.4%374.7%20-0.1%462.8%4413.1%31Atlanta3.2%185.2%131.0%134.2%1816.6%13Austin4.2%56.3%42.0%25.6%419.2%4Baltimore2.8%244.4%27-0.2%492.5%548.8%58Birmingham1.9%482.7%530.1%412.2%5812.1%38Boise2.2%413.4%452.5%13.3%3416.0%18Boston3.4%155.1%160.2%355.2%710.4%5

73、0Charleston2.7%294.1%290.9%152.5%5316.3%14Charlotte2.8%254.0%311.3%53.7%2816.3%16Chicago2.6%334.6%23-0.5%582.7%4810.3%51Cincinnati1.7%532.6%550.2%392.9%4112.4%37Cleveland1.8%523.7%37-0.4%562.8%4310.8%47Columbia1.2%581.2%590.2%382.1%5913.4%29Columbus1.7%542.9%490.8%163.9%2212.6%34Dallas-Ft.Worth3.5%1

74、35.1%171.2%64.2%1916.2%17Dayton1.3%573.1%46-0.2%512.6%4910.9%45Denver3.7%94.5%250.7%203.8%2413.9%26Detroit2.5%355.2%14-0.3%523.3%3310.6%48Fort Lauderdale3.1%193.7%380.3%313.5%3017.8%9Grand Rapids2.8%263.1%470.3%303.4%3212.5%36Greenville-Spartanburg1.8%513.6%400.6%222.5%5215.3%20Hartford2.7%282.6%56-

75、0.3%552.7%479.9%55Houston2.9%235.1%191.4%44.2%1712.1%39Indianapolis1.5%563.8%340.4%282.4%5512.9%33Jacksonville2.0%444.3%281.1%104.0%2016.7%12Kansas City1.9%472.6%540.4%272.9%4212.0%40Las Vegas5.7%27.8%10.7%214.3%1618.2%5Los Angeles4.0%76.0%6-0.5%594.6%1314.6%24Memphis0.7%593.5%430.1%403.2%3614.3%25M

76、iami3.6%116.0%70.3%323.8%2718.1%815U.S.Office Markets:Performance&ProspectsGDP Growth&RankEmployment Growth&RankPopulation Growth&RankSpending Growth&RankHouse Prices Growth&RankMilwaukee2.0%462.8%51-0.3%532.4%5610.1%53Minneapolis2.6%313.9%330.4%294.5%1510.1%52Nashville3.4%165.2%151.0%123.5%3118.2%6

77、New Hampshire1.6%553.8%360.2%373.8%2613.2%30New Jersey3.8%84.6%220.1%442.5%5010.0%54New York3.7%105.6%90.1%425.1%99.0%57Norfolk2.1%422.3%58-0.1%482.8%4511.7%43Oakland3.5%125.1%180.3%346.3%313.0%32Omaha2.0%452.8%500.7%192.5%5111.5%44Orange County2.2%405.4%12-0.2%504.6%1214.9%23Orlando4.1%67.4%21.2%85

78、.2%817.7%10Palm Beach2.2%393.5%420.9%143.0%3820.1%1Philadelphia2.9%214.0%30-0.1%473.0%3910.8%46Phoenix2.9%223.6%411.2%93.2%3519.3%3Pittsburgh2.6%303.8%35-0.5%573.0%409.6%56Portland3.5%145.4%110.5%243.8%2512.6%35Raleigh3.4%174.5%241.2%73.9%2318.1%7Reno-Sparks2.3%384.4%261.4%34.7%1015.1%22Richmond1.9%

79、492.5%570.5%233.1%3711.7%42Sacramento2.1%434.7%210.1%434.7%1113.8%27Salt Lake City2.5%342.9%481.1%112.3%5717.2%11San Diego2.6%326.1%50.0%455.3%616.3%15San Francisco4.6%46.7%30.2%366.4%211.7%41San Jose6.0%15.5%100.3%337.2%113.6%28Seattle 5.3%35.8%80.8%174.6%1415.8%19St.Louis1.9%502.8%52-0.3%542.7%461

80、0.4%49Stockton3.0%203.5%440.5%255.5%515.2%21Tampa2.5%363.7%390.8%183.9%2119.4%2Washington D.C.2.8%274.0%320.4%263.7%298.7%59Economic Metrics(continued)Q2 2022 Top U.S.Office Markets16Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 F

81、orecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankAlbuquerqueNew MexicoQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.4%1.8%3752Employment4.7%1.3%2037Population-0.1%0.1%4649Spending2.8%2.1%

82、4453House Prices13.1%4.6%3152Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net

83、 AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate14,241,564(49,839)14.4%16.5%2.1%0$23.4917U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 Fo

84、recastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankAtlantaGeorgiaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.2%2.6%1815Employment5.2%1.7%1319Population1.0%1.2%139Spending4.2%3.2%1810House Prices16.6%6.2%1318Imbalanceof supply and de

85、mand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail

86、.RateUnder ConstructionAvg Class A Rate235,875,968733,579 16.7%20.3%1.1%4,921,328$33.6718Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 Forecas

87、tMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankAustinTexasQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP4.2%3.1%55Employment6.3%2.5%43Population2.0%2.0%22Spending5.6%4.1%41House Prices19.2%6.9%46Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowing

88、RecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate68,407,732298,997 18.6

89、%21.4%2.8%5,300,000$48.8819U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth

90、and RankBaltimoreMarylandQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.8%2.2%2434Employment4.4%1.4%2733Population-0.2%0.1%4948Spending2.5%2.1%5452House Prices8.8%3.1%5859Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingCo

91、nsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate122,350,899(360,241)11.9%14.1%1.4%1,401,980$27.6020Colliers U.S.

92、Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankBirminghamAlabamaQ2 2022 Growth&Rank

93、Q2 2022-2026 Growth&RankGDP1.9%1.7%4855Employment2.7%0.8%5357Population0.1%0.3%4143Spending2.2%2.1%5850House Prices12.1%6.2%3821Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialc

94、oncernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate63,627,031(330,324)10.1%10.9%0.8%0$22.7021U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year

95、-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankBoiseIdahoQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.2%2.4%4123Employment3.4%1.5

96、%4526Population2.5%2.0%11Spending3.3%3.2%349House Prices16.0%8.6%181Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey

97、 momentkey momentImbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionV

98、acancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate32,811,868129,759 4.2%5.0%0.8%356,593$24.6722Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-e

99、nd 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankBostonMassachusettsQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.4%2.6%1517Employment5.1%1.6%1625Population0.2%0.7%3529Spending5.2%3.1%717House Prices10.4%4.7%5050Imbalanceof supply and demand;Re

100、ntal value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentImbalanceof supply and demand;Rental value fallingExpansionRental value growth slow

101、ingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate186,932,821760,379

102、15.9%15.9%3.4%3,981,500$48.7723U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Gro

103、wth and RankCharlestonSouth CarolinaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.7%2.6%2916Employment4.1%1.6%2924Population0.9%0.9%1520Spending2.5%2.7%5330House Prices16.3%6.0%1424Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acc

104、eleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate12,391,855336,35714.9%19.9%3.9%421,985$31.6424Collier

105、s U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankCharlotteNorth CarolinaQ2 2022

106、 Growth&RankQ2 2022-2026 Growth&RankGDP2.8%2.6%2518Employment4.0%1.7%3117Population1.3%1.4%55Spending3.7%3.2%288House Prices16.3%6.2%1623Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming o

107、utdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentImbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexc

108、itementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate98,873,380(69,303)13.6%17.5%2.3%4,180,948$35.6525U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 For

109、ecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankChicagoIllinoisQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.6%1.9%3345Employment4.6%1.1%2347Population-0.5%-0.2%5856S

110、pending2.7%1.9%4856House Prices10.3%4.7%5151Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal I

111、nventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate318,093,086(1,890,214)19.7%23.1%1.7%1,488,202$36.7326Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 F

112、orecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankCincinnatiOhioQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP1.7%1.8%5347Employment2.6%1.1%5550Population0.2%0.3%3942Spending2.9%2.3%4144House Prices12.4%5.4%3735I

113、mbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailab

114、ility RateSublease Avail.RateUnder ConstructionAvg Class A Rate59,942,707(167,846)15.8%17.5%0.9%542,000$22.8027U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 For

115、ecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankClevelandOhioQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP1.8%1.6%5257Employment3.7%1.0%3751Population-0.4%-0.2%5659Spending2.8%1.8%4358House Prices10.8%5.2%4741Imbalanceof supply and demand;Rental value fal

116、lingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder Constructi

117、onAvg Class A Rate52,206,384334,484 13.1%17.1%0.3%2,039,900$21.8628Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end

118、 2022 ForecastAverage Annual Growth and RankColumbiaSouth CarolinaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP1.2%1.8%5853Employment1.2%0.7%5959Population0.2%0.3%3845Spending2.1%2.2%5946House Prices13.4%5.5%2931Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingR

119、ecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate14,623,04852,606 13.3%1

120、3.8%1.1%75,000$21.5429U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and R

121、ankColumbusOhioQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP1.7%2.0%5442Employment2.9%1.2%4940Population0.8%1.0%1616Spending3.9%2.9%2223House Prices12.6%5.2%3439Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidatio

122、nRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate68,845,611848,712 12.9%14.7%1.9%947,188$21.5230Colliers U.S.Research Repor

123、t:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankDallas-Ft.WorthTexasQ2 2022 Growth&RankQ2 2022-202

124、6 Growth&RankGDP3.5%2.7%1311Employment5.1%1.7%1720Population1.2%1.2%68Spending4.2%3.1%1912House Prices16.2%5.3%1736Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimi

125、smacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate313,553,680243,222 20.1%23.3%1.9%6,493,430$33.5831U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end

126、2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankDaytonOhioQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP1.3%1.5%5758Employment3.1%0.8%4656

127、Population-0.2%-0.1%5155Spending2.6%1.7%4959House Prices10.9%4.6%4555Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibranceke

128、y momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate14,884,575(83,096)20.7%20.7%0.4%173,000$20.0832Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 Fore

129、castYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankDenverColoradoQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.7%2.8%97Employment4.5%1.7%2518Population0.7%1.0%2018Spending3.8%3.1%2415House Pri

130、ces13.9%5.6%2629Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVa

131、cancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate169,241,2831,253,029 15.5%17.6%2.1%1,682,011$35.3533U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 Fore

132、castYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankDetroitMichiganQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.5%1.8%3549Employment5.2%1.4%1431Population-0.3%0.1%5251Spending3.3%2.3%3342House Prices10.6%5.8%4827Imbalanceof supply and d

133、emand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avai

134、l.RateUnder ConstructionAvg Class A Rate192,249,605(293,644)12.5%16.8%0.8%2,016,808$24.3934Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 Forec

135、astMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankFort LauderdaleFloridaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.1%2.5%1920Employment3.7%1.4%3832Population0.3%0.6%3135Spending3.5%2.4%3039House Prices17.8%7.1%95Imbalanceof supply and demand;Rental value fallingExpansionRental

136、 value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentImbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth ac

137、celeratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate62,046,546379,034 11.6%14.0%1.0%721,541$42.1035U.S.O

138、ffice Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankGrand RapidsMichiganQ2 2

139、022 Growth&RankQ2 2022-2026 Growth&RankGDP2.8%2.2%2633Employment3.1%1.4%4730Population0.3%0.6%3033Spending3.4%2.8%3224House Prices12.5%6.2%3620Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value botto

140、ming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate41,360,426196,907 7.4%8.4%0.5%469,071$18.7636Colliers U.S.Research Report:Q3 2022Office Metri

141、cs|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankGreenville-SpartanburgSouth CarolinaQ2 2022 Growth&RankQ2 2022-2026 Gro

142、wth&RankGDP1.8%2.1%5138Employment3.6%1.2%4042Population0.6%0.6%2234Spending2.5%2.5%5235House Prices15.3%6.0%2026Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimisma

143、cceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate14,928,32487,488 16.7%16.7%2.2%0$23.3837U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 Forecast

144、Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankHartfordConnecticutQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.7%1.8%2848Employment2.6%0.8%5658Popu

145、lation-0.3%-0.2%5558Spending2.7%2.1%4749House Prices9.9%3.9%5557Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey mom

146、entkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate47,003,746163,050 11.7%12.6%0.9%0$21.5438Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-en

147、d 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankHoustonTexasQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.9%2.3%2327Employment5.1%1.8%1911Population1.4%1.5%43Spending4.2%3.6%174House Prices12.1%5.1%39

148、43Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvai

149、lability RateSublease Avail.RateUnder ConstructionAvg Class A Rate238,732,758515,543 23.5%26.0%1.5%2,000,246$35.1139U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 202

150、2 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankIndianapolisIndianaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP1.5%1.8%5650Employment3.8%1.3%3436Population0.4%0.6%2836Spending2.4%2.4%5540House Prices12.9%5.5%3332Imbalanceof supply and demand;Rental

151、value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder C

152、onstructionAvg Class A Rate42,305,068108,520 19.3%20.2%1.6%204,539$24.4040Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Y

153、ear-end 2022 ForecastAverage Annual Growth and RankJacksonvilleFloridaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.0%2.2%4431Employment4.3%1.4%2827Population1.1%1.2%1011Spending4.0%2.8%2027House Prices16.7%5.2%1238Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slow

154、ingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentImbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolid

155、ationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate53,495,32961,961 10.7%13.5%1.0%1,149,280$24.0341U.S.Office Markets:Per

156、formance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankKansas CityMissouriQ2 2022 Growth&RankQ2

157、2022-2026 Growth&RankGDP1.9%1.9%4746Employment2.6%1.0%5452Population0.4%0.5%2737Spending2.9%2.3%4241House Prices12.0%4.7%4049Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconc

158、ernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate100,266,103(328,156)11.1%15.8%1.3%413,000$23.1042Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year

159、-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankLas VegasNevadaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP5.7%3.4%23Employment7.8%

160、2.6%11Population0.7%1.0%2117Spending4.3%3.1%1611House Prices18.2%6.2%522Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibranc

161、ekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate45,957,543352,548 12.6%13.8%1.7%662,114$33.4443U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 20

162、22 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankLos AngelesCaliforniaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP4.0%2.6%719Employment6.0%1.7%615Population-0.5%0.0%5952Spending4.6%2.

163、6%1333House Prices14.6%6.8%247Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Ne

164、t AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate322,240,096(128,027)18.6%22.1%2.0%4,012,857$45.0844Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end

165、2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankMemphisTennesseeQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP0.7%1.5%5959Employment3.5%1.1%4349Population0.1%0.3%4044Spending3.2%2.2%3645House Prices14.3%5.4%2533Imbalanceof sup

166、ply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSubl

167、ease Avail.RateUnder ConstructionAvg Class A Rate36,144,76731,168 14.6%13.5%0.7%97,000$22.5145U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 202

168、2 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankMiamiFloridaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.6%2.6%1113Employment6.0%1.8%713Population0.3%0.6%3232Spending3.8%2.5%2734House Prices18.1%7.5%83Imbalanceof supply and demand;Rental value fallingExpansionRental val

169、ue growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentImbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth accele

170、ratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate94,099,003591,883 11.1%13.5%0.5%3,037,116$54.3046Collier

171、s U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankMilwaukeeWisconsinQ2 2022 Grow

172、th&RankQ2 2022-2026 Growth&RankGDP2.0%1.8%4651Employment2.8%1.1%5148Population-0.3%-0.1%5354Spending2.4%1.9%5657House Prices10.1%4.6%5353Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming o

173、utdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate50,712,622(330,944)16.5%21.2%1.3%819,679$22.9547U.S.Office Markets:Performance&ProspectsOffice Metr

174、ics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankMinneapolisMinnesotaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.6%

175、2.1%3139Employment3.9%1.4%3329Population0.4%0.6%2931Spending4.5%3.0%1521House Prices10.1%5.1%5242Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancerelief

176、optimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate186,393,588(392,347)11.2%12.2%1.1%1,179,936$33.9848Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end

177、 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankNashvilleTennesseeQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.4%2.8%169Employment5.2%1.8%1512Population1.0%

178、1.1%1215Spending3.5%3.0%3119House Prices18.2%7.7%62Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey moment

179、Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvaila

180、bility RateSublease Avail.RateUnder ConstructionAvg Class A Rate60,771,842277,648 15.5%18.7%2.7%3,348,629$35.3849U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 F

181、orecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankNew HampshireNew HampshireQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP1.6%2.0%5543Employment3.8%1.3%3635Population0.2%0.4%3741Spending3.8%2.2%2648House Prices13.2%5.4%3034Imbalanceof supply and demand;Ren

182、tal value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnd

183、er ConstructionAvg Class A Rate23,824,513(16,001)12.4%13.4%1.0%104,664$24.3750Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cyc

184、le|Year-end 2022 ForecastAverage Annual Growth and RankNew JerseyNew JerseyQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.8%2.3%829Employment4.6%1.2%2244Population0.1%0.4%4440Spending2.5%2.3%5043House Prices10.0%4.8%5447Imbalanceof supply and demand;Rental value fallingExpansionRental value growth

185、slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate198,080,687601,

186、774 15.7%22.2%4.3%354,688$32.2151U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual G

187、rowth and RankNew York(Manhattan)New YorkQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.7%2.4%1025Employment5.6%1.8%914Population0.1%0.7%4226Spending5.1%3.1%913House Prices9.0%5.0%5744Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth a

188、cceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate523,844,275(34,872)10.8%15.8%2.0%21,361,376$82.0852

189、Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankNorfolkVirginiaQ2 2022

190、Growth&RankQ2 2022-2026 Growth&RankGDP2.1%1.7%4256Employment2.3%0.9%5855Population-0.1%0.1%4850Spending2.8%2.1%4551House Prices11.7%4.6%4354Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottomin

191、g outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate23,724,585(63,276)13.2%20.5%0.7%0$22.8853U.S.Office Markets:Performance&ProspectsOffice Metrics|

192、Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankOaklandCaliforniaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.5%2.7%121

193、2Employment5.1%1.9%189Population0.3%0.7%3427Spending6.3%3.5%36House Prices13.0%6.5%3215Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismex

194、citementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate79,437,422(327,100)15.4%17.7%2.3%674,636$47.4054Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 Forecas

195、tYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankOmahaNebraskaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.0%2.1%4540Employment2.8%1.0%5053Population0.7%0.9%1919Spending2

196、.5%2.4%5138House Prices11.5%4.8%4446Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentKEY MOMENTTotal Inventory

197、YTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate34,725,487117,139 9.6%10.3%1.4%405,438$32.4455U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear

198、-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankOrange CountyCaliforniaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.2%2.2%4036Employment5.4%1.7%1216Population-0.2%0.2%5046Spending4.6%2.7%1231House Prices14.9%6.6%2312Im

199、balanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentImbalanceof supply and demand;Rental value fallingExp

200、ansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg C

201、lass A Rate87,992,802221,103 16.4%20.3%2.1%794,992$36.6956Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 For

202、ecastAverage Annual Growth and RankOrlandoFloridaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP4.1%2.9%66Employment7.4%2.5%22Population1.2%1.4%84Spending5.2%3.3%87House Prices17.7%6.7%109Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth

203、 acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate59,434,5576,517 12.8%15.8%2.8%347,620$28.3557U.S.

204、Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankPalm BeachFloridaQ2 202

205、2 Growth&RankQ2 2022-2026 Growth&RankGDP2.2%2.2%3932Employment3.5%1.3%4238Population0.9%1.1%1414Spending3.0%2.5%3836House Prices20.1%7.4%14Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming

206、 outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate52,110,809379,701 9.2%11.9%0.7%781,100$50.0858Colliers U.S.Research Report:Q3 2022Office Metrics|

207、Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankPhiladelphiaPennsylvaniaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.9%

208、2.2%2135Employment4.0%1.2%3045Population-0.1%0.2%4747Spending3.0%2.2%3947House Prices10.8%4.3%4656Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancerelie

209、foptimismexcitementvibrancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate154,936,853380,934 15.9%20.0%2.2%1,281,025$31.0059U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear

210、-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankPhoenixArizonaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.9%2.6%2214Employment3.6%1.6%4123Population1.2

211、%1.2%912Spending3.2%3.0%3518House Prices19.3%6.2%319Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momen

212、tTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate164,351,717439,028 17.3%20.9%3.8%1,720,637$31.9260Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2

213、022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankPittsburghPennsylvaniaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.6%2.1%3041Employment3.8%1.2%3539Population-0.5%-0.2%5757Spending3.0%2.0%4055House Price

214、s9.6%4.9%5645Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacan

215、cy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate120,931,571(748,702)11.9%15.2%0.9%2,209,886$28.8761U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 Forecast

216、Year-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankPortlandOregonQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.5%2.7%1410Employment5.4%1.9%118Population0.5%0.9%2421Spending3.8%3.0%2520House Prices12.6%5.7%3528Imbalanceof supply and demand;R

217、ental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateU

218、nder ConstructionAvg Class A Rate75,406,291(750,082)17.6%19.4%1.6%454,584$32.4462Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket

219、Cycle|Year-end 2022 ForecastAverage Annual Growth and RankRaleighNorth CarolinaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.4%2.8%178Employment4.5%1.8%2410Population1.2%1.2%710Spending3.9%3.1%2314House Prices18.1%6.7%710Imbalanceof supply and demand;Rental value fallingExpansionRental value growt

220、h slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentImbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingCo

221、nsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate66,800,560363,972 12.4%16.3%1.5%1,316,900$32.7263U.S.Office Mark

222、ets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankReno-SparksNevadaQ2 2022 Growth&Ra

223、nkQ2 2022-2026 Growth&RankGDP2.3%2.4%3821Employment4.4%1.6%2622Population1.4%1.3%36Spending4.7%3.1%1016House Prices15.1%6.0%2225Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialc

224、oncernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate7,759,74441,747 10.9%12.1%2.4%80,505$24.9764Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-e

225、nd 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankRichmondVirginiaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP1.9%2.0%4944Employment2.5

226、%1.2%5746Population0.5%0.7%2328Spending3.1%2.6%3732House Prices11.7%4.7%4248Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvib

227、rancekey momentKEY MOMENTTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate25,899,795(65,934)13.4%21.4%1.9%47,000$22.9765U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end

228、 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankSacramentoCaliforniaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.1%2.3%4330Employment4.7%1.6%2121Population0.1%0.4%4339Spending4.7

229、%2.7%1129House Prices13.8%5.2%2740Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYT

230、D Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate57,538,672(64,320)17.1%20.3%1.0%20,000$29.8866Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2

231、022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankSalt Lake CityNevadaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.5%2.4%3424Employment2.9%1.3%4834Population1.1%1.3%117Spending2.3%2.8%5725House Prices17.2%6.8%118Imbalanceof su

232、pply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSub

233、lease Avail.RateUnder ConstructionAvg Class A Rate42,046,443549,792 15.1%17.0%2.0%418,761$32.1067U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end

234、2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankSan DiegoCaliforniaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.6%2.4%3226Employment6.1%1.9%57Population0.0%0.5%4538Spending5.3%3.0%622House Prices16.3%6.6%1513Imbalanceof supply and demand;Rental value fallingExpansion

235、Rental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentImbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value gro

236、wth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate83,388,311652,458 12.5%14.0%0.8%1,310,778$41.1

237、068Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankSan FranciscoCalifor

238、niaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP4.6%3.3%44Employment6.7%2.4%34Population0.2%0.7%3625Spending6.4%3.7%23House Prices11.7%6.4%4117Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bott

239、oming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate98,067,606(2,013,652)19.9%25.7%7.9%600,000$74.1769U.S.Office Markets:Performance&ProspectsOf

240、fice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankSan JoseCaliforniaQ2 2022 Growth&RankQ2 2022-2026 Growth&Rank

241、GDP6.0%4.2%11Employment5.5%2.1%105Population0.3%0.6%3330Spending7.2%3.9%12House Prices13.6%6.5%2816Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereli

242、efoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate117,914,5981,844,152 10.1%13.1%2.2%8,912,532$68.3770Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-

243、end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankSeattle WashingtonQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP5.3%3.6%32Employment5.8%2.1%86Population0.8%

244、1.1%1713Spending4.6%3.5%145House Prices15.8%6.6%1914Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momen

245、tTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate132,410,064797,794 15.2%16.9%3.2%7,302,000$51.3971U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-e

246、nd 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankSt.LouisMissouriQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP1.9%1.7%5054Employment2.8%0.9%5254Population-0.3%-0.1%5453Spending2.7%2.0%4654House Prices1

247、0.4%5.3%4937Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacanc

248、y RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate53,426,278(381,008)18.5%26.9%2.8%1,144,585$24.5372Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-e

249、nd 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankStocktonCaliforniaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP3.0%2.4%2022Employment3.5%1.2%4441Population0.5%0.7%2524Spending5.5%2.8%528House Prices15.2%5.6%2130Imbalanceof supply and demand;Ren

250、tal value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnd

251、er ConstructionAvg Class A Rate7,585,5466,014 9.2%9.2%0.0%0$20.3573U.S.Office Markets:Performance&ProspectsOffice Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year

252、-end 2022 ForecastAverage Annual Growth and RankTampaFloridaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.5%2.3%3628Employment3.7%1.2%3943Population0.8%0.9%1822Spending3.9%2.5%2137House Prices19.4%6.6%211Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecovery

253、Rental value growth acceleratingConsolidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate74,823,115(480,307)13.7%16.9%3

254、.0%100,200$31.6874Colliers U.S.Research Report:Q3 2022Office Metrics|Q2 2022Year-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastYear-end 2022 ForecastMarket Cycle|Year-end 2022 ForecastAverage Annual Growth and RankWashi

255、ngtonDistrict of ColumbiaQ2 2022 Growth&RankQ2 2022-2026 Growth&RankGDP2.8%2.1%2737Employment4.0%1.4%3228Population0.4%0.8%2623Spending3.7%2.8%2926House Prices8.7%3.7%5958Imbalanceof supply and demand;Rental value fallingExpansionRental value growth slowingRecoveryRental value growth acceleratingCon

256、solidationRental value bottoming outdenialconcernpessimismacceptancereliefoptimismexcitementvibrancekey momentkey momentTotal InventoryYTD Net AbsorptionVacancy RateAvailability RateSublease Avail.RateUnder ConstructionAvg Class A Rate436,501,955(1,066,729)18.0%19.6%2.5%6,665,404$45.0975U.S.Office M

257、arkets:Performance&ProspectsDefinitions Gross domestic product(GDP)The measure of the market value of all final goods and services produced within a metropolitan in a particular period of time.In concept,an industrys GDP referred to as its“value added,”is equivalent to its gross output(sales or rece

258、ipts and other operating income,commodity taxes,and inventory change)minus its intermediate inputs(consumption of goods and services purchased from other U.S.industries or imported).GDP by metro is the counterpart of the Nations GDP,the Bureaus featured and most comprehensive measure of U.S.economic

259、 activity.GDP by metro differs from national GDP for the following reasons:GDP by metro excludes,and national GDP includes,the compensation of federal civilian and military personnel stationed abroad and government consumption of fixed capital for military structures located abroad and for military

260、equipment,except office equipment;and GDP by metro and national GDP have different revision schedules.GDP for a metro is derived as the sum of the GDP originating in all industries in the state/metro/M.D./county.Non-farm employmentThe total number of people on establishment payrolls employed full or

261、 part time who received pay.Temporary and intermittent employees are included,as are any employees on paid sick leave,on paid holiday,or who work during only part of the specified pay period.Persons on the payroll of more than one establishment are counted in each establishment.Data exclude propriet

262、ors,self-employed,unpaid family or volunteer workers,farm workers and domestic workers.Government employment covers only civilian employees it excludes uniformed members of the armed services.Non-farm employment identifies those employed according to the geographical location of their work.Consumer

263、spendingConsumer spending,or personal consumption expenditures(PCE),is the value of the goods and services purchased by or on behalf of U.S.residents.This indicator includes expenditure of nonprofit institutions serving households(NPISH)and excludes net foreign travel spending(i.e.,excludes spending

264、 in the U.S.by foreign residents and includes foreign travel by U.S.residents).Total populationThe total population consists of all persons falling within the scope of the census.In the broadest sense,the total may comprise either all usual residents of the country or all persons present in the coun

265、try at the time of the census.The U.S.Census Bureau produces population estimates using the cohort component method derived from the demographic balancing equation:population base+births deaths+migration=population estimate.House price indexes(HPI)A broad measure of the movement of single-family hou

266、se prices.The HPI is a weighted repeat-sales index,meaning that it measures average price changes in repeat sales or refinancing on the same properties.This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitize

267、d by Fannie Mae or Freddie Mac since January 1975.The HPI serves as a timely,accurate indicator of house price trends at various geographic levels.76Colliers U.S.Research Report:Q3 2022Methodology&SourcesOverview DataUnemployment&Workforce Participation RatesProvided by Oxford Economics.2021-2024 Of

268、fice Job GrowthCalculated compound annual growth rate from data provided by Oxford Economics looking at office service sector jobs only.Rankings2022 GDP Employment,Population,Spending and House Price Growth&RankThe top 59 office markets based on total inventory were ranked by evaluating their 2022 g

269、rowth rates amongst each other.Data provided by Oxford Economics.2022-2026 GDP Employment,Population,Spending and House Price Growth&RankThe top 59 office markets based on total inventory were ranked by evaluating their calculated compound annual growth rate between 2022-2026.Data provided by Oxford

270、 Economics.All real estate information was provided by Colliers Research and Analytics and was gathered from multiple sources deemed to be reliable.Information contained within this report may contain errors or omissions and is presented without any warranty or representations as to its accuracy or

271、reliability.77U.S.Office Markets:Performance&PThis document has been prepared by Colliers International for advertising and general information only.Colliers International makes no guarantees,representations or warranties of any kind,expressed or implied,regarding the information including,but not l

272、imited to,warranties of content,accuracy and reliability.Any interested party should undertake their own inquiries as to the accuracy of the information.Colliers International excludes unequivocally all inferred or implied terms,conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.This publication is the copyrighted property of Colliers International and/or its licensor(s).2022.All rights reserved.