Cash Management

Second Quarter Commercial Real Estate Survey

Average rents and vacancy rates for 15 major metropolitan areas.
CFO.com StaffJuly 27, 2001

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Mid Year 2001 Downtown Office Survey

Vacancy Rate/Sublease Changes
      Increase in Sublease Space
  Vacancy Dec 00 (%) Vacancy Jun 01 (%) Sq. Ft. (000s) % Change
Atlanta 5.5 6.0 175.7 41.6
Boston 1.9 6.1 1,352.7 651.0
Chicago 11.6 13.2 1,370.8 76.6
Dallas 26.1 26.7 318.1 54.5
Denver 7.0 9.6 529.8 146.3
Houston 9.7 9.5 110.3 14.1
Los Angeles 22.5 22.0 499.3 36.2
NY Downtown 4.4 8.2 880.5 200.0
NY Midtown 4.9 9.1 2,722.3 258.8
NY Midtown S. 5.1 10.4 803.4 172.7
Philadelphia 7.7 9.9 122.2 15.2
San Francisco 3.5 11.7 2,738.4 420.4
San Jose 1.2 4.0 29.9 588.5
Seattle 3.5 10.7 1,226.6 285.0
St. Louis 12.2 11.9 22.0 2.0
Toronto 3.8 5.4 259.4 63.2
Washington, DC 4.2 4.1 682.8 81.0
    TOTAL 13,844 182.8

SOURCE: Colliers International

New Space/Class A Rents (First Half 2001)
1st Half 2001 N/S* Average Top-Tier Rent** % Change in rents***
Atlanta 0.0 $21.68 -7.7
Boston 815.0 64.25 -13.0
Chicago 0.0 40.50 12.5
Dallas 0.0 25.20 2.8
Denver 185.0 27.62 0.0
Houston 0.0 23.17 4.7
Los Angeles 74.0 26.30 7.2
NY Downtown 0.0 44.41 -3.9
NY Midtown 0.0 65.29 -0.2
NY Midtown S. 0.0 48.58 -1.4
Philadelphia 526.7 26.11 0.8
San Francisco 2,027.1 66.78 -17.2
San Jose 0.0 66.60 -7.5
Seattle 1,009.3 38.00 -10.0
St. Louis 0.0 20.00 0.0
Toronto 559.2 33.07 0.0
Washington, DC 1,218.8 49.00 0.0
TOTAL 6,415 40.39 -1.9

*New construction of office space (in thousands of square feet). Also includes space converted to this use.
**Per square foot per month.
***Dec. 31, 2000 through June 30, 2001

SOURCE: Colliers International

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