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Metropolitan Chicago MetroPolitan chicaGO DOWNTOWN OFFice | First QUarter 2008 www.colliersbk.com COLLIERS BENNETT & KAHNWEILER INC. MetroPolitan chicaGO downtown OFFICE FIRST QUarter 2008 FIRST QUARTER TABLE OF CONTENTS COLLIERS B&K SUCCESS STORIES I. Downtown Office Market Overview 3 West Loop 4 Central Loop 5 East Loop 6 North Michigan Avenue 7 River North 8 Top First Quarter Transactions 9 First Quarter 2008 Downtown Office Market Statistics 10 Sara Lee Corporation 70 W. Madison Street Downtown Office Submarket Map 11 58,102 Square Feet Disposition II. About Colliers Bennett & Kahnweiler Inc. 12 Flashpoint Academy of Media Arts & Sciences 222 Merchandise Mart Plaza 21,666 Square Feet Sublease McKenna Storer 33 N. LaSalle Street 14,297 Square Feet Renewal COLLIERS BENNETT & KAHNWEILER INC. COLLIERS BENNETT & KAHNWEILER INC. 2 METROPOLITAN CHICAGO downtown OFFICE FIRST QUarter 2008 “Despite healthy leasing Overview activity, net absorption in the Vacancy CBD was negative as tenants The first quarter overall CBD vacancy rate measured 13.5 percent, a slight increase from 13.3 percent posted during the fourth quarter of 2007. This marks only the second have become more cautious in increase in CBD vacancy in the last twelve quarters, a sign that the market may be starting the current economic climate.” to soften. The CBD’s increase in vacancy rate during the first quarter was fueled largely by tenants reacting to uncertainty in the economic climate, as recession fears heightened. As a result, many tenants are delaying relocation or expansion plans until the economy’s future is more clear. Lease and Sale Activity Despite an increase in the overall vacancy rate, the CBD still had numerous noteworthy lease signings including Northern Trust Corporation’s 420,000-square-foot renewal/ VacancY AND ABSORPTION * Through First Quarter 2008 expansion at 181 W. Madison and CareerBuilder’s 150,000-square-foot renewal and expansion at 200 N. LaSalle Street. Three tenants completed transactions at new office 4,000,000 20.0% towers, an indication that demand for top-tier assets is still strong. William Blair signed a 3,500,000 18.0% 340,000-square-foot new lease to anchor the development at 444 W. Lake Street; Quarles 3,000,000 16.0% 2,500,000 14.0% & Brady leased 75,000 square feet at 300 N. LaSalle Street; and Skadden, Arps, Slate, 12.0% 2,000,000 10.0% Meagher & Flom expanded by 54,700 SF at 155 N. Wacker Drive to occupy a total of 1,500,000 8.0% 210,000 square feet. 1,000,000 6.0% Vacancy Rate 500,000 4.0% Square Feet Absorbed The investment sale market continued to cool during the first quarter as lending 0 2.0% -500,000 0.0% requirements tightened and demand continued to soften. The most noteworthy 2004 2005 2006 2007 2008 transaction was Deutsche Bank Group’s sale of UBS Tower, 1 N. Wacker Drive, to Hines Absorption Vacancy for a staggering $540 million or $403 per square foot. This is expected to be one of few major investment sales to occur in the CBD in 2008. Absorption Demand flattened during the first quarter, posting negative 251,723 square feet of net downtown MARKET SNAPshot absorption, remarkably less than the positive 817,454 square feet reported in the prior quarter. Demand for space is likely to continue to be flat in the CBD for most of the Downtown Office Market Overview year as area job growth slows, credit markets continue to search for stabilization, and 4th Qtr 1st Qtr the breakdown of the residential real estate market continues to affect other industries. 2007 2008 Sublease availabilities are also expected to increase as some tenants attempt to dispose Vacancy 13.3% 13.5% of excess space. Rate Absorption 817,454 sf -251,723 sf Despite flat demand in the short-term, many large tenants have expirations looming and have already begun to explore the market, including KPMG, Baker & McKenzie, and Inventory 128,364,871 sf 128,364,871 sf |} Integrys Energy Group. Additionally, the CBD has continued to attract potential tenants from other markets. BP is rumored to be searching for 325,000 to 350,000 square feet of CBD space to relocate from its Warrenville, IL office in the western suburbs. Construction No new construction was delivered in the CBD during the first quarter. However, more than 7 million square feet of projects are proposed or underway for delivery between 2008 and 2012. These projects include Morningstar’s new headquarters at 22 W. Washington Street, 300 N. LaSalle Street, 353 N. Clark Street and 155 N. Wacker Drive. Some of this new inventory will be offset by the partial conversions of 330 N. Wabash Avenue and 208 S. LaSalle Street from office to hotel space. 3 COLLIERS BENNETT & KAHNWEILER INC. MetroPolitan chicaGO downtown OFFICE FIRST QUarter 2008 West Loop “First quarter net absorption Vacancy was negative in the West Loop, The West Loop vacancy rate measured 13.0 percent in the first quarter, up from 12.7 a rare event for this highly percent in the fourth quarter of 2007. sought after submarket.” Lease and Sale Activity Despite an increase in vacancy rate for the quarter, the West Loop continued to witness steady leasing activity with four major lease transactions. William Blair signed a 340,000-square-foot lease at 444 W. Lake Street to become the anchor tenant at Hines’ proposed office tower. The investment firm will relocate from its current West Loop location at 222 W. Adams Street in 2011. Other transactions included a 54,700-square- foot expansion for Skadden Arps Slate Meagher & Flom at 155 N. Wacker Drive, bringing the law firm’s total future occupancy to more than 210,000 square feet. VacancY AND ABSORPTION The only noteworthy West Loop sales transaction during the quarter was Hines’ purchase * Through First Quarter 2008 of UBS Tower (1 N. Wacker Drive) from Deutsche Bank Group for a staggering $540 million 2,500,000 20% or $403 per square foot. Many believe that this could be one of few major investment 2,000,000 sales for the year due to the current credit crisis. 18% 1,500,000 16% Absorption 1,000,000 14% The West Loop has consistently performed as one of the strongest submarkets in the CBD, 500,000 Vacancy Rate with five of the last seven quarters posting positive net absorption. However, absorption Square Feet Absorbed 12% measured negative 127,652 square feet in the first quarter, a dramatic decrease from 0 positive 666,629 square feet of net absorption posted in the fourth quarter of 2007. -500,000 2004 2005 2006 2007 200810% Even the highly coveted West Loop is not immune from the recent wave of cautious Absorption Vacancy tenants delaying expansion plans. However, it is likely that the West Loop will continue its trend of attracting new tenants from other submarkets, driving the potential for positive absorption in future quarters. Construction downtown MARKET SNAPshot No new construction was delivered to the West Loop during the first quarter. West Loop Construction is still in progress at 155 N. Wacker Drive, the 1.1 million-square-foot tower being constructed by The John Buck Company. With Skadden, Arps, Slate, Meagher & 4th Qtr 1st Qtr 2007 2008 Flom’s recent expansion, the building is now approximately 40 percent pre-leased and other tenants, including Mercer, are rumored to be considering the new tower. Delivery Vacancy Rate 12.7% 13.0% is expected in the summer of 2009. Absorption 666,629 sf -127,652 sf William Blair’s lease signing during the first quarter will launch the future construction of Inventory 44,546,672 sf 44,546,672 sf |} Hines’ new 1.1-million-square foot office tower at 444 W. Lake Street, also known as River Point. Construction is scheduled to begin during fall of 2008 with delivery anticipated in June 2011. Additionally, it is rumored that BP PLC, currently located in Warrenville, IL, is in the market to lease approximately 325,000 to 350,000 square feet including its trading operations. BP PLC is said to be narrowing its prospects to either 10 & 30 S. Wacker Drive or a new development at Adams Street and Des Plaines Street to be developed by Fifield. The West Loop, historically a popular location for new developments, also has a number of proposed projects in very preliminary stages. These include the renovation and vertical expansion of Union Station at 210 S. Canal Street, Beitler’s development at 301 S. Wacker Drive, Development Resources’ proposed tower at 401 S. Wacker Drive, Sam Zell’s proposed development just north of 2 N. Riverside Plaza and Prime Group’s 50-story high rise development at 400 W. Randolph Street. COLLIERS BENNETT & KAHNWEILER INC. COLLIERS BENNETT & KAHNWEILER INC. 4 METROPOLITAN CHICAGO downtown OFFICE FIRST QUarter 2008 “Weakness in Central Loop’s Central Loop Class B sector caused the Vacancy vacancy rate to increase nearly The Central Loop reported the most dramatic vacancy rate increase of all CBD submarkets. The first quarter ended at 14.3 percent, up from 13.1 percent in the fourth a full percentage point from quarter of 2007. Most of the increase was fueled by the 18.2 percent vacancy in Class B the prior quarter.” space, which increased 2.0 percent from the fourth quarter of 2007. Lease and Sale Activity Although the Central Loop reported an increase in vacancy for the first quarter, it still remained an attractive submarket for some existing tenants, as witnessed by the strong leasing activity during the quarter. Northern Trust Corporation signed the largest lease transaction of the quarter, expanding VacancY AND ABSORPTION by 110,000 square feet to occupy a total of 420,000 square feet at 181 W.
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