Posts Tagged ‘Colliers International’

Downtown Chicago Office Market Showing Signs of Life

Tuesday, October 12th, 2010

Downtown Chicago Class A office vacancies now just 14.2 percent. Chicago’s downtown office market started its long-awaited recovery in the 3rd quarter, with a slight decline in the vacancy rate reported following seven consecutive quarters of decline.  According to statistics provided by CB Richard Ellis, the vacancy rate fell to 17 percent from 17.3 percent across all property types.  Class A space has the lowest direct vacancy rate at 14.2 percent, and totals 6,900,000 SF.  Class B vacancies total 15.9 percent, or 8,900,000 SF.  Class C space reports a 15.3 percent vacancy rate, or 3,500,000 SF.

This is cautious but good news for building owners.  “Armageddon has passed us,” said John Dempsey, a senior vice president with CB Richard Ellis.  “We’re not happy about how things are today, but we’re looking down the road and seeing things are getting better.”  He noted that electronic trading firms are currently dominating the market, with companies looking at upper tier Class A office buildings.  During the 3rd quarter, demand – measured by net absorption – was positive for the first time since the end of 2009.  A couple of significant deals completed during the 3rd quarter helped the market, such as the Getco LLC lease to double its space in the former Apparel Center at 350 North Orleans Street.

London Is the World’s Most Expensive City to Park a Car

Monday, August 30th, 2010

 London is the most expensive city to park a car.  London remains the most expensive place to park a car, according to the 2010 Global Parking Rate Survey by Colliers International.   The City and West End scored number one and two in terms of monthly parking rates with The City topping out at $933 USD per month (£643), followed by the West End at $874 USD (£602).  Hong Kong came in third at $745 USD per month ($5,800 HKD).  Two Australian cities again made the top 10 list:  Sydney ranked number six and Perth number seven.

The highest daily parking costs were found in European cities, with Oslo occupying the number two spot at $54.52 (352.00 NOK).  Amsterdam, Vienna, Athens and Copenhagen all made the top 10 list.  In the 2010 survey, Abu Dhabi won the dubious honor as the world’s most expense place to park for the day at $55 USD.  The cheapest city to park is Chennai, India – a bargain at 96 cents for the day.