RELOCATION LEVERAGED ABSORPTION IN CLASS A + AND A

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1 1ST QUARTER 2015 OFFICE SÃO PAULO MARKET REPORT OFFICE CLASSES A +, A AND B OFFICE MARKET REPORT RELOCATION LEVERAGED ABSORPTION IN CLASS A + AND A MARKET OVERVIEW The high standard office market of São Paulo goes through an oversupply cycle. Consequently, lease price of these buildings became more sensitive and flexible, which should favor the tenant, when negotiating new contracts. This factor motivates the increased migration of tenants occupying less efficient buildings, for Class A and A+ buildings. Another increased movement at this time refers to the unification of some operations, that were distributed in different buildings and in many cases, the consolidation of offices into a single property provides the tenant an array of benefits. EXISTING INVENTORY The inventory of São Paulo market increased over the same period of last year and is now 2,430 million sqm. Deliveries of new areas in the period totaled 102,000 square meters and the main Class A and A + buildings are: Vera Cruz II in Faria Lima region, Central JK and Complexo JK Bloco B, both of the Vila Olímpia region, and Edifício Jacarandá in Brooklin region. EXISTING INVENTORY A +, A AND B (MILLION SQM) 4,12 4,23 3,52 1,72 3,56 3,68 1,74 1,74 3,74 3,77 1,74 1,74 3,83 1,75 3,91 1,77 1,79 1,80 1,80 1,82 1,94 2,00 2,03 2,08 2,14 2,33 2,43 Q Q Q Q Q Q Q Q Q

2 AVAILABILITY RATE A +, A AND B (%) Q Q Q Q Q Classes A+ e A Q Q Q Q Availability showed small increase, but motivated by the high rate of deliveries, since the net absorption was 66% higher than the same period last year. EXISTING INVENTORY (THOUSAND SQM) X AVAILABILITY RATE (%) BY REGION AND CLASSES A + AND A % 90% 80% 70% 60% % 0 Barra Funda 35.0% Brooklin % Chácara Santo Antonio 10.0% Cidade Jardim 21.0% Faria Lima % Itaim 14 0% Jardins % % 20.0% 19.0% % 120 Morumbi Paulista Pinheiros Roque Petroni Santo Amaro 28.0% Vila Olímpia 50% 40% 30% 20% 10% 0% Inventory Availability The Santo Amaro region remains with the highest availability rate, but Vila Olímpia region should be highlighted. Despite the great volume of deliveries, the availability rate decreased from 35% to 28% over the fourth quarter of last year. NET ABSORPTION A +, A AND B (THOUSAND SQM) Net absorption of Class A and A + properties for the first quarter was 45,000sqm, a positive mention, an index 66% higher when compared to the same period of last year. Contrary the positive result of Class A and A + properties, the office market presented negative absorption in the first quarter, confirming a trend since the end of Q Q Q Q Q Q Q Q Q COLLIERS INTERNATIONAL P. 2

3 PRICES The asking lease prices from Classes A + and A were stable when compared to the fourth quarter of 2014, however, over the same period of last year, decreased by 10%. Retraction of properties was 4% over the first quarter of This data reinforces the current movement of the market, in which the landlords of A + and A properties responded quickly and offered flexible prices and conditions. WEIGHTED ASKING LEASE PRICES CLASSES A +, A AND B (R$ /SQM / MONTH) R$ 145 R$ 142 R$ 132 R$ 129 R$ 123 R$ 116 R$ 116 R$ 112 R$ 112 R$ 95 R$ 99 R$ 96 R$ 92 R$ 89 R$ 89 R$ 89 R$ 87 R$ 86 Q Q Q Q Q Q Q Q Q Analyzing the regions, Faria Lima continues with the highest average price with R$ 163 / sqm / month and Santo Amaro with the lowest average, R$ 55 / sqm / month for real estate Classes A and A +. AVERAGE ASKING LEASE PRICE BY CLASS AND REGION (R$ / SQM / MONTH) R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ R$ Barra Funda Brooklin Chácara Santo Antonio Cidade Jardim Faria Lima Itaim Jardins Morumbi Paulista Pinheiros Roque Petroni Santo Amaro Vila Olímpia FUTURE INVENTORY An area of 102,000sqm was delivered in the first quarter of 2015, and the figure tends to grow, as the expectation of new inventory delivery until the end of 2015 exceeds 450,000sqm. Together, Roque Petroni, Vila Olímpia and Chácara Santo Antonio regions concentrated about 63% of the inventory under construction by INVENTORY UNDER CONSTRUCTION BY REGION (%) Brooklin 2% Paulista 3% Jardins 1% Total: sqm Pinheiros 3% Itaim 5% Roque Petroni 38% Barra Funda 11% Chácara Santo Antonio 12% Faria Lima 12% Vila Olimpia 13% P. 3 COLLIERS INTERNATIONAL

4 MARKET REPORT OFFICE 1TH QUARTER 2015 TATUAPÉ REGION STANDS OUT AS GROWTH VECTOR Strategically located in a counter-flow zone in relation to already established areas such as Faria Lima, Brooklin and Vila Olímpia, Tatuapé region features a great urban infrastructure and currently has some significant corporate projects for Class A + that will be delivered in the medium term. Formed by businesses and households, the region denotes an important corporate potential, which already has major projects to expand the supply of high-end corporate real estate. Currently, there are over 99,000sqm in project, as well as a cultural and gastronomic center that will completely reconfigure the region. A major focus of expansion lies between the marginal Tietê and Radial Leste. The recent Programa de Incentivos Fiscais (Fiscal Incentive Plan) for service providers on the east side, makes job opportunities closer to residences, as the region emerges with potential supply of labor, with an index of 36% of the city s population. The plan provides reduction of ISS (service tax) to 2%, a discount of 100% of the IPTU (property tax), the ISS for construction services and ITBI (Tax on Transfer of Real Estate) in acquisition for service companies. SOME CHARACTERISTICS BY CLASS MAIN CHARACTERISTICS A+ A B Average Leasable Floor Area (sqm) 1,600 1, Average Unit Leasable Area (sqm) ,000 12,000 7, Raised Raised Floor Channel/Raised Complete Partial Optional Average Building Leasable Area (sqm) Average Floor Floor Type Building Management System Parking Ratio per Square Meter of Leasable Area space/32 sqm space/35 sqm space/44 sqm COLLIERS INTERNATIONAL P. 4

5 OPORTUNIDADES COLLIERS Itaim Business Center Itaim - SP Total Area: 500 sqm Ref: 3059 Ed. Chicago Paulista - SP Total Area: sqm Ref: 3145 EENU (Espaço Empresarial Nações Unidas) Chácara Sto. Antonio - SP Total Area: 3,500 sqm Ref: 3140 Ed. DOMO Corporate ABC São Bernardo do Campo - SP Total Area: 308 sqm to sqm Ref: 3109 Ed. Memorial Office Building Barra Funda - SP Total Area: sqm Ref: 3143 Ed. Tenente Negrão Itaim Bibi - SP Total Area: 500 sqm Ref: 3139 Colliers International More than 482 offices in 62 countries in 5 continents USA: 140 Canada: 42 LATAM: 20 Asia: 38 ANZ: 157 EMEA: 85 US$ 1,95 billion in annual revenue More than 104 millions sqm under management More than 13,500 profissionals REAL ESTATE MARKET VOCABULARY. Absorption: Amount of sqm occupied the previous period. Development Category: Real estate properties are classified as A+, A, B and C. Stock / Inventory: Amount of usable constructed area in square meters. Availability Rate: Ratio between area available are and total area. Ceilings Height: Space between the finished flooring and the 1st strucutre ceiling interference. Build-to-Suit: Costumized construction COLLIERS INTERNATIONAL DO BRAZIL REAL ESTATE CONSULTANCY FOR INDUSTRIAL, OFFICE, RETAIL, LAND, RURAL, HOTELS, HOSPITALS AND EDUCATIONAL INSTITUTIONS Real Estate Investments Ed. Ceres Chácara Sto. Antônio - SP Total Area: 3,568 sqm Ref: 3155 Tenant and Landlord Representation - ing, Acquisition and Sale Advisory and Disposals for real estate assets and/or portfolios Build-to-Suit and Sale & back Operations Administration and Property Management Real Estate Valuation for Leasing, Acquisition, Sale and Guarantee Market and Technical-Financial studies, Highest and Best use studies Advisory for Investiment Funds and Private Investors Ed. Bela Cintra Bela Vista - SP Total Area: 3,644 sqm Ref: 3106 CONTACTS Sao Paulo R. Olimpíadas, Sao Paulo SP TEL Campinas R. Dr. Sylvio de Moraes Salles, Campinas SP TEL Rio de Janeiro Av. Almirante Barroso, Rio de Janeiro RJ TEL Recife Av.Gov. Agamenom Magalhães, Recife PE TEL Fortaleza Av. Dom Luis, Fortaleza CE TEL More information: RESEARCH AND MARKET INTELLIGENCE research@colliers.com OFFICE office@colliers.com Green Consulting for LEED Certification This document was prepared by Colliers International Brazil. All information contained in this document may change without notice. The Colliers International is a global, independent organization. This publication is copyright of Colliers International and / or its licensor All right reservation Accelerating success. P. 5 COLLIERS INTERNATIONAL