As part of Coldwell Banker Commercial's Review of Commercial Real Estate in the first decade of the 2000s, this part examines the Office Sector with key transactions, vacancy rates and happenings during each year.
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Commercial Real Estate: Office sector 2001-2009
1. Office 2001—2009
5,000 12% 200,000,000
Office Transactions & Avg Cap Rate Office Absorption
4,000 10% 150,000,000
8%
3,000 100,000,000
6%
2,000 50,000,000
4%
1,000 2% 0
0 0% -50,000,000 01' 02' 03' 04' 05' 06' 07' 08' 09'
Trans
01' 02' 03' 04' 05' 06' 07' 08' 09' CAP -100,000,000
Source: Real Capital Analytics Source: CoStar
$250,000 $500 $35.00 16%
Office Volume & Price/SF Office Rental & Vacancy Rates
$30.00
$200,000 $400
$25.00 12%
$150,000 $300 $20.00
8%
$100,000 $200 $15.00
$10.00 4%
$50,000 $100
$5.00
$0 $0 $0.00 0%
Millions 01' 02' 03' 04' 05' 06' 07' 08' 09' P/SF 01' 02' 03' 04' 05' 06' 07' 08' 09' Vacancy
Rental
Source: Real Capital Analytics Source: CoStar
Significant Transactions: CBD
Name City, ST SF Price $/SF Buyer Year
Boston Properties JV Goldman
General Motors Bldg New York, NY 1,925,000 $2,853,000,000 $1,482 2008
Sachs JV Meraas Capital
666 Fifth New York, NY 1,550,000 $1,800,000,000 $1,161 Kushner Companies 2007
WorldWide Plaza New York, NY 1,600,000 $1,739,000,000 $1,087 Macklowe Properties 2007
MetLife Bldg New York, NY 2,840,000 $1,720,000,000 $606 Tishman Speyer Properties 2005
Travelers Complex New York, NY 2,600,000 $1,575,000,000 $606 SL Green Realty Corp 2007
Significant Transactions: Suburban
Twin Towers Complex Arlington, VA 1,100,000 $670,000,000 $609 Monday Properties 2007
Twin Towers Complex Arlington, VA 1,100,000 $495,000,000 $450 Beacon Capital Partners 2005
Waterview Office Twr Arlington, VA 633,908 $435,000,000 $686 Paramount Group 2007
One & Two Fountain Sq Reston, VA 616,178 $420,000,000 $681 Beacon Capital Partners 2007
Polk & Taylor Bldgs Arlington, VA 886,447 $419,000,000 $473 Beacon Capital Partners 2007
Source: Real Capital Analytics
View next page for a breakdown of the Office Sector by year
View other sections: www.crereview.com