Office Reports PDF

U.S.
Office
Trends Report
2nd Quarter 2015
www.dtz.com
Contents
U.S. Office Sector Analysis...........................................................................................................3-4
Investment Sales.................................................................................................................................5
Net Absorption by Metro..............................................................................................................6-7
Vacancy Rates by Metro...............................................................................................................8-9
Asking Rents by Metro................................................................................................................10-11
Inventory by Metro.......................................................................................................................12-13
Methodology.......................................................................................................................................14
Contacts:
Kevin Thorpe
Chief Economist
2101 L Street, NW, Ste. 700
Washington, DC 20037
Kevin.Thorpe@dtz.com
Jennifer Edwards
Research Manager
Jennifer.Edwards@dtz.com
Rebecca Rockey
Economist
Rebecca.Rockey@dtz.com
2 | DTZ
U.S. Office Sector Analysis

Economy
Midway through 2015, we see patterns quite similar to those we have seen beforeweak
growth (or contraction) in the rst quarter followed by stronger growth in the remaining
quarters. This year, rst quarter real GDP contracted at a -0.2% annualized rate. That gure
was revised upwards from the earlier estimate of -0.7%. Real GDP in the second quarter of
2015 is already tracking much stronger, but will still likely fail to surpass the 2.5% mark.
After having contributed to that negative GDP growth in the rst quarter, the energy sector
is now showing signs of stabilization. A rebound in gas pricesfrom $2.05 per gallon in
January to $2.78 per gallon in late Juneis helping ameliorate some of the pain felt by
major oil and gas rms that had to make signicant cuts in exploration and mining when
prices were dropping. Those cuts are certainly not overjob losses in energy-related
sectors continue to mount. But there is evidence that the worst of the oil price correction
is behind us. Still, there have been over 25,600 energy-related layoffs in Texas since prices
started to fall, most of which have happened in the last six months. The next several
months of data will be crucial in determining whether or not these trends are decelerating.
Market Indicators
Q12
2015
Net Absorption
Trend
(from previous Qtr)
20.9M
Vacancy
14.2%
Asking Rents
$22.92
Under
Construction
108.5M
The labor markets continue to provide evidence of a solid economic foundation. After disappointing employment numbers in March and April,
job creation came back to life in May and June, registering a combined gain of 477,000 net new jobs. Exactly one-third of the 1.25 million
jobs created in 2015 have been in office-using sectors, with administration, professional and technical services, and nance and insurance
accounting for nearly all of the office-using job growth. We have many reasons to expect job growth to remain equally robust throughout the
rest of the year. For the rst time since 2000when the Job Openings and Labor Turnover Survey (JOLTS) beganthe number of job openings
currently exceeds the number of hires. The most recent data, released in May, revealed 5.4 million positions are waiting to be lled, compared
to 4.6 million in May 2014. In addition, nearly a quarter of those additional 750,000 jobs are business and professional positions. Given that
job openings are a harbinger of job creation, we expect job growth to average a monthly pace of 240,000 for the rest of the year.
Office Sector
After a weak start to the year, the U.S. office sector was back on track in the second quarter of 2015. Demand for office space was 20.9
million square feet (msf) in the second quarter, nearly double the 11.4 msf absorbed in the rst quarter of the year. Although the trend
towards space efficiency continues to work against a full office-sector recovery, the robust office-using job growth numbers are now pushing
absorption back to pre-recession levels in most major markets. The vacancy rate declined 20 basis points (bps) to 14.2% in the second
quarter, down from 14.4% last quarter; vacancy is down 80 bps from a year ago.
While there is still room for vacancy rates to decline furthervacancy was 12.8% at the peak of the last cycle in the third quarter of 2007they
are low enough to drive modest rental growth. Year-over-year growth in asking rents has exceeded 2% for six consecutive quarters; secondquarter 2015 rent growth was 2.5%with rents at a cyclical high of $22.92 per square foot, up from $22.32 in the second quarter of last year. Of
the 80 metros tracked, 57 reported rental rate increases in the second quarter compared to 53 that registered increases in the rst quarter.
Construction volume surged to 108.5 msf in the second quarter after hitting 98.5 msf in the rst quarter. Although new development is ramping
up, demand remains sufficient. In fact, net absorption has exceeded deliveries in every single quarter since the third quarter of 2010. However,
the volume of deliveries relative to demand is risingdeliveries over the past four quarters were 61% of demand, up from 52% in the second
quarter of 2013. As this relationship between deliveries and demand inches upwards, we expect to see deceleration in rental rate growth and a
decline in building activity sometime in 2018.
U.S. Net Absorption vs. Vacancy
Net Absorption, Selected Markets Q2 2015

4.0
15.4%
28
3.5
24
14.6%
12
8
14.2%
2.5
(msf)
2.0
1.5
1.0
0.5
0.0
13.8%
Absorption
Source: DTZ Research
Vacancy Rate
Q2 15
Q1 15
Q4 14
Q3 14
Q2 14
Q1 14
Q4 13
Q3 13
Q2 13
-0.5
San Jose-Silicon
Dallas
Oakland-East Bay
Los Angeles
Chicago
Atlanta
Phoenix
Raleigh
New York
Denver
Nashville
Suburban VA
Baltimore
Miami
Tampa
Washington, DC
Central NJ
St. Louis
Sacramento
Charlotte
Columbus
San Diego
Minneapolis
Indianapolis
Northern NJ
Louisville
Cincinnati
San Francisco
Seattle
Dayton
San Mateo County
Boston
Suburban MD
Kansas City
(msf)
16
3.0
Vacancy Rate
15.0%
20
www.dtz.com | 3
U.S. Office Sector Analysis

Asking Rents
Another wide-ranging development is the dynamic between growth in CBDs and the
suburbs. We are now observing a transition to demand for Class B CBD space, and in some
instances, suburban spaceenough to drive substantial differences in rent appreciation
rates. The general theme we are seeing is tenant demand has turned robust in almost
every CBD in the U.S. regardless of product type. Markets that have seen year-over-year
rent growth for Class B CBD exceed Class A CBD (as well as suburban space) include San
Francisco, New York City, Oakland and Northern New Jersey. There are some rare instances
where suburban rent growth is outpacing that of Class A CBD space; this is especially true
in the white-hot San Jose market.
Select Markets, Avg. Rent Q2 2015

Rents
Investment sales between January and May totaled $54.7 billion, up $15 billion from the
$39.7 billion during the same period a year ago. Cap rates declined 40 bps since the start
of the year, down from 6.8% in January to 6.4% in May. Cap rates compressed in both CBD
and suburban transactionsdeclining to 5.7% from 6.0% for CBD properties, and to 6.9%
from 7.3% for suburban ones. Global uncertainty has resulted in capital ows pouring into
the U.S. at a record pace: through July 8th of this year, year-to-date foreign investment
in U.S. commercial real estate is up 63% compared to the same period last year. This
aggressive inow of capital is pushing office prices upward to new heights, particularly for
CBD assets. Average pricing is up 20.3% over its average from the same January through
May timeframe last year; pricing on suburban assets has grown three times faster than that
of CBD assets, 32.5% versus 10.3%.
Outlook
Yr/Yr % Chg.
New York, NY
$70.09
3.0%
San Francisco, CA
$66.77
14.5%
Washington, DC
$51.36
1.9%
San Mateo County, CA
$47.04
8.1%
San Jose-Silicon Valley, CA
$34.24
4.5%
San Diego, CA
$33.24
6.1%
Boston, MA
$32.85
5.9%
Los Angeles, CA
$31.92
3.9%
Suburban VA
$31.64
-0.2%
Chicago, IL
$28.86
2.6%
Houston, TX
$28.55
1.3%
Northern NJ
$27.65
2.0%
Suburban MD
$26.12
-0.6%
Minneapolis, MN
$25.99
4.5%
Central NJ
$24.72
0.6%
8.6%
Oakland-East Bay, CA
$24.26
Although we remain alert to changes in the underlying economic and nancial drivers,
the probability that any of these will sink the U.S. economic expansion is low. The Dow
Jones Industrial Average has risen almost 70% since the Greek crisis officially began in
2010. Puerto Rico debt totals $72 billion, just one-quarter of monthly tax revenue in the
U.S. These debt-related crises are not systemic in nature and will have fairly muted overall
impacts on the U.S. economy. Chinas economy has been wobbling for two and a half years
but it has yet to derail the U.S. growth trajectory. Furthermore, in addition to the $5 trillion
that China has in its coffers, which can be used to stimulate growth at any given time,
there is a cultural difference in the way Chinese individuals and corporations view equity
markets. Nevertheless, we anticipate extraordinary measures by the Peoples Bank of China
to stabilize the Chinese stock markets. Also worth noting: whenever there is choppiness
overseas, investors ock to safe havens. That has a tendency to push U.S. Treasury rates
lower. If the global economic picture worsens, it is not out of the realm of possibility that the
10-year Treasury could dip below 2% again.
Denver, CO
$24.09
5.6%
Baltimore, MD
$22.93
2.8%
Phoenix, AZ
$22.76
4.5%
Dallas, TX
$21.88
3.1%
The U.S. economy is off and running. Barring a major exogenous shock or contagion, expect
GDP growth to average 2.5% in 2015good enough to generate around 2.9 million jobs. The
U.S. office sector will register 80 msf of absorption, vacancy rates will fall to 14%, and rent
growth will surpass 3%.
Charlotte, NC
$21.77
5.7%
Nashville, TN
$21.49
7.6%
Raleigh, NC
$21.18
3.3%
Sacramento, CA
$20.64
1.2%
Tampa, FL
$20.56
3.1%
Atlanta, GA
$20.48
4.4%
Columbus, OH
$20.33
2.7%
St. Louis, MO
$19.06
1.0%
Kansas City, MO
$18.63
3.6%
Indianapolis, IN
$18.11
0.2%
Louisville, KY
$17.65
1.7%
Milwaukee, WI
$17.29
2.9%
Cincinnati, OH
$17.09
-2.4%
Dayton, OH
$14.56
-0.9%
Job Openings
Job Growth
(000s)
Month-over-month, 000s
149
450
5.4 million
400
1,097
511
350
300
Total Nonfarm
967
Source: BLS
4 | DTZ
Source: BLS
Office-Using
Jun 2015
May 2015
Apr 2015
Mar 2015
Construction
Feb 2015
Manufacturing
737
50
Jan 2015
Government
100
Dec 2014
Retail
Nov 2014
983
150
Oct 2014
Leisure & Hospitality
200
Sep 2014
Education & Healthcare
550
250
Aug 2014
Trade, Transportation, Utilities
Jul 2014
Professional & Business Services
Jun 2014
347
Nonfarm Openings:
Investment Sales
U.S. Office Sales Volume
Office Sales Volume

Select Markets, Jan - July 2015
$21
$ Volume (Millions)
Avg PSF
Manhattan, NY
$12,780.3
$963
Chicago, IL
$4,458.8
$259
$15
San Jose, CA
$4,284.5
$384
$12
Boston, MA
$3,729.9
$298
DC Metro
$3,610.7
$437
San Francisco, CA
$3,548.4
$524
$6
$9
$157
San Diego, CA
$1,193.6
$280
Raleigh/Durham, NC
$923.2
$187
Minneapolis, MN
$721.3
$108
Miami, FL
$695.9
$246
St. Louis, MO
$596.8
$63
Charlotte, NC
$542.8
$182
East Bay, CA
$406.6
$174
$126.6
$119
Columbus, OH
$58.5
$74
Kansas City, MO
$49.7
N/A
Source: Real Capital Analytics,

DTZ Research
CBD
Sep-14
$147
Tampa, FL
May-14
$141
$193.7
Jan-14
$224.3
Sacramento, CA
Sep-13
Louisville, KY
4%
May-13
$130
Jan-13
$226.0
Sep-12
Cincinnati, OH
5%
May-12
$91
Jan-12
$117
$256.5
6%
Sep-11
$265.9
Indianapolis, IN
7%
May-11
Milwaukee, WI
8%
Jan-11
$168
9%
Sep-10
$178
$317.7
U.S. Office Cap Rates
May-10
$330.0
Baltimore, MD
Source: Real Capital Analytics
Suburban
U.S. Office Acquisitions by Buyer Type

$240
$200
Billions
Nashville, TN
May-15
$176
$1,288.5
May-15
$1,389.7
Dallas, TX
Jan-15
Phoenix, AZ
Jan-15
$299
Sep-14
$197
$1,454.6
May-14
$1,530.9
Houston, TX
Jan-14
Denver, CO
Sep-13
$209
May-13
$1,768.6
Jan-13
Northern NJ
Sep-12
$161
May-12
$2,226.7
Jan-12
$0
Atlanta, GA
Sep-11
$3
$353
May-11
$342
$2,720.3
Jan-11
$2,917.9
Seattle, WA
May-10
Los Angeles, CA
Avg. = $7.6B
Sep-10
Billions
$18
$160
$120
$80
$40
$0
01' 02' 03' 04' 05' 06' 07' 08' 09' 10' 11' 12' 13' 14' Q1 Q1
14 15
Cross-Border
Inst'l/Eq Fund
Listed/REITs
Private
User/other
www.dtz.com | 5
Net Absorption
2012
2013
2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015r
Q2 2015p
United States
46,869,000
51,023,000
74,549,000
17,236,000
21,771,000
24,334,000
11,371,000
20,904,000
Northeast
2,369,000
13,338,000
14,444,000
3,063,000
5,923,000
3,224,000
-1,348,000
1,460,000
Midwest
4,992,000
6,677,000
7,924,000
2,148,000
1,446,000
3,289,000
591,000
2,416,000
South
18,422,000
16,629,000
24,685,000
4,688,000
6,727,000
8,590,000
6,852,000
7,620,000
West
21,087,000
14,379,000
27,496,000
7,338,000
7,674,000
9,232,000
5,274,000
9,408,000
113,000
15,000
138,000
112,000
15,000
22,000
140,000
185,000
Atlanta-Sandy Springs-Marietta, GA
1,624,000
1,314,000
3,000,000
539,000
461,000
779,000
661,000
993,000
Austin-Round Rock, TX
1,408,000
631,000
676,000
221,000
189,000
52,000
312,000
509,000
Baltimore, MD
710,000
1,028,000
1,268,000
227,000
635,000
157,000
224,000
349,000
Birmingham-Hoover, AL
255,000
35,000
222,000
55,000
12,000
149,000
79,000
77,000
Boston-Cambridge, MA
691,000
1,749,000
2,300,000
569,000
871,000
786,000
846,000
-60,000
Buffalo-Niagara Falls, NY
195,000
-530,000
201,000
-39,000
219,000
66,000
37,000
89,000
Albuquerque, NM
Charleston-North Charleston, SC
255,000
72,000
192,000
-23,000
17,000
110,000
264,000
115,000
1,370,000
1,445,000
1,362,000
287,000
485,000
292,000
183,000
228,000
53,000
-186,000
-65,000
-58,000
-19,000
26,000
46,000
71,000
Chicago-Joliet-Naperville, IL-IN-WI
2,191,000
1,488,000
3,600,000
644,000
794,000
1,530,000
120,000
1,078,000
Cincinnati-Middletown, OH-KY-IN
125,000
215,000
88,000
-104,000
118,000
167,000
132,000
69,000
Cleveland-Elyria-Mentor, OH
107,000
349,000
249,000
173,000
88,000
125,000
37,000
245,000
Colorado Springs, CO
249,000
426,000
-18,000
17,000
8,000
-40,000
96,000
-4,000
Columbia, SC
-374,000
-34,000
181,000
66,000
84,000
105,000
114,000
72,000
Columbus, OH
290,000
246,000
300,000
150,000
143,000
-33,000
98,000
203,000
1,495,000
2,703,000
3,756,000
470,000
1,686,000
744,000
1,080,000
1,465,000
Charlotte-Gastonia-Concord, NC-SC
Chattanooga, TN-GA
Dallas, TX
Dayton, OH
Denver-Aurora, CO
Detroit-Warren-Livonia, MI
231,000
127,000
298,000
-11,000
142,000
155,000
40,000
38,000
1,341,000
1,892,000
2,437,000
484,000
955,000
572,000
192,000
622,000
36,000
379,000
425,000
-4,000
24,000
267,000
34,000
133,000
Faireld County, CT
-416,000
452,000
-726,000
-388,000
369,000
-1,002,000
-283,000
-12,000
Ft. Lauderdale, FL
195,000
470,000
588,000
224,000
107,000
214,000
-72,000
215,000
Greensboro-Winston-Salem, NC
297,000
-104,000
318,000
-4,000
181,000
166,000
-132,000
23,000
Greenville, SC
324,000
156,000
-174,000
-42,000
121,000
20,000
74,000
6,000
-89,000
Hartford-West Hartford-East Hartford, CT
-47,000
176,000
623,000
206,000
130,000
49,000
164,000
Honolulu, HI
197,000
145,000
-96,000
-50,000
-170,000
105,000
4,000
-88,000
Houston, TX
4,546,000
3,741,000
6,893,000
1,345,000
843,000
3,037,000
1,742,000
-220,000
Indianapolis, IN
454,000
493,000
245,000
62,000
78,000
40,000
10,000
119,000
Jacksonville, FL
89,000
115,000
267,000
-126,000
120,000
189,000
47,000
133,000
Kansas City, MO-KS
603,000
573,000
396,000
110,000
-132,000
292,000
105,000
-97,000
Knoxville, TN
157,000
-251,000
153,000
16,000
71,000
89,000
140,000
-85,000
Las Vegas-Paradise, NV
925,000
271,000
716,000
243,000
354,000
212,000
-75,000
253,000
Lexington-Fayette, KY
119,000
-111,000
-11,000
24,000
-33,000
-15,000
127,000
56,000
107,000
Little Rock-N. Little Rock, AR
-12,000
5,000
150,000
2,000
152,000
6,000
Long Island, NY
190,000
308,000
-228,000
81,000
-278,000
-66,000
-145,000
300,000
1,665,000
710,000
3,247,000
696,000
754,000
1,343,000
50,000
1,233,000
Louisville, KY-IN
-77,000
606,000
392,000
112,000
110,000
22,000
111,000
106,000
Madison, WI
231,000
160,000
-113,000
81,000
-106,000
-10,000
130,000
152,000
Memphis, TN-MS-AR
72,000
-93,000
279,000
115,000
-29,000
81,000
353,000
22,000
Miami-Dade, FL
964,000
1,146,000
1,220,000
393,000
340,000
306,000
-6,000
301,000
Milwaukee-Waukesha-West Allis, WI
79,000
350,000
472,000
222,000
89,000
41,000
-110,000
-198,000
Minneapolis-St. Paul-Bloomington, MN-WI
438,000
724,000
1,329,000
317,000
394,000
434,000
160,000
133,000
Los Angeles-Long Beach-Glendale, CA
6 | DTZ
Net Absorption
2012
Nashville-Davidson-Murfreesboro, TN
2013
2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015r
Q2 2015p
453,000
1,102,000
36,000
767,000
299,000
121,000
294,000
280,000
New Haven-Milford, CT
100,000
-118,000
-13,000
-8,000
15,000
28,000
15,000
14,000
Northern New Jersey
-812,000
514,000
603,000
285,000
627,000
-634,000
-89,000
110,000
Central New Jersey
-433,000
2,108,000
690,000
110,000
332,000
-279,000
113,000
270,000
New Orleans-Metairie-Kenner, LA
227,000
-52,000
227,000
70,000
61,000
21,000
-47,000
54,000
New York, NY
2,602,000
7,116,000
9,301,000
1,454,000
2,743,000
3,561,000
-1,719,000
709,000
2,224,000
458,000
1,124,000
276,000
429,000
245,000
996,000
1,396,000
Oklahoma City, OK
2,722,000
-2,000
287,000
-62,000
200,000
22,000
251,000
95,000
45,000
702,000
278,000
211,000
4,000
-5,000
-101,000
76,000
1,306,000
819,000
2,254,000
1,084,000
471,000
1,318,000
147,000
406,000
282,000
Omaha, NE-IA
Orange County, CA (Anaheim-Santa Ana)
Orlando, FL
414,000
832,000
316,000
-88,000
153,000
157,000
256,000
Philadelphia-Camden-Wilmington, PA-NJ-DE
222,000
1,037,000
1,431,000
870,000
362,000
562,000
-371,000
723,000
1,778,000
1,173,000
2,401,000
736,000
436,000
597,000
64,000
850,000
Pittsburgh, PA
467,000
264,000
423,000
-25,000
383,000
231,000
166,000
-40,000
Portland-South Portland-Biddeford, ME
-120,000
295,000
-150,000
29,000
-27,000
-159,000
-61,000
9,000
Portland-Vancouver-Beaverton, OR-WA
774,000
54,000
1,085,000
244,000
41,000
418,000
131,000
96,000
Raleigh-Durham, NC
215,000
770,000
1,458,000
254,000
479,000
768,000
230,000
828,000
Rochester, NY
-231,000
9,000
122,000
-5,000
23,000
18,000
102,000
36,000
Sacramento-Arden-Arcade-Roseville, CA
876,000
1,047,000
737,000
110,000
194,000
12,000
259,000
257,000
Saint Louis, MO-IL
133,000
784,000
367,000
370,000
-183,000
264,000
-190,000
265,000
Phoenix-Mesa-Scottsdale, AZ
Salt Lake City, UT
405,000
280,000
316,000
133,000
67,000
-16,000
78,000
69,000
San Antonio, TX
1,085,000
491,000
874,000
181,000
302,000
250,000
205,000
146,000
San Diego-Carlsbad-San Marcos, CA
1,192,000
887,000
1,412,000
-251,000
650,000
846,000
178,000
187,000
San Francisco, CA
2,328,000
779,000
3,235,000
539,000
566,000
1,040,000
437,000
66,000
3,588,000
2,755,000
3,567,000
1,809,000
1,448,000
1,099,000
1,445,000
3,754,000
-357,000
653,000
2,270,000
342,000
982,000
392,000
981,000
2,000
Seattle-Tacoma-Bellevue, WA
2,429,000
1,961,000
2,529,000
759,000
507,000
979,000
279,000
64,000
Suburban MD
364,000
219,000
-1,146,000
334,000
-300,000
-213,000
116,000
-80,000
Suburban VA
-2,015,000
-132,000
-380,000
142,000
-35,000
-426,000
-197,000
370,000
Syracuse, NY
-155,000
121,000
-241,000
20,000
7,000
1,000
-14,000
132,000
Tampa-St. Petersburg-Clearwater, FL
70,000
922,000
790,000
4,000
215,000
436,000
284,000
297,000
Tucson, AZ
-65,000
-92,000
-12,000
-30,000
68,000
-22,000
22,000
Tulsa, OK
383,000
85,000
163,000
-87,000
88,000
77,000
7,000
134,000
Ventura County, CA
121,000
147,000
154,000
55,000
-3,000
21,000
-105,000
39,000
Washington, DC
-95,000
551,000
-490,000
-321,000
-256,000
198,000
-25,000
275,000
Westchester County, NY
115,000
-163,000
110,000
-97,000
147,000
63,000
-107,000
-730,000
West Palm Beach-Boca Raton, FL
483,000
218,000
1,151,000
121,000
316,000
331,000
139,000
223,000
Wichita, KS
30,000
87,000
-10,000
-72,000
-6,000
21,000
127,000
200,000
Methodology and data sources explained on page 14

p = preliminary
r = revision
www.dtz.com | 7
Office Vacancy Rates

2012
2013
2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015r
Q2 2015p
(Quarterly Average)
United States
15.8%
15.3%
14.9%
15.0%
14.8%
14.5%
14.4%
14.2%
Northeast
16.0%
15.6%
15.7%
15.8%
15.5%
15.6%
15.8%
15.7%
Midwest
19.3%
19.0%
18.3%
18.4%
18.2%
18.1%
18.1%
17.9%
South
14.6%
14.2%
13.9%
14.1%
13.8%
13.5%
13.2%
12.9%
West
14.9%
14.2%
13.4%
13.6%
13.3%
12.8%
12.9%
12.6%
Albuquerque, NM
14.1%
13.5%
13.9%
13.8%
13.7%
13.6%
12.5%
11.2%
20.3%
19.6%
18.3%
18.3%
18.3%
18.0%
17.6%
17.0%
10.6%
8.6%
8.1%
8.1%
7.8%
8.0%
8.1%
8.5%
Baltimore, MD
18.7%
17.0%
16.0%
16.2%
15.7%
15.7%
15.6%
15.4%
10.2%
9.0%
8.9%
8.9%
8.8%
8.5%
8.0%
7.6%
13.5%
12.1%
11.5%
11.7%
11.4%
10.8%
10.4%
10.0%
11.0%
11.4%
13.8%
14.2%
13.9%
13.6%
13.6%
13.1%
10.3%
10.7%
9.8%
10.2%
10.0%
8.9%
7.5%
7.8%
12.3%
11.6%
10.3%
10.3%
10.2%
9.8%
9.8%
9.3%
Chattanooga, TN-GA
13.6%
16.9%
18.6%
19.0%
19.1%
18.6%
18.9%
17.5%
17.1%
16.4%
15.7%
15.6%
15.9%
16.2%
15.8%
15.9%
24.7%
23.9%
23.5%
23.8%
23.5%
23.3%
24.3%
24.2%
21.3%
22.5%
22.0%
21.9%
21.8%
21.7%
21.6%
21.0%
13.3%
11.9%
12.1%
12.0%
12.0%
12.2%
11.8%
11.6%
Columbia, SC
15.7%
16.9%
15.3%
15.7%
14.9%
14.4%
13.5%
12.8%
Columbus, OH
16.5%
16.2%
16.1%
16.1%
15.6%
16.2%
16.2%
15.8%
Dallas, TX
21.1%
20.3%
19.4%
19.7%
19.2%
19.2%
19.3%
18.7%
Dayton, OH
28.9%
29.3%
27.3%
27.9%
26.9%
26.4%
26.6%
25.7%
Denver-Aurora, CO
12.6%
12.0%
11.2%
11.3%
11.1%
10.9%
10.8%
10.4%
23.8%
23.1%
22.6%
22.7%
22.7%
22.3%
22.3%
22.1%
23.5%
Faireld County, CT
21.8%
21.8%
21.6%
21.7%
20.9%
23.0%
23.5%
Ft. Lauderdale, FL
17.1%
16.2%
14.3%
14.5%
14.1%
13.3%
13.7%
13.1%
16.6%
16.5%
16.7%
17.2%
16.8%
15.8%
16.6%
16.6%
Greenville, SC
15.6%
13.0%
13.7%
14.5%
13.2%
12.9%
12.4%
12.3%
23.9%
23.2%
20.9%
20.9%
20.5%
20.3%
19.6%
20.1%
Honolulu, HI
6.2%
5.6%
5.7%
5.5%
6.2%
5.8%
5.8%
6.1%
Houston, TX
11.9%
11.5%
10.8%
10.7%
11.0%
10.7%
11.4%
12.5%
Indianapolis, IN
20.0%
19.5%
19.3%
19.3%
19.3%
19.2%
19.2%
19.1%
Jacksonville, FL
16.6%
16.5%
16.3%
16.8%
16.4%
15.6%
15.5%
15.0%
Kansas City, MO-KS
20.5%
18.8%
18.6%
19.0%
18.6%
17.8%
17.8%
18.0%
Knoxville, TN
13.1%
14.3%
16.3%
17.1%
16.1%
14.8%
12.9%
14.1%
20.6%
17.8%
16.7%
17.2%
16.1%
15.6%
15.9%
15.9%
19.1%
18.2%
19.3%
18.7%
19.5%
19.8%
17.0%
18.4%
11.4%
11.8%
11.9%
12.5%
12.4%
11.0%
10.9%
10.0%
Long Island, NY
16.1%
14.7%
15.0%
14.7%
15.2%
15.3%
15.6%
15.0%
15.7%
15.8%
15.0%
15.2%
15.0%
14.5%
14.6%
14.2%
Louisville, KY-IN
14.0%
13.2%
12.1%
12.0%
12.3%
11.8%
11.0%
10.8%
Madison, WI
9.7%
9.8%
10.4%
10.0%
10.5%
10.5%
10.0%
9.3%
Memphis, TN-MS-AR
18.0%
18.6%
17.7%
17.5%
17.7%
17.3%
17.1%
17.1%
Miami-Dade, FL
15.2%
14.2%
12.9%
13.1%
12.7%
12.4%
12.4%
12.0%
20.8%
20.9%
19.5%
20.0%
19.0%
18.9%
19.2%
20.1%
17.8%
16.3%
15.4%
15.6%
15.0%
15.0%
14.2%
14.4%
8 | DTZ
Office Vacancy Rates

2012
2013
2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015r
Q2 2015p
(Quarterly Average)
9.9%
9.4%
9.6%
9.6%
9.3%
9.2%
8.8%
8.1%
15.8%
16.3%
16.9%
17.1%
16.9%
16.6%
16.6%
16.3%
Northern New Jersey
17.5%
17.9%
19.0%
19.1%
18.4%
19.0%
19.8%
19.7%
Central New Jersey
18.8%
17.6%
15.8%
16.0%
15.4%
15.8%
16.9%
16.5%
9.6%
9.6%
9.3%
9.4%
9.2%
9.1%
9.3%
9.2%
New York, NY
12.7%
11.3%
9.8%
10.1%
9.5%
9.3%
9.8%
9.6%
12.0%
16.6%
15.1%
14.5%
14.6%
14.3%
14.2%
13.1%
Oklahoma City, OK
13.2%
11.2%
10.6%
11.2%
10.2%
10.1%
9.5%
9.2%
Omaha, NE-IA
14.9%
15.6%
15.0%
14.8%
15.1%
15.1%
15.6%
15.2%
15.1%
14.0%
13.8%
13.9%
13.8%
12.8%
12.7%
12.5%
Orlando, FL
12.2%
11.1%
10.6%
11.1%
10.7%
10.2%
9.4%
8.7%
11.4%
11.5%
11.3%
11.3%
11.2%
11.2%
11.3%
11.0%
23.5%
21.9%
19.7%
19.7%
19.6%
19.1%
19.4%
19.3%
Pittsburgh, PA
14.5%
14.4%
15.5%
15.7%
15.7%
15.2%
15.4%
15.5%
12.1%
11.5%
11.0%
10.6%
10.8%
11.7%
12.0%
11.9%
11.9%
11.1%
9.8%
9.9%
9.8%
8.8%
8.7%
8.6%
Raleigh-Durham, NC
14.8%
13.4%
12.5%
12.7%
12.2%
12.3%
11.8%
11.3%
Rochester, NY
15.4%
16.0%
15.8%
15.8%
15.7%
16.0%
15.4%
15.1%
17.1%
15.7%
14.6%
14.7%
14.4%
14.4%
14.0%
13.7%
Saint Louis, MO-IL
16.6%
16.0%
14.6%
14.4%
14.3%
14.6%
14.7%
14.1%
Salt Lake City, UT
11.5%
11.4%
12.5%
12.8%
12.6%
12.7%
12.4%
13.2%
San Antonio, TX
16.9%
16.6%
15.7%
15.8%
15.6%
15.3%
15.1%
14.9%
18.2%
17.9%
17.7%
18.6%
18.0%
16.0%
15.9%
15.9%
San Francisco, CA
9.3%
8.7%
7.3%
7.7%
7.1%
6.2%
5.7%
5.7%
13.4%
12.4%
10.9%
11.0%
10.5%
10.0%
10.1%
9.0%
13.6%
13.5%
10.9%
11.5%
10.3%
9.8%
9.6%
9.6%
11.1%
10.4%
9.5%
9.6%
9.4%
9.0%
9.0%
9.1%
Suburban MD
15.5%
15.9%
17.9%
17.6%
18.0%
18.5%
18.4%
18.5%
Suburban VA
15.9%
16.9%
18.3%
18.1%
18.4%
18.8%
19.0%
18.8%
Syracuse, NY
15.9%
15.2%
16.9%
16.9%
16.8%
16.8%
16.8%
16.1%
20.1%
19.0%
18.2%
18.6%
18.2%
17.5%
17.1%
16.6%
Tucson, AZ
14.8%
16.1%
17.5%
17.5%
18.1%
17.1%
17.8%
17.7%
Tulsa, OK
15.0%
14.3%
14.3%
14.7%
14.3%
14.0%
14.2%
13.6%
Ventura County, CA
23.7%
24.3%
21.6%
21.4%
21.5%
21.1%
24.4%
23.7%
Washington, DC
10.4%
10.4%
11.2%
11.2%
11.5%
11.2%
11.3%
11.0%
19.8%
19.1%
20.2%
20.5%
20.1%
19.9%
20.1%
22.1%
13.8%
12.3%
9.5%
10.2%
8.9%
8.1%
7.6%
6.7%
Wichita, KS
17.4%
17.5%
16.3%
16.4%
16.5%
16.3%
15.4%
15.5%

p = preliminary
r = revision
www.dtz.com | 9
Asking Rents
2012
2013
2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015r
Q2 2015p
(Quarterly Average)
United States
$21.72
$21.92
$22.40
$22.35
$22.45
$22.58
$22.73
$22.92
Northeast
$24.38
$24.65
$25.19
$25.15
$25.23
$25.27
$25.35
$25.50
Midwest
$18.26
$18.12
$18.21
$18.18
$18.24
$18.28
$18.34
$18.37
South
$20.48
$20.50
$20.80
$20.74
$20.84
$20.90
$21.03
$21.17
West
$24.27
$24.97
$26.00
$25.94
$26.06
$26.46
$26.77
$27.18
Albuquerque, NM
$15.29
$15.03
$14.84
$14.81
$14.92
$14.96
$15.14
$14.27
$19.37
$19.39
$19.81
$19.62
$19.92
$20.21
$20.48
$20.48
$25.11
$26.88
$28.01
$27.87
$28.40
$27.90
$28.07
$28.77
Baltimore, MD
$21.88
$22.62
$22.40
$22.30
$22.23
$22.72
$22.53
$22.93
$17.92
$17.52
$17.16
$17.20
$17.10
$17.15
$17.32
$17.27
$30.27
$29.90
$31.10
$31.03
$30.96
$31.52
$32.83
$32.85
$16.70
$16.56
$16.16
$16.41
$15.96
$16.00
$15.88
$15.77
$18.30
$17.21
$17.72
$17.86
$17.81
$17.74
$17.62
$17.55
$19.86
$19.99
$20.67
$20.60
$20.75
$20.90
$21.32
$21.77
Chattanooga, TN-GA
$15.02
$15.06
$14.69
$14.66
$14.66
$14.67
$14.81
$14.90
$26.05
$27.12
$28.41
$28.13
$28.75
$28.81
$28.56
$28.86
$17.78
$17.55
$17.47
$17.51
$17.49
$17.34
$17.22
$17.09
$18.07
$17.45
$17.41
$17.40
$17.47
$17.34
$17.34
$17.37
$16.47
$16.34
$16.26
$16.24
$16.35
$16.28
$16.24
$16.26
Columbia, SC
$15.51
$15.73
$15.57
$15.53
$15.45
$15.48
$15.58
$15.62
Columbus, OH
$18.25
$19.53
$19.88
$19.79
$19.91
$20.05
$20.10
$20.33
Dallas, TX
$19.79
$20.27
$21.31
$21.23
$21.41
$21.50
$21.71
$21.88
Dayton, OH
$14.47
$14.57
$14.67
$14.69
$14.66
$14.74
$14.55
$14.56
Denver-Aurora, CO
$20.40
$21.74
$22.96
$22.82
$23.12
$23.48
$23.78
$24.09
$17.91
$16.27
$16.39
$16.40
$16.36
$16.45
$16.47
$16.60
Faireld County, CT
$32.61
$33.69
$33.38
$33.43
$34.23
$32.47
$32.89
$34.09
Ft. Lauderdale, FL
$23.90
$23.18
$23.18
$23.18
$23.34
$23.43
$23.81
$23.81
$15.30
$15.47
$15.64
$15.65
$15.61
$15.69
$15.47
$15.71
Greenville, SC
$15.61
$15.55
$16.31
$16.10
$16.27
$16.92
$16.98
$16.38
$19.02
$19.18
$19.31
$19.30
$19.15
$19.10
$18.89
$19.06
Honolulu, HI
$27.48
$25.08
$23.34
$23.50
$23.25
$22.82
$22.96
$22.71
Houston, TX
$24.61
$25.37
$27.22
$27.07
$27.16
$27.31
$27.49
$28.55
Indianapolis, IN
$18.08
$18.06
$18.08
$18.07
$18.08
$18.08
$18.07
$18.11
Jacksonville, FL
$17.01
$17.02
$16.87
$16.70
$16.80
$16.96
$17.19
$17.29
Kansas City, MO-KS
$17.91
$18.02
$18.07
$17.98
$18.13
$18.18
$18.51
$18.63
Knoxville, TN
$15.71
$15.07
$15.23
$15.15
$15.49
$15.27
$15.30
$15.06
$20.63
$19.62
$19.32
$19.58
$19.08
$19.09
$19.17
$19.24
$15.61
$15.50
$15.67
$15.72
$15.66
$15.61
$15.54
$15.60
$15.28
$15.32
$15.50
$15.44
$15.61
$15.58
$15.29
$15.41
Long Island, NY
$25.66
$25.70
$26.40
$26.60
$26.31
$26.29
$26.44
$27.06
$29.04
$29.58
$30.78
$30.72
$30.84
$31.20
$31.08
$31.92
Louisville, KY-IN
$16.59
$16.96
$17.17
$17.35
$17.36
$17.03
$17.59
$17.65
Madison, WI
$17.16
$16.47
$15.84
$15.88
$15.76
$15.77
$15.56
$15.44
Memphis, TN-MS-AR
$18.79
$18.85
$18.94
$18.92
$19.05
$18.89
$18.88
$18.95
Miami-Dade, FL
$27.16
$27.30
$27.95
$27.99
$28.01
$28.08
$28.13
$28.57
$17.96
$17.41
$16.90
$16.81
$16.80
$16.73
$17.36
$17.29
$24.63
$23.97
$24.96
$24.87
$24.96
$25.46
$26.08
$25.99
10 | DTZ
Asking Rents
2012
2013
2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015r
Q2 2015p
(Quarterly Average)
$19.47
$20.19
$20.22
$19.98
$19.89
$20.66
$21.33
$21.49
$20.44
$19.52
$18.69
$18.84
$18.64
$18.34
$18.17
$18.28
Northern New Jersey
$27.43
$26.91
$27.47
$27.11
$27.48
$27.54
$27.83
$27.65
Central New Jersey
$24.80
$24.47
$24.76
$24.80
$24.92
$24.73
$24.84
$24.72
$15.09
$15.10
$15.08
$15.03
$15.09
$15.16
$15.32
$15.09
New York, NY
$57.70
$63.20
$68.59
$68.05
$68.82
$70.28
$69.73
$70.09
$21.27
$21.72
$22.46
$22.33
$22.55
$22.96
$23.39
$24.26
Oklahoma City, OK
$13.16
$13.15
$13.37
$13.28
$13.35
$13.46
$13.35
$13.66
Omaha, NE-IA
$16.82
$16.80
$16.59
$16.53
$16.62
$16.63
$16.42
$16.35
$22.74
$23.16
$24.51
$24.24
$24.72
$25.20
$25.68
$26.28
Orlando, FL
$19.47
$18.96
$18.91
$18.88
$18.88
$19.05
$19.41
$19.39
$23.24
$23.14
$23.43
$23.41
$23.52
$23.57
$23.65
$23.71
$20.28
$20.40
$21.87
$21.77
$22.00
$22.13
$22.37
$22.76
Pittsburgh, PA
$19.39
$19.30
$19.78
$19.60
$19.84
$20.00
$20.07
$20.25
$13.63
$12.66
$12.67
$12.65
$12.63
$12.76
$12.68
$12.79
$20.59
$21.03
$21.77
$21.79
$22.05
$22.07
$22.32
$22.50
Raleigh-Durham, NC
$19.94
$19.61
$20.78
$20.51
$21.04
$21.07
$21.09
$21.18
Rochester, NY
$13.91
$14.14
$14.43
$14.45
$14.32
$14.59
$14.76
$14.60
$20.37
$20.01
$20.31
$20.40
$20.40
$20.28
$20.52
$20.64
Saint Louis, MO-IL
$18.82
$18.67
$18.84
$18.87
$18.89
$18.85
$18.91
$19.06
Salt Lake City, UT
$18.43
$19.45
$19.19
$19.13
$19.07
$19.27
$19.39
$19.56
San Antonio, TX
$19.61
$19.64
$19.73
$19.65
$19.87
$19.76
$19.93
$20.04
$28.73
$29.97
$31.26
$31.32
$31.20
$31.62
$32.04
$33.24
San Francisco, CA
$43.56
$50.01
$59.00
$58.30
$59.35
$62.75
$63.22
$66.77
$27.65
$30.81
$32.77
$32.75
$32.41
$33.63
$34.20
$34.24
$39.11
$41.29
$43.70
$43.50
$43.91
$45.23
$46.88
$47.04
$26.94
$27.31
$27.99
$27.97
$28.07
$28.11
$28.36
$28.77
Suburban MD
$26.42
$26.65
$26.23
$26.29
$26.21
$26.08
$26.07
$26.12
Suburban VA
$31.51
$31.64
$31.72
$31.69
$31.76
$31.82
$31.67
$31.64
Syracuse, NY
$15.47
$15.35
$14.56
$14.48
$14.50
$14.58
$14.48
$14.49
$19.91
$19.61
$20.00
$19.94
$20.16
$20.04
$20.36
$20.56
Tucson, AZ
$19.02
$19.00
$18.74
$18.78
$18.82
$18.62
$18.73
$18.73
Tulsa, OK
$15.76
$16.00
$15.98
$15.91
$16.03
$16.03
$15.97
$16.14
Ventura County, CA
$23.22
$22.82
$22.90
$22.85
$22.99
$22.99
$23.08
$23.22
Washington, DC
$49.80
$49.51
$50.45
$50.40
$50.29
$50.40
$51.13
$51.36
$25.47
$26.07
$27.13
$27.14
$27.20
$27.23
$27.11
$27.06
$26.85
$25.58
$26.07
$25.97
$26.26
$26.33
$26.31
$26.65
Wichita, KS
$11.78
$11.76
$11.50
$11.55
$11.43
$11.55
$11.61
$11.52

p = preliminary
r = revision
www.dtz.com | 11
Inventory
National Total
Inventory
Q2 2015
Vacant Stock
Q2 2015
Inventory Change
(YTD 2015)
U/C
(as of Q2 2015)
108,521,000
5,466,397,000
740,220,000
26,845,000
Albuquerque, NM
13,637,000
1,523,000
172,911,000
29,395,000
702,000
42,731,000
3,638,000
1,131,000
2,929,000
Baltimore, MD
78,101,000
12,043,000
125,000
2,075,000
18,653,000
1,424,000
33,000
154,310,000
15,462,000
5,246,000
21,318,000
2,801,000
31,000
547,000
8,517,000
667,000
319,000
213,000
85,640,000
7,965,000
225,000
1,446,000
Chattanooga, TN-GA
4,986,000
873,000
76,000
257,020,000
40,866,000
689,000
2,995,000
33,169,000
8,020,000
250,000
437,000
660,000
36,740,000
7,699,000
28,376,000
3,292,000
Columbia, SC
10,937,000
1,400,000
20,000
151,000
Columbus, OH
27,685,000
4,369,000
343,000
315,000
Dallas, TX
209,781,000
39,183,000
1,897,000
6,079,000
Dayton, OH
14,229,000
3,660,000
51,000
Denver-Aurora, CO
171,724,000
17,859,000
293,000
3,750,000
76,054,000
16,815,000
180,000
Faireld County, CT
49,522,000
11,638,000
28,000
28,000
Ft. Lauderdale, FL
27,800,000
3,635,000
94,000
958,000
18,133,000
3,019,000
43,000
74,000
Greenville, SC
9,082,000
1,116,000
26,000
138,000
24,803,000
4,978,000
27,000
64,000
Honolulu, HI
25,749,000
1,573,000
Houston, TX
304,034,000
38,004,000
7,732,000
13,859,000
Indianapolis, IN
31,862,000
6,086,000
Jacksonville, FL
25,095,000
3,758,000
24,000
24,000
Kansas City, MO-KS
49,584,000
8,925,000
77,000
468,000
Knoxville, TN
7,164,000
1,009,000
27,142,000
4,327,000
309,000
234,000
4,671,000
861,000
150,000
94,000
10,836,000
1,078,000
73,000
Long Island, NY
55,738,000
8,361,000
282,264,000
40,081,000
671,000
4,029,000
Louisville, KY-IN
21,704,000
2,344,000
150,000
Madison, WI
22,451,000
2,086,000
40,000
Memphis, TN-MS-AR
20,186,000
3,455,000
415,000
610,000
Miami-Dade, FL
85,198,000
10,253,000
107,000
941,000
27,834,000
5,595,000
1,574,000
64,890,000
9,344,000
170,000
34,094,000
2,762,000
392,000
2,332,000
12,535,000
2,039,000
20,000
508,000
Northern New Jersey
93,943,000
18,507,000
1,008,000
Central New Jersey
56,951,000
9,397,000
677,000
36,376,000
3,335,000
35,000
49,000
12 | DTZ
Inventory
Inventory
Q2 2015
Vacant Stock
Q2 2015
Inventory Change
(YTD 2015)
U/C
(as of Q2 2015)
New York, NY
435,098,000
109,692,000
41,769,000
6,653,000
13,163,000
176,000
Oklahoma City, OK
20,457,000
1,875,000
170,000
885,000
421,000
Omaha, NE-IA
19,346,000
2,949,000
118,919,000
14,865,000
59,000
647,000
Orlando, FL
33,836,000
2,931,000
17,000
172,000
242,644,000
26,691,000
137,000
1,986,000
96,618,000
18,647,000
1,041,000
4,366,000
Pittsburgh, PA
52,051,000
8,051,000
298,000
2,057,000
17,938,000
2,144,000
41,000
42,071,000
3,628,000
157,000
1,170,000
Raleigh-Durham, NC
49,757,000
5,623,000
1,204,000
1,017,000
Rochester, NY
15,953,000
2,415,000
295,000
87,363,000
11,969,000
Saint Louis, MO-IL
48,505,000
6,839,000
116,000
Salt Lake City, UT
32,506,000
4,298,000
367,000
1,124,000
San Antonio, TX
31,400,000
4,672,000
276,000
884,000
71,917,000
11,455,000
597,000
1,756,000
San Francisco, CA
89,016,000
5,074,000
5,095,000
205,940,000
18,535,000
3,948,000
6,276,000
52,395,000
5,030,000
929,000
753,000
157,828,000
14,362,000
662,000
11,011,000
Suburban MD
72,888,000
13,484,000
634,000
Suburban VA
162,377,000
30,527,000
203,000
1,931,000
Syracuse, NY
12,890,000
2,079,000
42,000
60,176,000
9,970,000
26,000
599,000
Tucson, AZ
6,463,000
1,145,000
49,000
Tulsa, OK
20,810,000
2,830,000
78,000
310,000
Ventura County, CA
Washington, DC
5,598,000
1,327,000
103,000
121,000
122,850,000
13,514,000
105,000
2,227,000
36,217,000
8,004,000
382,000
24,507,000
1,633,000
15,000
32,000
Wichita, KS
14,214,000
2,209,000
256,000
35,000

Under construction and inventory change gures are derived from DTZs proprietary
sample and taken directly from CoStars database for certain markets.
www.dtz.com | 13
Methodology
Disclaimer
This report and other research materials may be
found on our website at www.dtz.com. This is a
research document of DTZ in Washington, DC.
Questions related to information herein should
be directed to the Research Department at 202463-2100. Information contained herein has been
obtained from sources deemed reliable and no
representation is made as to the accuracy thereof.
About DTZ
DTZ is a global leader in commercial real
estate services providing occupiers, tenants
and investors around the world with a full
spectrum of property solutions. The companys
DTZs quarterly estimates are derived from a variety of data sources, including its own
proprietary sample of market activity, historical inventory data from Reis LLC, Bureau of
Labor Statistics Employment data, CoStar and other third party data sources. The market
statistics are calculated from a base building inventory made up of office properties deemed
to be competitive in the local office markets. Generally, owner-occupied and federally-owned
buildings are not included. Single-tenant buildings and privately-owned buildings in which the
federal government leases space are included. Older buildings unt for occupancy or ones that
require substantial renovation before tenancy are generally not included in the competitive
inventory. The inventory is subject to revisions due to resampling. Vacant space is dened
as space that is available immediately or within three months (90 days) after the end of the
quarter. Sublet space still occupied by the tenant is not counted as available space.
The gures provided for the current quarter are preliminary, and all information contained in the
report is subject to correction of errors and revisions based on additional data received.
Explanation of Terms
Total Inventory: The total amount of office space (in buildings greater than 10,000 square feet)
that can be rented by a third party.
Total Space Available: The sum of new, relet, and sublet space that is unoccupied and being
actively marketed.
core capabilities include agency leasing,

tenant representation, corporate and global
occupier services, property management,
Vacancy Rate: The amount of unoccupied space (new, relet, and sublet) expressed as a
percentage of total inventory.
facilities management, facility services, capital

markets, investment and asset management,
valuation, research, consulting, and project
and development management. DTZ provides
property management for 1.9 billion square
feet, or 171 million square meters, and facilities
Absorption: The net change in occupied space between two points in time. (Total occupied
space in the present quarter minus total occupied space from the previous quarter, quoted on a
net, not gross, basis.)
Asking Rents: Gross average asking rents.
management for 1.3 billion square feet, or 124

million square meters. The company completed
$63 billion in transaction volume globally in 2014
on behalf of institutional, corporate, government
Regional Map
and private clients. Headquartered in Chicago,

DTZ has more than 28,000 employees who
operate across more than 260 offices in 50
countries and represent the companys culture
of excellence, client advocacy, integrity and
collaboration.
DTZ announced an agreement to merge with
Cushman & Wakeeld in a May 11 press release.
The new company, which will operate under the
Cushman & Wakeeld brand, will have revenues
over $5.5 billion, over 43,000 employees and
will manage more than 4 billion square feet
globally on behalf of institutional, corporate
and private clients. The agreement is subject to
customary closing conditions and is expected
to close before the end of 2015. For further
information, visit: www.dtz.com or follow us on
Twitter @DTZ.
14 | DTZ
West
Midwest
South
Northeast
www.dtz.com

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U.S.

U.S. Office Sector Analysis

U.S. Net Absorption vs. Vacancy

Net Absorption, Selected Markets Q2 2015

Source: DTZ Research

U.S. Office Sector Analysis

Select Markets, Avg. Rent Q2 2015

San Mateo County, CA

San Jose-Silicon Valley, CA

Leisure & Hospitality

Education & Healthcare

Trade, Transportation, Utilities

Professional & Business Services

Office Sales Volume

Source: Real Capital Analytics,

U.S. Office Cap Rates

Source: Real Capital Analytics

Source: Real Capital Analytics

U.S. Office Acquisitions by Buyer Type

Source: Real Capital Analytics

Hartford-West Hartford-East Hartford, CT

Kansas City, MO-KS

Little Rock-N. Little Rock, AR

Minneapolis-St. Paul-Bloomington, MN-WI

Los Angeles-Long Beach-Glendale, CA

Northern New Jersey

Central New Jersey

Saint Louis, MO-IL

Salt Lake City, UT

San Diego-Carlsbad-San Marcos, CA

San Jose-Silicon Valley, CA

San Mateo County, CA

West Palm Beach-Boca Raton, FL

Methodology and data sources explained on page 14

Office Vacancy Rates

Hartford-West Hartford-East Hartford, CT

Kansas City, MO-KS

Little Rock-N. Little Rock, AR

Los Angeles-Long Beach-Glendale, CA

Minneapolis-St. Paul-Bloomington, MN-WI

Office Vacancy Rates

Northern New Jersey

Central New Jersey

Orange County, CA (Anaheim-Santa Ana)

Saint Louis, MO-IL

Salt Lake City, UT

San Diego-Carlsbad-San Marcos, CA

San Jose-Silicon Valley, CA

San Mateo County, CA

West Palm Beach-Boca Raton, FL

Methodology and data sources explained on page 14

Hartford-West Hartford-East Hartford, CT

Kansas City, MO-KS

Little Rock-N. Little Rock, AR

Los Angeles-Long Beach-Glendale, CA

Minneapolis-St. Paul-Bloomington, MN-WI

Northern New Jersey

Central New Jersey

Orange County, CA (Anaheim-Santa Ana)

Saint Louis, MO-IL

Salt Lake City, UT

San Diego-Carlsbad-San Marcos, CA