office reports.pdf

8/20/2019 Office Reports.pdf

1/14

www.dtz.co

2nd Quarter 2015

U.S. Offi ceTrends Report


2/142 | DTZ

Contents

U.S. Offi ce Sector Analysis.......................................................... ........................................... ......3-

Investment Sales................................................................................................................................

Net Absorption by Metro............................................. ........................................... ......................6-

Vacancy Rates by Metro........................................... ............................................ ........................8-

Asking Rents by Metro............................................... ........................................... ......................10-

Inventory by Metro............................................. ........................................... ...............................12-

Methodology.......................................................................................................................................1

Jennifer EdwardsResearch Manager L Street NW Ste Washington DC

JenniferEdwards@dtzcom

Kevin ThorpeChief Economist L Street NW Ste Washington DC KevinThorpe@dtzcom

Rebecca RockeyEconomist L Street NW Ste Washington DC RebeccaRockey@dtzcom

Contacts


3/14www.dtz.com |

Economy

Midway through we see patterns quite similar to those we have seen before—weakgrowth (or contraction) in the first quarter followed by stronger growth in the remainingquarters This year first quarter real GDP contracted at a -% annualized rate That figurewas revised upwards from the earlier estimate of -% Real GDP in the second quarter of

is already tracking much stronger but will still likely fail to surpass the % mark

After having contributed to that negative GDP growth in the first quarter the energy sectoris now showing signs of stabilization A rebound in gas prices—from per gallon inJanuary to per gallon in late June—is helping ameliorate some of the pain felt bymajor oil and gas firms that had to make significant cuts in exploration and mining whenprices were dropping Those cuts are certainly not over—job losses in energy-relatedsectors continue to mount But there is evidence that the worst of the oil price correctionis behind us Still there have been over energy-related layoffs in Texas since pricesstarted to fall most of which have happened in the last six months The next severalmonths of data will be crucial in determining whether or not these trends are decelerating

The labor markets continue to provide evidence of a solid economic foundation After disappointing employment numbers in March and Aprijob creation came back to life in May and June registering a combined gain of net new jobs Exactly one-third of the millionjobs created in have been in offi ce-using sectors with administration professional and technical services and finance and insurance

accounting for nearly all of the offi ce-using job growth We have many reasons to expect job growth to remain equally robust throughout therest of the year For the first time since —when the Job Openings and Labor Turnover Survey (JOLTS) began—the number of job openingcurrently exceeds the number of hires The most recent data released in May revealed million positions are waiting to be filled compareto million in May In addition nearly a quarter of those additional jobs are business and professional positions Given thatjob openings are a harbinger of job creation we expect job growth to average a monthly pace of for the rest of the year

Offi ce Sector

After a weak start to the year the US offi ce sector was back on track in the second quarter of Demand for offi ce space was million square feet (msf) in the second quarter nearly double the msf absorbed in the first quarter of the year Although the trendtowards space effi ciency continues to work against a full offi ce-sector recovery the robust offi ce-using job growth numbers are now pushingabsorption back to pre-recession levels in most major markets The vacancy rate declined basis points (bps) to % in the secondquarter down from % last quarter vacancy is down bps from a year ago

While there is still room for vacancy rates to decline further—vacancy was % at the peak of the last cycle in the third quarter of —theare low enough to drive modest rental growth Year-over-year growth in asking rents has exceeded % for six consecutive quarters second-quarter rent growth was %—with rents at a cyclical high of per square foot up from in the second quarter of last year Othe metros tracked reported rental rate increases in the second quarter compared to that registered increases in the first quarter

Construction volume surged to msf in the second quarter after hitting msf in the first quarter Although new development is rampinup demand remains suffi cient In fact net absorption has exceeded deliveries in every single quarter since the third quarter of Howevethe volume of deliveries relative to demand is rising—deliveries over the past four quarters were % of demand up from % in the secondquarter of As this relationship between deliveries and demand inches upwards we expect to see deceleration in rental rate growth and decline in building activity sometime in

US Net Absorption vs Vacancy

Source: DTZ ResearchSource: DTZ Research

Market Indicators

Net Absorption 20.9M

Asking Rents $22.92

Vacancy

Under

Construction 108.5M

Q12

2015

Trend(from previous Qtr)

Net Absorption Selected Markets Q

U.S. Offi ce Sector Analysis

13.8%

14.2%

14.6%

15.0%

15.4%

0

4

8

12

16

20

24

28

Q 2 1 3

Q 3 1 3

Q 4 1 3

Q 1 1 4

Q 2 1 4

Q 3 1 4

Q 4 1 4

Q 1 1 5

Q 2 1 5

V a c a n c y R a t e

( m s f )

Absorption Vacancy Rate

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

S a n J o s e - S i l i c o n

D a l l a s

O a k l a n d - E a s t B a y

L o s A n g e l e s

C h i c a g o

A t l a n t a

P h o e n i x

R a l e i g h

N e w Y o r k

D e n v e r

N a s h v i l l e

S u b u r b a n V A

B a l t i m o r e

M i a m i

T a m p a

W a s h i n g t o n , D C

C e n t r a l N J

S t . L o u i s

S a c r a m e n t o

C h a r l o t t e

C o l u m b u s

S a n D i e g o

M i n n e a p o l i s

I n d i a n a p o l i s

N o r t h e r n N J

L o u i s v i l l e

C i n c i n n a t i

S a n F r a n c i s c o

S e a t t l e

D a y t o n

S a n M a t e o C o u n t y

B o s t o n

S u b u r b a n M D

( m s f )

14.2%


4/144 | DTZ

Asking RentsSelect Markets Avg Rent Q

Rents YrYr % Chg

New York NY %

San Francisco CA %

Washington DC %

San Mateo County CA %

San Jose-Silicon Valley CA %

San Diego CA %

Boston MA %

Los Angeles CA %

Suburban VA -%

Chicago IL %

Houston TX %

Northern NJ %

Suburban MD -%

Minneapolis MN %

Central NJ %

Oakland-East Bay CA %

Denver CO %

Baltimore MD %

Phoenix AZ %

Da llas TX %

Charlotte NC %

Nashville TN %

Raleigh NC %

Sacramento CA %

Tampa FL %

Atlanta GA %

Columbus OH %

St Louis MO %

Kansas City MO %

Indianapolis IN %

Louisville KY %

Milwaukee WI %

Cincinnati OH -%

Dayton OH -%

Source: DTZ Resea

Job Growth

Month-over-month s

Source: BLS

Another wide-ranging development is the dynamic between growth in CBDs and thesuburbs We are now observing a transition to demand for Class B CBD space and in someinstances suburban space—enough to drive substantial differences in rent appreciationrates The general theme we are seeing is tenant demand has turned robust in almostevery CBD in the US regardless of product type Markets that have seen year-over-yearrent growth for Class B CBD exceed Class A CBD (as well as suburban space) include SanFrancisco New York City Oakland and Northern New Jersey There are some rare instanceswhere suburban rent growth is outpacing that of Class A CBD space this is especially truein the white-hot San Jose market

Investment sales between January and May totaled billion up billion from the billion during the same period a year ago Cap rates declined bps since the startof the year down from % in January to % in May Cap rates compressed in both CBDand suburban transactions—declining to % from % for CBD properties and to %from % for suburban ones Global uncertainty has resulted in capital flows pouring intothe US at a record pace through July th of this year year-to-date foreign investmentin US commercial real estate is up % compared to the same period last year Thisaggressive inflow of capital is pushing offi ce prices upward to new heights particularly forCBD assets Average pricing is up % over its average from the same January throughMay timeframe last year pricing on suburban assets has grown three times faster than that

of CBD assets % versus %

Outlook

Although we remain alert to changes in the underlying economic and financial driversthe probability that any of these will sink the US economic expansion is low The DowJones Industrial Average has risen almost % since the Greek crisis offi cially began in Puerto Rico debt totals billion just one-quarter of monthly tax revenue in theUS These debt-related crises are not systemic in nature and will have fairly muted overallimpacts on the US economy China’s economy has been wobbling for two and a half yearsbut it has yet to derail the US growth trajectory Furthermore in addition to the trillionthat China has in its coffers which can be used to stimulate growth at any given timethere is a cultural difference in the way Chinese individuals and corporations view equitymarkets Nevertheless we anticipate extraordinary measures by the People’s Bank of Chinato stabilize the Chinese stock markets Also worth noting whenever there is choppiness

overseas investors flock to safe havens That has a tendency to push US Treasury rateslower If the global economic picture worsens it is not out of the realm of possibility that the-year Treasury could dip below % again

The US economy is off and running Barring a major exogenous shock or contagion expectGDP growth to average % in —good enough to generate around million jobs TheUS offi ce sector will register msf of absorption vacancy rates will fall to % and rentgrowth will surpass %

Source: BLS

1,097

983

967

737

550

511

347 149

Professional & Business Services

Trade, Transportation, Utilities

Education & Healthcare

Leisure & Hospitality

Retail

Government

Manufacturing

Construction

0

50

100

150

200

250

300

350

400

450

J u n 2 0 1 4

J u l 2 0 1 4

A u g 2 0 1 4

S e p 2 0 1 4

O c t 2 0 1 4

N o v 2 0 1 4

D e c 2 0 1 4

J a n 2 0 1 5

F e b 2 0 1 5

M a r 2 0 1 5

A p r 2 0 1 5

M a y 2 0 1 5

J u n 2 0 1 5

Total Nonfarm Office-Using

Job Openings

(s)

U.S. Offi ce Sector Analysis

Nonfarm Openings million


5/14www.dtz.com |

US Offi ce Acquisitions by Buyer Type

Source: Real Capital Analytics


US Offi ce Sales Volume

US Offi ce Cap Rates


$0

$3

$6

$9

$12

$15

$18

$21

M a y - 1 0

S e p - 1 0

J a n - 1 1

M a y - 1 1

S e p - 1 1

J a n - 1 2

M a y - 1 2

S e p - 1 2

J a n - 1 3

M a y - 1 3

S e p - 1 3

J a n - 1 4

M a y - 1 4

S e p - 1 4

J a n - 1 5

M a y - 1 5

B i l l i o n s

Avg. = $7.6B

Source: Real Capital Analytics,

DTZ Research

Offi ce Sales VolumeSelect Markets Jan - July

Volume (Millions) Avg PSF

Manhattan NY

Chicago IL

San Jose CA

Boston MA

DC Metro

San Francisco CA

Los Angeles CA

Seattle WA

Atlanta GA

Northern NJ

Denver CO

Houston TX

Phoenix AZ

Dallas TX

San Diego CA

RaleighDurham NC

Minneapolis MN

Miami FL

St Louis MO

Charlotte NC

East Bay CA

Nashville TN

Baltimore MD

Milwaukee WI

Indianapolis IN

Cincinnati OH

Louisville KY

Sacramento CA

Tampa FL

Columbus OH

Kansas City MO NA

Investment Sales

4%

5%

6%

7%

8%

9%

M a y - 1 0

S e p - 1 0

J a n - 1 1

M a y - 1 1

S e p - 1 1

J a n - 1 2

M a y - 1 2

S e p - 1 2

J a n - 1 3

M a y - 1 3

S e p - 1 3

J a n - 1 4

M a y - 1 4

S e p - 1 4

J a n - 1 5

M a y - 1 5

CBD Suburban

$0

$40

$80

$120

$160

$200

$240

01' 02' 03' 04' 05' 06' 07' 08' 09' 10' 11' 12' 13' 14' Q114

Q115

B i l l i o n s

Cross-Border Inst'l/Eq Fund Listed/REITs Private User/other


6/146 | DTZ

2012 2013 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015r Q2 2015p

United States

Northeast -

Midwest

South West

Albuquerque NM

Atlanta-Sandy Springs-Marietta GA

Austin-Round Rock TX

Baltimore MD

Birmingham-Hoover AL

Boston-Cambridge MA -

Buffalo-Niagara Falls NY - -

Charleston-North Charleston SC -

Charlotte-Gastonia-Concord NC-SC

Chattanooga TN-GA - - - -

Chica go-Joli et-Na perv ille IL-IN-WI

Cincinnati-Middletown OH-KY-IN -

Cleveland-Elyria-Mentor OH

Colorado Springs CO - - -

Columbia SC - -

Columbus OH -

Dallas TX

Dayton OH -

Denver-Aurora CO

Detroit-Warren-Livonia MI -

Fairfield County CT - - - - - -

Ft Lauderdale FL -

Greensboro-Winston-Salem NC - - -

Greenville SC - -

Hartford-West Hartford-East Hartford CT - -

Honolulu HI - - - -

Houston TX -

Indianapolis IN

Jacksonville FL -

Kansas City MO-KS - -

Knoxville TN - -

Las Vegas-Paradise NV -

Lexington-Fayette KY - - - -

Little Rock-N Little Rock AR -

Long Island NY - - - -

Los Angeles-Long Beach-Glendale CA

Louisville KY-IN -

Madison WI - - -

Memphis TN-MS-AR - -

Miami-Dade FL -

Milwaukee-Waukesha-West Allis WI - -

Minneapolis-St Paul-Bloomington MN-WI

Net Absorption


7/14www.dtz.com |

2012 2013 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015r Q2 2015p

Nashville-Davidson-Murfreesboro TN

New Haven-Milford CT - - -

Northern New Jersey - - -

Central New Jersey - - New Orleans-Metairie-Kenner LA - -

New York NY -

Oakland-East Bay CA

Oklahoma City OK - -

Omaha NE-IA - -

Orange County CA (Anaheim-Santa Ana)

Orlando FL -

Philadelphia-Camden-Wilmington PA-NJ-DE -

Phoenix-Mesa-Scottsdale AZ

Pittsburgh PA - -

Portland-South Portland-Biddeford ME - - - - -

Portland-Vancouver-Beaverton OR-WA

Raleigh-Durham NC

Rochester NY - -

Sacramento-Arden-Arcade-Roseville CA

Saint Louis MO-IL - -

Salt Lake City UT -

San Antonio TX

San Diego-Carlsbad-San Marcos CA -

San Francisco CA

San Jose-Silicon Valley CA

San Mateo County CA -

Seattle-Tacoma-Bellevue WA

Suburban MD - - - -

Suburban VA - - - - - -

Syracuse NY - - -

Tampa-St Petersburg-Clearwater FL

Tucson AZ - - - - -

Tulsa OK -

Ventura County CA - -

Washington DC - - - - -

Westchester County NY - - - -

West Palm Beach-Boca Raton FL

Wichita KS - - -

Methodology and data sources explained on page

p preliminary

r revision

Net Absorption


8/148 | DTZ

2012 2013 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015r Q2 2015p

(Quarterly Average)

United States % % % % % % % %

Northeast % % % % % % % %

Midwest % % % % % % % %

South % % % % % % % %

West % % % % % % % %

Albuquerque NM % % % % % % % %

Atlanta-Sandy Springs-Marietta GA % % % % % % % %

Austin-Round Rock TX % % % % % % % %

Baltimore MD % % % % % % % %

Birmingham-Hoover AL % % % % % % % %

Boston-Cambridge MA % % % % % % % %

Buffalo-Niagara Falls NY % % % % % % % %

Charleston-North Charleston SC % % % % % % % %

Charlotte-Gastonia-Concord NC-SC % % % % % % % %

Chattanooga TN-GA % % % % % % % %

Chicago-Joliet-Naperville IL-IN-WI % % % % % % % %

Cincinnati-Middletown OH-KY-IN % % % % % % % %

Cleveland-Elyria-Mentor OH % % % % % % % %

Colorado Springs CO % % % % % % % %

Columbia SC % % % % % % % %

Columbus OH % % % % % % % %

Dallas TX % % % % % % % %

Dayton OH % % % % % % % %

Denver-Aurora CO % % % % % % % %

Detroit-Warren-Livonia MI % % % % % % % %

Fairfield County CT % % % % % % % %

Ft Lauderdale FL % % % % % % % %

Greensboro-Winston-Salem NC % % % % % % % %

Greenville SC % % % % % % % %

Hartford-West Hartford-East Hartford CT % % % % % % % %

Honolulu HI % % % % % % % %

Houston TX % % % % % % % %

Indianapolis IN % % % % % % % %

Jacksonville FL % % % % % % % %

Kansas City MO-KS % % % % % % % %

Knoxville TN % % % % % % % %

Las Vegas-Paradise NV % % % % % % % %

Lexington-Fayette KY % % % % % % % %

Little Rock-N Little Rock AR % % % % % % % %

Long Island NY % % % % % % % %

Los Angeles-Long Beach-Glendale CA % % % % % % % %

Louisville KY-IN % % % % % % % %

Madison WI % % % % % % % %

Memphis TN-MS-AR % % % % % % % %

Miami-Dade FL % % % % % % % %

Milwaukee-Waukesha-West Allis WI % % % % % % % %

Minneapolis-St Paul-Bloomington MN-WI % % % % % % % %

Offi ce Vacancy Rates


9/14www.dtz.com |

2012 2013 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015r Q2 2015p

(Quarterly Average)

Nashville-Davidson-Murfreesboro TN % % % % % % % %

New Haven-Milford CT % % % % % % % %

Northern New Jersey % % % % % % % %

Central New Jersey % % % % % % % %

New Orleans-Metairie-Kenner LA % % % % % % % %

New York NY % % % % % % % %

Oakland-East Bay CA % % % % % % % %

Oklahoma City OK % % % % % % % %

Omaha NE-IA % % % % % % % %

Orange County CA (Anaheim-Santa Ana) % % % % % % % %

Orlando FL % % % % % % % %

Philadelphia-Camden-Wilmington PA-NJ-DE % % % % % % % %

Phoenix-Mesa-Scottsdale AZ % % % % % % % %

Pittsburgh PA % % % % % % % %

Portland-South Portland-Biddeford ME % % % % % % % %

Portland-Vancouver-Beaverton OR-WA % % % % % % % %

Raleigh-Durham NC % % % % % % % %

Rochester NY % % % % % % % %

Sacramento-Arden-Arcade-Roseville CA % % % % % % % %

Saint Louis MO-IL % % % % % % % %

Salt Lake City UT % % % % % % % %

San Antonio TX % % % % % % % %

San Diego-Carlsbad-San Marcos CA % % % % % % % %

San Francisco CA % % % % % % % %

San Jose-Silicon Valley CA % % % % % % % %

San Mateo County CA % % % % % % % %

Seattle-Tacoma-Bellevue WA % % % % % % % %

Suburban MD % % % % % % % %

Suburban VA % % % % % % % %

Syracuse NY % % % % % % % %

Tampa-St Petersburg-Clearwater FL % % % % % % % %

Tucson AZ % % % % % % % %

Tulsa OK % % % % % % % %

Ventura County CA % % % % % % % %

Washington DC % % % % % % % %

Westchester County NY % % % % % % % %

West Palm Beach-Boca Raton FL % % % % % % % %

Wichita KS % % % % % % % %


p preliminary

r revision

Offi ce Vacancy Rates


10/1410 | DTZ

Asking Rents

2012 2013 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015r Q2 2015p

(Quarterly Average)

United States

Northeast

Midwest

South

West

Albuquerque NM



Baltimore MD


Boston-Cambridge MA

Buffalo-Niagara Falls NY

Charleston-North Charleston SC


Chattanooga TN-GA

Chicago-Joliet-Naperville IL-IN-WI

Cincinnati-Middletown OH-KY-IN


Colorado Springs CO

Columbia SC

Columbus OH

Dallas TX

Dayton OH

Denver-Aurora CO

Detroit-Warren-Livonia MI

Fairfield County CT

Ft Lauderdale FL

Greensboro-Winston-Salem NC

Greenville SC

Hartford-West Hartford-East Hartford CT

Honolulu HI

Houston TX

Indianapolis IN

Jacksonville FL

Kansas City MO-KS

Knoxville TN

Las Vegas-Paradise NV

Lexington-Fayette KY

Little Rock-N Little Rock AR

Long Island NY


Louisville KY-IN

Madison WI

Memphis TN-MS-AR

Miami-Dade FL

Milwaukee-Waukesha-West Allis WI



11/14www.dtz.com |

Asking Rents

2012 2013 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015r Q2 2015p

(Quarterly Average)


New Haven-Milford CT

Northern New Jersey

Central New Jersey

New Orleans-Metairie-Kenner LA

New York NY

Oakland-East Bay CA

Oklahoma City OK

Omaha NE-IA


Orlando FL

Philadelphia-Camden-Wilmington PA-NJ-DE


Pittsburgh PA

Portland-South Portland-Biddeford ME


Raleigh-Durham NC

Rochester NY


Saint Louis MO-IL

Salt Lake City UT

San Antonio TX

San Diego-Carlsbad-San Marcos CA

San Francisco CA


San Mateo County CA


Suburban MD

Suburban VA

Syracuse NY


Tucson AZ

Tulsa OK

Ventura County CA

Washington DC

Westchester County NY


Wichita KS


p preliminary

r revision


12/1412 | DTZ

Inventory

InventoryQ2 2015

Vacant StockQ2 2015

Inventory Change(YTD 2015)

U/C (as of Q2 2015)

National Total

Albuquerque NM



Baltimore MD


Boston-Cambridge MA

Buffalo-Niagara Falls NY

Charleston-North Charleston SC


Chattanooga TN-GA

Chicago-Joliet-Naperville IL-IN-WI

Cincinnati-Middletown OH-KY-IN 250,000 437,000


Colorado Springs CO

Columbia SC

Columbus OH

Dallas TX

Dayton OH 0 51,000

Denver-Aurora CO

Detroit-Warren-Livonia MI

Fairfield County CT

Ft Lauderdale FL

Greensboro-Winston-Salem NC

Greenville SC

Hartford-West Hartford-East Hartford CT

Honolulu HI

Houston TX

Indianapolis IN

Jacksonville FL

Kansas City MO-KS

Knoxville TN

Las Vegas-Paradise NV

Lexington-Fayette KY

Little Rock-N Little Rock AR

Long Island NY


Louisville KY-IN

Madison WI

Memphis TN-MS-AR

Miami-Dade FL

Milwaukee-Waukesha-West Allis WI



New Haven-Milford CT

Northern New Jersey

Central New Jersey

New Orleans-Metairie-Kenner LA


13/14www.dtz.com |

Inventory

InventoryQ2 2015

Vacant StockQ2 2015

Inventory Change(YTD 2015)

U/C (as of Q2 2015)

New York NY

Oakland-East Bay CA

Oklahoma City OK

Omaha NE-IA


Orlando FL

Philadelphia-Camden-Wilmington PA-NJ-DE


Pittsburgh PA

Portland-South Portland-Biddeford ME


Raleigh-Durham NC

Rochester NY


Saint Louis MO-IL

Salt Lake City UT

San Antonio TX

San Diego-Carlsbad-San Marcos CA

San Francisco CA


San Mateo County CA


Suburban MD

Suburban VA

Syracuse NY


Tucson AZ

Tulsa OK

Ventura County CA

Washington DC

Westchester County NY


Wichita KS


Under construction and inventory change figures are derived from DTZ’s proprietary

sample and taken directly from CoStar’s database for certain markets


14/14

Methodology

DTZ’s quarterly estimates are derived from a variety of data sources including its ownproprietary sample of market activity historical inventory data from Reis LLC Bureau ofLabor Statistics Employment data CoStar and other third party data sources The marketstatistics are calculated from a base building inventory made up of offi ce properties deemed

to be competitive in the local offi ce markets Generally owner-occupied and federally-ownedbuildings are not included Single-tenant buildings and privately-owned buildings in which thefederal government leases space are included Older buildings unfit for occupancy or ones tharequire substantial renovation before tenancy are generally not included in the competitiveinventory The inventory is subject to revisions due to resampling Vacant space is definedas space that is available immediately or within three months ( days) after the end of thequarter Sublet space still occupied by the tenant is not counted as available space

The figures provided for the current quarter are preliminary and all information contained in threport is subject to correction of errors and revisions based on additional data received

Explanation of Terms

Total Inventory The total amount of offi ce space (in buildings greater than square feetthat can be rented by a third party

Total Space Available The sum of new relet and sublet space that is unoccupied and beingactively marketed

Vacancy Rate The amount of unoccupied space (new relet and sublet) expressed as apercentage of total inventory

Absorption The net change in occupied space between two points in time (Total occupiedspace in the present quarter minus total occupied space from the previous quarter quoted onnet not gross basis)

Asking Rents Gross average asking rents

Disclaimer

This report and other research materials may be

found on our website at wwwdtzcom This is a

research document of DTZ in Washington DC

Questions related to information herein should

be directed to the Research Department at -

- Information contained herein has been

obtained from sources deemed reliable and no

representation is made as to the accuracy thereof

Regional Map

West

Midwest

South

Northeast

About DTZ

DTZ is a global leader in commercial real

estate services providing occupiers tenantsand investors around the world with a full

spectrum of property solutions The company’s

core capabilities include agency leasing

tenant representation corporate and global

occupier services property management

facilities management facility services capital

markets investment and asset management

valuation research consulting and project

and development management DTZ provides

property management for billion square

feet or million square meters and facilities

management for billion square feet or

million square meters The company completed

billion in transaction volume globally in

on behalf of institutional corporate government

and private clients Headquartered in Chicago

DTZ has more than employees who

operate across more than offi ces in

countries and represent the company’s culture

of excellence client advocacy integrity and

collaboration

DTZ announced an agreement to merge with

Cushman & Wakefield in a May press release

The new company which will operate under the

Cushman & Wakefield brand will have revenues

over billion over employees and

will manage more than 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 For further

information visit wwwdtzcom or follow us on

Twitter @DTZ

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