U.S. office market statistics: Q2 2014

U.S. office sector posts highest
quarterly absorption of the recovery
United States Office Review Q2 2014

Rents are running away from tenants in
urbanized quality cores with level of increase
expected to escalate due to capital demand
(investment sales) having just as big of an
impact on rent growth over the next 24 months
as leasing demand due to increasingly bullish
underwriting projections from sales /
refinancings.

Fundamentals are tightening across markets, particularly
absorption and development
2
Source: JLL Research
Leasing activity
• Q2 posted 61.9 million square feet of leasing activity.
• Leasing levels up 6.2 percent from Q1 2014.
• Compared to Q2 2013, leasing volume is up 0.2 percent.
Absorption
• Absorption levels increase, resulting in the 17th consecutive quarter of occupancy growth.
• The 13.9 million square feet of net absorption during Q2 represents the highest quarterly occupancy growth
during this cycle so far.
• This quarter’s biggest contributors to absorption were New York, Boston, Houston, Chicago, Philadelphia
Seattle, Los Angeles and San Francisco.
Vacancy
• Vacancy dropped by 30 basis points to a recovery low of 16.3 percent. This comes after two quarters at 16.6
percent.
• Both CBDs and suburbs played a role in this decline, falling to 13.7 percent and 18.0 percent, respectively.
Rents
• Despite improved market conditions, asking rents declined by 0.7 percent to $30.00 per square foot. This was
mostly the result of blocks of quality Class A space being taken off the market in many markets, compounded
with falling rents and elevated vacancy in Washington, DC.
• In supply-constrained CBDs, this was more pronounced, as rents fell by 1.0 percent. In the suburbs, asking
rents increased slightly to $24.23 per square foot.
Construction
• YTD construction starts have totaled almost 21.0 million square feet. This is nearly equal to all starts posted in
2013.
• Although Houston remains the leader in construction, 18 markets registered more than 1.0 million square feet
as volumes have jumped by 38.4 percent to 65.4 million square feet nationally.

Nearly half of all markets (49.0 percent) reported an increase in
leasing activity in Q2 compared to Q1
3
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2011 2012 2013 2014
Up Neutral Down

In turn, leasing volumes rose by 6.2 percent to 61.9 million
square feet after two consecutive quarters of declines
4
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
2007 2008 2009 2010 2011 2012 2013 2014
Leasingactivity(s.f.)

While 0.2 percent higher than Q2 2013 leasing activity, this was
slightly below the Q2 average since 2007
5
62,856,296
62,499,312
54,446,297
66,724,307
67,948,333
63,411,335
61,762,387
61,906,383
0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000
Q2 2007
Q2 2008
Q2 2009
Q2 2010
Q2 2011
Q2 2012
Q2 2013
Q2 2014
Leasing activity (s.f.)

Outside of top markets, leasing activity relatively even across
geographies, similar to previous quarters
6
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
NewYork
Chicago
Washington,DC
LosAngeles
Boston
Philadelphia
Dallas
SanFrancisco
OrangeCounty
NewJersey
Denver
SanDiego
Seattle
Phoenix
SiliconValley
Houston
Minneapolis
Portland
St.Louis
FairfieldCounty
Austin
Charlotte
Detroit
Baltimore
Oakland-EastBay
Indianapolis
Miami
Pittsburgh
SanFranciscoPeninsula
Atlanta
Sacramento
KansasCity
Tampa
Cincinnati
HamptonRoads
Cleveland
Columbus
Raleigh-Durham
Orlando
WestchesterCounty
Jacksonville
FortLauderdale
WestPalmBeach
Milwaukee
LongIsland
SaltLakeCity
SanAntonio
Richmond
Leasingactivity(s.f.)
38.9% 20.6% 40.5%

Q2 represents highest quarterly absorption throughout the
recovery so far (13.9 million square feet)
7
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2008 2009 2010 2011 2012 2013 2014
Quarterlynetabsorption(as%ofinventory)
15-year trailing annual average

As a result, YTD absorption represents roughly 56.4 percent of
last year’s occupancy gains
8
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
YTDnetabsorption(as%ofinventory)
15-year trailing
annual average

Class A space, both in CBDs and suburbs, continues to lead the
way in take-up of space
9
-10,000,000
-5,000,000
0
5,000,000
10,000,000
15,000,000
2010 2011 2012 2013 2014
Quarterlynetabsorption(s.f.)
Class A (CBD) Class A (suburban)
Class B (CBD) Class B (suburban)
Class C (CBD) Class C (suburban)

Although tech and energy continue to make strong gains in
absolute terms, their share of absorption is decreasing as the
recovery gains momentum elsewhere
10
NYC and DC (*excludes Midtown South)
Tech markets (*includes Midtown South)
Energy markets
Sunbelt
All other markets
70.0%
29.7%
6.4%
2010
5.1%
33.5%
19.0%
18.4%
23.9%
2011
5.1%
33.5%
19.0%
18.4%
23.9%
2012
11.1%
21.6%
22.3%
18.6%
26.4%
2013
7.5%
25.2%
16.7%
24.6%
26.0%
2014

Only nine markets have experienced a net loss of occupancy
YTD, of which less than half are more than -200,000 square feet
11
-1,000,000
-500,000
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
NewYork
Houston
Atlanta
Boston
SiliconValley
LosAngeles
Phoenix
Denver
Chicago
Seattle-Bellevue
Baltimore
Dallas
OrangeCounty
SanFrancisco
Charlotte
Portland
Detroit
Miami
Philadelphia
St.Louis
SaltLakeCity
Milwaukee
Raleigh-Durham
WestPalmBeach
Cincinnati
FortLauderdale
FairfieldCounty
SanFranciscoPeninsula
LongIsland
KansasCity
Minneapolis
Austin
Sacramento
Columbus
Indianapolis
Cleveland
SanDiego
HamptonRoads
Oakland-EastBay
Jacksonville
SanAntonio
TampaBay
WestchesterCounty
Pittsburgh
Richmond
Orlando
NewJersey
Washington,DC
YTDnetabsorption(s.f.)

Energy, tech and Sunbelt markets all posting above-average
absorption; Sunbelt surpassing energy in some cases
12
0.5%
1.0%
1.4%
1.0%
0.9%
1.0%
0.9%
2.1%
1.3%
1.4%
1.3%
0.7%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
YTDnetabsorption(s.f.)
Energy Tech Sunbelt
U.S. average

Gains in NYC, Boston and much of the Sunbelt push up East
Coast to top share of absorption during Q2
13
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
2010 2011 2012 2013 2014
Shareofquarterlynetabsorption
East Coast Central West Coast

Even though Atlanta and South Florida are nearing 2013
absorption levels already, rest of the East Coast is catching up
14
-10,000,000
-5,000,000
0
5,000,000
10,000,000
15,000,000
20,000,000
2010 2011 2012 2013 2014
Netabsorption(s.f.)
Atlanta South Florida Rest of the East Coast

-3,000,000
-2,000,000
-1,000,000
0
1,000,000
2,000,000
3,000,000
4,000,000
2010 2011 2012 2013 2014
Netabsorption(s.f.)
Atlanta Chicago Los Angeles Miami Philadelphia Phoenix
Diversified markets hit another recovery high with 3.1 million
square feet of occupancy gains, this quarter led by Chicago
15
Atlanta and Phoenix have
absorbed a combined 13.0
million square feet since
2010, or 65.1 percent of
cumulative total.

Quarterly Class B absorption over the past four quarters is taking
place 3.4x faster than from 2010 to Q2 2013…
16
10,975,302
10,604,042
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2010-Q2 2013 Past four quarters
ClassBnetabsorption(s.f.)
783,950 s.f. per quarter 2,651,011 s.f. per quarter

…although 5.8x as much Trophy and Class A space has been
absorbed than B and C during the same time period
17
Trophy and Class A
net absorption
118.4
m.s.f.2010-2014
Class B and C net
absorption
20.5
m.s.f.2011-2014

Class A space saw its highest share of quarterly absorption this
quarter since Q2 2012
18
133.5%
93.9%
74.5% 76.3%
295.2%
98.5%
82.0% 78.3%
45.2%
73.4%
63.5%
80.9%
57.3%
82.3%
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
350.0%
2011 2012 2013 2014
ClassAshareofquarterlyabsorption

At the same time, all total net absorption took place in Class A
space during Q2
19
166.2%
90.4% 88.8%
80.8%
100.0%
106.1%
74.8%
0.0%
88.1% 86.5%
49.6%
92.0%
48.8%
100.9%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
160.0%
180.0%
2011 2012 2013 2014

Although higher than in Q1 2014, suburbs display the opposite,
trend, with only two-thirds of absorption in Class A space in Q2
20
116.9%
97.9%
62.3%
75.1%
167.8%
102.5%
84.3% 85.3%
43.2%
73.4% 72.8% 70.3%
61.1%
67.6%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
160.0%
180.0%
2011 2012 2013 2014

Limited Class A options, particularly for larger tenants, have
boosted YTD Class B absorption in certain CBDs
21
2.7%
2.3%
2.2%
2.1%
1.8%
1.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Milwaukee Oakland CBD Greenwich CBD Atlanta Phoenix Silicon Valley CBD
YTDCBDClassBnetabsorption(%ofinventory)
U.S. average

Still, Class A continues to trump Class B according to most
indicators
22
of absorbed space in 2014
has been Class A
per square foot difference
between Class A and B space…
rate at which Class A rates are growing
compared to Class B year-on-year
difference between Class A and
Class B total vacancy

Due to high levels of take-up, total vacancy fell by 579,661
square feet over the quarter to 16.3 percent, or 30 basis points
23
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
2009 2010 2011 2012 2013 2014
Totalvacancy(%)

Still, vacancy levels remain closer to historical highs than lows
24
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Totalvacancy(%)

Total vacancy is stable or declining in all segments of the market;
CBD Class A experiences largest drop (-50 basis points)
25
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
2010 2011 2012 2013 2014
Totalvacancy(%)
Class A (CBD) Class A (suburban) Class B (CBD)
Class B (suburban) Class C (CBD) Class C (suburban)

Industry Real estate footprint Most affected markets
State government Contracting California, Illinois, New Jersey
Federal government Contracting Washington, DC
Media/print Contracting LA, NYC
Finance/banking Contracting NYC, Charlotte, Chicago, Palm Beach, Pittsburgh
Law firms Contracting (rightsizing) Washington, DC, NYC, SF, Atlanta, LA
Consulting Contracting (rightsizing) NYC, Chicago, Washington, DC
Accounting Contracting (rightsizing) Chicago, NYC, LA
Telecom Stable NJ, Dallas, Atlanta
Retail/consumer goods Stable NYC, Atlanta, Los Angeles
Education Growing Everywhere
Media (digital and TV) Growing Atlanta, NYC, LA, Philadelphia, Washington, DC
Green energy/clean technology Growing Pittsburgh, Silicon Valley, Denver
Real estate (residential) Growing Southern CA, Nevada, AZ, FL, GA, Carolinas
Technology Growing Silicon Valley, San Francisco, Austin, Seattle, Portland,
Midtown South NYC, Cambridge, MA
Shared office space providers / co-working
spaces Growing All markets particularly coastal markets and Chicago
Natural gas/oil/energy Growing Denver, Houston, Dallas, Pittsburgh
Biotech/pharmaceutical Growing San Francisco, San Diego, NJ/Phil, Boston, RDU
Office growth being driven by atypical tenant industries
26

Demographics and technology are driving productivity and
utilization and the next evolution of office space use
27
15%
space reduction by
U.S. law firms and
financial services
relocating
72%
of global CREs plan
to aggressively
increase density in
next 3 years
150
Square-foot-per-
employee average
target density, down
from 225 in 2009
50%
of the U.S.
workforce was
baby boomers in
2010. Gen Y will
be 50% by 2020

Many of these changes show stark pre- and post-recession
contrasts
28
Floor plates
Floor plates are up
from 25,000
square feet before
the recession to
60,000 square
feet.
Personal space
Before the
recession,
employees had
around 300 s.f. per
person; now they
have 200 s.f.
Interaction
Employees have
gone from rarely
running into others
to a nine-in-ten
change of bumping
into a coworker.
Building features
Aesthetic and
building features
such as increased
roof heights and
floor-to-ceiling
windows are “in.”

And, as a result, law firms are shifting
29
15.2%
Giveback by law firm
across the U.S. when
relocating
20.5%
across the top seven U.S.
markets when relocating
24.7%
across DC when
relocating
• Going digital
• Elimination of law libraries
• One-sized fits all office
• Higher administrative ratios
• Migration to glass boxes
• Migration to long and lean
• Migration to smaller floorplates

Consulting and accounting are shifting
30
25.0%
Giveback by consulting
firms across the U.S.
when relocating
225 s.f.
Average space per
consultant in
years past
90 s.f.
Average space per
consultant in the most
efficient firms today
• Benching
• Work flexibly and client officing
• Offices gone, collaboration rooms in
• Increasingly looking at new
construction to meet efficiency
standards
• Industry giving back most space

Technology companies are shifting
31
22.0%
Percent increase in
high-tech service jobs
since 2009
13.6%
Total vacancy in core tech
markets, compared to 16.3
percent nation-wide
2.2%
Growth in
core tech market
rents in 2014
• Benching is standard
• Less personal space, more shared
and amenity space
• “Open hangar” design preferred
• Migration to Class B+ with
character
• Space viewed as core to culture
• Remote work is waning

Banks are shifting
32
10.1%
Give-back by average bank
across the U.S. when
renewing (flat headcount)
86.0%
Percent of banking
transactions that no
longer need a teller
66.0%
Percent of surveyed
banks planning to
reduce CRE footprint
• Regulation and cost pressures
forcing portfolio consolidation
• Offices shrinking
• Business units competing
• Branch reductions common
• Increasing importance of back
office (second- and third-tier
markets)
• Remote working increasing

Even the federal government is shifting
33
170 s.f.
Target utilization rate per
employee for federally
leased space
$1.7 billion
Amount spent annually
by the GSA for properties
deemed underutilized
15.9%
Average give-back by
GSA across Metro DC
in FY 2013
• Telecommuting
• Benching
• Co-locations
• Minimal funds to implement
• Consolidations in low cost
buildings/submarkets
• Migration to off-center locations
• Disposition of underutilized
assets.

As office-using employment increases by 199,000 net new jobs,
vacancy declines to 16.3 percent
34
15.0%
15.5%
16.0%
16.5%
17.0%
17.5%
18.0%
18.5%
19.0%
26,000
26,500
27,000
27,500
28,000
28,500
29,000
29,500
30,000
2011 2012 2013 2014
Totalvacancy(%)
Office-usingemployment(thousands)
Office-using employment (thousands) Total vacancy (%)

CBD and suburban vacancy both inch downward, this quarter to
13.7 percent and 18.0 percent, respectively
35
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
17.0%
19.0%
21.0%
23.0%
Totalvacancy(%)

Following declines in total and direct vacancy, sublease space
falls to 53.7 million square feet, or 1.3 percent quarter-on-quarter
36
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
100,000,000
2009 2010 2011 2012 2013 2014
Subleasespace(s.f.)

After 13 consecutive quarters of growth, rents decline slightly
due to Class A space removals and drops in Washington, DC and
Downtown Manhattan
37
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
2008 2009 2010 2011 2012 2013 2014
Quarterlyrentgrowth(%)

Year-on-year, rents are still rising faster than before, up 2.7 and
1.7 percent for Class A and B space, respectively
38
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
$45.00
$50.00
2010 2011 2012 2013 2014
Averageaskingrents($p.s.f.)

U.S. office market continues to move along the clock as fewer
available options exist for tenants, spurring development
Peaking
phase
Falling
phase
Rising
phase
Bottoming
phase
Atlanta, Indianapolis, Jacksonville
Los Angeles, Salt Lake City, Tampa, United States
Miami, Milwaukee, Oakland-East Bay,
Philadelphia, Raleigh-Durham, Richmond, San Diego
Columbus, Long Island, Orlando,
Washington, DC
Dallas, San Francisco Peninsula
Charlotte, Chicago, Cincinnati, Fairfield County, Fort
Lauderdale, San Antonio, St. Louis, Westchester County
Houston, San Francisco, Silicon Valley
West Palm Beach
Cleveland, Minneapolis, Orange County, Phoenix
New Jersey
Baltimore, Detroit, Hampton Roads, Kansas City,
Sacramento
New York, Portland
Austin, Pittsburgh, Seattle-Bellevue
Boston, Denver

Peaking
phase
Falling
phase
Rising
phase
Bottoming
phase
CBDs remain in the lead, with falling vacancy pushing rents in
cores of San Francisco, Houston and Portland up 4.0 percent
Atlanta, Jacksonville, Philadelphia
Boston, New York (Midtown), Tampa,
United States
Seattle, Miami
Charlotte, Dallas, Fort Lauderdale, Los Angeles,
Milwaukee, Orlando, Westchester County
Austin, Houston
Baltimore, Sacramento,
West Palm Beach
Kansas City, New York (Downtown),
Phoenix, Richmond, San Antonio
Fairfield County, Indianapolis, Minneapolis
Columbus, San Diego,
Washington, DC
Pittsburgh, Portland, San Jose CBD
Chicago, Cleveland,
Oakland CBD, Raleigh-Durham
New York (Midtown South), San Francisco
Denver
Cincinnati, Detroit
Salt Lake City
St. Louis

Peaking
phase
Falling
phase
Rising
phase
Bottoming
phase
The suburbs are also on the rise, having witnessed quarterly rent
growth of 3.6 percent year-on-year
Cleveland, Jacksonville, Long Island (Nassau),
Milwaukee, Orange County, Portland, St. Louis,
United States
Denver, Indianapolis, Tampa
Chicago, Detroit, Miami,
Northern Delaware
Long Island (Suffolk)
Dallas, Silicon Valley
Atlanta, Baltimore, Bellevue (non-CBD), Boston,
East Bay, Lehigh Valley, Philadelphia, San Diego, Seattle
Houston, San Francisco (non-CBD)
Northern and Central New Jersey,
Northern Virginia, Orlando,
Suburban Maryland, West Palm BeachCincinnati, Fairfield County, Hampton Roads (South), Minneapolis,
Oakland Suburbs, Sacramento, San Antonio, Westchester County
Cambridge, San Francisco Peninsula
Charlotte, Fort Lauderdale, Hampton Roads
(Peninsula), Kansas City, Raleigh-Durham
Phoenix, Richmond, Salt Lake City
Austin, Los Angeles
Pittsburgh
Bellevue CBD
Southern New Jersey

After spiking, CBD rents fall due to removals of quality space;
suburban rents on the up quarterly and are more stable
42
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
2011 2012 2013 2014
Quarterlyrentgrowth(%)
CBD rent growth Suburban rent growth
CBD average: 0.9%
Suburban average: 0.2%

As a result of drops in CBDs due to removals and steady
improvement in the suburbs, the gap has narrowed by $0.27 per
square foot
43
$20.00
$25.00
$30.00
$35.00
$40.00
$45.00
2010 2011 2012 2013 2014
Averageaskingrent($p.s.f)
CBD Suburbs
$11.36
$15.59

A similar trend has emerged regarding the Class A premium vs.
overall rents, which is down $0.05 per square foot to $4.97 per
square foot compared to Q1
44
$3.40
$3.49 $3.49
$3.53
$3.68
$3.81
$3.97 $3.99
$4.21
$4.26
$4.37 $4.38
$4.86
$4.71
$4.82
$4.76
$4.97
$4.92
$3.00
$3.50
$4.00
$4.50
$5.00
$5.50
2010 2011 2012 2013 2014
ClassApremium($p.s.f.)

After jumping up earlier in the year, concessions have flatlined of
late
45
3.5
4.1
5.1
6.1 6.2
5.7
5.5
5.3 5.3
$23.00
$24.00
$25.00
$26.00
$27.00
$28.00
$29.00
$30.00
$31.00
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2006 2007 2008 2009 2010 2011 2012 2013 2014
TIallowance($p.s.f.)
Freemonthsofrent
Free months of rent TI allowance ($ p.s.f.)

New supply coming to market is slowly increasing, but still well
below historic norms
46
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Completions(s.f.)
Average annual completions

The vast majority of new completions are Class A, the majority
of which is arriving in suburban markets rather than CBDs
47
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
2010 2011 2012 2013 YTD 2014
YTDcompletions(s.f.)

Construction volumes jumped 38.4 percent compared to YE
2013, led by Houston
48
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Underconstruction(s.f.)

The majority of new construction is now in suburbs rather than
CBDs and the share continues to grow thanks to Silicon Valley,
Dallas, Austin and Houston, in particular
49
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010 2011 2012 2013 2014
Shareofconstruction
CBD Suburbs

35.3 percent of markets reported an increase in construction starts
over the quarter…
50
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2011 2012 2013 2014
Up Neutral Down

…resulting in almost 21.0 million square feet of starts during the
first half of the year, nearly equivalent to all of 2013’s starts
51
11,843,789
18,490,244
17,558,896
22,251,850
20,986,559
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
2010 2011 2012 2013 YTD 2014
Constructionstarts(s.f.)

Houston once again leads construction starts, with Silicon Valley
and Washington, DC close behind
52
2,545,988
1,982,305
1,579,746
743,205
648,170
358,000 321,000
247,836 242,969 188,968
118,000 100,000 60,000 32,000
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
Constructionstarts(s.f.)

Strong preleasing activity is helping new developments go ahead,
but is also reducing the ability to ease supply constraints
53
San Francisco: 65.0%
Washington, DC: 44.0%
New York: 54.6%
Chicago: 41.8%
Atlanta: 55.0%
Houston: 55.5%
Seattle: 65.0%

Most landlords and investors of U.S. office
product are optimistic about the recovery
across most markets, but more pessimistic in
terms of placing all of their capital allocations
ahead. Already challenges have developed for
capital allocation in many coastal gateways
and we are seeing the same yield compression
and broader buyer pool develop in more
adjusted risk-adjustment segments too recently.

COPYRIGHT © JONES LANG LASALLE IP, INC. 2014
John Sikaitis
Managing Director – Office and Local Markets Research
+1 202 719 5839
John.Sikaitis@am.jll.com
Phil Ryan
Research Analyst, Office and Economy Research
+1 202 719 6295
Phil.Ryan@am.jll.com
>> Click to access our complete report on the
current state of the U.S. office market

U.S. office market statistics: Q2 2014

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