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Law Firm Real Estate Strategy: How to Achieve Space Efficiency and Control Costs While Attracting the Best Talent

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Law Firm Real Estate Strategy: How to Achieve Space Efficiency and Control Costs While Attracting the Best Talent North America Report LAW FIRM SERVICES 2018 NORTH AMERICA OUTLOOK Law Firm Real Estate Strategy: How to Achieve Space Efficiency and Control Costs While Attracting the Best Talent Overview and Key Themes > Renewals Present Opportunities: Renewals continue to dominate law firm leasing activity, in part because of supply constraints but The North American office market is nearing a potential inflection mostly reflecting the continued drive for cost containment. point while law firms continue to wrestle with implementing new real estate standards. With investment of sufficient capital, it can also be possible to creatively restructure a firm’s existing space, provided it is not To provide insight into the key real estate trends for law firms to too outmoded to enable efficiency gains. consider, this report highlights the office market characteristics and law firm activity in each of the 24 North American real estate > Local Market Conditions: While the U.S. office market remains markets covered by Colliers’ Law Firm Services Group largely healthy, tenants could see some localized easing of market conditions. Rent growth has largely abated and, barring a > Space Efficiency in a Competitive Hiring Environment: Despite rebound in demand, there could be upward pressure on vacancy differences between markets, the drive for space efficiency and until new construction recedes. creation of the optimal work environment are still consistent themes. Of the 24 markets that we cover in this report, two are in Canada. Both Toronto and Vancouver are the premier markets in Canada Although law firms, and financial and professional services firms and are both in very strong points in their cycle. in general, continue to focus on bottom-line costs, they are also competing to attract and retain the best talent, which impacts premises strategy. For the international firms there is also an increased focus on global real estate standards. > Benefits of Leasing Premium Space: When the opportunity exists, it can make both financial and business sense to lease the best new space, but with a reduced footprint and a configuration that fosters engagement, creativity and collaboration to provide the best client service. Implementation of such a strategy is, in part, dependent upon the availability of new space which is tight in the core office markets. Millions SF 10 15 20 25 30 35 > > > > > > > > 2 Over isMostly HoldFirm-Growth Rents International Colliers Source: |Q42015-2017 U.S. OfficeMarket the Year Over butAbsorptionFalls StaysLow Vacancy indicators. the leadingmarket observationson our are Here 0 5 should be offset by rising tenant improvement allowances. tenantimprovement rising by should beoffset this growth in2018, completion setfor are prime newproperties where inmarkets upward move may askingrents While average South Florida. inbothPhoenixand 1.9% by NorthDallas, followed ins inFar move- corporate aseriesofmajor reflecting 2.2% ofinventory, at absorptionrate the greatest Dallas saw suburban markets, the larger Among (3.7%.) andAustin (3.7%) Seattle (6.3%), Raleigh/Durham ofinventory, absorption equaled8.3% where in2017includedNashville, markets downtown Out-performing rate a mere 0.5%. amere rate the Q42017growth with the year of the beginning at occurred primarily growth Arent phenomenon, whilesuburban Class isarecent Arents Class indowntown The modestfall 2016. in a40%fall feetfollowing to 42million square 28% by down in2017, year successive asecond for U.S. officeabsorptionfell absorption, while suburban Class A rents rose by 3.6%. by rose Arents absorption, whilesuburbanClass lower by driven in2017, 1.5% fell by Arents Class Downtown the suburbs. in foot square per and$29.90 markets downtown in foot square per standat$46.40 Arents Class Average the year. over of60BPS afall the suburbs,withbothwitnessing 12.8% in and markets standsat10.8%indowntown suburbs. Vacancy the edgeover still maintainanoccupancy markets Downtown 1.8%, only one-third of 2016’s rent growth rate of5.4%. rate growth rent of2016’s one-third only 1.8%, 2017 wasjust for growth rent Annual to quarter. quarter from minimal changes in2017with only slowed growth rent Office plateaued. has the market that evidence continued providing quarters, the pasteight for range ina30-basis-point(BPS) stayed andhas ratestandsat12.1% vacancy The U.S.officemarket Q4 2015 Q1 2016 Q2 2016 Absorption (MSF) Q3 2016 New Supply(MSF) Q4 2016 Q1 2017 Vacancy Rate(%) Q2 2017 Q3 2017 Q4 2017 11.6 11.8 12 12.2 12.4 12.6 12.8 Vacancy % > in2017 Peaked Deliveries Source: Colliers International Colliers Source: ConstructionTotals Under Quarterly > > > Millions 1 1 1 0 2 4 2 4 60 8 million square feet in the suburbs. feetin million square with61 markets indowntown underway feetare million square total, 46 this feet.Of to 107million square 109 declining from inQ42017, quarter successive the second for fell slightly construction ofofficespaceunder volume the While still elevated, supply in the current cycle. the current in supply new for the peakyear starts declining,2017shouldrepresent feetin2016.Withconstruction 54million square upfrom 2017, feetofnewofficespacedelivered was71million square There feet and Seattle-Puget Sound with 6.8 million square feet. Soundwith6.8million square feet andSeattle-Puget million square at8.9 Worth feet,Dallas-Fort 10.6 million square at feet,NewYork D.C.at10.8million square feet, Washington, million square at15.3 Area Bay the SanFrancisco underway: the spacecurrently halfof for account collectively metros Five Puget Sound(4.8%.) (5.6%)andSeattle- Area Bay the SanFrancisco by 6%, followed leadsat Austin ofinventory, asashare ismeasured construction Whencurrent delivered. the suburbsare campuses in ascorporate Worth andDallas-Fort Area Bay Francisco the San in to fall isstarting ofspaceunderway volume The 0 0 0 0 0 0 0 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 U Q2 2010 n d Q3 2010 e r Q4 2010 C o n Q1 2011 s t r Q2 2011 u c t Q3 2011 i o n Q4 2011 Q1 2012 Q2 2012 A Q3 2012 v e r Q4 2012 a g e Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2018 North America Outlook Report | Law Firm Services Group | Colliers International Rents are Still Rising in Most Law Firm Markets, but Vacancy is Turning In the remainder of this report we focus on the office landscape and 1% in 2017. The largest percentage gains took place in Atlanta, law firm activity in the 24 North American markets represented by Nashville and San Francisco — all of which grew by more than Colliers’ Law Firm Services. The focus of this analysis is on each 10%. metro’s downtown office market, where the majority of law firms are located. Vacancy trends were mixed in 2017. Vacancy fell in 38% of the 24 markets, remained flat in 17% and rose in 46%. In 2017, Class A office rents ranged from $21.50 per square foot in Birmingham to almost $85 per square foot in San Francisco. The Average vacancy across the markets surveyed was 12.2% in 2017, average rent across the 24 markets is $41.13 per square foot, with effectively in line with the U.S. national rate of 12.1%. The lowest four markets at or above $60 per square foot: Boston, Manhattan, downtown vacancy, by far, is in Toronto at a mere 2.1%. Eight other San Francisco and Washington, D.C. Five other markets have rents markets have vacancy rates below 10%, led by Manhattan, San above the average: Chicago, Houston, Los Angeles, Seattle and Francisco, Seattle and Vancouver. Downtown Dallas has the highest Toronto. vacancy rate at 23.1%. Two other markets have vacancy of 20% or more – Houston and Los Angeles. While the overall pace of rent appreciation is slowing, just over half of the markets surveyed showed Class A rent growth of above North American Office Markets | Q4 2017 MARKET CLASS A DOWNTOWN ASKING RENT (1) DOWNTOWN VACANCY RATE (2) MARKET SENTIMENT LAW FIRMS SEEKING NEW SPACE (3) Atlanta, GA $30.34 12.1% Equal Footing Declining Birmingham, AL $21.50 18.0% Tenants' Market Static Boston, MA $59.83 10.5% Landlords' Market Static Chicago, IL $44.63 11.6% Landlords' Market Declining Dallas, TX $27.12 23.1% Landlords' Market Declining Denver, CO $35.61 14.1% Landlords' Market Static Houston, TX $44.37 20.6% Tenants' Market Static Fairfield County, CT (4) $44.51 17.1% Equal Footing Declining Long Island, NY (4) $30.46 8.4% Landlords' Market Static Los Angeles, CA $41.57 20.0% Tenants' Market Static Manhattan, NY $78.30 6.2% Equal Footing Expanding Milwaukee, WI $21.95 8.2% Tenants' Market Static Nashville, TN $33.67 7.7% Equal Footing Expanding Northern New Jersey (4) $29.98 16.1% Tenants' Market Static Philadelphia, PA $31.62 10.1% Landlords' Market Static San Diego, CA $35.76 15.9% Equal Footing Static San Francisco, CA $84.51 6.9% Landlords' Market Expanding Seattle, WA $46.50 7.1% Landlords' Market Expanding South Florida, FL $41.38 10.7% Equal Footing Expanding Tampa, FL $28.72 11.1% Landlords' Market Static Toronto, ON (5) $46.70 2.1% Landlords' Market Static Vancouver, BC (5) $39.50 5.1% Landlords' Market Expanding Washington, D.C. $60.27 11.8% Tenants' Market Declining Westchester County, NY (4) $28.29 17.7% Landlords’ Market Expanding Average of Markets $41.13 12.2% (1) Where the rent change is between -1.0% 10 1.0% the direction is considered to be flat (2) Where the vacancy rate change is 30 bps or lower the direction is considered to be flat (3) Change since Q4 2016 (4) These are suburban markets without a distinct Downtown submarket (5) Converted to USD Note: Directional indicators reflect YOY change Source: Colliers International 3 2018 North America Outlook Report | Law Firm Services Group | Colliers International Renewals Continue to Dominate Law Firm Leasing Activity Lease renewals continue to dominate the law firm leasing Five of the top six leases across the markets in 2017 were landscape as the drive for efficiency and cost control continues.
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