2018 q4 output

1. M A R K E T B E AT
Still Feeling the Impact of the Recession
Economy: Although the recession that began in March 2020, triggered by COVID-19, was short and steep, its
impact was still being felt in the U.S. office market through the fourth quarter.
After economic activity had collapsed at a record pace in Q2, it rebounded almost as sharply in Q3. By the
fourth quarter, the pace of recovery had slowed some, and by most measures, economic performance was still
below pre-recession levels. Although optimism that the economy would recover improved during the quarter as
effective vaccines were approved and began to be distributed, the number of new COVID-19 cases continued to
rise and occupiers continued to shed space, pushing up vacancy. In addition, the amount of sublease space on
the market had risen sharply—a phenomenon which has put downward pressure on rents in the past.
Absorption falls even more: After a steep decline of 2.9 million jobs (-8.6%) in March and April, office-using
employment rebounded throughout the balance of the year, adding back 1.6 million jobs from May through
December. This still leaves a deficit of 1.2 million jobs below the level of February 2020, reflected in a sharp
drop in office occupancy. In Q4 2020, net absorption totaled -43 million square feet (msf), the third consecutive
quarter of negative absorption. From Q2 through Q4 2020 a total of -103 msf came back to the market, the
largest three-quarter decline in occupancy we have ever recorded. A record 74 of the 87 markets tracked by
Cushman & Wakefield recorded negative absorption in Q4 and 15 of these markets had -1.0 msf or more of
negative absorption.
Sublease space rises: As 2020 unfolded, we saw a sharp increase in the amount of sublease space available in
the office market. Compared to the end of 2019, with 62.6 msf of sublease space on the market, the volume of
such space had nearly doubled to 111.9 msf only one year later—the largest amount of sublease available since
Q3 2003. Sublease space had risen to 13.4% of all available space, up from 9.1% a year ago and the highest
share since the dot com bust from 2001 to 2003. San Francisco is experiencing the greatest impact from
15.5%
Vacancy Rate
-43.0M
Net Absorption, SF
$35.10
Asking Rent, PSF
ECONOMIC INDICATORS
Q4 2020
31.9M
12-Mo.
Forecast
Office-using
Employment
142.5M
Total Nonfarm
Employment
6.7%
U.S.
Unemployment Rate
12-Mo.
Forecast
YoY
Chg
Source: BLS
YoY
Chg
(Overall, All Property Classes)
5.6%
Rent Growth
OVERALL VACANCY & ASKING RENT
0.0%
5.0%
10.0%
15.0%
20.0%
$26
$28
$30
$32
$34
$36
2017 2018 2019 2020
Asking Rent, $ PSF Vacancy Rate
SPACE DEMAND / DELIVERIES
-100
-60
-20
20
60
2017 2018 2019 2020
Millions
Net Absorption, SF Construction Completions, SF
U.S. NATIONAL
Office Q4 2020
123.8M
Under Construction

2. M A R K E T B E AT
cushmanwakefield.com | 2
20
60
100
140
2017 2018 2019 2020
MSF
Average = 117 MSF
SPACE UNDER CONSTRUCTION
$0
$30
$60
$90
$
PSF
National Average = $35.10
ASKING RENT BY MARKET
HIGHEST PRICED U.S. MARKETS
2%
6%
10%
14%
18% National Average = 15.5%
VACANCY BY MARKET SELECT MARKETS IN THE U.S.
Outlook
• After a surge in Q3 2020, the economy slowed in Q4 2020 as the pandemic worsened while
fiscal policy was on hold. With effective vaccines now being distributed and with more fiscal
stimulus on the way, confidence should rise and it is only a matter of time before the pace of
growth accelerates again. We expect the recovery in the U.S. to continue through 2021, with
strength backloaded in the second half of the year.
• Vacancy is likely to rise further as the impact of job losses continues to be felt and the remote
working dynamic works its way through the office sector. However, as the economy picks
up so too will office leasing activity—a critical step in determining where the office leasing
fundamentals will ultimately settle in.
• Asking rents are likely to decline in the next few quarters as owners face pressure from a rising
volume of sublease space. Cushman & Wakefield anticipates that it will be a couple of years
before national rental rates begin to appreciate again in the aggregate.
U.S. NATIONAL Office Q4 2020
sublease space, which accounted for more than half (51.8%) of all the space on the market. Other
markets experiencing a high level of sublease space include Midtown South Manhattan (40.9%),
San Mateo County, CA (33.7%), Puget Sound, OR (33.5%), and Austin (29.3%). An increase in
sublease space tends to be a precursor to declines in asking rents; the surge in 2020 suggests we
will see rising downward pressure on rents in 2021.
Vacancy continues to surge: As demand for space was falling, the volume of new supply
continued to increase as projects under construction were completed. The fourth quarter saw
13.0 msf of space delivered, the most for the year. This increase along with the decline in
absorption led to a surge in vacancy across the nation. The national vacancy rate jumped from
14.4% in Q3 to 15.5% in Q4, the largest increase in a single quarter since Q1 2002. A year ago, the
national vacancy rate was 12.9%.
Markets that have experienced substantial declines in occupancy are among those with the
largest increase in vacancy, including Midtown South Manhattan (+380 basis points [bps] from Q3
to Q4), San Francisco (+300 bps), Boston (+290 bps), and Seattle (+240 bps). A total of 78
markets reported a higher vacancy rate in Q4 than in Q3 2020.

3. M A R K E T B E AT
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Net Absorption Leasing Activity**
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p 2020p
Atlanta, GA 595,473 1,066,396 -236,154 -730,439 -1,781,913 9,048,526
Austin, TX 337,516 152,769 -778,783 -1,283,638 -539,482 2,673,502
Baltimore, MD 127,121 154,426 -274,728 202,059 -665,830 4,085,068
Binghamton, NY 25,252 -20,727 14,611 -3,608 -14,171 44,352
Birmingham, AL 3,731 118,694 -112,272 -159,025 127,589 565,639
Boise, ID N/A 209,074 179,441 90,142 117,878 973,948
Boston, MA 398,458 -398,476 -822,826 -1,503,822 -4,803,806 3,927,816
Buffalo, NY 73,399 -113,953 223,282 -216,829 76,666 619,622
Charleston, SC -197,879 -147,023 133,447 -223,504 -10,995 903,077
Charlotte, NC 193,879 252,972 -252,569 -542,923 -492,690 2,838,705
Chicago, IL 80,894 66,405 -189,233 -303,013 -2,023,543 11,253,156
Cincinnati, OH 970 164,154 -90,206 -85,654 -393,892 1,587,494
Cleveland, OH -117,385 175,864 -115,311 -189,851 -405,887 2,128,480
Colorado Springs, CO 143,836 232,967 -8,457 -27,717 -20,508 1,126,126
Columbus, OH N/A -58,225 -48,285 -609,194 -17,234 1,834,616
Dallas, TX 597,400 -260,402 -1,787,099 -1,920,356 -1,020,316 11,519,646
Denver, CO 515,446 579,792 -804,841 -1,373,388 -1,570,598 7,485,770
Detroit, MI -28,278 83,407 -343,703 -1,214,780 -386,212 2,314,509
El Paso, TX 65,442 -11,515 -100,801 -144,863 -181,269 304,853
Fairfield County, CT -428,367 -21,473 207,782 -703,254 -98,102 2,043,627
Fort Lauderdale, FL 22,036 -46,462 -200,715 -239,397 -185,840 1,589,347
Fort Myers/Naples. FL 30,368 416,559 -87,327 -87,989 111,338 677,448
Fort Worth, TX 27,566 -43,666 -75,597 -172,962 -85,105 552,299
Frederkicksburg, VA 16,963 70,351 -496 -127,467 56,574 179,656
Greenville, SC 55,552 59,155 -135,820 -431,143 -127,060 692,148
Hampton Roads, VA 90,899 205,155 64,722 340,687 20,572 1,113,814
Hartford, CT -81,201 -13,163 -127,736 84,528 34,833 765,801
Houston, TX 1,667,417 -246,816 -1,144,152 -1,860,060 -1,170,471 12,154,284
Indianapolis, IN -110,159 -13,969 -4,972 59,415 -64,838 1,993,635
Inland Empire CA 60,940 53,067 -162,440 -73,244 -351,389 1,075,039
Jacksonville, FL -325,428 -198,299 -168,430 25,885 -91,067 1,489,323
Kansas City, MO 42,345 81,171 -476,118 -459,460 -139,426 3,194,229
Las Vegas, NV -59,994 248,410 17,938 -262,875 -252,798 1,610,414
Long Island, NY -166,448 -179,271 -105,883 -65,031 -190,939 1,515,424
Los Angeles CBD -276,221 -12,270 -182,397 -346,992 73,547 1,211,072
Los Angeles Non-CBD -129,975 1,248,327 -1,251,285 -2,422,330 -1,550,105 9,472,922
Louisville, KY -35,486 -55,833 21,713 -64,124 -5,714 906,826
Memphis, TN -34,162 -3,277 92,681 -302,160 -148,975 903,568
Miami, FL 115,131 -46,164 -152,364 -427,453 -225,140 2,256,850
Milwaukee, WI -25,104 195,720 75,677 18,048 99,051 1,474,924
Minneapolis/St. Paul, MN -21,181 20,918 198,681 -314,901 -483,014 4,209,180
Nashville, TN 198,742 -39,861 -162,107 -145,065 -156,309 2,586,932
New Haven, CT 64,754 4,413 -68,929 -13,505 -30,192 234,216
New Jersey - Central 128,286 249,084 -526,079 -450,674 -1,662,996 3,228,513
Net Absorption Leasing Activity**
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p 2020p
New Jersey - Northern 211,282 134,163 -71,218 -543,639 -1,056,095 5,353,487
New Orleans, LA 101,265 12,766 -52,180 -197,798 -98,095 549,983
New York - Brooklyn 511,044 843,289 -287,218 -368,920 -17,614 1,334,950
New York - Downtown -187,348 -183,260 420,272 -793,269 -1,464,681 3,466,133
New York - Midtown 5,569,417 -750,790 -1,578,548 -3,187,621 -3,527,446 14,246,254
New York – Midtown South 309,788 17,208 -313,889 -1,464,612 -2,451,117 2,283,444
Northern VA 875,478 830,269 -99,927 -159,764 -274,243 8,864,758
Oakland/East Bay, CA* -651,202 -1,130,945 -794,868 -1,201,233 -682,717 4,905,171
Omaha, NE 31,009 -39,913 -85,549 -71,094 14,001 672,624
Orange County, CA 601,084 153,516 -482,656 -1,142,095 -832,398 5,455,469
Orlando, FL -327,007 270,480 -242,069 -341,711 -54,555 2,528,907
Palm Beach, FL -87,005 12,155 145,111 -152,054 -10,656 1,509,067
Philadelphia, PA -207,597 14,258 -466,089 256,116 -298,471 4,991,679
Phoenix, AZ 1,182,603 237,714 -1,877,045 -100,524 -205,411 3,960,322
Pittsburgh, PA 288,417 -355,304 -111,376 -426,294 -321,853 1,399,236
Portland, OR -176,631 -94,607 -148,281 -584,845 -889,727 1,732,739
Providence, RI -151,550 -39,502 14,258 -126,816 -102,332 367,595
Puget Sound - Eastside 400,800 -79,510 108,298 -501,569 -638,502 3,785,336
Raleigh/Durham, NC 350,155 421,020 161,922 6,310 254,938 2,207,748
Reno, NV -4,055 35,606 -96,734 -32,544 -34,696 515,084
Richmond, VA -111,883 -116,917 95,131 -419,854 -142,435 1,806,037
Roanoke, VA 67,304 -30,386 -53,700 18,136 -93,569 155,947
Rochester, NY 465,130 465,131 -583,369 40,419 -92,759 293,411
Sacramento, CA 368,090 168,033 -115,540 -62,637 -496,060 3,512,694
Salt Lake City, UT 327,384 224,860 -116,396 -368,742 -432,362 2,490,294
San Diego, CA 654,576 -298,303 -571,647 -553,198 -910,808 5,720,613
San Francisco, CA -206,369 -505,543 -2,698,204 -3,448,711 -2,486,054 3,557,189
San Francisco North Bay, CA -91,233 -30,777 -168,458 -143,737 -198,790 472,889
San Jose, CA 869,940 385,689 -858,866 -731,522 -1,449,578 12,090,843
San Juan, PR N/A N/A N/A N/A N/A N/A
San Mateo County, CA* 429,952 1,496,062 -333,641 -941,375 -389,617 3,298,994
Savannah, GA 62,115 N/A 5,710 N/A -10,482 16,050
Seattle, WA 613,774 644,344 -179,428 -1,349,356 -1,340,016 2,476,034
Southern NH 50,400 15,775 -16,274 156,520 -334,583 226,048
St. Louis, MO -188,158 248,869 42,014 -324,197 -471,799 2,675,708
St. Petersburg/Clearwater, FL 66,886 -118,140 -61,558 -164,394 -131,912 559,432
Suburban MD -62,138 93,495 -119,984 -112,502 -113,409 3,373,918
Syracuse, NY 52,791 87,051 -42,377 0 -16,690 399,814
Tampa, FL -87,241 -13,091 61,736 -33,062 -118,711 2,740,574
Tucson, AZ -93,525 -65,559 -7,425 -48,654 101,950 860,519
Tulsa, OK 230,540 -574,159 -40,852 -253,204 -42,542 736,432
Washington, DC -56,755 -189,334 -198,463 -374,632 -440,776 7,840,256
Westchester County, NY -140,351 -179,567 7,897 -302,510 -97,434 1,028,429
p = preliminary, *Includes R&D, **Leasing activity includes renewals
U.S. NATIONAL Demand Indicators Q4 2020
Net Absorption Leasing Activity**
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p 2020p
United States 15,088,367 6,190,116 -21,861,345 -39,144,152 -42,830,977 248,828,508
Northeast 6,785,556 -425,114 -4,233,709 -9,632,821 -16,469,782 47,769,851
Midwest -335,047 1,019,639 -1,037,005 -3,494,681 -4,200,043 33,338,555
South 4,179,488 1,849,886 -6,082,598 -10,392,934 -7,848,550 89,930,621
West 4,458,370 3,745,705 -10,508,033 -15,623,716 -14,312,602 77,789,481

4. M A R K E T B E AT
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Overall Direct
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
Atlanta, GA 18.2% 18.5% 18.8% 19.2% 20.5% 18.1%
Austin, TX 9.0% 10.0% 12.5% 15.1% 17.3% 12.3%
Baltimore, MD 12.3% 12.1% 12.5% 12.6% 13.4% 12.6%
Binghamton, NY 5.7% 6.1% 5.8% 6.0% 6.4% 6.4%
Birmingham, AL 16.6% 16.2% 16.8% 17.5% 16.9% 16.2%
Boise, ID 7.8% 6.5% 5.4% 7.6% 8.0% 7.0%
Boston, MA 9.1% 9.2% 9.5% 9.5% 12.4% 9.9%
Buffalo, NY 15.4% 15.9% 15.1% 16.5% 16.5% 15.3%
Charleston, SC 7.4% 7.8% 8.0% 8.9% 9.4% 7.5%
Charlotte, NC 10.2% 8.3% 10.9% 12.1% 13.2% 11.3%
Chicago, IL 17.4% 17.6% 18.0% 18.2% 19.5% 17.5%
Cincinnati, OH 18.0% 17.5% 17.8% 18.0% 19.2% 17.8%
Cleveland, OH 6.5% 6.4% 6.5% 6.3% 6.6% 6.3%
Colorado Springs, CO 7.7% 7.2% 7.0% 8.0% 8.4% 8.0%
Columbus, OH 16.8% 17.0% 17.8% 19.5% 20.3% 18.1%
Dallas, TX 18.6% 18.8% 19.7% 20.9% 21.4% 19.7%
Denver, CO 14.5% 14.2% 14.7% 16.3% 17.7% 15.1%
Detroit, MI 11.6% 11.7% 12.4% 13.5% 14.1% 13.5%
El Paso, TX 4.8% 4.7% 5.3% 6.1% 6.9% 6.8%
Fairfield County, CT 27.8% 27.9% 27.6% 29.4% 29.7% 23.5%
Fort Lauderdale, FL 11.1% 11.4% 12.2% 13.0% 14.7% 13.6%
Fort Myers/Naples. FL 5.5% 4.9% 5.3% 5.9% 5.7% 5.4%
Fort Worth, TX 11.4% 11.6% 12.0% 12.9% 13.4% 12.7%
Fredericksburg, VA 9.1% 8.6% 8.6% 9.9% 9.8% 9.5%
Greenville, SC 6.5% 7.5% 8.3% 9.9% 11.2% 10.3%
Hampton Roads, VA 8.4% 7.7% 7.8% 8.0% 8.3% 8.1%
Hartford, CT 16.7% 17.6% 17.6% 17.3% 17.1% 15.9%
Houston, TX 21.3% 22.3% 22.5% 23.7% 24.3% 22.5%
Indianapolis, IN 17.0% 17.3% 17.3% 17.8% 18.0% 17.3%
Inland Empire CA 5.8% 5.5% 6.3% 7.4% 9.0% 8.6%
Jacksonville, FL 14.7% 15.6% 16.4% 16.3% 17.0% 15.4%
Kansas City, MO 13.5% 13.6% 14.9% 16.1% 16.4% 14.7%
Las Vegas, NV 13.3% 12.2% 12.4% 12.9% 13.5% 12.9%
Long Island, NY 10.5% 11.3% 11.5% 11.7% 12.2% 10.3%
Los Angeles CBD 19.5% 19.5% 20.5% 21.8% 21.5% 20.0%
Los Angeles Non-CBD 14.0% 13.6% 14.3% 15.7% 17.3% 15.7%
Louisville, KY 12.7% 13.6% 13.5% 13.8% 14.3% 13.5%
Memphis, TN 13.5% 12.6% 12.4% 14.9% 15.5% 15.0%
Miami, FL 12.6% 12.9% 13.2% 15.0% 16.2% 15.4%
Milwaukee, WI 16.5% 18.3% 18.9% 19.0% 19.8% 19.8%
Minneapolis/St. Paul, MN 17.9% 17.9% 18.2% 19.1% 19.9% 18.5%
Nashville, TN 10.3% 11.0% 12.5% 13.8% 15.0% 12.2%
New Haven, CT 11.9% 11.7% 12.1% 12.3% 12.5% 12.1%
New Jersey - Central 16.2% 15.9% 16.5% 17.1% 19.0% 15.6%
Overall Direct
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
New Jersey - Northern 17.3% 17.3% 17.6% 18.1% 19.1% 16.2%
New Orleans, LA 8.8% 8.6% 8.8% 9.4% 9.9% 9.3%
New York - Brooklyn 21.4% 19.4% 20.4% 21.6% 22.9% 19.7%
New York - Downtown 11.6% 11.8% 11.3% 12.0% 13.7% 8.6%
New York - Midtown 11.6% 12.1% 12.5% 14.4% 15.8% 11.5%
New York – Midtown South 8.3% 8.3% 8.8% 11.0% 14.8% 8.7%
Northern VA 18.4% 18.0% 18.1% 18.3% 18.6% 17.5%
Oakland/East Bay, CA* 11.4% 11.7% 11.8% 13.2% 13.8% 10.4%
Omaha, NE 9.8% 10.5% 11.8% 12.8% 13.2% 11.8%
Orange County, CA 11.2% 11.2% 11.8% 13.3% 13.6% 12.1%
Orlando, FL 9.8% 9.6% 10.5% 11.7% 11.7% 10.5%
Palm Beach, FL 13.9% 13.9% 13.4% 14.0% 14.5% 13.6%
Philadelphia, PA 13.8% 13.9% 14.1% 13.6% 14.2% 13.2%
Phoenix, AZ 14.4% 15.7% 17.3% 13.6% 15.4% 13.8%
Pittsburgh, PA 10.2% 10.9% 10.4% 11.8% 12.2% 10.5%
Portland, OR 10.1% 10.8% 11.8% 12.1% 12.7% 11.7%
Providence, RI 7.4% 11.4% 11.1% 11.4% 11.9% 11.1%
Puget Sound - Eastside 3.8% 4.0% 4.7% 6.1% 8.1% 5.4%
Raleigh/Durham, NC 10.0% 10.6% 8.6% 9.3% 10.2% 9.0%
Reno, NV 9.7% 9.3% 10.7% 12.3% 12.8% 12.1%
Richmond, VA 5.8% 5.8% 5.8% 6.6% 7.7% 6.3%
Roanoke, VA 4.7% 5.0% 5.4% 5.3% 6.0% 6.0%
Rochester, NY 8.6% 8.6% 12.8% 12.5% 13.1% 13.1%
Sacramento, CA 8.2% 7.8% 7.9% 8.1% 10.4% 9.7%
Salt Lake City, UT 9.9% 10.3% 12.1% 13.9% 15.7% 12.9%
San Diego, CA 12.0% 12.7% 13.4% 14.4% 15.6% 14.2%
San Francisco, CA 5.7% 6.4% 9.6% 13.7% 16.7% 8.0%
San Francisco North Bay, CA 9.1% 9.3% 10.1% 10.8% 11.8% 10.4%
San Jose, CA 9.7% 9.9% 10.4% 11.2% 12.1% 9.0%
San Juan, PR 10.5% 12.6% 13.2% 13.8% 14.6% 14.6%
San Mateo County, CA* 7.8% 7.6% 8.6% 10.2% 11.0% 7.3%
Savannah, GA 13.1% 13.1% 12.6% 12.6% 9.9% 9.9%
Seattle, WA 7.9% 8.2% 9.4% 11.5% 13.9% 10.7%
Southern NH 7.5% 6.7% 6.7% 5.6% 8.4% 7.9%
St. Louis, MO 12.4% 11.8% 11.9% 13.0% 14.1% 13.2%
St. Petersburg/Clearwater, FL 8.9% 10.0% 10.5% 11.9% 13.1% 11.3%
Suburban MD 18.6% 18.4% 18.6% 19.1% 19.4% 18.3%
Syracuse, NY 12.0% 11.1% 11.1% 11.1% 12.9% 12.9%
Tampa, FL 13.4% 13.3% 13.1% 14.2% 15.0% 12.4%
Tucson, AZ 8.0% 8.7% 9.0% 9.4% 9.2% 8.9%
Tulsa, OK 10.1% 11.3% 11.5% 12.1% 12.2% 11.1%
Washington, DC 14.8% 15.8% 16.3% 16.7% 17.1% 16.0%
Westchester County, NY 22.7% 23.4% 23.4% 24.7% 25.1% 22.9%
U.S. NATIONAL Vacancy Rates Q4 2020
p = preliminary, *Includes R&D
Overall Direct
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
United States 12.9% 13.1% 13.6% 14.4% 15.5% 13.4%
Northeast 12.9% 13.1% 13.4% 14.1% 15.6% 12.6%
Midwest 13.9% 14.0% 14.5% 15.0% 15.8% 14.6%
South 14.4% 14.6% 15.1% 15.9% 16.6% 15.1%
West 10.8% 10.9% 11.7% 12.7% 14.0% 11.5%

5. M A R K E T B E AT
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Overall (All Classes) Class A
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
Atlanta, GA $27.07 $27.22 $27.43 $28.08 $27.96 $30.49
Austin, TX $39.20 $39.77 $40.81 $41.38 $42.43 $47.27
Baltimore, MD $23.93 $23.46 $23.18 $23.26 $23.31 $27.08
Binghamton, NY $13.18 $13.21 $13.21 $13.02 $13.02 $13.02
Birmingham, AL $20.64 $20.77 $20.79 $20.87 $21.25 $22.31
Boise, ID $19.34 $19.67 $19.83 $19.80 $19.88 $22.50
Boston, MA $38.68 $38.75 $37.18 $38.67 $37.66 $39.00
Buffalo, NY $17.70 $17.70 $17.70 $17.70 $17.70 $23.60
Charleston, SC $26.21 $26.74 $26.91 $27.62 $27.61 $29.61
Charlotte, NC $29.78 $29.04 $29.60 $29.31 $28.96 $31.77
Chicago, IL $30.92 $31.08 $31.52 $32.18 $32.19 $38.00
Cincinnati, OH $19.42 $19.36 $19.37 $19.47 $19.48 $22.06
Cleveland, OH $18.03 $18.39 $18.76 $18.94 $19.02 $22.63
Colorado Springs, CO $17.79 $18.30 $19.82 $21.23 $21.27 $22.46
Columbus, OH $21.13 $20.57 $20.64 $20.63 $20.75 $23.39
Dallas, TX $26.88 $26.60 $26.52 $26.60 $26.68 $31.12
Denver, CO $28.58 $28.93 $29.17 $29.58 $29.62 $34.12
Detroit, MI $20.26 $20.49 $20.50 $20.85 $20.94 $22.79
El Paso, TX $15.22 $16.38 $16.22 $17.71 $17.64 $17.70
Fairfield County, CT $31.36 $31.64 $31.90 $31.77 $32.14 $35.13
Fort Lauderdale, FL $33.28 $33.79 $33.97 $34.16 $35.94 $41.08
Fort Myers/Naples. FL $15.76 $15.98 $16.24 $18.63 $19.63 $21.30
Fort Worth, TX $24.03 $24.14 $23.93 $24.45 $24.25 $28.91
Frederkicksburg, VA $23.25 $23.22 $23.17 $23.99 $23.86 $25.22
Greenville, SC $20.37 $20.93 $21.56 $21.73 $22.35 $24.51
Hampton Roads, VA $18.67 $18.81 $19.20 $19.96 $19.97 $22.17
Hartford, CT $20.80 $20.33 $20.33 $20.35 $20.35 $22.56
Houston, TX $29.31 $31.12 $31.32 $31.18 $31.25 $37.48
Indianapolis, IN $20.58 $21.10 $21.14 $21.26 $21.38 $23.74
Inland Empire CA $24.05 $24.04 $24.01 $24.35 $24.47 $27.93
Jacksonville, FL $21.24 $21.25 $21.28 $21.18 $21.10 $23.77
Kansas City, MO $21.61 $21.60 $21.84 $21.88 $21.89 $26.34
Las Vegas, NV $22.85 $24.62 $24.63 $24.68 $24.50 $29.87
Long Island, NY $31.18 $31.78 $31.47 $31.97 $31.92 $35.72
Los Angeles CBD $44.41 $44.59 $44.59 $45.13 $45.10 $46.57
Los Angeles Non-CBD $40.55 $41.39 $41.79 $42.30 $43.11 $46.87
Louisville, KY $17.83 $18.23 $18.17 $18.13 $18.38 $20.70
Memphis, TN $19.12 $19.20 $19.41 $19.55 $19.62 $22.63
Miami, FL $40.69 $40.90 $39.96 $41.23 $41.48 $47.16
Milwaukee, WI $20.73 $20.65 $21.16 $21.12 $21.03 $25.23
Minneapolis/St. Paul, MN $26.16 $26.18 $26.24 $26.68 $27.00 $32.04
Nashville, TN $28.19 $28.87 $29.35 $29.84 $30.34 $35.44
New Haven, CT $22.66 $22.16 $22.62 $22.62 $22.60 $23.08
New Jersey - Central $26.32 $26.62 $27.19 $27.11 $27.14 $30.13
Overall (All Classes) Class A
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
New Jersey - Northern $32.16 $32.08 $32.43 $32.03 $32.08 $36.32
New Orleans, LA $18.52 $18.63 $18.79 $18.82 $18.99 $19.92
New York - Brooklyn $49.79 $47.49 $47.21 $47.34 $49.39 $61.55
New York - Downtown $62.66 $62.70 $63.19 $61.96 $60.92 $64.37
New York - Midtown $76.44 $76.66 $76.34 $78.12 $77.06 $84.12
New York – Midtown South $75.99 $77.40 $76.28 $73.23 $72.70 $88.33
Northern VA $33.57 $33.65 $34.11 $33.72 $33.77 $36.29
Oakland/East Bay, CA* $36.49 $36.32 $39.16 $39.28 $40.03 $47.01
Omaha, NE $19.29 $21.91 $22.38 $22.90 $23.36 $28.99
Orange County, CA $36.53 $35.46 $35.07 $35.09 $35.02 $38.51
Orlando, FL $23.98 $24.21 $24.71 $24.73 $24.36 $26.96
Palm Beach, FL $39.46 $38.49 $38.38 $38.53 $38.40 $46.77
Philadelphia, PA $26.96 $26.97 $27.07 $27.27 $27.52 $30.18
Phoenix, AZ $27.10 $27.40 $27.79 $27.94 $28.15 $32.29
Pittsburgh, PA $20.07 $20.03 $20.31 $20.15 $20.19 $26.19
Portland, OR $29.99 $30.40 $30.60 $31.01 $30.81 $32.88
Providence, RI $19.08 $19.37 $19.05 $18.31 $18.73 $31.25
Puget Sound - Eastside $36.85 $36.15 $37.13 $38.11 $39.54 $46.75
Raleigh/Durham, NC $26.66 $26.88 $26.28 $26.85 $27.06 $28.76
Reno, NV $20.52 $20.76 $21.12 $20.40 $21.00 $25.20
Richmond, VA $19.48 $19.79 $20.22 $20.45 $20.39 $22.47
Roanoke, VA $16.14 $16.79 $18.84 $20.38 $20.12 $23.50
Rochester, NY $18.00 $18.00 $18.00 $18.00 $18.00 $20.66
Sacramento, CA $22.98 $23.11 $23.54 $23.96 $25.43 $30.96
Salt Lake City, UT $24.12 $24.83 $24.42 $24.56 $24.73 $28.62
San Diego, CA $39.03 $40.38 $40.04 $39.96 $40.53 $44.96
San Francisco, CA $81.67 $83.44 $83.23 $78.32 $75.11 $78.39
San Francisco North Bay, CA $32.80 $33.19 $33.13 $33.71 $34.33 $40.36
San Jose, CA $41.79 $41.80 $47.02 $46.19 $46.43 $61.28
San Juan, PR $20.31 $20.06 $20.06 $20.06 $20.06 $20.12
San Mateo County, CA* $68.28 $68.04 $67.34 $67.21 $67.90 $72.20
Savannah, GA $21.29 $21.29 $21.38 $21.38 $22.38 $24.80
Seattle, WA $39.98 $40.68 $40.49 $40.90 $41.85 $47.21
Southern NH $17.75 $20.36 $20.20 $19.88 $20.86 $21.47
St. Louis, MO $20.75 $21.17 $21.26 $21.64 $22.27 $25.18
St. Petersburg/Clearwater, FL $23.71 $23.53 $23.60 $23.30 $23.18 $24.66
Suburban MD $27.49 $28.22 $27.96 $27.87 $28.22 $31.91
Syracuse, NY $17.22 $16.91 $16.94 $16.94 $17.53 $19.42
Tampa, FL $27.40 $27.35 $27.60 $28.20 $29.00 $32.92
Tucson, AZ $20.37 $19.72 $20.35 $20.91 $20.52 $24.62
Tulsa, OK $15.64 $15.91 $16.02 $15.93 $15.96 $18.91
Washington, DC $55.59 $56.52 $56.64 $56.47 $56.63 $62.78
Westchester County, NY $28.86 $28.97 $29.02 $29.11 $29.28 $30.03
U.S. NATIONAL Asking Rents Q4 2020
Overall (All Classes) Class A
U.S. Office Markets Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020p Q4 2020p
United States $33.23 $33.50 $34.01 $34.70 $35.10 $40.69
Northeast $41.68 $41.64 $41.65 $42.96 $43.33 $49.05
Midwest $24.71 $24.90 $25.12 $25.43 $25.62 $29.98
South $29.51 $30.00 $30.17 $30.27 $30.41 $34.66
West $36.47 $36.79 $38.38 $39.43 $39.81 $46.77
p = preliminary, *Includes R&D

6. M A R K E T B E AT
cushmanwakefield.com | 6
U.S. Office Markets Inventory Deliveries 2020
Under Construction
as of Q4 2020p
Atlanta, GA 148,976,437 2,296,646 5,871,815
Austin, TX 56,715,842 2,538,291 5,612,998
Baltimore, MD 77,747,229 336,000 513,641
Binghamton, NY 4,235,005 0 0
Birmingham, AL 19,908,059 0 34,000
Boise, ID 16,248,633 657,531 764,811
Boston, MA 180,835,519 483,890 9,052,954
Buffalo, NY 22,685,335 397,000 0
Charleston, SC 27,284,821 354,519 787,918
Charlotte, NC 53,827,788 739,131 4,441,996
Chicago, IL 240,761,348 3,278,709 4,807,222
Cincinnati, OH 33,747,287 0 360,000
Cleveland, OH 152,484,652 145,079 496,500
Colorado Springs, CO 28,983,365 244,497 357,900
Columbus, OH 34,105,923 618,400 893,149
Dallas, TX 222,054,188 1,762,375 4,242,917
Denver, CO 118,953,235 722,386 1,434,974
Detroit, MI 109,003,425 55,000 788,437
El Paso, TX 19,454,567 32,790 312,711
Fairfield County, CT 38,411,522 110,767 532,258
Fort Lauderdale, FL 28,426,196 391,198 725,210
Fort Myers/Naples. FL 22,285,157 500,500 176,449
Fort Worth, TX 18,652,982 0 0
Frederkicksburg, VA 10,342,879 93,000 0
Greenville, SC 26,445,481 141,000 10,351
Hampton Roads, VA 44,575,961 761,027 0
Hartford, CT 24,255,491 0 0
Houston, TX 190,470,018 872,446 2,719,856
Indianapolis, IN 38,567,509 438,318 344,000
Inland Empire CA 21,798,163 178,285 0
Jacksonville, FL 23,740,994 62,751 0
Kansas City, MO 53,626,088 628,512 564,885
Las Vegas, NV 47,476,205 208,965 420,042
Long Island, NY 36,541,809 0 0
Los Angeles CBD 27,696,147 0 0
Los Angeles Non-CBD 178,197,638 1,506,146 4,524,091
Louisville, KY 20,698,620 254,928 48,000
Memphis, TN 26,094,036 195,100 102,160
Miami, FL 45,592,830 912,056 1,392,391
Milwaukee, WI 30,160,933 817,864 268,076
Minneapolis/St. Paul, MN 78,539,396 550,015 1,144,571
Nashville, TN 44,230,597 1,696,469 3,098,991
New Haven, CT 10,713,686 0 0
New Jersey - Central 83,733,476 0 0
U.S. Office Markets Inventory Deliveries 2020
Under Construction
as of Q4 2020p
New Jersey - Northern 110,501,912 490,000 150,500
New Orleans, LA 26,737,751 0 N/A
New York - Brooklyn 31,192,272 824,626 1,982,516
New York - Downtown 89,047,818 51,755 273,876
New York - Midtown 248,506,215 1,732,955 10,335,946
New York – Midtown South 67,128,342 30,422 4,138,738
Northern VA 134,296,400 789,788 2,614,440
Oakland/East Bay, CA* 109,817,208 543,664 214,000
Omaha, NE 19,826,331 660,041 670,150
Orange County, CA 91,415,050 69,968 822,247
Orlando, FL 36,046,798 493,325 320,800
Palm Beach, FL 23,351,456 172,971 912,996
Philadelphia, PA 134,942,568 398,000 1,454,333
Phoenix, AZ 91,532,967 1,134,666 2,331,818
Pittsburgh, PA 92,899,588 804,308 1,729,917
Portland, OR 55,630,036 1,064,419 731,195
Providence, RI 26,370,691 0 0
Puget Sound - Eastside 35,575,368 436,109 3,034,083
Raleigh/Durham, NC 59,863,040 1,395,583 2,695,659
Reno, NV 7,889,875 0 0
Richmond, VA 53,212,488 212,325 270,995
Roanoke, VA 13,111,326 0 0
Rochester, NY 14,069,668 0 45,000
Sacramento, CA 75,283,688 138,500 906,389
Salt Lake City, UT 39,722,848 1,823,378 2,168,275
San Diego, CA 82,113,511 675,810 3,899,186
San Francisco, CA 83,616,656 0 3,106,534
San Francisco North Bay, CA 20,736,871 0 34,425
San Jose, CA 219,772,471 2,952,073 7,141,853
San Juan, PR 10,312,067 0 0
San Mateo County, CA* 60,140,873 1,962,956 4,244,241
Savannah, GA 3,908,525 23,373 4,717
Seattle, WA 65,886,596 1,787,048 3,070,136
Southern NH 14,250,668 72,000 0
St. Louis, MO 50,072,766 431,408 773,168
St. Petersburg/Clearwater, FL 11,566,894 0 0
Suburban MD 60,615,018 320,276 2,035,767
Syracuse, NY 14,193,955 41,537 277,537
Tampa, FL 31,992,738 570,433 956,845
Tucson, AZ 27,853,347 109,376 796,367
Tulsa, OK 47,858,977 105,702 582,657
Washington, DC 113,180,224 1,405,848 2,180,506
Westchester County, NY 23,413,007 0 0
U.S. NATIONAL Inventory Q4 2020
p = preliminary, *Includes R&D
U.S. Office Markets Inventory Deliveries 2020
Under Construction
as of Q4 2020p
United States 5,368,743,340 48,706,234 123,753,086
Northeast 1,267,928,547 5,437,260 29,973,575
Midwest 840,895,658 7,623,346 11,110,158
South 1,753,578,384 19,429,851 42,666,786
West 1,506,340,751 16,215,777 40,002,567

7. Regional Map
West
Midwest
South
Northeast
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm
that delivers exceptional value for real estate occupiers and owners. Cushman
& Wakefield is among the largest real estate services firms with approximately
53,000 employees in 400 offices and 60 countries. In 2019, the firm had
revenue of $8.8 billion across core services of property, facilities and project
management, leasing, capital markets, valuation and other services. To learn
more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
©2021 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.
Methodology
Cushman & Wakefield’s quarterly estimates are derived from a variety of data sources, including its own proprietary database, and historical data from 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 unfit 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 defined as space that is available immediately or imminently after the end of the quarter. 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 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 of a predetermined size by market)
that can be rented by a third party.
Overall Vacancy Rate: The amount of unoccupied space (new, relet, and sublet) expressed
as a percentage of total inventory.
Direct Vacancy Rate: The amount of unoccupied space available directly through the landlord,
excludes sublease space.
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.)
Leasing Activity: The sum of all leases over a period of time. This includes pre-leasing activity as well
as expansions. It does not include renewals.
Overall Weighted Asking Rents: Gross average asking rents weighted by the amount of available direct
and sublease space in Class A, B and C properties.
Class A Asking Rents: Gross average asking rents weighted by the amount of available Class A direct
and sublease space.
Ken McCarthy
Tel: +1 212.841.7500
ken.mccarthy@cushwake.com