The document discusses trends in the global legal market and real estate conditions for law firms. While some major markets like the US, UK, and parts of Europe are seeing improved economic conditions, growth in emerging markets has slowed. This creates challenges for law firms operating in a generally low-growth environment. Real estate markets are also presenting more difficulties, with tightening supply pushing up rents in the US. Conditions vary globally, with some European and Asian Pacific markets still favorable for tenants. Law firms continue expanding into emerging markets to follow clients' global growth, despite economic uncertainties.
Where In The World_Business Process Outsourcing_low_2015Krasimir Antonov
This document summarizes the key points of a report published by Cushman & Wakefield on business process outsourcing (BPO) and shared service center locations. It discusses how global economic and political events have impacted BPO dynamics and costs. Emerging markets like China and India are no longer seen as attractive due to rising costs, while countries like Vietnam and the Philippines have emerged as major players. The report also examines trends like reshoring, outsourcing driving innovation, and the development of niche markets. It describes the methodology used to develop Cushman & Wakefield's BPO and shared service location index, which is designed to help companies evaluate locations based on factors like risk, costs, and their individual requirements
This document provides an executive summary of the 2013 Emerging Trends in Real Estate report. Some key points:
- The U.S. real estate recovery is expected to continue at a modest pace in 2013, with gains seen across markets and property sectors. Returns will remain relatively low but attractive given the economic environment.
- Investors are turning to secondary markets and commodity assets to find yields, needing to focus on income-producing properties. New construction remains limited due to weak demand.
- Commercial mortgage issues will take years to resolve as maturities increase; low rates have temporarily bailed out borrowers but rates increases remain a risk. Yields are found in mezzanine debt and preferred equity.
BoyarMiller Breakfast Forum: The Houston Commercial Real Estate Markets – Wha...BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the look ahead for Houston’s Commercial Real Estate for 2017. Speakers included Allen Crosswell with NewQuest Crosswell, Jonathan Brinsden with Midway and John Nicholson with Avera Companies.
Fundanna, Inc Investor Pitch Mid July 2017truCrowd, Inc
The document is an investor deck for Fundanna, Inc, which aims to facilitate capital formation for cannabis startups by allowing investment from non-accredited investors. It outlines problems in the cannabis industry such as lack of access to capital. Fundanna plans to focus on investing in ancillary cannabis businesses and use revenue sharing agreements to provide returns. The company projects raising $2 million with funds used for marketing, licensing, personnel, and development as it looks to become a leader in cannabis funding.
GLOBAL FRAUD COMMENTARY 2013
The presence of fraud and corruption in Construction can take many forms; from falsely representing the numbers of hours a contractor works, through to collusion when bidding for contracts or paying bribes to secure a contract. These inevitably increase costs and, in the case of bribes, inflate the contract price.
- Lincoln National Corporation reported net income of $91.6 million for 2002, achieving positive net flows in each business despite declines in equity markets negatively impacting fees and assumptions.
- The company focused on controlling expenses, maintaining a strong capital position, and developing new products, positioning itself for future growth while lessening short-term impacts of market downturns.
- Lincoln believes it is well-positioned for long-term growth in retirement income and wealth transfer businesses as baby boomers focus on ensuring income and legacy, and the industry evolves to provide comprehensive financial planning and retirement solutions.
Hiscox DNA of an Entrepreneur report 2016Lucy Hensher
- 66% of firms reported growth in revenue over the past year across all six countries surveyed, though optimism levels for the year ahead declined slightly in most countries.
- Larger firms reported stronger growth, with 85% of the biggest firms (over £10M turnover) reporting increased revenues compared to 61% of the smallest firms (under £100k turnover).
- Hiring remained patchy, with 13% of firms increasing staff but 10% cutting staff. However, 21% of firms plan to increase hiring in the coming year.
- More firms are turning to alternative sources of funding like credit cards and crowdfunding as bank funding remains difficult to access for many smaller companies.
Elio Luongo has been named the new CEO of KPMG Canada effective October 1, 2016, replacing Bill Thomas who will take on a new role at the global firm. Luongo aims to promote Canada's competitive advantage and ensure KPMG serves evolving client and community needs. He has over 30 years of experience at KPMG, most recently as the Canadian managing partner of KPMG's tax practice. Thomas believes Luongo has the vision and leadership abilities to grow KPMG.
Where In The World_Business Process Outsourcing_low_2015Krasimir Antonov
This document summarizes the key points of a report published by Cushman & Wakefield on business process outsourcing (BPO) and shared service center locations. It discusses how global economic and political events have impacted BPO dynamics and costs. Emerging markets like China and India are no longer seen as attractive due to rising costs, while countries like Vietnam and the Philippines have emerged as major players. The report also examines trends like reshoring, outsourcing driving innovation, and the development of niche markets. It describes the methodology used to develop Cushman & Wakefield's BPO and shared service location index, which is designed to help companies evaluate locations based on factors like risk, costs, and their individual requirements
This document provides an executive summary of the 2013 Emerging Trends in Real Estate report. Some key points:
- The U.S. real estate recovery is expected to continue at a modest pace in 2013, with gains seen across markets and property sectors. Returns will remain relatively low but attractive given the economic environment.
- Investors are turning to secondary markets and commodity assets to find yields, needing to focus on income-producing properties. New construction remains limited due to weak demand.
- Commercial mortgage issues will take years to resolve as maturities increase; low rates have temporarily bailed out borrowers but rates increases remain a risk. Yields are found in mezzanine debt and preferred equity.
BoyarMiller Breakfast Forum: The Houston Commercial Real Estate Markets – Wha...BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the look ahead for Houston’s Commercial Real Estate for 2017. Speakers included Allen Crosswell with NewQuest Crosswell, Jonathan Brinsden with Midway and John Nicholson with Avera Companies.
Fundanna, Inc Investor Pitch Mid July 2017truCrowd, Inc
The document is an investor deck for Fundanna, Inc, which aims to facilitate capital formation for cannabis startups by allowing investment from non-accredited investors. It outlines problems in the cannabis industry such as lack of access to capital. Fundanna plans to focus on investing in ancillary cannabis businesses and use revenue sharing agreements to provide returns. The company projects raising $2 million with funds used for marketing, licensing, personnel, and development as it looks to become a leader in cannabis funding.
GLOBAL FRAUD COMMENTARY 2013
The presence of fraud and corruption in Construction can take many forms; from falsely representing the numbers of hours a contractor works, through to collusion when bidding for contracts or paying bribes to secure a contract. These inevitably increase costs and, in the case of bribes, inflate the contract price.
- Lincoln National Corporation reported net income of $91.6 million for 2002, achieving positive net flows in each business despite declines in equity markets negatively impacting fees and assumptions.
- The company focused on controlling expenses, maintaining a strong capital position, and developing new products, positioning itself for future growth while lessening short-term impacts of market downturns.
- Lincoln believes it is well-positioned for long-term growth in retirement income and wealth transfer businesses as baby boomers focus on ensuring income and legacy, and the industry evolves to provide comprehensive financial planning and retirement solutions.
Hiscox DNA of an Entrepreneur report 2016Lucy Hensher
- 66% of firms reported growth in revenue over the past year across all six countries surveyed, though optimism levels for the year ahead declined slightly in most countries.
- Larger firms reported stronger growth, with 85% of the biggest firms (over £10M turnover) reporting increased revenues compared to 61% of the smallest firms (under £100k turnover).
- Hiring remained patchy, with 13% of firms increasing staff but 10% cutting staff. However, 21% of firms plan to increase hiring in the coming year.
- More firms are turning to alternative sources of funding like credit cards and crowdfunding as bank funding remains difficult to access for many smaller companies.
Elio Luongo has been named the new CEO of KPMG Canada effective October 1, 2016, replacing Bill Thomas who will take on a new role at the global firm. Luongo aims to promote Canada's competitive advantage and ensure KPMG serves evolving client and community needs. He has over 30 years of experience at KPMG, most recently as the Canadian managing partner of KPMG's tax practice. Thomas believes Luongo has the vision and leadership abilities to grow KPMG.
This document draws together our views, observations and analysis of the global trends in the insurance M&A market, including influencing factors and macroeconomic variables.
Our analysis covers five primary regions: Western Europe, North America, Asia, Latin America and the Middle East and North Africa. Each section includes a review and remark on deal activity and current trends, in addition to consideration
of future bearings.
The document summarizes predictions from the National Venture Capital Association (NVCA) about the venture capital industry in 2005. Key points include:
- Venture capitalists will have fresh funds to invest in early stage companies, focusing on seed, startup, and early stage deals seeking breakthrough innovations. Competition for funding will remain fierce.
- Fundraising will continue strongly as demand persists for participation in the venture capital asset class. Limited partners will compete for spots in top performing funds.
- Technology, especially software and life sciences, will remain cornerstones of venture investing. Emerging areas like energy and clean tech may see more investment. Exits markets are expected to continue improving.
As INFOR enters its sixth year, we wanted to share our outlook going forward and reflect on the success we have enjoyed with our clients in our first five years. We are proud of our unwavering commitment to our clients and our role as Canada’s top-ranked independent advisory investment bank.
Trends for corporate communicators in asia pacificDavid Brain
This document outlines 13 issues that will affect corporate communications and public affairs strategies in Asia Pacific:
1) Economic growth has increased government pressure on businesses to demonstrate social and environmental contributions.
2) Rapid growth of the middle class will drive demand for trusted brands, while inequality is increasing pressure for inclusion.
3) Communications must reach new cities and regions as wealth spreads across tiers.
4) Issues like regulation, food safety, and the environment now directly impact company revenues and reputation.
5) Stakeholder engagement and responsible practices will be increasingly important across sectors and markets.
The document discusses the challenges private equity firms face in "buying well" in today's competitive market environment. It notes that high entry multiples, an abundance of dry powder, and increased competition from other buyers have made it difficult to find attractive deals. Private equity firms must focus on developing sector expertise, building relationships, and having a robust value creation plan to succeed in this environment where simple multiple arbitrage is no longer sufficient. Management issues are also a primary reason why deals fall apart after due diligence.
The professional recruitment market as a whole has continued the trend from the back end of last year by growing steadily in terms of absolute job numbers by between 5% and 12% so far this year; a good indicator of market sentiment.
We have also found in Q1 2015 versus the same period last year that firms are committed to hiring when they go to market, not just scoping out the possibilities. As you will see in our market breakdown of the legal sector, firms are now moving quickly to secure talent and are offering competitive packages up front to secure the best people.
William Gross Sues Pimco for Hundreds of MillionsTric Park
The document is a complaint filed by William H. Gross against Pacific Investment Management Company LLC (PIMCO), Allianz Asset Management of America L.P., and unnamed defendants. It alleges that younger PIMCO executives conspired to force Mr. Gross, the founder of PIMCO, out of the company in order to take his share of PIMCO's profits. It also claims PIMCO wrongfully denied Mr. Gross hundreds of millions of dollars in compensation. The complaint provides background on Mr. Gross's career, the founding and success of PIMCO, disputes over strategy between Mr. Gross and another executive, and an investigation into damaging press leaks.
The document summarizes Australian IPO activity in 2016. Some key points:
- There were 94 new IPOs on the ASX in 2016, an 11% increase over 2015 and higher than the 5-year average of 72 listings.
- Total funds raised in 2016 was $7.5 billion, a 7% increase over 2015. This was higher than the 5-year average of $7.24 billion.
- Small cap companies (under $100M market cap) made up a larger portion of new listings, with 64 listings, a 33% increase over 2015. However, they only accounted for 11% of total funds raised.
- Subscription rates for IPOs increased significantly in 2016 compared
After years of economic hardship, CEOs are more optimistic about the global economy but less confident about their own company's growth prospects. While some developed markets are recovering, growth has slowed in some emerging markets like Brazil and India. CEOs are reviewing their international strategies and looking for new growth opportunities through innovation, existing markets, and countries like the US, Germany and Indonesia. However, barriers to growth remain, with the increasing tax burden emerging as a top concern - 70% of CEOs named it as such. Views on tax issues vary between regions and sectors.
Service Solahart + (021) 34082652 – 082122541663 service wika swh tidak panas, bocor, bongkar pasang, pemasangan pipa air panas & air dingin pengecekan berkala & lain lain CV. Davinatama Service Jakarta Indonesia
Dengan tenaga ahli kami yang berpengalaman secara profesional dapat kami tangani masalah mesin pemanas air. Dengan pemanas air tenaga Matahari rutin diservice, maka akan mendapatkan 95% kebutuhan energy
CV. Davinatama Service
Email: davinatama@yahoo.com Website : http://www.servicesolahart.icoc.cc/
Nomer Telpon: +6221 34082652 Fax : +6221 48702925 Melayani : Jabodetabek
Here are some tips for using the Networks directory:
- The table of contents provides a quick overview of the sections and can help you navigate to topics of interest.
- The business directory (starting on page 121) lists all chamber member companies alphabetically including contact details, website and category listings. You can search or browse this section.
- The index of advertisers (page 117) and index of categories (page 118) provide another way to find specific members. The category index lists members under relevant industry headings.
- The corporate membership directory (starting on page 71) profiles premier members and provides more company details than the basic business directory listings.
- The feature articles on topics like the oil sands (
SERVICE SOLAHART Contact Us 081297497704 Telp : 02199316735 SMS 087887330287
Kami Dari CV.DAVITAMA Menyediakan Jasa Perbaiakan Pemanas Air SOLAHART
Apakah mesin pemanas air anda bermasalah
1.TIDAK PANAS 2.BOCOR 3.BONGKAR PASANG
5.PENGGANTIAN SPAREPART 6.INSTALASI PIPA AIR PANAS 7.PENJUALAN UNIT
Dengan tenaga ahli kami yang berpengalaman secara profesional dapat kami tangani masalah mesin pemanas air.
Dengan pemanas air tenaga Matahari rutin diservice, maka akan mendapatkan 95% kebutuhan energy secara gratis dari Matahari.
KEUNTUNGAN EKONOMIS DARI PEMANAS AIR TENAGA MATAHARI
Pemanas Air memerlukan energi. Apakah energi tersebut harus dibeli atau tidak, tergantung apakah anda mempunyai Pemanas Air Tenaga Surya. Dengan Pemanas Air Tenaga Surya Solahart, anda dapat mengharapkan mendapat energi matahari yang bebas biaya sampai 95% dari total energi yang diperlukan. Prosentase ini tergantung pada kondisi iklim dan type Pemanas Air Tenaga Surya yang anda pakai.
CV. DAVINATAMA SERVICE
E-mail: davinatama@yahoo.com Nomer Telpon: +6221 99316735 Fax : +6221 48702925
The document summarizes the state of the insurance M&A and non-life insurance market in Qatar. It notes that global insurance M&A reached its highest level in two years in 2011, with 546 deals compared to 521 in 2010. In Qatar, the non-life insurance market is dominated by five national companies that hold most of the large energy sector business, though the overall market is still relatively small compared to countries with similar populations. The motor insurance segment accounts for a small portion of the Qatari market compared to other GCC states.
The document summarizes M&A activity in Romania in 2013. It finds that the number of closed transactions increased to 147 in 2013, up from 114 in 2012. The estimated market size also rose to USD 1.09 billion in 2013, up 39% from the previous year. Most deals were domestic transactions and the manufacturing sector saw the most deal volume, while the largest deals by value occurred in banking, real estate, and retail.
This document provides a summary of key topics that will impact CFOs in 2016, including the economy, taxes, deals and accounting/financial reporting. It discusses expectations for low global economic growth and high debt levels. On taxes, it mentions potential tax reform in the US and abroad. For deals, it suggests that 2016 may be a challenging year following strong M&A activity in 2015. The accounting section previews new rules that may be issued by the FASB.
Fundamental Research initiates converge (EXPI-OTCQB).
eXp Realty International Corp. (OTCQB: EXPI): Cloud-Based Real Estate Brokerage With Strong Growth - Initiating Coverage Issues BUY with $3.50 target for "fair value"
Mercer Capital's Value Focus: Venture Capital | Mid-Year 2016Mercer Capital
Mercer Capital's Venture Capital newsletter provides perspective on some of the most relevant market trends affecting venture capital firms and other financial sponsors.
Setting The Tone For Listing GCC State Owned EnterprisesTarek Fadlallah
This document discusses state-owned enterprises (SOEs) in Gulf Cooperation Council countries and the potential for listing some of these companies on stock exchanges. It notes that governments in the GCC region own substantial stakes in major listed companies. It also discusses the rationale for and risks of SOEs, as well as ongoing efforts by GCC governments to reform economies and potentially privatize some SOEs. From an investor perspective, ensuring strong corporate governance will be important for the success of any privatization programs and new stock listings.
DealMarket DIGEST Issue 163 //21 November 2014CAR FOR YOU
The document summarizes several news items from the private equity industry:
1) A study found that several venture capital funds outperformed during the 2008 financial crisis, including Union Square Ventures, Avalon Ventures VIII, and Emergence Capital Partners II.
2) Many European entrepreneurs are founding startups in Southeast Asia for business opportunities and financial success, not just for better weather. Payments services are seen as attractive for expansion to other emerging markets.
3) Global M&A volume hit a seven-year high in 2014, with healthcare deals reaching a record level. Private equity accounted for over 20% of deal volume.
eXp World Holdings reported record Q2-2016 revenues of $13.28 million, up 138% year-over-year. For the first six months of 2016, revenues were $20.42 million, up 126% year-over-year. The company exceeded its revenue target for 2016 and increased its revenue forecast. Membership increased 31% in the quarter and the company raised its membership target. The company strengthened its board and management team by appointing two new board members and hiring a new Chief Strategy Officer.
[Infographie Etude JLL] L'impact du Grand Paris sur le secteur de Clichy-Bati...JLL France
Clichy-Batignolles représente une emprise foncière de 50 ha qui développera d’ici 2018/2020 pas moins de 260 000 m² de programmation tertiaire, avec d’un côté la construction de plusieurs immeubles de bureaux (140 000 m² au total), et de l’autre la future Cité Judiciaire de Paris, conçue par l'architecte Renzo Piano, qui accueillera quotidiennement plus de 9 000 personnes.
Les nouvelles liaisons en transports viendront renforcer une desserte existante et combler les faiblesses actuelles du site en termes d’accessibilité.
Pour comprendre tout l'impact du Grand Paris sur l'immobilier de bureaux, visiter notre site d'information : http://bit.ly/1yXqMad
[Infographie Etude JLL] L'impact du Grand Paris sur le secteur des Docks de S...JLL France
Les Docks de Saint-Ouen : une opération d’envergure de requalification d’anciens sites industriels.
A Saint-Ouen, le quartier des Docks de Saint-Ouen, qui représente 100 ha à aménager sur 10 ans, prévoit la construction de 310 000 m² de bureaux qui viendront compléter un parc existant d’un demi-million de mètres carrés. L’offre de bureaux sera à terme comparable à celle de Levallois Perret ou d’Issy-les-Moulineaux actuellement.
La ZAC des Docks de Saint-Ouen permettra de développer près de 900 000 m² de nouveaux bâtiments. On parle d’une opération d’une ampleur considérable avec 4 000 nouveaux logements, soit 10 000 habitants supplémentaires ; plus de 300 000 m² de bureaux, soit environ 10 000 nouveaux emplois.
Pour comprendre tout l'impact du Grand Paris sur l'immobilier de bureaux, visiter notre site d'information : http://bit.ly/1Lb2bFK
This document draws together our views, observations and analysis of the global trends in the insurance M&A market, including influencing factors and macroeconomic variables.
Our analysis covers five primary regions: Western Europe, North America, Asia, Latin America and the Middle East and North Africa. Each section includes a review and remark on deal activity and current trends, in addition to consideration
of future bearings.
The document summarizes predictions from the National Venture Capital Association (NVCA) about the venture capital industry in 2005. Key points include:
- Venture capitalists will have fresh funds to invest in early stage companies, focusing on seed, startup, and early stage deals seeking breakthrough innovations. Competition for funding will remain fierce.
- Fundraising will continue strongly as demand persists for participation in the venture capital asset class. Limited partners will compete for spots in top performing funds.
- Technology, especially software and life sciences, will remain cornerstones of venture investing. Emerging areas like energy and clean tech may see more investment. Exits markets are expected to continue improving.
As INFOR enters its sixth year, we wanted to share our outlook going forward and reflect on the success we have enjoyed with our clients in our first five years. We are proud of our unwavering commitment to our clients and our role as Canada’s top-ranked independent advisory investment bank.
Trends for corporate communicators in asia pacificDavid Brain
This document outlines 13 issues that will affect corporate communications and public affairs strategies in Asia Pacific:
1) Economic growth has increased government pressure on businesses to demonstrate social and environmental contributions.
2) Rapid growth of the middle class will drive demand for trusted brands, while inequality is increasing pressure for inclusion.
3) Communications must reach new cities and regions as wealth spreads across tiers.
4) Issues like regulation, food safety, and the environment now directly impact company revenues and reputation.
5) Stakeholder engagement and responsible practices will be increasingly important across sectors and markets.
The document discusses the challenges private equity firms face in "buying well" in today's competitive market environment. It notes that high entry multiples, an abundance of dry powder, and increased competition from other buyers have made it difficult to find attractive deals. Private equity firms must focus on developing sector expertise, building relationships, and having a robust value creation plan to succeed in this environment where simple multiple arbitrage is no longer sufficient. Management issues are also a primary reason why deals fall apart after due diligence.
The professional recruitment market as a whole has continued the trend from the back end of last year by growing steadily in terms of absolute job numbers by between 5% and 12% so far this year; a good indicator of market sentiment.
We have also found in Q1 2015 versus the same period last year that firms are committed to hiring when they go to market, not just scoping out the possibilities. As you will see in our market breakdown of the legal sector, firms are now moving quickly to secure talent and are offering competitive packages up front to secure the best people.
William Gross Sues Pimco for Hundreds of MillionsTric Park
The document is a complaint filed by William H. Gross against Pacific Investment Management Company LLC (PIMCO), Allianz Asset Management of America L.P., and unnamed defendants. It alleges that younger PIMCO executives conspired to force Mr. Gross, the founder of PIMCO, out of the company in order to take his share of PIMCO's profits. It also claims PIMCO wrongfully denied Mr. Gross hundreds of millions of dollars in compensation. The complaint provides background on Mr. Gross's career, the founding and success of PIMCO, disputes over strategy between Mr. Gross and another executive, and an investigation into damaging press leaks.
The document summarizes Australian IPO activity in 2016. Some key points:
- There were 94 new IPOs on the ASX in 2016, an 11% increase over 2015 and higher than the 5-year average of 72 listings.
- Total funds raised in 2016 was $7.5 billion, a 7% increase over 2015. This was higher than the 5-year average of $7.24 billion.
- Small cap companies (under $100M market cap) made up a larger portion of new listings, with 64 listings, a 33% increase over 2015. However, they only accounted for 11% of total funds raised.
- Subscription rates for IPOs increased significantly in 2016 compared
After years of economic hardship, CEOs are more optimistic about the global economy but less confident about their own company's growth prospects. While some developed markets are recovering, growth has slowed in some emerging markets like Brazil and India. CEOs are reviewing their international strategies and looking for new growth opportunities through innovation, existing markets, and countries like the US, Germany and Indonesia. However, barriers to growth remain, with the increasing tax burden emerging as a top concern - 70% of CEOs named it as such. Views on tax issues vary between regions and sectors.
Service Solahart + (021) 34082652 – 082122541663 service wika swh tidak panas, bocor, bongkar pasang, pemasangan pipa air panas & air dingin pengecekan berkala & lain lain CV. Davinatama Service Jakarta Indonesia
Dengan tenaga ahli kami yang berpengalaman secara profesional dapat kami tangani masalah mesin pemanas air. Dengan pemanas air tenaga Matahari rutin diservice, maka akan mendapatkan 95% kebutuhan energy
CV. Davinatama Service
Email: davinatama@yahoo.com Website : http://www.servicesolahart.icoc.cc/
Nomer Telpon: +6221 34082652 Fax : +6221 48702925 Melayani : Jabodetabek
Here are some tips for using the Networks directory:
- The table of contents provides a quick overview of the sections and can help you navigate to topics of interest.
- The business directory (starting on page 121) lists all chamber member companies alphabetically including contact details, website and category listings. You can search or browse this section.
- The index of advertisers (page 117) and index of categories (page 118) provide another way to find specific members. The category index lists members under relevant industry headings.
- The corporate membership directory (starting on page 71) profiles premier members and provides more company details than the basic business directory listings.
- The feature articles on topics like the oil sands (
SERVICE SOLAHART Contact Us 081297497704 Telp : 02199316735 SMS 087887330287
Kami Dari CV.DAVITAMA Menyediakan Jasa Perbaiakan Pemanas Air SOLAHART
Apakah mesin pemanas air anda bermasalah
1.TIDAK PANAS 2.BOCOR 3.BONGKAR PASANG
5.PENGGANTIAN SPAREPART 6.INSTALASI PIPA AIR PANAS 7.PENJUALAN UNIT
Dengan tenaga ahli kami yang berpengalaman secara profesional dapat kami tangani masalah mesin pemanas air.
Dengan pemanas air tenaga Matahari rutin diservice, maka akan mendapatkan 95% kebutuhan energy secara gratis dari Matahari.
KEUNTUNGAN EKONOMIS DARI PEMANAS AIR TENAGA MATAHARI
Pemanas Air memerlukan energi. Apakah energi tersebut harus dibeli atau tidak, tergantung apakah anda mempunyai Pemanas Air Tenaga Surya. Dengan Pemanas Air Tenaga Surya Solahart, anda dapat mengharapkan mendapat energi matahari yang bebas biaya sampai 95% dari total energi yang diperlukan. Prosentase ini tergantung pada kondisi iklim dan type Pemanas Air Tenaga Surya yang anda pakai.
CV. DAVINATAMA SERVICE
E-mail: davinatama@yahoo.com Nomer Telpon: +6221 99316735 Fax : +6221 48702925
The document summarizes the state of the insurance M&A and non-life insurance market in Qatar. It notes that global insurance M&A reached its highest level in two years in 2011, with 546 deals compared to 521 in 2010. In Qatar, the non-life insurance market is dominated by five national companies that hold most of the large energy sector business, though the overall market is still relatively small compared to countries with similar populations. The motor insurance segment accounts for a small portion of the Qatari market compared to other GCC states.
The document summarizes M&A activity in Romania in 2013. It finds that the number of closed transactions increased to 147 in 2013, up from 114 in 2012. The estimated market size also rose to USD 1.09 billion in 2013, up 39% from the previous year. Most deals were domestic transactions and the manufacturing sector saw the most deal volume, while the largest deals by value occurred in banking, real estate, and retail.
This document provides a summary of key topics that will impact CFOs in 2016, including the economy, taxes, deals and accounting/financial reporting. It discusses expectations for low global economic growth and high debt levels. On taxes, it mentions potential tax reform in the US and abroad. For deals, it suggests that 2016 may be a challenging year following strong M&A activity in 2015. The accounting section previews new rules that may be issued by the FASB.
Fundamental Research initiates converge (EXPI-OTCQB).
eXp Realty International Corp. (OTCQB: EXPI): Cloud-Based Real Estate Brokerage With Strong Growth - Initiating Coverage Issues BUY with $3.50 target for "fair value"
Mercer Capital's Value Focus: Venture Capital | Mid-Year 2016Mercer Capital
Mercer Capital's Venture Capital newsletter provides perspective on some of the most relevant market trends affecting venture capital firms and other financial sponsors.
Setting The Tone For Listing GCC State Owned EnterprisesTarek Fadlallah
This document discusses state-owned enterprises (SOEs) in Gulf Cooperation Council countries and the potential for listing some of these companies on stock exchanges. It notes that governments in the GCC region own substantial stakes in major listed companies. It also discusses the rationale for and risks of SOEs, as well as ongoing efforts by GCC governments to reform economies and potentially privatize some SOEs. From an investor perspective, ensuring strong corporate governance will be important for the success of any privatization programs and new stock listings.
DealMarket DIGEST Issue 163 //21 November 2014CAR FOR YOU
The document summarizes several news items from the private equity industry:
1) A study found that several venture capital funds outperformed during the 2008 financial crisis, including Union Square Ventures, Avalon Ventures VIII, and Emergence Capital Partners II.
2) Many European entrepreneurs are founding startups in Southeast Asia for business opportunities and financial success, not just for better weather. Payments services are seen as attractive for expansion to other emerging markets.
3) Global M&A volume hit a seven-year high in 2014, with healthcare deals reaching a record level. Private equity accounted for over 20% of deal volume.
eXp World Holdings reported record Q2-2016 revenues of $13.28 million, up 138% year-over-year. For the first six months of 2016, revenues were $20.42 million, up 126% year-over-year. The company exceeded its revenue target for 2016 and increased its revenue forecast. Membership increased 31% in the quarter and the company raised its membership target. The company strengthened its board and management team by appointing two new board members and hiring a new Chief Strategy Officer.
[Infographie Etude JLL] L'impact du Grand Paris sur le secteur de Clichy-Bati...JLL France
Clichy-Batignolles représente une emprise foncière de 50 ha qui développera d’ici 2018/2020 pas moins de 260 000 m² de programmation tertiaire, avec d’un côté la construction de plusieurs immeubles de bureaux (140 000 m² au total), et de l’autre la future Cité Judiciaire de Paris, conçue par l'architecte Renzo Piano, qui accueillera quotidiennement plus de 9 000 personnes.
Les nouvelles liaisons en transports viendront renforcer une desserte existante et combler les faiblesses actuelles du site en termes d’accessibilité.
Pour comprendre tout l'impact du Grand Paris sur l'immobilier de bureaux, visiter notre site d'information : http://bit.ly/1yXqMad
[Infographie Etude JLL] L'impact du Grand Paris sur le secteur des Docks de S...JLL France
Les Docks de Saint-Ouen : une opération d’envergure de requalification d’anciens sites industriels.
A Saint-Ouen, le quartier des Docks de Saint-Ouen, qui représente 100 ha à aménager sur 10 ans, prévoit la construction de 310 000 m² de bureaux qui viendront compléter un parc existant d’un demi-million de mètres carrés. L’offre de bureaux sera à terme comparable à celle de Levallois Perret ou d’Issy-les-Moulineaux actuellement.
La ZAC des Docks de Saint-Ouen permettra de développer près de 900 000 m² de nouveaux bâtiments. On parle d’une opération d’une ampleur considérable avec 4 000 nouveaux logements, soit 10 000 habitants supplémentaires ; plus de 300 000 m² de bureaux, soit environ 10 000 nouveaux emplois.
Pour comprendre tout l'impact du Grand Paris sur l'immobilier de bureaux, visiter notre site d'information : http://bit.ly/1Lb2bFK
[Infographie Etude JLL] Paris Nord-Est : une opération majeure de requalifica...JLL France
Paris Nord-Est, avec ses 200 ha, est le plus vaste secteur d’aménagement parisien. Il pourrait développer à terme 1,3 million de m² et accueillir 28 000 habitants et environ 15 à 20 000 salariés. Pour l’heure, un dixième de ce territoire est en passe d’être achevé, il s’agit du nouveau quartier Claude Bernard / Macdonald.
Les nouvelles liaisons en transports viendront renforcer une desserte existante et combler les faiblesses actuelles du site en termes d’accessibilité.
Pour comprendre tout l'impact du Grand Paris sur l'immobilier de bureaux, visiter notre site d'information : http://bit.ly/19wL7OO
EMEA Corporate Occupier Conditions, Winter 2015JLL France
The winter 2015 edition of the EMEA Corporate Occupier Conditions sheds light on the current market conditions, rental favourability and the opportunities and challenges for corporate occupiers across EMEA.
Les chaînes d’approvisionnement mondiales font face à leur plus grand bouleversement depuis des siècles. La
quatrième révolution industrielle promet en effet une rupture dépassant le cadre de la production. Si aucune des
nouvelles technologies n’est capable à elle seule de transformer les processus logistiques, en revanche leur
agrégation change déjà la dynamique des chaînes d’approvisionnement : celles-ci ne sont plus organisées en
fonction de la production, mais selon la demande des consommateurs.
With globalisation entering a new era, right-shoring could have new location impacts for Europe’s manufacturing and distribution facilities.
Find out more www.jll.eu/thenewindustrialrevolution
Avenir de la fonction immobilière : 5 risques à maîtriser - Enquête Mondiale ...JLL France
Jones Lang LaSalle a le plaisir de présenter sa seconde étude biennale sur les tendances mondiales de la fonction
immobilière, qui dresse le bilan exhaustif de la conjoncture actuelle dans le secteur et donne des indications pertinentes sur son orientation future.
Vos bureaux parlent de vous ! L’immobilier met en scène votre culture d’entre...JLL France
- Une analyse dédiée aux entreprises, qui commente les choix qu'elles ont et le niveau des loyers en Ile-de-France
- Une perspective des disponibilités de bureaux
- Une analyse spécifique du secteur de La Défense, qui offre de nombreuses opportunités pour les entreprises
- Une série d’articles thématiques sur l’actualité juridique et fiscale ainsi que sur le Grand Paris.
Les perspectives immobilières de bureaux pour les entreprisesJLL France
Depuis le début de l’année on remarque que les entreprises démontrent un regain d’appétit pour les marchés traditionnels du centre de Paris (le Quartier Central des Affaires) et des communes de l’Ouest comme Neuilly, Levallois ou encore La Défense.
Découvrez également dans notre bloc-note
- un point sur la loi Pinel
- l’avancée du projet Grand Paris Express
- les projets tertiaires dans le Quartier Central des Affaires
- l’importance de bien gérer ses données immobilières
[Infographie Etude JLL] Enquête sur l’évolution de la fonction immobilière 2015JLL France
JLL a le plaisir de présenter sa troisième étude biennale sur les tendances de l’immobilier d’entreprise en France et dans le monde. Depuis six ans, nous avons donné la parole aux décideurs immobiliers, dressé un état des lieux de la fonction et partagé des perspectives inédites sur son orientation future. Notre nouvelle enquête montre que les directions immobilières continuent d’opérer leur mutation pour mieux répondre à des attentes toujours plus vastes et stratégiques.
The document summarizes key macro trends impacting the Australian legal market in 2016 and beyond. It finds that the pace of change is increasing for growth of digital technologies, growth of boutique/specialist firms, growth of new law models, and supply of legal graduates. Meanwhile, the pace is slowing for the entry of global firms into Australia and shifting of work in-house. Overall, the legal market faces challenges from increased competition and disruption driven by new technologies and business models.
Towards the end of 2011 we used this network to carry out an extensive research project into the salaries and benefits received by lawyers in key markets around the globe.
We received an overwhelming response from over 1,200 legal professionals and, together with our global database of lawyers, the material gathered provides the basis of this report, which we hope will be a valuable resource,
whether you are looking for a new role or to strengthen your team. If you require tailored advice, please do contact us directly.
Avison commercial office leasing market report toronto 2014Chris Fyvie
office space toronto, toronto office space, office search toronto, office space in toronto, office rentals toronto, commercial office space, commercial real estate toronto, office rent toronto, toronto offices for lease
Legal Salary Survey 2013/12 by Laurence SimonsLaurenseSimons
During 2012 Laurence Simons conducted a survey with clients and candidates focusing on remuneration, bonuses and recruitment trends. Over 3,700 legal and compliance professionals were surveyed across the globe from numerous industry sectors. The salary survey is based on the data received from the online survey, our global database of over 60,000 lawyers, as well as the expertise of our experienced consultants across the globe.
The document summarizes the key findings of Norton Rose Fulbright's 2015 Litigation Trends Annual Survey, which polled 803 corporate counsel from 26 countries. It finds that contract disputes were the most numerous type of litigation over the past year (38% of respondents), while regulatory/investigations matters were the top concern (39% of respondents). Labor/employment litigation was also very common (37% of respondents). The types of disputes varied by region and industry, with IP/patents cases more prevalent in the US, for example, while banking/finance disputes were more common for UK respondents. Overall, the survey provides insights into the global litigation issues currently facing many major companies.
IRR View point for 2014 / Real Estate Value Trends / USAKatja Matosevic
Urban Multifamily - Class A
Suburban Multifamily - Class A
Urban Multifamily - Class B
Suburban Multifamily - Class B
Regional Mall Retail
Community Retail Center - Class A
CBD Office - Class A
Neighborhood Retail - Class A
Industrial - Class A
Suburban Office - Class A
Community Retail Center - Class B
Neighborhood Retail - Class B
CBD Office - Class B
Flex Industrial - Class A
Industrial - Class B
Suburban Office - Class B
Lodging - Full Service
Flex Industrial - Class B
Lodging - Limited Service
RANGE
4.
RESEARCH OUTLINE 1
RESEARCH OUTLINE
Name
Institution
Date
Lafarge is a construction company that provides construction solutions worldwide. It is the leading contributor in constructions of cities worldwide. Lafarge offers solutions in infrastructure, building, oil and gas, affordable housing and distribution. The company offers solutions in almost any project one hopes to start. It is the world’s leading company in building materials with cement, aggregate and concrete businesses. Lafarge has very many projects in every aspect it contributes to. It contributes largely in employment in different countries by offering variety of jobs and internships to prospective candidates.
An outline mapping the elements that will help in my research on the Lafarge Company.
Shares and Dividends.
An analysis of the share prices in a period of at least five years will be done. This will aim at showing the trend in share prices over that period. This trend will provide information necessary in financial analysis. The information will help us report on the financial position of the company. Another element would be the dividends paid out to the shareholders. Dividends are an example of cost of money therefore; the payout ratio shows how profitable the company is. An analysis of the type of shareholders the company has would also help in the analysis. Other analyses would be trends on earnings per share, dividends per share and dividend payout ratio.
Financial statements.
Financial statements like Statements of financial position, income statements, etc. are very useful in financial analysis. Lafarge publishes its statements annually. They include press release, shareholders publication, consolidated accounts, etc. An extensive research and analysis of the same will highly contribute to my research on the company. A ratio analysis will be done to give conclusions on the liquidity, profitability, shareholders’ contribution and stability of the company.
Creditinformation
This is information on the debts of the company. This information is very useful in determining the financial position of a company. Credit information will help in making the best conclusion on how well the company can meet its debts with respect to its assets. The level of credit will also help in determining the creditworthiness of the company. This is information that will help on my research of the company’s performance.
Investments
An analysis of the company’s investments will help in the research. Investments are the largest sources of revenues to a company. The cost of money brought about by these investments is a prime contributor to the company’s financial position. Therefore, analyzing the investment records will greatly help in the research. A thorough analysis of the level of finance invested and returns from each investment are to be done.
Assets and Liabil ...
EBC Legal Salary Survey and Market Update HKLinus Choo
The document summarizes trends in the Hong Kong legal job market and compensation. It finds that demand remains strong for mid-level in-house corporate lawyers, particularly those with experience in China or regulatory compliance. Law firms are struggling to retain junior associates as many pursue perceived better career prospects and work-life balance in-house. There has also been an increase in newly created sole legal roles in organizations seeking to strengthen their legal functions regionally. Salaries generally increase 5-10% annually, with larger bumps for career changes, and ranges from HKD$40,000-150,000 depending on experience level.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2018BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a moderated discussion on the Current State of the Capital Markets. Speakers included Mark Montgomery with BBVA Compass, Ali Nasser with AltruVista, and Scott Winship of GulfStar Group.
Taylor Root Italian in-house and private practice salary survey 2017Nicoletta Ravida
This document summarizes the 2017 salary guide and market report for the Italian legal sector produced by Taylor Root & AIGI. It finds that the Italian in-house market saw continued hiring in 2016 and expects modest growth in 2017, while the private practice market has remained dynamic. Salaries have remained largely stagnant across both markets. In private practice, demand is highest for corporate/M&A and banking & finance lawyers, while data privacy is a growing area in-house. Overall, the Italian legal job market remains cautious but stable.
This white paper summarizes current trends in mergers and acquisitions (M&As) within the residential real estate brokerage industry. It notes that M&A activity declined significantly from 2006-2010 due to the housing market downturn. The paper predicts a slow recovery in both housing and M&As from 2010-2012. Key factors that will impact M&As include available capital for deals, management talent needed to integrate acquisitions, and personal/emotional issues for sellers considering a sale. Buyer valuations of firms are affected by competition, sales professional retention, and deal structure/terms will be less favorable if the price is higher.
This document summarizes a business plan for Cygnet Financial Services, a property investment company. It will source funds from private investors to invest in commercial and industrial properties. Investor funds will be held by auditing firms while Cygnet acquires properties, manages the portfolio, and distributes profits back to investors. The business plan analyzes South Africa's property market and argues that factors like low interest rates, urbanization, and economic growth will support continued property price increases.
Lee & Associates is a commercial real estate firm with 887 agents and $12 billion in annual transaction volume. It has offices across the US and Canada. The document summarizes key industrial real estate market trends in 2016, including declining vacancy rates, strong demand from e-commerce companies, record acquisition prices, and rising rents. It predicts the industrial market will continue expanding in 2017 due to a growing US economy and steady demand for distribution space.
This document discusses the changing global legal market and implications for Australian law firms. Key points include:
- The global legal market is consolidating, with 30 truly global law firms emerging in the next few years focused on high-value work.
- Competition in Australia is intensifying with the entry of more global firms and aggressive domestic firms.
- Law firms can no longer rely on growth from hourly rate increases and must increase productivity to sustain profitability.
- Partners are feeling anxious about the future as the market changes and some firms struggle.
- To succeed in the "new normal," firms must put clients at the center, focus on key sectors and clients, and learn to manage clients effectively.
1. The document discusses recent market volatility due to ongoing trade tensions between the US and its major trading partners. While this represents uncertainty, the trade policy aims to protect US workers and industries.
2. It is a challenging time for international investments as some economic growth has stalled and the rising US dollar puts pressure on foreign assets. However, fundamentals still look attractive for international stocks, with expected strong earnings growth.
3. The final article in the series on Social Security discusses the key factors to consider when deciding when to claim benefits - financial need and health/longevity. Online calculators require estimating life expectancy, but the best strategy generally depends on whether one expects to live past their late 70s or not.
Read about the changes EY is making to better serve our clients, develop our people and leverage our highly integrated global structure.
For further information, visit: http://www.ey.com/GL/en/About-us/Our-global-approach/Global-review/global-review-2013
At EY, we are committed to building a better working world — with increased trust and confidence in business, sustainable growth, development of talent in all its forms, and greater collaboration.
As stated by Mark Weinberger, Global Chairman and CEO, "We have developed a plan — Vision 2020 — that considers the changing world today, how it will be tomorrow and how we will adapt to the challenges and opportunities we will face. Amid the changes we see, EY also sees great opportunity and relevance in the role we play in building a better working world. The quality services and insights we deliver help build trust and confidence in capital markets in economies the world over. In so doing, we help build a better working world for our people, for our clients and for our communities. This is our purpose."
The EY Global Review 2013 covers the changes EY is making to better serve our clients, develop our people and leverage our highly integrated global structure.
This document is the 2013 World PR Report produced by the Holmes Report and the International Communications Consultancy Organisation (ICCO). It contains rankings of the largest PR firms globally, an overview of trends in the PR industry, opportunities and challenges facing the industry, and regional analyses. In the foreword sections, industry leaders note that while the PR industry continues growing, firms need to better develop digital and social media capabilities to take advantage of changes in communications and convince clients that PR can provide strategic services beyond traditional media relations. Regional differences also exist, and firms must examine results on a local level to understand varying attitudes and adoption rates of new techniques.
The World PR Report 2013, produced by the Holmes Report and ICCO, is a definitive report on the trends and issues facing the global PR industry, based on a survey of global agency heads. The report also includes research on the size and growth of the global PR industry, and a ranking of the world's 250-biggest PR firms.
Similar to Law firm-office-perspective-2013-global-jll (20)
Vous souhaitez découvrir l'expérience talent JLL ?
Ce sont nos collaborateurs qui en parlernt le mieux !
Quelques-uns de nos collaborateurs partagent leur expérience avec vous : recrutement, développement, carrières, culture d'entreprise, environnement de travail, management, esprit d'équipe ... ils vous disent tout !
[Infographie Enquête JLL/CSA] Efficacité au travail : l’opinion des salariés ...JLL France
Lorsqu’on demande aux salariés si leur environnement de travail leur permet de travailler efficacement, plus d’1 salarié sur 10 estime qu’il est un frein à sa productivité, et 2 salariés sur 3 disent ne pas être franchement convaincus. Or 70% d’entre eux affirment que l’aménagement des bureaux et les moyens mis à disposition par l’entreprise sont des leviers essentiels de performance.
Il ressort de notre analyse que le bureau idéal doit savoir concilier sentiment de liberté et attachement à l’entreprise. Une équation à première vue insoluble !
Pour découvrir les éléments de réponse du bureau idéal vu par les salariés d’Ile de France, visiter notre site : bit.ly/1BR1GfH
Dans un environnement hautement concurrentiel, l’entreprise ne peut plus se réduire à des dimensions purement économiques et techniques : elle doit s’appréhender comme un système social, un tissu de relations interindividuelles. Les règles et les procédures laissent place à un besoin inédit de cohésion organisationnelle et d’agilité. Dans ce contexte, il est indéniable que la culture organisationnelle a un grand rôle à jouer.
Tantôt facteur d’immobilisme… tantôt facteur de mobilisation, elle est cependant un outil délicat à manier.
Face à ce défi, notre nouvelle étude montre que l’environnement de travail est un puissant levier pour créer une culture d’entreprise et la renforcer car constitue :
◾un vecteur d’image et de différenciation
◾un facteur de cohésion et d’adhésion au sein de l’entreprise
◾un outil de management et de performance des collaborateurs
Les bureaux, incubateurs du travail collaboratif JLL France
Le monde du travail est aujourd’hui traversé par deux dynamiques majeures : la mondialisation des échanges, et l’accélération du rythme de ces échanges. Différentes visions s’affrontent en la matière, pesant fortement sur les modes d’organisation ainsi que sur la mise en place de processus collaboratifs qui est loin d’être évidente.
Comment transformer les bureaux en catalyseurs du travail collaboratif ?
JLL publie une étude sur la base de témoignages d’entreprises et d’experts des questions immobilières dont les 2 majeurs enseignements sont :
1. Le travail collaboratif, enjeu incontournable
2. Transformer les bureaux en catalyseurs du travail collaboratif
• Le pouvoir de l’espace…associé au management
• Communautés inspirantes
• Traduction en entreprise : les bonnes pratiques
Cette performance s’explique notamment par la signature de cinq transactions d’envergure totalisant à elles seules près de 82 000 m², soit un tiers de la demande placée.
Indépendamment de ces grandes transactions, le segment des moins de 500 m² a été particulièrement actif représentant 83% du nombre de transactions signées en 2013.
L’offre immédiate reste au même niveau et le taux de vacance se stabilise à 5,3% sur l’ensemble de l’agglomération.
Nous avons enregistré quelques réajustements ponctuels et une stabilisation des valeurs faciales autant sur les valeurs prime que de seconde main. Le loyer prime de référence de la Part Dieu s’établit désormais à 270 € HT/m²/an, et la valeur « top » de 310 € HT/m²/an atteinte dans la cadre de la transaction SNCF dans la tour « Incity ».
The office market in the Greater Paris Region – 4th quarter 2013JLL France
Office rentals dropped in 2013 as a result of low growth and uncertain outlook (down 25% in 12 months).
Rise in immediate supply to 3.9 million sqm. Nevertheless, Grade A properties still only account for less than 20% of vacant stock.
In this context, rents remain under pressure. Most of the decline in values in Paris CBD has been recorded in 2013.
With €11 billion invested in 2013, the investment market maintains its trend for dynamic growth.
30 transactions over €100 million recorded in 2013.
The prime yield for the Central Business District fell to between 4.25 and 4.50%.
Panorama bureaux Ile-de-France - 4ème trimestre 2013JLL France
Pénalisé par l’environnement économique, fiscal et règlementaire, le marché locatif décline en 2013 (-25% en un an).
L’offre immédiate s’accroît sensiblement en un an, et atteint un niveau jamais égalé. La part des immeubles de Grade A demeure toutefois limitée à moins de 20% du stock vacant.
Dans ce contexte, les valeurs locatives demeurent sous pression. Dans le QCA, l’essentiel de la baisse des valeurs a été acté en 2013.
Avec 11 milliards d’euros investis en 2013, le marché de l’investissement reste conforme à sa dynamique de long terme.
30 transactions de plus de 100 millions d’euros ont été enregistrées pour l’ensemble de l’année 2013. .
Le taux prime de référence, dans le Quartier Central des Affaires, baisse pour se positionner dans une fourchette comprise entre 4,25 et 4,50%.
Office rentals dropped in 2013 as a result of low growth and uncertain outlook (down 25% in 12 months).
Rise in immediate supply to 3.9 million sqm. Nevertheless, Grade A properties still only account for less than 20% of vacant stock.
In this context, rents remain under pressure. Most of the decline in values in Paris CBD has been recorded in 2013.
Le marché des bureaux en Ile de-france - Bilan et perspectives 2014JLL France
• La pénurie de grandes transactions et de clés-en-main a fortement impacté la demande placée qui devrait atteindre environ 1,7 million de mètres carrés en fin d’année.
• Le marché de l’investissement devrait de nouveau être un bon cru cette année et atteindre environ 11 milliards d’Euros avec des taux de rendement prime stables à 4,50% dans le QCA.
• La reprise économique devrait progressivement permettre au marché de redémarrer au 2e semestre alors que l’on peut encore attendre une première moitié d’année au ralenti. Sur la totalité de l’année on peut anticiper une activité en légère hausse entre 1,9 et 2,1 millions de mètres carrés.
• Les valeurs locatives resteront sous pression et le marché favorable aux entreprises. Dans le QCA, compte tenu de la baisse déjà actée et du faible niveau de l’offre, le loyer prime devrait rester stable sur l’année.
• Le marché de l’investissement continuera sur sa bonne lancée et devrait entériner entre 10 et 12 milliards d’Euros d’investissements en 2014.
• Son attractivité auprès des investisseurs internationaux et la forte compétition sur les actifs « Core » pourrait amener à une légère compression des taux pour les meilleurs produits.
• Les loyers faciaux « haut de gamme » finalement impactés par la morosité économique persistante, y compris dans les quartiers d’affaires traditionnels : désormais, et à condition de bien structurer et de bien mener son projet, le locataire est en position de peser sur le prix !
• Sur tous les segments de marché et dans tous les secteurs géographiques, des loyers économiques se négociant nettement en deçà de ces loyers faciaux.
• Face à l’environnement économique incertain, des entreprises qui font massivement le choix de la renégociation - associée à une prise de risque inférieure à celle d’un déménagement.
• Demain, des mesures d’accompagnement toujours attractives et probablement de nouvelles corrections des loyers faciaux, consenties par des propriétaires souhaitant établir des partenariats de long terme avec leurs locataires.
• L’offre de bureaux à double vitesse, mais des propriétaires tous très attentifs aux contraintes opérationnelles et financières des locataires ;
• Une baisse encore limitée des loyers de présentation, mais des loyers économiques se négociant nettement en deçà des valeurs faciales ;
• Face à un marché porteur et à l’environnement économique incertain, les choix à la fois prudents et avisés des entreprises : optimisation des surfaces, renégociations des loyers, déménagements au plus proche et/ou dans des immeubles de qualité.
• A l’avenir, dans un contexte toujours chahuté, d’intéressantes opportunités à saisir, compte tenu de l’érosion des loyers faciaux, du niveau des loyers économiques et des mesures d’accompagnement « sur-mesure » que les propriétaires sont prêts à accorder.
Panorama bureaux en Ile-de-France 3T 2013JLL France
• Le marché locatif continue à ralentir, impacté par le fort repli des transactions en clés-en-main.
• L’offre immédiate poursuit son ascension tandis que l’offre neuve demeure contenue.
• Les loyers demeurent sous pression.
• Plus de 7,9 milliards d’euros ont été investis depuis le début de l’année 2013, soit une hausse de 8% en un an.
• 20 transactions de plus de 100 millions d’euros ont été enregistrées sur les neufs premiers mois de l’année
• Le taux prime de référence, dans le Quartier Central des Affaires, reste stable dans une fourchette comprise entre 4,50 et 5,00%.
• Les contraintes qui pèsent sur les opérateurs, les investissements requis pour financer l’évolution de leurs activités, et les réflexions autour du développement durable et du « mix énergétique » de demain…
• …Qui se traduisent par un double défi immobilier : accompagner la croissance, tout en maîtrisant les coûts.
• Demain : des enjeux de croissance durable qui s’accentueront, et pourront inciter les plus ambitieux à adopter le « smart-building » afin de réconcilier rationalisation et exemplarité.
Le marché immobilier du tertiaire en région lyonnaise - 4T 2012JLL France
Un démarrage dynamique du marché de l’investissement lyonnais en 2013
Une performance solidement construite sur un marché diversifié
Une géographie des transactions non représentative au 1er trimestre
Des acteurs essentiellement nationaux en début d’année
Le déséquilibre entre offre et demande sur le prime provoque une baisse des taux de rendement
Immobilier d'entreprise : Le secteur des médias et de la communicationJLL France
Un environnement économique exigeant et instable
La révolution technologique : à la fois défi et opportunité
Un environnement toutefois très instable, qui exige une maîtrise accrue des risques et de la rentabilité
Perspectives entreprises en Ile-de-France au 1T 2013JLL France
Des opportunités à saisir pour les entreprises en quête de productivité
Une offre de bureaux à double vitesse
Face à ce marché porteur, les entreprises font massivement le choix de la rationalisation
Demain : dans un contexte toujours chahuté, d’intéressantes opportunités à saisir
Panorama de bureaux en région lyonnaise au 1T 2013JLL France
Deux signatures majeures « boostent » le marché locatif
Les grandes transactions sont de retour à Lyon …
… au détriment des transactions intermédiaires qui ont fait défaut en ce début d’année
Lyon intra-muros concentre la quasi-totalité de la demande placée
Stabilité des valeurs malgré quelques réajustements sur certains secteurs
Statu quo pour l’offre disponible
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
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The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
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Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
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How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
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IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
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Garments ERP Software in Bangladesh _ Pridesys IT Ltd.pdfPridesys IT Ltd.
Pridesys Garments ERP is one of the leading ERP solution provider, especially for Garments industries which is integrated with
different modules that cover all the aspects of your Garments Business. This solution supports multi-currency and multi-location
based operations. It aims at keeping track of all the activities including receiving an order from buyer, costing of order, resource
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Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
[To download this presentation, visit:
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This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
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These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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Industrial Tech SW: Category Renewal and CreationChristian Dahlen
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1. Law Firm Perspective
Global 2013
Diverging global markets
present opportunities and
challenges for law firms
in 2014
Positive economic news has increased in recent months across many of
the developed economies including the U.S., U.K., part of the Eurozone
and Japan, fuelling increased optimism for 2014 and 2015. However,
emerging market growth has decelerated, notably in China and Latin
America, providing firms with stability in their core business, but greater
uncertainty in high-growth areas.
With global growth prospects volatile and continuing to diverge, law firms
will encounter diverging market conditions across the globe over the
next 12 months. That split in leverage, though, will begin to coalesce in
the latter part of 2014 and early 2015 when law firms are projected to
encounter tighter real estate markets, resulting in heightened landlord
confidence and decreased leverage in lease negotiations.
2. Jones Lang LaSalle
Law Firm Perspective • Global • 2013 3
Jones Lang LaSalle Law Firm Group
In the slowly-recovering economic environment we encounter,
decision makers tasked with management responsibility for global,
national or regional law firms increasingly find themselves in the real
estate business as a matter of sound firm management. The amount
of time required to deal with portfolios in multiple offices in different
cities and / or countries has increased and has become ever more
complex with critical events arising on a regular basis. These events
are nearly always contextual; accordingly, they require a
deep understanding of local market conditions for proper evaluation
and action.
With over 1,000 offices in 70 countries worldwide, the Jones Lang
LaSalle Law Firm Group has the scope and platform to proactively
anticipate those issues and events and advise you on how to
navigate the path forward regardless of the market environment or
local geography your firm is embedded in.
...
Nearly 70.0 percent of law firm
cities we report on project rents
to grow in 2014 and even more
slide into that majority as 2015
approaches. However, 2014
market conditions appear more
favourable when looking at
the law firm hubs of New York,
Washington, Los Angeles, Paris,
Sydney, Hong Kong, London and
Chicago with just the latter three
projected to shift into landlordfriendly territory next year.
The Jones Lang LaSalle Law Firm Group concentrates on developing
occupancy strategies, executing transactions and providing related
occupancy services to our law firm clients, locally, nationally and
globally. The team deeply values the importance of providing
timely, accurate and relevant market information and research to
our law firm clients that enable them to efficiently manage their real
estate in such a way as to generate maximum productivity, while
mitigating cost.
Accordingly, we are proud to present the seventh annual issue of
our global market perspective. This annual perspective provides
information on 30+ major markets across the United States, Canada,
Europe, the Middle East, Asia and Australia. The report details
market and real estate trends for law firms around the globe, with
the goal of assisting you and your firm in navigating the increasinglychanging global marketplace.
We trust you will find this information useful and solicit your feedback
if there are areas you would like to see expanded in the future.
3. Jones Lang LaSalle
Law Firm Perspective • Global • 2013 3
Jones Lang LaSalle Law Firm Group
In the slowly-recovering economic environment we encounter,
decision makers tasked with management responsibility for global,
national or regional law firms increasingly find themselves in the real
estate business as a matter of sound firm management. The amount
of time required to deal with portfolios in multiple offices in different
cities and / or countries has increased and has become ever more
complex with critical events arising on a regular basis. These events
are nearly always contextual; accordingly, they require a
deep understanding of local market conditions for proper evaluation
and action.
With over 1,000 offices in 70 countries worldwide, the Jones Lang
LaSalle Law Firm Group has the scope and platform to proactively
anticipate those issues and events and advise you on how to
navigate the path forward regardless of the market environment or
local geography your firm is embedded in.
...
Nearly 70.0 percent of law firm
cities we report on project rents
to grow in 2014 and even more
slide into that majority as 2015
approaches. However, 2014
market conditions appear more
favourable when looking at
the law firm hubs of New York,
Washington, Los Angeles, Paris,
Sydney, Hong Kong, London and
Chicago with just the latter three
projected to shift into landlordfriendly territory next year.
The Jones Lang LaSalle Law Firm Group concentrates on developing
occupancy strategies, executing transactions and providing related
occupancy services to our law firm clients, locally, nationally and
globally. The team deeply values the importance of providing
timely, accurate and relevant market information and research to
our law firm clients that enable them to efficiently manage their real
estate in such a way as to generate maximum productivity, while
mitigating cost.
Accordingly, we are proud to present the seventh annual issue of
our global market perspective. This annual perspective provides
information on 30+ major markets across the United States, Canada,
Europe, the Middle East, Asia and Australia. The report details
market and real estate trends for law firms around the globe, with
the goal of assisting you and your firm in navigating the increasinglychanging global marketplace.
We trust you will find this information useful and solicit your feedback
if there are areas you would like to see expanded in the future.
4. Jones Lang LaSalle
4 Law Firm Perspective • Global • 2013
In this report
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 5
Law Firm Global Perspective
Jones Lang LaSalle Law Firm Group
3
In this report
4
Amsterdam
35
Law Firm Global Perspective
5
Brussels
36
Global law firm trends
7
Dubai & Abu Dhabi
37
Law firm market map
8
Germany
38
Global office property clock
9
London City
40
Americas
10
Madrid
41
Atlanta
11
Milan
42
Boston
12
Moscow
43
Chicago
13
Paris
44
Dallas
14
Warsaw
45
Houston
15
Contacts
46
Los Angeles
16
Miami
17
New York
18
Philadelphia
19
San Francisco
20
Washington, DC
21
Calgary
22
Montréal
23
Toronto
24
Vancouver
25
A
sia Pacific
26
Beijing
27
Hong Kong
28
Melbourne
29
Shanghai
30
Singapore
31
Sydney
32
Tokyo
33
EMEA
34
2013 has been another year of change in the broader economic
operating environment in which international law firms operate. In
recent months, positive economic news has increased across major
law firm markets including the U.S., U.K. and even the Eurozone,
fuelling increased optimism for 2014 and 2015 growth prospects
in these markets. However, as the U.S., U.K. and Japan witness
more positive economic developments, expectations for growth in
emerging markets have been downgraded this year, most notably
in China and Latin America. With global growth prospects volatile
and continuing to diverge, law firms will continue to be challenged
to adapt both business and real estate strategies to meet the
requirements of such a rapidly changing global environment.
Law firms continue to face a low growth environment
While more positive economic signs have emerged in some law firm
markets, the outlook for most law firms has remained more muted
driven by fairly flat conditions across most practice areas, which,
when combined with fee compression, creates a slow-growth
environment. Although some markets (such as London and key
German markets in EMEA, Northern California, Texas and Calgary in
North America and South Korea in Asia) have seen international law
firms growing and headcounts increasing, many law firms continue to
rightsize their operations.
For U.S. firms the revenue levels of the AmLaw 100 grew by just 2.8
percent in 2012 after growth rates of 4.7 percent and 5.9 percent
in 2010 and 2011, respectively. The recent revenue gains appear
even more moderate when comparing them to the 11.0 percent
annual growth in revenues from 2001 to 2007 for AmLaw 100 firms.
As revenue growth slowed, so did profits per partner with just 66 of
the AmLaw 100 firms demonstrating increased profitability. Globallyfocused firms with diverse practice groups have fared best and have
been able to reinvest into the business, attracting specialty practice
groups and boutique shops that further enhance the firm’s offerings
and geographic scope.
As challenges for law firms persist across the business environment,
they have also arisen in many real estate markets of importance for
law firms.
After nearly seven years of enhanced leverage for tenants in the
U.S., firms encounter a more challenging market ahead in 2014
and 2015. A flight to quality has diminished the amount of Trophy
and Class A options, spaces that most international and domestic
law firms usually flock to. In that segment of the market, blocks of
spaces, of all sizes, have shrunk from 12 months ago. This decrease
in available space has pushed rents up across the board nationally
by nearly 3.0 percent year-over-year in the U.S. Fortunately for firms,
the greatest opportunity for extended leverage over the next 12 to 18
months sits in markets where firms have the largest presence: New
York, Washington, Chicago and Los Angeles. For different reasons,
these markets have been more challenged economically and remain
behind rather than ahead of the overall U.S. recovery.
Across the major Canadian markets, law firms will experience
more favourable conditions than they likely will in the U.S. over the
next several years. The development cycle across key markets
such as Toronto, Calgary and Vancouver is fairly robust, providing
firms options in those new developments, but also in the secondgeneration options left behind by other firms. As a result of supply
dynamics moving with law firms over the next 24 to 36 months, we
expect rents to peak as well.
In Europe, real estate market conditions are diverging. The supply
of available prime office stock in the City of London is diminishing
and law firms face the potential for rental increases and diminishing
incentives due to a number of large lettings and diminishing supply
in Grade A buildings. In Germany, too, law firms may face more
landlord-favourable conditions over the next 24 months in select
locations including Munich and Frankfurt.
Other European markets however offer greater opportunities for law
firms to take advantage of more tenant-favourable conditions and
improve the quality of their real estate or reduce costs. In Milan,
Paris, Brussels, Madrid and Warsaw, real estate market conditions
will be in favour of law firms in 2014.
In Asia Pacific, office leasing activity has reduced in many markets
mirroring greater uncertainty in economic growth trajectories. In the
regional hubs of Singapore and Hong Kong, rental conditions have
been softer in 2013 with rent declines seen in Hong Kong in the first
half of 2013. Market conditions will turn more toward landlords in
both markets as we move into 2014. For law firms focused on Beijing
and Tokyo, rents are likely to rise in both going into 2014, whereas
Sydney, Melbourne and Shanghai will offer more favourable real
estate market conditions ahead.
Global clients drive law firm expansion into emerging markets
Despite some tapering of growth prospects in large emerging
markets such as China, India and Brazil, international law firms are
continuing to look to emerging markets for future growth potential.
Driven largely by the global expansion of their clients, emerging
markets including Africa have been on the agenda for a growing
number of firms. In Africa, corporate growth is being driven by
financial services, consumer goods, telecoms, infrastructure, energy
and natural resource industries and is creating growing business
opportunities for law firms. Routes to entry in Africa vary with firms
such as Clifford Chance, Norton Rose and Allen & Overy opening
offices in the past two years, while others including Linklaters and
Eversheds have formed partnerships with local players. Acquisition
is another favoured route and the June tie-up between Norton Rose
and Fulbright & Jaworski will provide Norton Rose with deeper
coverage in Africa through existing Fulbright & Jaworski offices.
Entry into new and emerging markets creates a range of challenges
for law firms looking to open offices. Access to reliable property data
5. Jones Lang LaSalle
4 Law Firm Perspective • Global • 2013
In this report
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 5
Law Firm Global Perspective
Jones Lang LaSalle Law Firm Group
3
In this report
4
Amsterdam
35
Law Firm Global Perspective
5
Brussels
36
Global law firm trends
7
Dubai & Abu Dhabi
37
Law firm market map
8
Germany
38
Global office property clock
9
London City
40
Americas
10
Madrid
41
Atlanta
11
Milan
42
Boston
12
Moscow
43
Chicago
13
Paris
44
Dallas
14
Warsaw
45
Houston
15
Contacts
46
Los Angeles
16
Miami
17
New York
18
Philadelphia
19
San Francisco
20
Washington, DC
21
Calgary
22
Montréal
23
Toronto
24
Vancouver
25
A
sia Pacific
26
Beijing
27
Hong Kong
28
Melbourne
29
Shanghai
30
Singapore
31
Sydney
32
Tokyo
33
EMEA
34
2013 has been another year of change in the broader economic
operating environment in which international law firms operate. In
recent months, positive economic news has increased across major
law firm markets including the U.S., U.K. and even the Eurozone,
fuelling increased optimism for 2014 and 2015 growth prospects
in these markets. However, as the U.S., U.K. and Japan witness
more positive economic developments, expectations for growth in
emerging markets have been downgraded this year, most notably
in China and Latin America. With global growth prospects volatile
and continuing to diverge, law firms will continue to be challenged
to adapt both business and real estate strategies to meet the
requirements of such a rapidly changing global environment.
Law firms continue to face a low growth environment
While more positive economic signs have emerged in some law firm
markets, the outlook for most law firms has remained more muted
driven by fairly flat conditions across most practice areas, which,
when combined with fee compression, creates a slow-growth
environment. Although some markets (such as London and key
German markets in EMEA, Northern California, Texas and Calgary in
North America and South Korea in Asia) have seen international law
firms growing and headcounts increasing, many law firms continue to
rightsize their operations.
For U.S. firms the revenue levels of the AmLaw 100 grew by just 2.8
percent in 2012 after growth rates of 4.7 percent and 5.9 percent
in 2010 and 2011, respectively. The recent revenue gains appear
even more moderate when comparing them to the 11.0 percent
annual growth in revenues from 2001 to 2007 for AmLaw 100 firms.
As revenue growth slowed, so did profits per partner with just 66 of
the AmLaw 100 firms demonstrating increased profitability. Globallyfocused firms with diverse practice groups have fared best and have
been able to reinvest into the business, attracting specialty practice
groups and boutique shops that further enhance the firm’s offerings
and geographic scope.
As challenges for law firms persist across the business environment,
they have also arisen in many real estate markets of importance for
law firms.
After nearly seven years of enhanced leverage for tenants in the
U.S., firms encounter a more challenging market ahead in 2014
and 2015. A flight to quality has diminished the amount of Trophy
and Class A options, spaces that most international and domestic
law firms usually flock to. In that segment of the market, blocks of
spaces, of all sizes, have shrunk from 12 months ago. This decrease
in available space has pushed rents up across the board nationally
by nearly 3.0 percent year-over-year in the U.S. Fortunately for firms,
the greatest opportunity for extended leverage over the next 12 to 18
months sits in markets where firms have the largest presence: New
York, Washington, Chicago and Los Angeles. For different reasons,
these markets have been more challenged economically and remain
behind rather than ahead of the overall U.S. recovery.
Across the major Canadian markets, law firms will experience
more favourable conditions than they likely will in the U.S. over the
next several years. The development cycle across key markets
such as Toronto, Calgary and Vancouver is fairly robust, providing
firms options in those new developments, but also in the secondgeneration options left behind by other firms. As a result of supply
dynamics moving with law firms over the next 24 to 36 months, we
expect rents to peak as well.
In Europe, real estate market conditions are diverging. The supply
of available prime office stock in the City of London is diminishing
and law firms face the potential for rental increases and diminishing
incentives due to a number of large lettings and diminishing supply
in Grade A buildings. In Germany, too, law firms may face more
landlord-favourable conditions over the next 24 months in select
locations including Munich and Frankfurt.
Other European markets however offer greater opportunities for law
firms to take advantage of more tenant-favourable conditions and
improve the quality of their real estate or reduce costs. In Milan,
Paris, Brussels, Madrid and Warsaw, real estate market conditions
will be in favour of law firms in 2014.
In Asia Pacific, office leasing activity has reduced in many markets
mirroring greater uncertainty in economic growth trajectories. In the
regional hubs of Singapore and Hong Kong, rental conditions have
been softer in 2013 with rent declines seen in Hong Kong in the first
half of 2013. Market conditions will turn more toward landlords in
both markets as we move into 2014. For law firms focused on Beijing
and Tokyo, rents are likely to rise in both going into 2014, whereas
Sydney, Melbourne and Shanghai will offer more favourable real
estate market conditions ahead.
Global clients drive law firm expansion into emerging markets
Despite some tapering of growth prospects in large emerging
markets such as China, India and Brazil, international law firms are
continuing to look to emerging markets for future growth potential.
Driven largely by the global expansion of their clients, emerging
markets including Africa have been on the agenda for a growing
number of firms. In Africa, corporate growth is being driven by
financial services, consumer goods, telecoms, infrastructure, energy
and natural resource industries and is creating growing business
opportunities for law firms. Routes to entry in Africa vary with firms
such as Clifford Chance, Norton Rose and Allen & Overy opening
offices in the past two years, while others including Linklaters and
Eversheds have formed partnerships with local players. Acquisition
is another favoured route and the June tie-up between Norton Rose
and Fulbright & Jaworski will provide Norton Rose with deeper
coverage in Africa through existing Fulbright & Jaworski offices.
Entry into new and emerging markets creates a range of challenges
for law firms looking to open offices. Access to reliable property data
6. 6 Law Firm Perspective • Global • 2013
is key in an opaque market and working with partners who have a
deep understanding of the market is also important.
Strategic updates from law firms indicate this growth is set to
continue with Clifford Chance announcing plans to consider its
options in other key regional hubs including Egypt, Nigeria and
South Africa and Norton Rose recently outlining intentions to extend
its network to African jurisdictions such as Angola, Egypt, Kenya,
Mozambique and Nigeria amid the firm’s fast global expansion.
Another opportunity for law firms revolves around space utilization.
Law firms are facing the continuing challenge of balancing increasing
client expectations and client desire to drive down costs. As a result,
many law firms remain focused on managing the cost of their real
estate portfolio more effectively and maximising operating efficiency.
Jones Lang LaSalle
Firms that embrace modern layouts and enhanced efficiency
measures have the opportunity to shrink real estate occupancy
by more than 15.0 percent, providing an opportunity to cap cost
structures in a still-challenging business climate. In today’s real
estate market, evolving demographics are encouraging greater
collaboration among colleagues and new patterns for how and
where we work. This shift has not just affected law firms, but banks,
consulting firms, technology companies and really any office tenant
across the globe. The focus on workplace optimisation will remain
a key priority for law firms as they implement global real estate
strategies into 2014 and beyond. As has been the case in the past,
U.S. firms will continue to lag their London counterparts in moving to
even more aggressive utilization tactics, but they are gradually over
time adapting some of these proactive measures.
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 7
Global law firm trends
...meaning leverage is moving
away from law firms.
$
67%
of global markets
polled expect rents to increase in 2014...
At the same time, concessions provided to law firms paint more of a blurred picture:
concessions
stable
concessions
decreasing
44%
concessions
increasing
33%
Of global markets polled,
overall, law firm
demand is stable
23%
23%
increase
14%
60%
Tenant-favourable
markets waning...
decrease
stable
20
13
of law firms
polled are
focused on
using space
more efficiently
%
45
66%
2014
26%
tenant-favourable
2015
8%
7. 6 Law Firm Perspective • Global • 2013
is key in an opaque market and working with partners who have a
deep understanding of the market is also important.
Strategic updates from law firms indicate this growth is set to
continue with Clifford Chance announcing plans to consider its
options in other key regional hubs including Egypt, Nigeria and
South Africa and Norton Rose recently outlining intentions to extend
its network to African jurisdictions such as Angola, Egypt, Kenya,
Mozambique and Nigeria amid the firm’s fast global expansion.
Another opportunity for law firms revolves around space utilization.
Law firms are facing the continuing challenge of balancing increasing
client expectations and client desire to drive down costs. As a result,
many law firms remain focused on managing the cost of their real
estate portfolio more effectively and maximising operating efficiency.
Jones Lang LaSalle
Firms that embrace modern layouts and enhanced efficiency
measures have the opportunity to shrink real estate occupancy
by more than 15.0 percent, providing an opportunity to cap cost
structures in a still-challenging business climate. In today’s real
estate market, evolving demographics are encouraging greater
collaboration among colleagues and new patterns for how and
where we work. This shift has not just affected law firms, but banks,
consulting firms, technology companies and really any office tenant
across the globe. The focus on workplace optimisation will remain
a key priority for law firms as they implement global real estate
strategies into 2014 and beyond. As has been the case in the past,
U.S. firms will continue to lag their London counterparts in moving to
even more aggressive utilization tactics, but they are gradually over
time adapting some of these proactive measures.
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 7
Global law firm trends
...meaning leverage is moving
away from law firms.
$
67%
of global markets
polled expect rents to increase in 2014...
At the same time, concessions provided to law firms paint more of a blurred picture:
concessions
stable
concessions
decreasing
44%
concessions
increasing
33%
Of global markets polled,
overall, law firm
demand is stable
23%
23%
increase
14%
60%
Tenant-favourable
markets waning...
decrease
stable
13
%
45
of law firms
polled are
focused on
using space
more efficiently
20
66%
2014
26%
tenant-favourable
2015
8%
8. Jones Lang LaSalle
8 Law Firm Perspective • Global • 2013
Law firm market map
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 9
Global office property clock
Amsterdam
Vancouver
San Francisco
Los Angeles
Toronto Montreal
Calgary
Chicago
Boston
Philadelphia New York
Washington DC
Dallas
Houston
Amsterdam Germany
London City
Paris Brussels Warsaw
Milan
Berlin, Hamburg, Moscow
Beijing
Madrid
Atlanta
Miami
Montréal
Calgary
Vancouver
Cologne, Stuttgart, Toronto
Mosow
Shanghai
Dubai &
Abu Dhabi
Munich
Tokyo
Houston, San Francisco
Hong Kong
Rental growth
slowing
Rents
falling
Rental growth
accelerating
Rents
bottoming out
Milan
Dallas, Düsseldorf
Singapore
Frankfurt
London
Beijing, Melbourne
Warsaw
Sydney
Boston
Tokyo
Melbourne
Dubai, New York
Los Angeles, Miami
Atlanta, Philadelphia, Shanghai
Abu Dubai
Sydney
Washington, DC
Madrid
Brussels, Chicago, Hong Kong, Singapore
Americas
Asia Pacific
EMEA
The clock diagram illustrates where Jones Lang LaSalle estimates
each prime office market is within its individual rental cycle as of
October 2013.
Markets move around the clock at different speeds and directions.
The diagram is a convenient method of comparing the relative
position of markets in their rental cycle. Their position is not
necessarily representative of investment or development market
prospects. Their position refers to prime face rental values. Markets
with a step pattern of rental growth do not tend to follow conventional
cycles and are likely to move between the hours of 9 and 12 o’clock
only, with 9 o’clock representing a jump in rental levels following a
period of stability.
9. Jones Lang LaSalle
8 Law Firm Perspective • Global • 2013
Law firm market map
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 9
Global office property clock
Amsterdam
Vancouver
San Francisco
Los Angeles
Toronto Montreal
Calgary
Chicago
Boston
Philadelphia New York
Washington DC
Dallas
Houston
Amsterdam Germany
London City
Paris Brussels Warsaw
Milan
Berlin, Hamburg, Moscow
Beijing
Madrid
Atlanta
Miami
Montréal, Paris
Calgary
Vancouver
Cologne, Stuttgart, Toronto
Mosow
Shanghai
Dubai &
Abu Dhabi
Munich
Tokyo
Houston, San Francisco
Hong Kong
Rental growth
slowing
Rents
falling
Rental growth
accelerating
Rents
bottoming out
Milan
Dallas, Düsseldorf
Singapore
Frankfurt
London
Beijing, Melbourne
Warsaw
Sydney
Boston
Tokyo
Melbourne
Dubai, New York
Los Angeles, Miami
Atlanta, Philadelphia, Shanghai
Abu Dubai
Sydney
Washington, DC
Madrid
Brussels, Chicago, Hong Kong, Singapore
Americas
Asia Pacific
EMEA
The clock diagram illustrates where Jones Lang LaSalle estimates
each prime office market is within its individual rental cycle as of
October 2013.
Markets move around the clock at different speeds and directions.
The diagram is a convenient method of comparing the relative
position of markets in their rental cycle. Their position is not
necessarily representative of investment or development market
prospects. Their position refers to prime face rental values. Markets
with a step pattern of rental growth do not tend to follow conventional
cycles and are likely to move between the hours of 9 and 12 o’clock
only, with 9 o’clock representing a jump in rental levels following a
period of stability.
10. Jones Lang LaSalle
10 Law Firm Perspective • Global • 2013
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 11
Atlanta
Americas
Locational preference: Atlanta’s largest and most venerable law firms are located in the Central Business District
along the Peachtree corridor in A-plus tower space. The Midtown submarket houses the largest concentration of legal tenants, although
some firms remain Downtown for convenient access to the city’s courthouses and government agencies. To the north, Buckhead’s
financial district has also attracted some of Atlanta’s most visible firms; however, few big blocks of contiguous premium space remain in
Buckhead that can accommodate significant requirements, whereas Midtown still has plenty of options.
11.2% 2.0%
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Law firm activity has been relatively quiet for the last 24 months after several
years on the immediate heels of the recession, in which some of the city’s biggest
firms committed to relocating or renewing existing space. Currently, there are no
big firms in the market on par with what was seen in 2010 and 2011. Activity in
the traditional law firm submarkets has been muted, if only because most of the
biggest firms have already made their real estate plays. Two years ago, large
firms were giving back significant amounts of space, a trend which has since
stabilized since most of the activity has stemmed from mid-sized and small firms.
21
Number of law firms occupying
greater than 50,000 s.f.
5
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
Bryan Cave
1201 West Peachtree Street
152,383 s.f.
Renewal
Hunton & Williams
600 Peachtree Street
45,707 s.f.
Renewal
For those who are in the market for space, conditions are starting to tighten.
Firms seeking premium high-floor Trophy space in Buckhead will find their
options extremely limited due to lack of big block space. Midtown offers more
flexibility and, additionally, has proven to be the go-to submarket for the greatest
concentration of law firms over the last 15 years.
Johnson & Freedman
1587 Northeast Expressway
50,000 s.f.
Renewal
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Fish & Richardson
25,000
Foltz Martin
20,000
Need?
OUTLOOK
PRICING AND INCENTIVE AVERAGES
$29.80
3.6%
Class A asking rent ($ p.s.f)
Class A annual escalation
13.1%
3.6%
26.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$50.00/$25.00
12/3
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• Particularly in Buckhead, there is limited availability of large contiguous blocks
of premium space in the Trophy towers.
• Pricing has begun to tighten in both Buckhead and Midtown and landlords have
tightened their fists on concessions.
Opportunities for law firms
• Dissolutions and sublease dispositions have created additional space options
for tenants.
• Competition in the marketplace is limited by a finite number of near-term
lease expirations.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable marke
11. Jones Lang LaSalle
10 Law Firm Perspective • Global • 2013
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 11
Atlanta
Americas
Locational preference: Atlanta’s largest and most venerable law firms are located in the Central Business District
along the Peachtree corridor in A-plus tower space. The Midtown submarket houses the largest concentration of legal tenants, although
some firms remain Downtown for convenient access to the city’s courthouses and government agencies. To the north, Buckhead’s
financial district has also attracted some of Atlanta’s most visible firms; however, few big blocks of contiguous premium space remain in
Buckhead that can accommodate significant requirements, whereas Midtown still has plenty of options.
11.2% 2.0%
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Law firm activity has been relatively quiet for the last 24 months after several
years on the immediate heels of the recession, in which some of the city’s biggest
firms committed to relocating or renewing existing space. Currently, there are no
big firms in the market on par with what was seen in 2010 and 2011. Activity in
the traditional law firm submarkets has been muted, if only because most of the
biggest firms have already made their real estate plays. Two years ago, large
firms were giving back significant amounts of space, a trend which has since
stabilized since most of the activity has stemmed from mid-sized and small firms.
21
Number of law firms occupying
greater than 50,000 s.f.
5
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
Bryan Cave
1201 West Peachtree Street
152,383 s.f.
Renewal
Hunton & Williams
600 Peachtree Street
45,707 s.f.
Renewal
For those who are in the market for space, conditions are starting to tighten.
Firms seeking premium high-floor Trophy space in Buckhead will find their
options extremely limited due to lack of big block space. Midtown offers more
flexibility and, additionally, has proven to be the go-to submarket for the greatest
concentration of law firms over the last 15 years.
Johnson & Freedman
1587 Northeast Expressway
50,000 s.f.
Renewal
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Fish & Richardson
25,000
Foltz Martin
20,000
Need?
OUTLOOK
PRICING AND INCENTIVE AVERAGES
$29.80
3.6%
Class A asking rent ($ p.s.f)
Class A annual escalation
13.1%
3.6%
26.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$50.00/$25.00
12/3
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• Particularly in Buckhead, there is limited availability of large contiguous blocks
of premium space in the Trophy towers.
• Pricing has begun to tighten in both Buckhead and Midtown and landlords have
tightened their fists on concessions.
Opportunities for law firms
• Dissolutions and sublease dispositions have created additional space options
for tenants.
• Competition in the marketplace is limited by a finite number of near-term
lease expirations.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
12. Jones Lang LaSalle
12 Law Firm Perspective • Global • 2013
Boston
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 13
Chicago
Locational preference: The city’s premier law firms occupy space in the most prestigious office towers in Boston’s
Locational preference: Most of Chicago’s largest law firm tenants are located in the West Loop and Central Loop
17.6% 8.4%
17.6% 13.8%
Back Bay, Financial and Seaport Districts.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Law practices in Boston have begun to turn the corner as evidenced by the
positive employment growth over the past year. The city of Boston is experiencing
growth in the intellectual property law practice, spurred by the area’s rise in
the high-tech and life sciences fields. As a result, the Seaport District, dubbed
the Innovation District of Boston and home to a growing number of high-tech
start-ups and pharmaceutical giant Vertex, has attracted law firms from within
and outside Boston looking to maximize proximity to potential clients. The area
also presents build-to-suit opportunities as restacking current spaces has proven
costly and inefficient. For instance, Finnegan announced its move to the Seaport
in 2012 following Vertex’s move; Concord, MA-based Hamilton Brook will open a
Seaport branch looking to compete in the IP space; and Goodwin Procter signed
a build-to-suit lease to occupy 360,000 square feet at Fan Pier, downsizing from
415,000 square feet in Financial District.
Due to the rightsizing trend, however, Boston law firms are not increasing their
footprints in the same proportion to the numbers of their employees as they used
to. Advanced mobile technology, cost cutting measures and open-space work
environment are examples of factors leading to fewer square feet per employee
across law firms. Some have eliminated the needs for support roles in high-cost
spaces altogether, choosing to establish a centralized support offices elsewhere
or outsource to third-party business services companies.
28
Number of law firms occupying
greater than 50,000 s.f.
33
Number of AmLaw 100 firms with
offices locally
submarkets and a few are in the River North. The Central Loop is also home to the largest share of the market’s small and mediumsized firms. The East Loop is still a viable option for firms looking for space at competitive rates. There are an abundance of large blocks
available with views of Grant Park or Lake Michigan.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
For the first time since 2009, a new office tower is under construction in
downtown Chicago and two local law firms have already announced plans to
relocate to the prime Class A tower. McDermott Will has signed a lease for
225,000 square feet at the new West Loop development, called River Point.
2013 LAW FIRM COMPLETED TRANSACTIONS
Goodwin Procter
2 Harbor Shore Drive
360,000 s.f.
Relocation
54
Number of law firms occupying
greater than 50,000 s.f.
As in many markets across the U.S., Chicago law firms are increasingly cautious
and efficient with their space by shifting to single-sized offices, adding interior
offices and reducing their footprint by restructuring their leases or subleasing a
portion of their current space. Of the top 25 Chicago law firms, 15 have either
downsized or sublet space in the past few years. A recent example of this is the
55,000-square-foot sublease of Locke Lord’s space at 111 S Wacker Drive by
Harris Associates.
Todd & Weld
One Federal Street
25,000 s.f.
Relocation
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Choate
250,000
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
McDermott
444 W Lake Street
225,000 s.f.
Relocation
With the market for high-end, high-rise Trophy space tightening, firms seeking
such space are seeing fewer landlord concessions, while others in the market for
standard Class A and B space still have leverage. Once River Point is delivered,
though, the market for Trophy blocks is expected to loosen slightly, particularly if a
second new building commences.
Skadden
500 Boylston Street
48,000 s.f.
Relocation
38
Dentons
233 S Wacker Drive
204,705 s.f.
Relocation (in building)
Lewis Brisbois
550 W Adams Street
54,782 s.f.
Renewal w/ expansion
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Seyfarth Shaw
200,000
$1.00
Class A annual escalation
20.0%
10.0%
30.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$50.00/$30.00
TI allowance ($ p.s.f.)**
Holland & Knight
100,000
30,000
Freeborn & Peters
90,000
OUTLOOK
$50.67
Class A asking rent ($ p.s.f)
30,000
Sherin & Lodgen
PRICING AND INCENTIVE AVERAGES
Pierce Atwood
4/2
Free rent (months)**
**averages on 10-year new/renewal transactions
PRICING AND INCENTIVE AVERAGES
Challenges for law firms
• Rising rents prompt large users to seek alternative spaces outside the
established submarkets of the Back Bay and the Financial District.
• Average-sized users compete with high-tech firms for spaces within the 10,000
to 30,000-square-foot range.
• Concession packages are becoming less attractive as free rent and tenant
improvement allowances are decreasing.
Opportunities for law firms
• Options exist for build-to-suit opportunity and brand new spaces throughout
the Seaport District and downtown.
• Low and mid-rise options present cost-reducing solutions to small, growing
law firms.
• Lease expirations from major corporate firms provide options on large blocks
over the next two years.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
OUTLOOK
$36.41
2.5%
Class A asking rent ($ p.s.f)
Class A annual escalation
21.4%
5.0%
35.5%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$57.00/$28.00
9/5
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• The market for high-end, high-rise Trophy space is still tight so firms are facing
more landlord favourable conditions.
• As the number of large-block spaces decline, firms in need of 100,000 square
feet or more have fewer options.
Opportunities for law firms
• Smaller and emerging firms have more opportunities for good deals.
• Cost-saving solutions that firms are making could allow for more future growth,
which would drive greater real estate needs in the future.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
13. Jones Lang LaSalle
12 Law Firm Perspective • Global • 2013
Boston
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 13
Chicago
Locational preference: The city’s premier law firms occupy space in the most prestigious office towers in Boston’s
Locational preference: Most of Chicago’s largest law firm tenants are located in the West Loop and Central Loop
17.6% 8.4%
17.6% 13.8%
Back Bay, Financial and Seaport Districts.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Law practices in Boston have begun to turn the corner as evidenced by the
positive employment growth over the past year. The city of Boston is experiencing
growth in the intellectual property law practice, spurred by the area’s rise in
the high-tech and life sciences fields. As a result, the Seaport District, dubbed
the Innovation District of Boston and home to a growing number of high-tech
start-ups and pharmaceutical giant Vertex, has attracted law firms from within
and outside Boston looking to maximize proximity to potential clients. The area
also presents build-to-suit opportunities as restacking current spaces has proven
costly and inefficient. For instance, Finnegan announced its move to the Seaport
in 2012 following Vertex’s move; Concord, MA-based Hamilton Brook will open a
Seaport branch looking to compete in the IP space; and Goodwin Procter signed
a build-to-suit lease to occupy 360,000 square feet at Fan Pier, downsizing from
415,000 square feet in Financial District.
Due to the rightsizing trend, however, Boston law firms are not increasing their
footprints in the same proportion to the numbers of their employees as they used
to. Advanced mobile technology, cost cutting measures and open-space work
environment are examples of factors leading to fewer square feet per employee
across law firms. Some have eliminated the needs for support roles in high-cost
spaces altogether, choosing to establish a centralized support offices elsewhere
or outsource to third-party business services companies.
28
Number of law firms occupying
greater than 50,000 s.f.
33
Number of AmLaw 100 firms with
offices locally
submarkets and a few are in the River North. The Central Loop is also home to the largest share of the market’s small and mediumsized firms. The East Loop is still a viable option for firms looking for space at competitive rates. There are an abundance of large blocks
available with views of Grant Park or Lake Michigan.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
For the first time since 2009, a new office tower is under construction in
downtown Chicago and two local law firms have already announced plans to
relocate to the prime Class A tower. McDermott Will has signed a lease for
225,000 square feet at the new West Loop development, called River Point.
2013 LAW FIRM COMPLETED TRANSACTIONS
Goodwin Procter
2 Harbor Shore Drive
360,000 s.f.
Relocation
54
Number of law firms occupying
greater than 50,000 s.f.
As in many markets across the U.S., Chicago law firms are increasingly cautious
and efficient with their space by shifting to single-sized offices, adding interior
offices and reducing their footprint by restructuring their leases or subleasing a
portion of their current space. Of the top 25 Chicago law firms, 15 have either
downsized or sublet space in the past few years. A recent example of this is the
55,000-square-foot sublease of Locke Lord’s space at 111 S Wacker Drive by
Harris Associates.
Todd & Weld
One Federal Street
25,000 s.f.
Relocation
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Choate
250,000
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
McDermott
444 W Lake Street
225,000 s.f.
Relocation
With the market for high-end, high-rise Trophy space tightening, firms seeking
such space are seeing fewer landlord concessions, while others in the market for
standard Class A and B space still have leverage. Once River Point is delivered,
though, the market for Trophy blocks is expected to loosen slightly, particularly if a
second new building commences.
Skadden
500 Boylston Street
48,000 s.f.
Relocation
38
Dentons
233 S Wacker Drive
204,705 s.f.
Relocation (in building)
Lewis Brisbois
550 W Adams Street
54,782 s.f.
Renewal w/ expansion
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Seyfarth Shaw
200,000
$1.00
Class A annual escalation
20.0%
10.0%
30.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$50.00/$30.00
TI allowance ($ p.s.f.)**
Holland & Knight
100,000
30,000
Freeborn & Peters
90,000
OUTLOOK
$50.67
Class A asking rent ($ p.s.f)
30,000
Sherin & Lodgen
PRICING AND INCENTIVE AVERAGES
Pierce Atwood
4/2
Free rent (months)**
**averages on 10-year new/renewal transactions
PRICING AND INCENTIVE AVERAGES
Challenges for law firms
• Rising rents prompt large users to seek alternative spaces outside the
established submarkets of the Back Bay and the Financial District.
• Average-sized users compete with high-tech firms for spaces within the 10,000
to 30,000-square-foot range.
• Concession packages are becoming less attractive as free rent and tenant
improvement allowances are decreasing.
Opportunities for law firms
• Options exist for build-to-suit opportunity and brand new spaces throughout
the Seaport District and downtown.
• Low and mid-rise options present cost-reducing solutions to small, growing
law firms.
• Lease expirations from major corporate firms provide options on large blocks
over the next two years.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
OUTLOOK
$36.41
2.5%
Class A asking rent ($ p.s.f)
Class A annual escalation
21.4%
5.0%
35.5%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$57.00/$28.00
9/5
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• The market for high-end, high-rise Trophy space is still tight so firms are facing
more landlord favourable conditions.
• As the number of large-block spaces decline, firms in need of 100,000 square
feet or more have fewer options.
Opportunities for law firms
• Smaller and emerging firms have more opportunities for good deals.
• Cost-saving solutions that firms are making could allow for more future growth,
which would drive greater real estate needs in the future.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
14. Jones Lang LaSalle
14 Law Firm Perspective • Global • 2013
Dallas
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 15
Houston
Locational preference: The majority of law firms (78.0 percent) are located within the downtown area (the Dallas CBD
Locational preference: Houston law firms are found mostly in the CBD submarket. They are concentrated in Class A
16.4% 4.9%
16.0% 2.2%
& Uptown), with the next largest concentrations in Central Expressway, LBJ and Far North Dallas. The larger law firms are concentrated
in the AA and Trophy properties of the Dallas CBD and Uptown. Their movement will parallel any new, high-end development delivered in
these submarkets. Both the CBD’s and Uptown’s latest spec developments are significantly occupied by law firms.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Tight market conditions are beginning to drive the latest office construction
cycle in Dallas’ Downtown. While law firms alone do not typically kick-off new
construction, they are significant tenants in AA and Trophy assets in the CBD and
Uptown areas. Timing looks optimum for new construction because a great deal
of churn is taking shape as leases expire at a number of major law firms over the
next four years.
This pattern occurred in the last cycle when Thompson & Knight (One Arts Plaza),
Koons Fuller (Park Seventeen) and Patton Boggs (2000 McKinney) all took
substantial blocks in the newest offerings. Halls’ Arts District project will be the
next office building to break ground. Although KPMG is the lead tenant, Jackson
Walker has a deal in the works for up to a 100,000-square-foot block.
Effective rents on these new projects are significantly higher (typically about 30.0
percent) than average existing Class A rates. To balance these costs, law firms
are optimizing their space. Some large firms with leases expiring near-term are
reducing their requirements by 40.0 percent. A few regional-scale firms, however,
have bucked the higher rents, opting for more economical, existing downtown
Class A space.
27
Number of law firms occupying
greater than 50,000 s.f.
20
Number of AmLaw 100 firms with
offices locally
buildings with some of the most expensive rental rates in the city. Because of the lack of vacancy downtown, if law firms were to move they
would consider moving to Midtown, Greenway Plaza and Galleria submarkets into new and proposed buildings with high-end finishes.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
The Houston office market continues to grow, largely in part due to the impact of
the strength of the energy sector on the local economy. For this reason, tenants,
especially energy-related law firms, are drawn to Houston, making space options
scarcer. In the CBD, the vacancy rate for Class A space is currently at 9.2
percent, supporting evidence for the reality that large blocks are tough to piece
together. As a result of this, when looking at law firm activity, most firms have
been forced to renew their leases rather than relocate to new space. Similarly,
even in renewal negotiations, landlords currently have the upper hand in the
market and are able to increase asking rates across the board. Expect this to be
the case for the next several quarters until the market supply can meet the needs
of high-end tenants.
2013 LAW FIRM COMPLETED TRANSACTIONS
Hartline Dacus
6688 N Central Expressway
36,603 s.f.
Renewal
Jim Adler & Associates
2711 N Haskell Avenue
28,162 s.f.
Relocation
In addition to the above mid-sized deals that closed in 2013, several
high-profile law firm leases were completed in the latter part of 2012
including leases by Jones Day and Akin Gump for 133,187 s.f. and
104,277 s.f., respectively, as well as mid-sized leases finalized by
Munsch Hardt (78,524 s.f.) Baron Budd (47,077 s.f.).
27
45
Number of AmLaw 100 firms with
offices locally
Number of law firms occupying
greater than 50,000 s.f.
2013 LAW FIRM COMPLETED TRANSACTIONS
BakerHostetler
811 Main Street
75,737 s.f.
Relocation
Linn Thurber
3555 Timmons Lane
30,637 s.f.
Renewal
Strasburger
909 Fannin
28,226 s.f.
Expansion
While options for Class A space downtown are very limited, there are a number of
proposed buildings and new projects that could potentially draw some of the law
firms away from the CBD. These include BLVD Place in The Galleria, Kirby Grove
in Greenway Plaza and CityCentre Five in The Energy Corridor.
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Locke Lord
160,000
Gardere
Gardere
110,000
Akin Gump
75,000
80,000
FosterQuan
21,572
Jackson Walker
PRICING AND INCENTIVE AVERAGES
OUTLOOK
$24.31
2.5%
Class A asking rent ($ p.s.f)
Class A annual escalation
30.0%
12.0%
40.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$45.00/$10.00
TI allowance ($ p.s.f.)**
12/6
Free rent (months)**
**averages on 10-year new/renewal transactions
• The market has shifted from strongly tenant-favourable to neutral of late;
effective rates are rising, especially in Uptown.
• Limited new construction over the next couple years will force law firms
with near-term lease expirations to renew in place or consider secondgeneration space.
• Financing constraints for new development limits construction levels below
historic norm.
Opportunities for law firms
• Full floor tenants or smaller continue to have a plethora of options.
• One or two new construction projects may begin construction (could deliver in
the next 24 to 30 months).
• Increase in institutional ownership in CBD makes existing properties more
attractive to law firms.
2013
OUTLOOK
PRICING AND INCENTIVE AVERAGES
Challenges for law firms
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
$39.20
$0.50
Class A asking rent ($ p.s.f)
100,000
Class A annual escalation
5.0%
4.0%
20.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$50.00/$35.00
4/2
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• CBD vacancy is currently very low, making it difficult to expand or relocate to
large blocks in Class A buildings.
• With limited availability, rents will continue to increase, especially in A+ buildings.
• Firms must be willing to commit to longer leases than they may desire in order to
gain a more competitive rent on space.
Opportunities for law firms
• West Houston development remains strong, offering an alternative to the
inner-loop locations and access to a growing number of energy firms in
that area.
• With development of the Grand Parkway, future projects are being proposed
farther outside of CBD, which could mean a cheaper cost for firms looking to
move outward.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
15. Jones Lang LaSalle
14 Law Firm Perspective • Global • 2013
Dallas
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 15
Houston
Locational preference: The majority of law firms (78.0 percent) are located within the downtown area (the Dallas CBD
Locational preference: Houston law firms are found mostly in the CBD submarket. They are concentrated in Class A
16.4% 4.9%
16.0% 2.2%
& Uptown), with the next largest concentrations in Central Expressway, LBJ and Far North Dallas. The larger law firms are concentrated
in the AA and Trophy properties of the Dallas CBD and Uptown. Their movement will parallel any new, high-end development delivered in
these submarkets. Both the CBD’s and Uptown’s latest spec developments are significantly occupied by law firms.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Tight market conditions are beginning to drive the latest office construction
cycle in Dallas’ Downtown. While law firms alone do not typically kick-off new
construction, they are significant tenants in AA and Trophy assets in the CBD and
Uptown areas. Timing looks optimum for new construction because a great deal
of churn is taking shape as leases expire at a number of major law firms over the
next four years.
This pattern occurred in the last cycle when Thompson & Knight (One Arts Plaza),
Koons Fuller (Park Seventeen) and Patton Boggs (2000 McKinney) all took
substantial blocks in the newest offerings. Halls’ Arts District project will be the
next office building to break ground. Although KPMG is the lead tenant, Jackson
Walker has a deal in the works for up to a 100,000-square-foot block.
Effective rents on these new projects are significantly higher (typically about 30.0
percent) than average existing Class A rates. To balance these costs, law firms
are optimizing their space. Some large firms with leases expiring near-term are
reducing their requirements by 40.0 percent. A few regional-scale firms, however,
have bucked the higher rents, opting for more economical, existing downtown
Class A space.
27
Number of law firms occupying
greater than 50,000 s.f.
20
Number of AmLaw 100 firms with
offices locally
buildings with some of the most expensive rental rates in the city. Because of the lack of vacancy downtown, if law firms were to move they
would consider moving to Midtown, Greenway Plaza and Galleria submarkets into new and proposed buildings with high-end finishes.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
The Houston office market continues to grow, largely in part due to the impact of
the strength of the energy sector on the local economy. For this reason, tenants,
especially energy-related law firms, are drawn to Houston, making space options
scarcer. In the CBD, the vacancy rate for Class A space is currently at 9.2
percent, supporting evidence for the reality that large blocks are tough to piece
together. As a result of this, when looking at law firm activity, most firms have
been forced to renew their leases rather than relocate to new space. Similarly,
even in renewal negotiations, landlords currently have the upper hand in the
market and are able to increase asking rates across the board. Expect this to be
the case for the next several quarters until the market supply can meet the needs
of high-end tenants.
2013 LAW FIRM COMPLETED TRANSACTIONS
Hartline Dacus
6688 N Central Expressway
36,603 s.f.
Renewal
Jim Adler & Associates
2711 N Haskell Avenue
28,162 s.f.
Relocation
In addition to the above mid-sized deals that closed in 2013, several
high-profile law firm leases were completed in the latter part of 2012
including leases by Jones Day and Akin Gump for 133,187 s.f. and
104,277 s.f., respectively, as well as mid-sized leases finalized by
Munsch Hardt (78,524 s.f.) Baron Budd (47,077 s.f.).
27
45
Number of AmLaw 100 firms with
offices locally
Number of law firms occupying
greater than 50,000 s.f.
2013 LAW FIRM COMPLETED TRANSACTIONS
BakerHostetler
811 Main Street
75,737 s.f.
Relocation
Linn Thurber
3555 Timmons Lane
30,637 s.f.
Renewal
Strasburger
909 Fannin
28,226 s.f.
Expansion
While options for Class A space downtown are very limited, there are a number of
proposed buildings and new projects that could potentially draw some of the law
firms away from the CBD. These include BLVD Place in The Galleria, Kirby Grove
in Greenway Plaza and CityCentre Five in The Energy Corridor.
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Locke Lord
160,000
Gardere
Gardere
110,000
Akin Gump
75,000
80,000
FosterQuan
21,572
Jackson Walker
PRICING AND INCENTIVE AVERAGES
OUTLOOK
$24.31
2.5%
Class A asking rent ($ p.s.f)
Class A annual escalation
30.0%
12.0%
40.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$45.00/$10.00
TI allowance ($ p.s.f.)**
12/6
Free rent (months)**
**averages on 10-year new/renewal transactions
• The market has shifted from strongly tenant-favourable to neutral of late;
effective rates are rising, especially in Uptown.
• Limited new construction over the next couple years will force law firms
with near-term lease expirations to renew in place or consider secondgeneration space.
• Financing constraints for new development limits construction levels below
historic norm.
Opportunities for law firms
• Full floor tenants or smaller continue to have a plethora of options.
• One or two new construction projects may begin construction (could deliver in
the next 24 to 30 months).
• Increase in institutional ownership in CBD makes existing properties more
attractive to law firms.
2013
OUTLOOK
PRICING AND INCENTIVE AVERAGES
Challenges for law firms
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
$39.20
$0.50
Class A asking rent ($ p.s.f)
100,000
Class A annual escalation
5.0%
4.0%
20.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$50.00/$35.00
4/2
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• CBD vacancy is currently very low, making it difficult to expand or relocate to
large blocks in Class A buildings.
• With limited availability, rents will continue to increase, especially in A+ buildings.
• Firms must be willing to commit to longer leases than they may desire in order to
gain a more competitive rent on space.
Opportunities for law firms
• West Houston development remains strong, offering an alternative to the
inner-loop locations and access to a growing number of energy firms in
that area.
• With development of the Grand Parkway, future projects are being proposed
farther outside of CBD, which could mean a cheaper cost for firms looking to
move outward.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
16. Jones Lang LaSalle
16 Law Firm Perspective • Global • 2013
Los Angeles
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 17
Miami
Locational preference: Los Angeles law firms are concentrated in the Downtown CBD near the courthouses.
Locational preference: Miami’s CBD is comprised of two submarkets, Brickell and Downtown. The majority (57.3
21.9% 21.0%
21.0% 19.5%
Specialized practice groups catering to entertainment and media companies are located close to their clients on the Westside in the
Century City submarket. Moving ahead, some law firm tenants will elect to be closer to tech and entertainment clients and thus will migrate
to more non-traditional low rises in Santa Monica and Playa Vista.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
We continue to see Los Angeles law firms playing musical chairs with a market
driven by cost-saving opportunities. Los Angeles remains a tenant-favourable
market and owners have been offering generous rents and concessions to attract
larger tenants. Blank and Rome relocated within Century City from Watt Plaza to
the Century Park Towers. Additionally, CohnReznick consolidated their Westside
operations, combining their Brentwood and Century City offices and moving into
the Towers.
41
Number of law firms occupying
greater than 50,000 s.f.
Number of AmLaw 100 firms with
offices locally
Bowman and Brooke
970 West 190th Street
36,703 s.f.
Relocation
Blank Rome
2029 Century Park East
25,723 s.f.
Relocation
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
250,000
Nixon Peabody
4.0%
Class A annual escalation
4.4%
20.5%
37.3%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$55.00/$37.00
TI allowance ($ p.s.f.)**
50,000
OUTLOOK
$41.99
Class A asking rent ($ p.s.f)
75,000
White & Case
PRICING AND INCENTIVE AVERAGES
10/10
Free rent (months)**
**averages on 10-year new/renewal transactions
National law firms establishing a Miami foothold are strengthening and
underscored by new-to-market users and acquisitions/mergers/new law firm
formations. What is different is the relatively high ratio and swelling presence of
AmLaw 200 firms. A variety of demand factors is at play fueled by the significant
and rewarding opportunity for capturing international business, especially from
Latin America.
• CBD Class A ownership consolidation is leading to sizable market share likely to
lead to high rents.
• Increasing residential rents in the CBD are making it more expensive for new
associates to locate close to work.
• CBD and Century City parking remain some of the most expensive in the Los
Angeles market.
Opportunities for law firms
• Large near-term Westside lease expiration creating short-term leverage for
law firms looking at early renewals.
• Concession packages have increased to all-time highs.
• Robust media and entertainment sector performance, coupled with new
technology entrants from Silicon Valley, are creating opportunities for
specialized practice groups.
2014
2015
2016
2017
Number of law firms occupying
greater than 50,000 s.f.
Tenant-favourable market
Neutral market
Landlord-favourable market
$40.46
3.0%
Class A asking rent ($ p.s.f)
20
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
Fowler White Burnett
1395 Brickell Avenue
30,000 s.f.
Renewal with contraction
Weil
1395 Brickell Avenue
24,000 s.f.
Renewal
Gunster
600 Brickell Avenue
21,000 s.f.
Relocation
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Shutts & Bowen
80,000
White & Case
60,000
GrayRobinson
35,000
OUTLOOK
PRICING AND INCENTIVE AVERAGES
Challenges for law firms
2013
6
Size still matters and tenant-favourable conditions persist for the crème of the
crop users who can choose premium space from new construction as well
as second-generation options. Downsizing of office space needs does not
necessarily mean downsizing of staff. Rightsizing or efficiencies due to space
design and rapidly changing technology have allowed more space for more
employees. Most core and new business law practice areas here are either stable
or growing.
Barnes & Thornburg
2049 Century Park E
25,273 s.f.
Relocation
Sidley Austin
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Over the last two years, mega deals (40,000 square feet plus) throughout Miami
reveal a diversified office base with the majority of companies preferring suburban
settings. Among the largest law firms, however, the urban core remains the
location of choice as the CBD captured all of the leases within this size category.
Florida’s top five law firms each have a CBD Trophy address. Congregating
among like users, all but one of this year’s top law firm transactions were either
CBD renewals or relocations from within the CBD.
2013 LAW FIRM COMPLETED TRANSACTIONS
We also witnessed a few new entrants to the Los Angeles market. Barnes and
Thornburg signed a new lease at 2049 Century Park East. The firm has been
adding headcount nationwide and chose to expand its presence in Southern
California by opening an office in Century City at 2049 Century Park East.
Philadelphia-based Pepper Hamilton also opened a new office in the Los Angeles
CBD at 350 S Grand Avenue.
The Century City and Downtown Los Angeles markets have high vacancy and a
large number of available blocks of space. Changing ownership partners in both
markets will infuse cash to fund improvements as well renewed competition for
top-tier tenants in the market.
69
percent of Class A law firm users) occupy space within the Downtown sector of the urban core. Law firm requirements presently comprise
over 420,000 square feet throughout Miami. Of this, nearly 384,000 square feet or 90.0 percent are designated for the CBD.
Class A annual escalation
10.0%
4.5%
25.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$55.00/$55.00
7/7
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• Contiguous Trophy space with prime views is limited.
• Concessions continue to whittle down for both new and renewal activity.
Opportunities for law firms
• While pricing is shifting, overall levels remain favourable and are on par with
rents nearly seven years ago.
• Tenant improvement allowance offers, particularly for the newest buildings,
remain high, compared to historic norms.
• New assets/upgrades from existing product offer greater efficiencies,
upgraded finishes and increased amenities.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
17. Jones Lang LaSalle
16 Law Firm Perspective • Global • 2013
Los Angeles
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 17
Miami
Locational preference: Los Angeles law firms are concentrated in the Downtown CBD near the courthouses.
Locational preference: Miami’s CBD is comprised of two submarkets, Brickell and Downtown. The majority (57.3
21.9% 21.0%
21.0% 19.5%
Specialized practice groups catering to entertainment and media companies are located close to their clients on the Westside in the
Century City submarket. Moving ahead, some law firm tenants will elect to be closer to tech and entertainment clients and thus will migrate
to more non-traditional low rises in Santa Monica and Playa Vista.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
We continue to see Los Angeles law firms playing musical chairs with a market
driven by cost-saving opportunities. Los Angeles remains a tenant-favourable
market and owners have been offering generous rents and concessions to attract
larger tenants. Blank and Rome relocated within Century City from Watt Plaza to
the Century Park Towers. Additionally, CohnReznick consolidated their Westside
operations, combining their Brentwood and Century City offices and moving into
the Towers.
41
Number of law firms occupying
greater than 50,000 s.f.
Number of AmLaw 100 firms with
offices locally
Bowman and Brooke
970 West 190th Street
36,703 s.f.
Relocation
Blank Rome
2029 Century Park East
25,723 s.f.
Relocation
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
250,000
Nixon Peabody
4.0%
Class A annual escalation
4.4%
20.5%
37.3%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$55.00/$37.00
TI allowance ($ p.s.f.)**
50,000
OUTLOOK
$41.99
Class A asking rent ($ p.s.f)
75,000
White & Case
PRICING AND INCENTIVE AVERAGES
10/10
Free rent (months)**
**averages on 10-year new/renewal transactions
National law firms establishing a Miami foothold are strengthening and
underscored by new-to-market users and acquisitions/mergers/new law firm
formations. What is different is the relatively high ratio and swelling presence of
AmLaw 200 firms. A variety of demand factors is at play fueled by the significant
and rewarding opportunity for capturing international business, especially from
Latin America.
• CBD Class A ownership consolidation is leading to sizable market share likely to
lead to high rents.
• Increasing residential rents in the CBD are making it more expensive for new
associates to locate close to work.
• CBD and Century City parking remain some of the most expensive in the Los
Angeles market.
Opportunities for law firms
• Large near-term Westside lease expiration creating short-term leverage for
law firms looking at early renewals.
• Concession packages have increased to all-time highs.
• Robust media and entertainment sector performance, coupled with new
technology entrants from Silicon Valley, are creating opportunities for
specialized practice groups.
2014
2015
2016
2017
Number of law firms occupying
greater than 50,000 s.f.
Tenant-favourable market
Neutral market
Landlord-favourable market
$40.46
3.0%
Class A asking rent ($ p.s.f)
20
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
Fowler White Burnett
1395 Brickell Avenue
30,000 s.f.
Renewal with contraction
Weil
1395 Brickell Avenue
24,000 s.f.
Renewal
Gunster
600 Brickell Avenue
21,000 s.f.
Relocation
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Shutts & Bowen
80,000
White & Case
60,000
GrayRobinson
35,000
OUTLOOK
PRICING AND INCENTIVE AVERAGES
Challenges for law firms
2013
6
Size still matters and tenant-favourable conditions persist for the crème of the
crop users who can choose premium space from new construction as well
as second-generation options. Downsizing of office space needs does not
necessarily mean downsizing of staff. Rightsizing or efficiencies due to space
design and rapidly changing technology have allowed more space for more
employees. Most core and new business law practice areas here are either stable
or growing.
Barnes & Thornburg
2049 Century Park E
25,273 s.f.
Relocation
Sidley Austin
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Over the last two years, mega deals (40,000 square feet plus) throughout Miami
reveal a diversified office base with the majority of companies preferring suburban
settings. Among the largest law firms, however, the urban core remains the
location of choice as the CBD captured all of the leases within this size category.
Florida’s top five law firms each have a CBD Trophy address. Congregating
among like users, all but one of this year’s top law firm transactions were either
CBD renewals or relocations from within the CBD.
2013 LAW FIRM COMPLETED TRANSACTIONS
We also witnessed a few new entrants to the Los Angeles market. Barnes and
Thornburg signed a new lease at 2049 Century Park East. The firm has been
adding headcount nationwide and chose to expand its presence in Southern
California by opening an office in Century City at 2049 Century Park East.
Philadelphia-based Pepper Hamilton also opened a new office in the Los Angeles
CBD at 350 S Grand Avenue.
The Century City and Downtown Los Angeles markets have high vacancy and a
large number of available blocks of space. Changing ownership partners in both
markets will infuse cash to fund improvements as well renewed competition for
top-tier tenants in the market.
69
percent of Class A law firm users) occupy space within the Downtown sector of the urban core. Law firm requirements presently comprise
over 420,000 square feet throughout Miami. Of this, nearly 384,000 square feet or 90.0 percent are designated for the CBD.
Class A annual escalation
10.0%
4.5%
25.0%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$55.00/$55.00
7/7
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• Contiguous Trophy space with prime views is limited.
• Concessions continue to whittle down for both new and renewal activity.
Opportunities for law firms
• While pricing is shifting, overall levels remain favourable and are on par with
rents nearly seven years ago.
• Tenant improvement allowance offers, particularly for the newest buildings,
remain high, compared to historic norms.
• New assets/upgrades from existing product offer greater efficiencies,
upgraded finishes and increased amenities.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
18. Jones Lang LaSalle
18 Law Firm Perspective • Global • 2013
New York
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 19
Philadelphia
Locational preference: Firms gravitate to newer Trophy/A buildings within the Columbus Circle, Grand Central, Plaza
Locational preference: The majority of Philadelphia’s law firms are located in the CBD’s Market Street West submarket.
11.4% 12.5%
20.2% 8.7%
District and Times Square in Midtown and the Financial District Downtown. Though large blocks of Class A space are becoming available
Downtown at a significant discount to comparable Midtown space, most firms have remained in the Grand Central and Plaza Districts. The
westward migration appears to have slowed down, until large blocks of Class A space in the under-construction Hudson Yards begin to hit
the market in 2015 and beyond.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Stagnant employment growth in legal services, increased consolidation and
improving space efficiencies, have resulted in overall negative absorption for the
industry. In June, the New York-based law firm Weil Gotshal announced that it
would eliminate 60 salaried attorneys and 110 staff as the result of diminished
demand for high-end legal services. The firm is just one of the many that have
announced either layoffs or scaled-back recruiting efforts.
125
Number of law firms occupying
greater than 50,000 s.f.
PRICING AND INCENTIVE AVERAGES
1.6%
Class A annual escalation
15.0%
13.4%
20.1%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$56.00/$27.00
TI allowance ($ p.s.f.)**
7/4
Free rent (months)**
**averages on 10-year new/renewal transactions
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Following the highest volume of large law firm transactions in more than 15 years
in 2012, renewals by Pepper Hamilton and Drinker Biddle in the first half of 2013
finalized near-term, large firm rollover, shifting demand to mid-sized firms in the
Philadelphia CBD. Amidst no available Trophy blocks larger than 100,000 square
feet and rents 25.0 percent below replacement cost rents, both firms opted to
renew: Pepper Hamilton renewed in place and Drinker Biddle will reduce its
footprint by 25.0 percent. While law firms continue to look at increasing space
efficiency, less than 20.0 percent of transactions entailed rightsizing—a cross
sector shift exhibited in 2013 deal flow thus far.
Simpson Thacher
425 Lexington Avenue
595,799 s.f.
Renewal
Patterson Belknap
1133 Avenue of the Americas
198,000 s.f.
Renewal
Baker Botts
30 Rockefeller Plaza
104,161 s.f.
Renewal
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
While alternatives exist across desirable Trophy and Class A assets, growing
competition from mid-sized legal and financial services tenants will drive the
decline of quality blocks, a catalyst for decreased tenant leverage and future
Market Street West rent growth. Pond LeHocky, Hangley Aronchick and Weber
Gallagher—all between 30,000 and 60,000 square feet—are currently in the
market for space. These users additionally face competition from new users to
the market: Law firms Gordon & Rees and Carroll McNulty secured new offices
between 10,000 and 20,000 square feet at Trophy assets.
23
Number of law firms occupying
greater than 50,000 s.f.
16
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
Pepper Hamilton
Two Logan Square
268,000 s.f.
Renewal
Drinker Biddle
One Logan Square
155,000 s.f.
Renewal with contraction
Akin Gump
Two Commerce Square
18,000 s.f.
Renewal with expansion
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Weil Gotshal
500,000
Pond LeHocky
60,000
Jones Day
400,000
Hangley Aronchick
40,000
White & Case
400,000
Weber Gallagher
33,000
OUTLOOK
$74.26
Class A asking rent ($ p.s.f)
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
As in the past, many law firms are opting to stay in place to avert significant
relocation costs. Equally important, landlords have been reluctant to risk downtime and re-tenanting expenditures in a flat market. Simpson Thacher renewed
for nearly 600,000 square feet at 425 Lexington Avenue in the largest law firm
lease of the year. Of the top four law firm lease transactions year-to-date, all
were renewals. When firms haves chosen to move in recent years, many have
migrated to the west side of Midtown—for more efficient, large block availabilities
in new construction—and in some cases downtown for higher-quality space at a
discount to comparable spaces in Midtown.
Over the next year, mergers and acquisitions could further erode the industry’s
total footprint. Growth—where it exists—has been in small to medium-sized
firms, non-New York-based firms and those specializing in the legal needs of
technology and media companies. These law firms have different space needs
than Manhattan’s more traditional firms with many opting for value spaces in less
conventional buildings or locations outside Midtown’s Trophy inventory.
96
This location provides easy access to abundant amenities and immediate proximity to the city’s concentration of professional services
companies. Despite upward rental pressure at Trophy product and limited availability of contiguous blocks, Market Street West will remain
the core location for law firms.
Challenges for law firms
• Value options will become limited as demand from other industries, including
technology and media, increases.
• Rents in top-tier Trophy buildings have increased as demand from hedge funds,
private equity and wealth management expands.
• Limited new construction on the east side of Midtown could force some firms to
move outside of traditional submarkets.
Opportunities for law firms
• Landlords are eager to avoid the risk of down-time and cost of re-tenanting in
a flat market.
• New construction in the Far West Side and Downtown will increase
viable options.
• The potential rezoning of the area surrounding Grand Central Terminal
and Park Avenue would provide for new development in a law firmconcentrated submarket.
2013
OUTLOOK
PRICING AND INCENTIVE AVERAGES
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
$27.43
$0.50
Class A asking rent ($ p.s.f)
Class A annual escalation
20.3%
10.0%
11.4%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$40.00/$25.00
6/4
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• Stabilized Trophy and Class A landlords are pushing rents for quality
availabilities.
• Competition is growing for mid-sized quality blocks of space, between 25,000
and 50,000 square feet.
• Inbound demand is spurring increased competition for space.
Opportunities for law firms
• Pending large tenant leasing decisions could increase Trophy availability,
softening concessions in the short term.
• Repositioned Class A assets will bring new alternatives to market.
• Availabilities for small-sized law firms, less than 10,000 square feet,
remain abundant.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
19. Jones Lang LaSalle
18 Law Firm Perspective • Global • 2013
New York
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 19
Philadelphia
Locational preference: Firms gravitate to newer Trophy/A buildings within the Columbus Circle, Grand Central, Plaza
Locational preference: The majority of Philadelphia’s law firms are located in the CBD’s Market Street West submarket.
11.4% 12.5%
20.2% 8.7%
District and Times Square in Midtown and the Financial District Downtown. Though large blocks of Class A space are becoming available
Downtown at a significant discount to comparable Midtown space, most firms have remained in the Grand Central and Plaza Districts. The
westward migration appears to have slowed down, until large blocks of Class A space in the under-construction Hudson Yards begin to hit
the market in 2015 and beyond.
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Stagnant employment growth in legal services, increased consolidation and
improving space efficiencies, have resulted in overall negative absorption for the
industry. In June, the New York-based law firm Weil Gotshal announced that it
would eliminate 60 salaried attorneys and 110 staff as the result of diminished
demand for high-end legal services. The firm is just one of the many that have
announced either layoffs or scaled-back recruiting efforts.
125
Number of law firms occupying
greater than 50,000 s.f.
PRICING AND INCENTIVE AVERAGES
1.6%
Class A annual escalation
15.0%
13.4%
20.1%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$56.00/$27.00
TI allowance ($ p.s.f.)**
7/4
Free rent (months)**
**averages on 10-year new/renewal transactions
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Following the highest volume of large law firm transactions in more than 15 years
in 2012, renewals by Pepper Hamilton and Drinker Biddle in the first half of 2013
finalized near-term, large firm rollover, shifting demand to mid-sized firms in the
Philadelphia CBD. Amidst no available Trophy blocks larger than 100,000 square
feet and rents 25.0 percent below replacement cost rents, both firms opted to
renew: Pepper Hamilton renewed in place and Drinker Biddle will reduce its
footprint by 25.0 percent. While law firms continue to look at increasing space
efficiency, less than 20.0 percent of transactions entailed rightsizing—a cross
sector shift exhibited in 2013 deal flow thus far.
Simpson Thacher
425 Lexington Avenue
595,799 s.f.
Renewal
Patterson Belknap
1133 Avenue of the Americas
198,000 s.f.
Renewal
Baker Botts
30 Rockefeller Plaza
104,161 s.f.
Renewal
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
While alternatives exist across desirable Trophy and Class A assets, growing
competition from mid-sized legal and financial services tenants will drive the
decline of quality blocks, a catalyst for decreased tenant leverage and future
Market Street West rent growth. Pond LeHocky, Hangley Aronchick and Weber
Gallagher—all between 30,000 and 60,000 square feet—are currently in the
market for space. These users additionally face competition from new users to
the market: Law firms Gordon & Rees and Carroll McNulty secured new offices
between 10,000 and 20,000 square feet at Trophy assets.
23
Number of law firms occupying
greater than 50,000 s.f.
16
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
Pepper Hamilton
Two Logan Square
268,000 s.f.
Renewal
Drinker Biddle
One Logan Square
155,000 s.f.
Renewal with contraction
Akin Gump
Two Commerce Square
18,000 s.f.
Renewal with expansion
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Weil Gotshal
500,000
Pond LeHocky
60,000
Jones Day
400,000
Hangley Aronchick
40,000
White & Case
400,000
Weber Gallagher
33,000
OUTLOOK
$74.26
Class A asking rent ($ p.s.f)
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
As in the past, many law firms are opting to stay in place to avert significant
relocation costs. Equally important, landlords have been reluctant to risk downtime and re-tenanting expenditures in a flat market. Simpson Thacher renewed
for nearly 600,000 square feet at 425 Lexington Avenue in the largest law firm
lease of the year. Of the top four law firm lease transactions year-to-date, all
were renewals. When firms haves chosen to move in recent years, many have
migrated to the west side of Midtown—for more efficient, large block availabilities
in new construction—and in some cases downtown for higher-quality space at a
discount to comparable spaces in Midtown.
Over the next year, mergers and acquisitions could further erode the industry’s
total footprint. Growth—where it exists—has been in small to medium-sized
firms, non-New York-based firms and those specializing in the legal needs of
technology and media companies. These law firms have different space needs
than Manhattan’s more traditional firms with many opting for value spaces in less
conventional buildings or locations outside Midtown’s Trophy inventory.
96
This location provides easy access to abundant amenities and immediate proximity to the city’s concentration of professional services
companies. Despite upward rental pressure at Trophy product and limited availability of contiguous blocks, Market Street West will remain
the core location for law firms.
Challenges for law firms
• Value options will become limited as demand from other industries, including
technology and media, increases.
• Rents in top-tier Trophy buildings have increased as demand from hedge funds,
private equity and wealth management expands.
• Limited new construction on the east side of Midtown could force some firms to
move outside of traditional submarkets.
Opportunities for law firms
• Landlords are eager to avoid the risk of down-time and cost of re-tenanting in
a flat market.
• New construction in the Far West Side and Downtown will increase
viable options.
• The potential rezoning of the area surrounding Grand Central Terminal
and Park Avenue would provide for new development in a law firmconcentrated submarket.
2013
OUTLOOK
PRICING AND INCENTIVE AVERAGES
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
$27.43
$0.50
Class A asking rent ($ p.s.f)
Class A annual escalation
20.3%
10.0%
11.4%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$40.00/$25.00
6/4
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• Stabilized Trophy and Class A landlords are pushing rents for quality
availabilities.
• Competition is growing for mid-sized quality blocks of space, between 25,000
and 50,000 square feet.
• Inbound demand is spurring increased competition for space.
Opportunities for law firms
• Pending large tenant leasing decisions could increase Trophy availability,
softening concessions in the short term.
• Repositioned Class A assets will bring new alternatives to market.
• Availabilities for small-sized law firms, less than 10,000 square feet,
remain abundant.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
20. Jones Lang LaSalle
20 Law Firm Perspective • Global • 2013
San Francisco
Jones Lang LaSalle
Law Firm Perspective • Global • 2013 21
Washington, DC
Locational preference: The vast majority of law firms prefer to office in high-profile buildings concentrated in or
bordering the North Financial District, where there is a large concentration of premium Class A office product. Firms, especially within the
AmLaw 100, also prefer to be located on higher floors with quality view space.
6.9%
7.7%
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Activity among law firms has been greatly subdued over the past year,
conceivably one of the most stagnant periods in the last decade, as the legal
industry still recovers from declines experienced during the recession. Firms that
have managed to succeed, however, are those with strong ties to the thriving
technology industry and start-up community, such as Fenwick & West, Wilson
Sonsini, and Cooley. These firms, as well as other law firms that have remained
competitive, are some of the few maintaining their current footprints or expanding.
19
Number of law firms occupying
greater than 50,000 s.f.
Number of AmLaw 100 firms with
offices locally
Washington, DC. New developments with efficient floorplates are also attractive to law firms. Given few large existing quality blocks of
space in the core, many AmLaw 100 firms are considering future developments with several of these options located in fringe locations of
the CBD and East End, increasingly the northern part of the CBD or the emerging Mount Vernon Triangle segment of the East End.
45.0% 4.4%
Percent of law firms comprising
active tenants in the market
Percent of Class A market
occupied by law firms
Washington, DC is one of the top global law markets, containing the second
highest number of lawyers in the country following New York. AmLaw 100 law
firms located within the District of Columbia recorded profit growth of 4.6 percent
year-over-year, primarily a reflection of firms’ ability to cut costs. In recent years,
some Washington, DC law firms have seen top-line revenues stagnate or decline
as fee compression has intensified. As a result, many law firms maintained
profit margins by becoming operationally leaner, trimming overhead and shifting
administrative functions to lower cost markets. In 2013, Pillsbury, Patton Boggs
and K&L Gates were three firms that moved forward with plans to cut local
payrolls and trim their downtown Washington, DC real estate holdings.
2013 LAW FIRM COMPLETED TRANSACTIONS
Gordon & Rees
275 Battery Street
50,195 s.f.
Renewal
McKenna Long & Aldridge
1 Market Plaza, Spear Tower
42,288 s.f.
Sublease
While law firms still experience moderate leverage in the market due to a
significant amount of new supply coming online, the landlord community remains
bullish as a result of the flourishing technology industry. Though, despite a slight
rent premium for new construction, the capital expenditure involved in relocation
is a bitter pill many law firms are unwilling to swallow.
Although the shifting landscape of the market presents its own challenges, law
firms in San Francisco strive to enhance the quality and culture of their firms
through creating more efficient, collaborative and welcoming office space as they
look out over the next 10 to 20 years.
44
Locational preference: The majority of law firms are located in the CBD, East End and Capitol Hill submarkets of
91
Number of law firms occupying
greater than 50,000 s.f.
Number of AmLaw 100 firms with
offices locally
2013 LAW FIRM COMPLETED TRANSACTIONS
Arnold & Porter
601 Massachusetts Avenue, NW
375,000 s.f.
Relocation
Sidley Austin
1501 K Street, NW
289,000 s.f.
Renewal
The next wave of large law firm lease expirations is not set to occur for another
few years, as over 4.0 million square feet of leases are set to expire over a
24-month period between 2016 and 2017. Large firms such as Hogan Lovells,
Venable, Finnegan Henderson, Morgan Lewis and Steptoe & Johnson are
expected to enter the market well ahead of their lease expirations in those years,
evaluating both existing options and potential new developments.
Allen Matkins
3 Embarcadero Center
39,825 s.f.
Renewal
95
Pillsbury
1200 17th Street, NW
108,000 s.f.
Relocation
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
ACTIVE LAW FIRM REQUIREMENTS IN THE MARKET (s.f.)
Cooley
Steptoe & Johnson
150,000
260,000
Coblentz Patch Duffy
3.0%
Class A annual escalation
23.8%
5.0%
30.1%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$48.00/$25.00
TI allowance ($ p.s.f.)**
80,000
60,000
Proskauer
75,000
OUTLOOK
$57.63
Class A asking rent ($ p.s.f)
Reed Smith
Fenwick & West
PRICING AND INCENTIVE AVERAGES
85,000
4/2
Free rent (months)**
**averages on 10-year new/renewal transactions
PRICING AND INCENTIVE AVERAGES
Challenges for law firms
• Law firms will continue to compete with high-growth technology tenants for large
blocks of space.
• With several large lease expirations coming over the next two to three years,
tenants will have to weigh their options as rents continue to rise.
• New supply slated to hit the market may prove cost-prohibitive for smaller firms.
• A surge of new development delivering to the market this year will bring
welcome relief to an otherwise supply-constrained market.
• As tech tenants compete over the hotly contested South of Market and South
Financial District submarkets, large blocks of space remain available in the
North Financial District.
2014
2015
$59.50
2.3%
Class A asking rent ($ p.s.f)
Class A annual escalation
24.8%
Opportunities for law firms
2013
OUTLOOK
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market
5.0%
32.2%
Premium for
Trophy space*
Discount for
negotiated rent*
Discount for
sublease space*
*rent difference from Class A average
$95.00/$70.00
10/5
TI allowance ($ p.s.f.)**
Free rent (months)**
**averages on 10-year new/renewal transactions
Challenges for law firms
• Quality existing blocks of space are dwindling and the under construction
pipeline is 75.0 percent preleased.
• Prime locations for new developments are largely unavailable, so relocations to
new construction may require being located farther off-Metro in a fringe location.
• Potential for rent increases exists once the current oversupply in the market
is reduced.
Opportunities for law firms
• Competition in the marketplace is low given a finite number of near-term lease
expirations and limited organic growth in the broader market.
• Concession packages remain at all-time highs and generous free rent
and tenant improvement allowances have driven net effective rents down
approximately 8.0 percent from their 2008 peak.
2013
2014
2015
2016
2017
Tenant-favourable market
Neutral market
Landlord-favourable market