Page 6 - Shore Chan DePumpo - Dallas CBD Market Overview

MARKET TRENDS LAW FIRM BENCHMARKS UTILIZATION COST SAVINGS COST

SPACE

HISTORIC
CURRENT
TARGET
Rightsizing and
space efficiency has
led to significant
cost savings in real
estate.
760 RSF
976 RSF
625 RSF
per attorney
per attorney
per attorney
Declines in Tier 1 market rent
per attorney as high as
22.2% 64.3% Markets prefer 20.1%
two sizes of
attorney offices
76.2% Markets prefer and will cut rent by attorney
How much a typical law firm has cut its footprint single associate 18.8%
(2019) offices
further in the next cycle

DALLAS CBD LAW FIRM LEASING ACTIVITY

Downtown’s office growth shows no signs of slowing, drawing law firms to top-tier space, especially in Uptown’s vibrant,
Quick Stats mixed-use setting. Firms have always been concentrated in the urban core, so the area boasts an established talent pool,
with access to clients and business partners. Recent deliveries such as the Union, PwC Tower, 1900 Pearl, and Harwood
No. 10 have added more than 1.4 million square feet of space since 2018 and have all attracted major law firms.
Average Direct Asking Rent
$35.36/RSF Relocation/new Renewal

Average 10+ Year TI Allowance
$75.00/RSF

Regional Output Growth
+3.9%

Annual Legal Job Growth
+0.6%

Average Attorney Wage
$160,860

Historical s.f. Current s.f. Target s.f. Historical rent Current rent Optimal rent
per attorney per attorney per attorney per attorney per attorney per attorney
950 - 1,100 750 - 950 600 - 700 $28,000 $32,000 $37,000