1. Tax Reform in High SALT States:
Is the Whole Greater Than the Sum of the Parts for CRE?
March 2018

2. TCJA State-by-state Impact: 20 States with Largest Tax Reduction
Dollars in billions, Percent (%)

3. Top 20 Metros by Intellectual Property Sector Share of Output
Percent of metro output (%), percent growth (%)

4. Technology Sector Employment: Top 15 Markets
Percent of total employment (%)

5. 2017 Overall Technology Leasing: Bay Area Submarkets
Percent of total (%)

6. 2017 Manhattan New Leasing Activity
Percent of total (%)
Company
Employment
Space Occupied (SF)
JP Morgan
37,400
5,200,000
Citibank
24,990
4,400,000
Bank of America
19,500
3,600,000
Morgan Stanley
12,500
3,500,000
Barclays Capital
10,000
1,500,000
Source: Crain’s NY Business, Cushman & Wakefield Research

7. Summary Table

8. Impact of TCJA on House Prices vs. 2017 Growth: Bay Area & NYC Metro
Percent (%)