Office Markets Beginning to Show Signs of Bottoming Out

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1 OFFiCE north america HIGHLIGHTS Office Markets Beginning to Show Signs of Bottoming Out MarKet indicators Relative to prior period VaCanCY net absorption ConstrUCtion Q2 Q3 * ross J. Moore Chief Economist USA Although the economy finished the quarter on a sluggish note, leasing activity remained relatively robust through the April-June period, helping to stabilize market fundamentals after a prolonged period of weakening. Both Canadian and U.S. vacancies rose during the quarter although the latest increases were relatively muted. Demand was mixed, with U.S. markets only recording mildly positive absorption while Canadian markets registered more substantial growth. With both the U.S. and Canadian economies posting relatively robust growth in the second quarter and a further stabilization in the labor market, leasing markets are expected to continue improving, albeit only in small increments and not dramatically before mid-2011 at the earliest. rental rate Usa office MarKet summary statistics, Vacancy Rate: 16.34% Change from Q1 : 0.02 Absorption: 2.7 Million Square Feet New Construction: 11.1 Million Square Feet Under Construction: 29.2 Million Square Feet *Projected Asking Rents Per Square Foot (Change from Q1 ): Downtown Class A: $38.53 (1.0%) Suburban Class A: $26.24 ( 1.3%) The second quarter reaffirms our view that the first half of was a period of transition from dramatically rising vacancies and falling rents to more modest movements in both and a possible reversal in the coming quarters. Calling into question the idea of a swift recovery, however, is a noticeable downshift in the economy and a still stubbornly high unemployment rate. More encouraging, however is the six month long gain in private sector employment, suggesting the recent improvement in office leasing activity may be sustainable beyond a quarter or two. U.s. office vacancy rate up again, but only marginally. The U.S. national office vacancy rate moved slightly higher during the second quarter, moving just 2 basis points (100 basis points equals one U.s. office MarKet Q Million Square Feet Q Q Q Q1 17% Vacancy continued on page 7 The Great Recession pushed the U.S. office vacancy rate over 16%, but now that vacancies appear to have peaked, the question now becomes what next? Absorption Completions Vacancy

2 highlights office north America UNITED STATES DOWNTOWN OFFICE ALL INVENTORY INVENTORY UNDER CONSTRUCTION Mar. 31, Atlanta, GA 57,263, , ,000 (69,000) Bakersfield, CA 2,932, ,000 11,000 Baltimore, MD 22,159, , (97,000) (58,000) Boise, ID 3,470, ,000 48,000 Boston, MA 58,000, ,594, (506,000) (1,150,000) Charleston, SC 2,092, Charlotte, NC 22,099, ,000 2,050, (93,000) 133,000 Chicago, IL 131,254, , ,000 5,000 Cincinnati, OH 11,920, , (71,000) (107,000) Cleveland 31,844, , ,000 Columbia, SC 4,586, , (67,000) (86,000) Columbus, OH 13,318, ,000 76,000 Dallas/Fort Worth, TX 37,129, ,000 (239,000) Denver, CO 25,706, ,000 50,000 Detroit, MI 30,239, (59,000) (567,000) Fresno, CA 3,213, , ,000 (2,000) Ft. Lauderdale/Broward Co., FL 9,029,000 13,000 13, ,000 (73,000) Greenville, SC 3,182,000 53,000 53, (50,000) (43,000) Hartford, CT 9,735, , (168,000) (202,000) Honolulu, HI 8,081, (43,000) (93,000) Houston, TX 37,899, ,817, (45,000) (276,000) Jacksonville, FL 15,990, ,000 57,000 Kansas City, KS 26,481, (60,000) (56,000) Las Vegas, NV 3,590, (40,000) (111,000) Little Rock, AR 6,584,000 23,000 23, ,000 35,000 Los Angeles, CA 32,039, (118,000) (463,000) Louisville, KY 16,783, (22,000) 19,000 Memphis, TN 8,195, ,000 (28,000) Miami-Dade County, FL 17,158, ,000 1,335, , ,000 89,000 Nashville, TN 30,741, , ,000 55, , ,000 New York, NY Downtown Manhattan 84,633, ,000,000 2,600, (2,446,000) (3,808,000) New York, NY Midtown Manhattan 200,280, ,100, ,713,000 3,115,000 New York, NY Midtown S. Manhattan 71,893, , , ,000 (160,000) Oakland, CA 17,023, , (52,000) (95,000) Orlando, FL 11,876, , ,000 62,000 Philadelphia, PA 41,436, ,000 (162,000) Phoenix, AZ 19,873, , (2,000) 23,000 Pleasanton/Walnut Creek, CA 22,335, (960,000) (1,059,000) Portland, OR 33,054, , ,000 62, (6,000) (104,000) Raleigh/Durham/Chapel Hill, NC 10,767, , , ,000 Reno, NV 1,327, (48,000) (48,000) Sacramento, CA 18,316, , (72,000) (112,000) San Diego County, CA 10,207, ,000 21,000 San Francisco, CA 83,224, , , (331,000) (286,000) San Jose/Silicon Valley, CA 7,593, (50,000) (127,000) Seattle/Puget Sound, WA 43,629, , ,000 1,629, , ,000 St. Louis, MO 25,622, ,000 38,000 Stamford, CT 18,548, , ,000 (674,000) Stockton/San Joaquin County, CA 8,500, ,000 94,000 Tampa, FL 9,372, , ,000 97,000 Washington, DC 141,413,000 1,672,000 1,923,000 1,901, , ,000 West Palm Beach/Palm Beach Co., FL 9,738, ,000 27,000 White Plains, NY 8,172, , ,000 U.S. TOTAL/AVERAGE 1,581,543,000 5,123,000 13,089,000 12,494, (837,000) (4,483,000) p. 2 Colliers International

3 highlights office north America united states downtown office class a INVENTORY MAR. 31, june 30, AVERAGE ANNUAL QUOTED RENT (USD PSF) QUARTERLY Atlanta, GA 31,558, , , (0.79) (2.65) Bakersfield, CA 670, ,000 16, Baltimore, MD 9,799, (49,000) (31,000) (0.94) (3.31) Boise, ID 2,038, ,000 15, (12.20) Boston, MA 39,370, (297,000) (523,000) (2.65) (9.11) Charleston, SC 1,059, (16.45) Charlotte, NC 15,592, (95,000) 140, (2.96) (12.52) Chicago, IL 73,943, ,000 98, (9.86) Cincinnati, OH 5,996, (36,000) (41,000) (6.90) Cleveland 8,928, ,000 26, (0.10) (1.53) Columbia, SC 2,250, ,000 (39,000) (0.46) Columbus, OH 5,600, (4,000) 70, (0.53) (11.18) Dallas/Fort Worth, TX 22,606, (13,000) (242,000) (0.39) (0.98) Denver, CO 18,097, (78,000) 72, (1.85) (5.36) Detroit, MI 11,563, (21,000) (338,000) (0.62) (0.13) Fresno, CA 1,039, ,000 11, (2.38) Ft. Lauderdale/Broward Co., FL 4,479, (13,000) (56,000) Greenville, SC 1,897, (5,000) (5,000) (5.01) Hartford, CT 6,398, (140,000) (165,000) (0.51) (0.94) Honolulu, HI 4,717, (25,000) (73,000) (1.56) Houston, TX 27,806, (25,000) (242,000) (7.53) Jacksonville, FL 6,659, ,000 (5,000) (1.04) (4.71) Kansas City, KS 7,933, ,000 53, Las Vegas, NV 700, (15,000) (26,000) (11.10) Little Rock, AR 2,636, ,000 (31,000) Los Angeles, CA 15,084, (86,000) (450,000) (2.41) Louisville, KY 3,924, (22,000) (6,000) (3.35) 5.42 Memphis, TN 1,901, ,000 1, Miami-Dade County, FL 9,144, ,000 63, (0.66) (3.36) Nashville, TN 3,810, (6,000) 57, New York, NY Downtown Manhattan 58,670, ,000 1,566, (18.07) New York, NY Midtown Manhattan 161,280, ,792,000 3,044, (1.63) (9.89) New York, NY Midtown S. Manhattan 29,954, ,118,000 1,362, (17.23) Oakland, CA 10,198, ,000 (44,000) (9.47) Orlando, FL 5,583, ,000 21, (0.61) (11.93) Philadelphia, PA 31,558, ,000 (127,000) Phoenix, AZ 10,146, (41,000) 99, (5.17) (11.50) Pleasanton/Walnut Creek, CA 13,047, (539,000) (586,000) (3.10) Portland, OR 12,898, (90,000) (124,000) (0.82) (3.59) Raleigh/Durham/Chapel Hill, NC 4,414, ,000 54, (4.28) 0.62 Reno, NV 548, (18,000) (32,000) (2.00) 5.95 Sacramento, CA 8,910, (45,000) (60,000) (3.17) (3.51) San Diego County, CA 6,977, ,000 30, (1.58) (10.75) San Francisco, CA 52,123, (392,000) (299,000) (2.54) San Jose/Silicon Valley, CA 3,365, (35,000) (84,000) (2.99) (5.75) Seattle/Puget Sound, WA 27,738, , , (13.99) St. Louis, MO 11,831, , , (0.36) (6.03) Stamford, CT 12,506, ,000 (592,000) Stockton/San Joaquin County, CA 2,722, , , (4.63) 5.32 Tampa, FL 4,809, ,000 55, Washington, DC 84,508, ,491,000 1,882, West Palm Beach/Palm Beach Co., FL 3,310, (21,000) (9,000) (2.27) White Plains, NY 5,402, , , (24.02) U.S. TOTAL/AVERAGE 909,695, ,635,000 5,727, weighted 1.03 (6.36) equal (0.16) (4.50) ANNUAL Colliers International p. 3

4 highlights office north America UNITED STATES SUBURBAN OFFICE ALL INVENTORY INVENTORY UNDER CONSTRUCTION Mar. 31, Atlanta, GA 189,692, , , ,000 (41,000) Bakersfield, CA 5,968, , ,000 95,000 Baltimore, MD 102,584, , ,000 1,371, , ,000 Boise, ID 10,528, , (35,000) (75,000) Boston, MA 102,774, , , ,000 Charleston, SC 8,497, , , , ,000 Charlotte, NC 70,145,000 19,000 55, , (94,000) 7,000 Chicago, IL 105,448, , , , ,000 (83,000) Cincinnati, OH 25,078, ,000 35, ,000 (168,000) Cleveland 73,329,000 22,000 22,000 16, ,000 89,000 Columbia, SC 4,782, (49,000) (94,000) Columbus, OH 35,516, , , ,000 Dallas/Fort Worth, TX 265,976, ,000 1,572,000 1,499, (6,000) (588,000) Denver, CO 128,681, , , ,000 (353,000) Detroit, MI 99,616,000 16,000 16, , (127,000) (54,000) Fairfield, CA 3,521, (6,000) (99,000) Fairfield County, CT 59,071, , (16,000) (827,000) Fresno, CA 17,768,000 5, , (74,000) (14,000) Ft. Lauderdale/Broward Co., FL 44,311, , (85,000) 120,000 Greenville, SC 4,335, ,000 53,000 Hartford, CT 12,357, , ,000 (62,000) Honolulu, HI 7,690, (33,000) (74,000) Houston, TX 157,940,000 34,000 34, , (271,000) 159,000 Jacksonville, FL 42,256,000 34,000 34, , , ,000 Kansas City, KS 77,817, ,000 71, ,000 (8,000) Las Vegas, NV 38,360, , , (363,000) (402,000) Little Rock, AR 7,433,000 (28,000) (9,000) 22, ,000 (180,000) Los Angeles Inland Empire, CA 21,938, , (57,000) (35,000) Los Angeles, CA 165,877, , , , (779,000) (1,731,000) Louisville, KY 49,788, , (442,000) (261,000) Memphis, TN 27,896, ,000 96,000 Miami-Dade County, FL 64,745, , , , ,000 Nashville, TN 23,180, , ,000 55, , ,000 New Jersey Central 66,074,000 46,000 46, , ,000 (628,000) New Jersey Northern 96,214, , , ,000 Oakland, CA 15,877, ,000 59,000 Orange County, CA 77,351, (456,000) (1,464,000) Orlando, FL 54,217, , , (8,000) (221,000) Philadelphia, PA 108,875, , ,000 1,051, , ,000 Phoenix, AZ 109,276, , , , ,000 56,000 Pleasanton/Walnut Creek, CA 17,912, , , , ,000 Portland, OR 44,861, , (111,000) (90,000) Raleigh/Durham/Chapel Hill, NC 70,787, , , , ,000 (112,000) Reno, NV 5,441, , ,000 (3,000) Sacramento, CA 71,563,000 40, , , ,000 (52,000) San Diego County, CA 67,628,000 53, , , ,000 San Francisco Peninsula, CA 33,518,000 25,000 25, ,000 73,000 San Jose/Silicon Valley, CA 53,499, , , , , ,000 Seattle/Puget Sound, WA 63,643, , , , ,000 (75,000) St. Louis, MO 96,178,000 54,000 66, , (171,000) 161,000 Tampa, FL 71,429, (82,000) (405,000) Washington, DC 307,320,000 1,131,000 2,852,000 3,673, ,098,000 2,049,000 West Palm Beach/Palm Beach Co., FL 28,942,000 11,000 51, , ,000 79,000 Westchester County, NY 45,840, , ,000 U.S. TOTAL/AVERAGE 3,561,344,000 5,954,000 11,751,000 16,735, ,493,000 (706,000) p. 4 Colliers International

5 highlights office north America united states SUBURBAN office class a INVENTORY MAR. 31, JUNE 30, AVERAGE ANNUAL QUOTED RENT (USd PSF) QUARTERLY ANNUAL Atlanta, GA 80,939, (151,000) (197,000) (0.32) (2.72) Bakersfield, CA 2,691, ,000 65, Baltimore, MD 31,687, , , (0.19) Boise, ID 4,564, (3,000) (1,000) (1.37) (1.59) Boston, MA 43,688, , , (12.29) Charleston, SC 4,333, , , (8.79) Charlotte, NC 18,114, (99,000) 125, Chicago, IL 57,236, ,000 (195,000) (0.36) (1.11) Cincinnati, OH 13,378, ,000 (169,000) (0.05) (3.12) Cleveland 12,241, (35,000) (46,000) Columbia, SC 996, (6,000) 17, (2.97) (5.52) Columbus, OH 11,565, (2,000) (161,000) (3.86) Dallas/Fort Worth, TX 96,196, ,000 (347,000) (0.40) (2.94) Denver, CO 42,126, ,000 60, (5.68) Detroit, MI 25,694, (57,000) (1,000) (0.09) (3.82) Fairfield, CA 1,948, ,000 (29,000) Fairfield County, CT 29,479, ,000 (611,000) (2.70) Fresno, CA 3,810, (10,000) 70, (2.33) Ft. Lauderdale/Broward Co., FL 10,467, (127,000) (40,000) (0.81) 0.61 Greenville, SC 1,772, (11,000) (5,000) (4.67) Hartford, CT 7,479, ,000 (106,000) (2.62) Houston, TX 68,602, (444,000) (138,000) (1.90) (0.87) Jacksonville, FL 9,720, , , (3.05) Kansas City, KS 15,460, (11,000) (4,000) (4.62) (3.50) Las Vegas, NV 4,918, , (2.35) (7.46) Little Rock, AR 2,643, (14,000) (196,000) Los Angeles Inland Empire, CA 4,953, , , (4.41) (4.82) Los Angeles, CA 100,895, (573,000) (1,290,000) Louisville, KY 10,855, (46,000) (43,000) Memphis, TN 7,132, ,000 26, (4.10) (1.98) Miami-Dade County, FL 15,199, ,000 64, (0.63) Nashville, TN 12,802, , , New Jersey Central 46,977, ,000 (761,000) (7.11) (9.43) New Jersey Northern 63,713, (281,000) (76,000) (0.41) (14.26) Oakland, CA 3,582, ,000 (66,000) (0.84) (10.57) Orange County, CA 33,319, (150,000) (551,000) (2.15) (12.31) Orlando, FL 16,387, (45,000) (281,000) (0.74) (3.39) Philadelphia, PA 67,296, ,000 98, (0.61) (2.84) Phoenix, AZ 38,309, , , (2.45) (8.20) Pleasanton/Walnut Creek, CA 2,808, ,000 66, Portland, OR 12,553, (10,000) (122,000) (1.99) Raleigh/Durham/Chapel Hill, NC 25,607, , , (3.33) Reno, NV 2,916, ,000 63, (2.34) (7.22) Sacramento, CA 16,051, (113,000) (105,000) (4.19) San Diego County, CA 24,337, , , (1.81) (10.23) San Francisco Peninsula, CA 21,785, , , (2.56) (8.28) San Jose/Silicon Valley, CA 25,314, , , (0.36) (6.27) Seattle/Puget Sound, WA 21,943, ,000 (95,000) (5.32) St. Louis, MO 24,762, (67,000) (150,000) (6.44) Tampa, FL 23,470, (130,000) (103,000) (5.03) Washington, DC 161,273, , , West Palm Beach/Palm Beach Co., FL 9,258, (8,000) 88, (1.16) Westchester County, NY 23,505, ,000 97, U.S. TOTAL/AVERAGE 1,418,744, ,978,000 (513,000) weighted (1.31) (4.12) equal 1.03 (3.30) Colliers International p. 5

6 highlights office north America CANADA DOWNTOWN OFFICE ALL INVENTORY INVENTORY UNDER CONSTRUCTION Mar. 31, Calgary, AB 37,775,000 1,292,000 2,511,000 2,982, , ,000 Edmonton, AB 10,632, , (44,000) (41,000) Halifax, NS 4,913, ,000 10, (41,000) (68,000) Kitchener-Waterloo, ON 2,040, , , ,000 71,000 Montreal, QC 49,429, , ,000 Ottawa, ON 14,966, , (73,000) (44,000) Regina, SK 3,762, (4,000) (9,000) Saskatoon, SK 2,009, , ,000 31,000 Toronto, ON 88,671, , , , , ,000 Vancouver, BC 24,466, , , ,000 Victoria, BC 4,686,000 9,000 9, , (90,000) (90,000) CANADA TOTAL/AVERAGE 243,349,000 1,762,000 3,216,000 4,789, , ,000 CANADA downtown office class a INVENTORY MAR. 31, JUNE 30, AVERAGE ANNUAL QUOTED RENT (CAD PSF) QUARTERLY ANNUAL Calgary, AB 24,783, , , (2.47) (17.71) Edmonton, AB 8,254, (57,000) (73,000) (1.39) (12.18) Halifax, NS 1,916, (23,000) (39,000) (0.91) 0.32 Kitchener-Waterloo, ON 642, ,000 50, (3.58) (2.34) Montreal, QC 23,076, ,000 28, Ottawa, ON 9,001, (73,000) (58,000) Regina, SK 1,026, (3,000) (11,000) Saskatoon, SK 492, ,000 34, Toronto, ON 41,637, ,000 (90,000) (0.07) Vancouver, BC 10,034, ,000 72, Victoria, BC 597, (17,000) (17,000) CANADA TOTAL/AVERAGE 121,457, , , weighted 2.56 (2.14) equal 0.28 (1.01) CANADA SUBURBAN OFFICE ALL INVENTORY INVENTORY UNDER CONSTRUCTION Mar. 31, Calgary, AB 17,526, , ,000 55, , ,000 Edmonton, AB 8,721, , ,000 (149,000) Halifax, NS 6,143,000 60, ,000 80, (36,000) (11,000) Kitchener-Waterloo, ON 2,653, , ,000 63,000 Montreal, QC 23,430, , ,000 35,000 Ottawa, ON 19,721, , , ,000 Regina, SK 533, (1,000) (3,000) Toronto, ON 97,365, , , , , ,000 Vancouver, BC 28,520, , , ,000 86,000 Victoria, BC 3,525,000 60,000 60,000 33, ,000 3,000 CANADA TOTAL/AVERAGE 208,137, ,000 1,570,000 1,936, , ,000 CANADA SUBURBAN office class a INVENTORY MAR. 31, JUNE 30, AVERAGE ANNUAL QUOTED RENT (CAD PSF) QUARTERLY ANNUAL Calgary, AB 8,409, , , (13.51) (7.91) Edmonton, AB 4,676, ,000 5, (2.05) (0.58) Halifax, NS 2,555, ,000 28, (1.84) Kitchener-Waterloo, ON 1,191, ,000 34, Montreal, QC 13,035, (23,000) (3.42) Ottawa, ON 11,465, , , (4.29) 3.23 Regina, SK 533, (1,000) (3,000) (12.50) Toronto, ON 42,724, , , Vancouver, BC 13,383, , , (1.82) (12.90) Victoria, BC 769, ,000 44, (4.55) CANADA TOTAL/AVERAGE 98,742, , , weighted 1.57 (0.65) equal (0.58) (3.27) p. 6 Colliers International

7 highlights office north America UNITED STATES OFFICE INVESTMENT CBD SALES PRICE (USD PSF) CBD CAP RATE SUBURBAN SALES PRICE (USD PSF) SUBURBAN CAP RATE Atlanta, GA Boston, MA Charleston, SC Chicago, IL Cincinnati, OH Cleveland Dallas/Fort Worth, TX Denver, CO Fairfield County, CT Fresno, CA Ft. Lauderdale/Broward Co., FL Hartford, CT Honolulu, HI Houston, TX Jacksonville, FL Las Vegas, NV Little Rock, AR Los Angeles, CA Miami-Dade County, FL Nashville, TN New York, NY Downtown Manhattan New York, NY Midtown Manhattan New York, NY Midtown S. Manhattan Oakland, CA Orange County, CA Orlando, FL Philadelphia, PA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR Sacramento, CA San Diego County, CA San Francisco Peninsula, CA San Francisco, CA Seattle/Puget Sound, WA Stockton/San Joaquin County, CA Tampa, FL Washington, DC West Palm Beach/Palm Beach Co., FL Westchester County, NY canada OFFICE INVESTMENT CBD SALES PRICE (cad PSF) CBD CAP RATE SUBURBAN SALES PRICE (cad PSF) SUBURBAN CAP RATE Calgary, AB Edmonton, AB Halifax, NS Kitchener-Waterloo, ON Montreal, QC Ottawa, ON Regina, SK Saskatoon, SK Toronto, ON Vancouver, BC Victoria, BC Office Markets Beginning to Show Signs of Bottoming Out Continued from page 1 percent) higher. This marked the eleventh consecutive quarterly increase, which left the overall vacancy rate at percent at the end of the quarter and possibly marking a cyclical high. U.S. office vacancies are now back to levels last recorded during the first quarter of During Q2 the Downtown vacancy rate increased 14 basis points to register percent while suburban vacancies decreased 3 basis points to total percent. Canadian vacancy rates were mixed with central business district (CBD) vacancies rising 37 basis points to 7.10 percent while suburban vacancies decreased 7 basis points to 8.93 percent. Office tenants are back to leasing space, although barely enough to register. After nine consecutive quarters of negative absorption, the U.S. office market registered a slight increase in occupied space. Second quarter absorption came in at 2.7 MSF (million square feet). This was a significant improvement from a year ago, when 25.1 MSF was returned to the market, and up from the first quarter when occupied space contracted by 5.1 MSF. While it is becoming increasingly clear most companies have finished disposing of excess space, there is little evidence to suggest many will be expanding any time soon. Canadian markets also recorded an increase in occupied space during the quarter with absorption totaling 1.2 MSF. Office rents mixed, CBD up, suburban down. After almost two years of falling lease rates, CBD rents managed to eke out a small increase during the quarter, rising by 1.0%. Suburban rents, however, extended their downward path, falling by 1.3%. Downtown Class A lease rates finished the quarter at $38.53 per square foot while suburban asking rents registered $26.24 per square foot. Year-over-year CBD rents were down 6.4% while suburban rents were down 4.1%. Office rents in Canada moved higher during the quarter with CBD quoted rents increasing 2.6% and suburban rents up 1.6%. Office development resumed downward trend. Second quarter office completions totaled 11.1 MSF, a modest drop from the first quarter when construction totaled 13.4 MSF, and down from a year ago when 16.3 MSF was completed. Construction activity continued to decline with Q2 development under construction falling to just 29.2 MSF, compared with 31.2 MSF at the end of the quarter first quarter and well below the 120 MSF underway at midyear Construction is expected to dwindle as the year progresses and with the exception of just a few build-to-suits, new office development will be largely absent from the U.S. office landscape by year-end. Colliers International p. 7

8 highlights office north America 480 offices in 61 countries on 6 continents United States: 135 Canada: 39 Latin America: 17 Asia Pacific: 194 EMEA: 95 $1.9 billion in annual revenue 2.4 billion square feet under management Over 15,000 professionals COLLIERS INTERNATIONAL 601 Union Street, Suite 5300 Seattle, WA tel FAX FOR MORE INFORMATION Ross J. Moore Chief Economist USA tel Glossary Inventory Includes all existing multi- or single-tenant leased and owner-occupied office properties greater than or equal to 10,000 square feet (net rentable area). In some larger markets this minimum size threshold may vary up to 50,000 square feet. Does not include medical or government buildings. Vacancy Rate Percentage of total inventory physically vacant as at the survey date including direct vacant and sublease space. Absorption Net change in physically occupied space over a given period of time. New Supply Includes completed speculative and build-to-suit construction. New supply quoted on a net basis after any demolitions or conversions. Annual Quoted Rent Includes all costs associated with occupying a full floor in the mid-rise portion of a Class A building inclusive of taxes, insurance, maintenance, janitorial and utilities (electricity surcharges added where applicable). All office rents in this report are quoted on an annual, gross per square foot basis. Rent calculations do not include sublease space. Cap Rate (Or going-in cap rate) Capitalization rates in this survey are based on multi-tenant institutional grade buildings fully leased at market rents. Cap rates are calculated by dividing net operating income (NOI) by purchase price. Note: SF = Square Feet PSF = Per Square Foot CBD = Central Business District Copyright Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Accelerating success.

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