Rent Monitor. First Quarter Vol. 83 % GROWTH IN NATIONAL RENTS BY SECTOR NATIONAL EFFECTIVE RENTS BY SECTOR TOP 5 MARKETS GAINING MOMENTUM**

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1 Rent Monitor TM Asking Rents Vol Effective Rents... Concessions NATIONAL EFFECTIVE RENTS BY SECTOR 5 YEARS % GROWTH IN NATIONAL RENTS BY SECTOR 12 MONTHS INDEX 1Q 2001 = % Q Q Q Q Q Q 2006 TOP 5 HIGHEST GROWTH MARKETS* 12 MONTHS, BY METRO AND SECTOR Metro Property Type % Change Las Vegas Warehouse +13.7% Honolulu Retail +13. Los Angeles Warehouse +12.9% San Francisco CBD Office +12.5% Fort Lauderdale Warehouse +12. TOP 5 LOWEST GROWTH MARKETS* 12 MONTHS, BY METRO AND SECTOR Metro Property Type % Change Virginia Beach-Norfolk Warehouse -2.3% Detroit Suburban Office -2. Detroit Retail -1.9% Detroit Class A Apt -1. Cleveland Suburban Office -1. TOP 5 MARKETS GAINING MOMENTUM** 12 MONTHS, BY METRO AND SECTOR Metro Property Type Sector Rank in Rank Cincinnati Warehouse Miami Suburban Office Houston Class B Apt Charlotte Suburban Office Dallas-Fort Worth Warehouse TOP 5 MARKETS LOSING MOMENTUM** 12 MONTHS, BY METRO AND SECTOR Metro Property Type Sector Rank in Rank Washington, DC CBD Office Minneapolis-St. Paul Warehouse Minneapolis-St. Paul CBD Office Baltimore Suburban Office Nassau-Suffolk CBD Office *Reflects ranking (highest and lowest) of percent change in effective rent among 60 U.S. markets in each category (plus Manhattan Downtown/New York City for CBD office, Class A and Class B apartments). **Rankings are based on year-over-year percent change in effective rent (highest = gaining; lowest = losing) over the past 24 months, with top listed reporting the greatest change in ranking. The GRA National Real Estate Index surveys for rents each quarter, accessing a statistically significant same property sample in 60 major U.S. markets. Rents are analyzed to ensure consistency in methodology and accuracy. Reported rents reflect Class A properties with the exception of Class B apartments. For suburban office, warehouse/distribution, retail, and apartment properties, the INDEX reports property trends within metropolitan areas, generally as defined by the U.S. Census Bureau. National effective rents are weighted by property inventories. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA 94111

2 TABLE OF CONTENTS SECTOR PERFORMANCE CBD Office Price Growth 3 Suburban Office Price Growth 4 Warehouse Price Growth 5 Retail Price Growth 6 Class A Apartment Price Growth 7 Class B Apartment Price Growth 8 NATIONAL & REGIONAL PERFORMANCE SNAPSHOT 9 REGIONAL PERFORMANCE Pacific/Northwest Region 10 Pacific/Southwest Region 13 Plains/West Region 16 Florida/Gulf Coast Region 19 Southeast Region 22 Mid-Atlantic Region 25 Northeast Region 28 East Central Region 31 West Central Region 34 Primary Real Estate Market Makers 37 Methodology 38 Market Coverage 39 Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

3 RENT GROWTH 12 MONTHS - 1 SAN FRANCISCO ORANGE COUNTY NEW YORK HONOLULU WEST PALM BEACH MANHATTAN DOWNTOWN/NYC MIAMI PORTLAND PHOENIX LAS VEGAS SALT LAKE CITY RALEIGH DURHAM DENVER ORLANDO VIRGINIA BEACH-NORFOLK GREENVILLE-SPARTANBURG FT. LAUDERDALE BALTIMORE COLUMBUS SEATTLE SAN DIEGO ALBUQUERQUE AUSTIN CHARLOTTE RICHMOND EL PASO OAKLAND TAMPA/ST. PETERSBURG NASHVILLE INDIANAPOLIS LOS ANGELES BOSTON CINCINNATI STAMFORD-SOUTH CT NATIONAL NATIONAL AVERAGE 4. GREENSBORO/WINSTON-SALEM SACRAMENTO NORTHERN NEW JERSEY MINNEAPOLIS-ST PAUL SAN ANTONIO TULSA OKLAHOMA CITY JACKSONVILLE MILWAUKEE BIRMINGHAM PITTSBURGH HARTFORD CENTRAL NEW JERSEY RIVERSIDE-SAN BERNARDINO NASSAU-SUFFOLK ST. LOUIS HOUSTON NEW ORLEANS MEMPHIS WASHINGTON, DC KANSAS CITY PHILADELPHIA CHICAGO SAN JOSE DALLAS FORT WORTH DETROIT CLEVELAND ATLANTA C B D O F F I C E Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

4 SUBURBAN OFFICE RENT GROWTH 12 MONTHS - - TAMPA/ST. PETERSBURG ORANGE COUNTY SAN DIEGO CHARLOTTE FT. LAUDERDALE SACRAMENTO SAN JOSE MIAMI WASHINGTON, DC PORTLAND HONOLULU EL PASO PHOENIX SALT LAKE CITY WEST PALM BEACH LOS ANGELES RIVERSIDE-SAN BERNARDINO ORLANDO LAS VEGAS VIRGINIA BEACH-NORFOLK TULSA JACKSONVILLE OKLAHOMA CITY ALBUQUERQUE BOSTON AUSTIN NASHVILLE NEW YORK GREENSBORO/WINSTON-SALEM MINNEAPOLIS-ST PAUL MILWAUKEE HARTFORD NATIONAL NATIONAL AVERAGE 4. OAKLAND ST. LOUIS RALEIGH DURHAM ATLANTA INDIANAPOLIS CINCINNATI SEATTLE STAMFORD-SOUTH CT SAN FRANCISCO SAN ANTONIO CENTRAL NEW JERSEY NASSAU-SUFFOLK HOUSTON RICHMOND PHILADELPHIA MEMPHIS DENVER BIRMINGHAM KANSAS CITY DALLAS FORT WORTH NORFOLK BALTIMORE COLUMBUS PITTSBURGH GREENVILLE-SPARTANBURG NEW ORLEANS CHICAGO CLEVELAND DETROIT S U B U R B A N O F F I C E Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

5 RENT GROWTH 12 MONTHS LAS VEGAS LOS ANGELES FT. LAUDERDALE CINCINNATI RIVERSIDE-SAN BERNARDINO GREENSBORO/WINSTON-SALEM SACRAMENTO CLEVELAND DALLAS FORT WORTH JACKSONVILLE SAN FRANCISCO MIAMI PHOENIX ORLANDO EL PASO ALBUQUERQUE CHARLOTTE WEST PALM BEACH NASHVILLE NASSAU-SUFFOLK TAMPA/ST. PETERSBURG SALT LAKE CITY WASHINGTON, DC RALEIGH DURHAM PORTLAND HONOLULU ORANGE COUNTY TULSA PHILADELPHIA NATIONAL NATIONAL AVERAGE 5. GREENVILLE-SPARTANBURG BALTIMORE DENVER ST. LOUIS KANSAS CITY VIRGINIA BEACH-NORFOLK OKLAHOMA CITY CHICAGO SEATTLE SAN DIEGO SAN ANTONIO AUSTIN COLUMBUS STAMFORD-SOUTH CT MILWAUKEE INDIANAPOLIS RICHMOND HOUSTON MEMPHIS ATLANTA PITTSBURGH CENTRAL NEW JERSEY HARTFORD OAKLAND NEW YORK NEW ORLEANS SAN JOSE BOSTON BIRMINGHAM MINNEAPOLIS-ST PAUL DETROIT NORFOLK W A R E H O U S E Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

6 RENT GROWTH 12 MONTHS HONOLULU WEST PALM BEACH RIVERSIDE-SAN BERNARDINO SAN DIEGO ALBUQUERQUE MIAMI TAMPA/ST. PETERSBURG WASHINGTON, DC CHARLOTTE LAS VEGAS PORTLAND NEW YORK FT. LAUDERDALE ORANGE COUNTY PHOENIX SACRAMENTO CENTRAL NEW JERSEY MEMPHIS GREENSBORO/WINSTON-SALEM SEATTLE LOS ANGELES SALT LAKE CITY SAN FRANCISCO STAMFORD-SOUTH CT VIRGINIA BEACH-NORFOLK DALLAS FORT WORTH BALTIMORE JACKSONVILLE NATIONAL NATIONAL AVERAGE 5. HOUSTON RICHMOND CLEVELAND ORLANDO AUSTIN NASHVILLE CINCINNATI OAKLAND RALEIGH DURHAM KANSAS CITY ST. LOUIS SAN JOSE BOSTON EL PASO DENVER SAN ANTONIO MILWAUKEE INDIANAPOLIS PHILADELPHIA NASSAU-SUFFOLK GREENVILLE-SPARTANBURG HARTFORD MINNEAPOLIS-ST PAUL TULSA COLUMBUS NORFOLK ATLANTA PITTSBURGH OKLAHOMA CITY BIRMINGHAM CHICAGO NEW ORLEANS DETROIT R E T A I L Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

7 CLASS A APARTMENT RENT GROWTH 12 MONTHS - - ORANGE COUNTY LAS VEGAS WEST PALM BEACH ORLANDO LOS ANGELES PHOENIX JACKSONVILLE TAMPA/ST. PETERSBURG SEATTLE HOUSTON CHARLOTTE WASHINGTON, DC NEW YORK RALEIGH DURHAM HONOLULU SAN DIEGO GREENSBORO/WINSTON-SALEM SAN ANTONIO ALBUQUERQUE MIAMI PORTLAND FT. LAUDERDALE MANHATTAN DOWNTOWN/NYC TULSA SALT LAKE CITY NATIONAL NATIONAL AVERAGE 5.3% OKLAHOMA CITY EL PASO ATLANTA RICHMOND OAKLAND NASHVILLE VIRGINIA BEACH-NORFOLK BALTIMORE DALLAS FORT WORTH ST. LOUIS INDIANAPOLIS NASSAU-SUFFOLK MILWAUKEE PHILADELPHIA SAN JOSE RIVERSIDE-SAN BERNARDINO AUSTIN SAN FRANCISCO HARTFORD CENTRAL NEW JERSEY STAMFORD-SOUTH CT COLUMBUS BOSTON CINCINNATI DENVER NORTHERN NEW JERSEY MEMPHIS CHICAGO KANSAS CITY SACRAMENTO BIRMINGHAM GREENVILLE-SPARTANBURG NEW ORLEANS MINNEAPOLIS-ST PAUL PITTSBURGH CLEVELAND DETROIT C L A S S A A P T Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

8 CLASS B APARTMENT RENT GROWTH 12 MONTHS - WEST PALM BEACH LAS VEGAS FT. LAUDERDALE HOUSTON ORANGE COUNTY ALBUQUERQUE MIAMI PHOENIX TAMPA/ST. PETERSBURG EL PASO ORLANDO HONOLULU LOS ANGELES RIVERSIDE-SAN BERNARDINO WASHINGTON, DC JACKSONVILLE RICHMOND MEMPHIS SALT LAKE CITY SAN FRANCISCO AUSTIN RALEIGH DURHAM OAKLAND INDIANAPOLIS SAN JOSE DENVER OKLAHOMA CITY NATIONAL NATIONAL AVERAGE 4. NASSAU-SUFFOLK BIRMINGHAM PORTLAND BALTIMORE SAN ANTONIO SEATTLE HARTFORD SAN DIEGO NASHVILLE NEW YORK VIRGINIA BEACH-NORFOLK COLUMBUS MANHATTAN DOWNTOWN/NYC PHILADELPHIA SACRAMENTO CHARLOTTE PITTSBURGH ST. LOUIS CINCINNATI BOSTON GREENVILLE-SPARTANBURG ATLANTA TULSA NORTHERN NEW JERSEY STAMFORD-SOUTH CT CHICAGO KANSAS CITY GREENSBORO/WINSTON-SALEM NEW ORLEANS MINNEAPOLIS-ST PAUL MILWAUKEE DALLAS FORT WORTH DETROIT CENTRAL NEW JERSEY CLEVELAND C L A S S B A P T Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

9 NATIONAL & REGIONAL PERFORMANCE REGIONS CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % National Quarterly Change* Pacific/N.W. Pacific/S.W. Plains/West Florida/Gulf Southeast Mid-Atlantic Northeast East Central West Central $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ *Arrows denote a change in value during the reported quarter of greater than or equal to 1.. For changes less than 1., performance is considered to be flat. The above figures reflect performance in 60 markets weighted by property inventory. Averages for all markets have been calculated using regional and local market property stock weights from reputable sources. The National and Regional numbers and percentages noted above are averages and may show variance due to rounding and weighting. For a listing of the markets included, see the last page of this report. Reported values reflect Class A properties, with the exception of Class B apartments. For suburban office, warehouse/distribution, retail, and apartment properties, the INDEX reports property trends within metropolitan areas (i.e., Metropolitan Statistical Areas), generally as defined by the U.S. Census Bureau. Important: All data for the current quarter are preliminary and subject to further revision in subsequent publications. For a complete description of the methodology employed, property type norms and an explanation of terms, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

10 PACIFIC/NORTHWEST REGION CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % NATIONAL $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ Oakland-East Bay 1 Q. ' Q. ' Q. ' Portland 1 Q. ' Q. ' Q. ' Sacramento 1 Q. ' Q. ' Q. ' San Francisco 1 Q. ' Q. ' Q. ' San Jose 1 Q. ' Q. ' Q. ' Seattle 1 Q. ' Q. ' Q. ' Honolulu 1 Q. ' Q. ' Q. ' Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

11 PACIFIC/NORTHWEST REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office OAKLAND +5. OAKLAND +4. PORTLAND +6.9% PORTLAND +6. SACRAMENTO +4. SACRAMENTO +7. SAN FRANCISCO +12.5% SAN FRANCISCO +4. SAN JOSE -0. SAN JOSE +7. SEATTLE +5. SEATTLE +4.1% HONOLULU +8. HONOLULU +6.5% Warehouse Retail OAKLAND +1.3% OAKLAND +5. PORTLAND +6.1% PORTLAND +7.9% SACRAMENTO +9. SACRAMENTO +6.9% SAN FRANCISCO +8.3% SAN FRANCISCO +6.5% SAN JOSE +0.9% SAN JOSE +4. SEATTLE +4. SEATTLE +6. HONOLULU +6. HONOLULU +13. Class A Apartment Class B Apartment OAKLAND +4. OAKLAND +4.9% PORTLAND +5. PORTLAND +4.3% SACRAMENTO +2.1% SACRAMENTO +3.5% SAN FRANCISCO +3. SAN FRANCISCO +5. SAN JOSE +4.1% SAN JOSE +4.7% SEATTLE +7.3% SEATTLE +4.1% HONOLULU +6. HONOLULU +6. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

12 Rent Monitor Volume 82 PACIFIC/NORTHWEST REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Oakland-East Bay Portland Sacramento San Francisco San Jose Seattle Honolulu Note: For an explanation on how to read these graphs, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

13 PACIFIC/SOUTHWEST REGION CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % NATIONAL $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ Albuquerque a 1 Q. ' Q. ' Q. ' El Paso 1 Q. ' Q. ' Q. ' Las Vegas b 1 Q. ' Q. ' Q. ' Los Angeles c 1 Q. ' Q. ' Q. ' Orange County d 1 Q. ' Q. ' Q. ' Phoenix 1 Q. ' Q. ' Q. ' Riverside-San Bernardino e 1 Q. ' Q. ' Q. ' San Diego 1 Q. ' Q. ' Q. ' a b c d e For the CBD office sector, these figures represent the Downtown and Uptown submarkets. For the CBD office sector, these figures represent mid- and high-rise office properties throughout Clark County. For the CBD office sector, these figures reflect central Los Angeles only. The important West Los Angeles submarkets are incorporated in the Suburban Office benchmark. For the CBD office sector, these figures represent mid- and high-rise properties in the Greater Airport submarket, which includes Santa Ana, Irvine, Costa Mesa, and Newport Beach. For the CBD office sector, these figures represent the city of Riverside. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

14 Rent Monitor Volume 82 PACIFIC/SOUTHWEST REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office ALBUQUERQUE +5. ALBUQUERQUE +5. EL PASO +5.1% EL PASO +6. LAS VEGAS +6. LAS VEGAS +6. LOS ANGELES +4.9% LOS ANGELES +6.3% ORANGE COUNTY +11.5% ORANGE COUNTY +9.1% PHOENIX +6. PHOENIX +6. RIVERSIDE-S.B. +1. RIVERSIDE-S.B. +6.3% SAN DIEGO +5. SAN DIEGO +8. Warehouse Retail ALBUQUERQUE +7.7% ALBUQUERQUE +9. EL PASO +8. EL PASO +4.5% LAS VEGAS +13.7% LAS VEGAS +8. LOS ANGELES +12.9% LOS ANGELES +6. ORANGE COUNTY +5.9% ORANGE COUNTY +7. PHOENIX +8. PHOENIX +7.1% RIVERSIDE-S.B % RIVERSIDE-S.B % SAN DIEGO +3. SAN DIEGO +10. Class A Apartment Class B Apartment ALBUQUERQUE +5.7% ALBUQUERQUE +6.9% EL PASO +5. EL PASO +6.5% LAS VEGAS +8.9% LAS VEGAS +7.7% LOS ANGELES +8. LOS ANGELES +6. ORANGE COUNTY +11. ORANGE COUNTY +7.3% PHOENIX +7.9% PHOENIX +6.7% RIVERSIDE-S.B. +4.1% RIVERSIDE-S.B. +6. SAN DIEGO +6. SAN DIEGO +4.1% Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

15 Rent Monitor Volume 82 PACIFIC/SOUTHWEST REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Albuquerque El Paso Las Vegas Los Angeles Orange County Phoenix Riverside-San Bernardino San Diego Note: For an explanation on how to read these graphs, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

16 PLAINS/WEST REGION CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % NATIONAL $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ Austin 1 Q. ' Q. ' Q. ' Dallas-Fort Worth a 1 Q. ' Q. ' Q. ' Denver 1 Q. ' Q. ' Q. ' Oklahoma City 1 Q. ' Q. ' Q. ' Salt Lake City 1 Q. ' Q. ' Q. ' San Antonio 1 Q. ' Q. ' Q. ' Tulsa 1 Q. ' Q. ' Q. ' a For the CBD office sector, these figures represent central Dallas. All other Dallas city office submarkets are included in the suburban office benchmark. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

17 PLAINS/WEST REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office AUSTIN +5. AUSTIN +5.3% DALLAS-FORT WORTH -0.3% DALLAS-FORT WORTH +2.1% DENVER +6. DENVER +2.9% OKLAHOMA CITY +3.1% OKLAHOMA CITY +5.7% SALT LAKE CITY +6.3% SALT LAKE CITY +6. SAN ANTONIO +3. SAN ANTONIO +3.9% TULSA +3. TULSA +5.9% Warehouse Retail AUSTIN +3. AUSTIN +5.3% DALLAS-FORT WORTH +8.5% DALLAS-FORT WORTH +6. DENVER +5. DENVER +4.5% OKLAHOMA CITY +4.5% OKLAHOMA CITY +2.3% SALT LAKE CITY +6.5% SALT LAKE CITY +6. SAN ANTONIO +3. SAN ANTONIO +4. TULSA +5.9% TULSA +3. Class A Apartment Class B Apartment AUSTIN +4.1% AUSTIN +5.5% DALLAS-FORT WORTH +4.3% DALLAS-FORT WORTH +0. DENVER +2.9% DENVER +4.5% OKLAHOMA CITY +5. OKLAHOMA CITY +4.5% SALT LAKE CITY +5. SALT LAKE CITY +5. SAN ANTONIO +6. SAN ANTONIO +4.1% TULSA +5. TULSA +2.3% Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

18 PLAINS/WEST REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Austin Dallas-Fort Worth Denver Oklahoma City Salt Lake City San Antonio Tulsa Note: For an explanation on how to read these graphs, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

19 FLORIDA/GULF COAST REGION CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % NATIONAL $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ Ft. Lauderdale 1 Q. ' Q. ' Q. ' Houston 1 Q. ' Q. ' Q. ' Jacksonville 1 Q. ' Q. ' Q. ' Miami a 1 Q. ' Q. ' Q. ' New Orleans b 1 Q. ' Q. ' Q. ' Orlando 1 Q. ' Q. ' Q. ' Tampa-St. Petersburg c 1 Q. ' Q. ' Q. ' West Palm Beach 1 Q. ' Q. ' Q. ' a b c The Miami CBD includes both the Downtown and the Brickell Avenue corridor. Because of the adverse effects of Hurricane Katrina on property operations in greater New Orleans, we have kept rents in all property sectors unchanged in this Rent Monitor issue. For the CBD office sector, these figures represent properties in downtown Tampa. The Westshore submarket is incorporated in the suburban sector. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

20 FLORIDA/GULF COAST REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office FT. LAUDERDALE +5. FT. LAUDERDALE +7.5% HOUSTON +1.5% HOUSTON +3. JACKSONVILLE +2. JACKSONVILLE +5.7% MIAMI +6.9% MIAMI +6.9% NEW ORLEANS +1.1% NEW ORLEANS +0. ORLANDO +6.1% ORLANDO +6.1% TAMPA-ST. PETERSBURG +5. TAMPA-ST. PETERSBURG +9. WEST PALM BEACH +7. WEST PALM BEACH +6.3% Warehouse Retail FT. LAUDERDALE +12. FT. LAUDERDALE +7.5% HOUSTON +2.7% HOUSTON +5. JACKSONVILLE +8.3% JACKSONVILLE +5. MIAMI +8. MIAMI +9. NEW ORLEANS +1. NEW ORLEANS +1.1% ORLANDO +8. ORLANDO +5. TAMPA-ST. PETERSBURG +6.7% TAMPA-ST. PETERSBURG +9.3% WEST PALM BEACH +7. WEST PALM BEACH +10. Class A Apartment Class B Apartment FT. LAUDERDALE +5.5% FT. LAUDERDALE +7.5% HOUSTON +7.1% HOUSTON +7.3% JACKSONVILLE +7. JACKSONVILLE +5. MIAMI +5. MIAMI +6.7% NEW ORLEANS +1.5% NEW ORLEANS +1. ORLANDO +8. ORLANDO +6.5% TAMPA-ST. PETERSBURG +7. TAMPA-ST. PETERSBURG +6. WEST PALM BEACH +8. WEST PALM BEACH +9. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

21 FLORIDA/GULF COAST REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Fort Lauderdale Houston Jacksonville Miami New Orleans Orlando Tampa-St. Petersburg West Palm Beach Note: For an explanation on how to read these graphs, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

22 SOUTHEAST REGION CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % NATIONAL $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ Atlanta 1 Q. ' Q. ' Q. ' Birmingham 1 Q. ' Q. ' Q. ' Charlotte 1 Q. ' Q. ' Q. ' Greensboro/Winston-Salem a 1 Q. ' Q. ' Q. ' Greenville-Spartanburg 1 Q. ' Q. ' Q. ' Memphis 1 Q. ' Q. ' Q. ' Nashville 1 Q. ' Q. ' Q. ' Raleigh-Durham 1 Q. ' Q. ' Q. ' a For the CBD office sector, these figures represent central Greensboro. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

23 SOUTHEAST REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office ATLANTA -0. ATLANTA +4. BIRMINGHAM +2.3% BIRMINGHAM +2. CHARLOTTE +5.3% CHARLOTTE +7.7% GREENSBORO/W.S +4.5% GREENSBORO/W.S +4. GREENVILLE-SPARTANBURG +5. GREENVILLE-SPARTANBURG +1. MEMPHIS +1. MEMPHIS +3.1% NASHVILLE +5. NASHVILLE +5. RALEIGH-DURHAM +6. RALEIGH-DURHAM +4. Warehouse Retail ATLANTA +2.3% ATLANTA +3. BIRMINGHAM +0. BIRMINGHAM +2.1% CHARLOTTE +7. CHARLOTTE +8.1% GREENSBORO/W.S +10. GREENSBORO/W.S +6.9% GREENVILLE-SPARTANBURG +5. GREENVILLE-SPARTANBURG +3.7% MEMPHIS +2.5% MEMPHIS +6.9% NASHVILLE +7.1% NASHVILLE +5. RALEIGH-DURHAM +6. RALEIGH-DURHAM +5.1% Class A Apartment Class B Apartment ATLANTA +4.9% ATLANTA +2. BIRMINGHAM +2. BIRMINGHAM +4. CHARLOTTE +6.9% CHARLOTTE +3. GREENSBORO/W.S +6. GREENSBORO/W.S +1. GREENVILLE-SPARTANBURG +1. GREENVILLE-SPARTANBURG +2.5% MEMPHIS +2. MEMPHIS +5. NASHVILLE +4.5% NASHVILLE +4. RALEIGH-DURHAM +6. RALEIGH-DURHAM +5. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

24 SOUTHEAST REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Atlanta Birmingham Charlotte Greensboro/Winston-Salem Greenville-Spartanburg Memphis Nashville Raleigh-Durham Note: For an explanation on how to read these graphs, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

25 MID-ATLANTIC REGION CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % NATIONAL $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ Baltimore 1 Q. ' Q. ' Q. ' Central New Jersey a 1 Q. ' Q. ' Q. ' Philadelphia 1 Q. ' Q. ' Q. ' Richmond 1 Q. ' Q. ' Q. ' Virginia Beach-Norfolk 1 Q. ' Q. ' Q. ' Washington, DC 1 Q. ' Q. ' Q. ' a For the CBD office sector, these figures represent Class A space in the Princeton-Route 1 Corridor. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

26 MID-ATLANTIC REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office BALTIMORE +5.7% BALTIMORE +1. CENTRAL NEW JERSEY +2. CENTRAL NEW JERSEY +3.7% PHILADELPHIA +0. PHILADELPHIA +3.1% RICHMOND +5. RICHMOND +3.3% VIRGINIA BEACH-NORFOLK +6. VIRGINIA BEACH-NORFOLK +5.9% WASHINGTON, DC +0. WASHINGTON, DC +6.9% Warehouse Retail BALTIMORE +5. BALTIMORE +5.9% CENTRAL NEW JERSEY +2. CENTRAL NEW JERSEY +6.9% PHILADELPHIA +5. PHILADELPHIA +3. RICHMOND +2.7% RICHMOND +5.5% VIRGINIA BEACH-NORFOLK +4.7% VIRGINIA BEACH-NORFOLK +6. WASHINGTON, DC +6. WASHINGTON, DC +8. Class A Apartment Class B Apartment BALTIMORE +4. BALTIMORE +4. CENTRAL NEW JERSEY +3.7% CENTRAL NEW JERSEY +0.7% PHILADELPHIA +4.1% PHILADELPHIA +3.7% RICHMOND +4.7% RICHMOND +5.7% VIRGINIA BEACH-NORFOLK +4. VIRGINIA BEACH-NORFOLK +4. WASHINGTON, DC +6.9% WASHINGTON, DC +5.9% Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

27 MID-ATLANTIC REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Baltimore Central New Jersey Philadelphia Richmond Virginia Beach/Norfolk Washington, DC Note: For an explanation on how to read these graphs, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

28 NORTHEAST REGION CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % NATIONAL $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ Boston 1 Q. ' Q. ' Q. ' Hartford 1 Q. ' Q. ' Q. ' Nassau-Suffolk a 1 Q. ' Q. ' Q. ' New York b 1 Q. ' Q. ' Q. ' Manhattan Downtown/NYC c 1 Q. ' n/a n/a n/a n/a n/a n/a n/a n/a n/a Q. ' n/a n/a n/a n/a n/a n/a n/a n/a n/a Q. ' n/a n/a n/a n/a n/a n/a n/a n/a n/a Northern New Jersey 1 Q. ' Q. ' Q. ' Stamford-South CT 1 Q. ' Q. ' Q. ' a b c For the CBD office sector, these figures represent Class A space in the Central Nassau County submarket. For the CBD office sector, these figures represent Midtown Manhattan. Indices for other property categories represent activity in the greater New York metropolitan area. The office data reflect Downtown Manhattan; the apartment data reflect NYC rents only. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

29 NORTHEAST REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office BOSTON +4. BOSTON +5. HARTFORD +2. HARTFORD +4.7% NASSAU-SUFFOLK +1. NASSAU-SUFFOLK +3.5% NEW YORK +10. MANHATTAN DOWNTOWN/NYC +7. NEW YORK +5.1% NORTHERN NEW JERSEY +4.1% NORTHERN NEW JERSEY +1.7% STAMFORD-SOUTH CT +4. STAMFORD-SOUTH CT +4. Warehouse Retail BOSTON +0.7% BOSTON +4. HARTFORD +1. HARTFORD +3.7% NASSAU-SUFFOLK +7.1% NASSAU-SUFFOLK +3. NEW YORK +1.1% NEW YORK +7.5% NORTHERN NEW JERSEY -2.3% NORTHERN NEW JERSEY +3. STAMFORD-SOUTH CT +3. STAMFORD-SOUTH CT +6. Class A Apartment Class B Apartment BOSTON +3.1% BOSTON +2. HARTFORD +3.7% HARTFORD +4.1% NASSAU-SUFFOLK +4.3% NASSAU-SUFFOLK +4. NEW YORK +6.7% NEW YORK +4. MANHATTAN DOWNTOWN/NYC +5. MANHATTAN DOWNTOWN/NYC +3.9% NORTHERN NEW JERSEY +2. NORTHERN NEW JERSEY +2. STAMFORD-SOUTH CT +3.7% STAMFORD-SOUTH CT +2. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

30 NORTHEAST REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Boston Hartford Nassau-Suffolk New York Manhattan Downtown/NYC Northern New Jersey Stamford-South CT Note: For an explanation on how to read these graphs, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

31 EAST CENTRAL REGION CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % NATIONAL $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ Cincinnati 1 Q. ' Q. ' Q. ' Cleveland 1 Q. ' Q. ' Q. ' Columbus 1 Q. ' Q. ' Q. ' Detroit 1 Q. ' Q. ' Q. ' Indianapolis 1 Q. ' Q. ' Q. ' Pittsburgh 1 Q. ' Q. ' Q. ' Global Real Analylitics, 505 Montgomery Street, 6th Floor, San Francisco, CA

32 EAST CENTRAL REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office CINCINNATI +4. CINCINNATI +4.1% CLEVELAND -0.5% CLEVELAND -1. COLUMBUS +5. COLUMBUS +1.5% DETROIT -0.5% DETROIT -2. INDIANAPOLIS +4.9% INDIANAPOLIS +4.1% PITTSBURGH +2.3% PITTSBURGH +1.3% Warehouse Retail CINCINNATI +10.5% CINCINNATI +5. CLEVELAND +8. CLEVELAND +5.5% COLUMBUS +3.3% COLUMBUS +3. DETROIT -0. DETROIT -1.9% INDIANAPOLIS +2. INDIANAPOLIS +4.1% PITTSBURGH +2.1% PITTSBURGH +2. Class A Apartment Class B Apartment CINCINNATI +2.9% CINCINNATI +2.9% CLEVELAND +0. CLEVELAND -0. COLUMBUS +3. COLUMBUS +3.9% DETROIT -1. DETROIT +0. INDIANAPOLIS +4.3% INDIANAPOLIS +4.9% PITTSBURGH +0. PITTSBURGH +3. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

33 EAST CENTRAL REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Cincinnati Cleveland Columbus Detroit Indianapolis Pittsburgh Note: For an explanation on how to read these graphs, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

34 WEST CENTRAL REGION CBD Suburban Class A Class B Office Office Warehouse Retail Apartment Apartment Rent Rent Rent Rent Rent Rent Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free Asking Effective Free sf sf % sf sf % sf sf % sf sf % sf sf % sf sf % NATIONAL $30.13 $ % $23.93 $ $5.86 $ % $19.75 $ $15.93 $ % $11.98 $ Chicago 1 Q. ' Q. ' Q. ' Kansas City 1 Q. ' Q. ' Q. ' Milwaukee 1 Q. ' Q. ' Q. ' Minneapolis-St. Paul a 1 Q. ' Q. ' Q. ' St. Louis 1 Q. ' Q. ' Q. ' a For the CBD office sector, these figures represent properties in downtown Minneapolis. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

35 WEST CENTRAL REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office CHICAGO +0. CHICAGO -0.5% KANSAS CITY +0. KANSAS CITY +2.7% MILWAUKEE +2. MILWAUKEE +4.7% MINNEAPOLIS-ST PAUL +3.9% MINNEAPOLIS-ST PAUL +4.7% ST. LOUIS +1.5% ST. LOUIS +4.3% Warehouse Retail CHICAGO +4. CHICAGO +1. KANSAS CITY +5. KANSAS CITY +5. MILWAUKEE +2.9% MILWAUKEE +4.1% MINNEAPOLIS-ST PAUL +0. MINNEAPOLIS-ST PAUL +3. ST. LOUIS +5. ST. LOUIS +4.9% Class A Apartment Class B Apartment CHICAGO +2. CHICAGO +2. KANSAS CITY +2.3% KANSAS CITY +1. MILWAUKEE +4. MILWAUKEE +0.9% MINNEAPOLIS-ST PAUL +1.3% MINNEAPOLIS-ST PAUL +0.9% ST. LOUIS +4.3% ST. LOUIS +2.9% Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

36 WEST CENTRAL REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Chicago Kansas City Milwaukee Minneapolis-St. Paul St. Louis Note: For an explanation on how to read these graphs, please see the Methodology section. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

37 PRIMARY REAL ESTATE MARKET MAKERS FIrst Quarter 2006 Contributors of property-level data to the National Real Estate Index (INDEX) are major players in the real estate industry. In addition to CB Richard Ellis, the single largest contributor of property-level data, the following companies also provide data on their real estate activity in the markets indicated for compilation of INDEX composite statistics. Advantis (Atlanta, Jacksonville, Norfolk, Orlando) AEGON USA (Memphis, Nashville, Tampa Bay) Belvedere Corporation (Cincinnati) Broderick Group (Seattle) Carter/ONCOR (Atlanta, Orlando, Tampa Bay) CB Richard Ellis (Albuquerque, Atlanta, Austin, Boston, Central Jersey, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, El Paso, Fort Lauderdale, Hartford, Honolulu, Jacksonville, Las Vegas, Los Angeles, Memphis, Miami, Milwaukee, Minneapolis, Nashville, Newark, Norfolk, NY Midtown, Oakland, Orange County, Orlando, Philadelphia, Phoenix, Pittsburgh, Portland, Raleigh-Durham, Riverside-San Bernardino, Sacramento, Salt Lake City, San Diego, San Francisco, San Jose, Seattle, Stamford, Tampa Bay, Tulsa, West Palm Beach) CB Richard Ellis former Insignia ESG offices (Atlanta, Boston, Chicago, Denver, Greenville, Los Angeles, Miami, Nassau/Suffolk, NY Midtown, Norfolk, Oakland, Philadelphia, Phoenix, Pittsburgh, San Jose, Tampa Bay) Childress Klein (Atlanta, Charlotte) Codina Realty (Fort Lauderdale, Miami) Coldwell Banker (Greenville, Oklahoma City) Colliers Dow & Condon (Hartford, Sonoma County) Colliers International (Atlanta, Cincinnati, Las Vegas, Sacramento, Salt Lake City, Seattle) Colliers Turley Martin Tucker (Indianapolis, St. Louis) Colliers, Bennett & Kahnweiler (Chicago) Colonial Properties (Birmingham) Columbus Commercial Realty (Columbus) Cousins Properties (Atlanta, Charlotte, Winston-Salem) Crescent Real Estate (Austin, Dallas/Fort Worth, Houston) Cushman & Wakefield (Boston, Dallas/Fort Worth, Hartford, Houston, Los Angeles, Minneapolis, Orange County, Orlando, Philadelphia, Phoenix, Portland, St. Louis, Tampa Bay, Vallejo/Fairfield) Daniel Corporation (Birmingham) Don Casto Company (Cincinnati, Columbus, Dayton) DRA Advisors (Austin, Greenville, San Antonio, Tampa Bay) Duke Weeks Realty (Cincinnati, Indianapolis) Eason, Graham & Sander (Birmingham) Equity Office (Albuquerque, Atlanta, Boston, Chicago, Denver, Houston, Los Angeles, Minneapolis, New Orleans, Portland, Sacramento, San Diego, San Francisco, San Jose, Seattle, Stamford) Flocke & Avoyer (San Diego) General Growth Properties (Baltimore, Washington DC) Gerald Gamble & Company (Oklahoma City) Grubb & Ellis (Albuquerque, Boston, Cincinnati, Cleveland, Columbus, Detroit, Honolulu, Los Angeles, Milwaukee, Minneapolis, Nashville, Oklahoma City, Orlando, Phoenix, Portland, Riverside/SB, Sacramento, St. Louis, Tacoma/Olympia, West Palm Beach) Hilton Realty (Central Jersey) Hines Management (Columbus, Detroit, Houston, Miami, Minneapolis, San Francisco, Washington DC) ING Clarion (Atlanta, Denver, Houston, Minneapolis) Inland Companies (Milwaukee) Jones Lang LaSalle (Atlanta, Denver, Houston, Miami, Sacramento) Kimco Realty (Cincinnati, Miami, Nassau/Suffolk, Philadelphia) Lat Purser & Associates (Jacksonville, Winston-Salem) Liberty Property Trust (Detroit, Philadelphia) Lincoln Equities (Central Jersey, Nassau/ Suffolk, Newark) Lincoln Property Company (Austin, Boston, Chicago, Houston, New Orleans) Mack-Cali Realty (Central Jersey, New York, Newark, Philadelphia) Pan Pacific Retail Property (Las Vegas, Los Angeles, Portland, Sacramento, San Jose) Price Edwards (Oklahoma City) Regency Centers (Denver, Oakland, Portland, Seattle, Tampa Bay) Rubinstein Real Estate (Kansas City) Schnitzer Northwest (Seattle) Skinner & Broadbent (Indianapolis, Memphis) Soroush Kaboli, Inc. (San Francisco) Stream Realty (Dallas/Fort Worth) The Crosland Group (Charlotte) TrammellCrow (Austin, Baltimore, Boston, Charlotte, Denver, Houston, Indianapolis, Jacksonville, Memphis, Nashville, Oklahoma City, Philadelphia, Phoenix, Portland, San Antonio, San Diego, Seattle, Tampa Bay, Tulsa) Transwestern Property (Baltimore, Denver, Los Angeles, New Orleans, Orange County, San Antonio) Travis Commercial (San Antonio) Trizec Properties (Columbus, Dallas/Fort Worth, Detroit, Houston, Tulsa) Unico Properties (Seattle) Walters-Gottlieb Partners (West Palm Beach) Weingarten Realty (Atlanta, Houston, Kansas City) Welsh Companies (Columbus, Dayton, Minneapolis) Wiggin Properties (Oklahoma City, Tulsa) Woodbury Corporation (Salt Lake City) Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA