U.S. Offi ce Trends Report. 4th Quarter 2012

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1 U.S. Offi ce Trends Report 4th Quarter 2012

2 Contents U.S. Office Sector Analysis Investment Sales...5 Net Absorption by Metro Vacancy Rates by Metro Asking Rents by Metro Inventory by Metro Methodology...14 Kevin Thorpe Chief Economist 2101 L Street, NW, Ste. 700 Washington, DC Jennifer Edwards Project Manager 2101 L Street, NW, Ste. 700 Washington, DC Elena Bondarenko Economist 2101 L Street, NW, Ste. 700 Washington, DC Cassidy Turley

3 U.S. Offi ce Sector Analysis Office Sector Summary Despite the impending fi scal cliff, demand for offi ce space surged in the last quarter of Net absorption registered 20 million square feet (msf) in the fourth quarter -- its highest level since the third quarter of Of the 80 metros tracked, 66 (82%) reported positive absorption. In total, 48 msf was absorbed in 2012, compared to the 51.9 msf absorbed the previous year. The national vacancy rate ended the fourth quarter at 15.4% - marking a ninth consecutive quarter of declining vacancy. Offi ce vacancy is currently 170 basis points below its recessionary peak of 17.1%. Offi ce rents rose 1% in 2012 to $ Net demand for offi ce space in the fourth quarter was particularly keen in Phoenix (with 1.3 msf absorbed), Seattle (1.1 msf), Long Island (914,000 sf), Sacramento (830,000 sf), Dallas (777,000 sf), Boston (771,000 sf), San Diego (730,000 sf) and Los Angeles (661,000 sf). Rent growth continued to be driven by a handful of West Coast tech-fueled markets and New York City. In the fourth quarter, rents in San Francisco and San Jose-Silicon Valley increased 14.5% and 10.2%, respectively, year over year. New York City also reported another strong gain of 10.4%. Market Indicators 4th Quarter 2012 Net Absorption 20.0M Vacancy Asking Rents $21.69 Under Construction 2012 Q4 15.4% 41.8M 12-month Forecast The pace of investment sales, which hit a soft patch in the summer, began to pick up towards the end of the year. According to Real Capital Analytics (RCA), investment sales totaled $6.9 billion in November of 2012, the highest monthly volume for the year. Average cap rates inched downward -- from 7.6% in October to 7.4% in November. Sales in Central Business Districts (CBDs) were up an incredible 233% from a year ago, and suburban properties posted a healthy 33% gain. Activity in December was tracking to be signifi cantly higher than in November, potentially doubling November s volume, according to RCA. Some of the jump in sales is undoubtedly related to the strategy of getting deals done prior to potential tax hikes. The debt markets also provided a healthy dose of liquidity. Total CMBS issuance in the fourth quarter registered $17.5 billion the highest quarterly volume since the end of Outlook Despite the brinksmanship of Congress regarding sequestration, the fi scal cliff and taxes, the U.S. economy was surprisingly resilient in the second half of Real GDP grew by a healthy 3.1% in the third quarter, and early fourth quarter data is tracking close to refl ect a 2% growth rate not terrible, all things considered. As the calendar fl ipped over to 2013, most economic indicators are lining up to suggest another year of at least modest growth. Business profi ts remain at record levels three times higher than the norm. Consumer spending patterns remain resilient. Even in the face of the fi scal cliff, retail sales were solid in the fourth quarter of 2012 up 3.7% compared to a year ago. Moreover, consumers are borrowing more, confi rming household balance sheets look substantially better. All of that is fi ne and good, but the most important development in the recovery to watch is from housing. Housing is critical to an economic recovery, typically contributing as much as 1-1.5% to U.S. GDP growth during recovery years. For most of the current recovery, housing has contributed virtually nothing to economic growth. But that is changing. In 2012, home sales rose to their highest level in fi ve years. Home prices have increased in 70% of the country. Residential construction could potentially double in 2013 from its level in Then there is the jobs market. Employment growth, while still below pre-recession levels, did remain positive throughout the year. U.S. Net Absorption vs. Vacancy Net Absorption, Selected Markets Q % 1.5 (msf) Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q % 16.5% 16.0% 15.5% 15.0% Vacancy Rate (msf) Phoenix Houston San Jose-Silicon Valley Sacramento Dallas Boston-Cambridge San Diego Los Angeles Denver Oakland-East Bay Tampa New York Charlotte Baltimore Suburban MD Kansas City Nashville Dayton San Francisco Indianapolis Louisville Minneapolis C New Jersey Raleigh Milwaukee Saint Louis San Mateo County Cincinnati Columbus N New Jersey Washington DC Suburban VA Absorption Vacancy Rate Source: Cassidy Turley Research Source: Cassidy Turley Research cassidyturley.com 3

4 U.S. Offi ce Sector Analysis Outlook cont. The U.S. economy added 1.9 million net new nonfarm payroll jobs in 2012 the highest number since And, signifi cant for offi ce markets, 32 % of those jobs fall into the category of offi ce-using. The U.S. economy has now produced an average of 150,000 jobs per month for 27 straight months. At the current trajectory, the U.S. will reach its peak level of employment by Fiscal policy presents the biggest wildcard in our outlook. The deal lawmakers signed on New Year s Day which increased taxes on the wealthy and delayed sequestration -- reduced the impact of the fi scal cliff by roughly 60%. This deal will raise around $730 billion of revenue over 10 years, creating a 1% drag on growth for 2013 due to reduced consumer spending. That is far better than the 4% drag had policymakers not reached a compromise. But in many respects, they merely delayed key policy decisions for another two months -- and didn t solve the underlying fi scal problems. Until they deliver on a plan that puts the U.S. on a long-term path to fi scal sustainability, economic growth will be suppressed, as will the recovery for the offi ce sector. Given the ongoing political uncertainty and the specter of the debt ceiling drama that is sure to materialize, the U.S. economy will start 2013 on a slow pace. Real GDP will hover below 2% in the fi rst half of the year, and business growth will remain far below potential. But assuming lawmakers can strike a deal, or at least provide a framework by mid-year, the U.S. economy will accelerate in the second half, with real GDP averaging closer to a 3% growth rate. If the recovery follows this script, then the U.S. economy will expand by slightly better than 2% for all of 2013, suffi cient to generate around 2 million net new jobs and 40 to 50 msf of net new demand for offi ce space. In short, 2013 will likely be a redux of 2012, but with the improvement in housing, there is upside for slightly stronger growth. Trend to watch: Businesses are getting more space-efficient. In the wake of the recession, many businesses have been looking at their fl oor plate and determining that they can function with 20-30% less space. That, in combination with open fl oor plans and the benching system has resulted in subpar absorption numbers relative to past recovery cycles. According to a survey conducted by CoreNet Global, the amount of offi ce space per worker has declined from 225 sf prior to the recession to 176 sf in It is estimated that it could decrease to as low as 151 sf by Asking Rents Select Markets, 4th Quarter 2012 Rents Yr/Yr % Chg. New York, NY $ % Washington DC $ % San Francisco, CA $ % San Mateo County, CA $ % Suburban VA $ % Boston-Cambridge, MA $ % Los Angeles, CA $ % San Jose-Silicon Valley, CA $ % San Diego, CA $ % Suburban MD $ % Minneapolis, MN $ % Houston, TX $ % Northern New Jersey $ % Central New Jersey $ % Baltimore, MD $ % Denver, CO $ % Phoenix, AZ $ % Oakland-East Bay, CA $ % Charlotte, NC $ % Dallas, TX $ % Tampa, FL $ % Sacramento, CA $ % Raleigh, NC $ % Nashville, TN $ % Saint Louis, MO $ % Atlanta, GA $ % Columbus, OH $ % Cincinnati, OH $ % Indianapolis, IN $ % Kansas City, MO $ % Milwaukee, WI $ % Louisville, KY $ % Dayton, OH $ % Source: Cassidy Turley Research 2013 Should be no worse Getting more space efficient U.S. Office space per worker, average square feet 3% 2% 1% 1.9% 2.4% 1.8% Consensus Forecast 2.0% 2.1% % -1% % -3% -3.1% % Office space per worker, sf Source: Cassidy Turley Research, Moody s Source: NAIOP, CorNet Global 4 Cassidy Turley

5 Investment Sales U.S. Office Sales Volume Office Sale Volume Select Markets, Jan - Nov 2012 Source: Real Capital Analytics, Cassidy Turley Research $ Volume (Millions) Avg PSF Manhattan, NY $10,295 $499 San Francisco, CA $4,430 $449 DC Metro $4,243 $331 Los Angeles, CA $4,163 $258 Seattle, WA $3,742 $333 Houston, TX $2,611 $193 Chicago, IL $2,540 $142 Boston, MA $2,227 $239 Dallas, TX $1,825 $135 Denver, CO $1,603 $179 San Jose, CA $1,427 $247 Atlanta, GA $1,335 $123 Austin, TX $1,302 $175 Orange County, CA $998 $210 San Diego, CA $970 $264 Minneapolis, MN $966 $125 Charlotte, NC $909 $168 Phoenix, AZ $867 $135 Northern NJ $787 $131 East Bay, CA $775 $175 NYC Boroughs $738 $266 Miami, FL $640 $142 Philadelphia, PA $506 $132 Indianapolis, IN $453 $155 Nashville, TN $372 $173 Orlando, FL $349 $149 Stamford, CT $334 $205 Baltimore, MD $327 $82 Portland, OR $327 $144 Detroit, MI $296 $51 Tampa, FL $292 $154 Raleigh/Durham, NC $282 $122 Broward County, FL $259 $131 Pittsburgh, PA $251 $106 Inland Empire, VA $250 $110 St Louis, MO $239 $68 Las Vegas, NV $238 $100 Hartford, CT $210 $96 Columbus, OH $202 $146 Milwaukee, WI $178 $184 Cincinnati, OH $167 $73 Salt Lake City, UT $142 $151 Kansas City, MO $137 $57 Memphis, TN $132 $69 Sacramento, CA $86 $156 Billions Source: Real Capital Analytics U.S. Office Cap Rates 10% 9% 8% 7% 6% 5% 4% Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Source: Real Capital Analytics CBD Suburban U.S. Office Acquisitions by Buyer Type $240 $200 Billions $14 $12 $10 $8 $6 $4 $2 $0 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 $160 $120 $80 $40 $ *12 Cross-Border Inst'l/Eq Fund Listed/REITs Private User/other *Q1 Q Source: Real Capital Analytics cassidyturley.com 5

6 Net Absorption Q Q Q Qr Qp United States -68,338,000 23,525,000 51,910,000 13,676,000 7,196,000 13,813,000 7,178,000 20,015,000 Northeast -21,602,000 6,904,000 7,122, , , ,000 8,000 2,885,000 Midwest -10,072,000-3,439,000 2,800,000 2,365, , ,000 1,526,000 2,609,000 South -13,652,000 11,705,000 20,121,000 6,652,000 1,725,000 7,460,000 3,734,000 6,050,000 West -23,011,000 8,355,000 21,867,000 4,866,000 4,374,000 5,558,000 1,910,000 8,471,000 Albuquerque, NM -396,000 81,000 58,000 36,000-5,000 48,000-69, ,000 Anaheim-Santa Ana, CA -3,949, , , , ,000 98, , ,000 Atlanta-Sandy Springs-Marietta, GA -3,007, , , , , ,000 1,315, ,000 Austin-Round Rock, TX -131, ,000 2,155, , , ,000-81, ,000 Baltimore, MD 62, , , ,000 12, ,000 84, ,000 Birmingham-Hoover, AL -617,000-49, ,000 90,000-6,000 69,000 74, ,000 Boston-Cambridge, MA -3,935, , ,000 63, , , , ,000 Buffalo-Niagara Falls, NY -130,000-93, , , ,000 26,000-6,000 73,000 Charleston-North Charleston, SC -275, , ,000 90,000-13,000-50, , ,000 Charlotte-Gastonia-Concord, NC-SC -366, , , , , , , ,000 Chattanooga, TN-GA -33,000-54,000 96,000 5,000 59,000 3,000 11,000-20,000 Chicago-Joliet-Naperville, IL-IN-WI -3,223, , , , , , , ,000 Cincinnati-Middletown, OH-KY-IN -152, , , , ,000-58,000-31,000 22,000 Cleveland-Elyria-Mentor, OH -438, , , , , ,000-27, ,000 Colorado Springs, CO -244, , ,000-17, , ,000-38,000 25,000 Columbia, SC -75, , , , ,000-43, ,000 24,000 Columbus, OH -641, , ,000 94, , , ,000-35,000 Dallas, TX 601, ,000 2,738, ,000 17, , , ,000 Dayton, OH -817,000-58,000 83, ,000 N/A 298,000 N/A 249,000 Denver-Aurora, CO -335,000 2,284,000 1,532, , , , , ,000 Detroit-Warren-Livonia, MI -1,534,000-1,035,000 1,185, , ,000 58, , ,000 Fairfield, CT -2,305, , , , , ,000-72, ,000 Ft. Lauderdale, FL -947,000 31, , , ,000 8,000 15,000-14,000 Greensboro-Winston-Salem, NC 84,000 22, , , ,000 1,000 89,000 64,000 Greenville, SC -367,000 98, ,000 21,000 79,000 98, ,000 10,000 Hartford-West Hartford-East Hartford, CT -412,000-61, ,000-9, ,000-42, ,000 74,000 Honolulu, HI 261, , ,000-3,000 10, ,000 55,000 18,000 Houston, TX -508, ,000 2,646,000 1,347, ,000 1,556,000 1,373, ,000 Indianapolis, IN -652, , ,000 94,000 40, ,000 65, ,000 Jacksonville, FL -585,000 22, , ,000-43, , , ,000 Kansas City, MO-KS -357, , , ,000-25,000 29, , ,000 Knoxville, TN -204, , , , ,000 27,000-23,000-1,000 Las Vegas-Paradise, NV -941, , , , , , , ,000 Lexington-Fayette,KY 15,000-48,000 27,000 95, ,000 2,000 92, ,000 Little Rock-N. Little Rock, AR -142,000 36,000 22,000-33,000 73,000 49, ,000 19,000 Los Angeles-Long Beach-Glendale, CA -2,439,000 1,849, , , ,000-22, , ,000 Louisville, KY-IN -364, , , , , , , ,000 Madison, WI 44, ,000-46,000 36, ,000 19,000 42,000 62,000 Memphis, TN-MS-AR -289,000-12, ,000 94,000-11,000 72,000-87,000 98,000 Miami-Dade, FL -796, ,000 1,018, , , , , ,000 Milwaukee-Waukesha-West Allis, WI -597, , , ,000-29, ,000 64,000 95,000 Minneapolis-St. Paul-Bloomington, MN-WI -1,799, ,000 1,017, ,000 99,000-88, , ,000 Nashville-Davidson-Murfreesboro, TN 80, , , , , , , ,000 New Haven-Milford, CT -1,488, , , ,000 22,000 38,000 11,000 29,000 6 Cassidy Turley

7 Net Absorption Q Q Q Qr Qp New Orleans-Metairie-Kenner, LA 312, , ,000 18,000 83, ,000 2,000 26,000 New York, NY -10,871,000 9,564,000 4,217, , , ,000 1,181, ,000 Long Island, NY 733,000 87, ,000-62,000 74, , , ,000 Northern New Jersey -1,519,000-1,105, , , , , ,000-55,000 Central New Jersey -570, , , ,000 14, , , ,000 Oakland-East Bay, CA -2,984, ,000 1,147,000 5, , , , ,000 Oklahoma City, OK 126,000 1, ,000-8,000 89,000 2,262,000 98, ,000 Omaha, NE-IA -154, , ,000-37,000 29,000-19, , ,000 Orlando, FL -1,242, ,000 1,232, , ,000 51, , ,000 West Palm Beach-Boca Raton, FL -810, , ,000-95,000 13,000 10, , ,000 Philadelphia-Camden-Wilmington, PA-NJ -1,160, ,000 1,157, , , , , ,000 Phoenix-Mesa-Scottsdale, AZ -610,000-52, ,000 93,000 91, , ,000 1,257,000 Pittsburgh, PA 322, , , , , , , ,000 Portland-South Portland-Biddeford, ME 8, , , ,000 27,000 85, ,000 54,000 Portland-Vancouver-Beaverton, OR-WA -1,158, , , ,000 89, , , ,000 Raleigh-Durham, NC -538, , ,000 69,000-30,000 79, ,000 97,000 Rochester, NY -87,000-49, , , ,000-12,000 13,000-2,000 Sacramento-Arden-Arcade-Roseville, CA 138, ,000 71,000 13,000 67,000 22, , ,000 Saint Louis, MO-IL -299,000 3, ,000-95,000 58,000 41,000 30,000 80,000 Salt Lake City, UT -559, ,000 1,122, ,000 72,000 17, , ,000 San Antonio, TX 303, , ,000 80, , ,000 38, ,000 San Diego-Carlsbad-San Marcos, CA -476, , , ,000-26, , , ,000 San Francisco, CA -1,713,000 1,028,000 2,945, ,000 1,056, , , ,000 San Jose-Silicon Valley, CA -5,640,000 1,285,000 5,393,000 1,183,000 1,613, , , ,000 San Mateo County, CA 342, ,000 1,564, , , , ,000 60,000 Seattle-Tacoma-Bellevue, WA -1,797,000 1,120,000 3,808, , ,000 1,170, ,000 1,093,000 Suburban MD -686, , , ,000-54,000-18,000-56, ,000 Suburban VA -1,713,000 1,720, , ,000-1,254,000-70, , ,000 Syracuse, NY -120,000 22, ,000-15,000-80,000-83,000-2,000 10,000 Tampa-St.Petersburg-Clearwater, FL -1,582,000-65, , , ,000 44, , ,000 Tucson, AZ -354,000 13, , ,000 3,000-69,000-60,000 61,000 Tulsa, OK -73,000-17, ,000-41,000 22, , ,000 43,000 Ventura County, CA -157,000 26, ,000 3, , ,000-72,000-21,000 Washington DC 116,000 3,873, ,000 99, , ,000 12,000-61,000 Wichita, KS 547,000-4,000-50, ,000-12,000 41,000 13,000 Westchester, NY -69, , ,000-85,000-26, ,000-40, ,000 Methodology and data sources explained on page 14 p = preliminary r = revision cassidyturley.com 7

8 Offi ce Vacancy Rates Q Q Q Qr Qp (Quarterly Average) United States 16.2% 17.1% 16.5% 16.1% 16.0% 15.8% 15.7% 15.4% Northeast 14.7% 15.4% 15.4% 15.4% 15.5% 15.6% 15.6% 15.5% Midwest 18.0% 19.4% 19.4% 19.0% 19.0% 19.1% 18.8% 18.5% South 15.8% 16.7% 15.8% 15.2% 15.1% 14.8% 14.6% 14.3% West 16.6% 17.3% 16.4% 16.0% 15.8% 15.6% 15.5% 15.0% Albuquerque, NM 13.5% 14.4% 13.5% 14.0% 14.3% 14.1% 14.6% 13.6% Anaheim-Santa Ana, CA 16.9% 18.6% 18.2% 18.1% 17.9% 17.7% 17.4% 17.3% Atlanta-Sandy Springs-Marietta, GA 19.3% 21.3% 21.4% 21.3% 21.0% 20.6% 18.8% 19.2% Austin-Round Rock, TX 18.9% 18.1% 14.9% 12.3% 11.2% 10.7% 11.1% 9.3% Baltimore, MD 18.8% 19.7% 19.3% 19.0% 19.5% 18.5% 18.5% 18.3% Birmingham-Hoover, AL 10.6% 12.4% 11.2% 10.7% 10.8% 10.4% 10.0% 9.5% Boston-Cambridge, MA 12.5% 13.6% 14.4% 14.5% 14.4% 14.1% 13.6% 11.9% Buffalo-Niagara Falls, NY 12.6% 13.5% 12.1% 11.7% 11.2% 11.0% 11.0% 10.7% Charleston-North Charleston, SC 16.0% 14.6% 11.0% 10.6% 10.8% 11.4% 9.9% 9.2% Charlotte-Gastonia-Concord, NC-SC 16.0% 19.9% 19.6% 18.7% 18.3% 17.9% 17.4% 17.4% Chattanooga, TN-GA 15.3% 17.9% 14.9% 14.9% 13.7% 13.6% 13.3% 13.8% Chicago-Joliet-Naperville, IL-IN-WI 17.0% 17.8% 18.4% 18.2% 18.1% 17.8% 17.7% 17.4% Cincinnati-Middletown, OH-KY-IN 19.5% 22.9% 23.9% 23.7% 23.4% 24.4% 24.4% 24.1% Cleveland-Elyria-Mentor, OH 17.7% 19.0% 20.5% 20.3% 20.1% 21.7% 21.7% 21.8% Colorado Springs, CO 18.9% 16.6% 10.7% 10.6% 9.5% 8.8% 9.4% 9.2% Columbia, SC 14.5% 16.3% 14.7% 13.2% 14.4% 14.8% 16.8% 16.7% Columbus, OH 14.7% 17.5% 17.1% 16.0% 15.6% 16.4% 15.5% 15.5% Dallas, TX 21.4% 22.9% 22.1% 21.6% 21.4% 21.3% 20.8% 20.5% Dayton, OH 24.3% 28.0% 28.4% 27.8% 27.8% 28.2% 28.2% 27.4% Denver-Aurora, CO 14.6% 14.3% 13.7% 13.4% 13.2% 12.7% 12.9% 12.4% Detroit-Warren-Livonia, MI 24.1% 25.1% 24.5% 23.7% 23.9% 23.9% 23.8% 23.4% Fairfield, CT 19.1% 21.3% 20.5% 20.3% 19.8% 20.2% 20.3% 20.8% Ft. Lauderdale, FL 16.6% 18.2% 18.1% 17.9% 17.2% 17.2% 17.1% 17.1% Greensboro-Winston-Salem, NC 18.4% 18.8% 18.3% 17.8% 17.0% 16.9% 16.5% 16.1% Greenville, SC 18.2% 19.4% 18.1% 17.4% 16.7% 16.3% 14.8% 14.7% Hartford-West Hartford-East Hartford, CT 19.3% 21.7% 22.9% 23.1% 24.1% 24.3% 23.7% 23.5% Honolulu, HI 7.3% 7.1% 6.8% 6.7% 6.7% 6.2% 6.0% 5.9% Houston, TX 15.3% 15.9% 15.5% 15.1% 14.8% 14.1% 12.2% 11.8% Indianapolis, IN 19.9% 21.0% 20.6% 20.3% 20.2% 19.9% 20.2% 19.7% Jacksonville, FL 19.0% 19.8% 17.3% 16.7% 17.1% 16.6% 16.0% 16.7% Kansas City, MO-KS 19.2% 20.7% 21.7% 21.3% 21.4% 21.4% 21.0% 20.2% Knoxville, TN 15.5% 16.6% 17.1% 15.4% 13.3% 12.8% 13.1% 13.1% Las Vegas-Paradise, NV 21.4% 23.9% 21.8% 21.7% 21.8% 21.4% 20.5% 18.7% Lexington-Fayette,KY 16.5% 16.9% 18.6% 17.2% 20.6% 20.5% 18.4% 17.1% Little Rock-N. Little Rock, AR 11.1% 12.1% 11.5% 11.4% 10.9% 10.5% 12.1% 12.0% Los Angeles-Long Beach-Glendale, CA 15.9% 18.3% 18.7% 18.7% 18.4% 18.4% 18.2% 17.6% Louisville, KY-IN 13.8% 15.0% 15.6% 15.2% 14.1% 13.5% 15.3% 16.1% Madison, WI 8.7% 9.4% 10.2% 10.2% 9.7% 9.9% 9.7% 9.5% Memphis, TN-MS-AR 18.2% 19.0% 18.8% 18.2% 18.2% 17.9% 18.2% 17.7% Miami-Dade, FL 13.4% 14.3% 14.2% 13.5% 12.8% 11.8% 11.3% 10.7% Milwaukee-Waukesha-West Allis, WI 19.4% 20.9% 20.9% 20.5% 20.9% 20.3% 17.6% 17.4% Minneapolis-St. Paul-Bloomington, MN-WI 18.9% 19.3% 17.6% 17.5% 17.4% 17.7% 17.5% 17.2% Nashville-Davidson-Murfreesboro, TN 16.0% 15.7% 13.4% 12.6% 12.5% 11.8% 11.5% 10.6% 8 Cassidy Turley

9 Offi ce Vacancy Rates Q Q Q Qr Qp (Quarterly Average) New Haven-Milford, CT 16.3% 16.6% 16.1% 16.3% 16.1% 15.8% 15.8% 15.5% New Orleans-Metairie-Kenner, LA 8.5% 9.1% 10.1% 10.0% 9.8% 9.5% 9.5% 9.4% New York, NY 13.5% 12.0% 11.5% 10.9% 10.6% 10.5% 10.3% 10.2% Long Island, NY 16.4% 16.7% 16.2% 15.9% 15.8% 16.3% 15.5% 15.2% Northern New Jersey 13.1% 13.9% 14.5% 14.9% 15.0% 15.2% 15.3% 15.4% Central New Jersey 16.1% 16.5% 16.6% 16.7% 16.6% 16.4% 17.0% 16.9% Oakland-East Bay, CA 18.1% 18.4% 18.1% 17.5% 17.8% 17.3% 16.9% 16.4% Oklahoma City, OK 15.7% 16.6% 16.2% 15.6% 15.5% 13.1% 12.8% 11.4% Omaha, NE-IA 14.8% 15.6% 14.4% 14.7% 14.4% 14.5% 15.0% 15.7% Orlando, FL 15.3% 16.5% 13.8% 12.4% 11.9% 12.1% 12.8% 11.9% West Palm Beach-Boca Raton, FL 17.6% 18.4% 14.9% 14.3% 14.3% 14.2% 14.1% 12.7% Philadelphia-Camden-Wilmington, PA-NJ 12.9% 13.9% 13.3% 13.2% 13.1% 12.9% 13.4% 13.1% Phoenix-Mesa-Scottsdale, AZ 25.8% 27.7% 28.1% 27.9% 28.2% 27.8% 27.5% 25.7% Pittsburgh, PA 15.4% 15.5% 14.8% 14.6% 14.4% 15.2% 14.5% 14.0% Portland-South Portland-Biddeford, ME 8.1% 9.2% 11.3% 11.8% 11.7% 11.2% 12.8% 12.5% Portland-Vancouver-Beaverton, OR-WA 13.3% 14.3% 12.9% 12.3% 12.1% 12.5% 11.9% 11.3% Raleigh-Durham, NC 18.7% 19.2% 17.6% 16.9% 17.0% 16.8% 16.5% 16.2% Rochester, NY 15.8% 16.1% 14.1% 13.8% 15.3% 15.3% 15.4% 15.7% Sacramento-Arden-Arcade-Roseville, CA 16.2% 17.0% 17.7% 17.6% 17.6% 17.6% 17.0% 16.2% Saint Louis, MO-IL 15.4% 16.2% 16.7% 16.2% 16.3% 16.2% 16.4% 16.4% Salt Lake City, UT 12.8% 14.4% 12.1% 10.8% 11.1% 11.3% 12.4% 11.0% San Antonio, TX 16.6% 17.2% 17.7% 17.3% 16.9% 16.6% 17.3% 16.7% San Diego-Carlsbad-San Marcos, CA 21.1% 19.9% 19.3% 18.6% 18.7% 18.3% 18.0% 16.8% San Francisco, CA 15.5% 15.6% 12.4% 11.0% 10.2% 9.6% 9.8% 10.3% San Jose-Silicon Valley, CA 18.0% 18.5% 15.4% 14.5% 13.5% 13.4% 13.2% 12.9% San Mateo County, CA 18.2% 16.3% 13.2% 12.8% 13.4% 12.7% 13.4% 13.7% Seattle-Tacoma-Bellevue, WA 14.2% 16.9% 15.1% 14.1% 13.5% 12.3% 12.2% 11.6% Suburban MD 14.5% 15.2% 15.4% 15.1% 15.5% 15.5% 15.6% 15.6% Suburban VA 14.0% 14.3% 14.1% 14.2% 15.4% 15.8% 16.0% 16.5% Syracuse, NY 13.0% 13.1% 14.2% 14.8% 15.4% 16.1% 16.1% 16.0% Tampa-St.Petersburg-Clearwater, FL 19.6% 21.0% 20.7% 20.1% 20.2% 20.2% 20.3% 19.6% Tucson, AZ 13.5% 14.2% 14.5% 13.8% 13.7% 14.8% 15.8% 14.9% Tulsa, OK 17.4% 17.6% 16.4% 16.3% 16.2% 15.3% 14.5% 14.3% Ventura County, CA 17.3% 17.5% 20.3% 20.8% 19.5% 17.3% 18.2% 19.0% Washington DC 10.0% 11.1% 10.4% 10.4% 10.4% 10.4% 10.3% 10.6% Wichita, KS 17.5% 17.7% 17.4% 17.5% 17.5% 17.6% 17.3% 17.3% Westchester, NY 16.4% 18.1% 18.9% 19.2% 19.3% 19.0% 19.3% 20.4% Methodology and data sources explained on page 14 p = preliminary r = revision cassidyturley.com 9

10 Asking Rents Q Q Q Qr Qp (Quarterly Average) United States $21.92 $21.37 $21.42 $21.49 $21.65 $21.72 $21.72 $21.69 Northeast $24.38 $23.30 $23.78 $24.04 $24.35 $24.34 $24.45 $24.31 Midwest $18.41 $18.27 $18.26 $18.26 $18.34 $18.36 $18.22 $18.18 South $20.96 $20.80 $20.60 $20.60 $20.64 $20.71 $20.71 $20.66 West $24.05 $23.02 $23.14 $23.21 $23.51 $23.65 $23.66 $23.74 Albuquerque, NM $16.42 $16.12 $15.58 $15.30 $15.31 $15.35 $15.28 $15.21 Anaheim-Santa Ana, CA $26.32 $23.68 $22.52 $22.23 $21.80 $21.57 $21.62 $21.67 Atlanta-Sandy Springs-Marietta, GA $19.58 $19.10 $18.77 $18.82 $18.93 $18.89 $18.22 $18.74 Austin-Round Rock, TX $25.24 $24.81 $24.36 $24.42 $24.54 $25.04 $25.35 $25.52 Baltimore, MD $22.97 $22.66 $22.19 $21.93 $21.98 $21.91 $21.44 $22.18 Birmingham-Hoover, AL $17.93 $17.67 $17.74 $17.95 $17.92 $18.02 $17.95 $17.79 Boston-Cambridge, MA $35.53 $29.97 $31.01 $31.09 $31.06 $30.44 $30.64 $29.90 Buffalo-Niagara Falls, NY $15.79 $16.38 $16.73 $16.73 $16.75 $16.72 $16.74 $16.61 Charleston-North Charleston, SC $19.10 $19.25 $19.01 $18.83 $18.65 $18.36 $18.30 $17.87 Charlotte-Gastonia-Concord, NC-SC $20.25 $19.69 $19.47 $20.05 $20.41 $20.41 $20.38 $20.57 Chattanooga, TN-GA $14.73 $14.22 $13.92 $14.55 $15.04 $15.07 $15.05 $14.93 Chicago-Joliet-Naperville, IL-IN-WI $25.18 $24.64 $24.43 $24.50 $25.11 $25.18 $25.17 $24.92 Cincinnati-Middletown, OH-KY-IN $18.00 $17.88 $18.15 $18.46 $18.47 $18.32 $18.25 $18.22 Cleveland-Elyria-Mentor, OH $17.80 $18.17 $17.83 $17.78 $18.01 $18.11 $18.10 $18.05 Colorado Springs, CO $16.47 $15.49 $16.04 $16.43 $16.31 $16.96 $16.81 $16.75 Columbia, SC $15.69 $15.88 $15.60 $15.44 $15.51 $15.55 $15.37 $15.62 Columbus, OH $18.51 $17.33 $17.11 $17.09 $18.35 $18.27 $18.43 $18.55 Dallas, TX $21.32 $19.78 $19.37 $19.38 $19.18 $20.13 $20.45 $20.47 Dayton, OH $14.96 $14.75 $14.56 $14.46 $14.46 $14.32 $14.32 $14.14 Denver-Aurora, CO $20.67 $19.92 $20.14 $20.27 $19.89 $19.89 $20.55 $21.29 Detroit-Warren-Livonia, MI $18.92 $18.68 $18.31 $18.28 $18.21 $17.96 $17.81 $17.67 Fairfield, CT $31.58 $29.84 $30.42 $31.48 $34.14 $33.79 $34.31 $33.76 Ft. Lauderdale, FL $25.33 $24.88 $24.49 $24.22 $24.05 $24.14 $23.72 $23.68 Greensboro-Winston-Salem, NC $15.39 $15.31 $15.44 $15.38 $15.35 $15.33 $15.29 $15.25 Greenville, SC $15.97 $16.07 $15.76 $15.64 $15.59 $15.82 $15.44 $15.61 Hartford-West Hartford-East Hartford, CT $19.49 $19.09 $19.39 $19.32 $19.07 $19.01 $19.03 $18.97 Honolulu, HI $23.57 $27.19 $28.56 $28.18 $28.78 $27.67 $26.70 $26.76 Houston, TX $23.92 $23.15 $22.96 $23.33 $23.77 $24.52 $24.91 $24.93 Indianapolis, IN $17.59 $17.55 $18.08 $18.11 $18.09 $18.09 $18.03 $18.05 Jacksonville, FL $18.28 $17.69 $17.05 $16.99 $17.07 $17.10 $16.94 $16.94 Kansas City, MO-KS $18.79 $18.35 $18.10 $17.97 $17.88 $17.94 $17.89 $17.94 Knoxville, TN $15.73 $15.92 $15.85 $15.91 $15.88 $15.90 $15.74 $15.33 Las Vegas-Paradise, NV $24.30 $22.68 $21.59 $21.04 $20.88 $20.87 $20.72 $20.07 Lexington-Fayette,KY $16.37 $16.74 $15.89 $15.51 $15.52 $15.58 $15.62 $15.72 Little Rock-N. Little Rock, AR $14.59 $15.05 $14.98 $14.46 $15.05 $15.41 $15.32 $15.34 Los Angeles-Long Beach-Glendale, CA $32.55 $30.20 $29.56 $29.51 $28.89 $29.18 $29.01 $29.38 Louisville, KY-IN $15.84 $16.90 $17.00 $16.97 $16.61 $16.46 $16.44 $16.31 Madison, WI $16.15 $16.70 $17.36 $17.74 $17.25 $17.22 $16.86 $17.32 Memphis, TN-MS-AR $17.54 $18.95 $18.82 $18.82 $18.86 $18.84 $18.73 $18.73 Miami-Dade, FL $29.56 $28.55 $27.52 $27.37 $27.31 $27.05 $27.23 $27.04 Milwaukee-Waukesha-West Allis, WI $18.07 $18.38 $18.35 $18.21 $18.28 $18.22 $17.57 $17.76 Minneapolis-St. Paul-Bloomington, MN-WI $24.60 $24.60 $24.58 $24.60 $24.64 $25.56 $24.98 $25.13 Nashville-Davidson-Murfreesboro, TN $20.23 $20.17 $19.96 $19.80 $19.26 $19.12 $19.64 $ Cassidy Turley

11 Asking Rents Q Q Q Qr Qp (Quarterly Average) New Haven-Milford, CT $20.50 $20.38 $20.01 $19.85 $20.11 $20.40 $20.51 $20.73 New Orleans-Metairie-Kenner, LA $15.22 $15.39 $14.96 $14.98 $14.97 $14.97 $15.03 $15.38 New York, NY $51.10 $47.66 $51.99 $53.84 $55.58 $57.02 $58.77 $59.43 Long Island, NY $26.44 $26.26 $25.97 $26.00 $26.11 $26.38 $26.34 $26.02 Northern New Jersey $26.38 $25.38 $25.02 $24.74 $24.68 $24.79 $24.86 $24.58 Central New Jersey $23.87 $23.20 $23.44 $23.50 $23.81 $23.43 $23.80 $23.37 Oakland-East Bay, CA $21.76 $20.83 $20.26 $19.92 $20.18 $20.41 $20.56 $20.61 Oklahoma City, OK $13.96 $13.67 $13.41 $13.17 $13.25 $13.14 $13.14 $13.11 Omaha, NE-IA $16.74 $17.01 $17.30 $17.10 $16.94 $16.94 $17.09 $16.28 Orlando, FL $21.31 $20.20 $19.69 $19.61 $19.71 $19.59 $19.42 $19.19 West Palm Beach-Boca Raton, FL $28.28 $27.73 $27.09 $26.96 $26.81 $26.99 $26.94 $26.68 Philadelphia-Camden-Wilmington, PA-NJ $23.44 $22.99 $23.05 $23.11 $23.18 $23.31 $23.28 $23.18 Phoenix-Mesa-Scottsdale, AZ $23.80 $22.71 $21.72 $21.29 $20.83 $20.76 $21.03 $20.86 Pittsburgh, PA $19.34 $19.49 $19.38 $19.49 $19.46 $19.32 $19.30 $19.51 Portland-South Portland-Biddeford, ME $14.53 $14.50 $14.36 $14.36 $14.40 $14.15 $13.27 $12.69 Portland-Vancouver-Beaverton, OR-WA $20.84 $20.61 $20.60 $20.52 $20.45 $20.52 $20.62 $20.76 Raleigh-Durham, NC $19.70 $19.60 $19.88 $19.84 $19.89 $19.63 $19.46 $19.41 Rochester, NY $14.81 $14.08 $13.96 $13.83 $13.88 $13.93 $13.83 $13.98 Sacramento-Arden-Arcade-Roseville, CA $22.89 $21.78 $20.49 $20.04 $19.80 $19.80 $19.68 $19.56 Saint Louis, MO-IL $19.77 $19.44 $19.22 $18.99 $18.88 $18.73 $18.88 $18.78 Salt Lake City, UT $18.08 $17.76 $17.55 $17.55 $17.59 $17.62 $19.16 $19.36 San Antonio, TX $18.98 $19.05 $19.43 $19.26 $19.53 $19.59 $19.65 $19.67 San Diego-Carlsbad-San Marcos, CA $30.09 $27.57 $26.94 $26.64 $26.64 $26.64 $26.76 $26.76 San Francisco, CA $35.75 $32.04 $35.75 $38.17 $44.53 $44.80 $43.40 $43.70 San Jose-Silicon Valley, CA $27.12 $25.19 $25.60 $26.25 $26.49 $27.78 $28.18 $28.93 San Mateo County, CA $33.00 $30.81 $36.42 $37.92 $39.12 $40.20 $40.80 $40.08 Seattle-Tacoma-Bellevue, WA $28.54 $27.24 $26.67 $26.65 $26.47 $26.75 $27.09 $27.45 Suburban MD $27.46 $26.61 $26.62 $26.68 $26.83 $26.38 $26.49 $26.18 Suburban VA $29.74 $29.56 $30.28 $30.86 $31.23 $31.58 $31.77 $31.48 Syracuse, NY $14.58 $14.18 $14.89 $15.48 $15.64 $15.52 $15.38 $15.34 Tampa-St.Petersburg-Clearwater, FL $20.61 $20.03 $19.85 $20.30 $20.16 $20.00 $19.90 $19.57 Tucson, AZ $20.92 $20.17 $19.67 $19.44 $19.15 $19.14 $18.89 $18.87 Tulsa, OK $14.63 $15.77 $15.77 $15.66 $15.69 $15.66 $15.77 $15.90 Ventura County, CA $24.69 $24.16 $23.67 $23.51 $23.68 $23.80 $23.73 $23.62 Washington DC $47.54 $48.70 $49.41 $49.36 $49.39 $49.69 $50.18 $49.93 Wichita, KS $12.11 $12.16 $11.86 $11.93 $11.91 $11.99 $11.62 $11.59 Westchester, NY $28.36 $26.04 $27.07 $27.74 $27.31 $26.88 $26.70 $26.63 Methodology and data sources explained on page 14 p = preliminary r = revision cassidyturley.com 11

12 Inventory Inventory Vacant Stock Inventory Change (2012) U/C (as of 2012 Q4) National Total 4,959,155, ,613,000 23,559,000 41,811,000 Albuquerque, NM 13,469,000 1,826,000 65, ,000 Anaheim-Santa Ana, CA 82,523,000 14,256, Atlanta-Sandy Springs-Marietta, GA 193,676,000 37,186, ,000 1,711,000 Austin-Round Rock, TX 40,709,000 3,766, , ,000 Baltimore, MD 73,482,000 13,447,000 1,281,000 1,487,000 Birmingham-Hoover, AL 18,418,000 1,756,000 38,000 0 Boston-Cambridge, MA 148,912,000 17,721, ,234,000 Buffalo-Niagara Falls, NY 20,934,000 2,237, Charleston-North Charleston, SC 7,879, , , ,000 Charlotte-Gastonia-Concord, NC-SC 44,592,000 7,774, ,000 0 Chattanooga, TN-GA 4,852, , Chicago-Joliet-Naperville, IL-IN-WI 244,368,000 42,410, , ,000 Cincinnati-Middletown, OH-KY-IN 33,067,000 7,963, ,000 Cleveland-Elyria-Mentor, OH 35,937,000 7,822, , ,000 Colorado Springs, CO 14,975,000 1,384,000 55,000 27,000 Columbia, SC 10,799,000 1,805,000 16,000 0 Columbus, OH 26,797,000 4,156, , ,000 Dallas, TX 206,247,000 42,281, ,000 1,006,000 Dayton, OH 13,972,000 3,828, , ,000 Denver-Aurora, CO 170,476,000 21,139, , ,000 Detroit-Warren-Livonia, MI 75,811,000 17,754,000 55,000 44,000 Fairfield, CT 57,784,000 12,019, ,000 Ft. Lauderdale, FL 27,147,000 4,650, ,000 Greensboro-Winston-Salem, NC 17,891,000 2,879, Greenville, SC 8,969,000 1,317,000 94, ,000 Hartford-West Hartford-East Hartford, CT 24,691,000 5,791,000 68,000 37,000 Honolulu, HI 25,683,000 1,527, Houston, TX 218,480,000 25,781, ,000 4,019,000 Indianapolis, IN 31,729,000 6,251, Jacksonville, FL 25,039,000 4,170, ,000 0 Kansas City, MO-KS 48,818,000 9,877, , ,000 Knoxville, TN 7,124, , Las Vegas-Paradise, NV 26,574,000 4,959, , ,000 Lexington-Fayette,KY 4,503, , ,000 0 Little Rock-N. Little Rock, AR 10,542,000 1,262,000 57,000 0 Los Angeles-Long Beach-Glendale, CA 114,906,000 20,231, ,000 Louisville, KY-IN 21,549,000 3,469,000 15, ,000 Madison, WI 22,033,000 2,084,000 78, ,000 Memphis, TN-MS-AR 19,601,000 3,464, ,000 Miami-Dade, FL 43,390,000 4,642, , ,000 Milwaukee-Waukesha-West Allis, WI 28,288,000 4,922, Minneapolis-St. Paul-Bloomington, MN-WI 69,232,000 11,908,000 77,000 25,000 Nashville-Davidson-Murfreesboro, TN 33,663,000 3,568, , ,000 New Haven-Milford, CT 12,216,000 1,899,000 18,000 39,000 New Orleans-Metairie-Kenner, LA 36,096,000 3,396, New York, NY 460,969,000 47,019, ,477,000 Long Island, NY 71,470,000 10,864, ,000 55,000 Northern New Jersey 149,256,000 22,949, , ,000 Central New Jersey 105,997,000 17,876, , , Cassidy Turley

13 Inventory Inventory Vacant Stock Inventory Change (2012) U/C (as of 2012 Q4) Oakland-East Bay, CA 109,899,000 18,023, ,000 60,000 Oklahoma City, OK 20,038,000 2,286,000 2,224,000 0 Omaha, NE-IA 18,314,000 2,874, ,000 1,172,000 Orlando, FL 33,070,000 3,943, ,000 88,000 West Palm Beach-Boca Raton, FL 24,217,000 3,082, ,000 30,000 Philadelphia-Camden-Wilmington, PA-NJ 113,085,000 14,805, , ,000 Phoenix-Mesa-Scottsdale, AZ 68,339,000 17,563,000 92,000 69,000 Pittsburgh, PA 50,041,000 7,028, ,000 1,557,000 Portland-South Portland-Biddeford, ME 17,886,000 2,239, Portland-Vancouver-Beaverton, OR-WA 41,752,000 4,727, , ,000 Raleigh-Durham, NC 36,226,000 5,870,000 74, ,000 Rochester, NY 15,736,000 2,469,000 77, ,000 Sacramento-Arden-Arcade-Roseville, CA 85,194,000 13,801,000 72, ,000 Saint Louis, MO-IL 48,905,000 8,020, ,000 0 Salt Lake City, UT 30,803,000 3,382, , ,000 San Antonio, TX 29,958,000 5,011,000 1,122, ,000 San Diego-Carlsbad-San Marcos, CA 73,543,000 12,429, ,000 San Francisco, CA 83,339,000 8,584,000 71, ,000 San Jose-Silicon Valley, CA 201,495,000 25,911,000 2,557, ,000 San Mateo County, CA 50,606,000 6,933, Seattle-Tacoma-Bellevue, WA 85,412,000 9,911,000 1,136, ,000 Suburban MD 71,918,000 11,245, ,000 1,155,000 Suburban VA 160,289,000 26,448,000 1,391,000 2,712,000 Syracuse, NY 12,696,000 2,033, ,000 Tampa-St.Petersburg-Clearwater, FL 59,474,000 11,657, , ,000 Tucson, AZ 6,243, ,000 15,000 20,000 Tulsa, OK 20,505,000 2,932,000 11, ,000 Ventura County, CA 8,428,000 1,600,000 58,000 18,000 Washington DC 122,156,000 12,899, ,000 1,724,000 Wichita, KS 13,917,000 2,408,000 25,000 15,000 Westchester, NY 40,136,000 8,188, Methodology and data sources explained on page 14 Under construction and inventory change fi gures are derived from Cassidy Turley s proprietary sample and taken directly from CoStar s database for certain markets. cassidyturley.com 13

14 Methodology Disclaimer This report and other research materials may be found on our website at com. This is a research document of Cassidy Turley in Washington, DC. Questions related to information herein should be directed to the Research Department at Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. Cassidy Turley is a leading commercial real estate services provider, with 455 million square feet managed on behalf of institutional, private and corporate clients and $22 billion in completed transactions for Methodology Cassidy Turley s quarterly estimates are derived from a variety of data sources, including its own proprietary sample of market activity, historical inventory data from Reis LLC, Bureau of Labor Statistics Employment data, CoStar and other third party data sources. The market statistics are calculated from a base building inventory made up of offi ce properties deemed to be competitive in the local offi ce markets. Generally, owner-occupied and federally-owned buildings are not included. Single-tenant buildings and privately-owned buildings in which the federal government leases space are included. Older buildings unfi t for occupancy or ones that require substantial renovation before tenancy are generally not included in the competitive inventory. The inventory is subject to revisions due to resampling. Vacant space is defi ned as space that is available immediately or three months (90 days) after the end of the quarter. Sublet space still occupied by the tenant is not counted as available space. The fi gures provided for the current quarter are preliminary, and all information contained in the report is subject to correction of errors and revisions based on additional data received. Explanation of Terms Total Inventory: The total amount of offi ce space (in buildings greater than 10,000 square feet) that can be rented by a third party. Total Space Available: The sums of new, relet, and sublet space that is unoccupied and being actively marketed. Vacancy Rate: The amount of unoccupied space (new, relet, and sublet) expressed as a percentage of total inventory. Absorption: The net change in occupied space between two points in time. (Total occupied space in the present quarter minus total occupied space from the previous quarter, quoted on a net, not gross, basis.) Asking Rents: Gross average asking rents. Regional Map West Midwest South Northeast 14 Cassidy Turley

15 Key Statistics More than 60 U.S. offi ces 65 international offi ces* More than 3,600 professionals More than 900 brokers 2011 transactions Gross transaction volume $22 billion Gross capital markets volume $10.3 billion 455 million sf managed portfolio More than 28,000 client locations served *Through GVA Partnership A Leader in Commercial Real Estate Services At Cassidy Turley, we are market leaders, industry leaders and community leaders. Nationwide, clients recognize us for the creative sophistication of our real estate advice as well as for the discipline and accuracy of our service delivery. We are a trusted partner and advocate, supporting our clients overall business performance. In markets across the country, we are respected as a leading provider of commercial real estate services as well as for our community engagement. Our thorough understanding of local business practices and market dynamics, combined with our customer focus and service commitment, give our clients a distinct edge in commercial real estate across the globe. Local Market Leaders, Nationwide Our professionals have deep ties to our communities and our industry, and a thorough understanding of local business leaders and practices, giving Cassidy Turley and our clients an edge. Our in-depth, local market knowledge provides a comprehensive understanding of market dynamics and enables us to effectively forecast market trends providing insight to clients and helping them make informed real estate decisions. Our leadership position is recognized in the communities we serve. We are often rated in local business journals as a Best Place to Work, and are honored for our many local philanthropic efforts. Industry Leadership Named to Leaders List of 2012 Global Outsourcing 100 Over 80% of real estate executives familiar with our brand ranked it Very Good or Excellent Wall Street Journal survey Ranked in the Top Five in Best Practices Index Commercial Property Executive Platinum ranking in Greenest Companies Index Commercial Property Executive Top 5 in Offi ce Sales over $25 Million Nationwide Real Estate Alert World-Class Expertise Many of our associates have honed their skills in their respective markets for years even decades gaining an understanding of industry best practices and serving as thought leaders. Cassidy Turley has served clients needs outside of the United States since In order to better serve our clients in Europe and Asia-Pacifi c, Cassidy Turley is proud to partner with GVA, the founder and majority shareholder of GVA Worldwide, which serves key markets in over 25 countries cassidyturley.com

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