P E A R L A N D, TEXAS

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5 P E A R L A N D, TEXAS LOCATION Located just south of the Sam Houston Tollway/Beltway 8, the Property offers a short commute to all major employment centers within the city. Almost any major destination point in Houston is accessible from Pearland in 15 minutes or less. Hobby Airport is only a ten minute drive from Pearland while some of Houston s largest employment centers, such as the Texas Medical Center, are also just a few minutes away. The city of Pearland provides these workers with an attractive, family-oriented community to educate and raise their children, while maintaining a high quality of life. SITE ACCESS The Property benefits from excellent accessibility thanks, not only to its strategic location along State Highway 35, but also because it offers tenants access to both Loop 610 and Beltway 8/Sam Houston Tollway within minutes. Loop 610 is a major thoroughfare that circumnavigates inner Houston. Industrial companies use Loop 610 to efficiently access eleven of Houston s major US Interstates, Texas State Highways and Harris and Fort Bend County Tollroads including US Interstate 45, US Interstate 10, US Highway 59, State Highway 288, State Highway 225, Hardy Tollroad and Fort Bend County Tollroad. The freeway also provides access to numerous major employment districts and cultural centers including Greenspoint and the Galleria. Beltway 8 / Sam Houston Tollway consists of six lanes and encircles the greater Houston area, including the CBD, Greenway Plaza, Medical Center, Galleria and a portion of the Westchase and Energy Corridor Districts, at an approximate radius of thirteen to fifteen miles. This major thoroughfare provides access to virtually all points of the city. The Beltway 8/Sam Houston Tollway also provides access to the Port of Houston, Bush Intercontinental Airport and numerous major industrial submarkets populated throughout the city. EXPLODING GROWTH Pearland is located in the southern corridor of the Houston MSA and is quickly becoming one of the most dynamic population bases in the city. Pearland has experienced a phenomenal growth rate of 3.5% over the past three years - more than three times the national average. Pearland was ranked as the fastest growing municipality in the Houston region over the past ten years. Pearland has quickly moved up in the rankings and is currently the 37th largest city in Texas. Also impressive, Pearland has the third highest population in the Houston region following Houston and Pasadena, respectively Acres on North Main Street HFF

6 HOUSTON ECONOMIC OVERVI EW HOUSTON ECONOMIC OVERVIEW Like the state of Texas, the Houston metropolitan statistical area ( MSA ) has long been defined by its scale. The sixth-largest MSA and fourth-largest city in the United States, Houston spans ten counties covering an area larger than the state of New Jersey. Harris County, the third-largest county by population in the country, anchors the MSA and is flanked to the southwest and north by Fort Bend County and Montgomery County, two of the nation s fastest growing in both population and employment. Thriving on consistent and nation-leading population growth, affordable costs for both living and business, a young and well-educated workforce and a resilient energy industry, Houston has navigated the global recession better than several of the nation s largest employment bases, and many experts have projected Houston to be a leader in employment growth and economic expansion in the recovery already underway. Houston was the nation s third-fastest growing metropolitan area for the decade ended 2010, adding more than 1.1 million new citizens in that time period. This influx of new Houstonians pushed the MSA s population to more than 5.95 million persons by the end of 2010, more residents than the entirety of several states. During this period, Harris County gained more than 50% of the MSA s total increase, making it the second fastest growing county in the nation. According to Texas State Data Center forecasts, the MSA s population is going to continue growing at a steady pace over the next several years to 11.7 million citizens, nearly doubling by Houston stands as a global example of economic diversity. In 1981, 81% of the local economy was tied to the petroleum, natural gas, and chemical industries. Today, that number has been reduced to approximately 50%. Houston is home to the largest medical center in the world as well as the second-largest U.S. port (overall tonnage), and its companies are leaders in such dynamic high-tech sectors as biomedical technology, electronics, computers, software, aerospace, integrated power and plastics manufacturing. Ranking second in the nation behind New York, Houston is home to 26 Fortune 500 headquarters. Of the world s 100 largest non-u.s.-based corporations, over half have nonretail operations in Houston. Growth in non-energy sectors is expected to continue in the long-term, further driving Houston s diversification of its economic base. EMPLOYMENT In the decade ended 2010, Houston created 240,100 jobs. The years 2005 (83,800 jobs), 2006 (105,800 jobs) and 2007 (87,000 jobs) were particularly robust for Houston. While the city marked modest growth in 2008, adding only 22,500 new jobs, Houston still proved a national leader even at this level. The year 2009 proved formidable for all of Texas major markets, including Houston, as the MSA lost more than 100,000 jobs. However, the MSA has rebounded sharply and is a major component of the nation s economic recovery. Houston added 46,300 jobs in 2010, with 27,700 jobs added in the fourth quarter of 2010 alone. In the twelve month period ending February 2011, the market added an even higher 50,700 jobs. Effectively, Houston s employment cycle has entered a recovery stage and the city is expected to remain a top performer relative to other MSA s nationwide in the long-term. According to Moodysanalytics.com, not only will Houston rank second in the nation in job growth between 2009 and 2014 (310,600 jobs), but Texas will boast five of the top twenty cities nationally in job creation Acres on North Main Street HFF

7 ENERGY INDUSTRY As the domestic and international center for virtually every segment of the petroleum and natural gas industries, Houston is known as the Energy Capital of the World. Forty-two of the nation s 141 publicly traded oil and gas exploration and production firms, including 11 of the top 25, are headquartered in Houston; 11 of the remaining 14 have subsidiaries, major divisions or other significant operations in Houston. The nine refineries in the Houston region produce 2.33 million barrels of crude oil annually, or 50% of the state s total production and 13.5% of national capacity. Fifteen of the nation s top 20 natural gas transmission companies have corporate or divisional headquarters in Houston, controlling 79.5% of US capacity. In total, the Houston MSA has more than 3,000 energy-related establishments, including more than 500 exploration and production firms, more than 150 pipeline transportation establishments and hundreds of manufacturers and wholesalers of energy-sector products. Approximately 49.5% of the region s economic base those sectors of the local economy that export goods and services outside the region is related to energy. MEDICAL/LIFE SCIENCES/BIOTECHNOLOGY The health care industry continues to boom in Houston, as it does around the country. Mirroring the nation s economy, Houston s Health & Educational Services sector was the fastest growing in the twelve months ending February 2010, adding 10,300 jobs or expanding by 3.39%. The internationally renowned, 1,000+ acre Texas Medical Center is the world s largest medical complex with 13 hospitals and over 100 professional office buildings. The medical, academic, and research institutions of the Texas Medical Center together represent Houston s largest employer with more than 93,500 total jobs, including the 19,700 professionals that have tenure of more than one decade, but not including the more than 10,000 support personnel who work in adjacent professional buildings. More than six million patients visited in 2009, including over 18,000 international patients. The Texas Medical Center s 49 member institutions, all of which are non-profit, are dedicated to the highest standards of research, education and patient and preventive care. These institutions include 13 of the world s leading hospitals, two specialty institutions, 21 academic institutions including four nursing schools, and dentistry, public health, and pharmacy schools where over 22,000 students attend regular classes. 71,500 students are currently enrolled in educational or professional retraining at Texas Medical Center institutions. HOUSTON AIRPORT SYSTEM The Houston Airport System is the fourth-largest airport system in the United States and sixth-largest in the world. In 2010, 48.9 million passengers and over 742,000 tons of cargo passed through Houston s three airports: George Bush Intercontinental Airport/Houston (IAH) on the north Acres on North Main Street HFF

8 side, William P. Hobby Airport on the south side, and Ellington Field near NASA s Johnson Space Center. These facilities constitute one of the world s most accessible airport systems and along with Houston s central location in the Southwestern United States, providing an ideal distribution hub for domestic and international markets. Bush Intercontinental Airport, the city s primary airport, is now the eighth-largest international passenger gateway in the U.S. More than 700 domestic and international flights via 20 different carriers originate from the airport daily. The airport also serves as the largest hub for Continental Airlines, who recently merged with United Airlines. Several significant expansion projects have elevated IAH to one of the world s busiest international cargo gateways, and the 120-acre, one million square foot facility has the capacity to handle perishables, oilfield equipment, computers, auto parts and other vital shipments safely and efficiently. Recent upgrades to IAH s cargo facility were part of the Houston Airport System s $3.1 billion capital improvement project that also included terminal expansions, parking improvements, apron extensions, and a variety of field improvements. tonnage. More than 7,000 vessels and 150,000 barges call at the Port of Houston s 150 public and private terminals, moving 42 million short tons of cargo annually. Increased trade with Asia and the rapid growth in the energy sector have led the Port of Houston Authority to embark on a $1.7 billion capital improvement plan that will expand the port s facilities, infrastructure, security and overall environment. Highlights of this plan include the Bayport Container Terminal, whose first phase came on-line in February 2007, and the Bayport Cruise Terminal, which opened in the first quarter of Texas benefits tremendously from the Port of Houston as the facility has an annual statewide economic impact of more than $117 billion nearly $4 billion of which is solely tax revenue. The facility also accounts for more than 785,000 jobs in the state and approximately $39.3 billion in annual personal income. PORT OF HOUSTON/INTERNATIONAL TRADE The engine that drives Houston s thriving international trade and commerce is the Port of Houston. Situated along the Houston Ship Channel, this 25-mile long complex is the world s tenth-largest port and the nation s leading port in terms of U.S. foreign tonnage and second in overall Acres on North Main Street HFF

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10 INFORMATION ON BROKERAGE RELATIONSHIPS Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of subagent from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner s agent anything the buyer would not want the owner to know because an owner s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer s agent anything the owner would not want the buyer to know, because a buyer s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: 1. shall treat all parties honestly; 2. may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; 3. may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and 4. may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. TEXAS LAW REQUIRES THAT ALL REAL ESTATE LICENSEE S PRESENT THIS INFORMATION TO PROSPECTIVE SELLERS, LANDLORDS, BUYERS OR TENANTS. ACKNOWLEDGMENT: Please acknowledge your receipt of this information, for Broker s records: [PROPERTY NAME] - [PROPERTY CITY, STATE] OWNER (LANDLORD) OR BUYER (TENANT) OR AUTHORIZED REPRESENTATIVE Date: