Dayton, Ohio 1st Quarter 2015 OFFICE. Market Trends COMMERCIAL REAL ESTATE INFORMATION

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1 Dayton, Ohio 1st Quarter 2015 OFFICE Market Trends COMMERCIAL REAL ESTATE INFORMATION

2 Table of Contents/Methodology of Tracked Set Table of Contents/Methodology of Tracked Set 2 Dayton Office Submarkets 3 Q Overview 4 Overview by Property Submarket 5 Historical Vacancy & Rental Rates 6-7 Biggest Absorption Changes 8 Notable Sales Transactions 9 Vacancy Rates & Absorption Q Leasing Activity 12 Xceligent Dayton Team 13 The Dayton tracked set consists of an inventory of buildings considered to be competitive within the brokerage community. All buildings within the competitive tracked set have been reviewed and verified by members of the Advisory Boards for each market area. Inventory The total square feet of all existing single and multi tenant office buildings greater than 10,000 SF, excluding medical, government and owner occupied buildings. Class A Most prestigious buildings competing for premier office users with rents above the market average. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. Class B Buildings competing for a wide range of office users with average market rents. Building finishes are fair to good for the area and systems are adequate, but the property does not compete with Class A product. Class C Buildings competing for office users requiring functional office space at rents below the market average for the area. Total Available SF Total Vacant SF All of the available leasable space within a building, whether it is occupied or vacant, for direct lease or sublease space. Space can be available but not vacant, for example, if the landlord, or his agent, is marketing space that will be coming available at a future date because a tenant is planning to move. The total of all of the vacant square footage within a building, including both direct and sublease space. Whether the tenant is paying rent or not, the space is considered vacant only if it is unoccupied. Direct Vacant SF The total of the vacant square footage in a building that is being marketed by an agent representing the landlord. Sublease SF Space that is offered for lease by a current tenant, or his agent, within a property. Net Absorption The net change in occupancy from quarter to quarter, expressed in square feet. Weighted Average Direct Lease Rate The weighted average of all direct asking lease rates expressed as a full service/gross rental rate and weighted on total direct available square feet. Non-full service rates (such as NNN) have been grossed up to reflect a full service/gross rate. 2

3 Dayton Office Submarkets 3

4 Q Overview The Dayton office market ended the first quarter of 2015 with positive net absorption of 24,081 SF. The Dayton Office market finished the first quarter of 2015 with a vacancy rate of 23.3 percent. A notable sale was the SpringCreek Fertility building. This building is over 6,000 SF and sold for almost $2,000,000. The overall market asking rate decreased from $15.49 FSG to $15.41 FSG. Class A office product had positive net absorption of almost 32,500 SF. 80,000 70,000 Historical Vacancy & Net Absorption 26% Net Absorption 60,000 50,000 40,000 30,000 20,000 10,000 25% 24% 23% Vacancy Rate (%) Q Q Q Q1 22% Market Overview by Property Type # of Bldgs Inventory Total Available Total Vacant Total Vacancy Rate (%) Direct Vacant Direct Vacancy Rate (%) Available Sublease Qtrly Net Absorption YTD Total Net Absorption A 44 4,357,406 1,199,928 1,126, % 1,081, % 64,716 32,476 32,476 B 192 7,953,960 1,791,056 1,621, % 1,595, % 35, C 49 1,863, , , % 559, % 0-8,401-8,401 Grand Total ,175,247 3,627,235 3,307, % 3,236, % 100,187 24,081 24,081 4

5 Overview by Property Submarket # of Bldgs Inventory Total Available Total Vacant Total Vacancy Rate (%) Direct Vacant Direct Vacancy Rate (%) Available Sublease Qtrly Net Absorption YTD Total Net Absorption CBD 39 5,030,238 1,455,473 1,393, % 1,387, % 5,620 5,366 5,366 A 9 2,227, , , % 675, % 4,175 5,366 5,366 B 23 2,314, , , % 460, % 1, C 7 488, , , % 251, % ,581, , , % 707, % 67,396-5,397-5,397 A 23 1,102, , , % 220, % 40,541 21,021 21,021 B 42 1,921, , , % 423, % 26,855-21,068-21,068 C 9 558,491 63,605 63, % 63, % 0-5,350-5,350 North 42 1,278, , , % 187, % 0-1,895-1,895 A 1 183,333 6,998 6, % 6, % B , , , % 180, % 0-1,895-1,895 C 7 146, % 0 0.0% South 116 3,901,946 1,069, , % 894, % 27,171 26,007 26,007 A , , , % 178, % 20,000 6,089 6,089 B 84 2,565, , , % 485, % 7,171 22,969 22,969 C , , , % 230, % 0-3,051-3,051 Upper Valley 7 153,693 43,095 43, % 43, % B 6 137,353 43,095 43, % 43, % C 1 16, % 0 0.0% West 5 187,128 14,540 14, % 14, % B 2 38, % 0 0.0% C 3 148,224 14,540 14, % 14, % Outlying 2 41,916 1,684 1, % 1, % B 1 28,492 1,684 1, % 1, % C 1 13, % 0 0.0% Grand Total ,175,247 3,627,235 3,307, % 3,236, % 100,187 24,081 24,081 5

6 Rental Rates Total Vacancy Rate % Asking Wtd Direct Lease Rate (FSG) 2014 Q Q Q Q Q Q Q Q Q Q1 CBD 31.2% 30.8% 28.3% 27.8% 27.7% $14.46 $13.63 $13.75 $13.84 $13.78 A 36.6% 36.0% 30.8% 30.8% 30.5% $15.88 $15.67 $15.70 $15.70 $15.63 B 21.1% 21.1% 21.0% 20.0% 20.0% $12.49 $12.31 $12.33 $12.25 $12.25 C 54.0% 52.7% 51.4% 51.5% 51.5% $9.73 $9.58 $9.58 $10.00 $ % 23.5% 23.6% 23.4% 21.6% $18.82 $18.65 $18.73 $19.30 $19.55 A 31.0% 29.4% 30.1% 29.7% 23.7% $21.57 $21.43 $21.50 $23.48 $23.45 B 24.0% 23.8% 23.7% 23.3% 23.3% $17.17 $17.08 $17.10 $17.45 $17.62 C 9.8% 9.8% 9.8% 10.4% 11.4% $6.50 $6.50 $ South 20.4% 20.7% 22.9% 22.6% 22.9% $15.49 $16.00 $15.62 $15.44 $15.42 A 20.3% 22.8% 21.9% 21.9% 21.2% $19.32 $20.13 $20.05 $20.05 $20.14 B 18.8% 18.6% 19.2% 18.9% 18.9% $14.65 $14.76 $15.02 $14.76 $14.82 C 29.2% 28.1% 43.1% 42.9% 46.8% $10.21 $10.11 $10.71 $10.65 $10.72 North 18.1% 18.1% 18.3% 14.4% 14.7% $13.86 $13.85 $13.44 $13.27 $13.24 A 19.0% 18.1% 17.2% 3.8% 3.8% $15.50 $15.50 $15.50 $15.50 $15.50 B 20.8% 20.8% 21.3% 18.7% 19.1% $13.54 $13.54 $13.02 $13.17 $13.14 C 0.0% 0.0% 0.0% 0.0% 0.0% Upper Valley 36.6% 36.6% 36.6% 28.0% 28.0% $11.00 $11.00 $11.00 $11.00 $11.00 A 0.0% 0.0% 0.0% 0.0% 0.0% B 41.0% 41.0% 41.0% 31.4% 31.4% $11.00 $11.00 $11.00 $11.00 $11.00 C 0.0% 0.0% 0.0% 0.0% 0.0% West 7.8% 7.8% 7.8% 7.8% 7.8% A 0.0% 0.0% 0.0% 0.0% 0.0% B 0.0% 0.0% 0.0% 0.0% 0.0% C 9.8% 9.8% 9.8% 9.8% 9.8% Outlying 4.0% 4.0% 4.0% 4.0% 4.0% A 0.0% 0.0% 0.0% 0.0% 0.0% B 5.9% 5.9% 5.9% 5.9% 5.9% C 0.0% 0.0% 0.0% 0.0% 0.0% Grand Total 24.9% 24.6% 24.4% 23.7% 23.3% $16.03 $15.67 $15.57 $15.49 $

7 Rental Rates $30.00 Asking Lease Rate Range by Class (FSG) $28.00 $25.00 $20.00 $20.00 Asking Lease Rate (FSG) $15.00 $18.27 $14.50 $14.52 $14.95 $10.00 $10.47 $5.00 $6.00 $1.43 $0.00 A B C 7

8 Biggest Absorption Changes Property Name SF Occupied or Vacated Company Name Market Bldg Class Imperial Plaza 12,193 G4S Secure Solutions leased 2,300sf. Building sold 3/17/15 and the new owner took 9,893sf. South B 1825 Commerce Center Blvd 11,000 Ally leased 11,000sf A College Park VI 10,021 Integrity Applications leased 10,021 sf on 2/1/15 (suite 210) A Washington Park Office Center I 6,089 South A Yankee Point 5,714 Surdyk Dowd and Turner leased 1,225sf suite 140, undisclosed tenant leased 1,413sf, undisclosed tenant leased 4,087sf. South B 2844 E River Rd (5,000) 5000 SF was added to this space. It was originally under a master lease with the tenant on the 2nd floor. They gave it up and the landlord is wanting to market it now. South C Signal Hill Office Center Bldg C (6,991) Vernon F Blazer and Associates vacated 2,050sf and undisclosed tenant vacated 3,020sf, undisclosed tenant vacated 1,921sf. B Russ Research Center Bldg 90 & 92 (7,000) Undisclosed tenant vacated suite 2680 B for 7,000 sf C Apple Valley Office Center 1 (10,809) McAuley Brown downsized; relocated from Suite 202 to 103; Undisclosed tenant vacated 1,039 sf (Suite 113) B 8

9 Notable Transactions Property Name SF Sold Sale Price Buyer Seller Market Bldg Class SpringCreek Fertility 6,275 $1,800, Groll Properties LLC Synergy REIT LLC South Medical The Simms Building 168,327 $827, Simms Building LLC Jefferson Offices LLC et al CBD C 1201 N Brukner Dr 8,372 $535, Earhart Brothers Leasing LLC Miami Mutual Insurance Company Upper Valley B Imperial Plaza 35,664 $477, Warrior Properties Inc Fezco Plaza LLC South B 1320 Woodman Dr 14,896 $389, Riverside Professional Building LLC Woodman Building Corporation LLC Medical Miamisburg Vision Care 5,053 $275, Miamisburg City School District Board of Education Keith Basinger OD LLC et al South Medical 4 W Main St 112,284 $250, West LLC Usha Desai LLC et al Outlying North/ West C NW of Creekside Trl and Factory Rd 2,158 $205, Duncan Oil Co Rolin Investments #2 LLC C 19 S Broad St 4,626 $150, Harlan Properties LLC Jerry E & Robin E Williams et al B 9

10 Vacancy Rates & Absorption 35% Vacancy Rate by Class 50,000 Net Absorption by Class Vacancy Rate (%) 30% 25% 20% 15% 10% 25.9% 20.4% 30.0% Net Absorption 25, , % -8,401 0% A B C -25,000 A B C 26.0% Vacancy Rate by Quarter 80,000 Net Absorption by Quarter 25.0% 24.9% 24.6% 24.4% 70,000 68,416 60,000 Vacancy Rate (%) 24.0% 23.0% 22.0% 23.7% 23.3% Net Absorption 50,000 40,000 30,000 32,799 22,869 24,081 20, % 10, % 2014 Q Q Q Q Q Q Q Q Q1 10

11 Vacancy Rates & Absorption Vacancy Rate by Class 60% 50% 51.5% Vacancy Rate (%) 40% 30% 20% 30.5% 21.0% 20.0% 20.5% 22.4% 10% 0% A B C CBD Suburban Net Absorption by Class 30,000 25,000 27,110 Net Absorption 20,000 15,000 10,000 5,000 - (5,000) 5, (8,401) (10,000) A B C CBD Suburban 11

12 Q Leasing Activity Property Name Bldg Leased Submkt Class SF Tenant Name Asking Rate Lease Type Landlord Rep Company Sand Lake Plaza A North 17,172 One Call Now $15.50 FSG Crest Commercial Realty Miami Valley Regional Planning Courthouse Plaza SW B CBD 13,300 $15.00 FSG NAI Dayton Commission Sand Lake Plaza A North 10,462 Infotel $15.50 FSG Crest Commercial Realty College Park VI A 10,021 Integrity Applications Inc $16.00 NNN The Mills Development Co. The Simms Building C CBD 7,000 Tameka Thomas Day Care $4.50 MG Downtown Dayton Holdings Yankee Business Center Bldg 3 B South 6,000 $12.00 MG Baltes Commercial Realty Techtown III A CBD 5,366 Mathile Family Foundation $14.00 NNN Cassidy Turley Techtown III A CBD 5,000 AutoSoft $14.00 NNN Cassidy Turley The Greene - Office A 4,346 Morgan Stanley Smith Barney Colliers International The Wright Health Building A South 3,775 Wright State Physicians Inc $19.00 Gross Faulkner Real Estate Corp Creekside Commons Bldg C B South 3,738 ''fertility clinic'' $12.00 NNN Mark Fornes Realty 7810 McEwen Rd B South 3,112 Stachler Harmon $13.95 MG Mark Fornes Realty Dryden Office Center I B South 2,685 Volunteers of America $13.95 FSG Colliers International Financial South Office Building B South 2,640 Cinci Tech (expansion) $14.50 Gross Equity Glenn Tech Center B 1,957 $14.95 FSG Cassidy Turley Glenn Tech Center B 1,950 $14.95 FSG Cassidy Turley Waynetowne Professional Office Bldg A B North 1,900 $13.00 Gross Dayton Commercial Realty 4501 Powell Rd B North 1,881 Healing Waters 7009 Taylorsville Rd C North 1,747 Anette Dennis $11.00 MG Baltes Commercial Realty 1370 N Fairfield Rd B 1,600 Hearing Center $11.25 Gross HRI Commercial Realty 8514 N Dixie Dr B North 1,480 Staffing Agency $11.00 NNN Bruns Realty Group 910 Taywood Rd B North 1,438 Insurance Adjuster $6.50 NNN Comtech Realty 3634 Watertower Ln B South 1,431 Dayton Dutch Lions $10.00 MG Vic Green Realty The Pavilions B South 1,255 Rose Home Healthcare (expansion) $12.95 NNN 4601 Presidential Way B South 1,170 $12.00 NNN Prudential Comm. Real Estate The Greene - Office A 1,135 Gold Star Energy $22.50 Gross Colliers International 7416 N Main St C North 1,000 1st Choice Home Health Care $8.50 Plus E Comtech Realty 7416 N Main St C North 1,000 1st Call Construction $8.50 Plus E Comtech Realty Sugarcreek Commons B South 1,000 Heritage Health Care, HHCS $8.50 Plus E Comtech Realty Irongate Park B South 800 Counselor $10.50 Plus E Comtech Realty 11 W Monument Ave C CBD 756 International Marketing Concepts $12.00 FSG Crest Commercial Realty Sugarcreek Commons B South 700 Deters Law $8.50 Plus E Comtech Realty N Main St B North 493 $12.00 FSG Don Wright Realty The Learning Center B 464 $18.75 FSG CBRE The Learning Center B 449 $18.75 FSG CBRE The Learning Center B 360 $18.75 FSG CBRE 3490 S Dixie Dr B South 333 $10.00 FSG Canterbury Commercial Realty 3490 S Dixie Dr B South 333 $10.00 FSG Canterbury Commercial Realty 3490 S Dixie Dr B South 333 $10.00 FSG Canterbury Commercial Realty N Main St B North 255 $12.00 FSG Don Wright Realty 5540 Far HIlls Ave B South 224 $2.23 FSG Cassidy Turley The Learning Center B 103 $18.75 FSG CBRE Q Total Leasing Activity: 122,164 SF Average Transaction Size: 2,909 SF 12

13 Xceligent Dayton Team This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy. For additional information about this report or to discuss membership in Xceligent please contact Kimberly Begley Regional Director of Analytics (614) Melissa Wilhelm Director of Client Services (513) For Customer Care please call: (866) COMMERCIAL REAL ESTATE INFORMATION 13

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