Rent Monitor +8.2% +6.7% +8.2% +6.5%

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1 Rent Monitor TM Asking Rents Vol Effective Rents... Concessions % GROWTH IN COMPOSITE RENTS BY REGION 5 YEARS % GROWTH IN NATIONAL RENTS BY SECTOR 12 MONTHS Pacific SW +8. Pacific NW Florida/Gulf Northeast % +6.7% % % +5.9% National +5.1% Plains West +4.9% Mid-Atlantic +4.7% Southeast +4.1% West Central East Central % TOP 5 HIGHEST GROWTH MARKETS* 12 MONTHS, BY METRO AND SECTOR Metro Property Type % Change Las Vegas Warehouse +17.5% New York CBD Office +14. Los Angeles Warehouse +12.5% Manhattan Downtown/NYC CBD Office +12.5% Seattle Class A Apartment +12.3% TOP 5 LOWEST GROWTH MARKETS* 12 MONTHS, BY METRO AND SECTOR Metro Property Type % Change Detroit Warehouse -2. Pittsburgh Warehouse -1.5% Detroit Retail -1.1% Detroit CBD Office -1. Detroit Suburban Office -1. TOP 5 MARKETS GAINING MOMENTUM** 12 MONTHS, BY METRO AND SECTOR Metro Property Type Sector Rank in Rank Oakland-East Bay Warehouse Austin Class A Apartment Denver Class A Apartment Dallas-Ft. Worth Warehouse Denver Warehouse TOP 5 MARKETS LOSING MOMENTUM** 12 MONTHS, BY METRO AND SECTOR Metro Property Type Sector Rank in Rank Nashville Suburban Office St. Louis Warehouse Stamford-South CT CBD Office Kansas City Warehouse Hartford CBD Office Note: New Orleans was a leading market in terms of absolute rental rate gain, but due to the effects of Hurricane Katrina it has been excluded from these tables (see footnote, page 19). *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 NEW YORK MANHATTAN DOWNTOWN/NYC SAN FRANCISCO ORANGE COUNTY HONOLULU PORTLAND FT. LAUDERDALE BOSTON SEATTLE ORLANDO DENVER PHOENIX BALTIMORE HOUSTON NASHVILLE WEST PALM BEACH MIAMI EL PASO SALT LAKE CITY LAS VEGAS NATIONAL NATIONAL AVERAGE 6.7% AUSTIN ALBUQUERQUE LOS ANGELES MINNEAPOLIS-ST PAUL VIRGINIA BEACH-NORFOLK MILWAUKEE OAKLAND NORTHERN NEW JERSEY RALEIGH DURHAM CHARLOTTE RICHMOND PHILADELPHIA COLUMBUS SACRAMENTO TAMPA/ST. PETERSBURG GREENVILLE-SPARTANBURG NASSAU-SUFFOLK TULSA SAN DIEGO ST. LOUIS DALLAS FORT WORTH JACKSONVILLE HARTFORD CLEVELAND BIRMINGHAM CENTRAL NEW JERSEY RIVERSIDE-SAN BERNARDINO STAMFORD-SOUTH CT INDIANAPOLIS WASHINGTON, DC SAN ANTONIO OKLAHOMA CITY MEMPHIS PITTSBURGH GREENSBORO/WINSTON-SALEM CHICAGO SAN JOSE ATLANTA CINCINNATI KANSAS CITY DETROIT C B D O F F I C E Note: New Orleans was a leading market in terms of absolute rental rate gain, but due to the effects of Hurricane Katrina it has been excluded from this chart (see footnote, page 19). Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

4 SUBURBAN OFFICE RENT GROWTH 12 MONTHS - 1 WEST PALM BEACH TAMPA/ST. PETERSBURG SAN FRANCISCO PHOENIX ORANGE COUNTY MIAMI SAN DIEGO ORLANDO ALBUQUERQUE HOUSTON FT. LAUDERDALE SACRAMENTO RIVERSIDE-SAN BERNARDINO PORTLAND HONOLULU EL PASO WASHINGTON, DC SEATTLE SAN JOSE AUSTIN SAN ANTONIO LOS ANGELES OKLAHOMA CITY CHARLOTTE DENVER VIRGINIA BEACH-NORFOLK LAS VEGAS NASSAU-SUFFOLK NATIONAL NATIONAL AVERAGE 5. ST. LOUIS STAMFORD-SOUTH CT BOSTON JACKSONVILLE PHILADELPHIA OAKLAND SALT LAKE CITY GREENVILLE-SPARTANBURG NEW YORK GREENSBORO/WINSTON-SALEM BIRMINGHAM RALEIGH DURHAM TULSA ATLANTA MILWAUKEE BALTIMORE CENTRAL NEW JERSEY MEMPHIS MINNEAPOLIS-ST PAUL INDIANAPOLIS DALLAS FORT WORTH RICHMOND HARTFORD PITTSBURGH NASHVILLE KANSAS CITY NORTHERN NEW JERSEY CINCINNATI CLEVELAND CHICAGO COLUMBUS DETROIT S U B U R B A N O F F I C E Note: New Orleans was a leading market in terms of absolute rental rate gain, but due to the effects of Hurricane Katrina it has been excluded from this chart (see footnote, page 19). Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

5 RENT GROWTH 12 MONTHS LAS VEGAS LOS ANGELES WEST PALM BEACH JACKSONVILLE DALLAS FORT WORTH DENVER OAKLAND SAN FRANCISCO FT. LAUDERDALE TAMPA/ST. PETERSBURG SACRAMENTO RIVERSIDE-SAN BERNARDINO ORANGE COUNTY PORTLAND EL PASO PHOENIX TULSA ALBUQUERQUE CHARLOTTE SALT LAKE CITY RALEIGH DURHAM RICHMOND MIAMI GREENSBORO/WINSTON-SALEM NASSAU-SUFFOLK WASHINGTON, DC GREENVILLE-SPARTANBURG SEATTLE AUSTIN NASHVILLE HONOLULU NATIONAL NATIONAL AVERAGE 6.1% HOUSTON PHILADELPHIA ORLANDO OKLAHOMA CITY BALTIMORE CLEVELAND MEMPHIS SAN JOSE VIRGINIA BEACH-NORFOLK CENTRAL NEW JERSEY HARTFORD CINCINNATI BIRMINGHAM INDIANAPOLIS STAMFORD-SOUTH CT SAN DIEGO CHICAGO NEW YORK COLUMBUS ST. LOUIS NORTHERN NEW JERSEY ATLANTA BOSTON MILWAUKEE MINNEAPOLIS-ST PAUL SAN ANTONIO KANSAS CITY PITTSBURGH DETROIT W A R E H O U S E Note: New Orleans was a leading market in terms of absolute rental rate gain, but due to the effects of Hurricane Katrina it has been excluded from this chart (see footnote, page 19). Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

6 RENT GROWTH 12 MONTHS HONOLULU WASHINGTON, DC RIVERSIDE-SAN BERNARDINO SEATTLE FT. LAUDERDALE SAN DIEGO SAN FRANCISCO SALT LAKE CITY MIAMI ALBUQUERQUE NORTHERN NEW JERSEY HOUSTON OAKLAND WEST PALM BEACH LOS ANGELES PHOENIX NEW YORK MEMPHIS NASSAU-SUFFOLK COLUMBUS SAN JOSE ORANGE COUNTY EL PASO NATIONAL NATIONAL AVERAGE 5. LAS VEGAS BALTIMORE CINCINNATI ST. LOUIS ORLANDO VIRGINIA BEACH-NORFOLK PORTLAND STAMFORD-SOUTH CT GREENVILLE-SPARTANBURG RICHMOND PITTSBURGH CLEVELAND NASHVILLE CHARLOTTE CENTRAL NEW JERSEY CHICAGO GREENSBORO/WINSTON-SALEM TAMPA/ST. PETERSBURG HARTFORD RALEIGH DURHAM SAN ANTONIO TULSA OKLAHOMA CITY MINNEAPOLIS-ST PAUL JACKSONVILLE SACRAMENTO AUSTIN ATLANTA BIRMINGHAM BOSTON MILWAUKEE INDIANAPOLIS DALLAS FORT WORTH DENVER PHILADELPHIA KANSAS CITY DETROIT R E T A I L Note: New Orleans was a leading market in terms of absolute rental rate gain, but due to the effects of Hurricane Katrina it has been excluded from this chart (see footnote, page 19). Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

7 CLASS A APARTMENT RENT GROWTH 12 MONTHS 1 1 SEATTLE SAN JOSE SAN FRANCISCO LOS ANGELES PHOENIX ORANGE COUNTY FT. LAUDERDALE MANHATTAN DOWNTOWN/NYC TAMPA/ST. PETERSBURG WEST PALM BEACH OAKLAND AUSTIN ORLANDO JACKSONVILLE EL PASO PORTLAND DENVER WASHINGTON, DC SAN DIEGO NEW YORK SALT LAKE CITY HOUSTON MIAMI ATLANTA NATIONAL NATIONAL AVERAGE 6.7% NASSAU-SUFFOLK TULSA HONOLULU RICHMOND LAS VEGAS NASHVILLE STAMFORD-SOUTH CT OKLAHOMA CITY CHARLOTTE NORTHERN NEW JERSEY VIRGINIA BEACH-NORFOLK HARTFORD ALBUQUERQUE RIVERSIDE-SAN BERNARDINO BIRMINGHAM PHILADELPHIA MEMPHIS MINNEAPOLIS-ST PAUL DALLAS FORT WORTH GREENSBORO/WINSTON-SALEM KANSAS CITY BALTIMORE SACRAMENTO BOSTON CHICAGO CENTRAL NEW JERSEY INDIANAPOLIS ST. LOUIS COLUMBUS RALEIGH DURHAM SAN ANTONIO CINCINNATI CLEVELAND MILWAUKEE GREENVILLE-SPARTANBURG DETROIT PITTSBURGH C L A S S A A P T Note: New Orleans was a leading market in terms of absolute rental rate gain, but due to the effects of Hurricane Katrina it has been excluded from this chart (see footnote, page 19). Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

8 CLASS B APARTMENT RENT GROWTH 12 MONTHS 1 SAN JOSE SAN FRANCISCO EL PASO WEST PALM BEACH ORANGE COUNTY SEATTLE MIAMI PHOENIX FT. LAUDERDALE LOS ANGELES ALBUQUERQUE ORLANDO LAS VEGAS RICHMOND TAMPA/ST. PETERSBURG HONOLULU SALT LAKE CITY DENVER NASSAU-SUFFOLK JACKSONVILLE HOUSTON SAN DIEGO MANHATTAN DOWNTOWN/NYC NATIONAL NATIONAL AVERAGE 5.9% WASHINGTON, DC BALTIMORE NEW YORK AUSTIN PORTLAND OAKLAND TULSA CHICAGO HARTFORD SACRAMENTO STAMFORD-SOUTH CT MEMPHIS CHARLOTTE RIVERSIDE-SAN BERNARDINO VIRGINIA BEACH-NORFOLK BIRMINGHAM COLUMBUS NORTHERN NEW JERSEY PITTSBURGH CENTRAL NEW JERSEY BOSTON OKLAHOMA CITY PHILADELPHIA KANSAS CITY RALEIGH DURHAM MINNEAPOLIS-ST PAUL MILWAUKEE DALLAS FORT WORTH ATLANTA CINCINNATI NASHVILLE ST. LOUIS GREENSBORO/WINSTON-SALEM GREENVILLE-SPARTANBURG SAN ANTONIO CLEVELAND DETROIT INDIANAPOLIS C L A S S B A P T Note: New Orleans was a leading market in terms of absolute rental rate gain, but due to the effects of Hurricane Katrina it has been excluded from this chart (see footnote, page 19). 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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Southeast Mid-Atlantic Northeast East Central West Central *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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Oakland-East Bay 3 Q. ' Q. ' Q. ' Portland 3 Q. ' Q. ' Q. ' Sacramento 3 Q. ' Q. ' Q. ' San Francisco 3 Q. ' Q. ' Q. ' San Jose 3 Q. ' Q. ' Q. ' Seattle 3 Q. ' Q. ' Q. ' Honolulu 3 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 +5.1% PORTLAND +9. PORTLAND +7.3% SACRAMENTO +4.5% SACRAMENTO +7.7% SAN FRANCISCO +11. SAN FRANCISCO +9.9% SAN JOSE +1. SAN JOSE +6.7% SEATTLE +8. SEATTLE +6.9% HONOLULU +10. HONOLULU +7. Warehouse Retail OAKLAND +10. OAKLAND +7. PORTLAND +8.1% PORTLAND +4.7% SACRAMENTO +9.3% SACRAMENTO +2.9% SAN FRANCISCO +9. SAN FRANCISCO +8.3% SAN JOSE +5.3% SAN JOSE +5.9% SEATTLE +6.3% SEATTLE +10. HONOLULU +6. HONOLULU +12. Class A Apartment Class B Apartment OAKLAND +8. OAKLAND +5. PORTLAND +7. PORTLAND +5. SACRAMENTO +3.9% SACRAMENTO +5. SAN FRANCISCO +10.5% SAN FRANCISCO +10. SAN JOSE +11.1% SAN JOSE +10.7% SEATTLE +12.3% SEATTLE +8.5% HONOLULU +6.5% HONOLULU +7. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

12 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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Albuquerque a 3 Q. ' Q. ' Q. ' El Paso 3 Q. ' Q. ' Q. ' Las Vegas b 3 Q. ' Q. ' Q. ' Los Angeles c 3 Q. ' Q. ' Q. ' Orange County d 3 Q. ' Q. ' Q. ' Phoenix 3 Q. ' Q. ' Q. ' Riverside-San Bernardino e 3 Q. ' Q. ' Q. ' San Diego 3 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 PACIFIC/SOUTHWEST REGION EFFECTIVE RENTAL RATE GROWTH (BY SECTOR) 12 MONTHS CBD Office Suburban Office ALBUQUERQUE +6. ALBUQUERQUE +7.9% EL PASO +6. EL PASO +7. LAS VEGAS +6.7% LAS VEGAS +5.5% LOS ANGELES +6. LOS ANGELES +6. ORANGE COUNTY +10.3% ORANGE COUNTY +8. PHOENIX +7.7% PHOENIX +8. RIVERSIDE-S.B. +3. RIVERSIDE-S.B. +7. SAN DIEGO +4.1% SAN DIEGO +8.3% Warehouse Retail ALBUQUERQUE +7. ALBUQUERQUE +7. EL PASO +8. EL PASO +5.3% LAS VEGAS +17.5% LAS VEGAS +5.1% LOS ANGELES +12.5% LOS ANGELES +6.9% ORANGE COUNTY +8.5% ORANGE COUNTY +5. PHOENIX +7.9% PHOENIX +6. RIVERSIDE-S.B. +8.7% RIVERSIDE-S.B SAN DIEGO +3.7% SAN DIEGO +9.5% Class A Apartment Class B Apartment ALBUQUERQUE +4.9% ALBUQUERQUE +7.9% EL PASO +7.7% EL PASO +9.3% LAS VEGAS +6. LAS VEGAS +7. LOS ANGELES +10.1% LOS ANGELES +8. ORANGE COUNTY +10. ORANGE COUNTY +8.9% PHOENIX +10. PHOENIX +8. RIVERSIDE-S.B. +4.9% RIVERSIDE-S.B. +4.5% SAN DIEGO +7. SAN DIEGO +5.9% Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA

15 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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Austin 3 Q. ' Q. ' Q. ' Dallas-Fort Worth a 3 Q. ' Q. ' Q. ' Denver 3 Q. ' Q. ' Q. ' Oklahoma City 3 Q. ' Q. ' Q. ' Salt Lake City 3 Q. ' Q. ' Q. ' San Antonio 3 Q. ' Q. ' Q. ' Tulsa 3 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 +6. AUSTIN +6. DALLAS-FORT WORTH +4. DALLAS-FORT WORTH +3. DENVER +8. DENVER +5. OKLAHOMA CITY +2. OKLAHOMA CITY +6. SALT LAKE CITY +6.7% SALT LAKE CITY +5.1% SAN ANTONIO +2.5% SAN ANTONIO +6. TULSA +4. TULSA +4. Warehouse Retail AUSTIN +6.3% AUSTIN +2.7% DALLAS-FORT WORTH +10. DALLAS-FORT WORTH +1. DENVER +10. DENVER +1. OKLAHOMA CITY +5.9% OKLAHOMA CITY +3. SALT LAKE CITY +7.1% SALT LAKE CITY +8. SAN ANTONIO -0. SAN ANTONIO +3. TULSA +7. TULSA +3.1% Class A Apartment Class B Apartment AUSTIN +8.1% AUSTIN +5. DALLAS-FORT WORTH +4. DALLAS-FORT WORTH +3. DENVER +7.3% DENVER +7. OKLAHOMA CITY +6.1% OKLAHOMA CITY +4. SALT LAKE CITY +7. SALT LAKE CITY +7.1% SAN ANTONIO +3. SAN ANTONIO +1. TULSA +6. TULSA +5. 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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Ft. Lauderdale 3 Q. ' Q. ' Q. ' Houston 3 Q. ' Q. ' Q. ' Jacksonville 3 Q. ' Q. ' Q. ' Miami a 3 Q. ' Q. ' Q. ' New Orleans b 3 Q. ' Q. ' Q. ' Orlando 3 Q. ' Q. ' Q. ' Tampa-St. Petersburg c 3 Q. ' Q. ' Q. ' West Palm Beach 3 Q. ' Q. ' Q. ' a b c The Miami CBD includes both the Downtown and the Brickell Avenue corridor. Data for New Orleans have been updated for the first time since Hurricane Katrina. Because some survey properties were damaged or destroyed, the updated rents may not be strictly comparable to those reported prior to the hurricane. 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 +9.1% FT. LAUDERDALE +7. HOUSTON +7.1% HOUSTON +7. JACKSONVILLE +3.9% JACKSONVILLE +5. MIAMI +6. MIAMI +8.3% ORLANDO +8.5% ORLANDO +7.9% TAMPA-ST. PETERSBURG +4.5% TAMPA-ST. PETERSBURG +10.1% WEST PALM BEACH +6. WEST PALM BEACH +11.1% Warehouse Retail FT. LAUDERDALE +9.7% FT. LAUDERDALE +9.9% HOUSTON +6. HOUSTON +7.5% JACKSONVILLE +11.1% JACKSONVILLE +3. MIAMI +6.9% MIAMI +7.9% ORLANDO +6. ORLANDO +4. TAMPA-ST. PETERSBURG +9. TAMPA-ST. PETERSBURG +3.5% WEST PALM BEACH +11. WEST PALM BEACH +7.3% Class A Apartment Class B Apartment FT. LAUDERDALE +9. FT. LAUDERDALE +8.1% HOUSTON +7. HOUSTON +6.3% JACKSONVILLE +7.9% JACKSONVILLE +6.3% MIAMI +6.9% MIAMI +8.3% ORLANDO +8. ORLANDO +7. TAMPA-ST. PETERSBURG +8.5% TAMPA-ST. PETERSBURG +7. WEST PALM BEACH +8. WEST PALM BEACH +9.1% Note: New Orleans was a leading market in terms of absolute rental rate gain, but due to the effects of Hurricane Katrina it has been excluded from these charts (see footnote, page 19). 20 Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA 94111

21 FLORIDA/GULF COAST REGION EFFECTIVE RENTAL RATE GROWTH (BY METRO) 12 MONTHS Fort Lauderdale Houston Jacksonville Miami New Orleans Orlando 3 25% 2 15% 5% 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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Atlanta 3 Q. ' Q. ' Q. ' Birmingham 3 Q. ' Q. ' Q. ' Charlotte 3 Q. ' Q. ' Q. ' Greensboro/Winston-Salem a 3 Q. ' Q. ' Q. ' Greenville-Spartanburg 3 Q. ' Q. ' Q. ' Memphis 3 Q. ' Q. ' Q. ' Nashville 3 Q. ' Q. ' Q. ' Raleigh-Durham 3 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 +1.5% ATLANTA +4.5% BIRMINGHAM +3.7% BIRMINGHAM +4. CHARLOTTE +5.5% CHARLOTTE +5. GREENSBORO/W.S +2.1% GREENSBORO/W.S +4. GREENVILLE-SPARTANBURG +4.5% GREENVILLE-SPARTANBURG +5. MEMPHIS +2.1% MEMPHIS +4.3% NASHVILLE +6.9% NASHVILLE +2. RALEIGH-DURHAM +5.5% RALEIGH-DURHAM +4. Warehouse Retail ATLANTA +2.7% ATLANTA +2. BIRMINGHAM +4. BIRMINGHAM +2. CHARLOTTE +7. CHARLOTTE +3.9% GREENSBORO/W.S +6. GREENSBORO/W.S +3.5% GREENVILLE-SPARTANBURG +6.5% GREENVILLE-SPARTANBURG +4. MEMPHIS +5. MEMPHIS +6.5% NASHVILLE +6. NASHVILLE +4. RALEIGH-DURHAM +7. RALEIGH-DURHAM +3. Class A Apartment Class B Apartment ATLANTA +6. ATLANTA +3.1% BIRMINGHAM +4.9% BIRMINGHAM +4.3% CHARLOTTE +5. CHARLOTTE +4. GREENSBORO/W.S +4.3% GREENSBORO/W.S +1.7% GREENVILLE-SPARTANBURG +1. GREENVILLE-SPARTANBURG +1. MEMPHIS +4. MEMPHIS +4. NASHVILLE +6.3% NASHVILLE +2.5% RALEIGH-DURHAM +3. RALEIGH-DURHAM +3. 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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Baltimore 3 Q. ' Q. ' Q. ' Central New Jersey a 3 Q. ' Q. ' Q. ' Philadelphia 3 Q. ' Q. ' Q. ' Richmond 3 Q. ' Q. ' Q. ' Virginia Beach-Norfolk 3 Q. ' Q. ' Q. ' Washington, DC 3 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 +7.5% BALTIMORE +4. CENTRAL NEW JERSEY +3. CENTRAL NEW JERSEY +4. PHILADELPHIA +4.9% PHILADELPHIA +5. RICHMOND +5. RICHMOND +3. VIRGINIA BEACH-NORFOLK +5.9% VIRGINIA BEACH-NORFOLK +5. WASHINGTON, DC +2.5% WASHINGTON, DC +7. Warehouse Retail BALTIMORE +5.9% BALTIMORE +5. CENTRAL NEW JERSEY +4. CENTRAL NEW JERSEY +3. PHILADELPHIA +6. PHILADELPHIA +1. RICHMOND +7. RICHMOND +4. VIRGINIA BEACH-NORFOLK +5. VIRGINIA BEACH-NORFOLK +4. WASHINGTON, DC +6. WASHINGTON, DC +11. Class A Apartment Class B Apartment BALTIMORE +4. BALTIMORE +5.7% CENTRAL NEW JERSEY +3. CENTRAL NEW JERSEY +4.1% PHILADELPHIA +4. PHILADELPHIA +3.9% RICHMOND +6. RICHMOND +7.3% VIRGINIA BEACH-NORFOLK +5.3% VIRGINIA BEACH-NORFOLK +4. WASHINGTON, DC +7. WASHINGTON, DC +5.7% 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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Boston 3 Q. ' Q. ' Q. ' Hartford 3 Q. ' Q. ' Q. ' Nassau-Suffolk a 3 Q. ' Q. ' Q. ' New York b 3 Q. ' Q. ' Q. ' Manhattan Downtown/NYC c 3 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 3 Q. ' Q. ' Q. ' Stamford-South CT 3 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 +8.7% BOSTON +5.3% HARTFORD +3.7% HARTFORD +3. NASSAU-SUFFOLK +4.5% NASSAU-SUFFOLK +5. NEW YORK +14. MANHATTAN DOWNTOWN/NYC +12. NEW YORK +5. NORTHERN NEW JERSEY +5. NORTHERN NEW JERSEY +2.5% STAMFORD-SOUTH CT +3. STAMFORD-SOUTH CT +5.3% Warehouse Retail BOSTON +2.5% BOSTON +2.5% HARTFORD +4.3% HARTFORD +3.3% NASSAU-SUFFOLK +6. NASSAU-SUFFOLK +6.1% NEW YORK +3.5% NEW YORK +6. NORTHERN NEW JERSEY +2.9% NORTHERN NEW JERSEY +7. STAMFORD-SOUTH CT +3. STAMFORD-SOUTH CT +4. Class A Apartment Class B Apartment BOSTON +3.9% BOSTON +4. HARTFORD +5.1% HARTFORD +5. NASSAU-SUFFOLK +6.7% NASSAU-SUFFOLK +6.9% NEW YORK +7. NEW YORK +5. MANHATTAN DOWNTOWN/NYC +8. MANHATTAN DOWNTOWN/NYC +5.9% NORTHERN NEW JERSEY +5.7% NORTHERN NEW JERSEY +4.1% STAMFORD-SOUTH CT +6.3% STAMFORD-SOUTH CT +4.9% 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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Cincinnati 3 Q. ' Q. ' Q. ' Cleveland 3 Q. ' Q. ' Q. ' Columbus 3 Q. ' Q. ' Q. ' Detroit 3 Q. ' Q. ' Q. ' Indianapolis 3 Q. ' Q. ' Q. ' Pittsburgh 3 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 +1. CINCINNATI +1.7% CLEVELAND +3.7% CLEVELAND +1.5% COLUMBUS +4.7% COLUMBUS +0.9% DETROIT -1. DETROIT -1. INDIANAPOLIS +2. INDIANAPOLIS +3.9% PITTSBURGH +2.1% PITTSBURGH +3. Warehouse Retail CINCINNATI +4.1% CINCINNATI +4.9% CLEVELAND +5.9% CLEVELAND +4. COLUMBUS +3.5% COLUMBUS +5.9% DETROIT -2. DETROIT -1.1% INDIANAPOLIS +3. INDIANAPOLIS +2.1% PITTSBURGH -1.5% PITTSBURGH +4. Class A Apartment Class B Apartment CINCINNATI +3.1% CINCINNATI +2. CLEVELAND +2.9% CLEVELAND +1. COLUMBUS +3. COLUMBUS +4.3% DETROIT +0. DETROIT +1.3% INDIANAPOLIS +3. INDIANAPOLIS +1. PITTSBURGH +0. PITTSBURGH +4.1% 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 $31.07 $ % $24.50 $ $6.04 $ $20.22 $ $16.51 $ % $12.38 $ % Chicago 3 Q. ' Q. ' Q. ' Kansas City 3 Q. ' Q. ' Q. ' Milwaukee 3 Q. ' Q. ' Q. ' Minneapolis-St. Paul a 3 Q. ' Q. ' Q. ' St. Louis 3 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 +2. CHICAGO +1.1% KANSAS CITY +0.5% KANSAS CITY +2. MILWAUKEE +5. MILWAUKEE +4.5% MINNEAPOLIS-ST PAUL +5.9% MINNEAPOLIS-ST PAUL +4.1% ST. LOUIS +4. ST. LOUIS +5.3% Warehouse Retail CHICAGO +3.5% CHICAGO +3. KANSAS CITY -0. KANSAS CITY +0. MILWAUKEE +1. MILWAUKEE +2.3% MINNEAPOLIS-ST PAUL +1. MINNEAPOLIS-ST PAUL +3. ST. LOUIS +3. ST. LOUIS +4. Class A Apartment Class B Apartment CHICAGO +3.9% CHICAGO +5.3% KANSAS CITY +4. KANSAS CITY +3.7% MILWAUKEE +2.9% MILWAUKEE +3. MINNEAPOLIS-ST PAUL +4.5% MINNEAPOLIS-ST PAUL +3. ST. LOUIS +3. ST. LOUIS +2. Global Real Analytics, 505 Montgomery Street, 6th Floor, San Francisco, CA