Tech, Sun Belt Office Markets Lead Broad Recovery

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1 OFFICE NORTH AMERICA HIGHLIGHTS Tech, Sun Belt Office Markets Lead Broad Recovery ANDREA CROSS National Office Research Manager USA INDICATORS Relative to prior period US Q US Q4 2014* Canada Q NORTH AMERICAN OFFICE Summary Statistics, Canada Q4 2014* NET CONSTRUCTION RENTAL ** *Projected Construction is the change in Under Construction. **Rental rates for current quarter are for CBD Class A space. Rent forecast is for metro-wide rents. US CAN NA (%) 13.46% 8.43% 13.11% CHANGE FROM Q (%) -0.22% -0.12% -0.21% (MSF) NEW CONSTRUCTION (MSF) UNDER CONSTRUCTION (MSF) ASKING RENTS PER SF US CAN DOWNTOWN CLASS A ($) $45.68 $49.89 CHANGE FROM Q (%) 1.5% 2.7% SUBURBAN CLASS A ($) $27.61 $30.32 CHANGE FROM Q (%) 1.3% -1.3% KEY TAKEAWAYS Job growth drove office demand in both the U.S. and Canada through the first three quarters of Employment grew year-over-year in both countries, with the U.S. on pace to create the most jobs in 2014 since U.S. office-using employment growth was even stronger than overall job growth, at 2.8% year-over-year in September compared with 1.9% growth in total payrolls. About 1.3 office-using jobs have been added during the recovery for every 1 office-using job lost in the recession. Indicative of the broadening economic and office market recoveries, just 15 of the 84 U.S. metro areas tracked by Colliers lost office-using jobs year-over-year in August Previous laggards such as Las Vegas, Los Angeles, Sacramento, Phoenix and Jacksonville were among the strongest markets for office-using job growth. The North American vacancy rate in decreased by 21 basis points to 13.1%, with improvements in both the U.S. and Canada. The U.S. vacancy rate of 13.5% was the lowest since Q North American absorption of 17.8 million square feet (MSF) in was the highest quarterly total this year, with both the U.S. and Canada posting positive absorption both in Q and year-to-date. In a notable shift from recent quarters, absorption in the primary finance, insurance and real estate (FIRE) markets at 6.9 MSF nearly equaled the 7.9 MSF of absorption in the primary intellectual capital, energy and education (ICEE) markets. With the ICEE markets having led the current recovery, strong absorption in the FIRE markets indicates how much the recovery has broadened to include markets driven by more traditional office-using industries. Construction activity continued to tick up in but remains highly concentrated in a small number of markets. More than 60% of the 110 MSF underway in North America is located in the top 10 metro areas. According to Real Capital Analytics, North American office transaction volume reached $32.0 billion in, the highest total this year. Demand from both domestic and cross-border investors remains voracious, particularly given softening economic conditions elsewhere around the globe. We expect stronger office market fundamentals in secondary and tertiary markets to attract greater investor interest into 2015, further boosting aggregate transaction volume. COLLIERS.COM

2 U.S. ECONOMIC TRENDS The U.S. economic recovery continued at a healthy clip through Q Year-to-date through September, U.S. employers added more than 2 million positions, putting the economy on pace to add the most jobs this year since Unlike earlier in the cycle, where industries such as tech, energy, education and healthcare drove growth, job gains in recent months have been broad-based, with even the lagging government sector increasing slowly in recent months. The story has been even more positive for office-using employment. Growth in the primary office-using employment sectors (professional and business services, financial activities and information services) continues to track ahead of the recovery in overall employment, with 2.8% yearover-year growth in office-using jobs in September compared with 1.9% growth in overall payrolls. The U.S. economy has added approximately 1.3 office-using jobs for every 1 job lost during the recession, compared with 1.1 jobs added in all sectors for every 1 lost during the recession. Officeusing employment surpassed 30 million jobs for the first time in September and now stands about 727,000 positions more than the prerecession peak in July The economic recovery has also broadened geographically. Of the 84 U.S. metro areas tracked by Colliers, just 15 of them lost office-using jobs between August 2013 and August Also, more than half of the metro areas have recovered all of the office-using jobs lost during the recession. No longer is the list dominated by intellectual capital, energy and education (ICEE) markets; among the strongest markets for office-using job growth in August were Jacksonville, Las Vegas, Los Angeles, Sacramento, Orlando, Phoenix and the Inland Empire (Calif.) -- metro areas that all were hit particularly hard by the housing and financial crises. The professional and business services sector remains the most significant driver of office-using employment growth, but financial activities continues to improve at a moderate pace, with growth concentrated in lower-cost Sun Belt and Midwest metro areas such as St. Louis, Phoenix, Jacksonville, Nashville, Raleigh and multiple Texas metro areas. Traditional higher-cost financial centers such as Nassau- Suffolk, Hartford, Bridgeport, Chicago, Los Angeles, Newark and Orange County have been among the slowest to recover jobs in the financial activities sector. Firms including Deutsche Bank, UBS, Charles Schwab and Goldman Sachs have been moving operations to lower-cost areas in recent years, driving this trend. OFFICE, INVENTORY & NORTH AMERICA 13.0% vac. Absorption by Market Q to 2,300,000 1,150, , ,000-1,150,000-2,300,000 SF by Region 2 billion 1 billion 200 million Occupied SF Vacant SF P. 2 COLLIERS INTERNATIONAL

3 Looking forward, we expect the economic recovery to continue at a similar pace through IHS Global Insight projects an addition of nearly 2.5 million jobs in 2014, increasing slightly to nearly 2.6 million jobs in This would amount to four consecutive years of net job gains exceeding 2 million the longest such stretch since the period. GDP should also reflect these positive economic trends. Due to poor weather conditions early in the year, IHS predicts only a small improvement in GDP growth: 2.29% in 2014, up slightly from 2.22% in However, growth is projected to accelerate to 2.74% in FASTEST OFFICE-USING EMPLOYMENT GROWTH AUG US OFFICE Q US Q Q4 Q Q2 Q3 Q4 Q Q2 Q Vacancy % MSA % CHANGE MSA % CHANGE Raleigh 8.7% Orlando 3.6% Nashville 6.2% Phoenix 3.6% Jacksonville 5.3% Inland Empire 3.5% Austin 5.2% San Jose 3.4% Dallas-Fort Worth 5.1% Atlanta 3.3% Las Vegas 4.7% Houston 3.2% San Francisco 4.0% Miami 3.2% Charlotte 3.8% Memphis 3.0% Los Angeles 3.7% St. Louis 2.9% Sacramento 3.6% Seattle 2.7% UNITED STATES 2.6% Note: All data are seasonally adjusted as of August 2014; Includes markets tracked by Colliers with at least 100,000 office-using jobs as of August Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International. Absorption MSF Completions MSF Vac Rate (%) EMPLOYMENT FROM CYCLICAL PEAK US Source: Colliers International. 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% MONTHS Total Employment Office-Using Employment Professional & Business Services Financial Activities Note: Latest data as of September 2014; x-axis indicates number of months elapsed since each sector s previous cyclical employment peak; office-using employment sectors include professional and business services, financial activities and information services; information services not displayed separately because sector peaked in Sources: Bureau of Labor Statistics, Colliers International. TOP 20 S FOR OFFICE-USING JOBS RECOVERED AUGUST 2014 US MSA PERCENT RECOVERED MSA PERCENT RECOVERED Austin 496.1% Columbus 170.3% Raleigh 362.6% Charlotte 169.9% Nashville 333.1% St. Louis 168.6% San Francisco 280.0% Baltimore 162.1% Pittsburgh 244.3% Denver 161.0% San Jose 243.9% Jacksonville 152.5% Dallas-Fort Worth 243.6% Atlanta 147.7% Houston 230.9% Boston 137.6% Omaha 191.8% Minneapolis 131.2% Indianapolis 173.5% Seattle 130.6% UNITED STATES 125.6% Note: All data are seasonally adjusted as of August 2014; Includes markets tracked by Colliers with at least 100,000 office-using jobs as of August Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International. S WITH FINANCIAL ACTIVITIES EMPLOYMENT AT OR ABOVE PRERECESSION PEAK AUGUST 2014 US MSA % CHANGE MSA % CHANGE St. Louis 400.0% Phoenix 141.4% Dallas-Fort Worth 360.2% Jacksonville 131.1% Nashville 338.9% Raleigh 121.4% Omaha 266.7% Cincinnati 118.4% Austin 265.5% Birmingham 117.9% Pittsburgh 213.6% Houston 109.1% Richmond 145.7% UNITED STATES 41.1% Note: All data are seasonally adjusted as of August 2014; Includes markets tracked by Colliers with at least 25,000 financial activities jobs as of August Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International. COLLIERS INTERNATIONAL P. 3

4 CANADA ECONOMIC TRENDS The Canadian economy continues to expand at a moderate pace, buoyed by growth in the U.S. but restrained by government cutbacks and private-sector caution regarding investment. Like the U.S. economy, growth has rebounded from the weather-impacted Q period, but job creation has been choppy, with alternating gains and losses in employment each month this year through September. Nonetheless, the overall trend has been positive, with approximately 157,600 jobs added year-to-date 2014, up from 106,200 jobs added year-over-year but down from more than 200,000 jobs added during the first nine months in each of the prior three years. Despite the aforementioned headwinds, the Canadian economy should continue to grow through the remainder of 2014 and 2015, benefiting from the ongoing recovery of the U.S. economy, energy sector growth and expansion of the professional, scientific and technical services sector -- an important driver of demand for office space in markets including Vancouver and Toronto, and an economic bright spot in the Canadian economy. The Conference Board of Canada expects employment growth to slow to 1.0% in the weakest reading since Canada s brief recession -- but accelerate thereafter to 1.8% in Real GDP is projected to increase by 2.0% in 2014, which is on par with the 2013 growth rate, and to accelerate to 2.7% in At the local level, Edmonton and Calgary are projected to remain among the fastest growing markets in terms of real GDP in 2014 and through the Conference Board s forecast period from 2015 to 2018 due to continued growth in the energy industry and its spillover effect on other sectors. Vancouver is forecast to be the fastest-growing metro area with job gains in virtually every sector through CANADA OFFICE EMPLOYMENT GROWTH 10% 8% 6% 4% 2% 0% -2% -4% -6% Quebec City 2.1% 1.9% 1.7% 1.6% 1.6% 1.4% 1.4% 1.3% 1.1% 0.9% 0.9% 0.8% 0.3% Toronto Calgary Winnipeg Regina 2014f Halifax Saskatoon Ottawa-Gatineau Hamilton (CAGR) Vancouver Victoria Montreal Edmonton Source: The Conference Board of Canada. CANADA AVERAGE ANNUAL FORECASTED REAL GDP GROWTH % CITY 2015F-2018F CITY 2015F-2018F Vancouver 3.1% Saskatoon 2.5% Edmonton 3.0% Montreal 2.3% Calgary 3.0% Hamilton 2.3% Toronto 2.9% Ottawa 2.1% Halifax 2.6% Victoria 2.1% Winnipeg 2.6% Quebec City 2.1% Regina 2.5% CANADA 2.3% Source: The Conference Board of Canada. ~157,600 jobs added in Canada year-todate 2014 LOWEST OVERALL S NA (%) Toronto, ON 6.62% New York, NY - Midtown South Manhattan (%) 8.46% Montréal, QC 7.31% Saskatoon, SK 8.66% Bakersfield, CA 7.39% Calgary, AB 8.68% San Francisco, CA 7.46% Portland, OR 8.95% Nashville, TN 7.93% Indianapolis, IN 9.43% NORTH AMERICA 13.11% Source: Colliers International. P. 4 COLLIERS INTERNATIONAL

5 OFFICE OUTLOOK 2014 BEHIND THE STATISTICS & BEYOND THE BASICS Scope of Colliers Office Outlook Report: Colliers office space universe encompasses 87 markets in the U.S. and Canada, with a combined total of more than 6.4 billion square feet (BSF). The 75 U.S. markets account for most of this space, with nearly 6.0 BSF of tracked inventory and the remaining 449 MSF in Canada. Our coverage includes 21 markets with more than 100 MSF of space, with a combined total of 3.8 BSF or nearly 60% of our office market inventory. The largest U.S. markets are New York, Washington, D.C., Chicago, Dallas and Atlanta. Toronto is the only Canadian market with more than 100 MSF of space. Vacancy The North American vacancy rate decreased again in, falling by 21 basis points to 13.1%. Unlike in recent quarters, this improvement was not confined to the U.S. office market; the Canadian vacancy rate decreased as well, as construction completions slowed from recent quarters. Canadian vacancy dipped below 8.5%, landing at 8.4% in Q and remaining nearly five percentage points below the U.S. vacancy rate. In the U.S., broader economic improvements contributed to a 22 basis-point decrease in the vacancy rate to 13.5%, the lowest rate since Q Both the CBD and suburban vacancy rates decreased, reaching their lowest respective levels since 2008 as well. Of the 81 markets reporting both Q and vacancy rates, 57 markets (more than 70%) posted vacancy rate decreases in Q3, which reflected widespread improvement in office market conditions. ICEE and Canadian markets continued to dominate the list of markets with the lowest vacancy rates. These include Toronto, Montreal, San Francisco, Midtown South Manhattan and Calgary. However, more markets are benefiting from the recovery, including markets adjacent to ICEE metro areas that are experiencing more spillover demand from tech and energy tenants, as well as increases in demand from traditional office tenants such as business services, finance and insurance companies. In New York, Downtown Manhattan and Midtown Manhattan were among the top markets for vacancy rate decrease in Q3, as demand spread beyond the hot Midtown South Manhattan market. In the San Francisco Bay Area, both San Francisco and Silicon Valley once again ranked among the top markets for vacancy rate decrease, as did lagging Oakland. Although San Francisco and Silicon Valley remain the preferred locations for many tech tenants, Oakland is starting to see demand from tenants priced out of these areas. Other markets that have lagged behind in the economic and office market recoveries also saw significant improvements in vacancy in, including Stockton, Los Angeles and Stamford. U.S. OFFICE Sq. Ft., Mil % 15% 10% 5% 0% LARGEST QUARTER-OVER-QUARTER DECREASE IN OVERALL NA Q BASIS-POINT CHANGE Stockton, CA 15.66% 14.12% -155 Montréal, QC 8.68% 7.31% -137 New York, NY - Downtown Manhattan 13.35% 12.20% -115 Greenville, SC 17.72% 16.68% -103 North American Downtown Markets: Excluding renewals, of the leases signed this quarter in your CBD/downtown, did most tenants...? Contract 14.3% Expand 19.5% Absorption (left-axis) CBD Vacancy Rate (right-axis) Hold Steady 58.4% US Vacancy Rate (right-axis) Suburban Vacancy Rate (right-axis) North American Downtown Markets: What was the trend for tenant improvement allowances offered by CBD landlords this quarter? More 6.5% Less 9.1% Note: Latest data as of. Source: Colliers International. Same 77.9% San Jose - Silicon Valley 10.70% 9.77% -94 Los Angeles, CA 17.97% 17.07% -90 Stamford, CT 20.97% 20.11% -86 San Francisco, CA 8.28% 7.46% -82 New York, NY - Midtown Manhattan 11.39% 10.57% -82 Kansas City, MO 12.37% 11.60% -77 NORTH AMERICA 13.33% 13.11% -22 North American Downtown Markets: What was the trend in Free Rent (in months) offered by CBD landlords this quarter? More 6.5% Less 18.2% Same 68.8% North American Suburban Markets: Excluding renewals, of the leases signed this quarter in your suburban market, did most tenants...? Contract 17.4% Expand 30.4% Hold Steady 52.2% Source: Colliers International. Note: Charts above reflect % of markets reporting COLLIERS INTERNATIONAL P. 5

6 Tenant Demand and Leasing Activity ICEE tenant leasing activity remained robust in 2014, with tenants seeking markets and properties that enable them to attract and retain top-flight talent. Technology companies continue to expand in, relocate to or open satellite offices in both well-established and emerging tech clusters in order to reap the benefits of these clusters, such as knowledge-sharing, access to specialized services and capital, and an established talent pool. Recent examples include Arkansas-based software company Acxiom, which announced in plans to open an Austin office, and e-commerce titan Alibaba, which recently opened an office in Silicon Valley on the heels of its US IPO and will open a second office in Downtown Seattle near rival Amazon s planned 4.1 million-square-foot campus. Boston area-based healthcare technology firm athenahealth is expanding into Austin and Atlanta, and is also relocating Bay Area employees from the suburban San Mateo submarket to San Francisco s SoMa submarket, citing the strategic advantage of locating in SoMa in terms of attracting talent and engaging with clients. Also in San Francisco, Bloomberg announced plans this quarter to open an R&D office, citing the region s deep talent pool in data science and analysis. Google continues its astounding rate of expansion in Silicon Valley, recently purchasing six buildings at Redwood City s Pacific Shores Center, which is adjacent to the CalTrain commuter rail, and leasing all of the 1.9 MSF of space under development at Sunnyvale s Moffett Place. The company also purchased 188 Embarcadero and leased 250,000 SF at One Market s Spear Tower in San Francisco in, underscoring the symbiotic technology industry growth occurring in suburban Silicon Valley and urban San Francisco. The clustering trend is occurring in other industries as well. In Houston, energy companies and supporting firms continue to expand in and relocate to the market. For example, Boston area-based Doble Engineering recently opened its first Houston office and oil lab, seeking proximity to its energy industry clients. Although downtown markets like San Francisco and New York have been among the fastest-growing areas for tech tenants, other markets that offer some of the same urban amenities have been benefiting from this growth as well. Atlanta, which posted the sixth-highest absorption year-to-date through, has experienced significant growth in its tech sector, especially submarkets such as Midtown and Buckhead that offer significant amenities and are transit-accessible. In addition to athenahealth, Twitter and Amazon have been expanding operations in the Atlanta area as well. Absorption North American absorption totaled 17.8 MSF in, up from 16.9 MSF in Q and 13.5 MSF in Q Both the U.S. and Canada posted positive absorption during the quarter as well as year to date. In the U.S., absorption totaled 16.6 MSF, the sixth straight quarter in which absorption was above 14 MSF, and all but 18 of the 72 markets reporting Q3 data posted positive absorption. Dallas ranked first in quarterly absorption (2.2 MSF), followed by Midtown Manhattan (1.9 MSF), Downtown Manhattan (1.3 MSF) and Phoenix (1.2 MSF). In Canada, five of the nine markets reporting Q3 data posted positive absorption, led by Montreal (1.1 MSF), Calgary (449,000 SF) and Ottawa (253,000 SF). In previous reports, we highlighted the dominance of ICEE markets during the current recovery. Indeed, this trend continued through the first half of During the first two quarters of the year, absorption in the primary ICEE markets totaled 15.1 MSF, roughly two-thirds higher than the 9.2 MSF of TOP S FOR METRO OFFICE NA (MSF) (MSF) Dallas, TX 2.21 Boston, MA 1.08 NYC - Midtown Manhattan NYC - Downtown Manhattan 1.88 Chicago, IL San Francisco, CA 0.78 Phoenix, AZ 1.24 Los Angeles, CA 0.77 Montréal, QC 1.10 NYC - Midtown South Manhattan NORTH AMERICA : 17.8 MSF 0.77 Source: Colliers International. absorption in the primary FIRE markets. However, in, absorption in the primary FIRE markets totaled 6.9 MSF, nearing the ICEE market total of 7.9 MSF. In fact, all of the primary FIRE markets that Colliers tracks posted positive absorption year-to-date, and all but two posted positive absorption in. This is a noteworthy shift in market dynamics and reflects the contributions to office demand from a greater number of industries and sectors rather than the handful that dominated earlier in the cycle. Construction Activity As the market has improved, office construction activity has increased in recent quarters but remains low overall and focused on the strongest cities. Further along in both the economic and office market cycles, Canada is ahead of the U.S. in terms of new supply. As of, 20.7 MSF were under construction in the Canadian markets tracked by Colliers, amounting to 4.6% of existing inventory. In the U.S. markets tracked by Colliers, 88.9 MSF were underway, representing just 1.5% of existing inventory. Although still trailing the Canadian office market, development activity in the U.S. has been rising. The amount of space underway in was the highest since Q and was up nearly 40% from Q Construction activity is occurring in a greater number of U.S. markets; as of, 23 markets had no construction underway, down from 31 one year earlier. Despite the increase in construction activity, development remains highly concentrated in a small number of markets. The top 10 U.S. markets accounted for 60.2 MSF under construction or about 68% of total square footage underway, the same percentage as one year earlier. Houston alone accounts for about 16% of North American office space underway and nearly 20% of U.S. office space under construction. Leading tech markets San Francisco, Silicon Valley, Boston, Seattle and Midtown South Manhattan, most of which have vacancy rates below 10%, account for more than 27 MSF underway or more than 30% of all U.S. office space under construction. Tech and energy companies continue to aggressively pursue large blocks of space in new buildings in the most desirable markets and submarkets in anticipation of future growth, as well as due to a lack of available existing space in many of these markets. Also, many REITs are disposing of existing assets and using the proceeds on their development pipelines in the hottest markets where pricing is nearing or exceeding replacement costs. As an example of both of these trends, Kilroy Realty Corporation recently inked a lease with cloud file management provider Box P. 6 COLLIERS INTERNATIONAL

7 for the entire Crossing/900 development under construction in Redwood City on San Francisco s Peninsula. Development is also occurring in submarkets where demand is stronger than in the overall metropolitan area. Tishman Speyer broke ground in Q on the 500,000 square-foot Three Alliance Center, a speculative office tower in Atlanta s Buckhead submarket, which has one of the lowest vacancy rates in the Atlanta metro area. In Kansas City, a lack of Class A options in Johnson County prompted Block Real Estate Services to announce groundbreaking on Pinnacle Corporate Centre V in September. In Los Angeles Hollywood submarket, which has successfully attracted tech, entertainment and other creative tenants in recent years, Hudson Pacific Properties broke ground in on 405,000 SF of office space at Sunset Bronson Studios, bringing the total square footage underway in that submarket to 1.1 MSF, accounting for 44% of all construction underway in TOP S FOR OFFICE SPACE UNDER CONSTRUCTION - - NA MSA CONSTRUCTION (MSF) Houston, TX San Jose - Silicon Valley 8.26 Toronto, ON 6.80 Dallas, TX 5.36 Seattle/Puget Sound, WA 5.18 Boston, MA 5.11 San Francisco, CA 4.97 Washington DC 4.74 Calgary, AB 4.63 New York, NY - Midtown South Manhattan 3.60 Note: Rankings are based on the 87 U.S. and Canadian markets tracked by Colliers International. Source: Colliers International. CONSTRUCTION AS % OF INVENTORY - - NA SQUARE FEET UNDERWAY % OF INVENTORY San Jose - Silicon Valley 8,258, % Edmonton, AB 2,287, % Houston, TX 17,277, % Calgary, AB 4,633, % Vancouver, BC 3,208, % San Francisco, CA 4,965, % Toronto, ON 6,801, % Regina, SK 221, % Seattle/Puget Sound, WA 5,184, % Boston, MA 5,108, % NORTH AMERICA 109,556, % Note: Rankings are based on the 87 U.S. and Canadian markets tracked by Colliers International. Source: Colliers International Los Angeles County. A lack of large blocks of space, a low overall vacancy rate compared with the overall Los Angeles market and the revitalization of the area through mixed-use, residential and entertainment projects in recent years have been driving investor confidence in the submarket. Still-low levels of development activity in most markets illustrate the measured approach to development that developers continue to take during the current recovery. The ratio of absorption to new supply -- one of the key metrics that we use to gauge the supply-demand balance of the CRE markets -- was 2.2:1.0 in, indicating that office users absorbed more than twice the amount of space that was delivered to the market during the quarter. Indeed, absorption has outpaced new supply in all but one quarter since Q Based on current construction levels and positive absorption trends, we expect this trend to persist into In addition to overall low levels of construction activity, residential conversions continue to remove office space from the market, particularly in dense urban areas favored by the Millennial generation. This trend is occurring in traditional urban residential markets such as New York, where Claremont Group recently announced plans to convert a 100,000-squarefoot Financial District office building to luxury condos. However, conversions are also occurring in historically less popular residential downtown areas in the South and Midwest in response to demand from young residents. For example, multiple conversions are planned for or underway in Downtown Milwaukee, including Vangard Group s recently announced redevelopment of the Germania Building. Also, in Downtown Kansas City, much of the office space in the underused Commerce Tower was removed from the market in to be redeveloped into apartments. The ongoing maturation of a Millennial cohort that is expected to account for 50% of the workforce by 2020, coupled with an improving economy that is enabling more young adults to form households, should drive this trend for the foreseeable future. CAPITAL S & TRANSACTION ACTIVITY Interest rates continue to defy expectations, remaining near historically low levels despite the end of the Federal Reserve s bond-buying programs in October and anticipated interest rate hikes beginning in Amid geopolitical turmoil and economic weakness in many regions across the globe including Europe and Asia, investors continue to pile into safe U.S. Treasuries, suppressing yields. These fears also continue to drive demand for both U.S. and Canadian real estate, with both countries viewed as bright spots globally, especially in light of the positive economic trends highlighted in this report. In particular, improving office market fundamentals are attracting greater interest in the property type. A number of REITs are capitalizing on strong demand for office assets by disposing of non-core assets. These trends boosted aggregate transaction volume in the U.S. and Canada to $32.0 billion in, the highest quarterly total this year according to Real Capital Analytics. Also, 12-month trailing transaction volume reached $126.1 billion through, the highest 12-month trailing total since Q Average cap rates have decreased to the high end of the 6% range in the U.S. and the mid-5% range in Canada, but these figures vary wildly by P. 7 COLLIERS INTERNATIONAL

8 region and asset type. Top-tier properties in gateway markets such as San Francisco and New York have been trading in the 3% to 4% range, while cap rates for recent transactions in Sacramento and Cincinnati were in the 9.0% to 9.5% range. According to Real Capital Analytics, the average cap rate in the six major U.S. metros (Boston, Chicago, Washington, D.C., Los Angeles, New York and San Francisco) decreased to 4.1%, the lowest rate on record, in, as demand for gateway assets from both domestic and foreign capital sources remained voracious. Growth in foreign investment in North American office properties has been even stronger than overall investment growth. Year-to-date through October, cross-border investment into the U.S. and Canada totaled $17.9 billion, exceeding the full-year total for 2013 and reaching the highest level since In fact, cross-border volume is approaching the previous cyclical peak of $21.6 billion in 2006, in contrast with overall transaction volume which has recovered only to about half of its the previous peak. After Canada, Norway is now the largest cross-border investor in the U.S. as its government pension fund aggressively pursues assets in gateway markets including New York, Boston, Washington, D.C., and San Francisco. Asian countries remain a major source of capital for U.S. office properties, with Hong Kong, South Korea, Singapore, China and Japan all ranking among the top countries for cross-border flows year-to-date. Like domestic investors, foreign investors are increasingly considering secondary markets. In September, German fund Union Investment Real Estate purchased Target-anchored 50 South 10th Street in Minneapolis for $330 per square foot, well above the metro average of $113 in Q according to Real Capital Analytics data. Although interest rates have remained low to this point, expectations for higher interest rates in 2015, particularly following the Fed s confirmation of the end of its bond-buying program, should drive a growing amount of investor interest to geographies that have been less favored up to this point in the cycle, boosting transaction volume and narrowing cap rate-to- Treasury spreads in those areas. In particular, suburban assets, especially those that are accessible to transit options, provide on-site and nearby amenities, and offer flexible, open floorplans that enable denser employee configurations, should benefit from growing demand. Secondary and tertiary markets that have been lagging in the recovery but are starting to experience stronger employment growth and absorption also should post stronger transaction activity. In addition, secondary markets with concentrations of ICEE industries, such as Portland, Pittsburgh, Nashville and Raleigh-Durham, will likely see greater investor interest as investors respond to organic growth as well as tenant relocations -- both ICEE firms and otherwise -- from higher-cost markets such as New York and San Francisco. OFFICE TRANSACTION VOLUME NA Bil. $300 $250 $200 $150 $100 $50 $ CROSS-BORDER INVESTMENT - NORTH AMERICA Bil. $25 $20 $15 $10 $5 $0 MOODY S/RCA COMMERCIAL PROPERTY PRICE INDICES - US OFFICE Month Trailing Volume (left-axis) United States Canada Pricing Recovery From Recession Office Major Market CBD 134.9% Non-Major Market CBD 89.4% Major Market Suburban 60.7% Non-Major Market Suburban 45.6% 200% 150% 100% 50% 0% -50% -100% Year-Over-Year % Change (right-axis) Note: Latest data as of ; all data are 12-month trailing. Sources: Real Capital Analytics; Colliers International. Note: Latest data as of. Sources: Real Capital Analytics, Colliers International Major Market-CBD Major Market-Sub Non-Major Market-CBD Non-Major Market-Sub Note: Latest data as of. Sources: Moody s Investor Service, Real Capital Analytics, Colliers International. P. 8 COLLIERS INTERNATIONAL

9 UNITED STATES DOWNTOWN OFFICE ALL INVENTORY INVENTORY NEW SUPPLY NEW SUPPLY 2014 UNDER CONSTRUCTION 2014 NORTHEAST Baltimore, MD 28,529, , % 12.91% -11, ,284 Boston, MA 62,834, ,050,000 2,415, % 11.12% 787,562 1,462,013 Hartford, CT 9,971, % 14.95% -149, ,795 New York, NY - Downtown Manhattan 110,938, ,861,402 2,800, % 12.20% 1,274,979 3,722,582 New York, NY - Midtown Manhattan 230,068, % 10.57% 1,877,166 1,509,964 New York, NY - Midtown South Manhattan 162,245, ,672 3,600, % 8.46% 771,943 2,077,793 Philadelphia, PA 42,663, % 11.45% -29,567 54,485 Pittsburgh, PA* 32,091, ,560, % 9.64% 43,805 38,023 Stamford, CT 18,742, % 20.11% 161, ,004 Washington DC 144,221, ,769 1,032,510 1,529, % 10.98% -352, ,525 White Plains, NY 7,672, % 14.74% 80,415-10,214 Northeast Total 849,979, ,769 5,883,584 11,905, % 10.88% 4,454,252 7,999,046 SOUTH Atlanta, GA 50,200, , , % 16.54% 42, ,228 Birmingham, AL 4,895, % 21.28% 27, ,476 Charleston, SC 2,252, , % 8.52% 22 14,903 Charlotte, NC 22,671, % 8.68% 213, ,203 Columbia, SC 4,678, % 10.50% 14,960 24,552 Dallas, TX 32,699, , % 21.99% 837, ,064 Ft. Lauderdale-Broward, FL 8,119, % 10.72% 46, ,622 Ft. Worth, TX 10,195,293 75,971 75, % 15.64% 66, ,851 Greenville, SC 3,317, % 16.53% 61,250 54,372 Houston, TX 42,600, ,464, % 10.97% 57, ,877 Jacksonville, FL 15,572, % 15.48% -201, ,528 Little Rock, AR* 6,482, % 10.62% 27,815 3,330 Louisville, KY 43,865, , , % 10.70% 25, ,480 Memphis, TN 5,403, % 15.03% -12, ,036 Miami-Dade, FL 18,730, , % 16.79% 91, ,326 Nashville, TN 13,158, , % 11.27% 47, ,599 Orlando, FL 12,189, , % 12.87% 42, ,620 Raleigh/Durham/ Chapel Hill, NC 14,274, , , , % 5.70% 204, ,113 Richmond, VA 16,586, ,066, , % 10.82% 62, ,074 Savannah, GA 803, % 13.46% -14,921 3,521 Tampa Bay, FL 6,780, % 14.62% 40,183 77,047 West Palm Beach/ Palm Beach County, FL 10,182, % 14.76% 33,372 94,696 South Total 345,661, ,093 2,703,517 2,872, % 13.56% 1,715,795 4,223,222 * - Q2-14 data used for Boise, Little Rock and Pittsburgh. COLLIERS INTERNATIONAL P. 9

10 UNITED STATES DOWNTOWN OFFICE ALL INVENTORY (continued) INVENTORY NEW SUPPLY NEW SUPPLY 2014 UNDER CONSTRUCTION 2014 MIDWEST Chicago, IL 157,653, ,073, % 12.08% 548, ,394 Cincinnati, OH 18,749, , % 15.39% -43,484-30,831 Cleveland, OH 32,537, % 17.21% 84, ,384 Columbus, OH 19,452, , % 9.51% 91, ,908 Detroit, MI 26,415, % 17.00% 187, ,966 Grand Rapids, MI 5,314, , % 15.64% 18, ,936 Indianapolis, IN 22,548, % 9.62% -90,006-96,533 Kansas City, MO 34,485, % 13.40% 234, ,542 Milwaukee, WI 18,668,691 42,000 42, , % 12.54% 10, ,053 Minneapolis, MN 31,521, ,400, % 12.34% 48, ,335 Omaha, NE 6,454, % 6.93% 12, St. Louis, MO 23,216, % 19.49% 65, ,211 St. Paul, MN 11,730, % 13.51% 17,400-78,354 Midwest Total 408,747,409 42,000 42,000 4,056, % 13.28% 1,185,884 2,015,474 WEST Albuquerque, NM 3,191, % 26.12% 27,867 68,433 Bakersfield, CA 3,305,484 59,242 72, % 8.44% 66,528 69,271 Boise, ID* 4,177, , , % 11.34% -110, ,324 Denver, CO 34,423, , ,710 75, % 11.09% 488, ,512 Fresno, CA 3,288, % 11.21% -3,851-55,162 Honolulu, HI 7,164, % 14.70% -34,359-74,014 Las Vegas, NV 5,043, , , % 10.93% -10, ,064 Los Angeles, CA 32,566, , % 19.95% -148, ,900 Oakland, CA 17,255, % 11.05% 29,456 88,244 Phoenix, AZ 20,181, % 21.03% 46, ,182 Portland, OR 34,785, , % 9.02% 57, ,300 Reno, NV 3,337, % 13.99% 13,981 14,289 Sacramento, CA 13,571, % 14.70% -50,987-9,566 San Diego, CA 10,172, , % 18.82% 54,760-44,306 San Francisco, CA 89,303,236 55,756 1,250,161 4,965, % 7.46% 781,565 2,554,546 San Jose - Silicon Valley 8,024, % 15.48% 81, ,043 Seattle/Puget Sound, WA 55,719, ,830, % 10.77% 103, ,575 Stockton, CA 8,221, % 14.12% 127, ,007 Walnut Creek, CA 12,359, % 16.28% -172,926-34,192 West Total 366,092, ,156 1,941,701 10,471, % 12.19% 1,347,083 4,307,002 U.S. TOTALS 1,970,480,832 1,480,018 10,570,802 29,305, % 12.09% 8,703,014 18,544,744 * - Q2-14 data used for Boise, Little Rock and Pittsburgh. P. 10 COLLIERS INTERNATIONAL

11 UNITED STATES DOWNTOWN OFFICE CLASS A INVENTORY AVG ANNUAL QUOTED RENT (USD PSF) 2014 QUARTERLY ANNUAL NORTHEAST Baltimore, MD 12,819, % 11.76% -19, , % -8.3% Boston, MA 43,884, % 12.47% 672,430 1,220, % 3.0% Hartford, CT 6,771, % 16.49% -203, , % -8.5% NYC - Downtown Manhattan 80,463, % 13.53% 1,166,740 3,322, % 10.0% NYC - Midtown Manhattan 197,217, % 10.98% 1,736,011 1,628, % 9.7% NYC - Midtown South Manhattan 34,311, % 8.40% 353,945 1,413, % 3.6% Philadelphia, PA 30,273, % 11.34% 21,377 64, % 7.0% Pittsburgh, PA* 18,367, % 7.72% 96,262-43, % 4.0% Stamford, CT 13,314, % 20.59% 163, , % 0.4% Washington DC 89,657, % 11.91% -238, , % 6.8% White Plains, NY 4,887, % 16.65% 61,016 19, % 2.2% Northeast Total 531,969, % 11.77% 3,809,221 8,264, % 7.7% SOUTH Atlanta, GA 30,953, % 18.81% 39, , % -5.0% Birmingham, AL 3,939, % 15.88% 27, , % 0.8% Charleston, SC 1,009, % 7.70% 9,832 16, % 2.1% Charlotte, NC 16,138, % 8.95% 117, , % -1.2% Columbia, SC 2,131, % 10.74% -1,418-40, % 2.6% Dallas, TX 22,640, % 23.03% 737, , % 2.2% Ft. Lauderdale-Broward, FL 4,498, % 13.78% 44, , % 8.0% Ft. Worth, TX 5,906, % 17.33% 47,331 68, % 2.7% Greenville, SC 2,045, % 16.11% 46,039 20, % 11.9% Houston, TX 30,778, % 9.81% 15, , % 14.3% Jacksonville, FL 6,846, % 18.76% -154, , % 1.3% Little Rock, AR* 2,635, % 10.69% 681 4, % 6.1% Louisville, KY 10,836, % 10.95% 79, , % -0.3% Memphis, TN 2,009, % 22.65% -40,481 93, % 0.3% Miami-Dade, FL 9,817, % 17.28% 20, , % 4.3% Nashville, TN 3,750, % 10.36% 16,831 60, % 10.7% Orlando, FL 5,779, % 14.08% 11,807-89, % -1.0% Raleigh/Durham/Chapel Hill, NC 7,230, % 5.97% 225, , % 10.3% Richmond, VA 6,355, % 7.79% 18, , % 5.6% Savannah, GA 645, % 7.97% -7,471 7, % 2.3% Tampa Bay, FL 4,999, % 12.86% 19,876 45, % 8.3% West Palm Beach/ Palm Beach County, FL 3,601, % 16.85% 35,312 79, % -2.1% South Total 184,550, % 14.49% 1,310,462 2,921, % 4.3% * - Q2-14 data used for Boise, Little Rock and Pittsburgh. COLLIERS INTERNATIONAL P. 11

12 UNITED STATES DOWNTOWN OFFICE CLASS A (continued) INVENTORY AVG ANNUAL QUOTED RENT (USD PSF) 2014 QUARTERLY ANNUAL MIDWEST Chicago, IL 60,958, % 12.22% 127, , % 6.7% Cincinnati, OH 7,392, % 17.44% -1, , % 2.1% Cleveland, OH 10,512, % 14.70% 11,160 34, % 1.8% Columbus, OH 8,377, % 10.95% 21, , % 1.8% Detroit, MI 7,200, % 13.12% -11, , % 0.2% Grand Rapids, MI 1,461, % 20.22% 21,130 63, % 4.5% Indianapolis, IN 9,501, % 12.44% -35,513-93, % 0.3% Kansas City, MO 10,518, % 19.88% 47, , % 0.3% Milwaukee, WI 5,106, % 9.35% -16,810-16, % -1.5% Minneapolis, MN 13,618, % 10.37% 65, , % 5.9% Omaha, NE 3,492, % 3.40% , % 0.6% St. Louis, MO 9,558, % 19.22% 51, , % -0.9% St. Paul, MN 2,773, % 12.86% 17,878-91, % 1.8% Midwest Total 150,473, % 13.24% 297, , % 4.6% WEST Albuquerque, NM 575, % 23.60% 16,977 16, % 1.9% Bakersfield, CA 788, % 5.80% 59,826 46, % 0.0% Boise, ID* 1,941, % 11.52% -93,934-56, % 9.0% Denver, CO 21,580, % 13.23% 38, , % 6.6% Fresno, CA 1,026, % 7.40% -13,149-12, % 0.0% Honolulu, HI 4,966, % 13.64% -7,546-38, % 1.7% Las Vegas, NV 1,103, % 13.60% -5,495-6, % 0.4% Los Angeles, CA 18,098, % 19.42% -132, , % 8.3% Oakland, CA 10,562, % 9.35% 30,808-6, % 9.5% Phoenix, AZ 9,474, % 23.07% -29,809-70, % 1.3% Portland, OR 13,286, % 9.68% 24,014-81, % 3.5% Reno, NV 583, % 13.60% -1,027-1, % 0.4% Sacramento, CA 6,032, % 16.85% -42,766-75, % -2.3% San Diego, CA 7,257, % 17.85% 54,316-53, % 6.0% San Francisco, CA 57,499, % 7.87% 499,358 1,957, % 13.2% San Jose - Silicon Valley 3,494, % 14.11% 89, , % 11.7% Seattle/Puget Sound, WA 32,299, % 11.15% 21, , % 3.8% Stockton, CA 2,790, % 19.01% 13,540 32, % -7.7% Walnut Creek, CA 8,188, % 16.31% -208,788-84, % 1.7% West Total 201,548, % 12.41% 314,385 2,000, % 8.5% U.S. TOTALS 1,068,541, % 12.57% 5,732,066 13,584, % 7.4% * - Q2-14 data used for Boise, Little Rock and Pittsburgh. P. 12 COLLIERS INTERNATIONAL

13 UNITED STATES SUBURBAN OFFICE ALL INVENTORY INVENTORY NEW SUPPLY NEW SUPPLY 2014 UNDER CONSTRUCTION 2014 NORTHEAST Baltimore, MD 88,313,613 23, , % 12.47% -83,651 1,279,490 Boston, MA 112,676, , ,000 2,692, % 18.26% 290,925 1,205,573 Fairfield County, CT 39,763, % 13.90% 48, ,091 Hartford, CT 12,784, % 13.11% -44, ,973 Long Island, NY 74,884,709 80,000 80,000 20, % 10.23% -63, ,183 New Jersey - Central New Jersey - Northern 129,118, ,826 1,298, % 14.74% 285, , ,981, , , % 15.33% 541,457 1,000,459 Philadelphia, PA 110,247, , , % 14.74% 294, ,492 Pittsburgh, PA* 91,138, , ,605 1,347, % 7.22% -38,625-84,678 Washington DC 289,209, ,270 2,454,672 3,211, % 15.03% -303, ,877 Westchester County, NY 37,680, % 14.27% -322, ,982 Northeast Total 1,149,799,654 1,439,359 5,207,781 9,316, % 14.12% 604,512 4,245,729 SOUTH Atlanta, GA 171,738, ,111, % 17.15% 486,282 1,780,861 Birmingham, AL 14,676, % 13.43% -20,555-25,355 Charleston, SC 9,823, , , % 12.11% 66,355-7,722 Charlotte, NC 62,494, , , , % 13.31% 301,291 1,005,814 Columbia, SC 4,966, % 25.52% 50, ,523 Dallas, TX 239,606,702 1,032,193 2,492,897 4,914, % 15.18% 1,367,537 3,552,932 Ft. Lauderdale- Broward, FL 43,324, , % 14.69% 35, ,099 Ft. Worth, TX 21,429,937 20, , , % 8.77% 64, ,774 Greenville, SC 4,783, % 19.58% 22, ,634 Houston, TX 168,568,052 1,271,979 4,813,119 15,813, % 12.26% 291,216 3,944,635 Jacksonville, FL 46,170,943 13,000 25, , % 12.24% 26, ,421 Little Rock, AR* 7,551, % 13.50% 39,299 68,375 Memphis, TN 27,219, , % 15.21% -40, ,422 Miami-Dade, FL 65,127, , , % 11.68% 180, ,185 Nashville, TN 15,556, , % 5.93% -64, ,696 Orlando, FL 54,388, ,599 90, % 13.93% 10, ,235 Raleigh/Durham/ Chapel Hill, NC 65,625, , ,000 1,478, % 12.11% 411, ,845 Richmond, VA 34,880,897 28, , , % 11.41% 88,830 46,449 Savannah, GA 1,461, % 18.98% -47,396-46,135 Tampa Bay, FL 57,612, ,000 18, % 18.22% 277, ,383 West Palm Beach/Palm Beach County, FL 28,415, , % 18.33% 64, ,833 South Total 1,145,423,877 2,839,094 9,258,936 27,759, % 14.25% 3,612,699 14,394,904 * - Q2-14 data used for Boise, Little Rock and Pittsburgh. COLLIERS INTERNATIONAL P. 13

14 UNITED STATES SUBURBAN OFFICE ALL INVENTORY (continued) INVENTORY NEW SUPPLY NEW SUPPLY 2014 UNDER CONSTRUCTION 2014 MIDWEST Chicago, IL 155,310, , , % 16.94% 413, ,880 Cincinnati, OH 46,509, , , % 15.94% 164, ,751 Cleveland, OH 48,013, ,000 55, % 11.28% 59,588 27,265 Columbus, OH 44,027, , % 10.80% 96, ,924 Detroit, MI 138,475,957 62,820 86, , % 18.83% -706, ,086 Grand Rapids, MI 12,625, , , % 18.41% 21,822 69,497 Indianapolis, IN 43,397, , , % 9.63% 135, ,999 Kansas City, MO 59,137, , , , % 11.98% 495,013 1,083,461 Milwaukee, WI 33,277, % 12.67% -71, ,267 Minneapolis, MN 78,842, ,400 1,050, % 13.87% 623,141 1,501,975 Omaha, NE 21,528,082 60, , , % 12.12% -59, ,854 St. Louis, MO 55,394, , , % 9.23% -167,102-49,298 Midwest Total 736,539, ,811 2,205,576 3,840, % 14.45% 1,004,650 4,093,901 WEST Albuquerque, NM 10,877, % 16.71% -114, ,091 Bakersfield, CA 6,079,388 8,984 17, , % 7.27% 34,188 34,222 Boise, ID* 17,158,432 3,576 24, , % 15.60% -87, ,958 Denver, CO 106,783, , , % 13.02% 49, ,125 Fairfield, CA 4,982, , % 21.72% 32,868 45,083 Fresno, CA 17,562, ,000 60, % 14.04% -1, ,860 Honolulu, HI 7,730, % 11.10% 55,361-48,963 Las Vegas, NV 37,623,868 12,000 59, , % 22.93% 47, ,731 Los Angeles - Inland Empire, CA 20,516, ,891 58, % 19.48% 52, ,800 Los Angeles, CA 166,199, ,300 2,043, % 18.17% 922,500 2,312,000 Oakland, CA 16,271, % 19.71% 214, ,603 Orange County, CA 81,334, , , , % 14.74% -153,262 1,317,301 Phoenix, AZ 111,733, , ,593 2,720, % 19.31% 1,198,011 2,143,975 Pleasanton/ Tri-Valley, CA 27,644, % 10.44% -661, ,034 Portland, OR 43,699, , , % 9.81% 42, ,849 Reno, NV 9,666, % 14.44% 18,639-41,072 Sacramento, CA 52,186, ,776 55, % 19.44% 175, ,093 San Diego, CA 71,901,725 45, , , % 12.82% 154, ,920 San Francisco Peninsula 35,209, , , % 12.89% 80,102 75,267 San Jose - Silicon Valley 65,065,266 70, ,085 8,258, % 10.43% 401, ,771 Seattle/Puget Sound, WA 56,542, ,353, % 10.52% 328, ,369 Walnut Creek, CA 5,408, % 17.35% -99,519-80,189 West Total 972,177,589 1,041,661 3,560,575 18,657, % 15.32% 2,691,310 9,319,662 U.S. TOTALS 4,003,940,927 5,935,925 20,232,868 59,575, % 14.51% 7,913,171 32,054,196 P. 14 COLLIERS INTERNATIONAL * - Q2-14 data used for Boise, Little Rock and Pittsburgh.

15 UNITED STATES SUBURBAN OFFICE CLASS A INVENTORY AVG ANNUAL QUOTED RENT (USD PSF) 2014 QUARTERLY ANNUAL NORTHEAST Baltimore, MD 31,966, % 12.72% -69,362 1,056, % -1.8% Boston, MA 48,321, % 16.45% -135, , % 8.3% Fairfield County, CT 17,928, % 12.45% -13,054 55, % -0.1% Hartford, CT 7,123, % 11.92% -32, , % -1.0% Long Island, NY 25,513, % 10.99% -38, , % 0.9% New Jersey - Central 61,705, % 14.61% 730,733 1,294, % 1.5% New Jersey - Northern 88,628, % 18.29% 373, , % 4.9% Philadelphia, PA 67,631, % 13.06% 118, , % 1.1% Pittsburgh, PA* 16,920, % 8.69% -72, , % 15.7% Washington DC 139,612, % 17.97% 151, , % -1.5% Westchester County, NY 17,710, % 17.71% -346, , % 4.0% Northeast Total 523,062, % 15.61% 667,130 3,521, % 1.8% SOUTH Atlanta, GA 81,369, % 13.58% 601, , % 7.0% Birmingham, AL 9,276, % 10.59% -96,484 7, % 3.6% Charleston, SC 3,698, % 7.66% , % 4.6% Charlotte, NC 20,518, % 10.98% 273, , % 1.8% Columbia, SC 1,001, % 16.35% 31,649 11, % 1.5% Dallas, TX 98,354, % 13.73% 711,652 1,796, % 6.2% Ft. Lauderdale-Broward, FL 10,529, % 14.53% 76, , % 1.8% Ft. Worth, TX 3,601, % 2.59% 32,397 40, % 0.4% Greenville, SC 2,458, % 9.64% -10,191 95, % 5.2% Houston, TX 76,086, % 9.58% 635,953 3,810, % 4.0% Jacksonville, FL 9,183, % 6.50% 84, , % 2.3% Little Rock, AR* 2,843, % 16.82% 8,982 28, % 3.2% Memphis, TN 8,309, % 8.22% -12,439 23, % -0.3% Miami-Dade, FL 16,196, % 13.66% 120, , % 5.8% Nashville, TN 8,213, % 4.70% -4, , % 2.7% Orlando, FL 16,897, % 17.09% 77, % 0.2% Raleigh/Durham/Chapel Hill, NC 25,294, % 9.98% 272, , % 10.0% Richmond, VA 13,760, % 11.30% -10, , % 3.9% Savannah, GA 490, % 19.28% -15,837-16, % -5.2% Tampa Bay, FL 19,111, % 16.05% 111, , % 2.5% West Palm Beach/Palm Beach County, FL 9,136, % 17.16% -19, , % 4.8% South Total 436,332, % 12.25% 2,870,466 9,653, % 5.1% * - Q2-14 data used for Boise, Little Rock and Pittsburgh. COLLIERS INTERNATIONAL P. 15