Frozenomics Thaw Unfreezes Office Market in Q2

OFFICE NORTH AMERICA HIGHLIGHTS Frozenomics Thaw Unfreezes Office Market in Q2 ANDREA CROSS National Office Research Manager USA INDICATORS Relative to prior period US Q2 US Q3 * Canada Q2 NORTH AMERICAN OFFICE Summary Statistics, Canada Q3 * NET CONSTRUCTION RENTAL RATE** *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 13.72 8.52 13.36 CHANGE FROM Q1 (%) -0.21 0.52-0.15 (MSF) 17.0-0.1 16.9 NEW CONSTRUCTION (MSF) 8.8 2.6 11.5 UNDER CONSTRUCTION (MSF) 80.6 21.2 101.8 ASKING RENTS PER SF US CAN DOWNTOWN CLASS A ($) 44.95 48.19 CHANGE FROM Q1 (%) 1.4-2.9 SUBURBAN CLASS A ($) 27.33 31.64 KEY TAKEAWAYS Both the U.S. and Canada surmounted the effects of Frozenomics in Q2. The U.S. added more than 200,000 jobs each month between February and July the longest stretch since 1997. Projected job growth and rising business confidence levels bode well for office demand through the remainder of. The U.S. economic recovery is broadening: half of the metro areas tracked by Colliers have recovered all of the office-using jobs lost during the recession, including hard-hit markets like Atlanta, Miami and Jacksonville. Continuing the trend of recent quarters, the overall U.S. vacancy rate decreased by 21 basis points to 13.72% in and the overall Canadian vacancy rate increased by 52 basis points to 8.52%. Of the markets tracked by Colliers reporting both Q1 and Q2 data, 56 of 72 U.S. markets posted quarterly vacancy decreases, whereas vacancies declined in only one of the seven Canadian markets. North American absorption totaled about 16.9 million square feet in, up from 15.3 million square feet in Q1. The U.S. posted just under 17 million square feet of positive absorption, compared with 83,530 square feet of negative absorption in Canada. Construction activity continued to increase in both countries, but at a faster pace in the U.S. At mid-year, 101.8 million square feet were under construction in the U.S. and Canadian markets tracked by Colliers, up from 92.1 million square feet at the end of Q1 and 75.7 million square feet one year earlier. CHANGE FROM Q1 (%) 0.8-2.5 WWW.COLLIERS.COM

HIGHLIGHTS OFFICE NORTH AMERICA U.S. Economic Trends Following the weak, weather-impacted first quarter of, the U.S. economy bounced back strongly in Q2. After a 2.1% contraction in Q1 the largest decline since Q1 2009 real GDP surged by 4.2% in, with gains in nearly every category. The U.S. labor market continued to show signs of improvement, with more than 200,000 jobs added each month since February. The average monthly gain of 277,000 jobs in was the highest total since Q1 2006. Also, weekly initial uninsurance claims dipped below 300,000 in recent weeks, on par with 2005-2006 levels. Growth in office-using employment continues to track ahead of overall employment growth, an encouraging sign for the office market. As of July, the primary office-using employment sectors had recovered about 122% of jobs lost during the recession, compared with the recovery in total employment of approximately 107% of jobs lost in the downturn. Professional and business services, which contains many jobs in the technology sector, has been the main driver of office-using employment growth, having recovered about 173% of jobs lost during the recession. However, since bottoming in early 2011, financial activities has also been adding jobs at a modest pace. Tech and energy markets continue to lead the recovery, although economic growth is broadening to include additional markets. As of June, half of the 84 metro areas tracked by Colliers had recovered all of the office-using jobs that were lost during the recession. This includes many Sunbelt markets such as Atlanta, Charlotte and Miami that were hit particularly hard by the housing bust and financial crisis. Officeusing employment is approaching the pre-recession peak in other highly impacted markets, including Orlando, Tampa-St. Petersburg, West Palm Beach and Phoenix. Many of these markets are benefiting from financial services firms relocating to or expanding within lower-cost areas. In contrast, many traditional financial centers, including Chicago, Boston, Los Angeles, San Francisco and New York, are lagging the national recovery in financial activities employment growth. Instead, growth in TAMI (technology, advertising, media and information) industries remains the driver of the office market recoveries in these markets. Tech-driven submarkets, such as San Francisco s SoMa, New York s Midtown South, Los Angeles Westside, Chicago s River North and Boston s Seaport District and Cambridge, remain among the strongest in the U.S., with a shortage of available space and high rents driving demand to other submarkets in these metro areas and adjacent markets. Although robust growth in temporary hiring has garnered much attention, the recovery in permanent employment has gained steam during the last few years. In fact, the recovery in the professional and business services sector excluding temporary employment is ahead of the recovery in temporary employment, with nearly two permanent jobs in the professional and business services sector regained per one lost during the recession, compared with about 1.25 temporary jobs regained for every one lost. This trend reflects businesses greater confidence in the strength of the economic recovery and is boosting office demand. OFFICE, INVENTORY & NORTH AMERICA EMPLOYMENT FROM CYCLICAL PEAK US 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% 0 7 14 21 28 35 42 49 56 63 70 77 84 91 Total Employment Office-Using Employment Professional & Business Services Financial Activities UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT US 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 8.5% vac. MONTHS Note: Latest data as of July ; 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 2001. Sources: Bureau of Labor Statistics, Colliers International. 1990 1991 1992 1993 1994 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ( Absorption Per Market q1 '14 - q2 '14 1,600,000 800,000 160,000-160,000-800,000-1,600,000 Sq. Ft. By Region 2 billion 1 billion 200 mil. Occupied Sq. Ft. Vacant Sq. Ft. Note: Latest data as of August 9, ; data are seasonally adjusted. Sources: Bureau of Labor Statistics, Colliers International. P. 2 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA We expect steady growth in job creation to continue through and 2015, driving office absorption. IHS projects the addition of an average of 208,000 jobs per month in for a total of 2.5 million jobs to be added this year, the highest annual total since 2000, followed by nearly 2.7 million jobs added in 2015. Due to the weak Q1 GDP figure, IHS expects real GDP growth to slow slightly, from 2.22% in 2013 to 2.11% in, accelerating to 2.84% in 2015. Steady job creation and economic growth as well as rising business confidence bode well for office demand during the next few years. OFFICE Q2 2012 US 25.0 20.0 15.0 14.78 14.73 14.63 14.49 14.45 16.0 14.15 14.00 13.93 13.72 14.0 12.0 10.0 8.0 10.0 6.0 Vacancy % FASTEST OFFICE-USING EMPLOYMENT GROWTH JUNE 2013- US MSA PERCENT CHANGE MSA PERCENT CHANGE Raleigh 9.8 Charlotte 3.4 5.0 0.0 4.0 2.0 - Q2 2012 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 Q2 Absorption MSF Completions MSF Vac Rate (%) Source: Colliers International. Austin 6.9 Los Angeles 3.4 Nashville 5.6 Atlanta 3.3 Inland Empire 5.4 Memphis 3.3 Indianapolis 5.3 Miami 3.2 Dallas - Fort Worth 5.1 Sacramento 3.2 San Francisco 3.8 St. Louis 3.2 Jacksonville 3.6 West Palm Beach 3.1 Las Vegas 3.5 Orlando 3.1 Richmond 3.4 San Jose - Silicon Valley 3.1 UNITED STATES: 2.4 Note: All data are seasonally adjusted as of June ; Includes markets tracked by Colliers with at least 100,000 office-using jobs as of June. Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International. OFFICE-USING EMPLOYMENT SECTOR RECOVERY - MAJOR S MSA FINANCIAL ACTIVITIES JOBS RECOVERED % PROFESSIONAL & BUSINESS SERVICES JOBS RECOVERED % Chicago 8.5 137.2 Boston 8.6 156.6 Los Angeles 11.6 101.7 San Francisco 25.9 357.0 New York 26.4 197.5 Washington, DC 49.7 281.0 UNITED STATES: 37.4 170.3 Note: Data represent % of jobs lost during the recession that have been regained as of Jun-14. Sources: Bureau of Labor Statistics, Federal Reserve of St. Louis, Colliers International. TOP 20 S FOR OFFICE-USING JOBS RECOVERED JUNE US MSA PERCENT RECOVERED MSA PERCENT RECOVERED Austin 504.9 Indianapolis 187.3 Raleigh 349.5 Baltimore 165.0 Nashville 313.2 St. Louis 160.1 San Francisco 267.7 Denver 156.9 Pittsburgh 238.7 Charlotte 152.2 Dallas - Fort Worth 231.8 Atlanta 142.2 San Jose - Silicon Valley 226.1 Jacksonville 128.3 Houston 216.6 Minneapolis - St. Paul 128.0 Columbus 190.3 Portland, OR 127.1 Omaha 188.5 Boston 125.6 UNITED STATES: 119.2 Note: All data are seasonally adjusted as of June ; Includes markets tracked by Colliers with at least 100,000 office-using jobs as of June. Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International. S WITH FINANCIAL ACTIVITIES EMPLOYMENT AT OR ABOVE PRE-RECESSION PEAK JUNE US MSA % OF JOBS RECOVERED MSA % OF JOBS RECOVERED St. Louis 377.8 Richmond 150.0 Dallas - Fort Worth 315.9 Phoenix 141.4 Nashville 305.6 Jacksonville 114.8 Omaha 266.7 Cincinnati 110.5 Austin 248.3 Birmingham 103.6 Pittsburgh 172.7 UNITED STATES: 37.4 Note: All data are seasonally adjusted as of June ; Includes markets tracked by Colliers with at least 25,000 financial activities jobs as of June. Sources: Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, Colliers International. COLLIERS INTERNATIONAL P. 3

HIGHLIGHTS OFFICE NORTH AMERICA CANADA ECONOMIC TRENDS The Canadian economy expanded further through the first half of, adding nearly 53,000 jobs. Major drivers included growth in the energy and tech industries, the improving economy in its key trading partner the United States, and low interest rates. Looking forward, the Conference Board of Canada projects accelerating employment and GDP growth driven by the private sector into 2015, which should support further demand for office space. In and 2015, the Conference Board predicts average annual employment growth of 1.4% and 1.8%, respectively. Real GDP growth is expected to accelerate from 1.8% in 2013 to 2.4% in and 2.6% in 2015. Edmonton and Calgary should remain leading markets, fueled by robust energy industry growth in Alberta. Vancouver and Toronto also should experience above-average economic growth, benefiting from both expansions by local tech firms and tech companies relocating from other areas, as well as a preference among many young employees for a walkable environment accessible to transit, restaurant, retail and entertainment options. CANADA AVERAGE FORECASTED REAL GDP GROWTH % CITY 2015F-2018F CITY 2015F-2018F Edmonton 3.1 Winnipeg 2.4 Calgary 2.9 Kitchener - Cambridge - Waterloo 2.4 Vancouver 2.8 Victoria 2.3 Abbotsford - Mission 2.7 Ottawa-Gatineau 2.2 Saskatoon 2.7 Halifax 2.2 Toronto 2.6 Moncton 2.1 Oshawa 2.4 Montreal 2.1 Regina 2.4 (%) (%) Toronto, ON 6.29 San Francisco, CA 8.28 Saskatoon, SK 6.86 Pittsburgh, PA 8.36 Bakersfield, CA 7.77 Montréal, QC 8.68 Winnipeg, MB 7.84 Calgary, AB 8.77 Nashville, TN 8.00 CANADA 2.2 LOWEST OVERALL RATES NA NYC - Midtown South Manhattan NORTH AMERICA 13.36 Source: The Conference Board of Canada. 8.93 Source: Colliers International. OFFICE OUTLOOK 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. The 75 U.S. markets account for most of this space, with nearly 6.0 billion square feet of tracked inventory and the remaining 448 million square feet in Canada. Our coverage includes 21 markets with more than 100 million square feet of space, which combined account for 3.8 billion square feet, 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 million square feet of space. Vacancy Vacancy rate trends in mirrored recent quarters. In the U.S., both the CBD and suburban vacancy rates decreased at a moderate pace, driven by solid office-using employment growth and relatively low levels of new supply. The overall U.S. vacancy rate decreased by 21 basis points to 13.72% in, a slightly faster rate than the 16 basis-point quarterly average decrease since the vacancy rate s cyclical peak in Q2 2010. Of the 72 U.S. markets tracked by Colliers reporting both Q1 and Q2 vacancy rates, 56 posted vacancy rate decreases during the quarter. In Canada, both the CBD and suburban vacancy rates increased as new supply came online. The overall Canadian vacancy rate increased by 52 basis points to 8.52%, with all but one of the Canadian markets reporting both Q1 and Q2 data posting vacancy rate increases in. LARGEST Q-o-Q DECREASE IN OVERALL RATE NA MSA Q1 BASIS- POINT CHANGE Savannah, GA 16.51 17.81-130 San Francisco, CA 8.28 9.45-117 Nashville, TN 8.00 9.13-113 New York, NY - Downtown Manhattan 13.35 14.43-108 Waterloo Region, ON 16.02 17.08-106 Las Vegas, NV 20.00 21.05-105 Fairfield County, CT 12.85 13.84-99 Charleston, SC 10.45 11.38-93 Orange County, CA 14.98 15.67-71 Ft. Lauderdale - Broward, FL 13.64 14.34-70 NORTH AMERICA 13.36 13.51-16 Source: Colliers International. P. 4 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA Like the employment data, the U.S. vacancy data indicate that the office market recovery is broadening to include more markets. Although some leading markets such as San Francisco and Nashville still rank high in terms of vacancy rate decrease, hard-hit markets such as Las Vegas, Orange County, Fort Lauderdale and West Palm Beach also posted significant decreases in the quarter. We also are observing more spillover demand from the tightest markets and submarkets to adjacent areas with greater availabilities and/or lower rents. Examples include Oakland (spillover demand from San Francisco and Silicon Valley) and Downtown and Midtown Manhattan (spillover demand from Midtown South), all of which posted faster vacancy rate decreases than the U.S. average. Rent trends also reflect increasing demand in these markets: Midtown Manhattan (12.8%) and Downtown Manhattan (7.9%) posted the first-highest and third-highest year-over-year Class A CBD rent growth among Northeast markets in, with Midtown South (8.7%) ranking second; and Oakland (7.5%) posted the fifth-highest year-over-year Class A CBD rent growth among West markets during the quarter, although growth still trailed San Francisco (18.8%) and San Jose/ Silicon Valley (15.5%). In many Canadian markets, the large amount of new supply coming online is contributing to an upward trend in vacancies. Of the markets reporting both Q1 and Q2 data, only the Waterloo Region posted a quarterly decrease in vacancy rate. In general, the Canadian office market has shifted in favor of tenants, particularly for older buildings as companies move into newly constructed properties. However, the overall Canadian office vacancy rate remains well below the 10% threshold considered indicative of a healthy market, and anticipated continued job growth bodes well for market fundamentals into 2015. Tenant Demand and Leasing Activity Tenants in many industries, particularly tech and other creative firms, continue to lease space in areas and properties preferred by their employees in order to attract and retain top talent. For example, many tech firms in New York are eschewing contemporary corporate space for the renovated nineteenth-century cast-iron buildings common in Midtown South, driving robust rent growth in this office market. Several non-tech companies opened offices or signed leases for their tech operations in the San Francisco Bay Area in recent months, reflecting the region s deep talent base. Examples included: Wal-Mart s recently signed lease for an additional 127,000 at Sunnyvale Business Park, for a total footprint of about 312,000 square feet at the park; a new McDonald s tech incubator on San Francisco s Market Street; and Target s recently opened second Bay Area tech hub in Silicon Valley s Sunnyvale submarket, following the opening of its Technology Innovation Center in San Francisco in 2013. Brooklyn also remains a preferred location by tech tenants in response to many of their employees preference to live and work in the borough. Etsy recently signed on to anchor the Dumbo Heights complex where it will have space to grow its current employee base of 350 to 650 or more in the next five years. Also, Vice Media will double its current Williamsburg, Brooklyn footprint by leasing 60,000 square feet that will accommodate its growing workforce, set to increase from 400 employees to 925 employees, citing that three-quarters of its employees live in the neighborhood as a key reason for locating there. Other premier tech submarkets such as Manhattan s Meatpacking District continue to experience strong demand from tenants seeking to use their office space as a recruiting tool. Samsung Electronics North America leased the entire building at 837 Washington Street in the Meatpacking District for more than $100 per square foot, illustrating the area s tremendous appeal to TAMI and fashion tenants. In Los Angeles, True Car will double the size of its Santa Monica office to 33,700 square feet when it relocates to oceanfront Portofino Plaza, which will accommodate up to 400 employees. In Chicago, the Merchandise Mart in the River North submarket continues to draw tech tenants. ebay unit Braintree will relocate from 27,000 square feet in the West Loop to 60,000 square feet at the Merchandise Mart, with plans to hire about 360 additional people through 2017. Also, in August, Yelp announced plans to expand from its current Chicago incubator space into a permanent 50,000 square-foot office at the Merchandise Mart, at which it will hire about 300 people during the coming year. Many of these deals also indicate the very high densities employed by tech companies due to open, collaborative layouts as well as the increased mobility of their workforces. North American Downtown Markets: Excluding renewals, of the leases signed this quarter in your CBD/downtown, did most tenants...? Contract 9.7% Expand 16.7% Hold Steady 73.6% North American Downtown Markets: What was the trend in Free Rent (in months) offered by CBD landlords this quarter? Less 14.3% More 2.9% Same 82.9% North American Downtown Markets: What was the trend for tenant improvement allowances offered by CBD landlords this quarter? Less 12.9% More 8.6% Same 78.6% North American Suburban Markets: Excluding renewals, of the leases signed this quarter in your suburban market, did most tenants...? Contract 11.0% Expand 26.0% Hold Steady 63.0% Note: Charts above reflect % of markets reporting COLLIERS INTERNATIONAL P. 5

HIGHLIGHTS OFFICE NORTH AMERICA Absorption North American absorption increased in, totaling about 16.9 million square feet, up from 15.3 million square feet in Q1. Positive Q2 absorption was solely due to the U.S., which posted just under 17 million square feet of positive absorption, compared with 83,530 square feet of negative absorption in Canada. Although the U.S. absorption figures are volatile on a quarterly basis, the trend has been consistent improvement: four-quarter trailing average quarterly absorption reached more than 17.6 million square feet in, the highest figure during the current recovery. More than three-quarters of the markets tracked by Colliers posted positive absorption on both a quarterly and year-to-date basis in. Once again, Houston led all North American markets, with 1.6 million square feet of absorption in and nearly 3.9 million square feet of absorption through the first half of the year, as energy firm leasing remained robust. The confluence of energy and technology remains key to the market s strength, with advanced oil and natural gas extraction techniques driving the current boom. Illustrative of this trend, Element Materials Technology recently opened its new Oil and Gas Materials Technology Centre near the booming Energy Corridor. The tech industry drove absorption in many of the other top markets in Q2, including San Francisco, Orange County, Seattle and Chicago. Phoenix also is benefiting from tech industry growth. Recent announcements included San Francisco-based Weebly s plan to open a 25,000 square-foot North American customer operations headquarters in Scottsdale, and Silicon Valley Bank s plan to add 250 positions, including finance and IT roles, in Tempe during the next three years and make at least $100 million in loans to Arizona firms during the next five years. Other top markets include Atlanta and Dallas, which continue to benefit from expansions of local firms as well as company relocations from other markets. Year-to-date absorption in Atlanta through Q2 nearly reached the total for all of 2013, and Texas continues to attract firms from out-of-state. Recent announcements included a pair of San Diegoarea firms, Active Network and Omnitracs, moving their headquarters and a total of nearly 1,500 jobs to Dallas, and Charles Schwab moving 1,200 jobs to El Paso and Austin. Many markets without significant tech and energy industry concentrations and that were hit particularly hard by the housing bust and financial market correction have been lagging in the recovery. However, positive signs have emerged in many of these markets in recent quarters. For example, although their overall vacancy rates remain high, Las Vegas and the Inland Empire each posted positive absorption for four or more consecutive quarters through Q2. Moderate improvements should continue in these office markets, driven by continued job growth, rising business confidence and a lack of new supply. TOP S FOR METRO OFFICE YTD NA (MSF) (MSF) Houston, TX 3.86 Boston, MA 1.41 NYC - Downtown Manhattan 2.45 NYC - Midtown South Manhattan Construction Activity Construction activity continued to tick up in, driven by higher occupancy gains and rents, rising business and developer confidence, a gradually loosening lending environment, and a shortage of certain types and blocks of space in some markets. At mid-year, 101.8 million square feet were under construction in the U.S. and Canadian markets tracked by Colliers, up from 92.1 million square feet at the end of Q1 and 75.7 million square feet one year earlier. The amount of new construction increased in both countries during the last 12 months. However, with concerns growing regarding new supply levels in some Canadian markets, construction activity increased at a slower pace than in the U.S., which is further behind in the development cycle. Between mid-year 2013 and mid-year, the amount of square footage under way in the markets tracked by Colliers increased by about 25% in Canada, compared with a 37% increase in the U.S. Absorption in the U.S. and Canada during the first half of totaled 32.2 million square feet, outpacing new supply totaling 27.2 million square feet a 1.2:1 ratio. However, the new supply picture varied significantly between the two countries. The absorption to new supply ratio through H1 in the U.S. was nearly 1.4:1, whereas the ratio was 0.1:1 in Canada. Despite the increase in construction activity in the U.S., overbuilding is generally not a concern yet, with development activity still concentrated in the strongest markets and submarkets. The top 10 markets for square footage under construction at mid-year accounted for about 69% of all construction under way in Colliers U.S. markets, down only slightly from 72% at mid-year 2013. Moreover, the top ten markets for construction activity include many of the strongest intellectual capital, energy and education (ICEE) markets where tenant demand remains robust, such as Houston, San Jose/Silicon Valley, San Francisco, Seattle and Manhattan s Midtown South. In other markets with construction under 1.31 Atlanta, GA 2.05 Phoenix, AZ 1.11 Dallas, TX 1.96 Minneapolis, MN 1.04 San Francisco, CA 1.77 Baltimore, MD.96 YTD NORTH AMERICA : 16.9 MSF Source: Colliers International. P. 6 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA way, development generally is occurring in response to a shortage of a particular type of space or lack of availabilities in a given submarket. Tishman Speyer recently announced groundbreaking on Three Alliance Center, Atlanta s first new office tower since 2008, in the Buckhead submarket, which has one of the lowest vacancy rates in the metro area. In Phoenix, tightening market conditions in eastern and southeastern submarkets such as Tempe, Scottsdale, Gilbert and Mesa are prompting development activity; all of the 1.8 million square feet under construction at mid-year were in these areas. TOP S FOR OFFICE SPACE NEW SUPPLY YTD NA MSA YTD SQUARE FEET DELIVERED Houston, TX 3,855,608 New York, NY - Downtown Manhattan 2,861,402 Washington DC 2,820,143 Calgary, AB 1,375,670 Dallas, TX 1,311,871 Boston, MA 1,300,000 San Francisco, CA 1,194,405 Montréal, QC 937,060 New York, NY - Midtown South Manhattan 894,672 Baltimore, MD 778,400 MSA 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 (MSF) % OF INVENTORY Calgary, AB 5.84 8.81% Houston, TX 17.77 8.39% San Jose - Silicon Valley 4.99 6.89% Vancouver, BC 3.58 6.58% Edmonton, AB 1.69 6.33% Halifax, NS 0.46 5.92% San Francisco, CA 4.99 5.59% Toronto, ON 6.75 4.87% Regina, SK 0.20 4.45% Seattle/Puget Sound, WA 4.61 4.11% NORTH AMERICA 101.80 1.58% Note: Rankings are based on the 87 U.S. and Canadian markets tracked by Colliers International. Source: Colliers International Owners in both the U.S. and Canada are repositioning existing buildings to make them more competitive with newer buildings, with a focus on attracting the creative, tech and media tenants that have been the greatest source of current office demand in many markets. With new supply outpacing absorption in Canada and a large amount of space still under construction, some landlords in markets including Calgary, Vancouver and Ottawa are renovating older buildings to incorporate features such as higher ceilings, energy efficient upgrades, increased on-site amenities, and highly customized spaces. In the U.S., tech tenant demand continues to spread from the strongest tech submarkets to adjacent areas, and developers are repositioning assets to capture this spillover demand. Lane Partners plans to redevelop the 400,000 square-foot Sears Building in downtown Oakland into creative office space in response to a shortage of sizeable blocks of space in buildings with large floorplates in San Francisco and Oakland. Also, Ridge Capital Investors and Contrarian Capital Management recently purchased the 114,000 square-foot Latham Square office building in downtown Oakland with plans to renovate it into creative space. In Downtown Los Angeles, several developers are repositioning former warehouses to attract tech/ creative tenants, including Lincoln Property, which recently signed a lease with AEG to occupy all of the 82,000 square feet of office space at The Desmond, a former department store warehouse that currently is under renovation in the South Park submarket. Redevelopment activity in both Oakland and Downtown Los Angeles also reflects their growing popularity as residential areas, particularly among Millennials desiring a walkable environment and access to public transit. CAPITAL S & TRANSACTION ACTIVITY Investment in North American office properties increased through the first half of, with transaction volume totaling $52.9 billion, up 25% compared with the year-earlier period according to Real Capital Analytics (RCA) data. The increase was entirely due to growth in U.S. transaction activity, which grew by 30% to $51.0 billion during the period. Canadian office transaction volume decreased by nearly 40% to $1.9 billion. OFFICE TRANSACTION VOLUME NA Bil. $300 $250 $200 $150 $100 $50 $0 2007 2008 2009 2010 2011 2012 2013 200% 150% 100% 50% 0% -50% -100% 12-Month Trailing Volume (left-axis) Year-Over-Year % Change (right-axis) Note: Latest data as of ; all data are 12-month trailing. Sources: Real Capital Analytics; Colliers International. P. 7 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA Despite the specter of rising interest rates, investor demand for CBD assets in gateway cities remains voracious, further compressing cap rates. According to RCA, the average cap rate in the top quartile of CBD properties in major U.S. metros was just 4.4% in the first half of the year, and the lowest cap rates for office properties in New York, Boston, Washington, DC and San Francisco were in the low- to mid-3% range. Based on the Moody s/rca Commercial Property Price Index (CPPI), pricing for major metro CBD properties is now 16.6% above the pre-recession peak, the only segment of the office market in which pricing has fully recovered from the recession. However, quarterly price growth for major metro CBD properties decelerated to 0.2% in, the slowest growth among the four segments. Growth was strongest for non-major metro suburban properties, at 11.2%, reflecting investor interest broadening to include more geographies as well as suburban assets. Nonetheless, pricing in non-major markets remains nearly 19% off the peak for CBD assets and 24% off the peak for suburban assets. Given high pricing and stiff competition for office properties in gateway markets, we expect investor interest to continue to shift to secondary and tertiary markets as well as suburban assets in search of higher yields, driving further price growth in these areas. Foreign investors remain a key source of capital in North American real estate, particular in gateway cities. Of the $13.0 billion of crossborder capital invested in U.S. office properties year-to-date through mid-august, nearly 80% was in Boston, Manhattan, Los Angeles, Washington, DC, and San Francisco. In Canada, 15 of the 19 properties, accounting for 76% of cross-border capital flows, that were purchased by foreign investors were in Toronto. The relative stability and transparency of the North American real estate markets will likely continue to attract foreign investors to both gateway cities and, increasingly, secondary markets in search of higher returns and less competition. Looking forward, the 10-year Treasury yield is expected to rise as the Federal Reserve ends its bond purchases in October and likely begins raising interest rates in 2015. U.S. office assets, particularly secondary, tertiary and suburban properties, still offer attractive riskadjusted returns and should benefit from continued capital inflows, particularly as economic conditions strengthen further and development activity remains low and targeted in most markets. For suburban office properties, the cap rate spread to the 10-year Treasury was 469 basis points in, higher than the average of 410 basis points between Q1 2001 and and well above the recent low of 183 basis points in Q2 2007. Non-gateway markets with favorable growth prospects, such as many Texas markets, Raleigh/Durham, Nashville, Phoenix and Portland, will likely attract a greater amount of interest from both domestic and foreign capital sources in the coming quarters. US OFFICE SPREADS: CAP RATE TO 10-YEAR TREASURY YIELD Basis Points 700 600 500 400 300 200 100 MOODY S/RCA COMMERCIAL PROPERTY PRICE INDICES - US OFFICE 300 250 200 150 100 50 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Average Cap Rates - Office U.S. Overall 5.8% Major Metro CBD 5.3% Non-Major Metro CBD 6.9% Major Metro Suburban 6.7% Non-Major Metro Suburban 7.6% 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Major Off-CBD Major Off-Sub CBD Suburban All Office Note: Latest data as of. Sources: Real Capital Analytics, IHS Global Insight, Colliers International Research. Non-Major Off-CBD Non-Major Off-Sub Note: Latest data as of. Sources: Moody s Investor Service, Real Capital Analytics. P. 8 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA UNITED STATES DOWNTOWN OFFICE ALL INVENTORY INVENTORY NEW SUPPLY YTD NEW SUPPLY UNDER CONSTRUCTION MARCH 31, JUNE 30, YTD NORTHEAST Baltimore, MD 28,652,392 45,000 45,000 0 12.77 12.99-21,458-339,193 Boston, MA 62,623,701 0 1,050,000 2,047,827 12.02 12.30-175,631 649,702 Hartford, CT 9,971,800 0 0 0 12.53 13.45-92,168 19,926 New York, NY Downtown Manhattan 110,938,458 0 2,861,402 2,800,000 14.43 13.35 1,201,140 2,447,603 New York, NY Midtown Manhattan 230,068,701 0 0 0 11.78 11.39 902,866-367,202 New York, NY Midtown South Manhattan 162,245,367 0 894,672 3,600,000 8.83 8.93-162,903 1,305,850 Philadelphia, PA 42,857,113 0 0 0 11.08 11.33-105,278 84,052 Pittsburgh, PA 32,091,162 0 0 1,560,643 10.28 9.64 43,805 38,023 Stamford, CT* 18,708,865 0 0 0 21.28 20.74 152,473 152,473 Washington DC 144,431,119 287,800 863,741 1,513,291 10.38 10.77-423,371-208,780 White Plains, NY 7,671,679 0 0 0 14.89 15.79-69,577-90,629 Northeast Total 850,260,357 332,800 5,714,815 11,521,761 11.53 11.39 1,249,898 3,691,825 SOUTH Atlanta, GA 50,075,209 0 0 487,034 16.26 15.63 319,826 575,588 Birmingham, AL 4,985,532 0 0 0 20.43 20.48-2,406 450,850 Charleston, SC 2,252,548 0 0 21,000 9.41 7.49 43,231 37,952 Charlotte, NC 22,609,763 0 0 0 9.15 9.65-111,837-79,125 Columbia, SC 4,678,427 0 0 0 12.11 11.81 13,964-36,435 Dallas, TX 33,948,885 0 0 450,000 26.47 26.91-150,176-20,070 Ft. Lauderdale-Broward, FL 8,121,843 0 0 0 12.59 11.29 105,588 165,980 Ft. Worth, TX 10,154,101 0 0 75,971 15.76 15.87-11,979 124,173 Greenville, SC 3,293,679 0 0 0 17.87 18.78-30,169-39,468 Houston, TX 42,670,624 0 0 1,464,268 12.05 11.33 303,907 316,159 Jacksonville, FL 15,572,544 0 0 0 13.24 14.19-148,449-133,485 Little Rock, AR 6,482,552 0 0 0 10.79 10.62 27,815 3,330 Louisville, KY 43,702,531 0 299,483 130,000 10.83 10.39 191,924 496,801 Memphis, TN 5,403,149 0 0 0 17.52 14.71 151,809 184,321 Miami-Dade, FL 18,812,554 0 0 172,932 17.63 17.29 65,323 95,249 Nashville, TN 13,240,053 0 0 262,000 12.69 11.56 149,521 134,000 Orlando, FL 12,194,869 0 0 22,832 11.76 13.04-156,152-160,132 Raleigh/Durham/ Chapel Hill, NC 14,306,307 0 388,279 242,969 6.53 6.46 9,817 291,219 Richmond, VA 16,533,157 0 106,662 321,500 11.68 11.17 84,145 169,579 Savannah, GA 803,516 0 0 0 14.06 11.61 19,678 18,442 Tampa Bay, FL 6,779,680 0 0 0 15.13 15.06 4,801 23,280 West Palm Beach/Palm Beach County, FL 10,086,288 0 0 0 15.86 15.27 58,859 55,850 South Total 346,707,811 0 794,424 3,650,506 14.37 14.10 939,040 2,674,058 * Q1-14 data used for Stamford. COLLIERS INTERNATIONAL P. 9

HIGHLIGHTS OFFICE NORTH AMERICA UNITED STATES DOWNTOWN OFFICE ALL INVENTORY (continued) INVENTORY NEW SUPPLY YTD NEW SUPPLY UNDER CONSTRUCTION MARCH 31, JUNE 30, YTD MIDWEST Chicago, IL 158,102,210 0 0 1,073,100 12.71 12.41 475,307 393,097 Cincinnati, OH 18,989,060 0 0 0 15.13 14.97 30,682 12,653 Cleveland, OH 32,520,214 0 0 0 17.66 17.50 49,818 57,258 Columbus, OH 19,452,521 0 0 490,000 10.96 9.97 192,463 246,829 Grand Rapids, MI 5,314,801 0 0 0 17.43 15.02 85,119 107,774 Indianapolis, IN 22,548,402 0 0 0 9.49 9.22 60,961-6,527 Kansas City, MO 34,737,964 0 0 0 14.80 14.64 55,518 146,983 Milwaukee, WI 18,749,253 0 0 42,000 12.27 12.39-21,790 104,031 Minneapolis, MN 31,690,413 0 0 1,160,000 13.45 12.43 324,289 170,204 Omaha, NE 6,457,869 0 0 0 7.18 7.06 9,615-11,707 St. Louis, MO 23,216,158 0 0 0 20.37 19.77 138,714-386,762 St. Paul, MN 11,730,218 0 0 0 14.08 14.25-19,239-95,754 Midwest Total 409,631,096 0 0 2,765,100 13.98 13.53 1,381,457 934,987 WEST Albuquerque, NM 3,191,080 0 0 0 27.73 27.00 23,261 40,566 Bakersfield, CA 3,243,457 12,991 12,991 59,242 8.72 8.74 10,955 2,743 Boise, ID 4,177,362 46,368 298,715 466,022 8.69 11.34-110,776-104,324 Denver, CO 34,319,952 112,552 112,552 868,100 12.01 12.04 89,363 182,211 Fresno, CA 3,288,944 0 0 0 10.83 11.10-8,864-51,311 Honolulu, HI 7,164,686 0 0 0 14.36 14.22 9,727-39,655 Las Vegas, NV 5,017,501 0 49,200 129,000 11.88 10.78 55,401 153,621 Los Angeles, CA* 32,566,100 0 0 508,200 19.73 20.14-137,400-137,400 Oakland, CA 17,255,313 0 0 0 11.49 11.22 47,674 58,788 Phoenix, AZ 20,181,280 0 0 0 21.26 21.26-2 67,788 Portland, OR 34,830,351 0 15,579 205,290 9.61 9.31 105,075 271,840 Reno, NV 3,337,018 0 0 0 15.12 14.41 23,812 308 Sacramento, CA* 13,570,765 0 0 0 15.86 15.49 49,426 49,246 San Diego, CA 10,172,525 0 0 320,000 19.36 18.82 54,760-44,306 San Francisco, CA 89,213,545 425,993 1,194,405 4,990,366 9.45 8.28 1,442,981 1,772,981 San Jose - Silicon Valley 8,060,488 0 0 0 18.16 16.72 104,197 137,414 Seattle/Puget Sound, WA 55,619,584 58,959 58,959 3,246,507 11.10 10.64 301,649 545,203 Stockton, CA 8,221,819 0 0 0 15.87 15.66 16,744 41,822 Walnut Creek, CA 12,443,115 0 0 0 15.29 14.78 62,985 138,734 West Total 365,874,885 656,863 1,742,401 10,792,727 13.01 12.57 2,140,968 3,086,269 U.S. TOTALS 1,972,474,149 989,663 8,251,640 28,730,094 12.81 12.53 5,711,363 10,387,139 *Q1-14 data used for Sacramento and Los Angeles markets. P. 10 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA UNITED STATES DOWNTOWN OFFICE CLASS A NORTHEAST INVENTORY AVERAGE QUOTED RENT (USD PSF) MAR 31, JUNE 30, YTD QUARTERLY RENT (%) RENT(%) Baltimore, MD 12,805,993 21.47 11.77% 11.62% 18,629 228,016-0.6% -8.4% Boston, MA 43,673,537 49.63 13.36% 13.90% -209,907 529,633-1.0% 2.4% Hartford, CT 6,771,455 22.60 11.21% 13.48% -154,205-80,207 0.1% -0.6% NYC - Downtown Manhattan 80,463,304 50.97 16.44% 14.98% 1,173,885 2,155,612-2.7% 7.9% NYC - Midtown Manhattan 197,217,338 76.00 12.38% 11.86% 1,020,961-107,596 1.3% 12.8% NYC - Midtown South Manhattan 34,311,898 67.16 9.64% 9.43% 71,827 1,059,295 1.9% 8.7% Philadelphia, PA 30,476,310 27.63 10.99% 11.34% -106,806 43,380 0.5% 6.0% Pittsburgh, PA 18,367,184 25.65 8.14% 7.72% 96,262-43,468-0.7% 4.0% Stamford, CT* 13,339,184 38.10 22.04% 21.77% 65,472 65,472-0.5% -0.5% Washington DC 89,488,906 54.54 11.58% 11.53% 311,301 766,835 3.1% 0.7% White Plains, NY 4,887,012 31.48 17.23% 17.90% -32,789-41,736-0.4% -0.3% Northeast Total 531,802,121 58.00 12.79% 12.43% 2,254,630 4,575,236 0.8% 8.1% SOUTH Atlanta, GA 30,396,533 21.63 17.63% 16.79% 257,499 440,454-0.1% -6.6% Birmingham, AL 4,029,421 20.99 15.21% 15.08% 5,058 476,113-0.3% -0.3% Charleston, SC 1,009,994 34.51 9.33% 6.28% 30,753 31,052 3.7% 5.7% Charlotte, NC 16,132,547 25.15 9.64% 9.68% -6,576 53,085-0.1% 1.0% Columbia, SC 2,131,068 20.77 11.29% 10.73% 11,957-39,949 0.8% 1.2% Dallas, TX 22,640,759 22.95 25.12% 25.80% -154,911-54,371 0.7% 5.8% Ft. Lauderdale-Broward, FL 4,494,296 33.05 17.67% 14.79% 129,694 162,836 0.2% 5.9% Ft. Worth, TX 5,855,897 28.90 17.08% 17.45% -21,522-5,592 0.0% -0.7% Greenville, SC 2,021,715 21.26 17.52% 19.14% -32,085-25,752 1.8% 10.0% Houston, TX 30,778,455 40.54 10.56% 9.82% 227,672 197,191 4.9% 10.0% Jacksonville, FL 6,846,824 19.98 16.50% 16.50% -370-215,242 0.3% 0.3% Little Rock, AR 2,635,440 17.30 10.71% 10.69% 681 4,555 4.4% 6.1% Louisville, KY 10,578,190 20.43 10.78% 10.74% 4,243 254,621 0.6% 0.9% Memphis, TN 2,009,825 17.12 26.76% 20.64% 123,143 133,943 0.1% -1.5% Miami-Dade, FL 9,980,567 40.15 17.75% 17.12% 62,660 108,641 1.0% 1.7% Nashville, TN 4,058,652 23.77 11.28% 9.98% 52,720 55,383 1.6% 9.5% Orlando, FL 5,776,846 25.00 12.56% 14.29% -99,535-101,212-0.6% 2.5% Raleigh/Durham/Chapel Hill, NC 7,059,959 26.03 6.64% 6.67% -2,081 13,584-1.0% 9.6% Richmond, VA 6,355,704 24.88 9.83% 8.09% 110,852 119,490 0.2% 7.1% Savannah, GA 645,713 20.91 9.65% 6.82% 18,273 14,795 0.0% 1.6% Tampa Bay, FL 4,999,570 24.24 13.25% 13.26% -518 11,665 1.9% 4.8% West Palm Beach/ Palm Beach County, FL 3,515,957 35.63 18.73% 17.84% 31,550 44,363 0.6% 0.9% South Total 183,953,932 27.35 14.93% 14.53% 749,157 1,679,653 1.4% 3.3% * Q1-14 data used for Stamford. COLLIERS INTERNATIONAL P. 11

HIGHLIGHTS OFFICE NORTH AMERICA UNITED STATES DOWNTOWN OFFICE CLASS A (continued) MIDWEST INVENTORY AVERAGE QUOTED RENT (USD PSF) MAR 31, JUNE 30, YTD QUARTERLY RENT (%) RENT(%) Chicago, IL 61,039,401 39.12 12.85% 12.42% 267,455 140,347 2.1% 5.4% Cincinnati, OH 8,359,432 21.77 19.36% 18.79% 47,903 82,998-2.7% 0.4% Cleveland, OH 10,512,842 21.34 15.20% 14.83% 38,894 23,102 0.5% -3.3% Columbus, OH 8,377,149 19.75 11.96% 11.21% 62,933 106,903-0.3% 2.9% Grand Rapids, MI 1,461,047 18.48 22.51% 19.26% 47,385 65,030-2.2% -4.6% Indianapolis, IN 9,501,787 18.95 12.01% 12.07% -5,780-58,448 0.0% 0.5% Kansas City, MO 10,518,171 19.03 20.96% 20.33% 66,538 58,206 0.5% 0.8% Milwaukee, WI 5,106,083 26.53 8.92% 8.80% 5,931 10,877 0.0% -0.4% Minneapolis, MN 13,618,828 17.17 12.37% 10.85% 205,929 52,768 2.6% 1.6% Omaha, NE 3,549,103 20.25 3.48% 3.32% 5,544 33,599 0.0% 0.6% St. Louis, MO 9,558,798 18.06 20.05% 19.76% 28,172-508,055-0.2% 0.6% St. Paul, MN 2,773,960 14.45 12.54% 13.51% -26,706-109,108 0.0% 8.0% Midwest Total 151,576,895 27.62 14.06% 13.50% 744,198 97,411 1.4% 3.5% WEST Albuquerque, NM 575,047 20.14 26.55% 26.55% 0 0 0.0% 1.9% Bakersfield, CA 729,040 17.40 6.12% 6.35% -1,737-13,243 0.0% 0.0% Boise, ID 1,941,427 20.75 4.40% 11.52% -93,934-56,044 8.0% 9.0% Denver, CO 21,463,546 32.62 12.78% 12.81% 93,041 180,056 0.5% 8.3% Fresno, CA 1,026,046 24.60 8.43% 6.11% 23,730 809 0.0% 2.5% Honolulu, HI 4,644,304 35.52 14.16% 12.32% 29,628-30,844 0.0% 1.9% Las Vegas, NV 1,103,341 33.36 12.67% 13.10% -4,771-665 5.7% 6.9% Los Angeles, CA* 18,098,100 37.32 19.20% 19.48% -53,000-53,000 1.3% 3.0% Oakland, CA 10,562,045 34.20 9.68% 9.64% 4,133-37,565 0.7% 7.5% Phoenix, AZ 9,474,848 22.94 22.43% 22.75% -30,459-11,801 0.2% 2.1% Portland, OR 13,302,291 26.61 9.82% 10.22% -52,597-142,686 1.3% 2.9% Reno, NV 583,955 23.51 13.85% 13.42% 2,461-811 -0.4% -2.2% Sacramento, CA* 5,945,146 31.32 15.61% 15.29% 18,734 18,734-1.1% -2.6% San Diego, CA 7,257,266 29.76 18.60% 17.85% 54,316-53,231 2.5% 6.0% San Francisco, CA 57,465,551 59.73 10.24% 8.75% 1,190,858 1,458,016 6.0% 18.8% San Jose - Silicon Valley 3,493,453 36.72 18.31% 17.57% 24,544 26,344 8.1% 15.5% Seattle/Puget Sound, WA 32,199,750 34.07 11.35% 10.68% 110,223 312,459 0.8% 7.5% Stockton, CA 2,790,574 19.44 19.49% 19.49% 77 18,649-3.0% -10.0% Walnut Creek, CA 8,271,861 28.08 14.62% 13.62% 82,637 124,189 0.9% 1.7% West Total 200,927,591 39.62 13.01% 12.46% 1,397,884 1,739,366 3.2% 10.1% U.S. TOTALS 1,068,260,539 44.95 13.38% 12.95% 5,145,869 8,091,666 1.4% 7.5% * Q1-14 data used for Sacramento and Los Angeles markets. P. 12 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA UNITED STATES SUBURBAN OFFICE ALL INVENTORY INVENTORY NEW SUPPLY YTD NEW SUPPLY UNDER CONSTRUCTION MAR 31, YTD NORTHEAST Baltimore, MD 88,259,043 0 733,400 0 12.39% 12.15% 207,916 1,299,972 Boston, MA 112,698,600 250,000 250,000 1,673,573 18.06% 17.70% 291,990 757,713 Fairfield County, CT 40,646,251 0 0 0 13.84% 12.85% 213,792 194,596 Hartford, CT 12,784,662 0 0 0 13.04% 11.86% 150,825 419,283 Long Island, NY 74,486,194 0 0 154,999 10.23% 10.18% 32,915-44,348 New Jersey - Central New Jersey - Northern 131,315,428 0 20,525 0 15.66% 15.56% 135,589 766,086 163,629,090 0 40,018 0 15.73% 15.79% -100,064-327,930 Philadelphia, PA 110,544,032 229,838 605,631 535,000 15.25% 14.94% 545,868 457,790 Pittsburgh, PA 91,138,395 208,981 444,605 1,347,989 7.55% 7.91% -38,625-84,678 Washington DC 289,371,434 1,916,402 1,956,402 3,796,119 16.86% 17.28% 252,078-670,152 Westchester County, NY 38,211,929 0 0 0 13.08% 13.24% -60,743-129,118 Northeast Total 1,153,085,058 2,605,221 4,050,581 7,507,680 14.75% 14.75% 1,631,541 2,639,214 SOUTH Atlanta, GA 171,907,388 0 0 1,029,608 16.17% 15.95% 424,193 1,480,850 Birmingham, AL 14,683,072 0 0 0 15.02% 14.18% 123,347-4,800 Charleston, SC 9,818,033 0 114,880 215,000 11.84% 11.13% 69,184 160,216 Charlotte, NC 62,302,056 105,500 241,235 433,758 12.19% 11.72% 382,770 668,161 Columbia, SC 4,966,961 0 0 0 22.62% 22.43% 9,325 62,291 Dallas, TX 238,058,523 969,191 1,311,871 4,621,008 14.72% 14.72% 839,485 1,983,167 Ft. Lauderdale- Broward, FL 43,222,291 0 0 515,000 14.67% 14.08% 253,292 114,130 Ft. Worth, TX 21,168,105 153,195 181,285 928,651 10.56% 10.82% 81,459 124,024 Greenville, SC 4,896,690 0 0 0 19.60% 18.54% 51,783 15,959 Houston, TX 169,088,850 1,728,894 3,855,608 16,303,874 11.84% 11.98% 1,290,750 3,546,701 Jacksonville, FL 46,157,943 0 12,151 223,000 11.75% 11.28% 214,601 529,741 Little Rock, AR 7,551,255 0 0 0 12.59% 11.83% 39,299 68,375 Memphis, TN 27,227,184 0 0 241,000 14.96% 14.77% 52,426 190,590 Miami-Dade, FL 65,547,026 80,000 80,000 303,768 11.28% 10.88% 334,576 493,769 Nashville, TN 15,010,996 0 0 532,720 5.99% 4.86% 171,544 268,640 Orlando, FL 54,400,023 220,000 295,997 60,000 13.62% 13.88% -170,392 83,408 Raleigh/Durham/Chapel Hill, NC 64,772,682 206,409 264,481 1,155,043 12.24% 11.99% 343,220 396,296 Richmond, VA 34,772,603 0 15,000 314,658 11.07% 11.03% 66,862-24,099 Savannah, GA 1,461,838 0 0 0 19.88% 19.21% 9,832 1,261 Tampa Bay, FL 57,275,381 0 0 18,000 17.66% 17.44% 127,713 269,957 West Palm Beach/Palm Beach County, FL 28,464,865 0 0 133,586 18.08% 17.45% 180,268 294,510 South Total 1,142,753,765 3,463,189 6,372,508 27,028,674 13.83% 13.65% 4,895,537 10,723,147 * Q1-14 data used for Stamford. COLLIERS INTERNATIONAL P. 13

HIGHLIGHTS OFFICE NORTH AMERICA UNITED STATES SUBURBAN OFFICE ALL INVENTORY (continued) INVENTORY NEW SUPPLY YTD NEW SUPPLY UNDER CONSTRUCTION MAR 31, YTD MIDWEST Chicago, IL 155,576,032 123,475 123,475 915,000 17.19% 17.19% 110,798-652,665 Cincinnati, OH 46,579,893 0 135,576 0 16.03% 15.89% 66,399 219,673 Cleveland, OH 47,980,920 0 139,212 127,708 11.40% 11.10% 147,404 29,275 Columbus, OH 44,027,261 0 0 424,840 10.46% 10.49% -11,388 36,460 Grand Rapids, MI 12,533,768 140,593 140,593 0 19.16% 19.20% -31,258-31,258 Indianapolis, IN 43,264,183 0 0 132,991 9.70% 9.37% 144,135 110,087 Kansas City, MO 58,622,017 131,200 131,200 637,800 11.94% 11.33% 472,518 588,448 Milwaukee, WI 33,330,654 0 0 160,000 12.36% 12.00% 122,039 203,521 Minneapolis, MN 79,206,435 0 598,400 870,900 13.49% 13.39% 76,411 878,834 Omaha, NE 21,486,334 168,489 284,489 78,689 10.38% 10.18% 275,009 532,931 St. Louis, MO 55,394,777 0 183,000 435,000 9.45% 9.18% 152,087 127,682 Midwest Total 737,494,892 571,677 1,755,977 3,872,096 14.35% 14.01% 1,524,154 2,921,390 WEST Albuquerque, NM 10,877,999 0 0 0 15.69% 19.09% -369,650-306,408 Bakersfield, CA 6,070,404 0 8,984 131,894 6.53% 7.24% -43,291 34 Boise, ID 17,158,432 3,576 24,142 153,048 12.42% 12.95% -87,145-334,958 Denver, CO 106,931,545 48,537 91,537 690,310 13.00% 12.71% 352,021 655,505 Fairfield, CA 4,995,686 0 0 30,000 20.05% 19.97% 3,863 12,215 Fresno, CA 17,562,156 0 20,000 0 13.10% 13.34% -43,410 146,469 Honolulu, HI 7,730,394 0 0 0 11.85% 12.93% -83,603-78,267 Las Vegas, NV 36,776,508 0 47,000 577,894 22.30% 21.26% 382,762 479,548 Los Angeles - Inland Empire, CA 20,516,142 0 94,891 58,000 18.90% 18.46% 102,300 214,800 Los Angeles, CA* 167,879,800 152,300 152,300 1,588,000 17.82% 17.64% 364,700 364,700 Oakland, CA 16,271,372 0 0 0 19.99% 19.03% 155,298 153,599 Orange County, CA 81,476,457 488,696 488,696 354,845 15.67% 14.98% 1,150,900 884,401 Phoenix, AZ 111,159,050 100,622 218,332 1,997,202 18.27% 18.11% 261,531 1,044,490 Pleasanton/Tri- Valley, CA 27,748,942 0 0 0 12.81% 12.48% 90,516-208,837 Portland, OR 43,981,869 0 45,521 53,000 9.37% 8.93% 192,191 365,717 Reno, NV 9,592,304 0 0 0 14.47% 14.93% -43,645-72,526 Sacramento, CA* 52,144,531 68,417 68,417 77,000 19.13% 18.91% 141,121 141,160 San Diego, CA 71,901,725 45,917 587,052 920,416 12.79% 12.63% 154,798 847,920 San Francisco Peninsula 35,209,871 57,741 57,741 485,924 11.28% 11.11% 9,726-4,835 San Jose - Silicon Valley 64,391,616 246,000 711,283 4,993,108 9.89% 9.95% 260,466 521,899 Seattle/Puget Sound, WA 56,542,804 0 0 1,363,700 10.31% 9.95% 287,220 206,577 Walnut Creek, CA 5,513,617 0 0 0 16.27% 16.68% -22,357 19,330 West Total 972,433,224 1,211,806 2,615,896 13,474,341 15.01% 14.80% 3,216,312 5,052,533 U.S. TOTALS 4,005,766,939 7,851,893 14,794,962 51,882,791 14.48% 14.31% 11,267,544 21,336,284 * Q1-14 data used for Sacramento and Los Angeles markets. P. 14 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA UNITED STATES SUBURBAN OFFICE CLASS A INVENTORY AVERAGE QUOTED RENT (USD PSF) MAR 31, YTD QUARTERLY RENT (%) RENT (%) NORTHEAST Baltimore, MD 31,999,072 24.30 13.27% 12.49% 207,916 1,299,972 1.3-3.0 Boston, MA 48,244,601 26.20 16.52% 16.19% 291,990 757,713 1.0 4.7 Fairfield County, CT 18,121,467 39.48 13.42% 12.63% 213,792 194,596 2.0 8.1 Hartford, CT 7,123,495 21.01 12.82% 11.46% 150,825 419,283-1.7 0.5 Long Island, NY 25,394,853 30.76 10.92% 10.57% 32,915-44,348 1.8 0.7 New Jersey - Central 61,295,100 26.50 15.42% 15.33% 135,589 766,086 3.0 0.3 New Jersey - Northern 87,786,735 28.00 18.04% 18.32% -100,064-327,930 0.2 6.6 Philadelphia, PA 67,648,043 25.62 13.55% 13.23% 545,868 457,790 0.8 1.4 Pittsburgh, PA 16,920,743 25.92 7.11% 8.69% -38,625-84,678 17.1 15.7 Washington DC 139,579,792 31.75 17.22% 17.74% 252,078-670,152-2.3-2.7 Westchester County, NY 17,711,395 27.71 15.60% 15.66% -60,743-129,118 1.2 2.7 Northeast Total 521,825,296 28.49 15.48% 15.53% 1,631,541 2,639,214 0.6 1.6 SOUTH Atlanta, GA 81,351,202 22.87 14.07% 14.08% 424,193 1,480,850 1.1 3.3 Birmingham, AL 9,276,993 20.79 11.88% 9.55% 123,347-4,800 0.5 0.3 Charleston, SC 3,689,350 25.06 8.08% 7.43% 69,184 160,216 2.7 2.8 Charlotte, NC 20,362,557 23.50 13.33% 12.38% 382,770 668,161 1.7 2.3 Columbia, SC 1,001,769 17.11 18.42% 18.91% 9,325 62,291-0.1 2.3 Dallas, TX 97,441,781 24.90 13.28% 13.65% 839,485 1,983,167 0.4 5.3 Ft. Lauderdale-Broward, FL 10,571,174 27.47 14.79% 15.18% 253,292 114,130 1.1 0.4 Ft. Worth, TX 3,591,539 24.30 1.87% 1.83% 81,459 124,024-2.6-1.6 Greenville, SC 2,458,553 19.33 14.46% 11.02% 51,783 15,959 1.3 9.8 Houston, TX 75,225,262 32.17 8.48% 9.37% 1,290,750 3,546,701 0.2 7.7 Jacksonville, FL 9,183,817 19.60 9.31% 7.42% 214,601 529,741 0.7 1.0 Little Rock, AR 2,843,202 19.74 17.26% 16.82% 39,299 68,375 7.0 3.2 Memphis, TN 8,310,062 20.97 8.22% 8.05% 52,426 190,590-0.2-1.2 Miami-Dade, FL 16,208,719 27.47 15.17% 14.20% 334,576 493,769 1.1 0.4 Nashville, TN 7,660,730 26.50 6.83% 4.78% 171,544 268,640 6.0 10.6 Orlando, FL 16,822,153 21.04 16.96% 17.26% -170,392 83,408-0.6-0.1 Raleigh/Durham/Chapel Hill, NC 25,192,507 21.33 10.08% 9.88% 343,220 396,296 0.1 4.6 Richmond, VA 13,754,859 18.70 11.21% 11.15% 66,862-24,099 4.4 1.6 Savannah, GA 490,035 22.08 15.96% 16.05% 9,832 1,261-5.4-5.0 Tampa Bay, FL 18,368,902 23.59 17.19% 16.73% 127,713 269,957 0.4 2.3 West Palm Beach/ Palm Beach County, FL 8,999,060 31.38 18.82% 16.32% 180,268 294,510-0.1 3.0 South Total 432,804,226 25.06 12.48% 12.40% 4,895,537 10,723,147 0.8 4.6 COLLIERS INTERNATIONAL P. 15

HIGHLIGHTS OFFICE NORTH AMERICA UNITED STATES SUBURBAN OFFICE CLASS A (continued) INVENTORY AVERAGE QUOTED RENT (USD PSF) MAR 31, YTD QUARTERLY RENT (%) RENT (%) MIDWEST Chicago, IL 78,047,353 27.33 18.53% 18.75% 110,798-652,665 0.0 0.6 Cincinnati, OH 18,266,220 20.36 18.40% 17.72% 66,399 219,673 3.8-1.4 Cleveland, OH 9,345,155 21.15 11.36% 11.23% 147,404 29,275 0.0-0.2 Columbus, OH 18,337,079 19.67 9.00% 8.91% -11,388 36,460 1.9 2.5 Grand Rapids, MI 937,115 17.50 17.14% 18.75% -31,258-31,258 0.0 0.0 Indianapolis, IN 12,456,333 18.80 12.52% 11.49% 144,135 110,087 1.9 3.0 Kansas City, MO 16,559,970 20.52 12.81% 12.05% 472,518 588,448-0.1-0.1 Milwaukee, WI 6,187,173 22.14 11.08% 10.67% 122,039 203,521 0.1 0.4 Minneapolis, MN 26,563,731 14.63 16.00% 14.88% 76,411 878,834 2.8 5.8 Omaha, NE 5,229,149 26.35 2.86% 2.43% 275,009 532,931 3.4 6.3 St. Louis, MO 26,374,431 21.86 9.15% 8.27% 152,087 127,682 0.0-0.7 Midwest Total 252,583,758 22.11 14.70% 14.33% 1,524,154 2,921,390 0.7 0.6 WEST Albuquerque, NM 811,008 21.30 4.31% 4.69% -369,650-306,408-3.6 2.2 Bakersfield, CA 2,776,404 24.00 5.84% 6.50% -43,291 34 0.0 0.0 Boise, ID 5,826,036 15.75 15.38% 16.36% -87,145-334,958 1.5 4.3 Denver, CO 35,797,994 25.04 11.90% 11.60% 352,021 655,505 0.8 5.0 Fairfield, CA 1,950,606 25.61 19.82% 19.74% 3,863 12,215-2.5-0.9 Fresno, CA 3,973,324 25.80 16.99% 17.49% -43,410 146,469 0.0 2.4 Las Vegas, NV 4,898,279 30.00 33.12% 28.95% 382,762 479,548 0.8 2.5 Los Angeles - Inland Empire, CA 5,019,438 25.56 21.01% 19.93% 102,300 214,800 0.5 4.9 Los Angeles, CA* 102,218,200 35.04 16.72% 16.37% 364,700 364,700 0.0 2.8 Oakland, CA 3,682,927 29.40 23.83% 23.66% 155,298 153,599-0.8-0.4 Orange County, CA 33,193,269 26.52 16.21% 15.48% 1,150,900 884,401 0.5 3.8 Phoenix, AZ 30,886,235 24.16 17.43% 17.45% 261,531 1,044,490 0.5 3.0 Pleasanton/Tri-Valley, CA 15,526,039 29.04 10.07% 10.82% 90,516-208,837 0.4 9.0 Portland, OR 11,443,780 23.70 10.98% 10.20% 192,191 365,717-0.2 2.4 Reno, NV 912,364 20.92 14.93% 17.90% -43,645-72,526 0.6 8.9 Sacramento, CA* 14,682,299 22.32 17.78% 17.39% 141,121 141,160 0.5 1.1 San Diego, CA 24,117,278 35.64 12.32% 11.86% 154,798 847,920 1.0 5.7 San Francisco Peninsula 22,580,852 45.72 10.33% 10.51% 9,726-4,835 4.7 5.8 San Jose - Silicon Valley 33,234,700 43.20 12.45% 12.18% 260,466 521,899 1.1 5.9 Seattle/Puget Sound, WA 20,752,875 34.55 9.42% 9.11% 287,220 206,577 4.3 4.3 Walnut Creek, CA 737,964 28.56 19.13% 19.51% -22,357 19,330-0.4-14.4 West Total 375,021,871 31.87 14.65% 14.36% 3,299,915 5,130,800 1.0 4.4 U.S. TOTALS 1,582,235,151 27.33 14.34% 14.20% 11,351,147 21,414,551 0.8 3.0 * Q1-14 data used for Sacramento and Los Angeles markets. P. 16 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA CANADA DOWNTOWN OFFICE ALL INVENTORY INVENTORY NEW SUPPLY YTD NEW SUPPLY UNDER CONSTRUCTION MAR 31, YTD Calgary, AB 40,447,480 0 841,064 3,359,000 8.13 8.23-39,401 389,794 Edmonton, AB 17,140,407 0 0 1,490,493 8.47 8.66-50,864-25,644 Halifax, NS* 4,547,627 17,000 17,000 463,900 11.46 12.41-159,741-159,741 Montréal, QC 49,610,579 279,476 279,476 653,498 5.14 5.94-128,429-34,930 Ottawa, ON 15,995,156 0 0 0 9.47 9.47-110,669 259,669 Regina, SK 3,714,792 0 0 160,000 12.75 12.79-1,405-57,012 Saskatoon, SK 2,402,872 0 0 0 6.22 6.86-15,509-19,075 Toronto, ON 70,514,344 40,000 40,000 5,190,400 3.78 3.61 134,792 362,274 Vancouver, BC 24,474,251 0 45,770 2,150,490 5.56 5.78-54,165-53,402 Victoria, BC* 4,902,931 0 0 29,000 8.69 9.85-36,664-36,664 Waterloo Region, ON 3,938,504 25,586 25,586 43,280 12.90 12.71 29,596 7,696 Winnipeg, MB* 11,944,204 0 0 70,000 8.65 8.26 46,911 46,911 CANADA TOTAL 249,633,147 362,062 1,248,896 13,610,061 6.35 6.55-385,548 679,876 CANADA DOWNTOWN OFFICE CLASS A INVENTORY AVERAGE QUOTED RENT (CAD PSF) RATE (%) MAR 31, RATE (%) JUNE 30, YTD QUARTERLY RENT (%) RENT (%) Calgary, AB 27,568,453 58.00 7.53% 7.01% 143,972 630,126 0.0-5.6 Edmonton, AB 8,434,321 21.50 6.11% 6.34% 16,027 44,935-2.3-14.0 Halifax, NS* 1,951,103 32.53 9.14% 9.42% 9,991 9,991 4.3-0.2 Montréal, QC 23,073,808 45.00 5.87% 7.69% -157,167-162,175 0.0 0.0 Ottawa, ON 10,004,044 36.75 6.48% 7.45% -96,150-96,150-19.3-26.5 Regina, SK 1,392,816 34.97 6.08% 6.11% -516-56,123 0.0 16.6 Saskatoon, SK 570,571 43.00 5.75% 6.88% -6,498-6,498 0.0 0.0 Toronto, ON 39,391,697 53.94 4.54% 4.56% 74,229 201,107-4.0-0.7 Vancouver, BC 10,094,997 53.01 5.51% 5.43% 7,554-7,852 0.9-5.9 Victoria, BC* 513,808 35.00 3.55% 2.33% 8,969 8,969 2.9 0.0 Waterloo Region, ON 1,561,288 24.86 10.50% 10.69% -2,939-1,042 3.1-4.5 Winnipeg, MB* 2,619,428 33.75 3.99% 4.50% -13,347-13,347 0.0 0.0 CANADA TOTAL 127,176,334 48.19 5.90% 6.24% -15,875 551,941-2.9% -4.3% *Halifax, Victoria and Winnipeg report semi-annually. Q2 data displayed. COLLIERS INTERNATIONAL P. 17

HIGHLIGHTS OFFICE NORTH AMERICA CANADA SUBURBAN OFFICE ALL INVENTORY INVENTORY NEW SUPPLY YTD NEW SUPPLY UNDER CONSTRUCTION MAR 31, YTD Calgary, AB** 25,818,920 534,606 534,606 2,478,741 9.49 9.62 153,225 153,225 Edmonton, AB 9,544,323 178,631 278,631 197,400 12.37 12.50 130,801 134,953 Halifax, NS* 3,282,082 34,000 34,000 0 10.23 9.42 56,960 56,960 Montréal, QC 25,664,903 586,676 657,584 1,270,962 11.38 13.99-150,690-184,707 Ottawa, ON 21,293,374 211,204 211,204 230,500 10.39 11.44-34,108-19,533 Regina, SK 784,404 0 31,122 40,000 3.27 6.34-24,081-24,081 Toronto, ON 67,879,191 119,206 472,974 1,554,921 8.05 9.08-165,311-173,117 Vancouver, BC 29,985,814 556,000 616,000 1,434,462 11.27 12.23 205,703 214,245 Victoria, BC* 3,717,151 0 0 99,600 9.87 10.03-5,849-5,849 Waterloo Region, ON 7,379,966 35,186 35,186 203,265 19.29 17.79 61,528-475,511 Winnipeg, MB* 3,386,471 0 0 70,000 8.54 6.36 73,840 73,840 CANADA TOTAL 198,736,599 2,255,509 2,871,307 2,871,307 10.06 10.50 302,018-249,575 CANADA SUBURBAN OFFICE CLASS A INVENTORY AVERAGE QUOTED RENT (CAD PSF) MAR 31, YTD QUARTERLY RENT (%) RENT (%) Calgary, AB** 12,727,120 43.00 9.49 8.44 153,225 153,225-2.3-2.3 Halifax, NS* 1,478,125 28.56 11.50 10.54 56,960 56,960-3.7 0.2 Montréal, QC 14,491,322 29.00 10.02 14.62-184,707-184,707 0.0 3.6 Ottawa, ON 12,250,530 32.00 10.45 11.58-34,108-19,533 8.9 4.6 Regina, SK 141,122 29.00 0.00 22.05-24,081-24,081 0.0 0.0 Toronto, ON 32,652,849 31.11 9.07 9.60-173,117-173,117-0.2 1.3 Vancouver, BC 15,332,892 27.62 12.06 13.07 214,245 214,245-17.4-17.9 Victoria, BC* 808,145 40.00 16.53 17.15-5,849-5,849 0.0 5.3 Waterloo Region, ON 3,696,762 22.44 17.57 16.74-475,511-475,511 0.0-7.6 CANADA TOTAL 93,578,867 31.64 10.37 11.43 97,377-458,368-2.5-2.2 *Halifax, Victoria and Winnipeg report semi-annually. Q2 data displayed. **Q1-14 data displayed for Calgary Suburban. CBD OFFICE BY CANADA CBD OFFICE UNDER CONSTRUCTION BY CANADA Toronto, ON 134.8 Winnipeg, MB* 46.9 Waterloo Region, ON 29.6 Regina, SK -1.4 Saskatoon, SK -15.5 Victoria, BC* -36.7 Calgary, AB -39.4 Edmonton, AB -50.9 Vancouver, BC -54.2 Ottawa, ON -110.7 Montréal, QC -128.4 Halifax, NS* -159.7-200 -150-100 -50 0 50 100 150 SF (Thousands) Toronto, ON 5.2 Calgary, AB 3.4 Vancouver, BC 2.2 Edmonton, AB 1.5 Montréal, QC 0.7 Halifax, NS* 0.5 Regina, SK 0.2 Winnipeg, MB* 0.1 Waterloo Region, ON 0.0 Victoria, BC* 0.0 Saskatoon, SK 0.0 Ottawa, ON 0.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 SF (Millions) *Victoria, Halifax and Winnipeg report data semi-annually Q2 data shown Source: Colliers International. P. 18 COLLIERS INTERNATIONAL

HIGHLIGHTS OFFICE NORTH AMERICA UNITED STATES OFFICE INVESTMENT CBD SALES PRICE (USD PSF) CBD CAP RATE (%) SUBURBAN SALES PRICE (USD PSF) SUBURBAN CAP RATE (%) Albuquerque, NM 145.00 9.00 175.00 8.00 Atlanta, GA 125.00 7.90 127.00 8.20 Bakersfield, CA 108.00 205.00 Baltimore, MD 288.98 6.70 124.80 7.65 Boston, MA 421.00 213.00 Chicago, IL 350.00 5.50 225.00 7.50 Cincinnati, OH 125.00 9.75 135.00 9.25 Columbia, SC 57.00 8.00 Dallas, TX 166.00 6.80 73.00 6.75 Denver, CO 375.00 6.00 150.00 7.00 Fairfield County, CT 139.00 7.80 Fresno, CA 125.00 8.50 160.00 8.00 Ft. Lauderdale- Broward, FL 173.00 163.00 8.37 Ft. Worth, TX 132.00 8.10 Houston, TX 202.00 7.50 Indianapolis, IN 170.00 8.00 150.00 7.25 Jacksonville, FL 94.00 7.00 127.00 9.70 Las Vegas, NV 130.35 8.00 Little Rock, AR 88.00 9.00 117.00 9.00 Long Island, NY 168.00 8.15 Los Angeles - Inland Empire, CA 200.00 7.50 Los Angeles, CA* 276.00 6.44 Miami-Dade, FL 311.00 5.00 212.00 6.75 Milwaukee, WI 120.00 8.75 110.00 9.00 Minneapolis, MN 116.00 7.40 Nashville, TN 275.00 7.20 150.00 7.00 New Jersey - Central 200.53 6.26 New Jersey - Northern 155.66 7.75 NYC- Downtown Manhattan NYC - Midtown Manhattan NYC - Midtown South Manhattan 440.00 4.50 1221.00 4.50 590.00 4.10 UNITED STATES OFFICE INVESTMENT (continued) CBD SALES PRICE (USD PSF) CBD CAP RATE (%) SUBURBAN SALES PRICE (USD PSF) SUBURBAN CAP RATE (%) Oakland, CA 275.00 7.00 180.00 7.75 Orange County, CA 182.00 6.40 Orlando, FL 220.00 7.50 154.70 7.50 Philadelphia, PA 145.00 7.20 172.00 7.56 Phoenix, AZ 100.00 6.50 120.00 6.80 Pittsburgh, PA 90.00 8.25 115.00 8.50 Pleasanton/Tri-Valley, CA 163.00 7.90 Portland, OR 122.57 6.01 187.97 7.80 Sacramento, CA* 85.24 6.50 70.00 8.20 San Diego, CA 141.50 6.75 San Francisco Peninsula 325.00 7.45 San Francisco, CA 565.00 4.58 San Jose - Silicon Valley 130.00 7.50 394.00 5.70 Savannah, GA 160.00 9.25 120.00 9.50 Seattle/Puget Sound, WA 321.00 5.50 191.00 7.50 St. Louis, MO 90.00 9.50 135.00 8.50 Stamford, CT 186.00 8.00 Tampa Bay, FL 110.58 7.50 125.76 7.75 Walnut Creek, CA 369.00 5.50 180.00 8.00 Washington DC 600.00 5.28 221.00 7.10 West Palm Beach/Palm Beach County, FL 90.00 215.00 Westchester County, NY 179.00 7.60 White Plains, NY 283.73 U.S. TOTALS** 254.06 6.96 163.82 7.70 CANADA OFFICE INVESTMENT * Q1-14 data used for Sacramento, Stamford and Los Angeles markets. ** Average sales price and cap rate use straight averages. CBD SALES PRICE (CAD PSF) CBD CAP RATE (%) SUBURBAN SALES PRICE (CAD PSF) SUBURBAN CAP RATE (%) Edmonton, AB 279.62 5.75 6.50 Montréal, QC 265.00 6.75 185.00 7.25 Regina, SK 280.00 6.75 200.00 7.25 Saskatoon, SK 306.00 6.75 Vancouver, BC 500.00 5.00 375.00 6.25 Victoria, BC* 300.00 6.25 280.00 6.50 Waterloo Region, ON 180.00 7.50 141.00 7.50 Winnipeg, MB* 150.00 7.25 140.00 7.25 CANADA TOTALS** 251.18 5.78 188.71 6.06 *Victoria and Winnipeg report semi-annually. Q2 data displayed. **Straight averages used. COLLIERS INTERNATIONAL P. 19

HIGHLIGHTS OFFICE NORTH AMERICA 485 offices in 63 countries on 6 continents United States: 146 Canada: 44 Latin America: 25 Asia Pacific: 186 EMEA: 84 $2.1 billion in annual revenue 15,800 professionals and staff 1.46 billion square feet under management $75 billion in total transaction value Glossary Inventory Includes all existing multi- or single-tenant leased and owner-occupied office properties greater than or equal to 10,000 square feet (net rentable area). In some larger markets this minimum size threshold may vary up to 50,000 square feet. Does not include medical or government buildings. Vacancy Rate Percentage of total inventory physically vacant as of the survey date, including direct vacant and sublease space. Absorption Net change in physically occupied space over a given period of time. New Supply Includes completed speculative and build-to-suit construction. New supply quoted on a net basis after any demolitions or conversions. Annual Quoted Rent Includes all costs associated with occupying a full floor in the mid-rise portion of a Class A building, inclusive of taxes, insurance, maintenance, janitorial and utilities (electricity surcharges added where applicable). All office rents in this report are quoted on an annual, gross per square foot basis. Rent calculations do not include sublease space. Cap Rate (Or going-in cap rate) Capitalization rates in this survey are based on multi-tenant institutional grade buildings fully leased at market rents. Cap rates are calculated by dividing net operating income (NOI) by purchase price. NOTE: SF = square feet MSF = million square feet PSF = per square foot CBD = central business district COLLIERS INTERNATIONAL 601 Union Street, Suite 4800 Seattle, WA 98101 TEL +1 206 695 4200 FOR MORE INFORMATION Andrea B. Cross Office Research Manager USA TEL +1 415 288 7892 EMAIL andrea.cross@colliers.com CONTRIBUTORS Jeff Simonson Senior Research Analyst USA Cliff Plank National Director GIS & Mapping RATES 13.72 8.52 Copyright Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. 101.8msf Accelerating success. Up from 88.2 msf at year-end 2013 75.7 msf at mid-year 2013 Note: Office statistics are based on the 87 U.S. and Canadian markets tracked by Colliers Sources: Bureau of Labor Statistics, Federal Reserve of St. Louis, Colliers International P. 20 COLLIERS INTERNATIONAL