Salt Lake County market overview Q4 2013 Quick statistics Total Net Absorption Vacancy Rate Direct Rents Salt Lake City metro map Current statistics SLC County Core market Stock 33,444,898 13,757,171 Overall vacancy 12.4% 16% Direct vacancy 10.8% 15% YTD total net absorption 1,051,589 s.f. 197,855 Under construction 752,439 s.f. 144,000 s.f. YTD completions 418,758 s.f. 0 s.f. Overall average rent $18.75 p.s.f. $20.98 p.s.f. Class A average rent $25.13 p.s.f. $27.54 p.s.f. Class B average rent $16.93 p.s.f. $18.27 p.s.f. Class C average rent $13.78 p.s.f. $15.31 p.s.f. 1,051,589 12.4% $18.75 *Arrows represent change from previous quarter Demographics Current 2017 Projection Population 1,029,655 1,230,827 Median age 29.2 -- Average HH income $48,373.00 College degree & higher 47% Net absorption vs. overall vacancy *Arrows represent change in the past 12-months Overview and trends The majority of submarkets have shifted from tenant-favorable to neutral, and will ultimately swing to landlord-favorable as rental rates stabilize and tenant concessions decrease. Vacancy rates should continue their downward trend as absorption continues to outpace new construction. Concessions are expected to continue to decrease and landlords will hold firm on their asking rates. Downtown is seeing more activity with the completion of City Creek and expansion of public transit. Market activity Market leverage Tenants in the Market 1-800 Contacts 200,000 Verisk Health 150,000 Clearlink 25,000 Storage Craft 75,000 Recently Completed Leases OOCL 48,000 eVault 35,000 Mozy Corporation 26,885 Extend Health 68,988 Medicity 20,420 Peaking market Falling market Rising market Bottoming market 2013 2014 2015 2016 2017 Tenant Favorable market Neutral market Landlord favorable market SLC County Core market ©2013 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.