MarketBeat Graphs Q4 2017

MarketBeat Graphs Q4 2017 Office Market Graphs Slide 2 Industrial Market Graphs Slide 8 Retail Market Graphs Slide 14

Office Market Graphs Q4 2017

Office: Net Absorption/Asking Rent 4Q Trailing Average

Office: Overall Vacancy

Office: New Supply

Office: Asking Rent by Market Highest Priced U.S. Markets

Office: Vacancy by Market Select Markets in the U.S.

Industrial Market Graphs Q4 2017

Industrial: Net Absorption/Asking Rent 4Q Trailing Average

Industrial: Overall Vacancy

Few Signs of Overbuilding 2017 Deliveries by Type & Year-over-year Change in Vacancy

Demand in Line with Supply in Many Markets 2017 Net Absorption and New Deliveries (All Types, % of Inventory)

Rebalancing of Vacancy Will Occur Slowly Current Construction Compared to 5-Year Absorption Average

Retail Market Graphs Q4 2017

Retail: Rental Rate vs. Vacancy

Retail: Availability by Type

Retail: Deliveries and Space Under Construction MSF