1. Commercial RE Market Outlook Presented by: Bob Bach SVP, Chief Economist

2. 2 Source: BEA, Goldman Sachs, PNC, Wells Fargo, Grubb & Ellis Gross Domestic Product, Historic & Forecast Annualized Percent Change

3. 3 10 Year Treasury Yield, Historic & Forecast End of Quarter Source: Federal Reserve, Goldman Sachs, PNC, Wells Fargo, Grubb & Ellis

4. 4 Source: BLS, Grubb & Ellis 2008-09 2001 1981-82 Job Losses Related to Post-War Recessions 1990-91

5. 5 Source: CoStar, Reis, Grubb & Ellis Quarterly Vacancy by Property Type

6. 6 Source: Grubb & Ellis Office Vacancy & Absorption Quarterly up to 2010-Q2

7. 7 Source: Grubb & Ellis Office Vacancy Rates 2010-Q2

8. 8 Source: Grubb & Ellis Industrial Vacancy Rates 2010-Q1

9. 99 Source: Grubb & Ellis MonthsSF in thousands Average Office Lease Size & Term

10. 10 Source: Real Capital Analytics, Grubb & Ellis Commercial Real Estate Investment

11. 11 Source: MIT Center for Real Estate, RCA, Grubb & Ellis Prices Have Hit Bottom Property Pricing

12. Commercial RE Market Outlook Presented by: Bob Bach SVP, Chief Economist