1. Office Market Overview
presented by
John J. Leary, MAI, CRE, FRICS
Leary Counseling and Valuation, Inc.
New Haven, CT
UConn Center for Real Estate
2007 Connecticut Commercial RE Conference
November 8, Farmington, CT

2. Leary Counseling and Valuation, Inc.
Acknowledgments
Tim Mitchell
CBRE/New England
Nick Morizio, SIOR, CRE
Colliers/Dow & Condon
cushwake.com
Cushman & Wakefield
Leary Counseling and Valuation, Inc.

3. Hartford County Office: 3Q 2007
Source: CBRE/New England
Total SF %Avail Avg Rent
City 10,509, % $19.96
Suburbs 15,122, % $18.47
Total 25,632, % $19.17
Leary Counseling and Valuation, Inc.

4. Hartford County Office: 3Q 2007 (continued)
Source: Colliers/Dow & Condon
Total SF %Avail Avg Rent
City 10,049, % $18.73
Suburbs 14,272, % $18.06
Total 24,322, % $18.34
Leary Counseling and Valuation, Inc.

5. Hartford County Office: 3Q 2007 (continued)
Source: Cushman & Wakefield
Overall Avg Rent
Total SF Vacancy (Class A)
City 10,409, % $22.34
Suburbs 15,217, % $19.28
Total 25,627, % $21.50
Leary Counseling and Valuation, Inc.

6. New Haven County Office: 3Q 2007
Source: CBRE/New England
Total SF %Avail Avg Rent
City 5,648, % $21.00
Suburbs 6,367, % $17.91
Total 12,015, % $19.36
Leary Counseling and Valuation, Inc.

7. City of New Haven Office: 3Q 2007
Source: Colliers/Dow & Condon
Total SF %Avail
CBD 2,772, %
Non-CBD 2,236, %
City 5,009, %
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8. Fairfield County Office: 3Q 2007
Source: Cushman & Wakefield
Overall Avg Rent
Total SF Vacancy (Class A)
Stamford 14,551, % $39.75
All Other 25,029, % $32.69
Total 39,581, % $35.18
Leary Counseling and Valuation, Inc.

9. Office Market: The Big Picture
Capitalization Rate Compression
Source: Real Estate Research Corporation
Going-In Cap Rates: First Tier RE-East
CBD Suburban
2Q %: 6.7% %: 7.1%
2Q %: 7.2% %: 7.5%
Leary Counseling and Valuation, Inc.

10. Office Market: The Big Picture (continued)
The EOP Effect
Blackstone buys Equity Office Properties for $40,000,000,000+
Blackstone spins off EOP buildings to third party buyers (individually and in packages)
Unprecedented shift in transaction volume toward office space in 2007
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11. The EOP Effect in Stamford
Blackstone to RFR Holdings: 01-Aug-2007
SF GBA Price/SF
300 Atlantic Street 267,935 $563.57
177 Broad Street 178,935 $441.50
201 Broad Street 332,991 $450.46
107 Elm Street 249,301 $457.28
Tresser Blvd 487,997 $461.07
301 Tresser Boulevard 254,902 $513.92
Total Transaction: $850,000,000 $ Avg
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12. Other Stamford Transactions
SF GBA Date Price/SF
2187 Atlantic Street 105, Sep-07 $504.76
One Atlantic Street 81, Sep-07 $263.83
Stamford Landing and
600 Summer Street 302, Jul-07 $286.94
333 Ludlow Street 393, Jun-07 $344.83
1010 Washington Blvd 143, Jun-07 $265.18
(Prior Sale in 2005: $149.34)
Total Transaction Price (2007 Sales): $335,050,000
Weighted Average Price Per SF: $326.57
Leary Counseling and Valuation, Inc.

13. Office Market: Caveats and Question Marks
Does Sam Zell (CEO of former EOP) know something we don’t know?
Will shadow space haunt us during the next years?
Is the 10% vacancy paradigm still valid in the 21st Century?
Leary Counseling and Valuation, Inc.