1. Milwaukee Office Market 2010 Year in Review Appraisal Institute – Wisconsin Chapter November 11, 2010

2. 2010 Office Market Overview Leasing Activity Net Absorption Vacancy & Availability Investment Activity Capitalization Rates

3. Office Market – Bright Spots in 2010 No New Construction Class A Office Submarkets - Downtown & along I-94 Corridor Downtown Investment Activity

4. Leasing Activity – Milwaukee Office Market

5. Vacancy Trends – Milwaukee Office Market (Includes Milwaukee, Waukesha, Ozaukee, Washington Counties)

6. Downtown vs. Suburban Office – 3Qtr 2010

7. Downtown Office By Class (A vs. B/C) As of Third Quarter 2010

8. Suburban Office By Class – 3Qtr 2010 Source: CoStar Property

9. Vacancy By Submarket – 3Qtr 2010

10. Historical Vacancy Trend – Milwaukee Office

11. Availability Rate Trend Source: CoStar Property

12. Market Trends – Absorption, Deliveries, & Vacancy

13. Office Sales Volume Trends

14. Office Sales – Sale Price/SF Trend

15. Who Are the Buyers??? 3-yr 1-yr Individuals27.8%41.2% Inst. Investors30.6%17.7%

16. National Cap Rate Trends – CBD & Suburban

17. National Cap Rate Trends & Value Change Observations: All the growth in value from cap rate compression between 2000 and 2007 was lost in just 2-years (2007-2009) Surveys suggest stabilization in office cap rates by First Quarter 2010 with a slight decrease in the 2 nd and 3 rd quarter of 2010

18. Milwaukee Cap Rates

19. Office Market Projection for 2011 Vacancy – Stable Rental Rates – Stable New Construction – None Cap Rates – Stable Investment Activity – Increase

20. Contact Information Michael J. Tompkins Vice President The Nicholson Group LLC 555 S Industrial Drive, Suite 207 Hartland, WI 53029 262.369.5400 ext 23 262.369.5401 Fax 262.993.2092 Mobile mtompkins@nicholson-group.com