18 77 7.7% 4.4% - loopnet...6/28/2016 $990,000 15,788 $63 1995 premier property management (private)...

12 Mo. Deliveries in SF (000) 12 Mo. Net Absorption (000) Vacancy Rate 12 Mo. Rent Growth

18 77 7.7% 4.4%

Annual Trends 12 Month Change Hist. Avg. Fcst. Avg. Peak When Trough When

Vacancy -1.5% 11.5% 7.7% 15.3% 2010 Q4 6.7% 2007 Q4

Net Absorption (000) 77 9 73 89 2015 Q4 (147) 2009 Q4

Net Deliveries (000) 18 74 92 351 2006 Q3 0 2011 Q1

Rent Growth 4.4% -0.9% 2.6% 4.2% 2016 Q4 -6.0% 2010 Q2

Sales ($ millions) $45 $9 N/A $45 2017 Q2 $1 2007 Q4

KEY INDICATORS

Current Quarter RBA (000) Vacancy Rate Gross Asking Rent Availability Rate Net Absorption

(000)Net Deliveries

(000)Under Const.

(000)

4 & 5 Star 208 0.0% N/A 0.0% 0 -- 0

3 Star 1,217 12.1% $17.70 16.8% 11 0 12

1 & 2 Star 2,482 6.1% $15.69 9.4% 6 -- 0

SUBMARKET 3,907 7.7% $16.32 11.2% 18 0 12

NET ABSORPTION, NET DELIVERIES AND VACANCY RATE

© 2017 CoStar Group As of Jun 30, 2017

OverviewCharlotte County Office

BUILDINGS BY VACANCY

BUILDINGS BY VACANCY RATE BUILDINGS BY VACANT SF



3 STAR MOST ACTIVE COMPETITIVE BUILDINGS IN SUBMARKET

Building Name Address RBA % of Slice Vacancy Net Absorption in SF

Cypress Professional Center 25097 Olympia Ave 31,424 2.6% 28.5% 5,768

Building 3 4161 Tamiami Trl 10,000 0.8% 0.0% 5,000

Sunloft Center 201 W Marion Ave 51,000 4.2% 9.2% 2,407

BMO Harris Bank Building 1777 Tamiami Trl 50,059 4.1% 36.4% 1,385

18501 Murdock Cir 18501 Murdock Cir 68,000 5.6% 22.1% (416)

6210 Scott St 6210 Scott St 17,960 1.5% 5.5% (986)

Building A 946 Tamiami Trl 10,575 0.9% 16.5% (1,750)

1 & 2 STAR MOST ACTIVE COMPETITIVE BUILDINGS IN SUBMARKET

Building Name Address RBA % of Slice Vacancy Net Absorption in SF

Medical Arts Building 2400 Harbor Blvd 27,108 1.1% 7.3% 4,000

17825 Murdock Cir 17825 Murdock Cir 3,117 0.1% 0.0% 3,000

25069 Marion Ave 25069 Marion Ave 1,880 0.1% 0.0% 1,880

121 E Marion Ave 121 E Marion Ave 13,546 0.5% 0.0% 1,763

3052 Harbor Blvd 3052 Harbor Blvd 3,548 0.1% 0.0% 1,743

3380 Tamiami Trl 3380 Tamiami Trl 9,533 0.4% 0.0% 1,700

8252 Wiltshire Dr 8252 Wiltshire Dr 1,700 0.1% 0.0% 1,700

Sunstate Commerce Center 1205 Elizabeth St 42,000 1.7% 9.3% 1,676

3005 Caring Way 3005 Caring Way 6,000 0.2% 0.0% 1,200

Edgewater Center Building A 1460 S McCall Rd 32,000 1.3% 0.0% 1,164

Coldwell Commons 2825 Tamiami Trl 4,469 0.2% 22.4% 1,000

Sunstate Commerce Center 1105 Taylor Rd 28,560 1.2% 16.1% 998

212 W Virginia Ave 212 W Virginia Ave 4,138 0.2% 50.7% 700

Newport Square 3579 S Access Rd 5,696 0.2% 33.0% 640

4034 Tamiami Trl 4034 Tamiami Trl 3,700 0.1% 17.8% 590

Caring Way Professional Cent... 3028 Caring Way 10,200 0.4% 19.6% (58)

2525 Harbor Blvd 2525 Harbor Blvd 60,176 2.4% 3.0% (290)

3860 Tamiami Trl 3860 Tamiami Trl 2,464 0.1% 44.6% (1,100)

Emerald Square 2852 Tamiami Trl 5,483 0.2% 44.1% (1,210)


12456 N Access Rd 12456 N Access Rd 6,041 0.2% 24.5% (1,479)

223 Duncan Rd 223 Duncan Rd 1,700 0.1% 100.0% (1,700)

3191 Harbor Blvd 3191 Harbor Blvd 9,164 0.4% 18.7% (1,712)

Fountain Plaza 2726 Tamiami Trl 6,000 0.2% 51.5% (3,090)




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CUMULATIVE NET ABSORPTION

NET DELIVERIES



CONSTRUCTION ACTIVITY

12 MONTH AVERAGE DELIVERIES IN SF AVERAGE BUILDING SIZE IN SF



UNDER CONSTRUCTION PROJECTS

No. Property Name Address Stories SF Start Yr. Deliv. Yr Owner/Developer

7 A 2881 Placida Rd 2 12,000 2014 2017Florida House Real Est...

DELIVERED PROJECTS

No. Property Name Address Stories SF Start Yr. Deliv. Yr Owner/Developer

10 2200 Tamiami Trl 2200 Tamiami Trl 1 10,200 2016 2016MedExpress MSO, LLC

18 1800 S McCall Rd 1800 S McCall Rd 1 5,988 2013 2014

20 4235 Kings Hwy 4235 Kings Hwy 1 5,515 2008 2009

1 Sunloft Center 201 W Marion Ave 4 51,000 2006 2008CAM Realty

11 2300 Loveland Blvd 2300 Loveland Blvd 1 10,000 2008 2008Brian Triola MD

4 18025 Paulson Dr 18025 Paulson Dr 2 16,430 2007 2008

6 20600 Veterans Blvd 20600 Veterans Blvd 1 12,795 2007 2008

15 25166 Marion Ave 25166 Marion Ave 1 7,100 2007 2008

17 17912 Toledo Blade Blvd 17912 Toledo Blade Blvd 1 6,000 2007 2008

14 Bld 2 6230 Scott St 2 7,372 2007 2007

3 19621 Cochran Ave 19621 Cochran Ave 1 26,000 2006 2007SW Florida Pain Center

9 Building B 942 Tamiami Trl 1 10,548 2006 2007Charlotte Development ...

2 950 Tamiami Trl 950 Tamiami Trl 1 31,225 2006 2007Rialto Capital Managem...

5 18328 Murdock Cir 18328 Murdock Cir 1 15,960 2006 2007

8 Building A 946 Tamiami Trl 1 10,575 2006 2007

12 21205 Olean Blvd 21205 Olean Blvd 1 8,893 2006 2007

13 Cedarwood Plaza 1962 Cedarwood St 1 8,000 2006 2007

16 Bldg 3 25086 Olympia Ave 1 6,777 2006 2007

19 21300 Gertrude Ave 21300 Gertrude Ave 1 5,544 2006 2007Blue Ocean Healthcare ...























ASKING RENT LEVELS AND ANNUAL GROWTH



EXPENSESMarket Utilities Cleaning Insurance Taxes Other Total

4 & 5 Star

Punta Gorda (Group) $1.78 $1.08 $0.79 $1.33 $3.88 $8.86

Charlotte County $1.78 $1.08 $0.79 $1.33 $3.88 $8.86

3 Star



1 & 2 Star



* Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from zip code to region.



SALES VOLUME AND MEDIAN PRICE



HISTORICAL SALES TRANSACTIONS

12 MONTH AVERAGE SALES VOLUME IN MILLIONS 12 MONTH SALES VOLUME IN MILLIONS BY OWNER TYPE



HISTORICAL SALES TRANSACTIONS

No. Property Sale Date Price SF Price Per SF Built Buyer Name

5 900 W Marion Ave 5/25/2017 $3,551,000 50,426 $70 1994 ArciTerra Group, LLC (Private)

6 Cypress Professional Center, 25097 Olympia Ave 5/15/2017 $3,525,000 31,424 $112 2005 Anthony C Dubbaneh (Private)

3 1400 Education Way 1/30/2017 $6,500,000 13,671 $475 2006 Robert Hoodis (Private)

22 3505 Depew Ave 1/30/2017 $125,000 1,761 $71 1980

21 4044 N Access Rd 1/25/2017 $225,000 2,176 $103 2006

18 512 E Marion Ave 1/9/2017 $280,000 3,895 $72

19 3626 Tamiami Trl 12/30/2016 $275,000 3,900 $71 1965 Paul & Cara Russo (Private)

2 Bayfront Health Punta Gorda, 713 E Marion Ave 12/22/2016 $9,800,000 47,062 $208 2006 HCP, Inc. (Unknown)

7 23970 Suncoast Blvd 11/23/2016 $2,101,265 5,438 $386 2002

4 2611 Tamiami Trl 9/27/2016 $4,515,000 17,110 $264 2000 Stonebriar Commercial Finance (Institutional)

14 Building #2, 750 Tamiami Trl 9/7/2016 $398,645 4,600 $87 2005 GNK Sky Realty, Inc (Unknown)

1 Gulf Pointe Surgery Center, 21260 Olean Blvd 8/8/2016 $11,500,000 33,589 $342 1960 HCA Management Services L.P.

(User)

17 2509 Rio de Janeiro Ave 7/29/2016 $305,000 3,740 $82 1987

20 428 E Olympia Ave 7/22/2016 $260,000 2,618 $99 1983

10Casa Grande Medical & Professional Centre, 2484 Caring Way

6/28/2016 $990,000 15,788 $63 1995 Premier Property Management (Private)

15 17179 Bonnie Ave 6/24/2016 $340,000 4,240 $80 2006

16 17179 Bonnie Ave 6/24/2016 $340,000 4,240 $80 2006

23 3459 Depew Ave 6/22/2016 $115,000 2,643 $44 1980 Constance Mckinsey (Private)

24 1958 Redmond St 4/22/2016 $82,000 2,808 $29 2004 Sunchoice Investments Florida, LLC (Unknown)

11 3/16/2016 $742,000 10,000 $74 2008 Brian Triola MD (Unknown)

13 3745 Tamiami Trl 3/4/2016 $550,000 11,497 $48 1989 Richardson Land & Cattle (Private)

9 3358 Tamiami Trl 1/8/2016 $1,110,000 2,644 $420 1981 7-Eleven, Inc. (Unknown)

25 448 N Spring Lake Blvd NW 12/30/2015 $80,000 1,679 $48 1973 Page E Estes and Michael Prusak (Private)

12 1500 S McCall Rd 12/1/2015 $600,000 2,910 $206 1953 Tall Pines Realty (Unknown)

8 Janick Professional Center, 4369 Tamiami Trl 11/30/2015 $1,200,000 16,775 $72 1976 Christopher Freeland (Private)

































SUBMARKET SUPPLY AND DEMAND HISTORY AND FORECAST

Inventory Net Absorption

Year SF (000) Growth (000) % Growth SF (000) % Growth Construction Ratio

2021 4,357 113 2.7% 59 1.5% 1.9

2020 4,244 129 3.1% 65 1.7% 2.0

2019 4,115 129 3.2% 75 2.0% 1.7

2018 3,986 67 1.7% 82 2.2% 0.8

2017 3,919 17 0.4% 71 2.0% 0.2

2016 3,902 13 0.3% 58 1.6% 0.2

2015 3,889 0 0.0% 89 2.6% 0.0

2014 3,889 6 0.2% 32 1.0% 0.2

2013 3,883 0 0.0% 49 1.5% 0.0

2012 3,883 5 0.1% (9) -0.3% --

2011 3,879 0 0.0% 77 2.3% 0.0

2010 3,879 3 0.1% (67) -2.0% --

2009 3,876 13 0.3% (147) -4.2% --

2008 3,863 122 3.3% 6 0.2% 22.0

2007 3,741 181 5.1% -- -- --

2006 3,561 289 8.8% -- -- --

2005 3,271 198 6.4% -- -- --

SUBMARKET VACANCY AND RENT HISTORY AND FORECAST

Vacancy Gross Asking Rent

Year SF (000) Percent Ppts Chg Per SF Index % Growth

2021 427 9.8% 1.0 $18.21 106 0.9%

2020 373 8.8% 1.3 $18.05 105 1.8%

2019 309 7.5% 1.1 $17.73 103 2.9%

2018 255 6.4% (0.5) $17.23 100 3.6%

2017 269 6.9% (1.4) $16.63 97 2.6%

2016 323 8.3% (1.2) $16.21 94 4.2%

2015 368 9.5% (2.3) $15.55 90 2.4%

2014 457 11.7% (0.7) $15.18 88 1.5%

2013 483 12.4% (1.3) $14.96 87 -1.2%

2012 532 13.7% 0.3 $15.14 88 0.7%

2011 518 13.4% (2.0) $15.03 87 -3.5%

2010 595 15.3% 1.8 $15.58 90 -4.0%

2009 526 13.6% 4.1 $16.25 94 -5.8%

2008 366 9.5% 2.8 $17.23 100 -2.4%

2007 249 6.7% 0.0 $17.66 102 --

2006 0 -- 0.0 -- -- --

2005 0 -- 0.0 -- -- --



SUBMARKET SALES HISTORY

Volume Price

Year No. of Sales SF Volume Turnover Median Per SF Avg Price

YTD 9 111,169 $15,612,250 2.8% $110.26 $1,734,695

2016 20 195,308 $35,142,910 5.0% $84.08 $1,849,627

2015 24 161,058 $13,018,200 4.1% $71.54 $520,728

2014 25 150,087 $14,990,644 3.9% $87.89 $599,626

2013 31 238,868 $15,281,297 6.2% $62.98 $587,742

2012 30 150,271 $10,552,350 3.9% $74.03 $422,094

2011 16 71,759 $4,080,300 1.8% $60.95 $340,025

2010 20 147,725 $7,690,500 3.8% $64.86 $404,763

2009 19 67,592 $8,904,400 1.7% $143.60 $424,019

2008 14 187,069 $18,096,500 4.8% $144.89 $1,508,042

2007 4 11,487 $896,000 0.3% $200.00 $298,667

2006 6 61,700 $13,195,000 1.7% $152.76 $2,199,167

2005 0 0 $0 0.0% -- --



4 & 5 STAR SUPPLY AND DEMAND HISTORY


Year SF (000) Growth % Growth SF (000) % Growth Construction Ratio

2017 208 0 0.0% 0 0.0% --2016 208 0 0.0% 0 0.0% --2015 208 0 0.0% 0 0.0% --2014 208 0 0.0% 0 0.0% --2013 208 0 0.0% 0 0.0% --2012 208 0 0.0% 0 0.0% --2011 208 0 0.0% 0 0.0% --2010 208 0 0.0% 0 0.0% --2009 208 0 0.0% 0 0.0% --2008 208 0 0.0% 0 0.0% --2007 208 0 0.0% 0 -- --2006 208 0 0.0% -- -- --2005 208 0 0.0% 0 0.0% --

4 & 5 STAR VACANCY AND RENT HISTORY



2017 0 0.0% 0.0 -- -- --2016 0 0.0% 0.0 -- -- --2015 0 0.0% 0.0 -- -- --2014 0 0.0% 0.0 -- -- --2013 0 0.0% 0.0 -- -- --2012 0 0.0% 0.0 -- -- --2011 0 0.0% 0.0 -- -- --2010 0 0.0% 0.0 -- -- --2009 0 0.0% 0.0 -- -- --2008 0 0.0% 0.0 -- -- --2007 0 0.0% 0.0 -- -- --2006 0 -- 0.0 -- -- --2005 0 -- 0.0 -- -- --

4 & 5 STAR SALES HISTORY

Volume Price

Year Sales SF Volume Turnover Per SF Avg Price

YTD 0 0 $0 0.0% -- --

2016 0 0 $0 0.0% -- --

2015 0 0 $0 0.0% -- --

2014 0 0 $0 0.0% -- --

2013 0 0 $0 0.0% -- --

2012 0 0 $0 0.0% -- --

2011 0 0 $0 0.0% -- --

2010 0 0 $0 0.0% -- --

2009 0 0 $0 0.0% -- --

2008 0 0 $0 0.0% -- --

2007 0 0 $0 0.0% -- --

2006 0 0 $0 0.0% -- --

2005 0 0 $0 0.0% -- --



3 STAR SUPPLY AND DEMAND HISTORY



2017 1,217 17 0.4% 22 2.1% 0.82016 1,212 10 0.8% 42 4.1% 0.22015 1,202 0 0.0% 4 0.4% 0.02014 1,202 0 0.0% 33 3.5% 0.02013 1,202 0 0.0% 40 4.3% 0.02012 1,202 5 0.4% (44) -4.5% --2011 1,197 0 0.0% 78 8.7% 0.02010 1,197 0 0.0% (55) -5.8% --2009 1,197 2 0.2% (43) -4.3% --2008 1,195 108 9.9% 14 1.4% 7.72007 1,087 177 19.4% 33 -- 5.32006 910 205 29.1% -- -- --2005 705 117 19.8% 0 0.0% --

3 STAR VACANCY AND RENT HISTORY



2017 147 12.1% (1.4) $17.70 -- 0.6%2016 164 13.5% (2.7) $17.59 98 2.9%2015 195 16.2% (0.4) $17.09 95 3.6%2014 199 16.6% (2.8) $16.51 92 3.2%2013 233 19.4% (3.4) $16.00 89 0.4%2012 273 22.7% 4.0 $15.94 88 -0.1%2011 225 18.8% (6.5) $15.96 89 -3.0%2010 302 25.3% 4.6 $16.45 91 -4.2%2009 247 20.7% 3.7 $17.17 95 -4.8%2008 202 16.9% 7.0 $18.03 100 -1.5%2007 109 10.0% 0.0 $18.31 102 --2006 0 -- 0.0 -- -- --2005 0 -- 0.0 -- -- --

3 STAR SALES HISTORY

Volume Price


YTD 5 102,697 $14,872,250 8.4% $112.18 $2,974,450

2016 6 101,040 $17,077,000 8.3% $80.19 $2,439,572

2015 3 49,820 $4,401,000 4.1% $54.50 $1,467,000

2014 6 77,972 $3,998,245 6.5% $59.82 $799,649

2013 16 187,167 $9,820,200 15.6% $62.98 $818,350

2012 9 33,452 $4,598,350 2.8% $74.03 $656,907

2011 5 41,064 $1,782,300 3.4% $210.49 $891,150

2010 5 26,534 $1,395,000 2.2% $89.30 $348,750

2009 4 12,644 $1,060,000 1.1% $129.37 $353,333

2008 3 38,968 $8,523,000 3.3% $199.00 $2,130,750

2007 1 3,000 $600,000 0.3% $200.00 $600,000

2006 4 25,903 $4,200,000 2.8% $145.76 $1,050,000

2005 0 0 $0 0.0% -- --



1 & 2 STAR SUPPLY AND DEMAND HISTORY



2017 2,482 0 0.0% 7 0.3% 0.02016 2,482 3 0.1% 16 0.7% 0.22015 2,480 0 0.0% 85 3.8% 0.02014 2,480 6 0.2% (1) -0.1% --2013 2,474 0 0.0% 9 0.4% 0.02012 2,474 0 0.0% 34 1.6% 0.02011 2,474 0 0.0% (1) -0.1% --2010 2,474 3 0.1% (12) -0.5% --2009 2,471 11 0.4% (104) -4.5% --2008 2,460 14 0.6% (8) -0.4% --2007 2,446 4 0.2% 15 -- 0.32006 2,442 84 3.6% -- -- --2005 2,358 81 3.6% 0 0.0% --

1 & 2 STAR VACANCY AND RENT HISTORY



2017 152 6.1% (0.3) $15.69 -- 0.7%2016 159 6.4% (0.6) $15.58 92 4.9%2015 173 7.0% (3.4) $14.85 88 1.9%2014 257 10.4% 0.3 $14.58 86 0.7%2013 250 10.1% (0.4) $14.48 86 -2.0%2012 259 10.5% (1.4) $14.77 88 1.1%2011 293 11.9% 0.0 $14.61 87 -3.8%2010 292 11.8% 0.6 $15.18 90 -4.0%2009 278 11.3% 4.6 $15.81 94 -6.2%2008 164 6.6% 0.9 $16.86 100 -2.8%2007 141 5.8% 0.0 $17.36 103 --2006 0 -- 0.0 -- -- --2005 0 -- 0.0 -- -- --

1 & 2 STAR SALES HISTORY

Volume Price


YTD 4 8,472 $740,000 0.3% $91.07 $185,000

2016 14 94,268 $18,065,910 3.8% $85.37 $1,505,493

2015 21 111,238 $8,617,200 4.5% $73.27 $391,691

2014 19 72,115 $10,992,398 2.9% $88.29 $549,620

2013 15 51,701 $5,461,097 2.1% $62.78 $390,078

2012 21 116,819 $5,954,000 4.7% $77.98 $330,778

2011 11 30,695 $2,298,000 1.2% $55.88 $229,800

2010 15 121,191 $6,295,500 4.9% $64.86 $419,700

2009 15 54,948 $7,844,400 2.2% $149.38 $435,800

2008 11 148,101 $9,573,500 6.0% $129.10 $1,196,688

2007 3 8,487 $296,000 0.3% $147.05 $148,000

2006 2 35,797 $8,995,000 1.5% $217.47 $4,497,500

2005 0 0 $0 0.0% -- --



18 77 7.7% 4.4% - loopnet...6/28/2016 $990,000 15,788 $63 1995 premier property management (private)...

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