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National Office MarketY e a r - E n d 2 0 1 4

The CoStarOffice Report

National Office Market

©2015 CoStar Group, Inc. The CoStar Office Report A

Year-End 2014 – National

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction PropertiesFigures at a Glance by Class & SubmarketFigures at a Glance Grouped by CBD vs SuburbanHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Select Top Lease TransactionsSales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Sales Activity AnalysisSelect Top Sales Transactions


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©2015 CoStar Group, Inc. The CoStar Office Report C


MethodologyThe CoStar Office Report, unless specifically stated otherwise, calculates office statistics using CoStar Group’s entire database of existing and under construction office buildings in each metropolitan area. Included are office, office condominium, office loft, office medical, all classes and all sizes, and both multi-tenant and single-tenant buildings, including owner-occupied buildings. CoStar Group's global database includes approximately 95.6 billion square feet of coverage in 4.4 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate.

CoStar regularly opens new markets to expand its geographic coverage which results in varying start dates for historical data. Due to differences in market start dates and a desire to show as long a historical timeframe as possible, only the following markets are included in the historical charts within this report: Atlanta, Austin, Baltimore, Boston, Broward County, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, Dallas/Ft Worth, Dayton, Denver, Detroit, East Bay/Oakland, Houston, Indianapolis, Inland Empire (California), Jacksonville (Florida), Kansas City, Long Island (New York), Los Angeles, Memphis, Miami-Dade County, Nashville, Northern New Jersey, Orange (California), Orlando, Palm Beach County, Philadelphia, Phoenix, Pittsburgh, Raleigh/Durham, Sacramento, San Diego, San Francisco, Seattle/Puget Sound, South Bay/San Jose, St. Louis, Tampa/St Petersburg, Washington, and Westchester/So Connecticut. When ever possible all markets are included to provide as broad as possible national coverage. The Market Highlights and Overview narrative includes all markets.

© Copyright 2015 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

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For information on subscribing to CoStar’s other products and services, please contact us at 1-877-7COSTAR, or visit our web site at www.costar.com


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National – Year-End 2014


©2015 CoStar Group, Inc. The CoStar Office Report C


Terms & DefinitionsAvailability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space.Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset.Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).CBD: Abbreviation for Central Business District. (See also: Central Business District)Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA.Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and com-mand the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality.Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors.Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These build-ings lack prestige and must depend chiefly on a lower price to attract tenants and investors.Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space.Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certifi-

cate of occupancy must have been issued for the property.Delivery Date: The date a building completes construction and receives a certificate of occupancy.Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off.Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insur-ance.Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space.Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehous-ing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product.Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep.Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different


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©2015 CoStar Group, Inc. The CoStar Office Report 1

tenant needs. (See also: Tenancy).Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs.New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, finan-cial, or restaurant, usually on the ground floor.Owner: The company, entity, or individual that holds title on a given building or property.Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date.Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly.Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets.Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.Sales Price: The total dollar amount paid for a particular property at a particular point in time.Sales Volume: The sum of sales prices for a given group of buildings in a given time period.Seller: The individual, group, company, or entity that sells a particular commercial real estate asset.SF: Abbreviation for Square Feet.Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).Suburban: The Suburban and Central Business District (CBD) des-ignations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inven-tory not located in the CBD. (See also: CBD)Tenancy: A term used to indicate whether or not a building is occu-pied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied.Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC.Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are cal-culated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.Year Built: The year in which a building completed construction and was issued a certificate of occupancy.YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied.


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Overview

U.S.’s Vacancy Decreases to 10.9% Net Absorption Positive 37,525,641 SF in the Quarter

The U.S. Office market ended the fourth quarter 2014 with a vacancy rate of 10.9%. The vacancy rate was down over the previous quarter, with net absorption totaling

positive 37,525,641 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 42,567,759 square feet. Rental rates ended the fourth quarter at $22.65, an increase over the previous quarter. A total of 194 buildings delivered to the market in the quarter totaling 15,918,368 square feet, with 117,684,714 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall U.S. office market was

positive 37,525,641 square feet in the fourth quarter 2014. That compares to positive 25,546,407 square feet in the third quar-ter 2014, positive 24,700,261 square feet in the second quarter 2014, and positive 16,597,458 square feet in the first quarter 2014.

The Class-A office market recorded net absorption of positive 20,091,164 square feet in the fourth quarter 2014, compared to positive 15,229,629 square feet in the third quar-ter 2014, positive 12,685,849 in the second quarter 2014, and positive 7,167,601 in the first quarter 2014.

The Class-B office market recorded net absorption of positive 13,168,767 square feet in the fourth quarter 2014, compared to positive 8,005,653 square feet in the third quar-ter 2014, positive 9,391,900 in the second quarter 2014, and positive 8,885,648 in the first quarter 2014.

The Class-C office market recorded net absorption of positive 4,265,710 square feet in the fourth quarter 2014

compared to positive 2,311,125 square feet in the third quarter 2014, positive 2,622,512 in the second quarter 2014, and posi-tive 544,209 in the first quarter 2014.

Net absorption for U.S.’s central business district was positive 9,199,422 square feet in the fourth quarter 2014. That compares to positive 5,952,330 square feet in the third quarter 2014, positive 4,285,294 in the second quarter 2014, and posi-tive 431,046 in the first quarter 2014.

Net absorption for the suburban markets was positive 28,326,219 square feet in the fourth quarter 2014. That com-pares to positive 19,594,077 square feet in third quarter 2014, positive 20,414,967 in the second quarter 2014, and positive 16,166,412 in the first quarter 2014.

VacancyThe office vacancy rate in the U.S. market area decreased

to 10.9% at the end of the fourth quarter 2014. The vacancy rate was 11.2% at the end of the third quarter 2014, 11.4% at the end of the second quarter 2014, and 11.5% at the end of the first quarter 2014.

Class-A projects reported a vacancy rate of 12.3% at the end of the fourth quarter 2014, 12.5% at the end of the third quarter 2014, 12.7% at the end of the second quarter 2014, and 12.9% at the end of the first quarter 2014.

Class-B projects reported a vacancy rate of 11.5% at the end of the fourth quarter 2014, 11.7% at the end of the third quarter 2014, 11.9% at the end of the second quarter 2014, and 12.0% at the end of the first quarter 2014.

Class-C projects reported a vacancy rate of 8.0% at the end of the fourth quarter 2014, 8.2% at the end of third quar-

Vacancy Rates by Class* 2000-2014

Source: CoStar Property® * Select markets included in this historical chart - see Methodology page.

Absorption & Deliveries*Past 10 Quarters

Source: CoStar Property® * Select markets included in this chart - see Methodology page.

7%

8%

9%

10%

11%

12%

13%

14%

15%

16%

17%

2000 4q 2001 4q 2002 4q 2003 4q 2004 4q 2005 4q 2006 4q 2007 4q 2008 4q 2009 4q 2010 4q 2011 4q 2012 4q 2013 4q 2014 4

Vaca

ncy

Rate

Class A Class B Class C Total Market

16.1 16.6 16.8

12.5

19.8 19.7

31.3

10.711.6 11.5 11.4

10.0 9.4

14.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2013 2q 2014 2q

Millions

SF

Net Absorption Deliveries

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National Office MarketYear-End 2014 – National



Overview

ter 2014, 8.4% at the end of the second quarter 2014, and 8.5% at the end of the first quarter 2014.

The overall vacancy rate in U.S.’s central business district at the end of the fourth quarter 2014 decreased to 10.2%. The vacancy rate was 10.5% at the end of the third quarter 2014, 10.8% at the end of the second quarter 2014, and 11.0% at the end of the first quarter 2014.

The vacancy rate in the suburban markets decreased to 11.2% in the fourth quarter 2014. The vacancy rate was 11.4% at the end of the third quarter 2014, 11.6% at the end of the second quarter 2014, and 11.7% at the end of the first quarter 2014.

Largest Lease SigningsThe largest lease signings occurring in 2014 included: the

422,682-square-foot lease signed by Amazon at 7 W 34th St in the New York City market; the 310,346-square-foot deal signed by ServiceNow, Inc. at 2215-2225 Lawson Ln in the South Bay/San Jose market; and the 236,990-square-foot lease signed by Hyatt Hotels Corporation at 150 N Riverside Dr in the Chicago market.

Sublease VacancyThe amount of vacant sublease space in the U.S. market

decreased to 42,567,759 square feet by the end of the fourth quarter 2014, from 42,782,518 square feet at the end of the third quarter 2014. There was 42,657,634 square feet vacant at the end of the second quarter 2014 and 42,926,625 square feet at the end of the first quarter 2014.

U.S.’s Class-A projects reported vacant sublease space of 25,156,356 square feet at the end of fourth quarter 2014, up from the 24,757,816 square feet reported at the end of the third quarter 2014. There were 25,383,084 square feet of sub-lease space vacant at the end of the second quarter 2014, and 25,647,046 square feet at the end of the first quarter 2014.

Class-B projects reported vacant sublease space of 15,326,415 square feet at the end of the fourth quarter 2014, down from the 15,935,560 square feet reported at the end of the third quarter 2014. At the end of the second quarter 2014 there were 15,328,185 square feet, and at the end of the first quarter 2014 there were 15,348,428 square feet vacant.

Class-C projects reported decreased vacant sublease space from the third quarter 2014 to the fourth quarter 2014. Sublease vacancy went from 2,089,142 square feet to 2,084,988 square feet during that time. There was 1,946,365 square feet at the end of the second quarter 2014, and 1,931,151 square feet at the end of the first quarter 2014.

Sublease vacancy in U.S.’s central business district stood at 11,720,069 square feet at the end of the fourth quarter 2014. It was 11,908,773 square feet at the end of the third quarter 2014, 12,425,348 square feet at the end of the second quarter

2014, and 12,623,174 square feet at the end of the first quarter 2014.

Sublease vacancy in the suburban markets ended the fourth quarter 2014 at 30,847,690 square feet. At the end of the third quarter 2014 sublease vacancy was 30,873,745 square feet, was 30,232,286 square feet at the end of the second quarter 2014, and was 30,303,451 square feet at the end of the first quarter 2014.

Rental RatesThe average quoted asking rental rate for available office

space, all classes, was $22.65 per square foot per year at the end of the fourth quarter 2014 in the U.S. market area. This represented a 1.1% increase in quoted rental rates from the end of the third quarter 2014, when rents were reported at $22.40 per square foot.

The average quoted rate within the Class-A sector was $28.68 at the end of the fourth quarter 2014, while Class-B rates stood at $20.26, and Class-C rates at $16.55. At the end of the third quarter 2014, Class-A rates were $28.57 per square foot, Class-B rates were $20.07, and Class-C rates were $16.31.

The average quoted asking rental rate in U.S.’s CBD was $29.03 at the end of the fourth quarter 2014, and $21.22 in the suburban markets. In the third quarter 2014, quoted rates were $28.71 in the CBD and $20.98 in the suburbs.

Deliveries and ConstructionDuring the fourth quarter 2014, 194 buildings totaling

15,918,368 square feet were completed in the U.S. market area. This compares to 249 buildings totaling 12,724,619 square feet that were completed in the third quarter 2014, 249 buildings totaling 11,938,199 square feet completed in the second quar-ter 2014, and 15,765,476 square feet in 343 buildings completed in the first quarter 2014.

There were 117,684,714 square feet of office space under construction at the end of the fourth quarter 2014.

Some of the notable 2014 deliveries include: One Franklin Park, a 267,751-square-foot facility that delivered in fourth quarter 2014 in the Nashville market, and ExxonMobil Campus - Phase I, a 1,000,000-square-foot building that delivered in fourth quarter 2014 and is now 100% occupied in the Houston market.

The largest projects underway at the end of fourth quar-ter 2014 were North Hills Tower II, a 366,858-square-foot build-ing in the Raleigh/Durham market with 19% of its space pre-leased, and 100 Northern Ave, a 360,000-square-foot facility in the Boston market that is 100% pre-leased.

InventoryTotal office inventory in the U.S. market area amounted

to 10,467,340,622 square feet in 503,652 buildings as of the end of the fourth quarter 2014. The Class-A office sector con-






Overview

sisted of 3,266,252,671 square feet in 17,090 projects. There were 193,114 Class-B buildings totaling 4,867,596,268 square feet, and the Class-C sector consisted of 2,333,491,683 square feet in 293,448 buildings. Within the Office market there were 22,200 owner-occupied buildings accounting for 937,402,522 square feet of office space.

Sales ActivityTallying office building sales of 15,000 square feet or larg-

er, U.S. office sales figures rose during the third quarter 2014 in terms of dollar volume compared to the second quarter of 2014.

In the third quarter, 791 office transactions closed with a total volume of $25,240,854,610. The 791 buildings totaled 97,740,803 square feet and the average price per square foot equated to $258.24 per square foot. That compares to 794 transactions totaling $22,796,325,046 in the second quarter 2014. The total square footage in the second quarter was 88,199,208 square feet for an average price per square foot of $258.46.

Total office building sales activity in 2014 was up com-pared to 2013. In the first nine months of 2014, the market saw 2,249 office sales transactions with a total volume of $63,612,119,533. The price per square foot averaged $246.76. In the same first nine months of 2013, the market posted 2,014 transactions with a total volume of $45,373,829,410. The price per square foot averaged $206.50.

Cap rates have been lower in 2014, averaging 7.52% com-pared to the same period in 2013 when they averaged 7.99%.

One of the largest transactions that has occurred within the last 4 quarters in the U.S. market is the sale of Mesirow Financial Building in the Chicago market. This 1,184,255 square foot office building sold for $715,000,000, or $603.76 per square foot. The property sold on 12/4/2014, at a 5% cap rate.

Albany/Schenectady/TroyWith no new office space being delivered to the market,

and positive 88,053 square feet of net absorption, Albany/Schenectady/Troy’s vacancy rate went from 7.6% to 7.4% in the quarter. Rental rates went from $14.93 to $14.24 during that time. At the end of the quarter, there was 6,447 square feet underway for future delivery.

AlbuquerqueWith no space currently under construction, Albuquerque

absorbed 109,352 square feet of space and delivered 14,900 square feet of space, resulting in a vacancy rate that went from 11.9% to 11.6% over the course of the quarter. Rental rates went from $14.92 to $15.01 per square foot.

AnchorageWith no new office space being delivered to the market,

and positive 49,668 square feet of net absorption, Anchorage’s

vacancy rate went from 5.7% to 5.4% in the quarter. Rental rates went from $28.07 to $29.21 during that time. At the end of the quarter, there was 118,861 square feet underway for future delivery.

AshevilleWith no new office space being delivered to the market,

and negative (36,231) square feet of net absorption, Asheville’s vacancy rate went from 6.4% to 6.7% in the quarter. Rental rates went from $16.53 to $16.35 during that time. At the end of the quarter, there was 84,000 square feet underway for future delivery.

AtlantaThe Atlanta office market ended the quarter with a

vacancy rate of 14.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,379,369 square feet. Vacant sublease space decreased to 1,487,729 square feet. Rental rates ended the fourth quarter at $19.47, an increase over the previous quarter. A total of four buildings with 271,298 square feet of space delivered to the market, with 1,946,989 square feet still under construction at the end of the quarter.

Augusta/Richmond CountyWith no new office space being delivered to the market,

and negative (36,678) square feet of net absorption, Augusta/Richmond County’s vacancy rate went from 8.8% to 9.1% in the quarter. Rental rates went from $13.00 to $13.92 during that time. At the end of the quarter, there was 79,000 square feet underway for future delivery.

AustinThe vacancy rate remained unchanged in Austin in the

fourth quarter. With 131,500 square feet in deliveries, and positive 136,619 square feet in net absorption, the vacancy rate held at 8.6%, the same rate reported in the previous quarter. The market had 3,235,427 square feet under construction at the end of the quarter, and rental rates stood at $28.44 per square foot.

BakersfieldWith no new office space being delivered to the market,

and positive 87,677 square feet of net absorption, Bakersfield’s vacancy rate went from 7.4% to 6.7% in the quarter. Rental rates went from $17.55 to $16.79 during that time. At the end of the quarter, there was 71,186 square feet underway for future delivery.

BaltimoreWith no new office space being delivered to the market,

and positive 94,987 square feet of net absorption, Baltimore’s vacancy rate went from 11.3% to 11.2% in the quarter. Rental rates went from $21.25 to $21.17 during that time. At the end






Overview

of the quarter, there was 938,760 square feet underway for future delivery.

Baton RougeWith no new office space being delivered to the mar-

ket, and positive 61,629 square feet of net absorption, Baton Rouge’s vacancy rate went from 10.7% to 10.5% in the quarter. Rental rates went from $15.53 to $15.71 during that time. At the end of the quarter, there was 234,930 square feet under-way for future delivery.

Beaumont/Port ArthurWith no space currently under construction, Beaumont/

Port Arthur absorbed 97,909 square feet of space and delivered 20,850 square feet of space, resulting in a vacancy rate that went from 5.9% to 4.8% over the course of the quarter. Rental rates went from $14.60 to $13.93 per square foot.

BirminghamWith no space currently under construction, Birmingham


Boise City/NampaThe Boise City/Nampa office market ended the quarter

with a vacancy rate of 11.0%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 347,867 square feet. Vacant sublease space decreased to 134,664 square feet. Rental rates ended the fourth quarter at $14.80, a decrease over the previous quarter. A total of two buildings with 76,419 square feet of space delivered to the market, with 128,430 square feet still under construction at the end of the quarter.

BostonThe Boston office market ended the quarter with a

vacancy rate of 9.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 814,670 square feet. Vacant sublease space decreased to 2,264,483 square feet. Rental rates ended the fourth quarter at $20.77, a decrease over the previous quarter. A total of three buildings with 235,000 square feet of space delivered to the market, with 5,754,613 square feet still under construction at the end of the quarter.

Bremerton/SilverdaleWith no new office space being delivered to the market,

and positive 32,906 square feet of net absorption, Bremerton/Silverdale’s vacancy rate went from 9.6% to 8.9% in the quar-ter. Rental rates went from $17.62 to $17.45 during that time. At the end of the quarter, there was 10,687 square feet under-way for future delivery.

Broward CountyThe Broward County office market ended the quarter

with a vacancy rate of 11.8%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 259,681 square feet. Vacant sublease space decreased to 150,406 square feet. Rental rates ended the fourth quarter at $24.03, an increase over the previous quarter. A total of one building with 25,018 square feet of space delivered to the market, with 473,888 square feet still under construction at the end of the quarter.

Brownsville/HarlingenThe Brownsville/Harlingen office market reported no new

deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 63,517 square feet caused the vacancy rate to decrease from 11.6% to 9.7% in the quarter. Rental rates stood at $14.07.

Buffalo/Niagara FallsWith no new office space being delivered to the market,

and negative (226) square feet of net absorption, Buffalo/Niagara Falls’s vacancy rate remained at 10.3% in the quarter. Rental rates went from $14.54 to $15.02 during that time. At the end of the quarter, there was 644,000 square feet under-way for future delivery.

Charleston WVThe Charleston WV office market reported no new

deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of negative (178,969) square feet caused the vacancy rate to increase from 6.0% to 7.5% in the quarter. Rental rates stood at $15.77.

Charleston/N CharlestonThe Charleston/N Charleston office market ended the

quarter with a vacancy rate of 7.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 162,922 square feet. Vacant sublease space decreased to 22,101 square feet. Rental rates ended the fourth quarter at $19.70, an increase over the previous quarter. A total of three buildings with 26,402 square feet of space delivered to the market, with 380,854 square feet still under construction at the end of the quarter.

CharlotteThe Charlotte office market ended the quarter with a

vacancy rate of 9.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 371,900 square feet. Vacant sublease space decreased to 196,929 square feet. Rental rates ended the fourth quarter at $20.30, an increase over the previous quarter. A total of four buildings with 68,458 square feet of space delivered to the market, with






Overview

517,379 square feet still under construction at the end of the quarter.

ChattanoogaWith no new office space being delivered to the mar-

ket, and positive 233,895 square feet of net absorption, Chattanooga’s vacancy rate went from 10.5% to 9.1% in the quarter. Rental rates went from $15.16 to $15.83 during that time. At the end of the quarter, there was 76,496 square feet underway for future delivery.

ChicagoThe Chicago office market ended the quarter with a

vacancy rate of 13.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,055,850 square feet. Vacant sublease space decreased to 3,195,647 square feet. Rental rates ended the fourth quarter at $23.18, an increase over the previous quarter. A total of three buildings with 299,583 square feet of space delivered to the market, with 6,080,827 square feet still under construction at the end of the quarter.

CincinnatiThe Cincinnati office market ended the quarter with a

vacancy rate of 12.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 179,091 square feet. Vacant sublease space decreased to 297,313 square feet. Rental rates ended the fourth quarter at $15.46, an increase over the previous quarter. A total of one building with 48,000 square feet of space delivered to the market, with 1,802,248 square feet still under construction at the end of the quarter.

ClevelandThe Cleveland office market ended the quarter with a

vacancy rate of 11.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 251,059 square feet. Vacant sublease space decreased to 280,103 square feet. Rental rates ended the fourth quarter at $16.73, an increase over the previous quarter. A total of two buildings with 121,690 square feet of space delivered to the market, with 1,029,735 square feet still under construction at the end of the quarter.

Colorado SpringsThe Colorado Springs office market reported no new


ColumbiaThe Columbia office market saw vacancies fall and rental

rates decrease from the third quarter 2014 to the fourth quar-ter 2014. The overall vacancy rate currently sits at 8.6%, from 8.7% in the previous quarter. Rental rates ended the quarter at $14.31 per square foot, from $14.32 in the previous quarter. There was a total of 60,000 square feet that delivered in the quarter, with 64,558 square feet still under construction at the end of the quarter.

ColumbusThe Columbus office market ended the quarter with a

vacancy rate of 8.9%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (63,232) square feet. Vacant sublease space decreased to 140,816 square feet. Rental rates ended the fourth quarter at $16.47, an increase over the previous quarter. A total of three build-ings with 319,330 square feet of space delivered to the market, with 145,162 square feet still under construction at the end of the quarter.

Columbus GAThe Columbus GA office market reported no new deliver-

ies and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 2,049 square feet caused the vacancy rate to remain at 9.2% in the quarter. Rental rates stood at $11.70.

Corpus ChristiThe Corpus Christi office market reported no new deliv-

eries and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of negative (25,537) square feet caused the vacancy rate to increase from 9.7% to 9.9% in the quarter. Rental rates stood at $14.39.

Dallas/Ft WorthThe Dallas/Ft Worth office market ended the quarter

with a vacancy rate of 14.3%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 1,092,496 square feet. Vacant sublease space increased to 2,537,065 square feet. Rental rates ended the fourth quarter at $21.62, an increase over the previous quarter. A total of 27 buildings with 991,598 square feet of space delivered to the market, with 7,750,552 square feet still under construction at the end of the quarter.

Davenport/Moline/Rock IslandThe Davenport/Moline/Rock Island office market report-

ed no new deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction






Overview

activity, net absorption of positive 20,762 square feet caused the vacancy rate to decrease from 13.0% to 12.7% in the quar-ter. Rental rates stood at $11.14.

DaytonWith no new office space being delivered to the market,

and positive 136,834 square feet of net absorption, Dayton’s vacancy rate went from 15.4% to 15.1% in the quarter. Rental rates went from $14.78 to $14.75 during that time. At the end of the quarter, there was 49,500 square feet underway for future delivery.

Deltona/Daytona BeachThe Deltona/Daytona Beach office market reported no

new deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activ-ity, net absorption of positive 30,218 square feet caused the vacancy rate to decrease from 8.4% to 8.2% in the quarter. Rental rates stood at $12.82.

DenverThe Denver office market ended the quarter with a

vacancy rate of 10.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 783,730 square feet. Vacant sublease space increased to 1,183,487 square feet. Rental rates ended the fourth quarter at $23.26, an increase over the previous quarter. A total of four buildings with 174,538 square feet of space delivered to the market, with 2,936,711 square feet still under construction at the end of the quarter.

Des MoinesWith no new office space being delivered to the mar-

ket, and positive 154,235 square feet of net absorption, Des Moines’s vacancy rate went from 7.0% to 6.6% in the quarter. Rental rates went from $13.51 to $14.06 during that time. At the end of the quarter, there was 298,829 square feet under-way for future delivery.

DetroitThe Detroit office market ended the quarter with a

vacancy rate of 16.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 380,764 square feet. Vacant sublease space decreased to 258,039 square feet. Rental rates ended the fourth quarter at $17.80, an increase over the previous quarter. A total of one building with 8,696 square feet of space delivered to the market, with 385,848 square feet still under construction at the end of the quarter.

DuluthThe Duluth office market reported no new deliveries and

no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of

positive 17,675 square feet caused the vacancy rate to decrease from 4.7% to 4.5% in the quarter. Rental rates stood at $12.19.

East Bay/OaklandWith no new office space being delivered to the mar-

ket, and positive 563,683 square feet of net absorption, East Bay/Oakland’s vacancy rate went from 11.8% to 11.3% in the quarter. Rental rates went from $24.10 to $24.70 during that time. At the end of the quarter, there was 10,000 square feet underway for future delivery.

El PasoWith no new office space being delivered to the market,

and positive 61,252 square feet of net absorption, El Paso’s vacancy rate went from 7.4% to 7.2% in the quarter. Rental rates went from $16.00 to $16.33 during that time. At the end of the quarter, there was 26,500 square feet underway for future delivery.

ErieThe Erie office market reported no new deliveries and

no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 11,167 square feet caused the vacancy rate to decrease from 4.9% to 4.7% in the quarter. Rental rates stood at $9.85.

EvansvilleWith no space currently under construction, Evansville


FayettevilleWith no new office space being delivered to the market,

and positive 11,650 square feet of net absorption, Fayetteville’s vacancy rate went from 9.5% to 9.3% in the quarter. Rental rates went from $14.74 to $15.17 during that time. At the end of the quarter, there was 51,510 square feet underway for future delivery.

Fayetteville/Springdale/RogersThe Fayetteville/Springdale/Rogers office market ended

the quarter with a vacancy rate of 10.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 33,784 square feet. Vacant sublease space decreased to 22,440 square feet. Rental rates ended the fourth quarter at $14.84, an increase over the previous quarter. A total of two buildings with 23,000 square feet of space delivered to the market, with 22,306 square feet still under construction at the end of the quarter.






Overview

Fort SmithThe Fort Smith office market reported no new deliveries

and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 72,206 square feet caused the vacancy rate to decrease from 6.2% to 4.5% in the quarter. Rental rates stood at $10.69.

Fort WayneWith no new office space being delivered to the market,

and positive 47,219 square feet of net absorption, Fort Wayne’s vacancy rate went from 10.1% to 9.8% in the quarter. Rental rates went from $12.91 to $13.12 during that time. At the end of the quarter, there was 116,600 square feet underway for future delivery.

FresnoThe Fresno office market ended the quarter with a vacan-

cy rate of 10.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 36,628 square feet. Vacant sublease space decreased to 19,950 square feet. Rental rates ended the fourth quarter at $16.71, an increase over the previous quarter. A total of one building with 6,050 square feet of space delivered to the market, with 45,195 square feet still under construction at the end of the quarter.

Green BayThe Green Bay office market reported no new deliveries


Greensboro/Winston-SalemWith no new office space being delivered to the mar-

ket, and negative (251,067) square feet of net absorption, Greensboro/Winston-Salem’s vacancy rate went from 10.9% to 10.8% in the quarter. Rental rates went from $14.29 to $14.45 during that time. At the end of the quarter, there was 93,000 square feet underway for future delivery.

Greenville/SpartanburgThe Greenville/Spartanburg office market ended the

quarter with a vacancy rate of 8.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 27,551 square feet. Vacant sublease space stayed the same at 36,051 square feet. Rental rates ended the fourth quarter at $15.00, an increase over the previous quarter. A total of one building with 12,000 square feet of space delivered to the market, with 244,791 square feet still under construction at the end of the quarter.

Hampton RoadsThe Hampton Roads office market ended the quarter

with a vacancy rate of 11.6%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 99,885 square feet. Vacant sublease space increased to 110,352 square feet. Rental rates ended the fourth quarter at $16.92, an increase over the previous quarter. A total of two buildings with 61,200 square feet of space delivered to the market, with 110,115 square feet still under construction at the end of the quarter.

HartfordThe vacancy rate remained unchanged in Hartford in the

fourth quarter. With 26,150 square feet in deliveries, and posi-tive 5,062 square feet in net absorption, the vacancy rate held at 9.4%, the same rate reported in the previous quarter. The market had 5,928 square feet under construction at the end of the quarter, and rental rates stood at $18.24 per square foot.

HawaiiWith no new office space being delivered to the market,

and positive 81,872 square feet of net absorption, Hawaii’s vacancy rate went from 5.5% to 5.3% in the quarter. Rental rates went from $30.95 to $29.98 during that time. At the end of the quarter, there was 6,767 square feet underway for future delivery.

HoustonThe Houston office market ended the quarter with a

vacancy rate of 10.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,562,772 square feet. Vacant sublease space decreased to 1,762,556 square feet. Rental rates ended the fourth quarter at $27.24, an increase over the previous quarter. A total of 20 buildings with 1,783,653 square feet of space delivered to the market, with 17,902,821 square feet still under construction at the end of the quarter.

Huntington/AshlandThe Huntington/Ashland office market reported no new


HuntsvilleWith no new office space being delivered to the market,

and negative (211) square feet of net absorption, Huntsville’s vacancy rate went from 12.1% to 12.1% in the quarter. Rental rates went from $14.41 to $14.12 during that time. At the end of the quarter, there was 141,256 square feet underway for future delivery.






Overview

IndianapolisWith no new office space being delivered to the market,

and positive 16,141 square feet of net absorption, Indianapolis’s vacancy rate went from 8.6% to 8.6% in the quarter. Rental rates went from $16.58 to $16.80 during that time. At the end of the quarter, there was 235,847 square feet underway for future delivery.

Inland Empire (California)With no new office space being delivered to the market,

and positive 272,569 square feet of net absorption, Inland Empire (California)’s vacancy rate went from 11.4% to 11.1% in the quarter. Rental rates went from $18.86 to $19.52 during that time. At the end of the quarter, there was 373,439 square feet underway for future delivery.

JacksonWith no new office space being delivered to the market,

and positive 207,649 square feet of net absorption, Jackson’s vacancy rate went from 8.5% to 7.6% in the quarter. Rental rates went from $16.01 to $15.98 during that time. At the end of the quarter, there was 117,500 square feet underway for future delivery.

Jacksonville (Florida)With no new office space being delivered to the market,

and positive 395,298 square feet of net absorption, Jacksonville (Florida)’s vacancy rate went from 12.2% to 11.5% in the quar-ter. Rental rates went from $17.54 to $17.71 during that time. At the end of the quarter, there was 234,041 square feet under-way for future delivery.

Kansas CityWith no new office space being delivered to the market,

and negative (42,316) square feet of net absorption, Kansas City’s vacancy rate went from 11.2% to 11.0% in the quarter. Rental rates went from $17.03 to $17.12 during that time. At the end of the quarter, there was 504,672 square feet underway for future delivery.

Killeen/Temple/Fort HoodWith no space currently under construction, Killeen/

Temple/Fort Hood absorbed 482 square feet of space and delivered 4,993 square feet of space, resulting in a vacancy rate that went from 8.2% to 8.3% over the course of the quarter. Rental rates went from $11.34 to $11.40 per square foot.

Kingsport/Bristol/BristolThe Kingsport/Bristol/Bristol office market reported no


KnoxvilleWith no new office space being delivered to the market,

and positive 152,031 square feet of net absorption, Knoxville’s vacancy rate went from 8.8% to 8.3% in the quarter. Rental rates went from $14.91 to $14.93 during that time. At the end of the quarter, there was 2,400 square feet underway for future delivery.

LafayetteThe Lafayette office market reported no new deliveries


Las VegasThe Las Vegas office market ended the quarter with a

vacancy rate of 17.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 258,797 square feet. Vacant sublease space increased to 395,539 square feet. Rental rates ended the fourth quarter at $19.22, a decrease over the previous quarter. A total of two buildings with 105,443 square feet of space delivered to the market, with 614,476 square feet still under construction at the end of the quarter.

Lexington/FayetteWith no new office space being delivered to the market,

and positive 43,668 square feet of net absorption, Lexington/Fayette’s vacancy rate went from 10.9% to 10.7% in the quar-ter. Rental rates went from $15.51 to $15.45 during that time. At the end of the quarter, there was 94,234 square feet under-way for future delivery.

LincolnThe Lincoln office market reported no new deliveries and


Little Rock/N Little RockWith no new office space being delivered to the market,

and positive 148,096 square feet of net absorption, Little Rock/N Little Rock’s vacancy rate went from 6.6% to 6.2% in the quarter. Rental rates went from $15.46 to $15.48 during that time. At the end of the quarter, there was 26,000 square feet underway for future delivery.

Long Island (New York)The Long Island (New York) office market saw vacancies

rise and rental rates decrease from the third quarter 2014 to






Overview

the fourth quarter 2014. The overall vacancy rate currently sits at 8.2%, from 8.0% in the previous quarter. Rental rates ended the quarter at $26.52 per square foot, from $26.55 in the previous quarter. There was a total of 19,908 square feet that delivered in the quarter, with 1,108,345 square feet still under construction at the end of the quarter.

Los AngelesThe Los Angeles office market ended the quarter with a

vacancy rate of 11.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,006,114 square feet. Vacant sublease space decreased to 1,105,275 square feet. Rental rates ended the fourth quarter at $30.30, an increase over the previous quarter. A total of three build-ings with 45,695 square feet of space delivered to the market, with 2,702,271 square feet still under construction at the end of the quarter.

LouisvilleWith no new office space being delivered to the market,

and positive 85,120 square feet of net absorption, Louisville’s vacancy rate went from 9.9% to 9.7% in the quarter. Rental rates went from $15.86 to $16.03 during that time. At the end of the quarter, there was 108,600 square feet underway for future delivery.

LubbockThe Lubbock office market ended the quarter with a

vacancy rate of 5.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 15,272 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the fourth quarter at $13.93, a decrease over the previous quarter. A total of one building with 3,883 square feet of space delivered to the market, with 46,000 square feet still under construction at the end of the quarter.

MadisonThe Madison office market reported no new deliveries and


Marin/SonomaThe Marin/Sonoma office market saw vacancies fall and

rental rates increase from the third quarter 2014 to the fourth quarter 2014. The overall vacancy rate currently sits at 11.4%, from 11.9% in the previous quarter. Rental rates ended the quarter at $25.25 per square foot, from $25.15 in the previous quarter. There was a total of 9,239 square feet that delivered in the quarter, with 184,285 square feet still under construction at the end of the quarter.

McAllen/Edinburg/PharrThe McAllen/Edinburg/Pharr office market reported no

new deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activ-ity, net absorption of negative (47,167) square feet caused the vacancy rate to increase from 8.6% to 9.2% in the quarter. Rental rates stood at $14.59.

MemphisWith no new office space being delivered to the market,

and positive 190,489 square feet of net absorption, Memphis’s vacancy rate went from 12.3% to 11.9% in the quarter. Rental rates went from $16.20 to $16.64 during that time. At the end of the quarter, there was 415,261 square feet underway for future delivery.

Miami-Dade CountyThe Miami-Dade County office market ended the quar-

ter with a vacancy rate of 11.6%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 188,417 square feet. Vacant sublease space increased to 189,812 square feet. Rental rates ended the fourth quarter at $29.73, an increase over the previous quarter. A total of one building with 40,724 square feet of space delivered to the mar-ket, with 604,010 square feet still under construction at the end of the quarter.

MilwaukeeThe Milwaukee office market ended the quarter with a

vacancy rate of 10.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 308,893 square feet. Vacant sublease space decreased to 249,712 square feet. Rental rates ended the fourth quarter at $15.35, a decrease over the previous quarter. A total of one building with 57,079 square feet of space delivered to the market, with 658,217 square feet still under construction at the end of the quarter.

MinneapolisThe Minneapolis office market ended the quarter with a

vacancy rate of 9.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 379,120 square feet. Vacant sublease space decreased to 431,102 square feet. Rental rates ended the fourth quarter at $18.56, an increase over the previous quarter. A total of three build-ings with 89,669 square feet of space delivered to the market, with 3,027,007 square feet still under construction at the end of the quarter.

MobileThe Mobile office market reported no new deliveries and

no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 88,882 square feet caused the vacancy rate to






Overview

decrease from 9.3% to 8.8% in the quarter. Rental rates stood at $12.39.

MontgomeryThe Montgomery office market reported no new deliver-

ies and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 35,563 square feet caused the vacancy rate to decrease from 10.1% to 9.0% in the quarter. Rental rates stood at $13.34.

Myrtle Beach/ConwayThe Myrtle Beach/Conway office market reported no new


NashvilleThe Nashville office market ended the quarter with a

vacancy rate of 6.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 399,177 square feet. Vacant sublease space decreased to 223,484 square feet. Rental rates ended the fourth quarter at $20.59, an increase over the previous quarter. A total of three build-ings with 292,551 square feet of space delivered to the market, with 797,935 square feet still under construction at the end of the quarter.

New Orleans/Metairie/KennerThe New Orleans/Metairie/Kenner office market ended

the quarter with a vacancy rate of 10.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 74,747 square feet. Vacant sublease space decreased to 84,127 square feet. Rental rates ended the fourth quarter at $16.22, a decrease over the previous quarter. A total of one building with 6,200 square feet of space delivered to the market, with 46,300 square feet still under construction at the end of the quarter.

New York CityThe New York City office market ended the quarter with

a vacancy rate of 7.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 3,894,934 square feet. Vacant sublease space decreased to 4,018,887 square feet. Rental rates ended the fourth quarter at $55.91, an increase over the previous quarter. A total of two buildings with 3,082,668 square feet of space delivered to the market, with 6,103,620 square feet still under construction at the end of the quarter.

Northern New JerseyThe Northern New Jersey office market saw vacancies fall

and rental rates increase from the third quarter 2014 to the fourth quarter 2014. The overall vacancy rate currently sits at 14.0%, from 14.1% in the previous quarter. Rental rates ended the quarter at $23.84 per square foot, from $23.61 in the previ-ous quarter. There was a total of 1,002,581 square feet that delivered in the quarter, with 1,125,795 square feet still under construction at the end of the quarter.

OcalaThe Ocala office market reported no new deliveries and


Oklahoma CityThe Oklahoma City office market ended the quarter with

a vacancy rate of 7.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 97,685 square feet. Vacant sublease space stayed the same at 62,864 square feet. Rental rates ended the fourth quarter at $14.83, an increase over the previous quarter. A total of seven build-ings with 29,331 square feet of space delivered to the market, with 511,671 square feet still under construction at the end of the quarter.

OlympiaThe Olympia office market reported no new deliveries and


Omaha/Council BluffsWith no new office space being delivered to the market,

and positive 18,559 square feet of net absorption, Omaha/Council Bluffs’s vacancy rate went from 7.4% to 7.3% in the quarter. Rental rates went from $16.34 to $16.74 during that time. At the end of the quarter, there was 319,770 square feet underway for future delivery.

Orange County (California)With no new office space being delivered to the market,

and positive 1,409,108 square feet of net absorption, Orange County (California)’s vacancy rate went from 11.5% to 10.5% in the quarter. Rental rates went from $23.99 to $24.55 during that time. At the end of the quarter, there was 587,406 square feet underway for future delivery.

OrlandoWith no new office space being delivered to the market,

and positive 399,398 square feet of net absorption, Orlando’s






Overview

vacancy rate went from 12.2% to 11.8% in the quarter. Rental rates went from $18.43 to $18.65 during that time. At the end of the quarter, there was 213,536 square feet underway for future delivery.

Palm Beach CountyThe Palm Beach County office market ended the quarter

with a vacancy rate of 14.5%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 398,620 square feet. Vacant sublease space increased to 94,684 square feet. Rental rates ended the fourth quarter at $26.29, an increase over the previous quarter. A total of five buildings with 147,691 square feet of space delivered to the market, with 55,590 square feet still under construction at the end of the quarter.

PensacolaWith no space currently under construction, Pensacola


PeoriaThe Peoria office market reported no new deliveries and


PhiladelphiaThe vacancy rate remained unchanged in Philadelphia in

the fourth quarter. With 343,850 square feet in deliveries, and positive 408,343 square feet in net absorption, the vacancy rate held at 10.8%, the same rate reported in the previous quarter. The market had 2,966,000 square feet under con-struction at the end of the quarter, and rental rates stood at $21.80 per square foot.

PhoenixThe Phoenix office market ended the quarter with a

vacancy rate of 16.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,199,018 square feet. Vacant sublease space decreased to 664,578 square feet. Rental rates ended the fourth quarter at $21.19, an increase over the previous quarter. A total of four buildings with 354,798 square feet of space delivered to the market, with 2,898,337 square feet still under construction at the end of the quarter.

PittsburghThe Pittsburgh office market ended the quarter with a

vacancy rate of 8.1%. The vacancy rate was down over the

previous quarter, with net absorption totaling positive 868,224 square feet. Vacant sublease space decreased to 305,755 square feet. Rental rates ended the fourth quarter at $20.61, an increase over the previous quarter. A total of two buildings with 556,643 square feet of space delivered to the market, with 2,324,245 square feet still under construction at the end of the quarter.

Port St Lucie/Fort PierceWith no new office space being delivered to the market,

and positive 144,513 square feet of net absorption, Port St Lucie/Fort Pierce’s vacancy rate went from 13.5% to 11.9% in the quarter. Rental rates went from $14.68 to $14.32 during that time. At the end of the quarter, there was 21,000 square feet underway for future delivery.

PortlandThe Portland office market ended the quarter with a

vacancy rate of 8.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 397,471 square feet. Vacant sublease space decreased to 266,893 square feet. Rental rates ended the fourth quarter at $20.90, an increase over the previous quarter. A total of two buildings with 43,600 square feet of space delivered to the market, with 582,296 square feet still under construction at the end of the quarter.

Portland/South PortlandWith no new office space being delivered to the mar-

ket, and negative (195,230) square feet of net absorption, Portland/South Portland’s vacancy rate went from 6.2% to 7.0% in the quarter. Rental rates went from $14.48 to $14.19 during that time. At the end of the quarter, there was 117,564 square feet underway for future delivery.

ProvidenceWith no new office space being delivered to the mar-

ket, and negative (41,852) square feet of net absorption, Providence’s vacancy rate went from 8.6% to 8.7% in the quarter. Rental rates went from $17.50 to $17.67 during that time. At the end of the quarter, there was 191,436 square feet underway for future delivery.

Raleigh/DurhamThe Raleigh/Durham office market ended the quarter

with a vacancy rate of 9.7%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 1,326,785 square feet. Vacant sublease space increased to 287,221 square feet. Rental rates ended the fourth quarter at $19.77, an increase over the previous quarter. A total of six buildings with 274,649 square feet of space delivered to the market, with 1,957,102 square feet still under construction at the end of the quarter.






Overview

Reno/SparksThe Reno/Sparks office market reported no new deliver-


Richmond VAThe Richmond VA office market ended the quarter with a

vacancy rate of 10.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 239,436 square feet. Vacant sublease space increased to 496,845 square feet. Rental rates ended the fourth quarter at $17.12, a decrease over the previous quarter. A total of one building with 12,377 square feet of space delivered to the market, with 471,561 square feet still under construction at the end of the quarter.

RoanokeWith no new office space being delivered to the market,

and negative (725) square feet of net absorption, Roanoke’s vacancy rate remained at 9.1% in the quarter. Rental rates went from $13.60 to $14.20 during that time. At the end of the quarter, there was 2,100 square feet underway for future delivery.

RochesterWith no space currently under construction, Rochester


SacramentoThe Sacramento office market ended the quarter with a

vacancy rate of 14.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 150,024 square feet. Vacant sublease space increased to 187,618 square feet. Rental rates ended the fourth quarter at $20.04, an increase over the previous quarter. A total of two buildings with 85,140 square feet of space delivered to the market, with 6,092 square feet still under construction at the end of the quarter.

SalinasWith no new office space being delivered to the market,

and negative (67,165) square feet of net absorption, Salinas’s vacancy rate went from 8.5% to 9.3% in the quarter. Rental rates went from $20.79 to $20.93 during that time. At the end of the quarter, there was 141,226 square feet underway for future delivery.

Salt Lake CityThe Salt Lake City office market ended the quarter with

a vacancy rate of 6.7%. The vacancy rate was down over the

previous quarter, with net absorption totaling positive 135,271 square feet. Vacant sublease space increased to 201,515 square feet. Rental rates ended the fourth quarter at $18.25, an increase over the previous quarter. A total of one building with 50,805 square feet of space delivered to the market, with 942,754 square feet still under construction at the end of the quarter.

San AntonioThe San Antonio office market ended the quarter with

a vacancy rate of 10.4%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 116,935 square feet. Vacant sublease space increased to 157,945 square feet. Rental rates ended the fourth quarter at $19.59, a decrease over the previous quarter. A total of two buildings with 195,048 square feet of space delivered to the market, with 972,246 square feet still under construction at the end of the quarter.

San DiegoThe San Diego office market ended the quarter with a

vacancy rate of 11.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 886,295 square feet. Vacant sublease space increased to 1,001,935 square feet. Rental rates ended the fourth quarter at $28.16, an increase over the previous quarter. A total of one building with 410,000 square feet of space delivered to the market, with 906,936 square feet still under construction at the end of the quarter.

San FranciscoThe San Francisco office market ended the quarter with

a vacancy rate of 7.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 998,066 square feet. Vacant sublease space decreased to 1,115,736 square feet. Rental rates ended the fourth quarter at $45.84, an increase over the previous quarter. A total of three build-ings with 447,815 square feet of space delivered to the market, with 5,610,299 square feet still under construction at the end of the quarter.

San Luis Obispo/Paso RoblesWith no new office space being delivered to the market,

and negative (4,644) square feet of net absorption, San Luis Obispo/Paso Robles’s vacancy rate went from 3.7% to 3.8% in the quarter. Rental rates went from $17.74 to $17.92 during that time. At the end of the quarter, there was 39,000 square feet underway for future delivery.

Santa Barbara/Sta Maria/GoletaThe Santa Barbara/Sta Maria/Goleta office market

reported no new deliveries and no space under construction at the end of the fourth quarter 2014. With this limited con-struction activity, net absorption of positive 19,741 square feet






caused the vacancy rate to decrease from 4.9% to 4.8% in the quarter. Rental rates stood at $22.05.

Santa Cruz/WatsonvilleWith no new office space being delivered to the market,

and positive 25,151 square feet of net absorption, Santa Cruz/Watsonville’s vacancy rate went from 10.3% to 9.9% in the quarter. Rental rates went from $21.38 to $21.51 during that time. At the end of the quarter, there was 900 square feet underway for future delivery.

SavannahThe Savannah office market reported no new deliveries


Seattle/Puget SoundThe Seattle/Puget Sound office market ended the quar-

ter with a vacancy rate of 9.0%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 972,499 square feet. Vacant sublease space decreased to 748,454 square feet. Rental rates ended the fourth quarter at $29.13, an increase over the previous quarter. A total of one building with 380,000 square feet of space delivered to the market, with 5,988,383 square feet still under construction at the end of the quarter.

Shreveport/Bossier CityThe Shreveport/Bossier City office market reported no


South Bay/San JoseThe South Bay/San Jose office market ended the quar-

ter with a vacancy rate of 10.0%. The vacancy rate was up over the previous quarter, with net absorption totaling posi-tive 411,769 square feet. Vacant sublease space increased to 648,087 square feet. Rental rates ended the fourth quarter at $34.38, an increase over the previous quarter. A total of eight buildings with 901,750 square feet of space delivered to the market, with 7,550,883 square feet still under construction at the end of the quarter.

South Bend/MishawakaThe South Bend/Mishawaka office market reported no

new deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activ-ity, net absorption of negative (9,600) square feet caused the

vacancy rate to increase from 8.7% to 8.8% in the quarter. Rental rates stood at $14.24.

Southwest FloridaThe vacancy rate remained unchanged in Southwest

Florida in the fourth quarter. With 4,777 square feet in deliv-eries, and positive 6,972 square feet in net absorption, the vacancy rate held at 12.5%, the same rate reported in the previous quarter. The market had 311,157 square feet under construction at the end of the quarter, and rental rates stood at $15.86 per square foot.

SpokaneThe Spokane office market reported no new deliveries and

no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 7,218 square feet caused the vacancy rate to remain at 11.3% in the quarter. Rental rates stood at $15.20.

SpringfieldThe Springfield office market ended the quarter with a

vacancy rate of 9.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 106,399 square feet. Vacant sublease space decreased to 12,445 square feet. Rental rates ended the fourth quarter at $12.54, an increase over the previous quarter. A total of two buildings with 64,400 square feet of space delivered to the market, with 12,225 square feet still under construction at the end of the quarter.

St. LouisThe St. Louis office market ended the quarter with a

vacancy rate of 10.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,263,311 square feet. Vacant sublease space decreased to 113,034 square feet. Rental rates ended the fourth quarter at $18.02, an increase over the previous quarter. A total of one building with 405,000 square feet of space delivered to the market, with 5,000 square feet still under construction at the end of the quarter.

Stockton/ModestoWith no new office space being delivered to the market,

and positive 44,585 square feet of net absorption, Stockton/Modesto’s vacancy rate went from 12.4% to 12.2% in the quar-ter. Rental rates went from $14.87 to $14.84 during that time. At the end of the quarter, there was 6,048 square feet under-way for future delivery.

SyracuseThe Syracuse office market saw vacancies fall and rental

rates decrease from the third quarter 2014 to the fourth quar-ter 2014. The overall vacancy rate currently sits at 13.1%, from 13.2% in the previous quarter. Rental rates ended the quarter

Overview






at $13.85 per square foot, from $13.88 in the previous quarter. There was a total of 8,800 square feet that delivered in the quarter, with 23,546 square feet still under construction at the end of the quarter.

TallahasseeThe Tallahassee office market reported no new deliveries

and no space under construction at the end of the fourth quar-ter 2014. With this limited construction activity, net absorption of negative (67,868) square feet caused the vacancy rate to increase from 7.8% to 8.1% in the quarter. Rental rates stood at $15.07.

Tampa/St PetersburgThe Tampa/St Petersburg office market ended the quar-

ter with a vacancy rate of 11.5%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 700,854 square feet. Vacant sublease space increased to 417,148 square feet. Rental rates ended the fourth quarter at $18.81, an increase over the previous quarter. A total of two buildings with 34,558 square feet of space delivered to the market, with 54,400 square feet still under construction at the end of the quarter.

ToledoThe Toledo office market reported no new deliveries and


TucsonThe Tucson office market ended the quarter with a vacan-

cy rate of 12.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 121,856 square feet. Vacant sublease space increased to 87,913 square feet. Rental rates ended the fourth quarter at $18.37, a decrease over the previous quarter. A total of one building with 10,440 square feet of space delivered to the market, with 47,890 square feet still under construction at the end of the quarter.

TulsaThe Tulsa office market ended the quarter with a vacancy

rate of 11.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 81,849 square feet. Vacant sublease space decreased to 94,267 square feet. Rental rates ended the fourth quarter at $14.02, an increase over the previous quarter. A total of three buildings with 14,462 square feet of space delivered to the market, with 262,180 square feet still under construction at the end of the quarter.

Utica/RomeThe Utica/Rome office market reported no new deliver-


Visalia/PortervilleThe Visalia/Porterville office market reported no new


WashingtonThe Washington office market ended the quarter with

a vacancy rate of 14.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,130,309 square feet. Vacant sublease space decreased to 3,405,032 square feet. Rental rates ended the fourth quarter at $34.46, a decrease over the previous quarter. A total of seven buildings with 953,356 square feet of space delivered to the market, with 6,891,234 square feet still under construction at the end of the quarter.

West MichiganThe West Michigan office market saw vacancies fall and

rental rates increase from the third quarter 2014 to the fourth quarter 2014. The overall vacancy rate currently sits at 9.7%, from 10.0% in the previous quarter. Rental rates ended the quarter at $11.45 per square foot, from $11.22 in the previous quarter. There was a total of 8,400 square feet that delivered in the quarter, with 192,699 square feet still under construction at the end of the quarter.

Westchester/So ConnecticutThe Westchester/So Connecticut office market saw

vacancies fall and rental rates decrease from the third quarter 2014 to the fourth quarter 2014. The overall vacancy rate cur-rently sits at 12.9%, from 13.0% in the previous quarter. Rental rates ended the quarter at $28.28 per square foot, from $28.42 in the previous quarter. There was a total of 375,712 square feet that delivered in the quarter, with 1,012,300 square feet still under construction at the end of the quarter.

WichitaWith no new office space being delivered to the market,

and positive 39,962 square feet of net absorption, Wichita’s vacancy rate went from 7.4% to 7.3% in the quarter. Rental rates went from $12.47 to $12.90 during that time. At the end

Overview






of the quarter, there was 256,000 square feet underway for future delivery.

WilmingtonWith no new office space being delivered to the mar-

ket, and negative (15,764) square feet of net absorption, Wilmington’s vacancy rate went from 8.2% to 8.3% in the quarter. Rental rates went from $14.77 to $14.80 during that time. At the end of the quarter, there was 78,741 square feet underway for future delivery.

YakimaThe Yakima office market reported no new deliveries and

no space under construction at the end of the fourth quarter

2014. With this limited construction activity, net absorption of positive 5,536 square feet caused the vacancy rate to decrease from 6.0% to 5.8% in the quarter. Rental rates stood at $11.70.

Youngstown/Warren/BoardmanThe Youngstown/Warren/Boardman office market

reported no new deliveries and no space under construction at the end of the fourth quarter 2014. With this limited con-struction activity, net absorption of positive 28,208 square feet caused the vacancy rate to decrease from 7.3% to 7.1% in the quarter. Rental rates stood at $10.14.

Overview






Historical Deliveries 1983 - 2015

Source: CoStar Property® * Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction Square Footage

# Bldgs Preleased SF Preleased % All Existing U/CHouston 80 11,533,607 64.4% 42,831 223,785 Dallas/Ft Worth 86 5,091,436 65.7% 30,783 90,123 South Bay/San Jose 32 6,736,090 89.2% 24,251 235,965 Washington 34 3,420,054 49.6% 47,101 202,683 New York City 10 3,401,303 55.7% 145,028 610,362 Chicago 18 4,499,100 74.0% 35,432 337,824 Seattle/Puget Sound 17 2,425,014 40.5% 24,270 352,258 Boston 30 4,023,242 69.9% 29,242 191,820 San Francisco 17 3,763,832 67.1% 42,399 330,018 Austin 42 1,317,097 40.7% 20,601 77,034 Minneapolis 12 2,648,315 87.5% 31,014 252,251 Philadelphia 16 2,249,125 75.8% 19,228 185,375 Denver 28 1,171,275 39.9% 25,676 104,883 Phoenix 18 1,746,633 60.3% 19,887 161,019 Los Angeles 58 797,396 29.5% 23,994 46,591 Pittsburgh 15 1,307,246 56.2% 19,242 154,950 Raleigh/Durham 20 1,168,682 59.7% 20,236 97,855 Atlanta 8 1,423,720 73.1% 19,430 243,374 Cincinnati 9 1,260,643 69.9% 19,036 200,250 Northern New Jersey 14 951,236 84.5% 22,043 80,414 Long Island (New York) 14 767,991 69.3% 17,537 79,167 Cleveland 6 1,027,685 99.8% 20,588 171,622 Westchester/So Connecticut 11 926,340 91.5% 23,047 92,027 San Antonio 21 538,440 55.4% 20,298 46,297 Salt Lake City 11 172,128 18.3% 20,469 85,705 Baltimore 8 613,961 65.4% 21,914 117,345 San Diego 6 348,820 38.5% 21,174 151,156 Nashville 8 383,477 48.1% 18,052 99,742 Milwaukee 2 446,987 67.9% 21,687 329,108 Buffalo/Niagara Falls 4 534,200 83.0% 21,927 161,000 Las Vegas 18 214,109 34.8% 15,863 34,138 Miami-Dade County 13 383,918 63.6% 23,106 46,462 Orange County (California) 6 93,502 15.9% 25,232 97,901 Portland 9 286,883 49.3% 18,447 64,700 Charlotte 9 100,321 19.4% 18,710 57,487 Oklahoma City 21 384,139 75.1% 13,301 24,365 Kansas City 8 407,788 80.8% 26,544 63,084 Broward County 4 409,913 86.5% 16,919 118,472 Richmond VA 5 311,180 66.0% 19,732 94,312 Memphis 3 415,261 100.0% 18,061 138,420 Detroit 7 340,625 88.3% 21,430 55,121 Charleston/N Charleston 5 347,000 91.1% 8,915 76,171 Inland Empire (California) 6 328,615 88.0% 11,733 62,240 Omaha/Council Bluffs 4 260,347 81.4% 24,727 79,942 Totals 917 74,749,997 63.5% 20,783 128,337

Source: CoStar Property®

17,902,821

117,684,714

MarketUnder Construction Inventory Average Bldg Size

Total RBA

604,010

415,261 385,848 380,854

319,770 373,439

7,750,552 7,550,883 6,891,234 6,103,620

3,235,427 3,027,007 2,966,000

6,080,827 5,988,383 5,754,613 5,610,299

2,936,711 2,898,337 2,702,271

1,957,102 2,324,245

1,946,989 1,802,248 1,125,795

972,246

1,108,345 1,029,735 1,012,300

644,000 614,476

942,754

906,936 797,935 658,217

938,760

473,888 471,561

587,406 582,296 517,379

504,672 511,671

343.8

320.9

262.5

225.5243.0

206.9

122.8100.6

58.9 63.878.8

89.1

131.2

167.0

229.6222.0240.0

164.7

129.1122.8136.2

160.8174.1169.5

122.2

61.939.9 47.1 51.8 56.3

77.5

252.7

295.7

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

1983 1987 1991 1995 1999 2003 2007 2011 2015

Millions

SF

Deliveries Average Delivered SF

Inventory & development






Historical Construction Starts & Deliveries*Square Footage Per Quarter Starting and Completing Construction


Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project

Building Size # Bldgs RBA % Leased Avg Rate Single Tenant Multi-Tenant

< 50,000 SF 769 10,036,168 70.0% $26.37 2,637,994 7,398,174

50,000 SF - 99,999 SF 102 7,010,846 72.7% $27.47 2,214,390 4,796,456

100,000 SF - 249,999 SF 113 17,145,462 77.3% $29.16 5,062,351 12,083,111

250,000 SF - 499,999 SF 41 13,769,787 84.1% $43.18 6,443,591 7,326,196

>= 500,000 SF 10 8,384,399 81.3% $63.15 3,752,977 4,631,422


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Last 5 Years Preleased & Un-Leased SF in Properties Scheduled to Deliver

11,583,656

6,818,163

SF Leased

7,024,951

5,098,139

13,260,213

7.2 7.2

5.33.7

11.3

8.27.0

10.011.5

13.3

10.111.0

13.4

10.7

17.3

13.8

24.2

14.0

18.8

14.1

18.3

11.6

7.8 7.9

10.1

6.07.1

5.2

7.56.6

7.7

11.6

7.2

10.711.6 11.5 11.4

10.0 9.4

14.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2010 1q 2011 1q 2012 1q 2013 1q 2014 1q

Millions

SF

Construction Starts Deliveries

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2010 2011 2012 2013 2014

Millio

ns

SF

Leased Un-Leased

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2015 1q 2015 2q 2015 3q 2015 4q

Millio

ns

SF

Preleased Un-Leased







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Figures at a Glance

Class A Market Statistics Year-End 2014

YTD Net YTD Under Quoted

Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Albany/Schenect. 24 5,398,447 130,225 158,175 2.9% 27,563 0 0 $18.00

Albuquerque 26 4,566,245 921,938 957,713 21.0% (63,833) 0 0 $19.10

Anchorage 17 2,676,547 147,640 147,640 5.5% 56,468 100,000 0 $37.01

Asheville 12 759,270 44,686 44,686 5.9% (17,182) 0 0 $22.51

Atlanta 522 121,429,528 16,486,351 17,416,870 14.3% 2,666,785 1,343,420 1,863,000 $23.69

Augusta/Richmon 11 733,802 88,135 88,135 12.0% (32,978) 0 0 $17.61

Austin 232 31,810,699 2,813,791 3,287,260 10.3% 765,751 545,632 2,680,087 $32.79

Bakersfield 18 1,404,241 96,596 99,596 7.1% 7,068 0 0 $23.37

Baltimore 375 45,763,704 5,290,154 5,789,340 12.7% 1,164,627 626,170 893,760 $23.51

Baton Rouge 16 2,568,610 158,911 202,329 7.9% 158,492 0 229,000 $23.26

Beaumont/Port A. 4 747,240 67,602 69,897 9.4% 44,640 0 0 $16.52

Birmingham 78 12,523,146 779,265 1,099,598 8.8% 66,139 57,000 0 $20.14

Boise City/Namp. 21 4,576,749 590,107 606,420 13.3% (100,124) 64,419 115,376 $20.62

Boston 755 145,621,146 13,532,348 15,250,173 10.5% 2,797,473 2,189,719 4,493,926 $25.15

Bremerton/Silve. 2 108,049 2,442 2,442 2.3% 0 0 0 $28.94

Broward County 119 15,668,248 2,174,274 2,280,356 14.6% 512,378 0 458,670 $29.35

Brownsville/Har. 2 124,752 49,409 49,409 39.6% (8,599) 0 0 $18.63

Buffalo/Niagara. 63 9,784,957 1,313,140 1,327,223 13.6% 32,374 139,000 613,000 $18.08

Charleston WV 8 921,367 61,275 61,275 6.7% (10,152) 0 0 $20.48

Charleston/N Ch. 78 5,103,807 524,464 527,308 10.3% 143,006 100,000 374,000 $24.18

Charlotte 229 36,866,639 3,558,579 3,682,173 10.0% 860,389 276,530 417,342 $23.77

Chattanooga 17 2,592,792 336,899 367,121 14.2% (28,103) 0 0 $20.84

Chicago 573 172,153,476 24,686,818 26,476,605 15.4% 837,168 232,286 5,402,908 $26.79

Cincinnati 169 27,980,663 3,884,040 4,067,029 14.5% 533,517 183,576 1,696,248 $18.06

Cleveland 145 25,026,897 2,763,253 2,845,163 11.4% 110,378 27,000 660,000 $22.20

Colorado Spring. 48 5,514,127 569,693 581,897 10.6% (18,436) 0 0 $21.39

Columbia 25 2,998,646 337,308 352,744 11.8% 68,936 60,000 0 $18.58

Columbus 164 27,407,870 3,221,513 3,302,621 12.0% (122,357) 329,000 78,000 $18.45

Columbus GA 8 601,939 3,750 3,750 0.6% (3,750) 0 0 $12.00

Corpus Christi 3 938,444 137,344 139,636 14.9% (13,076) 0 0 $19.88

Dallas/Ft Worth 495 132,766,283 19,208,369 20,440,379 15.4% 2,806,695 2,514,920 6,072,847 $25.01

Davenport/Molin. 4 228,329 52,623 52,623 23.0% 7,362 0 0 $19.49

Dayton 57 5,966,161 1,057,526 1,093,663 18.3% 132,118 0 49,500 $19.30

Deltona/Daytona. 5 443,784 45,482 56,933 12.8% (13,129) 0 0 $18.00

Denver 324 61,645,330 6,489,601 7,217,503 11.7% 674,938 975,126 2,300,600 $28.83

Des Moines 50 11,869,944 728,423 768,923 6.5% 65,217 21,669 30,000 $16.66

Detroit 211 45,759,743 6,403,403 6,536,879 14.3% 508,312 56,820 340,000 $20.51

Duluth 9 949,127 18,750 18,750 2.0% 24,866 0 0 $23.12

East Bay/Oaklan. 106 26,683,237 3,564,719 3,780,473 14.2% (757,226) 0 0 $31.19

El Paso 5 1,199,826 113,715 113,715 9.5% 8,256 0 0 $16.00

Erie 4 645,764 21,125 21,125 3.3% 656 0 0 $9.70

Evansville 14 2,071,277 228,489 228,489 11.0% (5,397) 0 0 $18.12

Fayetteville 8 444,503 39,905 39,905 9.0% 11,252 20,001 0 $21.43

Fayetteville/Sp. 21 1,765,741 233,021 233,021 13.2% (26,936) 0 0 $18.20

Fort Smith 0 0 0 0 0.0% 0 0 0 $0.00

Fort Wayne 17 1,625,707 238,415 238,415 14.7% (3,894) 0 116,600 $15.60

Fresno 23 2,496,729 312,673 316,060 12.7% (24,691) 0 0 $24.84

Green Bay 11 1,204,643 152,479 152,479 12.7% 61,885 0 0 $15.35


Existing Inventory Vacancy






Figures at a Glance




Greensboro/Wins. 64 8,378,760 1,103,482 1,210,214 14.4% (202,359) 236,965 43,000 $19.02

Greenville/Spar. 64 6,285,465 579,778 599,778 9.5% 150,849 220,000 152,000 $21.32

Hampton Roads 138 13,317,118 1,622,877 1,648,801 12.4% 39,881 261,600 25,000 $21.08

Hartford 73 19,227,527 2,014,400 2,058,791 10.7% 480,771 65,000 0 $21.76

Hawaii 47 9,870,239 889,156 922,590 9.3% (191,467) 0 0 $34.21

Houston 384 119,073,675 10,220,898 11,349,320 9.5% 6,096,330 6,531,189 15,325,549 $34.51

Huntington/Ashl. 6 452,628 59,285 59,285 13.1% 3,000 0 0 $15.65

Huntsville 17 1,787,882 35,805 59,162 3.3% 601,124 575,465 141,256 $17.82

Indianapolis 162 25,360,013 2,807,978 2,871,182 11.3% 229,992 132,991 150,000 $19.11

Inland Empire (. 91 7,979,339 1,009,709 1,023,194 12.8% 396,409 123,307 66,510 $25.07

Jackson 43 5,582,538 698,301 717,934 12.9% 38,854 0 117,500 $19.50

Jacksonville (F. 93 16,667,625 1,786,127 1,815,053 10.9% 62,804 0 234,041 $20.19

Kansas City 165 29,329,557 3,444,902 3,702,821 12.6% 952,912 645,000 405,500 $20.01

Killeen/Temple/. 1 60,000 0 0 0.0% 10,827 0 0 $19.35

Kingsport/Brist. 2 198,000 7,472 7,472 3.8% 0 0 0 $16.50

Knoxville 34 4,360,825 595,854 664,677 15.2% 167,963 40,000 0 $17.06

Lafayette 3 138,335 5,000 5,000 3.6% 0 0 0 $16.00

Las Vegas 85 9,745,820 1,989,485 2,018,697 20.7% 365,081 190,886 397,966 $27.11

Lexington/Fayet. 71 4,240,349 454,825 494,487 11.7% (42,502) 0 94,234 $18.76

Lincoln 11 2,359,007 101,222 101,222 4.3% 28,276 0 0 $15.72

Little Rock/N L. 20 3,103,787 146,522 151,030 4.9% (44,736) 0 0 $17.08

Long Island (Ne. 200 43,229,347 3,482,874 3,904,162 9.0% (128,243) 120,000 632,822 $31.92

Los Angeles 983 181,765,968 25,956,410 26,785,524 14.7% 1,918,477 130,697 1,882,063 $33.26

Louisville 98 10,876,585 1,148,722 1,180,305 10.9% 353,319 344,483 45,000 $20.46

Lubbock 6 511,814 34,404 34,404 6.7% 532 0 46,000 $18.68

Madison 61 6,712,698 627,705 633,203 9.4% (114,670) 0 0 $17.63

Marin/Sonoma 38 3,012,772 438,293 702,840 23.3% 22,246 0 0 $27.14

McAllen/Edinbur. 2 210,566 15,505 15,505 7.4% (9,913) 0 0 $22.78

Memphis 88 11,620,569 1,114,058 1,154,267 9.9% 168,589 0 280,144 $19.47

Miami-Dade Coun 148 27,177,402 3,880,936 3,925,098 14.4% 746,939 40,724 467,587 $36.67

Milwaukee 85 12,865,282 1,078,618 1,132,119 8.8% 316,973 137,000 658,217 $20.00

Minneapolis 150 48,878,999 3,722,238 3,879,957 7.9% 1,525,178 1,456,701 2,646,300 $24.98

Mobile 11 1,452,503 174,366 183,756 12.7% (13,444) 0 0 $15.90

Montgomery 22 3,481,132 223,869 234,681 6.7% 73,410 0 0 $18.55

Myrtle Beach/Co. 6 455,213 32,325 32,325 7.1% 1,500 0 0 $15.08

Nashville 136 21,237,065 1,137,549 1,284,594 6.0% 777,949 766,751 721,335 $25.36

New Orleans/Met. 30 12,311,026 960,415 1,004,643 8.2% 130,918 55,000 35,000 $18.32

New York City 456 322,334,286 26,610,830 29,544,603 9.2% 5,770,514 3,038,168 5,943,261 $59.16

Northern New Je. 908 158,455,079 25,003,438 26,117,006 16.5% 2,396,191 1,310,968 859,100 $27.33

Ocala 2 115,960 14,846 14,846 12.8% (1,096) 0 0 $12.00

Oklahoma City 37 7,558,754 446,340 475,401 6.3% 70,837 0 220,249 $20.33

Olympia 3 525,759 13,000 13,000 2.5% 966 0 0 $0.00

Omaha/Council B. 71 10,969,348 600,247 691,490 6.3% 295,549 347,819 319,770 $19.81

Orange County (. 279 44,984,418 5,916,759 6,189,755 13.8% 985,855 814,761 542,595 $28.07

Orlando 198 25,804,434 3,707,233 3,807,788 14.8% 140,972 82,900 80,000 $21.71

Palm Beach Coun. 122 13,563,055 2,129,255 2,176,330 16.0% 485,773 99,691 31,581 $32.21

Pensacola 7 360,157 22,338 22,338 6.2% 11,913 0 0 $20.63

Peoria 9 1,062,760 51,080 51,080 4.8% (5,020) 0 0 $14.44








Figures at a Glance




Philadelphia 967 129,738,709 14,714,342 15,385,152 11.9% 1,368,465 678,192 2,641,832 $25.85

Phoenix 260 42,491,895 6,716,621 7,035,194 16.6% 1,457,445 609,704 2,231,418 $24.92

Pittsburgh 206 35,132,215 2,404,348 2,658,583 7.6% 257,551 730,245 2,151,090 $26.56

Port St Lucie/F. 19 881,408 193,765 193,765 22.0% 42,783 0 0 $18.71

Portland 193 28,025,417 2,478,518 2,681,118 9.6% 120,157 0 417,051 $25.17

Portland/South . 28 3,106,913 161,112 168,369 5.4% 16,036 0 75,000 $18.38

Providence 31 6,451,091 951,232 963,847 14.9% 51,134 45,500 56,000 $19.73

Raleigh/Durham 312 32,746,072 2,551,206 2,738,085 8.4% 1,208,906 979,021 1,810,543 $23.17

Reno/Sparks 20 1,549,319 197,530 218,248 14.1% 4,672 0 0 $21.19

Richmond VA 148 20,117,735 1,450,633 1,916,364 9.5% 164,018 106,662 468,158 $20.42

Roanoke 7 877,569 104,832 104,832 11.9% 1,917 0 0 $20.86

Rochester 50 7,208,717 899,647 940,347 13.0% 3,965 0 0 $15.40

Sacramento 200 27,143,275 3,211,039 3,324,466 12.2% 337,084 0 0 $25.04

Salinas 0 0 0 0 0.0% 0 0 0 $0.00

Salt Lake City 186 21,835,458 1,440,130 1,541,172 7.1% 979,168 1,027,778 876,968 $24.69

San Antonio 90 12,819,269 1,656,371 1,742,609 13.6% 327,021 174,015 588,681 $23.62

San Diego 261 33,414,062 2,712,951 3,271,321 9.8% 1,047,693 824,575 878,116 $35.93

San Francisco 292 74,198,289 5,275,765 5,904,095 8.0% 2,110,522 414,235 4,393,781 $49.27

San Luis Obispo. 0 0 0 0 0.0% 0 0 0 $0.00

Santa Barbara/S. 2 102,200 3,653 3,653 3.6% 20,197 0 0 $0.00

Santa Cruz/Wats. 0 0 0 0 0.0% 0 0 0 $0.00

Savannah 10 444,154 27,302 29,999 6.8% (725) 0 0 $21.97

Seattle/Puget S. 272 58,373,864 5,303,669 5,721,704 9.8% 1,345,182 515,000 5,964,248 $36.82

Shreveport/Boss. 4 505,619 61,125 61,909 12.2% 23,134 0 0 $14.76

South Bay/San J. 121 23,913,089 2,802,420 2,967,215 12.4% 733,464 1,009,679 6,828,109 $39.79

South Bend/Mish. 14 1,133,555 184,942 195,971 17.3% (16,285) 0 0 $18.72

Southwest Flori. 68 3,646,727 611,257 618,757 17.0% 30,940 0 0 $20.90

Spokane 10 1,358,695 263,994 265,979 19.6% 7,656 0 0 $20.18

Springfield 9 903,702 42,367 42,367 4.7% 24,273 0 0 $16.65

St. Louis 248 40,468,087 3,352,644 3,438,159 8.5% 923,231 405,000 0 $21.76

Stockton/Modest. 19 1,942,236 432,464 440,521 22.7% 242 0 0 $23.15

Syracuse 17 3,022,613 282,812 299,460 9.9% (22,140) 0 0 $16.89

Tallahassee 13 1,324,325 79,872 79,872 6.0% 37,504 40,742 0 $23.20

Tampa/St Peters. 223 33,571,985 3,641,243 3,858,779 11.5% 581,380 110,000 0 $24.24

Toledo 14 3,071,941 442,981 442,981 14.4% 81,533 81,643 0 $18.12

Tucson 20 2,615,671 264,075 264,075 10.1% 55,612 0 0 $21.01

Tulsa 23 7,321,139 651,954 720,113 9.8% 243,320 0 78,992 $17.19

Utica/Rome 1 126,676 0 0 0.0% 0 0 0 $0.00

Visalia/Porterv. 0 0 0 0 0.0% 0 0 0 $0.00

Washington 1,355 257,868,005 37,790,682 40,443,667 15.7% 1,664,558 4,001,280 6,422,533 $38.42

West Michigan 85 8,644,648 402,038 406,508 4.7% 207,492 0 188,562 $18.43

Westchester/So . 399 63,906,383 9,182,811 9,503,625 14.9% 847,006 650,000 918,000 $34.11

Wichita 11 1,485,051 166,883 166,883 11.2% (97,939) 0 210,000 $17.22

Wilmington 17 1,132,440 128,530 168,102 14.8% (10,201) 0 51,050 $18.82

Yakima 0 0 0 0 0.0% 0 0 0 $0.00

Youngstown/Warr 7 442,838 54,059 54,059 12.2% 25,203 0 0 $9.64

Totals 17,090 3,266,252,671 375,091,218 400,247,574 12.3% 55,174,243 40,033,625 98,698,576 $28.68








Figures at a Glance

Class B Market Statistics Year-End 2014



Albany/Schenect. 1,687 42,311,163 3,394,437 3,452,635 8.2% 90,921 199,400 6,447 $14.80

Albuquerque 1,625 24,821,752 2,559,949 2,616,297 10.5% (9,968) 93,700 0 $14.96

Anchorage 269 8,299,209 437,975 442,955 5.3% (48,274) 0 118,861 $28.67

Asheville 799 8,157,709 522,538 525,631 6.4% 121,685 138,133 84,000 $15.86

Atlanta 5,697 126,879,552 18,558,584 19,088,737 15.0% 1,540,453 155,298 83,989 $16.64

Augusta/Richmon 728 8,500,231 810,490 810,490 9.5% (23,768) 8,849 79,000 $14.20

Austin 1,935 41,894,336 3,346,454 3,608,641 8.6% 746,867 409,082 555,340 $24.20

Bakersfield 478 7,370,909 527,874 527,874 7.2% (1,058) 8,984 71,186 $17.93

Baltimore 2,685 63,909,966 7,014,880 7,173,925 11.2% 125,641 231,857 45,000 $20.55

Baton Rouge 548 7,639,923 913,674 939,547 12.3% 211,770 72,721 5,930 $16.37

Beaumont/Port A. 114 2,608,148 99,008 104,508 4.0% 24,537 20,850 0 $14.33

Birmingham 797 20,215,664 1,690,658 1,738,671 8.6% 147,730 86,000 0 $16.34

Boise City/Namp. 1,127 17,456,582 1,927,361 2,045,712 11.7% 471,844 13,770 13,054 $14.44

Boston 4,397 155,490,086 15,553,413 16,043,556 10.3% 337,068 175,397 1,260,687 $20.64

Bremerton/Silve. 150 2,263,319 247,078 248,893 11.0% 22,648 10,000 10,687 $19.07

Broward County 1,165 32,227,837 4,205,154 4,239,868 13.2% 233,775 25,018 15,218 $22.17

Brownsville/Har. 182 2,245,437 179,273 181,873 8.1% 62,691 0 0 $14.54

Buffalo/Niagara. 792 20,102,593 1,803,847 1,871,103 9.3% 176,720 186,890 31,000 $13.94

Charleston WV 566 8,695,966 618,301 620,601 7.1% (140,806) 0 0 $16.39

Charleston/N Ch. 1,280 13,612,046 1,142,202 1,161,459 8.5% 155,567 78,327 6,854 $17.74

Charlotte 1,992 43,964,915 4,899,057 4,960,686 11.3% 624,901 227,739 100,037 $18.68

Chattanooga 308 9,369,544 797,551 830,284 8.9% 89,959 19,326 76,496 $14.88

Chicago 6,189 208,515,160 26,280,833 27,562,993 13.2% 1,634,416 352,232 677,919 $20.48

Cincinnati 994 35,431,888 5,057,548 5,160,366 14.6% 106,935 72,000 106,000 $14.48

Cleveland 2,146 74,652,899 9,127,170 9,287,382 12.4% 615,608 380,649 369,735 $16.48

Colorado Spring. 937 18,814,435 2,446,647 2,480,710 13.2% 41,664 46,022 0 $16.51

Columbia 1,450 22,230,251 1,748,423 1,774,324 8.0% 70,932 3,336 64,558 $14.18

Columbus 1,135 38,799,331 3,030,172 3,065,457 7.9% 510,465 69,891 67,162 $15.78

Columbus GA 358 5,319,672 383,883 386,948 7.3% (118,345) 8,911 0 $12.48

Corpus Christi 364 6,556,892 557,521 574,344 8.8% 32,992 0 0 $13.93

Dallas/Ft Worth 4,990 162,267,695 22,631,118 23,915,792 14.7% 3,390,797 1,302,384 1,677,705 $19.01

Davenport/Molin. 229 4,311,187 550,954 550,954 12.8% 27,172 0 0 $10.70

Dayton 463 13,169,115 2,604,401 2,631,769 20.0% (11,918) 0 0 $15.08

Deltona/Daytona. 950 7,704,284 622,269 631,223 8.2% 18,039 5,240 0 $12.95

Denver 3,837 102,790,543 10,460,837 10,884,766 10.6% 2,155,920 513,303 636,111 $20.26

Des Moines 678 18,512,926 1,185,025 1,194,724 6.5% 533,250 31,117 268,829 $13.29

Detroit 3,081 103,866,146 19,166,805 19,283,868 18.6% 702,522 42,728 45,848 $17.45

Duluth 72 3,026,996 84,630 84,630 2.8% 2,959 0 0 $13.12

East Bay/Oaklan. 1,840 57,236,602 7,008,706 7,223,566 12.6% 375,203 2,000 10,000 $22.91

El Paso 506 8,067,293 507,237 517,937 6.4% 123,751 70,042 26,500 $18.04

Erie 355 5,575,613 200,781 200,781 3.6% 7,796 0 0 $11.27

Evansville 418 5,629,307 467,517 467,517 8.3% (2,803) 12,000 0 $11.30

Fayetteville 507 4,108,347 392,117 392,117 9.5% (26,446) 12,400 51,510 $15.69

Fayetteville/Sp. 535 8,221,934 848,670 868,135 10.6% 195,760 60,150 22,306 $14.67

Fort Smith 292 3,302,351 121,580 127,236 3.9% 33,883 8,000 0 $10.94

Fort Wayne 414 9,273,479 803,984 896,592 9.7% 56,491 0 0 $13.24

Fresno 872 13,341,521 1,923,657 1,934,046 14.5% 80,799 16,714 45,195 $17.53

Green Bay 546 10,339,032 1,178,979 1,181,854 11.4% 2,909 0 0 $11.90








Figures at a Glance




Greensboro/Wins. 1,036 27,109,546 3,097,125 3,149,053 11.6% 10,842 67,000 50,000 $14.06

Greenville/Spar. 1,844 19,765,024 1,859,626 1,867,867 9.5% (178,033) 28,949 92,791 $14.00

Hampton Roads 1,551 26,248,257 3,262,883 3,333,856 12.7% 90,025 117,039 85,115 $15.62

Hartford 1,353 37,961,270 3,424,680 3,604,715 9.5% 516,051 179,744 5,928 $17.86

Hawaii 414 15,860,270 570,085 575,920 3.6% 18,886 0 6,767 $27.87

Houston 2,716 121,467,965 14,444,950 15,067,432 12.4% 1,462,867 1,045,604 2,577,272 $21.35

Huntington/Ashl. 592 5,576,180 253,026 253,026 4.5% 4,301 0 0 $10.37

Huntsville 431 12,606,040 1,353,164 1,442,472 11.4% 133,063 10,000 0 $14.61

Indianapolis 2,474 53,025,757 3,749,620 3,863,756 7.3% 66,049 5,974 85,847 $16.30

Inland Empire (. 3,001 43,591,162 5,079,496 5,129,635 11.8% 780,197 229,313 306,929 $19.37

Jackson 779 12,090,417 773,873 788,323 6.5% 68,580 0 0 $14.60

Jacksonville (F. 1,709 30,670,496 3,713,931 3,842,002 12.5% 484,623 25,151 0 $17.31

Kansas City 1,859 62,167,550 6,692,941 6,787,449 10.9% 700,251 152,365 99,172 $16.71

Killeen/Temple/. 128 1,490,125 122,276 126,556 8.5% (12,751) 12,562 0 $14.36

Kingsport/Brist. 167 3,134,081 274,948 274,948 8.8% (21,919) 0 0 $13.77

Knoxville 659 12,944,661 1,312,906 1,357,575 10.5% 140,184 7,500 2,400 $15.38

Lafayette 132 3,546,990 247,762 258,951 7.3% (5,040) 6,438 0 $16.37

Las Vegas 2,254 43,261,092 7,024,537 7,270,356 16.8% 450,014 10,000 216,510 $17.77

Lexington/Fayet. 532 9,606,306 1,159,471 1,215,118 12.6% 30,313 0 0 $14.83

Lincoln 526 11,565,997 715,807 722,156 6.2% 129,850 92,990 0 $13.37

Little Rock/N L. 311 10,590,000 777,205 797,127 7.5% (5,728) 103,861 26,000 $16.44

Long Island (Ne. 4,010 80,200,846 7,286,653 7,360,300 9.2% (788,156) 108,498 475,523 $25.51

Los Angeles 5,590 156,446,104 17,064,928 17,308,342 11.1% 1,047,263 513,693 820,208 $27.13

Louisville 1,171 24,912,814 2,830,418 2,850,238 11.4% 94,723 138,689 63,600 $15.13

Lubbock 214 4,756,234 402,085 402,085 8.5% 22,628 10,430 0 $15.47

Madison 806 21,077,515 1,640,707 1,711,491 8.1% 55,024 17,375 0 $15.20

Marin/Sonoma 992 17,826,611 2,343,087 2,384,329 13.4% (84,848) 18,824 184,285 $25.18

McAllen/Edinbur. 350 5,467,264 480,786 480,786 8.8% (7,050) 30,000 0 $14.45

Memphis 1,230 26,987,009 3,309,503 3,376,042 12.5% 320,968 23,470 135,117 $16.37

Miami-Dade Coun 1,118 45,317,714 5,718,253 5,848,147 12.9% 369,057 80,000 136,423 $26.16

Milwaukee 1,458 48,192,352 5,119,767 5,314,378 11.0% (171,894) 57,079 0 $15.11

Minneapolis 2,042 98,524,849 9,954,906 10,040,356 10.2% 316,066 98,234 380,707 $17.00

Mobile 834 9,690,262 774,680 778,560 8.0% 91,536 0 0 $12.15

Montgomery 457 7,012,308 799,225 823,380 11.7% 83,188 4,200 0 $12.43

Myrtle Beach/Co. 272 3,156,105 252,750 252,750 8.0% (20,545) 0 0 $13.35

Nashville 1,340 35,861,921 2,924,461 2,992,141 8.3% 591,648 24,800 76,600 $19.49

New Orleans/Met. 620 16,020,529 2,408,022 2,444,421 15.3% 133,584 27,200 11,300 $15.86

New York City 1,384 162,293,177 9,237,581 10,066,573 6.2% 996,915 80,500 160,359 $55.22

Northern New Je. 5,034 119,172,662 16,367,954 16,985,887 14.3% 662,280 126,085 266,695 $21.74

Ocala 129 1,271,182 145,505 149,754 11.8% (6,129) 0 0 $13.84

Oklahoma City 1,554 30,193,728 2,311,870 2,345,673 7.8% 342,233 267,899 291,422 $15.40

Olympia 423 6,267,455 685,900 688,672 11.0% (5,987) 0 0 $17.06

Omaha/Council B. 813 25,460,797 1,966,462 1,994,142 7.8% 168,438 44,863 0 $16.74

Orange County (. 2,985 85,951,744 8,423,053 8,668,775 10.1% 1,660,414 549,771 44,811 $23.44

Orlando 2,846 47,747,451 5,581,334 5,669,976 11.9% 461,794 349,766 133,536 $18.19

Palm Beach Coun. 1,096 29,237,298 4,861,245 4,893,524 16.7% 360,903 145,332 24,009 $24.38

Pensacola 601 6,368,016 386,078 386,078 6.1% 208,418 85,400 0 $13.98

Peoria 258 6,852,959 458,176 458,176 6.7% 39,430 0 0 $13.25








Figures at a Glance




Philadelphia 7,818 175,981,677 19,562,379 20,149,323 11.4% (246,999) 462,280 324,168 $19.97

Phoenix 4,483 96,253,245 17,041,329 17,375,957 18.1% 1,296,407 482,887 666,919 $20.21

Pittsburgh 2,213 61,005,260 5,236,806 5,285,226 8.7% 779,502 726,168 173,155 $18.57

Port St Lucie/F. 436 5,763,712 715,367 715,367 12.4% 164,414 0 21,000 $13.22

Portland 1,468 43,634,742 3,639,900 3,694,193 8.5% 748,110 120,938 165,245 $19.50

Portland/South . 431 10,424,967 832,992 834,582 8.0% (174,625) 0 42,564 $15.16

Providence 641 18,070,948 1,415,109 1,440,119 8.0% 56,941 74,412 135,436 $18.25

Raleigh/Durham 2,098 46,001,447 5,453,528 5,544,283 12.1% 1,112,000 456,981 146,559 $18.19

Reno/Sparks 731 10,096,134 1,317,565 1,389,044 13.8% 14,939 5,661 0 $17.67

Richmond VA 1,221 27,725,228 3,080,341 3,109,072 11.2% 307,658 121,139 3,403 $15.73

Roanoke 266 6,572,932 586,850 611,004 9.3% 39,946 0 2,100 $14.66

Rochester 692 24,401,882 2,237,779 2,251,857 9.2% 245,303 123,276 0 $12.75

Sacramento 1,837 47,576,352 6,923,058 6,995,304 14.7% 850,496 216,926 6,092 $19.95

Salinas 254 4,446,169 358,242 560,600 12.6% (64,992) 2,975 141,226 $21.67

Salt Lake City 2,648 56,380,192 3,657,179 3,749,692 6.7% 376,611 219,958 65,786 $15.97

San Antonio 1,452 42,123,281 4,404,810 4,468,517 10.6% 817,778 633,053 383,565 $18.76

San Diego 1,901 54,880,739 7,196,674 7,630,936 13.9% 288,125 53,717 28,820 $26.31

San Francisco 1,422 63,608,049 4,767,806 5,224,255 8.2% 1,334,744 564,800 1,216,518 $43.98

San Luis Obispo. 153 1,749,492 86,648 86,648 5.0% 18,736 0 39,000 $19.95

Santa Barbara/S. 1,147 10,172,279 405,566 410,892 4.0% 260,719 150,000 0 $24.70

Santa Cruz/Wats. 411 4,591,176 682,394 683,994 14.9% 105,049 5,021 900 $22.19

Savannah 489 5,800,186 494,206 500,586 8.6% (24,802) 33,464 0 $17.18

Seattle/Puget S. 2,982 96,588,158 8,813,145 9,129,236 9.5% 1,162,167 14,400 24,135 $25.18

Shreveport/Boss. 100 2,635,436 285,870 351,549 13.3% 2,845 9,167 0 $13.51

South Bay/San J. 1,742 62,555,934 6,096,369 6,509,775 10.4% 447,327 609,665 722,774 $32.54

South Bend/Mish. 200 3,583,646 443,829 443,829 12.4% 84,351 18,974 0 $14.22

Southwest Flori. 1,672 19,605,314 2,506,717 2,527,498 12.9% 264,671 32,357 311,157 $15.72

Spokane 999 16,059,281 1,855,641 1,891,351 11.8% (41,281) 184,000 0 $14.95

Springfield 405 5,681,027 539,511 551,956 9.7% 68,301 70,400 12,225 $12.89

St. Louis 2,020 59,381,322 7,423,053 7,447,702 12.5% 372,760 26,734 5,000 $16.94

Stockton/Modest. 629 9,251,922 1,133,499 1,146,250 12.4% 147,313 0 6,048 $14.77

Syracuse 723 17,660,292 2,674,523 2,715,418 15.4% (69,352) 20,800 23,546 $13.72

Tallahassee 1,517 17,582,862 1,533,267 1,551,538 8.8% (18,538) 8,266 0 $14.99

Tampa/St Peters. 4,688 64,952,126 8,467,343 8,626,974 13.3% 739,688 58,372 54,400 $18.12

Toledo 500 10,730,094 1,055,893 1,070,309 10.0% 137,306 10,000 0 $11.18

Tucson 1,241 16,612,252 2,312,720 2,387,921 14.4% 95,956 104,432 47,890 $18.57

Tulsa 816 30,251,244 3,947,397 3,961,300 13.1% 396,554 177,893 183,188 $13.75

Utica/Rome 260 5,604,184 371,274 371,274 6.6% 26,524 0 0 $10.89

Visalia/Porterv. 146 1,270,491 155,564 159,074 12.5% 49,055 34,067 0 $17.19

Washington 4,425 172,520,757 24,172,175 24,885,049 14.4% (750,696) 196,047 468,701 $29.63

West Michigan 2,025 40,840,744 4,494,707 4,546,799 11.1% 749,546 155,432 4,137 $11.44

Westchester/So . 2,145 61,214,905 8,155,281 8,202,871 13.4% (115,933) 37,788 94,300 $25.37

Wichita 640 13,844,100 979,130 1,001,689 7.2% (716) 0 46,000 $13.69

Wilmington 598 7,131,914 674,825 678,834 9.5% 90,606 7,529 27,691 $14.91

Yakima 423 3,357,991 191,995 199,501 5.9% (35,198) 0 0 $11.79

Youngstown/Warr 432 5,772,305 544,535 551,735 9.6% 16,472 16,000 0 $10.50

Totals 193,114 4,867,596,268 543,211,714 558,538,129 11.5% 39,451,968 16,313,037 18,986,138 $20.26








Figures at a Glance

Class C Market Statistics Year-End 2014



Albany/Schenect. 2,176 15,114,314 1,062,567 1,063,224 7.0% 26,298 0 0 $11.49

Albuquerque 1,358 7,838,414 756,654 761,509 9.7% 129,887 0 0 $11.74

Anchorage 323 2,524,996 128,097 131,730 5.2% 33,018 0 0 $21.07

Asheville 363 2,448,655 170,571 193,837 7.9% 63,512 0 0 $16.39

Atlanta 9,405 55,268,373 6,610,200 6,637,257 12.0% 497,908 0 0 $14.16

Augusta/Richmon 894 3,781,394 284,354 284,354 7.5% 55,374 0 0 $11.83

Austin 2,158 15,392,913 743,140 745,674 4.8% 97,890 0 0 $20.51

Bakersfield 580 3,709,183 204,223 204,223 5.5% (27,526) 0 0 $12.51

Baltimore 3,169 26,825,944 2,308,543 2,313,527 8.6% 105,593 0 0 $17.68

Baton Rouge 1,649 11,588,421 1,107,663 1,139,639 9.8% 247,459 0 0 $13.27

Beaumont/Port A. 600 4,310,839 196,352 196,352 4.6% 67,409 0 0 $12.90

Birmingham 2,861 23,022,322 2,552,239 2,560,031 11.1% 82,166 0 0 $13.93

Boise City/Namp. 1,703 6,748,772 526,875 526,875 7.8% 185,867 0 0 $12.00

Boston 8,131 87,307,154 4,570,085 4,626,600 5.3% 237,653 0 0 $17.31

Bremerton/Silve. 335 2,458,336 168,124 180,367 7.3% 70,325 0 0 $13.57

Broward County 2,800 21,201,413 1,643,536 1,653,146 7.8% (68,416) 0 0 $19.42

Brownsville/Har. 123 871,561 82,025 82,025 9.4% 15,184 0 0 $9.86

Buffalo/Niagara. 840 7,278,952 624,581 624,581 8.6% (94,299) 0 0 $10.34

Charleston WV 402 2,622,770 229,066 234,416 8.9% (24,221) 0 0 $12.57

Charleston/N Ch. 1,598 7,636,426 231,351 231,351 3.0% 22,965 0 0 $14.69

Charlotte 3,129 19,265,953 1,256,270 1,267,976 6.6% 201,570 0 0 $14.37

Chattanooga 633 4,426,173 294,352 294,352 6.7% 110,567 0 0 $10.84

Chicago 6,204 78,739,917 8,797,453 8,921,153 11.3% 249,542 0 0 $17.21

Cincinnati 3,874 32,471,133 2,743,450 2,754,956 8.5% 191,583 0 0 $13.01

Cleveland 4,715 44,560,953 4,976,105 5,014,086 11.3% (5,330) 0 0 $13.34

Colorado Spring. 729 4,045,010 345,932 348,632 8.6% (56,088) 0 0 $11.36

Columbia 1,211 5,723,616 540,632 540,632 9.4% (12,040) 0 0 $11.56

Columbus 2,938 30,102,020 2,192,455 2,216,878 7.4% 162,681 0 0 $14.29

Columbus GA 486 2,293,849 344,554 366,113 16.0% (29,836) 0 0 $10.70

Corpus Christi 278 2,290,582 252,721 257,530 11.2% 20,364 0 0 $11.39

Dallas/Ft Worth 5,589 45,855,685 4,400,603 4,420,984 9.6% (8,669) 0 0 $15.97

Davenport/Molin. 211 2,556,606 299,539 299,539 11.7% 2,668 0 0 $10.26

Dayton 2,484 22,779,179 2,600,856 2,602,411 11.4% 112,214 0 0 $11.86

Deltona/Daytona. 717 2,807,391 205,100 205,100 7.3% 37,497 0 0 $10.50

Denver 3,203 24,645,414 1,312,167 1,343,823 5.5% 222,707 0 0 $16.23

Des Moines 609 5,069,039 370,743 370,743 7.3% 196,237 0 0 $10.23

Detroit 5,867 46,648,862 5,742,038 5,749,538 12.3% 477,561 0 0 $15.08

Duluth 364 2,833,265 202,388 202,388 7.1% 104,405 0 0 $9.57

East Bay/Oaklan. 3,729 28,892,400 1,703,067 1,728,829 6.0% 232,564 0 0 $20.80

El Paso 1,902 12,262,292 823,318 908,962 7.4% 46,494 0 0 $14.96

Erie 379 2,760,485 203,286 203,286 7.4% 23,732 0 0 $8.61

Evansville 302 2,803,978 202,987 202,987 7.2% 32,108 0 0 $10.88

Fayetteville 424 1,769,062 157,802 157,802 8.9% 13,166 0 0 $12.33

Fayetteville/Sp. 596 3,524,067 256,972 259,947 7.4% (6,509) 0 0 $13.22

Fort Smith 168 1,073,991 71,064 71,064 6.6% 18,097 0 0 $9.52

Fort Wayne 627 5,520,512 475,089 475,089 8.6% 49,338 0 0 $11.74

Fresno 1,983 16,769,036 1,225,625 1,231,799 7.3% 116,479 0 0 $12.85

Green Bay 402 3,111,690 281,308 283,160 9.1% 79,276 0 0 $9.11








Figures at a Glance




Greensboro/Wins. 3,162 18,674,355 1,480,135 1,497,618 8.0% (26,719) 0 0 $11.97

Greenville/Spar. 2,301 10,288,564 731,178 738,988 7.2% 86,783 0 0 $11.00

Hampton Roads 1,627 9,411,094 683,888 697,343 7.4% 75,315 0 0 $12.20

Hartford 4,121 33,859,673 2,856,168 2,880,501 8.5% 371,528 0 0 $16.20

Hawaii 648 6,920,191 218,366 222,294 3.2% (9,355) 0 0 $24.73

Houston 3,447 39,875,254 3,757,292 3,768,944 9.5% 224,193 0 0 $16.38

Huntington/Ashl. 433 2,695,095 230,524 230,524 8.6% (16,303) 0 0 $9.19

Huntsville 454 4,683,208 789,662 808,824 17.3% (91,364) 0 0 $11.73

Indianapolis 2,766 20,756,100 1,748,444 1,761,649 8.5% 97,533 0 0 $13.78

Inland Empire (. 2,984 19,721,971 1,687,500 1,725,684 8.8% (74,167) 0 0 $15.30

Jackson 759 5,296,394 248,483 248,483 4.7% 74,920 0 0 $12.17

Jacksonville (F. 2,563 14,409,871 1,449,963 1,452,188 10.1% 178,782 0 0 $15.05

Kansas City 2,283 22,826,677 2,033,365 2,055,301 9.0% 357,025 0 0 $13.60

Killeen/Temple/. 185 1,075,008 92,501 92,501 8.6% (10,567) 0 0 $7.24

Kingsport/Brist. 375 2,641,087 231,506 231,506 8.8% 77,038 0 0 $10.60

Knoxville 2,158 15,368,840 660,781 691,881 4.5% 44,037 0 0 $11.93

Lafayette 423 3,506,575 176,148 192,946 5.5% 27,405 0 0 $13.98

Las Vegas 1,528 8,333,992 1,107,837 1,228,345 14.7% 69,241 0 0 $13.79

Lexington/Fayet. 611 4,210,738 217,919 217,919 5.2% (18,458) 0 0 $11.05

Lincoln 227 1,490,715 155,367 161,132 10.8% 12,337 0 0 $11.54

Little Rock/N L. 2,090 19,925,970 1,112,582 1,119,968 5.6% 202,165 0 0 $14.71

Long Island (Ne. 5,570 48,079,779 2,865,185 2,871,490 6.0% 416,776 0 0 $23.88

Los Angeles 11,136 86,698,187 4,609,505 4,642,252 5.4% 39,829 0 0 $25.71

Louisville 2,218 17,708,370 1,155,636 1,165,730 6.6% 75,428 0 0 $11.99

Lubbock 971 5,460,489 191,654 191,654 3.5% 90,273 0 0 $10.50

Madison 551 4,343,813 448,703 451,033 10.4% (2,527) 0 0 $9.10

Marin/Sonoma 1,522 8,915,961 310,396 310,596 3.5% 18,985 0 0 $22.58

McAllen/Edinbur. 167 1,248,809 144,294 144,294 11.6% (34,264) 0 0 $12.24

Memphis 1,451 11,402,451 1,409,246 1,409,246 12.4% (213,496) 0 0 $13.65

Miami-Dade Coun 3,050 27,229,147 1,742,684 1,758,440 6.5% (42,879) 0 0 $23.62

Milwaukee 2,062 17,125,430 1,607,645 1,609,245 9.4% 145,812 0 0 $11.01

Minneapolis 3,855 40,137,479 3,009,456 3,197,389 8.0% (173,711) 0 0 $14.61

Mobile 1,213 5,780,847 520,475 520,925 9.0% 62,312 0 0 $10.79

Montgomery 755 5,252,439 355,906 355,906 6.8% (17,352) 0 0 $10.98

Myrtle Beach/Co. 510 2,262,359 81,369 85,569 3.8% 33,545 0 0 $9.68

Nashville 2,836 20,739,529 907,989 916,748 4.4% 155,559 0 0 $15.29

New Orleans/Met. 2,408 18,915,298 1,420,347 1,423,847 7.5% 83,514 0 0 $14.95

New York City 2,009 73,584,534 3,506,633 3,762,755 5.1% (479,929) 0 0 $48.84

Northern New Je. 10,347 81,435,036 7,003,331 7,034,471 8.6% 407,860 0 0 $19.47

Ocala 467 3,045,944 191,774 191,774 6.3% (13,858) 0 0 $11.06

Oklahoma City 2,535 17,129,404 1,366,826 1,366,826 8.0% 116,923 0 0 $12.67

Olympia 416 2,394,260 263,150 263,150 11.0% 34,568 0 0 $14.61

Omaha/Council B. 890 7,436,315 527,510 528,542 7.1% 61,966 0 0 $11.73

Orange County (. 2,817 22,501,727 1,285,016 1,302,041 5.8% 349,203 0 0 $19.48

Orlando 4,943 27,295,867 2,342,003 2,407,732 8.8% (15,965) 0 0 $15.74

Palm Beach Coun. 1,570 11,971,000 843,193 858,523 7.2% 135,770 0 0 $20.59

Pensacola 1,343 7,137,845 437,866 437,866 6.1% 23,189 0 0 $12.26

Peoria 215 2,377,014 251,719 251,719 10.6% 54,350 0 0 $12.26








Figures at a Glance




Philadelphia 12,284 99,401,985 8,196,182 8,302,213 8.4% (45,110) 0 0 $17.14

Phoenix 3,387 22,934,339 2,969,404 2,980,781 13.0% 182,242 0 0 $15.48

Pittsburgh 4,043 28,202,697 2,105,282 2,108,382 7.5% 154,332 0 0 $14.49

Port St Lucie/F. 498 2,556,591 188,868 188,868 7.4% 20,912 0 0 $13.83

Portland 3,529 24,081,676 1,408,458 1,418,458 5.9% 164,480 0 0 $16.89

Portland/South . 1,235 10,505,553 674,625 675,812 6.4% 1,154 0 0 $12.46

Providence 2,081 17,011,767 1,205,996 1,209,346 7.1% 224,663 0 0 $15.76

Raleigh/Durham 2,212 14,781,885 743,818 753,405 5.1% 33,479 0 0 $14.67

Reno/Sparks 772 6,088,723 800,526 802,089 13.2% 45,002 0 0 $14.00

Richmond VA 1,701 12,734,488 1,002,278 1,004,661 7.9% (132,159) 0 0 $12.37

Roanoke 681 5,672,332 459,938 475,938 8.4% 77,229 0 0 $11.85

Rochester 1,131 10,229,630 771,877 777,549 7.6% 14,607 0 0 $11.45

Sacramento 3,440 33,225,973 4,893,381 4,895,326 14.7% (7,601) 0 0 $15.95

Salinas 547 3,572,836 180,304 184,934 5.2% 5,821 0 0 $18.94

Salt Lake City 1,588 12,297,189 790,489 798,449 6.5% 126,432 0 0 $12.72

San Antonio 1,952 15,979,034 1,165,376 1,173,376 7.3% (84,416) 0 0 $15.60

San Diego 3,189 25,008,143 1,762,735 1,772,038 7.1% 135,018 0 0 $20.49

San Francisco 2,099 23,861,057 855,740 886,697 3.7% (59,330) 0 0 $37.69

San Luis Obispo. 644 3,877,001 126,206 126,206 3.3% (8,683) 0 0 $16.38

Santa Barbara/S. 250 1,353,903 141,230 141,230 10.4% 19,424 0 0 $14.26

Santa Cruz/Wats. 445 2,646,568 35,071 35,071 1.3% 46,340 0 0 $15.63

Savannah 841 4,550,329 155,446 156,711 3.4% 41,093 0 0 $17.27

Seattle/Puget S. 4,349 29,565,948 1,732,577 1,746,905 5.9% 165,127 0 0 $20.32

Shreveport/Boss. 596 5,923,175 882,285 883,072 14.9% 48,668 0 0 $11.50

South Bay/San J. 2,636 22,636,482 1,411,892 1,481,778 6.5% 42,990 0 0 $28.22

South Bend/Mish. 556 4,337,151 159,946 159,946 3.7% (27,274) 0 0 $10.60

Southwest Flori. 1,456 8,794,076 839,623 844,823 9.6% (68,420) 0 0 $11.98

Spokane 645 4,090,653 263,629 263,629 6.4% 7,244 0 0 $11.53

Springfield 257 1,727,395 158,620 158,620 9.2% 35,808 0 0 $10.15

St. Louis 3,064 30,224,283 2,715,198 2,718,068 9.0% 115,902 0 0 $13.87

Stockton/Modest. 1,230 8,589,310 818,925 819,925 9.5% 107,624 0 0 $13.32

Syracuse 657 5,693,092 450,389 450,389 7.9% 6,503 0 0 $11.08

Tallahassee 687 2,822,753 137,937 138,537 4.9% 4,418 0 0 $12.14

Tampa/St Peters. 7,925 48,696,332 4,361,643 4,401,624 9.0% 355,806 0 0 $15.18

Toledo 2,038 16,527,085 1,447,345 1,447,745 8.8% 93,937 0 0 $9.75

Tucson 1,190 5,110,582 396,147 408,859 8.0% 36,512 0 0 $15.39

Tulsa 1,656 13,299,893 1,077,198 1,089,403 8.2% 59,192 0 0 $11.78

Utica/Rome 329 2,973,217 220,381 220,381 7.4% 7,753 0 0 $10.68

Visalia/Porterv. 950 5,116,754 264,152 264,152 5.2% (891) 0 0 $12.85

Washington 4,118 35,816,743 2,158,491 2,197,664 6.1% 40,971 0 0 $23.73

West Michigan 3,965 28,778,863 2,660,319 2,674,164 9.3% 308,419 0 0 $9.64

Westchester/So . 4,786 43,809,803 4,037,467 4,045,047 9.2% 37,461 0 0 $21.17

Wichita 971 7,480,891 485,332 485,332 6.5% 115,859 0 0 $9.67

Wilmington 1,127 4,271,216 194,770 197,344 4.6% 69,829 0 0 $11.85

Yakima 169 902,178 49,691 49,691 5.5% (16,252) 0 0 $11.49

Youngstown/Warr 1,349 8,596,092 445,515 445,515 5.2% (28,233) 0 0 $9.49

Totals 293,448 2,333,491,683 184,949,944 187,034,932 8.0% 9,743,556 0 0 $16.55








Figures at a Glance

Total Office Market Statistics Year-End 2014



Albany/Schenect. 3,887 62,823,924 4,587,229 4,674,034 7.4% 144,782 199,400 6,447 $14.24

Albuquerque 3,009 37,226,411 4,238,541 4,335,519 11.6% 56,086 93,700 0 $15.01

Anchorage 609 13,500,752 713,712 722,325 5.4% 41,212 100,000 118,861 $29.21

Asheville 1,174 11,365,634 737,795 764,154 6.7% 168,015 138,133 84,000 $16.35

Atlanta 15,624 303,577,453 41,655,135 43,142,864 14.2% 4,705,146 1,498,718 1,946,989 $19.47

Augusta/Richmon 1,633 13,015,427 1,182,979 1,182,979 9.1% (1,372) 8,849 79,000 $13.92

Austin 4,325 89,097,948 6,903,385 7,641,575 8.6% 1,610,508 954,714 3,235,427 $28.44

Bakersfield 1,076 12,484,333 828,693 831,693 6.7% (21,516) 8,984 71,186 $16.79

Baltimore 6,229 136,499,614 14,613,577 15,276,792 11.2% 1,395,861 858,027 938,760 $21.17

Baton Rouge 2,213 21,796,954 2,180,248 2,281,515 10.5% 617,721 72,721 234,930 $15.71

Beaumont/Port A. 718 7,666,227 362,962 370,757 4.8% 136,586 20,850 0 $13.93

Birmingham 3,736 55,761,132 5,022,162 5,398,300 9.7% 296,035 143,000 0 $16.47

Boise City/Namp. 2,851 28,782,103 3,044,343 3,179,007 11.0% 557,587 78,189 128,430 $14.80

Boston 13,283 388,418,386 33,655,846 35,920,329 9.2% 3,372,194 2,365,116 5,754,613 $20.77

Bremerton/Silve. 487 4,829,704 417,644 431,702 8.9% 92,973 10,000 10,687 $17.45

Broward County 4,084 69,097,498 8,022,964 8,173,370 11.8% 677,737 25,018 473,888 $24.03

Brownsville/Har. 307 3,241,750 310,707 313,307 9.7% 69,276 0 0 $14.07

Buffalo/Niagara. 1,695 37,166,502 3,741,568 3,822,907 10.3% 114,795 325,890 644,000 $15.02

Charleston WV 976 12,240,103 908,642 916,292 7.5% (175,179) 0 0 $15.77

Charleston/N Ch. 2,956 26,352,279 1,898,017 1,920,118 7.3% 321,538 178,327 380,854 $19.70

Charlotte 5,350 100,097,507 9,713,906 9,910,835 9.9% 1,686,860 504,269 517,379 $20.30

Chattanooga 958 16,388,509 1,428,802 1,491,757 9.1% 172,423 19,326 76,496 $15.83

Chicago 12,966 459,408,553 59,765,104 62,960,751 13.7% 2,721,126 584,518 6,080,827 $23.18

Cincinnati 5,037 95,883,684 11,685,038 11,982,351 12.5% 832,035 255,576 1,802,248 $15.46

Cleveland 7,006 144,240,749 16,866,528 17,146,631 11.9% 720,656 407,649 1,029,735 $16.73

Colorado Spring. 1,714 28,373,572 3,362,272 3,411,239 12.0% (32,860) 46,022 0 $17.02

Columbia 2,686 30,952,513 2,626,363 2,667,700 8.6% 127,828 63,336 64,558 $14.31

Columbus 4,237 96,309,221 8,444,140 8,584,956 8.9% 550,789 398,891 145,162 $16.47

Columbus GA 852 8,215,460 732,187 756,811 9.2% (151,931) 8,911 0 $11.70

Corpus Christi 645 9,785,918 947,586 971,510 9.9% 40,280 0 0 $14.39

Dallas/Ft Worth 11,074 340,889,663 46,240,090 48,777,155 14.3% 6,188,823 3,817,304 7,750,552 $21.62

Davenport/Molin. 444 7,096,122 903,116 903,116 12.7% 37,202 0 0 $11.14

Dayton 3,004 41,914,455 6,262,783 6,327,843 15.1% 232,414 0 49,500 $14.75

Deltona/Daytona. 1,672 10,955,459 872,851 893,256 8.2% 42,407 5,240 0 $12.82

Denver 7,364 189,081,287 18,262,605 19,446,092 10.3% 3,053,565 1,488,429 2,936,711 $23.26

Des Moines 1,337 35,451,909 2,284,191 2,334,390 6.6% 794,704 52,786 298,829 $14.06

Detroit 9,159 196,274,751 31,312,246 31,570,285 16.1% 1,688,395 99,548 385,848 $17.80

Duluth 445 6,809,388 305,768 305,768 4.5% 132,230 0 0 $12.19

East Bay/Oaklan. 5,675 112,812,239 12,276,492 12,732,868 11.3% (149,459) 2,000 10,000 $24.70

El Paso 2,413 21,529,411 1,444,270 1,540,614 7.2% 178,501 70,042 26,500 $16.33

Erie 738 8,981,862 425,192 425,192 4.7% 32,184 0 0 $9.85

Evansville 734 10,504,562 898,993 898,993 8.6% 23,908 12,000 0 $12.36

Fayetteville 939 6,321,912 589,824 589,824 9.3% (2,028) 32,401 51,510 $15.17

Fayetteville/Sp. 1,152 13,511,742 1,338,663 1,361,103 10.1% 162,315 60,150 22,306 $14.84

Fort Smith 460 4,376,342 192,644 198,300 4.5% 51,980 8,000 0 $10.69

Fort Wayne 1,058 16,419,698 1,517,488 1,610,096 9.8% 101,935 0 116,600 $13.12

Fresno 2,878 32,607,286 3,461,955 3,481,905 10.7% 172,587 16,714 45,195 $16.71

Green Bay 959 14,655,365 1,612,766 1,617,493 11.0% 144,070 0 0 $11.67








Figures at a Glance




Greensboro/Wins. 4,262 54,162,661 5,680,742 5,856,885 10.8% (218,236) 303,965 93,000 $14.45

Greenville/Spar. 4,209 36,339,053 3,170,582 3,206,633 8.8% 59,599 248,949 244,791 $15.00

Hampton Roads 3,316 48,976,469 5,569,648 5,680,000 11.6% 205,221 378,639 110,115 $16.92

Hartford 5,547 91,048,470 8,295,248 8,544,007 9.4% 1,368,350 244,744 5,928 $18.24

Hawaii 1,109 32,650,700 1,677,607 1,720,804 5.3% (181,936) 0 6,767 $29.98

Houston 6,547 280,416,894 28,423,140 30,185,696 10.8% 7,783,390 7,576,793 17,902,821 $27.24

Huntington/Ashl. 1,031 8,723,903 542,835 542,835 6.2% (9,002) 0 0 $10.32

Huntsville 902 19,077,130 2,178,631 2,310,458 12.1% 642,823 585,465 141,256 $14.12

Indianapolis 5,402 99,141,870 8,306,042 8,496,587 8.6% 393,574 138,965 235,847 $16.80

Inland Empire (. 6,076 71,292,472 7,776,705 7,878,513 11.1% 1,102,439 352,620 373,439 $19.52

Jackson 1,581 22,969,349 1,720,657 1,754,740 7.6% 182,354 0 117,500 $15.98

Jacksonville (F. 4,365 61,747,992 6,950,021 7,109,243 11.5% 726,209 25,151 234,041 $17.71

Kansas City 4,307 114,323,784 12,171,208 12,545,571 11.0% 2,010,188 797,365 504,672 $17.12

Killeen/Temple/. 314 2,625,133 214,777 219,057 8.3% (12,491) 12,562 0 $11.40

Kingsport/Brist. 544 5,973,168 513,926 513,926 8.6% 55,119 0 0 $12.56

Knoxville 2,851 32,674,326 2,569,541 2,714,133 8.3% 352,184 47,500 2,400 $14.93

Lafayette 558 7,191,900 428,910 456,897 6.4% 22,365 6,438 0 $15.26

Las Vegas 3,867 61,340,904 10,121,859 10,517,398 17.1% 884,336 200,886 614,476 $19.22

Lexington/Fayet. 1,214 18,057,393 1,832,215 1,927,524 10.7% (30,647) 0 94,234 $15.45

Lincoln 764 15,415,719 972,396 984,510 6.4% 170,463 92,990 0 $13.36

Little Rock/N L. 2,421 33,619,757 2,036,309 2,068,125 6.2% 151,701 103,861 26,000 $15.48

Long Island (Ne. 9,780 171,509,972 13,634,712 14,135,952 8.2% (499,623) 228,498 1,108,345 $26.52

Los Angeles 17,709 424,910,259 47,630,843 48,736,118 11.5% 3,005,569 644,390 2,702,271 $30.30

Louisville 3,487 53,497,769 5,134,776 5,196,273 9.7% 523,470 483,172 108,600 $16.03

Lubbock 1,191 10,728,537 628,143 628,143 5.9% 113,433 10,430 46,000 $13.93

Madison 1,418 32,134,026 2,717,115 2,795,727 8.7% (62,173) 17,375 0 $14.99

Marin/Sonoma 2,552 29,755,344 3,091,776 3,397,765 11.4% (43,617) 18,824 184,285 $25.25

McAllen/Edinbur. 519 6,926,639 640,585 640,585 9.2% (51,227) 30,000 0 $14.59

Memphis 2,769 50,010,029 5,832,807 5,939,555 11.9% 276,061 23,470 415,261 $16.64

Miami-Dade Coun 4,316 99,724,263 11,341,873 11,531,685 11.6% 1,073,117 120,724 604,010 $29.73

Milwaukee 3,605 78,183,064 7,806,030 8,055,742 10.3% 290,891 194,079 658,217 $15.35

Minneapolis 6,047 187,541,327 16,686,600 17,117,702 9.1% 1,667,533 1,554,935 3,027,007 $18.56

Mobile 2,058 16,923,612 1,469,521 1,483,241 8.8% 140,404 0 0 $12.39

Montgomery 1,234 15,745,879 1,379,000 1,413,967 9.0% 139,246 4,200 0 $13.34

Myrtle Beach/Co. 788 5,873,677 366,444 370,644 6.3% 14,500 0 0 $12.42

Nashville 4,312 77,838,515 4,969,999 5,193,483 6.7% 1,525,156 791,551 797,935 $20.59

New Orleans/Met. 3,058 47,246,853 4,788,784 4,872,911 10.3% 348,016 82,200 46,300 $16.22

New York City 3,849 558,211,997 39,355,044 43,373,931 7.8% 6,287,500 3,118,668 6,103,620 $55.91

Northern New Je. 16,289 359,062,777 48,374,723 50,137,364 14.0% 3,466,331 1,437,053 1,125,795 $23.84

Ocala 598 4,433,086 352,125 356,374 8.0% (21,083) 0 0 $12.19

Oklahoma City 4,126 54,881,886 4,125,036 4,187,900 7.6% 529,993 267,899 511,671 $14.83

Olympia 842 9,187,474 962,050 964,822 10.5% 29,547 0 0 $16.49

Omaha/Council B. 1,774 43,866,460 3,094,219 3,214,174 7.3% 525,953 392,682 319,770 $16.74

Orange County (. 6,081 153,437,889 15,624,828 16,160,571 10.5% 2,995,472 1,364,532 587,406 $24.55

Orlando 7,987 100,847,752 11,630,570 11,885,496 11.8% 586,801 432,666 213,536 $18.65

Palm Beach Coun. 2,788 54,771,353 7,833,693 7,928,377 14.5% 982,446 245,023 55,590 $26.29

Pensacola 1,951 13,866,018 846,282 846,282 6.1% 243,520 85,400 0 $13.24

Peoria 482 10,292,733 760,975 760,975 7.4% 88,760 0 0 $13.07








Figures at a Glance




Philadelphia 21,069 405,122,371 42,472,903 43,836,688 10.8% 1,076,356 1,140,472 2,966,000 $21.80

Phoenix 8,130 161,679,479 26,727,354 27,391,932 16.9% 2,936,094 1,092,591 2,898,337 $21.19

Pittsburgh 6,462 124,340,172 9,746,436 10,052,191 8.1% 1,191,385 1,456,413 2,324,245 $20.61

Port St Lucie/F. 953 9,201,711 1,098,000 1,098,000 11.9% 228,109 0 21,000 $14.32

Portland 5,190 95,741,835 7,526,876 7,793,769 8.1% 1,032,747 120,938 582,296 $20.90

Portland/South . 1,694 24,037,433 1,668,729 1,678,763 7.0% (157,435) 0 117,564 $14.19

Providence 2,753 41,533,806 3,572,337 3,613,312 8.7% 332,738 119,912 191,436 $17.67

Raleigh/Durham 4,622 93,529,404 8,748,552 9,035,773 9.7% 2,354,385 1,436,002 1,957,102 $19.77

Reno/Sparks 1,523 17,734,176 2,315,621 2,409,381 13.6% 64,613 5,661 0 $16.81

Richmond VA 3,070 60,577,451 5,533,252 6,030,097 10.0% 339,517 227,801 471,561 $17.12

Roanoke 954 13,122,833 1,151,620 1,191,774 9.1% 119,092 0 2,100 $14.20

Rochester 1,873 41,840,229 3,909,303 3,969,753 9.5% 263,875 123,276 0 $13.19

Sacramento 5,477 107,945,600 15,027,478 15,215,096 14.1% 1,179,979 216,926 6,092 $20.04

Salinas 801 8,019,005 538,546 745,534 9.3% (59,171) 2,975 141,226 $20.93

Salt Lake City 4,422 90,512,839 5,887,798 6,089,313 6.7% 1,482,211 1,247,736 942,754 $18.25

San Antonio 3,494 70,921,584 7,226,557 7,384,502 10.4% 1,060,383 807,068 972,246 $19.59

San Diego 5,351 113,302,944 11,672,360 12,674,295 11.2% 1,470,836 878,292 906,936 $28.16

San Francisco 3,813 161,667,395 10,899,311 12,015,047 7.4% 3,385,936 979,035 5,610,299 $45.84

San Luis Obispo. 797 5,626,493 212,854 212,854 3.8% 10,053 0 39,000 $17.92

Santa Barbara/S. 1,399 11,628,382 550,449 555,775 4.8% 300,340 150,000 0 $22.05

Santa Cruz/Wats. 856 7,237,744 717,465 719,065 9.9% 151,389 5,021 900 $21.51

Savannah 1,340 10,794,669 676,954 687,296 6.4% 15,566 33,464 0 $17.46

Seattle/Puget S. 7,603 184,527,970 15,849,391 16,597,845 9.0% 2,672,476 529,400 5,988,383 $29.13

Shreveport/Boss. 700 9,064,230 1,229,280 1,296,530 14.3% 74,647 9,167 0 $12.21

South Bay/San J. 4,499 109,105,505 10,310,681 10,958,768 10.0% 1,223,781 1,619,344 7,550,883 $34.38

South Bend/Mish. 770 9,054,352 788,717 799,746 8.8% 40,792 18,974 0 $14.24

Southwest Flori. 3,196 32,046,117 3,957,597 3,991,078 12.5% 227,191 32,357 311,157 $15.86

Spokane 1,654 21,508,629 2,383,264 2,420,959 11.3% (26,381) 184,000 0 $15.20

Springfield 671 8,312,124 740,498 752,943 9.1% 128,382 70,400 12,225 $12.54

St. Louis 5,332 130,073,692 13,490,895 13,603,929 10.5% 1,411,893 431,734 5,000 $18.02

Stockton/Modest. 1,878 19,783,468 2,384,888 2,406,696 12.2% 255,179 0 6,048 $14.84

Syracuse 1,397 26,375,997 3,407,724 3,465,267 13.1% (84,989) 20,800 23,546 $13.85

Tallahassee 2,217 21,729,940 1,751,076 1,769,947 8.1% 23,384 49,008 0 $15.07

Tampa/St Peters. 12,836 147,220,443 16,470,229 16,887,377 11.5% 1,676,874 168,372 54,400 $18.81

Toledo 2,552 30,329,120 2,946,219 2,961,035 9.8% 312,776 91,643 0 $12.58

Tucson 2,451 24,338,505 2,972,942 3,060,855 12.6% 188,080 104,432 47,890 $18.37

Tulsa 2,495 50,872,276 5,676,549 5,770,816 11.3% 699,066 177,893 262,180 $14.02

Utica/Rome 590 8,704,077 591,655 591,655 6.8% 34,277 0 0 $10.85

Visalia/Porterv. 1,096 6,387,245 419,716 423,226 6.6% 48,164 34,067 0 $14.09

Washington 9,898 466,205,505 64,121,348 67,526,380 14.5% 954,833 4,197,327 6,891,234 $34.46

West Michigan 6,075 78,264,255 7,557,064 7,627,471 9.7% 1,265,457 155,432 192,699 $11.45

Westchester/So . 7,330 168,931,091 21,375,559 21,751,543 12.9% 768,534 687,788 1,012,300 $28.28

Wichita 1,622 22,810,042 1,631,345 1,653,904 7.3% 17,204 0 256,000 $12.90

Wilmington 1,742 12,535,570 998,125 1,044,280 8.3% 150,234 7,529 78,741 $14.80

Yakima 592 4,260,169 241,686 249,192 5.8% (51,450) 0 0 $11.70

Youngstown/Warr 1,788 14,811,235 1,044,109 1,051,309 7.1% 13,442 16,000 0 $10.14

Totals 503,652 10,467,340,622 1,103,252,876 1,145,820,635 10.9% 104,369,767 56,346,662 117,684,714 $22.65








Figures at a Glance

Class A Market Statistics Year-End 2014, Grouped by CBD vs Suburban


Market # Bldgs Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

CBD 2,716 1,158,448,855 120,276,333 128,858,905 11.1% 14,176,165 6,973,236 31,069,023 $33.45

Suburban 14,374 2,107,803,816 254,814,885 271,388,669 12.9% 40,998,078 33,060,389 67,629,553 $26.82

Class A Totals 17,090 3,266,252,671 375,091,218 400,247,574 12.3% 55,174,243 40,033,625 98,698,576 $28.68


Class B Market Statistics Year-End 2014, Grouped by CBD vs Suburban



CBD 15,083 902,772,358 86,423,899 89,070,481 9.9% 4,595,417 1,729,153 2,639,404 $24.66

Suburban 178,031 3,964,823,910 456,787,815 469,467,648 11.8% 34,856,551 14,583,884 16,346,734 $19.59

Class B Totals 193,114 4,867,596,268 543,211,714 558,538,129 11.5% 39,451,968 16,313,037 18,986,138 $20.26


Class C Market Statistics Year-End 2014, Grouped by CBD vs Suburban



CBD 24,389 366,547,791 28,832,211 29,323,126 8.0% 1,096,510 0 0 $21.25

Suburban 269,059 1,966,943,892 156,117,733 157,711,806 8.0% 8,647,046 0 0 $15.88

Class C Totals 293,448 2,333,491,683 184,949,944 187,034,932 8.0% 9,743,556 0 0 $16.55


Class A&B Market Statistics Year-End 2014, Grouped by CBD vs Suburban



CBD 17,799 2,061,221,213 206,700,232 217,929,386 10.6% 18,771,582 8,702,389 33,708,427 $29.92

Suburban 192,405 6,072,627,726 711,602,700 740,856,317 12.2% 75,854,629 47,644,273 83,976,287 $22.25

Class A&B Totals 210,204 8,133,848,939 918,302,932 958,785,703 11.8% 94,626,211 56,346,662 117,684,714 $23.73


Class A,B&C Market Statistics Year-End 2014, Grouped by CBD vs Suburban



CBD 42,188 2,427,769,004 235,532,443 247,252,512 10.2% 19,868,092 8,702,389 33,708,427 $29.03

Suburban 461,464 8,039,571,618 867,720,433 898,568,123 11.2% 84,501,675 47,644,273 83,976,287 $21.22

Grand Totals 503,652 10,467,340,622 1,103,252,876 1,145,820,635 10.9% 104,369,767 56,346,662 117,684,714 $22.65



Existing Inventory


Vacancy








Figures at a Glance

Class A Market Statistics* Year-End 2014

Net Quoted

Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates

2014 4q 14,005 2,824,097,386 333,003,436 355,367,229 12.6% 18,716,694 51 12,609,664 330 89,268,646 $29.70 2014 3q 13,956 2,811,595,092 339,593,389 361,581,629 12.9% 12,969,304 48 6,970,026 335 90,296,483 $29.58 2014 2q 13,909 2,804,725,066 345,236,498 367,680,907 13.1% 11,352,771 49 7,420,193 324 80,510,796 $29.32 2014 1q 13,861 2,797,518,873 349,057,292 371,827,485 13.3% 5,336,127 42 7,064,394 321 76,725,897 $29.16 2013 4q 13,820 2,790,656,498 347,947,210 370,301,237 13.3% 8,335,845 47 9,436,037 284 63,172,270 $28.80 2013 3q 13,776 2,782,162,856 347,603,536 370,143,440 13.3% 13,764,101 51 9,139,747 270 61,729,854 $28.52 2013 2q 13,727 2,773,435,996 351,265,648 375,180,681 13.5% 9,715,877 36 6,856,974 256 56,267,744 $28.29 2013 1q 13,691 2,766,579,022 354,174,979 378,039,584 13.7% 7,099,966 30 4,525,228 248 55,035,928 $28.19 2012 13,661 2,762,053,794 356,866,020 380,614,322 13.8% 39,600,124 147 22,083,497 213 50,492,683 $28.18 2011 13,518 2,741,137,297 373,897,943 399,297,949 14.6% 30,455,452 102 16,883,856 192 41,109,888 $27.75 2010 13,420 2,725,837,346 383,083,210 414,453,450 15.2% 17,776,398 185 32,460,675 137 30,824,235 $27.60 2009 13,236 2,693,751,671 360,071,463 400,144,173 14.9% (1,417,153) 370 61,963,574 214 49,968,192 $27.79 2008 12,869 2,632,193,059 300,962,544 337,168,408 12.8% 19,960,820 566 71,359,462 460 93,648,950 $30.02 2007 12,306 2,561,983,770 256,837,263 286,919,939 11.2% 54,841,544 461 60,641,418 686 115,869,533 $29.68 2006 11,850 2,502,569,010 249,202,508 282,346,723 11.3% 70,767,758 360 49,401,685 601 99,155,750 $27.85 2005 11,497 2,454,030,236 264,945,498 304,575,707 12.4% 69,731,903 254 34,338,547 473 80,360,632 $25.99


Class B Market Statistics* Year-End 2014

Net Quoted


2014 4q 120,712 3,423,754,898 402,709,981 414,998,244 12.1% 10,287,283 89 2,023,787 360 14,924,793 $21.79 2014 3q 120,637 3,422,953,343 411,632,985 424,483,972 12.4% 5,078,190 116 2,435,508 392 14,390,812 $21.59 2014 2q 120,537 3,423,170,032 417,368,643 429,778,851 12.6% 7,180,474 116 2,548,614 441 14,734,899 $21.44 2014 1q 120,439 3,421,335,401 423,126,930 435,124,694 12.7% 6,989,367 162 4,318,756 444 14,498,460 $21.30 2013 4q 120,301 3,419,251,087 428,167,998 440,029,747 12.9% 6,517,918 106 2,033,470 457 15,207,486 $21.27 2013 3q 120,222 3,418,595,738 433,227,567 445,892,316 13.0% 3,854,974 131 2,483,113 456 14,276,535 $21.00 2013 2q 120,115 3,418,014,298 436,346,584 449,165,850 13.1% 5,929,764 143 3,816,470 479 14,044,132 $20.88 2013 1q 119,993 3,416,536,421 440,503,796 453,617,737 13.3% 1,093,141 131 2,724,174 490 15,248,185 $20.51 2012 119,876 3,414,687,290 440,028,641 452,861,747 13.3% 13,505,791 494 11,205,671 454 13,674,928 $20.67 2011 119,457 3,411,249,724 448,774,494 462,929,972 13.6% 16,279,390 543 11,343,847 402 10,459,009 $20.52 2010 118,970 3,405,650,121 457,533,623 473,609,759 13.9% 5,650,896 723 12,465,541 474 12,456,835 $20.71 2009 118,292 3,395,787,204 448,161,427 469,397,738 13.8% (24,307,885) 1,658 28,305,061 668 15,074,429 $20.89 2008 116,679 3,369,453,913 398,228,109 418,756,562 12.4% 15,596,674 3,187 52,350,010 1,497 28,779,154 $22.29 2007 113,539 3,321,113,156 365,604,160 386,012,479 11.6% 39,490,154 4,115 60,938,378 2,838 51,303,381 $22.11 2006 109,515 3,265,437,201 349,391,985 369,826,678 11.3% 61,792,031 3,964 57,679,711 3,823 62,222,848 $20.76 2005 105,606 3,212,252,664 355,934,229 378,434,172 11.8% 72,455,592 3,415 52,954,172 3,646 59,251,848 $19.92


Total Office Market Statistics* Year-End 2014

Net Quoted


2014 4q 319,416 7,814,502,397 862,448,544 898,379,703 11.5% 31,303,069 140 14,633,451 690 104,193,439 $24.42 2014 3q 319,319 7,802,253,475 881,277,613 917,433,850 11.8% 19,699,087 164 9,405,534 727 104,687,295 $24.18 2014 2q 319,194 7,796,311,950 895,000,865 931,191,412 11.9% 19,833,428 165 9,968,807 765 95,245,695 $23.99 2014 1q 319,074 7,788,220,899 906,830,277 942,933,789 12.1% 12,469,058 204 11,383,150 765 91,224,357 $23.83 2013 4q 318,933 7,780,532,158 912,011,446 947,714,106 12.2% 16,833,831 153 11,469,507 741 78,379,756 $23.67 2013 3q 318,843 7,772,781,482 920,095,798 956,797,261 12.3% 16,584,406 183 11,636,860 726 76,006,389 $23.35 2013 2q 318,717 7,764,371,833 926,813,865 964,972,018 12.4% 16,100,255 179 10,673,444 736 70,325,876 $23.17 2013 1q 318,590 7,756,983,866 935,294,704 973,684,306 12.6% 8,268,929 161 7,249,402 739 70,298,113 $22.92 2012 318,472 7,751,373,754 938,409,253 976,343,123 12.6% 51,561,609 643 33,291,968 668 64,181,611 $23.11 2011 318,015 7,730,677,395 965,791,464 1,007,208,373 13.0% 43,718,709 667 28,366,812 596 51,571,697 $22.94 2010 317,489 7,711,566,091 982,236,275 1,031,815,778 13.4% 21,778,881 987 45,510,376 632 43,413,479 $23.12 2009 316,610 7,670,280,956 948,672,800 1,012,309,524 13.2% (40,431,464) 2,142 91,163,202 956 65,588,820 $23.29 2008 314,616 7,582,822,486 825,256,121 884,419,590 11.7% 27,037,667 3,992 125,375,146 2,054 123,187,034 $24.99 2007 310,816 7,465,005,793 740,652,743 793,640,564 10.6% 93,894,953 4,976 124,806,174 3,741 168,780,724 $24.86 2006 306,070 7,349,943,227 716,349,900 772,472,951 10.5% 134,463,954 4,816 110,777,394 4,782 164,272,166 $23.37 2005 301,430 7,247,344,076 740,088,887 804,337,754 11.1% 149,099,584 4,306 91,859,882 4,559 143,273,360 $22.16


Existing Inventory Vacancy Deliveries UC Inventory








Historical Rental Rates*Based on Full-Service Equivalent Rental Rates


Vacancy by Available Space Type Vacancy by ClassPercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Class

Source: CoStar Property® Source: CoStar Property®

Future Space AvailableSpace Scheduled to be Available for Occupancy in the Future*

* includes Under Construction Spaces Source: CoStar Property®

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

2000 4q 2001 4q 2002 4q 2003 4q 2004 4q 2005 4q 2006 4q 2007 4q 2008 4q 2009 4q 2010 4q 2011 4q 2012 4q 2013 4q 2014 4q

Dol

lars

/SF/Y

ear

Class A Class B Class C Total Market

96%

4%Direct

Sublet

16%

35%

49%

Class A

Class B

Class C

84.60

38.23

23.17

5.06 6.231.79

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q

Leasing Activity






Leasing Activity


* Renewal

Building Market SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 1152 Bordeaux Dr (Bldg.’s 1-6) South Bay/San Jose 1,891,632 4th Google, Inc N/A Newmark Cornish & Carey

2 7 W 34th St New York City 422,682 4th Amazon N/A Vornado Realty Trust

3 2215-2225 Lawson Ln South Bay/San Jose 310,346 4th ServiceNow, Inc. Colliers International Newmark Cornish & Carey

4 MITRE 4 Washington 270,000 4th MITRE N/A N/A

5 Gateway O�ce Campus - Building 4 Philadelphia 250,000 4th Subaru of America N/A JLL

6 150 N Riverside Dr Chicago 236,990 4th Hyatt Hotels Corporation N/A CBRE

7 6230 Stoneridge Mall Rd* East Bay/Oakland 225,473 4th Workday, Inc. Griggs Resource Group Colliers International

8 4361 Irwin Simpson Rd Cincinnati 211,851 4th Anthem Blue Cross and Blue Shield N/A N/A

9 200 E Center St Orange County (California) 191,556 4th St. Joseph Heritage Medical Group Healthwest Realty Advisors JLL

10 Columbia Square, Gower/Selma Los Angeles 168,825 4th Viacom N/A JLL

11 3 Gateway Ctr* Northern New Jersey 160,008 4th Prudential Insurance Co. of America Direct Deal Cushman & Wake�eld, Inc.

12 One Arts Plaza Dallas/Ft Worth 157,658 4th Crosstex Energy, Inc. JLL Billingsley Company

13 Deep Run III Richmond VA 156,533 4th McKesson Corporation N/A Cushman & Wake�eld|Thalhimer

14 Universal Technical Institute Inc. Los Angeles 138,299 4th Universal Technical Institute, Inc. JLL CBRE

15 Wellesley Gateway* Boston 126,000 4th Harvard Pilgrim Health Care, Inc N/A Transwestern RBJ

16 Commonwealth Corporate Center - Bldg A San Francisco 118,000 4th EMC Cresa Newmark Cornish & Carey

17 333 Summer St Boston 117,801 4th LogMeIn N/A Transwestern RBJ

18 Brickell City Centre Green Miami-Dade County 117,705 4th Akerman Senter�tt LLP Direct Deal Swire Properties Inc

19 Legg Mason Tower Baltimore 109,156 4th OneMain Financial CBRE Cassidy Turley

20 Continental Towers - Tower I Chicago 107,991 4th Komatsu America Corporation MB Real Estate GlenStar Properties LLC

21 Patriot Tower at Gateway Richmond VA 104,351 4th Northrop Grumman Corporation N/A CBRE | Richmond

22 4809 E Thistle Landing Dr* Phoenix 101,043 4th Fiserv, Inc. JLL Direct Deal

23 One West Fourth* Greensboro/Winston-Salem 99,570 4th Womble Carlyle Sandridge & Rice, LLP N/A N/A

24 Labcorp Building* Tampa/St Petersburg 97,416 4th Laboratory Corporation of America Holdings National UC Realty Bishop & Associates, Inc.

25 4440 El Camino Real South Bay/San Jose 96,562 4th LinkedIn N/A N/A

26 Capitol Medical Center Sacramento 91,527 4th UC Davis Medical Cushman & Wake�eld, Inc. CBRE

27 Russell Investments Center Seattle/Puget Sound 90,778 4th Zillow, Inc. Flinn Ferguson Corp. R.E. CBRE

28 Maple Lawn O�ce VI Baltimore 90,744 4th Source�re N/A St. John Properties

29 One Franklin Park Nashville 84,669 4th Franklin American Mortgage Company Inc. N/A Spectrum| Emery

30 2840 Junction Ave South Bay/San Jose 81,046 4th MediaTek USA Inc. N/A CBRE; Cassidy Turley

31 Wellesley Gateway Boston 80,000 4th Partners HealthCare N/A Transwestern RBJ

32 Hall of States Bldg Washington 79,000 4th National Cable Satellite Corporation N/A Lincoln Property Company

33 9380 Station St Denver 78,039 4th Allied Insurance N/A Newmark Grubb Knight Frank

34 Frost Tower Dallas/Ft Worth 76,896 4th Polsinelli Cushman & Wake�eld, Inc.; Cushman Harwood International

35 6080 Center Dr* Los Angeles 76,735 4th Sony CONNECT, Inc. JLL Hines

36 Royal Ridge 7* Dallas/Ft Worth 75,785 4th American Honda Finance Corporation N/A Cassidy Turley

37 4140 Dublin Blvd East Bay/Oakland 74,964 4th Callidus Software, Inc. Cushman & Wake�eld, Inc. Colliers International

38 400 Atlantic St Westchester/So Connecticut 73,564 4th Charter Communications N/A CBRE

39 610 Tower* Orange County (California) 70,608 4th O’Melveny & Myers LLP Cresa Orange County The Irvine Company

40 Seaport East* Boston 66,582 4th Cabot Corporation Cassidy Turley Cushman & Wake�eld, Inc.

Select Top O�ce Leases Based on Leased Square Footage For Deals Signed in 2014






Sales Activity

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates From Each Region

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From Oct. 2013 - Sept. 2014

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 50,000 SF 6,453 74,476,062 $13,309,478,844 178.71$ 7.66%

50K-249K SF

1,137 129,039,742 $25,317,107,580 196.20$ 7.58%

250K-499K SF

264 91,002,523 $20,833,255,652 228.93$ 6.81%

>500K SF 124 114,280,044 $38,805,534,079 339.57$ 6.46%

Source: CoStar COMPS® Source: CoStar COMPS®

Historical Price/SF Average Historical Cap Rate AverageBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales of 15,000 SF and Larger

Source: CoStar COMPS® Source: CoStar COMPS®

$20

$70

$120

$170

$220

$270

$320

2011 1q 2012 2013 2014

Dol

lars

per

SF

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

2011 1q 2012 1q 2013 1q 2014 1q

Millions

of

Sale

s V

olu

me D

ollars

$0

$50

$100

$150

$200

$250

$300

Price

/SF

Sales Volume Price/SF

5.8%

6.0%

6.2%

6.4%

6.6%

6.8%

7.0%

7.2%

7.4%

7.6%

2011 4q 2012 4q 2013 4q

Cap R

ate

Perc

enta

ge

$0

$50

$100

$150

$200

$250

$300

$350

$400

Dolla

rs/SF

Cap Rate Price/SF

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2011 1q 2012 2013 2014

Cap R

ate

Perc

enta

ge






Sales Activity

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