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National Office MarketF i r s t Q u a r t e r 2 0 1 5

The CoStarOffice Report

National Office Market

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

First Quarter 2015 – 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


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

National – First Quarter 2015


©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 – First Quarter 2015


©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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National – First Quarter 2015 First Quarter 2015 – National


©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 15,396,516 SF in the Quarter

The U.S. Office market ended the first quarter 2015 with a vacancy rate of 10.9%. The vacancy rate was down over the previous quarter, with net absorption totaling

positive 15,396,516 square feet in the first quarter. Vacant sublease space increased in the quarter, ending the quarter at 41,608,407 square feet. Rental rates ended the first quarter at $22.74, an increase over the previous quarter. A total of 244 buildings delivered to the market in the quarter totaling 16,505,478 square feet, with 115,936,386 square feet still under construction at the end of the quarter.

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

positive 15,396,516 square feet in the first quarter 2015. That compares to positive 37,931,775 square feet in the fourth quar-ter 2014, positive 25,105,567 square feet in the third quarter 2014, and positive 25,370,666 square feet in the second quar-ter 2014.

Tenants moving out of large blocks of space in 2015 include: JP Morgan Chase moving out of 946,674 square feet at 28 Liberty in the New York City market, FDIC moving out of 107,266 square feet at 1310 N Courthouse Rd in the Washington, DC market; and Pearson Education moving out of 474,801 square feet at 1 Lake Street in the Northern New Jersey market.

Tenants moving into large blocks of space in 2015 include: Mount Sinai moving into 448,819 square feet at 150 E 42nd Street in the New York City market; SAGE Computing moving

into 38,096 square feet at RTC West III in the Washington, DC market; and United Water moving into 116,360 square feet at Mack-Cali Centre 6 in the Northern New Jersey market.

The Class-A Office market recorded net absorption of positive 8,083,290 square feet in the first quarter 2015, com-pared to positive 21,149,255 square feet in the fourth quarter 2014, positive 15,349,854 in the third quarter 2014, and positive 13,298,185 in the second quarter 2014.

The Class-B Office market recorded net absorption of positive 5,993,374 square feet in the first quarter 2015, com-pared to positive 12,503,795 square feet in the fourth quarter 2014, positive 7,875,807 in the third quarter 2014, and positive 9,585,750 in the second quarter 2014.

The Class-C Office market recorded net absorption of positive 1,319,852 square feet in the first quarter 2015 com-pared to positive 4,278,725 square feet in the fourth quarter 2014, positive 1,879,906 in the third quarter 2014, and positive 2,486,731 in the second quarter 2014.

Net absorption for U.S.’s central business district was positive 3,275,466 square feet in the first quarter 2015. That compares to positive 7,959,310 square feet in the fourth quar-ter 2014, positive 4,885,283 in the third quarter 2014, and posi-tive 4,123,315 in the second quarter 2014.

Net absorption for the suburban markets was positive 12,121,050 square feet in the first quarter 2015. That compares to positive 29,972,465 square feet in fourth quarter 2014, positive 20,220,284 in the third quarter 2014, and positive 21,247,351 in the second quarter 2014.

Vacancy Rates by Class* 2000-2015

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

Absorption & Deliveries*Past 7 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 4q

Vaca

ncy

Rate

Class A Class B Class C Total Market

15.8 15.9

12.2

20.219.1

31.3

10.611.7 11.7 11.4

10.7 10.1

16.5

14.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2013 3q 2014 3q

Millions

SF

Net Absorption Deliveries

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National � First Quarter 2015

National Office MarketFirst Quarter 2015 – National



Overview

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

to 10.9% at the end of the first quarter 2015. The vacancy rate was 11.0% at the end of the fourth quarter 2014, 11.2% at the end of the third quarter 2014, and 11.4% at the end of the sec-ond quarter 2014.

Class-A projects reported a vacancy rate of 12.3% at the end of the first quarter 2015, 12.3% at the end of the fourth quarter 2014, 12.5% at the end of the third quarter 2014, and 12.7% at the end of the second quarter 2014.

Class-B projects reported a vacancy rate of 11.4% at the end of the first quarter 2015, 11.5% at the end of the fourth quarter 2014, 11.7% at the end of the third quarter 2014, and 11.9% at the end of the second quarter 2014.

Class-C projects reported a vacancy rate of 7.9% at the end of the first quarter 2015, 8.0% at the end of fourth quarter 2014, 8.2% at the end of the third quarter 2014, and 8.4% at the end of the second quarter 2014.

The overall vacancy rate in U.S.’s central business district at the end of the first quarter 2015 decreased to 10.2%. The vacancy rate was 10.3% at the end of the fourth quarter 2014, 10.6% at the end of the third quarter 2014, and 10.8% at the end of the second quarter 2014.

The vacancy rate in the suburban markets changed to 11.2% in the first quarter 2015. The vacancy rate was 11.2% at the end of the fourth quarter 2014, 11.4% at the end of the third quarter 2014, and 11.5% at the end of the second quarter 2014.

Largest Lease SigningsThe largest lease signings occurring in 2015 included: the

500,000-square-foot lease signed by MetLife, Inc. at the MetLife Building in the New York City market; the 292,013-square-foot lease signed by TIBCO Software, Inc. at 3301-3307 Hillview Ave in the South Bay/San Jose market; and the 274,000-square-foot lease signed by Facebook, Inc. at the Dexter Station build-ing in the Seattle/Puget Sound market.

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

increased to 41,608,407 square feet by the end of the first quarter 2015, from 41,425,037 square feet at the end of the fourth quarter 2014. There was 41,992,925 square feet vacant at the end of the third quarter 2014 and 42,047,375 square feet at the end of the second quarter 2014.

U.S.’s Class-A projects reported vacant sublease space of 24,573,800 square feet at the end of first quarter 2015, down from the 24,661,865 square feet reported at the end of the fourth quarter 2014. There were 24,440,283 square feet of sub-lease space vacant at the end of the third quarter 2014, and 25,069,678 square feet at the end of the second quarter 2014.

Class-B projects reported vacant sublease space of 14,831,060 square feet at the end of the first quarter 2015, up

from the 14,662,238 square feet reported at the end of the fourth quarter 2014. At the end of the third quarter 2014 there were 15,451,771 square feet, and at the end of the second quar-ter 2014 there were 15,019,603 square feet vacant.

Class-C projects reported increased vacant sublease space from the fourth quarter 2014 to the first quarter 2015. Sublease vacancy went from 2,100,934 square feet to 2,203,547 square feet during that time. There was 2,100,871 square feet at the end of the third quarter 2014, and 1,958,094 square feet at the end of the second quarter 2014.

Sublease vacancy in U.S.’s central business district stood at 11,160,049 square feet at the end of the first quarter 2015. It was 11,411,693 square feet at the end of the fourth quarter 2014, 11,699,658 square feet at the end of the third quarter 2014, and 12,298,746 square feet at the end of the second quarter 2014.

Sublease vacancy in the suburban markets ended the first quarter 2015 at 30,448,358 square feet. At the end of the fourth quarter 2014 sublease vacancy was 30,013,344 square feet, was 30,293,267 square feet at the end of the third quarter 2014, and was 29,748,629 square feet at the end of the second quarter 2014.

Rental RatesThe average quoted asking rental rate for available Office

space, all classes, was $22.74 per square foot per year at the end of the first quarter 2015 in the U.S. market area. This rep-resented a 0.4% increase in quoted rental rates from the end of the fourth quarter 2014, when rents were reported at $22.65 per square foot.

The average quoted rate within the Class-A sector was $28.75 at the end of the first quarter 2015, while Class-B rates stood at $20.39, and Class-C rates at $16.59. At the end of the fourth quarter 2014, Class-A rates were $28.69 per square foot, Class-B rates were $20.24, and Class-C rates were $16.54.

The average quoted asking rental rate in U.S.’s CBD was $28.95 at the end of the first quarter 2015, and $21.34 in the suburban markets. In the fourth quarter 2014, quoted rates were $29.05 in the CBD and $21.22 in the suburbs.

Deliveries and ConstructionDuring the first quarter 2015, 244 buildings totaling

16,505,478 square feet were completed in the U.S. market area. This compares to 237 buildings totaling 18,225,825 square feet that were completed in the fourth quarter 2014, 269 buildings totaling 13,639,576 square feet completed in the third quarter 2014, and 12,776,294 square feet in 256 buildings completed in the second quarter 2014.

There were 115,936,386 square feet of Office space under construction at the end of the first quarter 2015.

Some of the notable 2015 deliveries include: ExxonMobil Campus - Phase II, a 1,500,000-square-foot facility in the Houston market that delivered in first quarter 2015 and is now






Overview

100% occupied, and 1K Fulton, a 689,067-square-foot building in the Chicago market that delivered in first quarter 2015 and is now 39% occupied.

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

to 10,501,740,932 square feet in 505,018 buildings as of the end of the first quarter 2015. The Class-A Office sector consisted of 3,287,357,965 square feet in 17,200 projects. There were 193,861 Class-B buildings totaling 4,879,651,453 square feet, and the Class-C sector consisted of 2,334,731,514 square feet in 293,957 buildings. Within the Office market there were 22,321 owner-occupied buildings accounting for 951,722,203 square feet of Office space.

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

er, U.S. Office sales figures fell during the fourth quarter 2014 in terms of dollar volume compared to the third quarter of 2014.

In the fourth quarter, 888 Office transactions closed with a total volume of $24,972,914,495. The 888 buildings totaled 103,581,268 square feet and the average price per square foot equated to $241.09 per square foot. That compares to 825 transactions totaling $26,033,690,232 in the third quarter 2014. The total square footage in the third quarter was 102,879,906 square feet for an average price per square foot of $253.05.

Total Office building sales activity in 2014 was up com-pared to 2013. In the twelve months of 2014, the market saw 3,181 Office sales transactions with a total volume of $89,707,727,656. The price per square foot averaged $243.88. In the same twelve months of 2013, the market posted 2,946 transactions with a total volume of $74,402,992,616. The price per square foot averaged $216.47.

Cap rates have been lower in 2014, averaging 7.41% com-pared to the same period in 2013 when they averaged 7.93%.

One of the largest transactions that has occurred within the last 4 quarters in the U.S. market is the sale of America’s Square in the Washington market. This 461,484-square-foot office building sold for $500,000,000, or $1,083.46 per square foot. The property sold on 2/24/2015, at a 4.46% cap rate.

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

and positive 26,114 square feet of net absorption, Albany/Schenectady/Troy’s vacancy rate went from 7.5% to 7.4% in the quarter. Rental rates went from $14.24 to $14.58 during that time. At the end of the quarter, there was 6,447 square feet underway for future delivery.

AlbuquerqueThe Albuquerque Office market reported no new deliveries

and no space under construction at the end of the first quar-ter 2015. With this limited construction activity, net absorp-

tion of positive 166,302 square feet caused the vacancy rate to decrease from 11.2% to 10.7% in the quarter. Rental rates stood at $15.65.

AnchorageWith no new Office space being delivered to the mar-

ket, and negative (14,743) square feet of net absorption, Anchorage’s vacancy rate went from 5.4% to 5.5% in the quarter. Rental rates went from $29.21 to $28.53 during that time. At the end of the quarter, there was 133,361 square feet underway for future delivery.

AshevilleWith no new Office space being delivered to the market,

and positive 54,262 square feet of net absorption, Asheville’s vacancy rate went from 6.7% to 6.2% in the quarter. Rental rates went from $16.36 to $16.25 during that time. At the end of the quarter, there was 174,000 square feet underway for future delivery.

AtlantaThe Atlanta 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 703,081 square feet. Vacant sublease space increased to 1,350,633 square feet. Rental rates ended the first quarter at $19.45, a decrease over the previous quarter. A total of two buildings with 212,800 square feet of space delivered to the market, with 1,774,433 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 (23,621) square feet of net absorption, Augusta/Richmond County’s vacancy rate went from 9.3% to 9.5% in the quarter. Rental rates went from $13.91 to $13.45 during that time. At the end of the quarter, there was 82,324 square feet underway for future delivery.

AustinThe Austin Office market ended the quarter with a vacan-

cy rate of 8.6%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 419,736 square feet. Vacant sublease space decreased to 635,121 square feet. Rental rates ended the first quarter at $29.35, an increase over the previous quarter. A total of 11 buildings with 555,075 square feet of space delivered to the market, with 2,972,306 square feet still under construction at the end of the quarter.

BakersfieldThe Bakersfield Office market ended the quarter with a

vacancy rate of 7.0%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (25,118) square feet. Vacant sublease space increased to 48,943 square






Overview

feet. Rental rates ended the first quarter at $17.14, an increase over the previous quarter. A total of one building with 15,600 square feet of space delivered to the market, with 55,586 square feet still under construction at the end of the quarter.

BaltimoreThe Baltimore Office market ended the quarter with a

vacancy rate of 11.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 435,330 square feet. Vacant sublease space decreased to 311,719 square feet. Rental rates ended the first quarter at $21.37, an increase over the previous quarter. A total of three buildings with 123,170 square feet of space delivered to the market, with 764,768 square feet still under construction at the end of the quarter.

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

ket, and positive 78,402 square feet of net absorption, Baton Rouge’s vacancy rate went from 9.7% to 9.3% in the quarter. Rental rates went from $15.72 to $15.97 during that time. At the end of the quarter, there was 231,400 square feet under-way for future delivery.

Beaumont/Port ArthurThe Beaumont/Port Arthur Office market reported no

new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (21,127) square feet caused the vacancy rate to increase from 4.9% to 5.1% in the quarter. Rental rates stood at $14.22.

BirminghamThe vacancy rate remained unchanged in Birmingham

in the first quarter. With 14,000 square feet in deliveries, and positive 31,562 square feet in net absorption, the vacancy rate held at 9.5%, the same rate reported in the previous quarter. The market had 42,018 square feet under construction at the end of the quarter, and rental rates stood at $16.15 per square foot.

Boise City/NampaThe Boise City/Nampa 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 posi-tive 227,351 square feet. Vacant sublease space decreased to 130,412 square feet. Rental rates ended the first quarter at $15.40, an increase over the previous quarter. A total of five buildings with 39,637 square feet of space delivered to the market, with 97,521 square feet still under construction at the end of the quarter.

BostonThe Boston 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 825,368 square feet. Vacant sublease space decreased to 1,648,278 square feet. Rental rates ended the first quarter at $21.27, an increase over the previous quarter. A total of three buildings with 574,000 square feet of space delivered to the market, with 5,490,707 square feet still under construction at the end of the quarter.

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

and positive 6,045 square feet of net absorption, Bremerton/Silverdale’s vacancy rate went from 8.9% to 8.8% in the quar-ter. Rental rates went from $17.45 to $18.72 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 11.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (44,136) square feet. Vacant sublease space increased to 151,266 square feet. Rental rates ended the first quarter at $24.38, an increase over the previous quarter. A total of two buildings with 53,888 square feet of space delivered to the market, with 448,705 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 first quarter 2015. With this limited construction activity, net absorption of positive 13,710 square feet caused the vacancy rate to decrease from 9.7% to 9.2% in the quarter. Rental rates stood at $14.71.

Buffalo/Niagara FallsThe Buffalo/Niagara Falls Office market saw vacancies

fall and rental rates decrease from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 9.8%, from 9.9% in the previous quarter. Rental rates ended the quarter at $14.96 per square foot, from $15.02 in the previous quarter. There was a total of 31,000 square feet that delivered in the quarter, with 613,000 square feet still under construction at the end of the quarter.

Charleston WVThe Charleston WV Office market reported no new

deliveries and no space under construction at the end of the






Overview

first quarter 2015. With this limited construction activity, net absorption of negative (17,093) square feet caused the vacan-cy rate to increase from 7.7% to 7.9% in the quarter. Rental rates stood at $14.84.

Charleston/N CharlestonThe Charleston/N Charleston Office market ended the

quarter with a vacancy rate of 7.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 208,615 square feet. Vacant sublease space decreased to 21,467 square feet. Rental rates ended the first quarter at $20.63, an increase over the previous quarter. A total of two buildings with 169,000 square feet of space delivered to the market, with 378,134 square feet still under construction at the end of the quarter.

CharlotteThe Charlotte Office market ended the quarter with a

vacancy rate of 9.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 147,384 square feet. Vacant sublease space increased to 290,458 square feet. Rental rates ended the first quarter at $20.60, an increase over the previous quarter. A total of two buildings with 56,037 square feet of space delivered to the market, with 479,838 square feet still under construction at the end of the quarter.

ChattanoogaWith no space currently under construction, Chattanooga

absorbed 34,708 square feet of space and delivered 76,496 square feet of space, resulting in a vacancy rate that went from 9.1% to 9.3% over the course of the quarter. Rental rates went from $15.83 to $15.52 per square foot.

ChicagoThe Chicago Office market ended the quarter with a

vacancy rate of 13.8%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (147,231) square feet. Vacant sublease space decreased to 2,991,946 square feet. Rental rates ended the first quarter at $22.98, a decrease over the previous quarter. A total of one building with 689,067 square feet of space delivered to the market, with 5,477,105 square feet still under construction at the end of the quarter.

CincinnatiThe vacancy rate remained unchanged in Cincinnati in

the first quarter. With 250,000 square feet in deliveries, and positive 244,546 square feet in net absorption, the vacancy rate held at 12.0%, the same rate reported in the previous quarter. The market had 1,798,696 square feet under con-struction at the end of the quarter, and rental rates stood at $15.48 per square foot.

ClevelandThe Cleveland 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 positive 491,076 square feet. Vacant sublease space increased to 283,171 square feet. Rental rates ended the first quarter at $16.65, a decrease over the previous quarter. A total of two buildings with 373,735 square feet of space delivered to the market, with 762,594 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 increase from the fourth quarter 2014 to the first quar-ter 2015. The overall vacancy rate currently sits at 8.3%, from 8.6% in the previous quarter. Rental rates ended the quarter at $14.79 per square foot, from $14.33 in the previous quarter. There was a total of 19,925 square feet that delivered in the quarter, with 194,069 square feet still under construction at the end of the quarter.

ColumbusThe Columbus Office market ended the quarter with a

vacancy rate of 8.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 627,047 square feet. Vacant sublease space increased to 141,784 square feet. Rental rates ended the first quarter at $16.61, an increase over the previous quarter. A total of four buildings with 248,340 square feet of space delivered to the market, with 77,500 square feet still under construction at the end of the quarter.

Columbus GAWith no new Office space being delivered to the market,

and negative (674) square feet of net absorption, Columbus GA’s vacancy rate remained at 8.0% in the quarter. Rental rates went from $11.71 to $11.68 during that time. At the end of the quarter, there was 249,000 square feet underway for future delivery.

Corpus ChristiThe Corpus Christi Office market reported no new deliv-

eries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 7,670 square feet caused the vacancy rate to decrease from 10.0% to 9.9% in the quarter. Rental rates stood at $16.28.






Overview

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

with a vacancy rate of 14.7%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 1,993,344 square feet. Vacant sublease space decreased to 2,433,356 square feet. Rental rates ended the first quarter at $21.87, an increase over the previous quarter. A total of 34 buildings with 2,467,302 square feet of space delivered to the market, with 6,637,696 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 first quarter 2015. With this limited construction activity, net absorption of negative (21,371) square feet caused the vacancy rate to increase from 12.8% to 13.1% in the quarter. Rental rates stood at $10.93.

DaytonWith no new Office space being delivered to the market,

and positive 119,553 square feet of net absorption, Dayton’s vacancy rate went from 15.1% to 14.8% in the quarter. Rental rates went from $14.75 to $14.61 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 first quarter 2015. With this limited construction activ-ity, net absorption of positive 16,726 square feet caused the vacancy rate to decrease from 8.1% to 8.0% in the quarter. Rental rates stood at $13.06.

DenverThe Denver Office market ended the quarter with a

vacancy rate of 10.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 282,253 square feet. Vacant sublease space increased to 1,210,299 square feet. Rental rates ended the first quarter at $23.50, an increase over the previous quarter. A total of two buildings with 15,227 square feet of space delivered to the market, with 2,673,204 square feet still under construction at the end of the quarter.

Des MoinesThe Des Moines Office market saw vacancies fall and

rental rates decrease from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 6.1%, from 6.4% in the previous quarter. Rental rates ended the quarter at $14.07 per square foot, from $14.10 in the previous quarter. There was a total of 215,829 square feet that delivered in the quarter, with 176,000 square feet still under construction at the end of the quarter.

DetroitThe Detroit Office market ended the quarter with a

vacancy rate of 15.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 451,713 square feet. Vacant sublease space increased to 314,390 square feet. Rental rates ended the first quarter at $17.99, an increase over the previous quarter. A total of two buildings with 47,000 square feet of space delivered to the market, with 573,890 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 first quarter 2015. With this limited construction activity, net absorption of negative (761) square feet caused the vacancy rate to remain at 4.5% in the quarter. Rental rates stood at $12.32.

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

ket, and positive 180,710 square feet of net absorption, East Bay/Oakland’s vacancy rate went from 11.3% to 11.2% in the quarter. Rental rates went from $24.61 to $24.81 during that time. At the end of the quarter, there was 115,000 square feet underway for future delivery.

El PasoThe El Paso Office market ended the quarter with a

vacancy rate of 7.0%. The vacancy rate was up over the previ-ous quarter, with net absorption totaling positive 3,087 square feet. Vacant sublease space increased to 100,210 square feet. Rental rates ended the first quarter at $16.19, a decrease over the previous quarter. A total of one building with 25,000 square feet of space delivered to the market, with 1,500 square feet still under construction at the end of the quarter.

ErieThe Erie Office market reported no new deliveries and

no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 2,151 square feet caused the vacancy rate to remain at 4.7% in the quarter. Rental rates stood at $10.29.

EvansvilleThe Evansville Office market reported no new deliveries

and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 4,448 square feet caused the vacancy rate to remain at 8.3% in the quarter. Rental rates stood at $12.47.

FayettevilleWith no new Office space being delivered to the mar-

ket, and negative (16,973) square feet of net absorption, Fayetteville’s vacancy rate went from 9.2% to 9.5% in the quarter. Rental rates went from $15.17 to $15.35 during that






Overview

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 8.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 160,133 square feet. Vacant sublease space increased to 28,427 square feet. Rental rates ended the first quarter at $15.39, an increase over the previous quarter. A total of three buildings with 29,636 square feet of space delivered to the market, with 13,720 square feet still under construction at the end of the quarter.

Fort SmithThe Fort Smith Office market reported no new deliveries

and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (410) square feet caused the vacancy rate to remain at 4.5% in the quarter. Rental rates stood at $10.02.

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

and positive 15,968 square feet of net absorption, Fort Wayne’s vacancy rate went from 9.9% to 9.8% in the quarter. Rental rates went from $13.12 to $12.76 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 10.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 51,848 square feet. Vacant sublease space decreased to 17,568 square feet. Rental rates ended the first quarter at $16.58, a decrease over the previous quarter. A total of one building with 10,669 square feet of space delivered to the market, with 39,166 square feet still under construction at the end of the quarter.

Green BayThe Green Bay Office market reported no new deliveries

and no space under construction at the end of the first quar-ter 2015. With this limited construction activity, net absorption of negative (82,935) square feet caused the vacancy rate to increase from 10.8% to 11.3% in the quarter. Rental rates stood at $11.93.

Greensboro/Winston-SalemThe Greensboro/Winston-Salem Office market ended the

quarter with a vacancy rate of 10.6%. The vacancy rate was up over the previous quarter, with net absorption totaling nega-tive (112,637) square feet. Vacant sublease space increased to 190,388 square feet. Rental rates ended the first quarter at $14.28, a decrease over the previous quarter. A total of 117,000 square feet was under construction at the end of the quarter.

Greenville/SpartanburgThe Greenville/Spartanburg Office market ended the

quarter with a vacancy rate of 8.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 245,007 square feet. Vacant sublease space stayed the same at 36,051 square feet. Rental rates ended the first quarter at $15.01, an increase over the previous quarter. A total of seven buildings with 67,591 square feet of space delivered to the market, with 225,200 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 11.7%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (18,459) square feet. Vacant sublease space decreased to 100,013 square feet. Rental rates ended the first quarter at $16.78, a decrease over the previous quarter. A total of one building with 19,115 square feet of space delivered to the mar-ket, with 114,360 square feet still under construction at the end of the quarter.

HartfordWith no new Office space being delivered to the market,

and positive 293,243 square feet of net absorption, Hartford’s vacancy rate went from 9.3% to 9.0% in the quarter. Rental rates went from $18.24 to $18.11 during that time. At the end of the quarter, there was 5,928 square feet underway for future delivery.

HawaiiWith no new Office space being delivered to the market,

and negative (13,806) square feet of net absorption, Hawaii’s vacancy rate went from 5.2% to 5.3% in the quarter. Rental rates went from $29.98 to $31.00 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 11.6%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling positive 1,706,841 square feet. Vacant sublease space increased to 2,046,628 square feet. Rental rates ended the first quarter at $27.46, an increase over the previous quarter. A total of 24 buildings with 4,413,738 square feet of space delivered to the market, with 14,976,388 square feet still under construction at the end of the quarter.

Huntington/AshlandThe Huntington/Ashland Office market reported no new

deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (24,160) square feet caused the vacan-






Overview

cy rate to increase from 6.2% to 6.4% in the quarter. Rental rates stood at $10.27.

HuntsvilleWith no new Office space being delivered to the market,

and positive 3,219 square feet of net absorption, Huntsville’s vacancy rate remained at 11.4% in the quarter. Rental rates went from $14.17 to $14.05 during that time. At the end of the quarter, there was 60,000 square feet underway for future delivery.

IndianapolisThe vacancy rate remained unchanged in Indianapolis

in the first quarter. With 85,847 square feet in deliveries, and positive 111,044 square feet in net absorption, the vacancy rate held at 8.6%, the same rate reported in the previous quarter. The market had 380,392 square feet under construction at the end of the quarter, and rental rates stood at $16.81 per square foot.

Inland Empire (California)The Inland Empire (California) Office market saw vacan-

cies fall and rental rates decrease from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 10.8%, from 11.0% in the previous quarter. Rental rates ended the quarter at $19.32 per square foot, from $19.52 in the previous quarter. There was a total of 48,029 square feet that delivered in the quarter, with 87,122 square feet still under construction at the end of the quarter.

JacksonWith no new Office space being delivered to the market,

and positive 30,947 square feet of net absorption, Jackson’s vacancy rate went from 7.6% to 7.5% in the quarter. Rental rates went from $15.98 to $16.20 during that time. At the end of the quarter, there was 117,500 square feet underway for future delivery.

Jacksonville (Florida)The Jacksonville (Florida) Office market ended the quar-

ter with a vacancy rate of 11.4%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 138,103 square feet. Vacant sublease space decreased to 155,189 square feet. Rental rates ended the first quarter at $17.96, an increase over the previous quarter. A total of one building with 24,041 square feet of space delivered to the mar-ket, with 214,552 square feet still under construction at the end of the quarter.

Kansas CityThe Kansas City Office market ended the quarter with a

vacancy rate of 10.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 263,528

square feet. Vacant sublease space decreased to 370,465 square feet. Rental rates ended the first quarter at $17.40, an increase over the previous quarter. A total of three buildings with 93,572 square feet of space delivered to the market, with 410,771 square feet still under construction at the end of the quarter.

Killeen/Temple/Fort HoodThe Killeen/Temple/Fort Hood Office market reported

no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activ-ity, net absorption of positive 24,004 square feet caused the vacancy rate to decrease from 8.4% to 7.5% in the quarter. Rental rates stood at $13.56.

Kingsport/Bristol/BristolThe Kingsport/Bristol/Bristol Office market reported no

new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (48,109) square feet caused the vacancy rate to increase from 8.6% to 9.4% in the quarter. Rental rates stood at $12.37.

KnoxvilleWith no new Office space being delivered to the market,

and positive 108,283 square feet of net absorption, Knoxville’s vacancy rate went from 8.3% to 7.9% in the quarter. Rental rates went from $14.93 to $14.72 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 17.4%. The vacancy rate was up over the previ-ous quarter, with net absorption totaling negative (160,945) square feet. Vacant sublease space decreased to 394,889 square feet. Rental rates ended the first quarter at $20.07, an increase over the previous quarter. A total of four buildings with 35,947 square feet of space delivered to the market, with 580,315 square feet still under construction at the end of the quarter.

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

and positive 99,651 square feet of net absorption, Lexington/Fayette’s vacancy rate went from 10.3% to 9.8% in the quarter.






Overview

Rental rates went from $15.42 to $15.45 during that time. At the end of the quarter, there was 255,634 square feet under-way for future delivery.

LincolnWith no new Office space being delivered to the market,

and positive 39,745 square feet of net absorption, Lincoln’s vacancy rate went from 6.4% to 6.1% in the quarter. Rental rates went from $13.36 to $13.99 during that time. At the end of the quarter, there was 12,750 square feet underway for future delivery.

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

and positive 283,575 square feet of net absorption, Little Rock/N Little Rock’s vacancy rate went from 6.1% to 5.2% in the quarter. Rental rates went from $15.48 to $15.15 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 increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 8.4%, from 8.2% in the previous quarter. Rental rates ended the quarter at $26.77 per square foot, from $26.44 in the pre-vious quarter. There was a total of 344,905 square feet that delivered in the quarter, with 893,197 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 11.6%. The vacancy rate was up over the previ-ous quarter, with net absorption totaling negative (242,140) square feet. Vacant sublease space increased to 1,201,495 square feet. Rental rates ended the first quarter at $30.04, a decrease over the previous quarter. A total of nine buildings with 427,813 square feet of space delivered to the market, with 2,571,135 square feet still under construction at the end of the quarter.

LouisvilleThe Louisville Office market saw vacancies fall and rental


LubbockWith no new Office space being delivered to the market,

and positive 5,663 square feet of net absorption, Lubbock’s

vacancy rate went from 5.9% to 5.9% in the quarter. Rental rates went from $13.93 to $14.61 during that time. At the end of the quarter, there was 55,996 square feet underway for future delivery.

MadisonWith no new Office space being delivered to the market,

and positive 132,777 square feet of net absorption, Madison’s vacancy rate went from 8.6% to 8.2% in the quarter. Rental rates went from $14.99 to $15.07 during that time. At the end of the quarter, there was 40,000 square feet underway for future delivery.

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


MemphisThe Memphis 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 positive 422,900 square feet. Vacant sublease space decreased to 103,202 square feet. Rental rates ended the first quarter at $16.02, a decrease over the previous quarter. A total of two buildings with 383,581 square feet of space delivered to the market, with 649,865 square feet still under construction at the end of the quarter.

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 132,354 square feet. Vacant sublease space decreased to 189,184 square feet. Rental rates ended the first quarter at $29.88, an increase over the previous quarter. A total of two buildings with 56,942 square feet of space delivered to the market, with 624,353 square feet still under construction at the end of the quarter.

MilwaukeeWith no new Office space being delivered to the market,

and positive 162,353 square feet of net absorption, Milwaukee’s vacancy rate went from 10.5% to 10.0% in the quarter. Rental rates went from $15.35 to $15.71 during that time. At the end of the quarter, there was 1,845,217 square feet underway for future delivery.

MinneapolisThe Minneapolis Office market ended the quarter with a

vacancy rate of 8.9%. The vacancy rate was down over the






Overview

previous quarter, with net absorption totaling positive 556,816 square feet. Vacant sublease space decreased to 396,866 square feet. Rental rates ended the first quarter at $17.99, a decrease over the previous quarter. A total of four buildings with 212,424 square feet of space delivered to the market, with 2,987,979 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 first quarter 2015. With this limited construction activity, net absorption of positive 28,362 square feet caused the vacancy rate to decrease from 8.6% to 8.5% in the quarter. Rental rates stood at $13.00.

MontgomeryThe Montgomery Office market reported no new deliv-

eries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 23,607 square feet caused the vacancy rate to decrease from 9.2% to 9.1% in the quarter. Rental rates stood at $13.35.

Myrtle Beach/ConwayThe Myrtle Beach/Conway Office market reported no


NashvilleThe Nashville Office market ended the quarter with a

vacancy rate of 6.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 111,307 square feet. Vacant sublease space increased to 241,451 square feet. Rental rates ended the first quarter at $21.52, an increase over the previous quarter. A total of one building with 53,718 square feet of space delivered to the market, with 2,684,744 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 10.5%. The vacancy rate was up over the previous quarter, with net absorption total-ing negative (88,221) square feet. Vacant sublease space increased to 84,822 square feet. Rental rates ended the first quarter at $16.45, an increase over the previous quarter. A total of two buildings with 41,292 square feet of space delivered to the market, with 39,412 square feet still under construction at the end of the quarter.

New York CityThe vacancy rate remained unchanged in New York City

in the first quarter. With 18,000 square feet in deliveries, and negative (580,989) square feet in net absorption, the vacancy rate held at 8.1%, the same rate reported in the previous quar-ter. The market had 5,957,552 square feet under construction at the end of the quarter, and rental rates stood at $57.00 per square foot.

North Bay/Santa RosaThe vacancy rate remained unchanged in North Bay/

Santa Rosa in the first quarter. With 56,285 square feet in deliveries, and positive 32,744 square feet in net absorption, the vacancy rate held at 12.5%, the same rate reported in the previous quarter. The market had 213,000 square feet under construction at the end of the quarter, and rental rates stood at $23.32 per square foot.

Northern New JerseyThe vacancy rate remained unchanged in Northern New

Jersey in the first quarter. With 107,100 square feet in deliveries, and positive 63,151 square feet in net absorption, the vacancy rate held at 14.0%, the same rate reported in the previous quarter. The market had 1,179,524 square feet under construc-tion at the end of the quarter, and rental rates stood at $23.85 per square foot.

OcalaThe Ocala Office market reported no new deliveries and

no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (7,313) square feet caused the vacancy rate to increase from 8.0% to 8.1% in the quarter. Rental rates stood at $11.83.

Oklahoma CityThe Oklahoma City 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 281,071 square feet. Vacant sublease space decreased to 39,207 square feet. Rental rates ended the first quarter at $14.58, a decrease over the previous quarter. A total of eight buildings with 179,832 square feet of space delivered to the market, with 584,890 square feet still under construction at the end of the quarter.

OlympiaThe Olympia Office market reported no new deliveries

and no space under construction at the end of the first quar-ter 2015. With this limited construction activity, net absorp-tion of positive 86,427 square feet caused the vacancy rate to decrease from 10.4% to 9.5% in the quarter. Rental rates stood at $16.20.






Overview

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

and negative (103,717) square feet of net absorption, Omaha/Council Bluffs’s vacancy rate went from 7.1% to 7.4% in the quarter. Rental rates went from $16.74 to $16.49 during that time. At the end of the quarter, there was 398,292 square feet underway for future delivery.

Orange County (California)The Orange County (California) Office market ended the

quarter with a vacancy rate of 10.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 163,194 square feet. Vacant sublease space increased to 550,210 square feet. Rental rates ended the first quarter at $24.94, an increase over the previous quarter. A total of one building with 16,000 square feet of space delivered to the market, with 571,406 square feet still under construction at the end of the quarter.

OrlandoThe Orlando Office market ended the quarter with a

vacancy rate of 11.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 380,051 square feet. Vacant sublease space decreased to 247,464 square feet. Rental rates ended the first quarter at $18.75, an increase over the previous quarter. A total of three buildings with 18,072 square feet of space delivered to the market, with 183,536 square feet still under construction at the end of the quarter.

Palm Beach CountyThe Palm Beach County Office market ended the quar-

ter with a vacancy rate of 14.3%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 134,362 square feet. Vacant sublease space decreased to 63,203 square feet. Rental rates ended the first quarter at $26.28, a decrease over the previous quarter. A total of two buildings with 23,200 square feet of space delivered to the market, with 40,590 square feet still under construction at the end of the quarter.

PensacolaThe Pensacola Office market reported no new deliveries

and no space under construction at the end of the first quar-ter 2015. With this limited construction activity, net absorption of negative (28,150) square feet caused the vacancy rate to increase from 6.1% to 6.3% in the quarter. Rental rates stood at $13.73.

PeoriaThe Peoria Office market reported no new deliveries and

no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 6,223 square feet caused the vacancy rate to

decrease from 7.5% to 7.4% in the quarter. Rental rates stood at $13.14.

PhiladelphiaThe Philadelphia Office market ended the quarter with a

vacancy rate of 10.8%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (386,143) square feet. Vacant sublease space increased to 1,306,325 square feet. Rental rates ended the first quarter at $21.89, an increase over the previous quarter. A total of seven buildings with 145,650 square feet of space delivered to the market, with 2,602,750 square feet still under construction at the end of the quarter.

PhoenixThe Phoenix Office market ended the quarter with a

vacancy rate of 17.2%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 163,755 square feet. Vacant sublease space increased to 757,392 square feet. Rental rates ended the first quarter at $21.30, an increase over the previous quarter. A total of six buildings with 390,020 square feet of space delivered to the market, with 4,250,762 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 up over the previ-ous quarter, with net absorption totaling positive 127,251 square feet. Vacant sublease space increased to 307,784 square feet. Rental rates ended the first quarter at $19.84, a decrease over the previous quarter. A total of three buildings with 298,256 square feet of space delivered to the market, with 1,691,989 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 negative (101,723) square feet of net absorption, Port St Lucie/Fort Pierce’s vacancy rate went from 11.9% to 13.1% in the quarter. Rental rates went from $14.32 to $15.12 during that time. At the end of the quarter, there was 21,000 square feet underway for future delivery.

PortlandThe vacancy rate remained unchanged in Portland in the

first quarter. With 93,348 square feet in deliveries, and positive 97,326 square feet in net absorption, the vacancy rate held at 8.3%, the same rate reported in the previous quarter. The mar-ket had 987,405 square feet under construction at the end of the quarter, and rental rates stood at $21.57 per square foot.

Portland/South PortlandWith no new Office space being delivered to the market,

and negative (78,065) square feet of net absorption, Portland/






Overview

South Portland’s vacancy rate went from 7.1% to 7.4% in the quarter. Rental rates went from $14.25 to $14.63 during that time. At the end of the quarter, there was 117,564 square feet underway for future delivery.

ProvidenceThe Providence Office market saw vacancies fall and

rental rates decrease from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 8.5%, from 8.7% in the previous quarter. Rental rates ended the quarter at $17.30 per square foot, from $17.73 in the previous quarter. There was a total of 97,436 square feet that delivered in the quarter, with 62,000 square feet still under construction at the end of the quarter.

Raleigh/DurhamThe Raleigh/Durham Office market ended the quarter

with a vacancy rate of 9.6%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 364,165 square feet. Vacant sublease space decreased to 239,818 square feet. Rental rates ended the first quarter at $19.63, a decrease over the previous quarter. A total of five buildings with 422,000 square feet of space delivered to the market, with 1,518,989 square feet still under construction at the end of the quarter.

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

ies and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 18,885 square feet caused the vacancy rate to decrease from 13.6% to 13.5% in the quarter. Rental rates stood at $16.90.

Richmond VAThe Richmond VA Office market ended the quarter with a

vacancy rate of 10.0%. The vacancy rate was up over the previ-ous quarter, with net absorption totaling positive 28,370 square feet. Vacant sublease space decreased to 438,407 square feet. Rental rates ended the first quarter at $17.53, an increase over the previous quarter. A total of three buildings with 94,403 square feet of space delivered to the market, with 575,158 square feet still under construction at the end of the quarter.

RoanokeThe Roanoke Office market saw vacancies fall and rental


RochesterWith no new Office space being delivered to the market,

and positive 79,525 square feet of net absorption, Rochester’s vacancy rate went from 10.0% to 9.8% in the quarter. Rental rates went from $13.19 to $13.56 during that time. At the end of the quarter, there was 1,764 square feet underway for future delivery.

SacramentoWith no new Office space being delivered to the mar-

ket, and positive 162,130 square feet of net absorption, Sacramento’s vacancy rate went from 13.9% to 13.7% in the quarter. Rental rates went from $20.27 to $20.40 during that time. At the end of the quarter, there was 6,092 square feet underway for future delivery.

SalinasWith no new Office space being delivered to the market,

and positive 4,203 square feet of net absorption, Salinas’s vacancy rate went from 9.3% to 9.2% in the quarter. Rental rates went from $20.93 to $20.69 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 6.8%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 187,196 square feet. Vacant sublease space increased to 222,802 square feet. Rental rates ended the first quarter at $18.48, an increase over the previous quarter. A total of five buildings with 262,594 square feet of space delivered to the market, with 873,724 square feet still under construction at the end of the quarter.

San AntonioThe vacancy rate remained unchanged in San Antonio in

the first quarter. With 221,780 square feet in deliveries, and positive 230,175 square feet in net absorption, the vacancy rate held at 10.4%, the same rate reported in the previous quarter. The market had 761,356 square feet under construction at the end of the quarter, and rental rates stood at $19.64 per square foot.

San DiegoThe San Diego 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 positive 146,325 square feet. Vacant sublease space decreased to 870,753 square feet. Rental rates ended the first quarter at $28.77, an increase over the previous quarter. A total of one building with 3,820 square feet of space delivered to the market, with 923,864 square feet still under construction at the end of the quarter.






San FranciscoWith no new Office space being delivered to the mar-

ket, and positive 968,806 square feet of net absorption, San Francisco’s vacancy rate went from 7.4% to 6.8% in the quar-ter. Rental rates went from $45.76 to $46.66 during that time. At the end of the quarter, there was 6,119,736 square feet underway for future delivery.

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

and positive 4,467 square feet of net absorption, San Luis Obispo/Paso Robles’s vacancy rate went from 3.8% to 3.7% in the quarter. Rental rates went from $17.92 to $16.94 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 first quarter 2015. With this limited construction activity, net absorption of negative (3,957) square feet caused the vacancy rate to remain at 4.8% in the quarter. Rental rates stood at $22.08.

Santa Cruz/WatsonvilleWith no space currently under construction, Santa Cruz/

Watsonville absorbed 11,390 square feet of space and delivered 900 square feet of space, resulting in a vacancy rate that went from 9.9% to 9.8% over the course of the quarter. Rental rates went from $21.51 to $21.71 per square foot.

SavannahThe Savannah Office market reported no new deliveries


Seattle/Puget SoundWith no new Office space being delivered to the market,

and positive 272,782 square feet of net absorption, Seattle/Puget Sound’s vacancy rate went from 8.9% to 8.8% in the quarter. Rental rates went from $29.37 to $29.78 during that time. At the end of the quarter, there was 6,783,397 square feet underway for future delivery.

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 9.7%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 1,331,505 square feet. Vacant sublease space increased to 1,015,786 square feet. Rental rates ended the first quarter at $33.60, a decrease over the previous quarter. A total of five buildings with 776,642 square feet of space delivered to the market, with 7,069,631 square feet still under construction at the end of the quarter.

South Bend/MishawakaWith no new Office space being delivered to the market,

and negative (6,814) square feet of net absorption, South Bend/Mishawaka’s vacancy rate went from 8.8% to 8.9% in the quarter. Rental rates went from $14.24 to $15.16 during that time. At the end of the quarter, there was 11,446 square feet underway for future delivery.

Southwest FloridaWith no new Office space being delivered to the market,

and positive 32,932 square feet of net absorption, Southwest Florida’s vacancy rate went from 12.4% to 12.3% in the quarter. Rental rates went from $15.90 to $15.90 during that time. At the end of the quarter, there was 346,018 square feet under-way for future delivery.

SpokaneWith no new Office space being delivered to the market,

and negative (36,129) square feet of net absorption, Spokane’s vacancy rate went from 11.3% to 11.4% in the quarter. Rental rates went from $15.20 to $15.57 during that time. At the end of the quarter, there was 8,600 square feet underway for future delivery.

SpringfieldThe Springfield Office market reported no new deliveries


St. LouisWith no new Office space being delivered to the mar-

ket, and negative (470,912) square feet of net absorption, St. Louis’s vacancy rate went from 10.5% to 10.8% in the quarter. Rental rates went from $18.04 to $17.86 during that time. At the end of the quarter, there was 103,000 square feet under-way for future delivery.

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

and positive 50,016 square feet of net absorption, Stockton/

Overview






Modesto’s vacancy rate went from 12.2% to 12.0% in the quar-ter. Rental rates went from $14.84 to $14.88 during that time. At the end of the quarter, there was 6,048 square feet under-way for future delivery.

SyracuseWith no new Office space being delivered to the market,

and positive 35,497 square feet of net absorption, Syracuse’s vacancy rate went from 12.3% to 12.2% in the quarter. Rental rates went from $13.82 to $14.19 during that time. At the end of the quarter, there was 51,546 square feet underway for future delivery.

TallahasseeWith no new Office space being delivered to the mar-

ket, and negative (88,031) square feet of net absorption, Tallahassee’s vacancy rate went from 8.1% to 8.5% in the quarter. Rental rates went from $15.07 to $14.92 during that time. At the end of the quarter, there was 41,797 square feet underway for future delivery.

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

ter with a vacancy rate of 11.3%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 323,448 square feet. Vacant sublease space decreased to 398,307 square feet. Rental rates ended the first quarter at $19.04, an increase over the previous quarter. A total of two buildings with 29,500 square feet of space delivered to the market, with 230,772 square feet still under construction at the end of the quarter.

ToledoThe Toledo Office market reported no new deliveries and

no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 68,688 square feet caused the vacancy rate to decrease from 9.8% to 9.5% in the quarter. Rental rates stood at $12.81.

TucsonThe Tucson Office market ended the quarter with a

vacancy rate of 12.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (6,351) square feet. Vacant sublease space decreased to 87,397 square feet. Rental rates ended the first quarter at $18.57, an increase over the previous quarter. A total of three buildings with 37,179 square feet of space delivered to the market, with 30,711 square feet still under construction at the end of the quarter.

TulsaThe Tulsa Office market ended the quarter with a vacancy

rate of 11.4%. The vacancy rate was up over the previous quar-ter, with net absorption totaling positive 19,843 square feet.

Vacant sublease space increased to 97,854 square feet. Rental rates ended the first quarter at $14.03, an increase over the previous quarter. A total of three buildings with 67,618 square feet of space delivered to the market, with 131,972 square feet still under construction at the end of the quarter.

Utica/RomeThe Utica/Rome Office market reported no new deliveries


Visalia/PortervilleThe Visalia/Porterville Office market reported no new


WashingtonThe Washington Office market ended the quarter with a

vacancy rate of 15.0%. The vacancy rate was up over the previ-ous quarter, with net absorption totaling negative (1,502,077) square feet. Vacant sublease space increased to 3,437,079 square feet. Rental rates ended the first quarter at $34.39, a decrease over the previous quarter. A total of five buildings with 393,629 square feet of space delivered to the market, with 6,514,299 square feet still under construction at the end of the quarter.

West MichiganWith no new Office space being delivered to the mar-

ket, and positive 201,062 square feet of net absorption, West Michigan’s vacancy rate went from 9.7% to 9.4% in the quar-ter. Rental rates went from $11.45 to $11.92 during that time. At the end of the quarter, there was 188,562 square feet under-way for future delivery.

Westchester/So ConnecticutThe Westchester/So Connecticut Office market saw

vacancies rise and rental rates decrease from the fourth quar-ter 2014 to the first quarter 2015. The overall vacancy rate cur-rently sits at 13.2%, from 12.7% in the previous quarter. Rental rates ended the quarter at $28.03 per square foot, from $28.28 in the previous quarter. There was a total of 111,000 square feet that delivered in the quarter, with 1,243,453 square feet still under construction at the end of the quarter.

WichitaWith no new Office space being delivered to the market,

and positive 96,589 square feet of net absorption, Wichita’s vacancy rate went from 7.2% to 6.8% in the quarter. Rental

Overview






rates went from $12.90 to $12.54 during that time. At the end of the quarter, there was 256,492 square feet underway for future delivery.

WilmingtonWith no new Office space being delivered to the mar-

ket, and negative (91,385) square feet of net absorption, Wilmington’s vacancy rate went from 8.3% to 9.1% in the quarter. Rental rates went from $14.80 to $15.37 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 first quarter

2015. With this limited construction activity, net absorp-tion of positive 8,127 square feet caused the vacancy rate to decrease from 5.8% to 5.7% in the quarter. Rental rates stood at $12.25.

Youngstown/Warren/BoardmanThe Youngstown/Warren/Boardman Office market

reported no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 56,253 square feet caused the vacancy rate to decrease from 7.1% to 6.7% in the quarter. Rental rates stood at $10.14.

Overview






Historical Deliveries 1983 - 2016

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 64 9,723,136 64.9% 43,451 234,006 South Bay/San Jose 31 6,311,072 89.3% 24,422 228,053 Seattle/Puget Sound 18 3,098,629 45.7% 24,321 376,855 Dallas/Ft Worth 72 3,369,338 50.8% 30,900 92,190 Washington 33 3,544,525 54.4% 47,165 197,403 San Francisco 19 3,758,036 61.4% 42,352 322,091 New York City 14 3,043,049 51.1% 146,101 425,539 Boston 28 3,558,625 64.8% 29,297 196,097 Chicago 24 3,992,217 72.9% 35,534 228,213 Phoenix 26 3,255,842 76.6% 19,987 163,491 Minneapolis 11 2,601,787 87.1% 31,199 271,634 Austin 34 1,371,241 46.1% 20,626 87,421 Nashville 15 434,145 16.2% 18,018 178,983 Denver 26 1,134,216 42.4% 25,731 102,816 Philadelphia 9 1,941,245 74.6% 19,169 289,194 Los Angeles 55 786,306 30.6% 23,997 46,748 Milwaukee 4 1,644,727 89.1% 21,515 461,304 Cincinnati 9 1,120,460 62.3% 19,012 199,855 Atlanta 10 1,244,473 70.1% 19,421 177,443 Pittsburgh 12 1,089,808 64.4% 19,255 140,999 Raleigh/Durham 19 888,852 58.5% 20,398 79,947 Westchester/So Connecticut 10 1,171,493 94.2% 23,072 124,345 Northern New Jersey 15 986,273 83.6% 22,044 78,635 Portland 10 665,654 67.4% 18,372 98,740 San Diego 7 373,263 40.4% 21,195 131,981 Long Island (New York) 11 395,946 44.3% 17,503 81,200 Salt Lake City 12 193,140 22.1% 20,469 72,810 Baltimore 8 418,617 54.7% 21,960 95,596 Cleveland 7 745,144 97.7% 20,551 108,942 San Antonio 18 342,109 44.9% 20,274 42,298 Memphis 4 639,777 98.4% 18,165 162,466 Miami-Dade County 12 345,424 55.3% 22,951 52,029 Buffalo/Niagara Falls 3 506,250 82.6% 21,710 204,333 Oklahoma City 30 439,731 75.2% 13,344 19,496 Las Vegas 14 274,121 47.2% 15,830 41,451 Richmond VA 5 433,505 75.4% 19,800 115,032 Detroit 8 528,667 92.1% 21,260 71,736 Orange County (California) 5 84,321 14.8% 25,209 114,281 Charlotte 8 80,070 16.7% 18,733 59,980 Broward County 5 181,578 40.5% 16,996 89,741 Kansas City 5 358,501 87.3% 26,485 82,154 Omaha/Council Bluffs 5 345,045 86.6% 24,742 79,658 Indianapolis 5 340,222 89.4% 18,390 76,078 Charleston/N Charleston 7 217,577 57.5% 8,959 54,019 Totals 896 72,107,028 62.2% 20,795 129,393

Source: CoStar Property®

571,406 479,838

613,000 584,890 580,315

573,890 575,158

761,356 649,865

923,864

873,724 764,768 762,594

893,197

1,691,989

987,405

1,518,989 1,243,453 1,179,524

4,250,762 2,987,979 2,972,306

1,774,433 1,798,696

6,783,397 6,637,696 6,514,299

2,684,744 2,673,204 2,602,750

5,477,105

1,845,217 2,571,135

410,771 398,292

378,134 380,392

14,976,388

6,119,736 5,957,552 5,490,707

7,069,631

115,936,386

MarketUnder Construction Inventory Average Bldg Size

Total RBA

624,353

448,705

335.5319.1

260.0

225.6241.1

206.1

122.5100.9

58.9 61.876.9

87.1

127.7

163.1

223.3214.0230.8

162.0

128.8120.4134.5

158.4171.0166.8

121.0

60.439.446.8 51.358.8

131.0

0.0

241.9

285.8

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 3,203 116,714,488 90.6% $24.54 384,145 116,330,343

50,000 SF - 99,999 SF 34 2,256,824 69.6% $28.73 594,011 1,662,813

100,000 SF - 249,999 SF 32 5,111,804 80.1% $30.14 2,456,132 2,655,672

250,000 SF - 499,999 SF 10 3,462,265 63.9% $37.13 1,140,353 2,321,912

>= 500,000 SF 4 3,496,352 98.2% $0.00 2,807,285 689,067


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

2,212,912

3,434,336

SF Leased

105,783,569

1,571,200

4,092,063

11.3

8.9

7.4

10.0

11.6 11.6

10.211.1

13.4 13.0

17.4

14.3

22.2

13.5

17.7 17.8

12.9

10.1

6.07.1

5.5

7.6 7.5 7.7

11.3

7.2

10.711.7 11.7 11.4

10.7 10.1

16.5

14.4

0.0

5.0

10.0

15.0

20.0

25.0

2011 1q 2012 1q 2013 1q 2014 1q 2015 1q

Millions

SF

Construction Starts Deliveries

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2011 2012 2013 2014 2015

Millio

ns

SF

Leased Un-Leased

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2015 2q 2015 3q 2015 4q 2016 1q

Millio

ns

SF

Preleased Un-Leased







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Figures at a Glance

Class A Market Statistics First Quarter 2015

YTD Net YTD Under Quoted

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

Albany/Schenect. 27 5,634,791 134,178 162,128 2.9% (3,953) 0 0 $28.41

Albuquerque 26 4,565,946 907,937 943,712 20.7% 14,001 0 0 $19.15

Anchorage 17 2,676,547 121,969 121,969 4.6% 25,671 0 0 $37.41

Asheville 12 759,270 43,790 43,790 5.8% 896 0 0 $22.41

Atlanta 523 121,531,931 16,456,424 17,324,680 14.3% 562,347 200,000 1,690,604 $23.79

Augusta/Richmon 11 733,802 91,481 91,481 12.5% (7,146) 0 0 $17.30

Austin 238 32,450,164 2,970,000 3,398,268 10.5% 212,005 335,036 2,589,873 $33.40

Bakersfield 18 1,404,241 94,770 94,770 6.7% 4,826 0 0 $21.32

Baltimore 377 45,778,164 5,305,085 5,521,488 12.1% 417,852 0 621,760 $24.07

Baton Rouge 16 2,507,901 159,476 202,894 8.1% (565) 0 229,000 $23.62

Beaumont/Port A. 4 747,240 74,990 77,285 10.3% (7,388) 0 0 $16.52

Birmingham 78 12,523,259 765,205 1,102,096 8.8% (2,324) 0 0 $20.20

Boise City/Namp. 22 4,599,023 475,040 491,353 10.7% 65,333 20,043 95,333 $20.45

Boston 755 145,802,519 13,552,219 14,637,087 10.0% 640,714 414,000 4,382,620 $27.33

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

Broward County 122 16,200,087 2,216,145 2,329,148 14.4% 73,889 38,670 430,849 $29.85

Brownsville/Har. 2 124,752 49,409 49,409 39.6% 0 0 0 $18.63

Buffalo/Niagara. 64 9,784,584 1,328,041 1,342,124 13.7% (14,401) 0 613,000 $18.16

Charleston WV 8 921,367 58,875 61,275 6.7% 0 0 0 $20.37

Charleston/N Ch. 79 5,289,066 486,097 486,097 9.2% 222,501 169,000 362,496 $25.41

Charlotte 230 36,899,615 3,466,545 3,631,009 9.8% 81,007 51,000 398,342 $24.31

Chattanooga 17 2,592,792 360,732 390,954 15.1% (23,833) 0 0 $19.87

Chicago 578 173,859,599 25,525,043 27,228,932 15.7% (20,321) 689,067 4,782,264 $26.28

Cincinnati 170 28,127,163 3,847,554 4,031,494 14.3% 180,334 250,000 1,798,696 $18.54

Cleveland 145 25,003,037 2,625,080 2,704,760 10.8% (2,562) 0 660,000 $21.66

Colorado Spring. 48 5,497,784 559,813 570,024 10.4% 38,578 0 0 $21.14

Columbia 25 2,998,646 323,167 338,603 11.3% 24,524 0 110,000 $19.21

Columbus 168 27,725,736 2,869,071 2,953,551 10.7% 305,833 184,340 0 $19.10

Columbus GA 8 601,939 3,750 3,750 0.6% 0 0 235,000 $12.00

Corpus Christi 3 938,444 127,613 129,905 13.8% 2,595 0 0 $29.36

Dallas/Ft Worth 506 135,305,282 19,492,837 20,605,115 15.2% 1,517,490 1,790,754 5,414,046 $25.44

Davenport/Molin. 4 228,329 52,623 52,623 23.0% 0 0 0 $19.20

Dayton 58 6,006,001 1,031,753 1,056,890 17.6% 36,773 0 49,500 $19.23

Deltona/Daytona. 5 443,784 45,482 56,933 12.8% 0 0 0 $15.31

Denver 325 62,061,238 6,252,291 6,966,103 11.2% 216,250 0 2,228,601 $29.06

Des Moines 51 11,892,059 714,864 742,864 6.2% 20,759 0 105,000 $16.68

Detroit 211 46,036,670 6,176,629 6,320,397 13.7% 228,886 0 340,000 $20.62

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

East Bay/Oaklan. 113 28,333,981 3,718,905 3,808,259 13.4% 34,219 0 0 $32.05

El Paso 5 1,199,826 116,715 116,715 9.7% (3,000) 0 0 $15.00

Erie 4 645,764 42,798 42,798 6.6% (22,732) 0 0 $8.62

Evansville 14 2,071,277 211,989 211,989 10.2% 16,500 0 0 $15.51

Fayetteville 8 444,503 40,236 40,236 9.1% (331) 0 0 $21.40

Fayetteville/Sp. 21 1,765,741 157,404 157,404 8.9% 75,617 0 0 $19.25

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

Fort Wayne 16 1,617,745 244,784 244,784 15.1% (6,369) 0 116,600 $15.72

Fresno 23 2,485,186 294,395 297,782 12.0% 13,903 0 0 $24.96

Green Bay 11 1,190,457 192,415 192,415 16.2% 0 0 0 $15.54


Existing Inventory Vacancy






Figures at a Glance




Greensboro/Wins. 64 8,370,584 1,082,573 1,194,363 14.3% (53,303) 0 43,000 $18.97

Greenville/Spar. 65 6,282,813 504,884 524,884 8.4% 83,783 0 192,500 $21.09

Hampton Roads 139 13,312,078 1,539,005 1,570,664 11.8% 23,013 0 25,000 $20.76

Hartford 73 19,259,527 1,979,840 2,028,231 10.5% (36,934) 0 0 $21.56

Hawaii 47 9,882,098 884,374 936,784 9.5% (14,194) 0 0 $35.57

Houston 398 124,970,209 12,784,602 14,294,775 11.4% 1,313,875 3,942,690 14,651,567 $34.45

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

Huntsville 18 1,869,138 58,026 81,383 4.4% 0 0 60,000 $17.82

Indianapolis 164 26,049,782 2,779,941 2,848,105 10.9% 47,628 0 247,000 $18.91

Inland Empire (. 91 7,979,339 981,261 994,746 12.5% 28,448 0 66,510 $25.05

Jackson 42 5,545,205 702,171 712,037 12.8% 5,897 0 117,500 $19.89

Jacksonville (F. 94 16,686,511 1,840,017 1,876,953 11.2% (53,447) 24,041 210,000 $20.50

Kansas City 168 29,579,438 3,505,924 3,780,843 12.8% 42,280 27,000 378,924 $20.21

Killeen/Temple/. 1 60,000 0 0 0.0% 0 0 0 $0.00

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

Knoxville 34 4,619,967 554,417 623,240 13.5% 41,437 0 0 $17.41

Lafayette 3 138,335 9,914 9,914 7.2% (4,914) 0 0 $16.57

Las Vegas 84 9,743,048 1,998,196 2,024,678 20.8% (34,624) 0 262,762 $28.28

Lexington/Fayet. 71 4,240,725 417,624 434,398 10.2% 31,887 0 243,834 $18.06

Lincoln 11 2,359,007 84,898 84,898 3.6% 16,324 0 0 $15.82

Little Rock/N L. 21 3,176,087 188,911 193,419 6.1% 3,068 0 0 $18.45

Long Island (Ne. 201 42,676,255 3,617,437 4,066,832 9.5% (41,330) 67,822 655,000 $32.22

Los Angeles 985 181,716,489 25,767,765 26,610,436 14.6% 238,763 193,413 1,877,742 $33.06

Louisville 98 10,876,586 1,037,009 1,052,312 9.7% 77,790 0 69,000 $20.97

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

Madison 61 6,735,173 535,774 537,272 8.0% 69,230 0 40,000 $20.24

McAllen/Edinbur. 2 210,566 13,576 13,576 6.4% 1,929 0 0 $22.51

Memphis 89 11,869,033 1,077,756 1,117,965 9.4% 264,954 248,464 641,680 $19.45

Miami-Dade Coun 148 27,172,778 3,747,429 3,802,366 14.0% 130,529 0 467,587 $37.15

Milwaukee 88 13,231,174 1,045,089 1,098,353 8.3% 14,751 0 1,845,217 $19.26

Minneapolis 150 48,652,046 3,562,908 3,702,052 7.6% 300,667 125,000 2,646,300 $23.60

Mobile 11 1,452,503 253,626 263,016 18.1% (4,260) 0 0 $16.70

Montgomery 21 2,827,875 195,581 206,393 7.3% 26,645 0 0 $18.72

Myrtle Beach/Co. 6 455,213 25,305 25,305 5.6% 7,020 0 0 $15.20

Nashville 136 21,235,772 1,169,676 1,338,093 6.3% (65,990) 0 2,589,448 $27.28

New Orleans/Met. 31 12,346,026 1,030,236 1,086,347 8.8% (60,952) 35,000 26,100 $18.77

New York City 455 322,795,554 28,849,409 31,683,535 9.8% (590,544) 0 5,812,525 $60.14

North Bay/Santa. 47 3,761,433 502,038 764,648 20.3% 6,568 0 85,000 $27.02

Northern New Je. 912 159,446,882 24,735,324 25,887,765 16.2% 386,214 0 1,000,412 $27.19

Ocala 2 117,460 16,789 16,789 14.3% (1,943) 0 0 $16.43

Oklahoma City 38 7,710,739 346,155 346,155 4.5% 185,145 150,000 249,249 $19.86

Olympia 3 525,759 0 0 0.0% 13,000 0 0 $0.00

Omaha/Council B. 71 10,969,348 586,496 677,245 6.2% (44,928) 0 398,292 $19.90

Orange County (. 279 44,957,438 5,806,779 6,036,829 13.4% 152,926 0 542,595 $28.42

Orlando 198 25,730,633 3,387,761 3,553,879 13.8% 154,321 0 80,000 $22.17

Palm Beach Coun. 124 13,620,468 2,185,126 2,210,779 16.2% (32,249) 0 31,581 $32.50

Pensacola 7 360,157 22,338 22,338 6.2% 0 0 0 $20.88

Peoria 9 985,981 51,080 51,080 5.2% 0 0 0 $14.61








Figures at a Glance




Philadelphia 967 129,473,434 15,002,980 15,702,479 12.1% (445,933) 80,050 2,316,682 $26.17

Phoenix 263 43,083,850 6,714,984 7,082,935 16.4% 152,788 0 3,640,418 $25.36

Pittsburgh 207 35,319,945 2,468,895 2,724,500 7.7% 130,773 207,000 1,610,090 $24.65

Port St Lucie/F. 19 881,408 188,690 188,690 21.4% 5,075 0 0 $17.23

Portland 195 27,784,205 2,548,953 2,750,617 9.9% 44,911 0 675,459 $25.46

Portland/South . 28 3,111,013 164,512 171,769 5.5% (3,400) 0 75,000 $18.23

Providence 31 6,451,091 952,864 968,812 15.0% (4,965) 0 56,000 $23.10

Raleigh/Durham 313 33,110,243 2,839,241 2,979,527 9.0% 133,414 380,500 1,340,028 $23.31

Reno/Sparks 20 1,549,756 198,122 207,480 13.4% 10,768 0 0 $21.86

Richmond VA 149 20,200,735 1,486,405 1,892,457 9.4% 66,751 66,000 575,158 $20.54

Roanoke 7 877,569 104,550 104,550 11.9% 282 0 66,500 $20.63

Rochester 52 7,302,100 1,130,860 1,171,560 16.0% 3,473 0 0 $16.55

Sacramento 192 26,441,479 3,027,746 3,137,098 11.9% 117,023 0 0 $25.22

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

Salt Lake City 190 22,201,132 1,415,698 1,490,049 6.7% 312,497 240,674 761,294 $25.28

San Antonio 93 13,137,240 1,757,342 1,876,584 14.3% 86,055 180,000 415,681 $23.65

San Diego 263 33,528,026 2,669,492 2,990,869 8.9% 275,954 0 879,981 $36.52

San Francisco 291 74,144,222 5,036,268 5,728,675 7.7% 128,080 0 4,846,373 $49.64

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% 0 0 0 $20.40

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

Savannah 10 444,154 26,935 29,632 6.7% 367 0 0 $20.90

Seattle/Puget S. 272 58,663,032 5,054,102 5,373,141 9.2% 110,814 0 6,759,262 $37.81

Shreveport/Boss. 4 505,619 59,284 60,068 11.9% 1,841 0 0 $13.91

South Bay/San J. 125 24,655,599 2,108,088 2,700,449 11.0% 1,062,767 726,642 6,101,462 $37.72

South Bend/Mish. 14 1,133,555 187,642 198,671 17.5% (2,700) 0 0 $18.15

Southwest Flori. 68 3,626,556 649,880 657,380 18.1% (38,623) 0 0 $20.83

Spokane 10 1,358,695 243,502 245,487 18.1% 20,492 0 0 $20.35

Springfield 9 903,702 14,725 14,725 1.6% 27,642 0 0 $16.69

St. Louis 249 40,510,663 3,623,496 3,797,267 9.4% (350,092) 0 98,000 $21.92

Stockton/Modest. 19 1,963,459 403,460 403,460 20.5% 37,061 0 0 $23.34

Syracuse 17 3,022,613 265,104 310,192 10.3% (10,732) 0 0 $16.15

Tallahassee 13 1,324,325 72,093 72,093 5.4% 7,779 0 0 $23.19

Tampa/St Peters. 224 33,536,044 3,416,015 3,650,370 10.9% 207,912 0 175,998 $24.66

Toledo 14 3,071,941 443,251 443,251 14.4% (270) 0 0 $18.09

Tucson 20 2,616,575 286,460 286,460 10.9% (22,385) 0 0 $21.41

Tulsa 23 7,321,139 646,607 696,766 9.5% 25,515 0 78,992 $17.20

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 1,357 258,731,083 40,027,515 42,687,044 16.5% (1,336,251) 210,629 6,079,768 $38.21

West Michigan 85 8,686,216 379,022 379,022 4.4% 27,486 0 188,562 $18.85

Westchester/So . 398 64,606,240 9,246,208 9,708,731 15.0% (212,482) 85,000 1,179,158 $33.48

Wichita 11 1,485,051 151,373 151,373 10.2% 15,510 0 210,000 $17.04

Wilmington 17 1,132,440 177,295 216,867 19.2% (48,765) 0 51,050 $19.41

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

Youngstown/Warr 7 442,838 54,059 54,059 12.2% 0 0 0 $9.02

Totals 17,200 3,287,357,965 380,620,383 405,194,183 12.3% 8,083,290 11,131,835 101,036,825 $28.75








Figures at a Glance

Class B Market Statistics First Quarter 2015



Albany/Schenect. 1,687 42,051,452 3,374,213 3,434,408 8.2% 33,430 0 6,447 $14.42

Albuquerque 1,626 24,725,128 2,370,216 2,431,577 9.8% 113,192 0 0 $15.68

Anchorage 273 8,376,334 471,717 476,691 5.7% (29,136) 0 133,361 $29.01

Asheville 802 8,153,763 469,388 472,481 5.8% 41,660 0 174,000 $15.82

Atlanta 5,706 127,050,917 18,455,570 18,921,452 14.9% 67,048 12,800 83,829 $16.75

Augusta/Richmon 732 8,511,984 822,439 822,439 9.7% 8,666 0 82,324 $13.48

Austin 1,946 41,775,449 3,349,371 3,552,647 8.5% 255,270 220,039 382,433 $25.75

Bakersfield 482 7,465,449 542,166 546,223 7.3% (1,349) 15,600 55,586 $17.89

Baltimore 2,692 64,333,864 7,257,362 7,351,078 11.4% (11,518) 123,170 143,008 $20.63

Baton Rouge 558 7,756,105 778,654 789,928 10.2% (1,950) 0 2,400 $16.89

Beaumont/Port A. 118 2,674,374 126,232 131,732 4.9% (22,624) 0 0 $15.76

Birmingham 803 20,342,690 1,614,790 1,661,496 8.2% 67,533 14,000 42,018 $16.26

Boise City/Namp. 1,132 17,511,618 1,748,683 1,862,782 10.6% 178,960 19,594 2,188 $15.31

Boston 4,413 157,395,813 16,046,257 16,560,942 10.5% 181,218 160,000 1,108,087 $20.52

Bremerton/Silve. 151 2,278,006 242,833 244,648 10.7% 6,045 0 10,687 $20.38

Broward County 1,171 32,248,898 4,227,156 4,257,579 13.2% (11,823) 15,218 17,856 $22.38

Brownsville/Har. 185 2,272,657 185,248 187,848 8.3% (2,175) 0 0 $14.60

Buffalo/Niagara. 792 19,912,852 1,591,795 1,659,051 8.3% 51,894 31,000 0 $13.97

Charleston WV 569 8,714,065 653,268 655,568 7.5% (367) 0 0 $14.50

Charleston/N Ch. 1,282 13,648,647 1,107,786 1,127,993 8.3% 27,659 0 15,638 $18.25

Charlotte 1,996 44,103,562 4,821,824 4,937,946 11.2% 55,554 5,037 81,496 $18.75

Chattanooga 314 9,589,644 842,877 875,610 9.1% 55,570 76,496 0 $14.66

Chicago 6,202 209,541,574 26,642,000 27,838,872 13.3% (214,497) 0 694,841 $20.79

Cincinnati 996 35,239,845 4,731,579 4,850,932 13.8% (9,910) 0 0 $14.37

Cleveland 2,150 74,541,789 8,939,858 9,077,085 12.2% 497,937 373,735 102,594 $16.26

Colorado Spring. 937 18,833,228 2,397,839 2,438,784 12.9% 79,721 0 0 $16.05

Columbia 1,449 22,243,625 1,693,410 1,716,912 7.7% 86,346 19,925 84,069 $14.57

Columbus 1,137 38,894,386 2,910,321 2,945,732 7.6% 192,218 64,000 77,500 $15.67

Columbus GA 362 5,577,733 353,605 356,670 6.4% 2,949 0 14,000 $12.60

Corpus Christi 364 6,550,690 573,502 590,325 9.0% (7,729) 0 0 $13.82

Dallas/Ft Worth 5,045 163,944,258 24,352,862 25,657,154 15.6% 390,303 676,548 1,223,650 $19.21

Davenport/Molin. 231 4,326,788 580,605 580,605 13.4% (28,251) 0 0 $10.94

Dayton 464 13,263,173 2,556,268 2,583,636 19.5% 22,561 0 0 $14.91

Deltona/Daytona. 952 7,704,760 610,866 619,820 8.0% 12,403 0 0 $13.98

Denver 3,845 103,176,856 10,651,577 11,116,418 10.8% 75,312 15,227 444,603 $20.48

Des Moines 680 18,671,911 1,070,948 1,075,733 5.8% 302,446 215,829 71,000 $13.06

Detroit 3,090 102,465,218 17,787,068 17,947,790 17.5% 71,313 47,000 233,890 $17.82

Duluth 72 3,025,396 89,008 89,008 2.9% (4,378) 0 0 $12.21

East Bay/Oaklan. 1,726 53,935,130 6,575,068 6,781,730 12.6% 107,905 0 115,000 $22.59

El Paso 510 8,194,642 518,592 533,158 6.5% 3,879 25,000 1,500 $18.09

Erie 357 5,635,069 218,711 218,711 3.9% 17,658 0 0 $10.65

Evansville 417 5,612,505 430,699 430,699 7.7% (5,044) 0 0 $11.33

Fayetteville 509 4,123,196 391,388 392,488 9.5% (5,071) 0 51,510 $15.76

Fayetteville/Sp. 539 8,312,683 746,702 773,629 9.3% 98,014 29,636 13,720 $15.23

Fort Smith 293 3,317,037 125,090 130,746 3.9% (3,510) 0 0 $10.19

Fort Wayne 419 9,254,319 767,509 858,417 9.3% 39,375 0 0 $13.09

Fresno 875 13,378,090 1,924,712 1,935,101 14.5% 24,911 10,669 39,166 $17.31

Green Bay 550 10,473,418 1,203,679 1,204,479 11.5% (86,002) 0 0 $12.38








Figures at a Glance




Greensboro/Wins. 1,045 27,338,960 2,876,998 2,928,058 10.7% 115,869 1 74,000 $13.86

Greenville/Spar. 1,864 19,989,772 1,826,174 1,834,415 9.2% 144,794 67,591 32,700 $14.00

Hampton Roads 1,564 26,435,707 3,396,966 3,451,865 13.1% (19,802) 19,115 89,360 $15.71

Hartford 1,363 38,264,889 3,264,005 3,443,275 9.0% 163,087 0 5,928 $17.79

Hawaii 415 15,843,893 560,511 565,957 3.6% 9,963 0 6,767 $29.22

Houston 2,757 122,265,003 14,766,137 15,282,573 12.5% 279,077 471,048 324,821 $21.45

Huntington/Ashl. 594 5,630,896 269,386 269,386 4.8% (18,660) 0 0 $10.04

Huntsville 433 12,623,683 1,267,664 1,345,972 10.7% 2,304 0 0 $14.71

Indianapolis 2,471 52,578,315 3,773,814 3,900,074 7.4% 66,442 85,847 133,392 $16.41

Inland Empire (. 3,006 43,596,005 4,901,967 4,988,581 11.4% 199,453 48,029 20,612 $19.23

Jackson 783 12,144,641 746,802 761,252 6.3% 2,266 0 0 $14.96

Jacksonville (F. 1,709 30,698,338 3,521,548 3,636,576 11.8% 164,590 0 4,552 $17.43

Kansas City 1,863 61,994,557 6,575,194 6,647,804 10.7% 207,008 66,572 31,847 $16.90

Killeen/Temple/. 129 1,494,177 126,308 130,588 8.7% (4,032) 0 0 $14.82

Kingsport/Brist. 169 3,137,163 301,164 301,164 9.6% (25,216) 0 0 $13.74

Knoxville 660 12,936,303 1,264,362 1,289,778 10.0% 67,797 0 2,400 $15.06

Lafayette 132 3,546,990 248,399 248,399 7.0% 10,552 0 0 $16.42

Las Vegas 2,258 43,261,661 7,126,695 7,374,594 17.0% (95,374) 35,947 317,553 $18.36

Lexington/Fayet. 532 9,537,839 1,057,153 1,102,492 11.6% 81,522 0 11,800 $14.59

Lincoln 526 11,563,877 701,733 708,082 6.1% 24,616 0 12,750 $14.10

Little Rock/N L. 313 10,603,523 753,530 773,452 7.3% 11,118 0 26,000 $15.59

Long Island (Ne. 4,028 80,658,408 7,460,039 7,550,661 9.4% 21,526 277,083 238,197 $26.00

Los Angeles 5,610 157,278,176 17,707,206 17,997,623 11.4% (395,071) 234,400 693,393 $27.14

Louisville 1,174 24,927,162 2,678,388 2,698,208 10.8% 60,444 18,125 134,270 $15.00

Lubbock 215 4,762,057 406,001 406,527 8.5% (2,242) 0 9,996 $16.79

Madison 808 21,114,263 1,629,186 1,651,616 7.8% 49,243 0 0 $15.17

McAllen/Edinbur. 352 5,474,322 460,818 460,818 8.4% 56,290 0 0 $15.72

Memphis 1,237 27,232,774 3,298,083 3,361,076 12.3% 168,229 135,117 8,185 $16.06

Miami-Dade Coun 1,126 44,971,401 5,735,397 5,866,544 13.0% 27,939 56,942 156,766 $26.23

Milwaukee 1,459 47,462,959 4,930,380 5,136,815 10.8% 37,806 0 0 $15.56

Minneapolis 2,050 100,061,258 9,897,602 9,979,839 10.0% 136,832 87,424 341,679 $16.68

Mobile 833 9,701,836 722,494 728,794 7.5% 5,458 0 0 $12.95

Montgomery 458 7,011,571 795,864 820,019 11.7% (13,964) 0 0 $12.34

Myrtle Beach/Co. 272 3,156,105 236,650 236,650 7.5% 16,100 0 0 $12.96

Nashville 1,340 35,710,520 2,839,892 2,903,159 8.1% 126,128 53,718 95,296 $19.56

New Orleans/Met. 628 15,800,395 2,355,633 2,384,344 15.1% 47,969 6,292 13,312 $15.95

New York City 1,374 162,069,579 9,017,610 9,705,575 6.0% 150,369 18,000 145,027 $56.39

North Bay/Santa. 1,293 22,908,139 3,042,558 3,098,984 13.5% 9,527 56,285 128,000 $24.87

Northern New Je. 5,064 119,318,140 16,845,753 17,485,326 14.7% (378,340) 107,100 179,112 $21.73

Ocala 130 1,281,851 154,366 158,615 12.4% (7,261) 0 0 $13.11

Oklahoma City 1,573 30,400,863 2,285,182 2,324,389 7.6% 106,696 29,832 335,641 $15.17

Olympia 424 6,324,592 632,784 635,556 10.0% 53,116 0 0 $17.11

Omaha/Council B. 814 25,506,923 2,031,870 2,051,350 8.0% (76,330) 0 0 $16.32

Orange County (. 2,986 85,802,523 8,375,845 8,688,193 10.1% (49,565) 16,000 28,811 $23.98

Orlando 2,868 48,022,485 5,581,530 5,645,231 11.8% 158,903 18,072 103,536 $18.38

Palm Beach Coun. 1,102 29,328,180 4,806,630 4,822,400 16.4% 89,703 23,200 9,009 $24.34

Pensacola 603 6,388,426 417,232 417,232 6.5% (31,154) 0 0 $14.40

Peoria 258 6,856,222 458,162 458,162 6.7% 14 0 0 $13.54








Figures at a Glance




Philadelphia 7,869 177,077,848 19,441,480 19,879,885 11.2% 148,782 65,600 286,068 $19.91

Phoenix 4,488 96,750,202 17,404,044 17,781,818 18.4% 34,232 390,020 610,344 $20.30

Pittsburgh 2,224 61,346,619 5,369,128 5,415,207 8.8% 38,875 91,256 81,899 $18.66

Port St Lucie/F. 438 5,761,702 818,320 818,820 14.2% (102,453) 0 21,000 $14.75

Portland 1,469 43,582,719 3,742,407 3,781,888 8.7% 36,189 93,348 311,946 $20.36

Portland/South . 432 10,312,467 926,300 926,300 9.0% (58,259) 0 42,564 $15.64

Providence 647 18,208,828 1,349,772 1,359,782 7.5% 178,973 97,436 6,000 $17.18

Raleigh/Durham 2,099 45,909,358 5,324,593 5,417,108 11.8% 192,051 41,500 178,961 $17.55

Reno/Sparks 738 10,137,887 1,318,265 1,391,800 13.7% 2,700 0 0 $17.61

Richmond VA 1,226 28,012,743 3,157,324 3,181,875 11.4% (27,530) 28,403 0 $15.90

Roanoke 268 6,581,432 567,286 568,901 8.6% 52,403 2,100 0 $15.00

Rochester 695 24,320,914 2,179,324 2,193,402 9.0% 46,433 0 1,764 $12.58

Sacramento 1,657 44,416,363 6,599,391 6,658,775 15.0% 7,104 0 6,092 $19.92

Salinas 255 4,471,743 556,569 556,569 12.4% 4,031 0 141,226 $21.50

Salt Lake City 2,657 56,659,276 3,706,097 3,845,173 6.8% (82,459) 21,920 112,430 $16.15

San Antonio 1,456 42,123,908 4,295,351 4,363,442 10.4% 119,852 41,780 345,675 $18.72

San Diego 1,902 54,858,372 7,156,685 7,686,239 14.0% (69,951) 3,820 43,883 $27.10

San Francisco 1,428 63,754,300 3,909,814 4,344,889 6.8% 898,491 0 1,273,363 $45.35

San Luis Obispo. 154 1,757,992 92,461 92,461 5.3% (4,313) 0 39,000 $17.89

Santa Barbara/S. 1,150 10,170,668 396,017 404,982 4.0% 4,039 0 0 $24.53

Santa Cruz/Wats. 413 4,607,826 672,122 678,948 14.7% 5,946 900 0 $22.44

Savannah 496 5,830,786 457,766 469,338 8.0% 31,008 0 0 $17.62

Seattle/Puget S. 2,990 96,922,275 8,671,320 9,063,536 9.4% 223,476 0 24,135 $25.18

Shreveport/Boss. 103 2,664,364 312,565 352,689 13.2% (640) 0 0 $13.62

South Bay/San J. 1,748 62,727,105 6,200,542 6,595,966 10.5% 152,700 50,000 968,169 $33.10

South Bend/Mish. 200 3,583,646 431,743 431,743 12.0% 12,086 0 11,446 $15.24

Southwest Flori. 1,673 19,645,795 2,408,625 2,430,106 12.4% 98,092 0 346,018 $15.83

Spokane 999 16,087,390 1,955,288 1,978,179 12.3% (82,468) 0 8,600 $15.48

Springfield 409 5,748,376 527,827 540,272 9.4% 14,544 0 0 $12.98

St. Louis 2,020 59,647,123 7,590,456 7,622,677 12.8% (137,041) 0 5,000 $16.91

Stockton/Modest. 639 9,310,394 1,140,067 1,150,567 12.4% 17,594 0 6,048 $15.16

Syracuse 724 17,552,594 2,404,555 2,445,450 13.9% 25,762 0 51,546 $14.46

Tallahassee 1,519 17,597,599 1,568,746 1,625,807 9.2% (90,413) 0 41,797 $14.77

Tampa/St Peters. 4,701 64,936,007 8,423,022 8,562,498 13.2% 110,029 29,500 54,774 $18.35

Toledo 501 10,734,563 998,940 1,010,996 9.4% 49,687 0 0 $11.41

Tucson 1,245 16,637,796 2,336,663 2,414,764 14.5% 12,584 37,179 30,711 $18.69

Tulsa 824 30,714,618 4,029,569 4,061,900 13.2% (12,156) 67,618 52,980 $13.69

Utica/Rome 261 5,632,747 370,353 370,353 6.6% 1,521 0 0 $10.72

Visalia/Porterv. 145 1,265,991 151,836 155,346 12.3% 3,728 0 0 $17.13

Washington 4,431 172,593,829 24,493,324 25,217,368 14.6% (130,942) 183,000 434,531 $29.69

West Michigan 2,030 41,133,768 4,366,254 4,425,890 10.8% 125,806 0 0 $11.91

Westchester/So . 2,171 61,532,135 8,491,127 8,538,220 13.9% (392,878) 26,000 64,295 $25.08

Wichita 645 13,891,719 908,010 930,569 6.7% 72,620 0 46,492 $13.34

Wilmington 599 7,140,834 709,179 712,563 10.0% (32,929) 0 27,691 $15.57

Yakima 423 3,358,415 189,032 196,538 5.9% 2,963 0 0 $12.35

Youngstown/Warr 434 5,790,505 532,185 539,385 9.3% 14,150 0 0 $10.77

Totals 193,861 4,879,651,453 542,724,720 557,555,780 11.4% 5,993,374 5,373,643 14,899,561 $20.39








Figures at a Glance

Class C Market Statistics First Quarter 2015



Albany/Schenect. 2,180 15,136,152 1,069,087 1,069,087 7.1% (3,363) 0 0 $12.60

Albuquerque 1,358 7,582,931 565,104 570,789 7.5% 39,109 0 0 $12.00

Anchorage 322 2,518,876 139,375 143,008 5.7% (11,278) 0 0 $18.97

Asheville 369 2,474,557 163,565 186,831 7.6% 11,706 0 0 $16.15

Atlanta 9,418 55,303,214 6,612,150 6,628,645 12.0% 73,686 0 0 $13.68

Augusta/Richmon 895 3,792,866 307,494 321,952 8.5% (25,141) 0 0 $12.12

Austin 2,161 15,393,761 790,636 794,213 5.2% (47,539) 0 0 $20.45

Bakersfield 583 3,744,070 195,756 240,642 6.4% (28,595) 0 0 $12.85

Baltimore 3,167 26,827,722 2,277,022 2,278,622 8.5% 28,996 0 0 $17.71

Baton Rouge 1,652 11,604,945 1,040,020 1,044,622 9.0% 80,917 0 0 $13.34

Beaumont/Port A. 602 4,400,679 193,667 193,667 4.4% 8,885 0 0 $12.50

Birmingham 2,858 23,431,781 2,557,031 2,559,031 10.9% (33,647) 0 0 $12.45

Boise City/Namp. 1,704 6,784,985 533,000 533,000 7.9% (16,942) 0 0 $11.46

Boston 8,122 86,164,686 4,316,664 4,365,389 5.1% 3,436 0 0 $17.48

Bremerton/Silve. 335 2,458,336 168,124 180,367 7.3% 0 0 0 $14.46

Broward County 2,796 21,049,624 1,705,421 1,713,261 8.1% (106,202) 0 0 $19.61

Brownsville/Har. 133 899,956 67,640 67,640 7.5% 15,885 0 0 $11.35

Buffalo/Niagara. 844 7,209,253 626,403 626,403 8.7% 178 0 0 $10.67

Charleston WV 402 2,623,089 243,252 248,602 9.5% (16,726) 0 0 $14.40

Charleston/N Ch. 1,610 7,680,507 278,115 279,375 3.6% (41,545) 0 0 $14.21

Charlotte 3,127 19,274,446 1,248,950 1,258,822 6.5% 10,823 0 0 $14.60

Chattanooga 633 4,433,075 281,381 281,381 6.3% 2,971 0 0 $11.10

Chicago 6,236 79,107,171 8,804,109 8,895,294 11.2% 87,587 0 0 $17.38

Cincinnati 3,876 32,490,275 2,574,842 2,583,555 8.0% 74,122 0 0 $12.73

Cleveland 4,719 44,597,255 4,879,927 4,946,191 11.1% (4,299) 0 0 $13.08

Colorado Spring. 730 4,049,701 317,180 319,880 7.9% 29,802 0 0 $11.10

Columbia 1,217 5,732,521 499,940 499,940 8.7% 30,897 0 0 $11.06

Columbus 2,939 30,264,545 2,000,239 2,022,132 6.7% 128,996 0 0 $13.98

Columbus GA 489 2,321,268 299,873 321,432 13.8% (3,623) 0 0 $10.50

Corpus Christi 282 2,307,642 243,217 248,026 10.7% 12,804 0 0 $10.98

Dallas/Ft Worth 5,614 45,748,533 4,581,914 4,598,700 10.1% 85,551 0 0 $16.16

Davenport/Molin. 214 2,553,820 297,659 297,659 11.7% 6,880 0 0 $9.89

Dayton 2,481 22,679,365 2,546,710 2,581,065 11.4% 60,219 0 0 $11.96

Deltona/Daytona. 720 2,820,041 199,237 199,237 7.1% 4,323 0 0 $10.21

Denver 3,226 25,067,595 1,343,221 1,374,867 5.5% (9,309) 0 0 $16.44

Des Moines 608 5,038,209 336,322 336,322 6.7% 19,366 0 0 $10.49

Detroit 5,875 46,580,744 5,608,314 5,618,214 12.1% 151,514 0 0 $14.81

Duluth 363 2,830,165 198,771 198,771 7.0% 3,617 0 0 $9.58

East Bay/Oaklan. 3,426 27,234,614 1,620,909 1,641,147 6.0% 38,586 0 0 $20.17

El Paso 1,900 12,172,007 763,921 849,565 7.0% 2,208 0 0 $14.76

Erie 374 2,500,370 152,939 152,939 6.1% 7,225 0 0 $10.93

Evansville 306 2,829,672 225,995 225,995 8.0% (7,008) 0 0 $10.89

Fayetteville 424 1,774,108 168,408 168,408 9.5% (11,571) 0 0 $12.36

Fayetteville/Sp. 598 3,547,079 251,864 253,364 7.1% (13,498) 0 0 $13.36

Fort Smith 171 1,080,158 68,964 68,964 6.4% 3,100 0 0 $9.62

Fort Wayne 628 5,534,417 496,891 496,891 9.0% (17,038) 0 0 $10.92

Fresno 1,984 16,807,281 1,224,489 1,228,281 7.3% 13,034 0 0 $13.15

Green Bay 406 3,140,187 280,641 282,493 9.0% 3,067 0 0 $8.86








Figures at a Glance




Greensboro/Wins. 3,160 18,810,680 1,636,572 1,664,110 8.8% (175,203) 0 0 $11.73

Greenville/Spar. 2,298 10,054,998 714,365 722,175 7.2% 16,430 0 0 $11.14

Hampton Roads 1,626 9,378,611 708,686 722,141 7.7% (21,670) 0 0 $12.10

Hartford 4,125 33,921,835 2,747,656 2,771,989 8.2% 167,090 0 0 $15.90

Hawaii 676 7,142,158 232,620 235,869 3.3% (9,575) 0 0 $24.89

Houston 3,446 39,584,306 3,580,229 3,600,248 9.1% 113,889 0 0 $16.51

Huntington/Ashl. 433 2,695,098 235,885 235,885 8.8% (5,500) 0 0 $9.38

Huntsville 460 4,763,539 746,166 765,328 16.1% 915 0 0 $11.70

Indianapolis 2,770 20,771,041 1,761,240 1,774,220 8.5% (3,026) 0 0 $13.67

Inland Empire (. 2,988 19,778,565 1,681,160 1,720,606 8.7% (23,860) 0 0 $14.98

Jackson 761 5,315,605 251,053 251,053 4.7% 22,784 0 0 $11.68

Jacksonville (F. 2,570 14,500,768 1,527,649 1,530,874 10.6% 26,960 0 0 $15.10

Kansas City 2,283 22,681,314 2,049,312 2,072,248 9.1% 14,240 0 0 $13.88

Killeen/Temple/. 186 1,094,883 66,965 66,965 6.1% 28,036 0 0 $10.12

Kingsport/Brist. 378 2,675,913 257,499 257,499 9.6% (22,893) 0 0 $10.22

Knoxville 2,160 15,382,401 665,932 697,032 4.5% (951) 0 0 $11.96

Lafayette 426 3,518,931 190,431 199,341 5.7% (1,395) 0 0 $13.53

Las Vegas 1,535 8,368,636 1,139,576 1,260,084 15.1% (30,947) 0 0 $15.31

Lexington/Fayet. 611 4,217,087 225,942 225,942 5.4% (13,758) 0 0 $11.61

Lincoln 228 1,531,354 152,302 156,963 10.2% (1,195) 0 0 $11.93

Little Rock/N L. 2,088 19,884,895 796,033 797,033 4.0% 269,389 0 0 $14.26

Long Island (Ne. 5,608 48,846,105 2,837,942 2,840,292 5.8% 75,838 0 0 $22.92

Los Angeles 11,142 86,646,690 4,660,705 4,729,112 5.5% (85,832) 0 0 $25.90

Louisville 2,218 17,747,189 1,149,234 1,149,234 6.5% 13,002 0 0 $11.99

Lubbock 971 5,460,645 189,557 189,557 3.5% 7,905 0 0 $11.36

Madison 552 4,347,489 435,599 437,929 10.1% 14,304 0 0 $8.95

McAllen/Edinbur. 172 1,274,799 128,470 128,470 10.1% 17,824 0 0 $12.25

Memphis 1,456 11,432,611 1,396,029 1,396,029 12.2% (10,283) 0 0 $12.04

Miami-Dade Coun 3,056 27,235,603 1,848,713 1,851,813 6.8% (26,114) 0 0 $23.73

Milwaukee 2,069 17,103,186 1,519,249 1,520,849 8.9% 109,796 0 0 $10.94

Minneapolis 3,850 40,041,026 2,868,190 3,043,675 7.6% 119,317 0 0 $14.35

Mobile 1,218 5,811,968 435,666 442,498 7.6% 27,164 0 0 $10.60

Montgomery 755 5,257,967 340,008 340,008 6.5% 10,926 0 0 $10.46

Myrtle Beach/Co. 509 2,260,559 88,100 88,100 3.9% (2,531) 0 0 $10.17

Nashville 2,833 20,695,379 856,436 866,203 4.2% 51,169 0 0 $15.76

New Orleans/Met. 2,418 19,123,570 1,506,585 1,506,585 7.9% (75,238) 0 0 $14.98

New York City 1,993 73,531,154 3,596,547 3,900,488 5.3% (140,814) 0 0 $50.21

North Bay/Santa. 2,365 14,376,555 1,270,916 1,273,358 8.9% 16,649 0 0 $16.99

Northern New Je. 10,363 81,416,104 6,881,308 6,918,673 8.5% 55,277 0 0 $19.57

Ocala 468 3,048,464 185,883 185,883 6.1% 1,891 0 0 $10.12

Oklahoma City 2,531 17,160,919 1,341,647 1,341,647 7.8% (10,770) 0 0 $12.26

Olympia 416 2,396,381 242,839 242,839 10.1% 20,311 0 0 $13.75

Omaha/Council B. 893 7,515,688 505,291 506,323 6.7% 17,541 0 0 $12.28

Orange County (. 2,813 22,458,875 1,229,008 1,236,820 5.5% 59,833 0 0 $19.82

Orlando 4,959 27,378,576 2,333,291 2,350,936 8.6% 66,827 0 0 $15.55

Palm Beach Coun. 1,564 11,845,179 755,062 776,842 6.6% 76,908 0 0 $20.84

Pensacola 1,341 7,116,043 434,862 434,862 6.1% 3,004 0 0 $12.90

Peoria 217 2,383,884 246,610 246,610 10.3% 6,209 0 0 $11.80








Figures at a Glance




Philadelphia 12,371 99,960,111 8,172,793 8,341,214 8.3% (88,992) 0 0 $17.58

Phoenix 3,383 22,740,893 3,009,521 3,021,188 13.3% (23,265) 0 0 $15.12

Pittsburgh 4,055 28,221,429 2,020,913 2,027,013 7.2% (42,397) 0 0 $14.86

Port St Lucie/F. 500 2,561,942 191,842 194,213 7.6% (4,345) 0 0 $13.68

Portland 3,530 24,057,394 1,383,502 1,391,156 5.8% 16,226 0 0 $16.84

Portland/South . 1,239 10,832,233 696,331 697,518 6.4% (16,406) 0 0 $12.41

Providence 2,086 16,996,880 1,217,651 1,221,001 7.2% (7,755) 0 0 $15.47

Raleigh/Durham 2,214 15,342,508 693,858 700,875 4.6% 38,700 0 0 $14.77

Reno/Sparks 778 6,107,411 798,378 798,378 13.1% 5,417 0 0 $14.40

Richmond VA 1,704 12,752,126 997,268 1,005,072 7.9% (10,851) 0 0 $12.70

Roanoke 683 5,749,125 482,758 498,758 8.7% (21,220) 0 0 $12.27

Rochester 1,136 10,268,268 735,908 751,580 7.3% 29,619 0 0 $11.79

Sacramento 2,911 29,190,757 3,924,511 3,928,118 13.5% 38,003 0 0 $16.61

Salinas 548 3,588,000 180,682 185,312 5.2% 172 0 0 $18.67

Salt Lake City 1,593 12,023,397 821,714 831,089 6.9% (42,842) 0 0 $12.84

San Antonio 1,961 15,900,451 1,146,308 1,154,308 7.3% 24,268 0 0 $15.97

San Diego 3,182 24,944,830 1,800,625 1,820,447 7.3% (59,678) 0 0 $20.74

San Francisco 2,099 23,802,444 891,026 930,728 3.9% (57,765) 0 0 $38.43

San Luis Obispo. 644 3,876,196 117,426 117,426 3.0% 8,780 0 0 $16.25

Santa Barbara/S. 252 1,363,941 150,126 150,126 11.0% (7,996) 0 0 $14.81

Santa Cruz/Wats. 445 2,648,478 29,627 29,627 1.1% 5,444 0 0 $15.27

Savannah 851 4,617,968 183,355 184,620 4.0% (5,177) 0 0 $14.62

Seattle/Puget S. 4,352 29,594,955 1,780,563 1,791,992 6.1% (61,508) 0 0 $20.28

Shreveport/Boss. 596 5,912,265 829,286 830,073 14.0% 48,201 0 0 $11.90

South Bay/San J. 2,630 22,590,667 1,320,439 1,348,440 6.0% 116,038 0 0 $27.95

South Bend/Mish. 558 4,345,432 177,146 177,146 4.1% (16,200) 0 0 $11.69

Southwest Flori. 1,459 8,799,715 854,968 860,168 9.8% (26,537) 0 0 $11.67

Spokane 647 4,094,371 238,282 238,282 5.8% 25,847 0 0 $11.19

Springfield 257 1,743,458 172,437 172,437 9.9% (3,517) 0 0 $10.01

St. Louis 3,062 30,063,703 2,679,948 2,682,818 8.9% 16,221 0 0 $13.52

Stockton/Modest. 1,235 8,648,180 830,240 831,240 9.6% (4,639) 0 0 $13.10

Syracuse 659 5,547,265 429,922 429,922 7.8% 20,467 0 0 $10.64

Tallahassee 689 2,831,329 143,334 143,934 5.1% (5,397) 0 0 $12.22

Tampa/St Peters. 7,937 48,764,193 4,369,820 4,394,296 9.0% 5,507 0 0 $15.00

Toledo 2,038 16,469,989 1,429,907 1,431,907 8.7% 19,271 0 0 $9.69

Tucson 1,192 5,108,304 400,960 410,256 8.0% 3,450 0 0 $15.20

Tulsa 1,654 13,012,835 1,035,169 1,050,533 8.1% 6,484 0 0 $11.87

Utica/Rome 333 2,989,472 222,284 222,284 7.4% 1,497 0 0 $10.80

Visalia/Porterv. 952 5,124,915 283,207 283,207 5.5% 4,114 0 0 $12.28

Washington 4,116 35,797,567 2,194,939 2,248,445 6.3% (34,884) 0 0 $24.00

West Michigan 3,967 28,903,743 2,574,015 2,603,187 9.0% 47,770 0 0 $9.88

Westchester/So . 4,800 43,880,910 4,088,606 4,121,686 9.4% (78,347) 0 0 $21.01

Wichita 975 7,578,805 477,373 477,373 6.3% 8,459 0 0 $8.51

Wilmington 1,128 4,274,497 204,961 207,535 4.9% (9,691) 0 0 $11.88

Yakima 170 904,030 44,527 44,527 4.9% 5,164 0 0 $12.06

Youngstown/Warr 1,351 8,620,652 404,512 404,512 4.7% 42,103 0 0 $9.18

Totals 293,957 2,334,731,514 182,850,341 185,053,888 7.9% 1,319,852 0 0 $16.59








Figures at a Glance

Total Office Market Statistics First Quarter 2015



Albany/Schenect. 3,894 62,822,395 4,577,478 4,665,623 7.4% 26,114 0 6,447 $14.58

Albuquerque 3,010 36,874,005 3,843,257 3,946,078 10.7% 166,302 0 0 $15.65

Anchorage 612 13,571,757 733,061 741,668 5.5% (14,743) 0 133,361 $28.53

Asheville 1,183 11,387,590 676,743 703,102 6.2% 54,262 0 174,000 $16.25

Atlanta 15,647 303,886,062 41,524,144 42,874,777 14.1% 703,081 212,800 1,774,433 $19.45

Augusta/Richmon 1,638 13,038,652 1,221,414 1,235,872 9.5% (23,621) 0 82,324 $13.45

Austin 4,345 89,619,374 7,110,007 7,745,128 8.6% 419,736 555,075 2,972,306 $29.35

Bakersfield 1,083 12,613,760 832,692 881,635 7.0% (25,118) 15,600 55,586 $17.14

Baltimore 6,236 136,939,750 14,839,469 15,151,188 11.1% 435,330 123,170 764,768 $21.37

Baton Rouge 2,226 21,868,951 1,978,150 2,037,444 9.3% 78,402 0 231,400 $15.97

Beaumont/Port A. 724 7,822,293 394,889 402,684 5.1% (21,127) 0 0 $14.22

Birmingham 3,739 56,297,730 4,937,026 5,322,623 9.5% 31,562 14,000 42,018 $16.15

Boise City/Namp. 2,858 28,895,626 2,756,723 2,887,135 10.0% 227,351 39,637 97,521 $15.40

Boston 13,290 389,363,018 33,915,140 35,563,418 9.1% 825,368 574,000 5,490,707 $21.27

Bremerton/Silve. 488 4,844,391 413,399 427,457 8.8% 6,045 0 10,687 $18.72

Broward County 4,089 69,498,609 8,148,722 8,299,988 11.9% (44,136) 53,888 448,705 $24.38

Brownsville/Har. 320 3,297,365 302,297 304,897 9.2% 13,710 0 0 $14.71

Buffalo/Niagara. 1,700 36,906,689 3,546,239 3,627,578 9.8% 37,671 31,000 613,000 $14.96

Charleston WV 979 12,258,521 955,395 965,445 7.9% (17,093) 0 0 $14.84

Charleston/N Ch. 2,971 26,618,220 1,871,998 1,893,465 7.1% 208,615 169,000 378,134 $20.63

Charlotte 5,353 100,277,623 9,537,319 9,827,777 9.8% 147,384 56,037 479,838 $20.60

Chattanooga 964 16,615,511 1,484,990 1,547,945 9.3% 34,708 76,496 0 $15.52

Chicago 13,016 462,508,344 60,971,152 63,963,098 13.8% (147,231) 689,067 5,477,105 $22.98

Cincinnati 5,042 95,857,283 11,153,975 11,465,981 12.0% 244,546 250,000 1,798,696 $15.48

Cleveland 7,014 144,142,081 16,444,865 16,728,036 11.6% 491,076 373,735 762,594 $16.65

Colorado Spring. 1,715 28,380,713 3,274,832 3,328,688 11.7% 148,101 0 0 $16.54

Columbia 2,691 30,974,792 2,516,517 2,555,455 8.3% 141,767 19,925 194,069 $14.79

Columbus 4,244 96,884,667 7,779,631 7,921,415 8.2% 627,047 248,340 77,500 $16.61

Columbus GA 859 8,500,940 657,228 681,852 8.0% (674) 0 249,000 $11.68

Corpus Christi 649 9,796,776 944,332 968,256 9.9% 7,670 0 0 $16.28

Dallas/Ft Worth 11,165 344,998,073 48,427,613 50,860,969 14.7% 1,993,344 2,467,302 6,637,696 $21.87

Davenport/Molin. 449 7,108,937 930,887 930,887 13.1% (21,371) 0 0 $10.93

Dayton 3,003 41,948,539 6,134,731 6,221,591 14.8% 119,553 0 49,500 $14.61

Deltona/Daytona. 1,677 10,968,585 855,585 875,990 8.0% 16,726 0 0 $13.06

Denver 7,396 190,305,689 18,247,089 19,457,388 10.2% 282,253 15,227 2,673,204 $23.50

Des Moines 1,339 35,602,179 2,122,134 2,154,919 6.1% 342,571 215,829 176,000 $14.07

Detroit 9,176 195,082,632 29,572,011 29,886,401 15.3% 451,713 47,000 573,890 $17.99

Duluth 444 6,804,688 306,529 306,529 4.5% (761) 0 0 $12.32

East Bay/Oaklan. 5,265 109,503,725 11,914,882 12,231,136 11.2% 180,710 0 115,000 $24.81

El Paso 2,415 21,566,475 1,399,228 1,499,438 7.0% 3,087 25,000 1,500 $16.19

Erie 735 8,781,203 414,448 414,448 4.7% 2,151 0 0 $10.29

Evansville 737 10,513,454 868,683 868,683 8.3% 4,448 0 0 $12.47

Fayetteville 941 6,341,807 600,032 601,132 9.5% (16,973) 0 51,510 $15.35

Fayetteville/Sp. 1,158 13,625,503 1,155,970 1,184,397 8.7% 160,133 29,636 13,720 $15.39

Fort Smith 464 4,397,195 194,054 199,710 4.5% (410) 0 0 $10.02

Fort Wayne 1,063 16,406,481 1,509,184 1,600,092 9.8% 15,968 0 116,600 $12.76

Fresno 2,882 32,670,557 3,443,596 3,461,164 10.6% 51,848 10,669 39,166 $16.58

Green Bay 967 14,804,062 1,676,735 1,679,387 11.3% (82,935) 0 0 $11.93








Figures at a Glance




Greensboro/Wins. 4,269 54,520,224 5,596,143 5,786,531 10.6% (112,637) 1 117,000 $14.28

Greenville/Spar. 4,227 36,327,583 3,045,423 3,081,474 8.5% 245,007 67,591 225,200 $15.01

Hampton Roads 3,329 49,126,396 5,644,657 5,744,670 11.7% (18,459) 19,115 114,360 $16.78

Hartford 5,561 91,446,251 7,991,501 8,243,495 9.0% 293,243 0 5,928 $18.11

Hawaii 1,138 32,868,149 1,677,505 1,738,610 5.3% (13,806) 0 6,767 $31.00

Houston 6,601 286,819,518 31,130,968 33,177,596 11.6% 1,706,841 4,413,738 14,976,388 $27.46

Huntington/Ashl. 1,033 8,778,622 564,556 564,556 6.4% (24,160) 0 0 $10.27

Huntsville 911 19,256,360 2,071,856 2,192,683 11.4% 3,219 0 60,000 $14.05

Indianapolis 5,405 99,399,138 8,314,995 8,522,399 8.6% 111,044 85,847 380,392 $16.81

Inland Empire (. 6,085 71,353,909 7,564,388 7,703,933 10.8% 204,041 48,029 87,122 $19.32

Jackson 1,586 23,005,451 1,700,026 1,724,342 7.5% 30,947 0 117,500 $16.20

Jacksonville (F. 4,373 61,885,617 6,889,214 7,044,403 11.4% 138,103 24,041 214,552 $17.96

Kansas City 4,314 114,255,309 12,130,430 12,500,895 10.9% 263,528 93,572 410,771 $17.40

Killeen/Temple/. 316 2,649,060 193,273 197,553 7.5% 24,004 0 0 $13.56

Kingsport/Brist. 549 6,011,076 566,135 566,135 9.4% (48,109) 0 0 $12.37

Knoxville 2,854 32,938,671 2,484,711 2,610,050 7.9% 108,283 0 2,400 $14.72

Lafayette 561 7,204,256 448,744 457,654 6.4% 4,243 0 0 $15.16

Las Vegas 3,877 61,373,345 10,264,467 10,659,356 17.4% (160,945) 35,947 580,315 $20.07

Lexington/Fayet. 1,214 17,995,651 1,700,719 1,762,832 9.8% 99,651 0 255,634 $15.45

Lincoln 765 15,454,238 938,933 949,943 6.1% 39,745 0 12,750 $13.99

Little Rock/N L. 2,422 33,664,505 1,738,474 1,763,904 5.2% 283,575 0 26,000 $15.15

Long Island (Ne. 9,837 172,180,768 13,915,418 14,457,785 8.4% 56,034 344,905 893,197 $26.77

Los Angeles 17,737 425,641,355 48,135,676 49,337,171 11.6% (242,140) 427,813 2,571,135 ######

Louisville 3,490 53,550,937 4,864,631 4,899,754 9.1% 151,236 18,125 203,270 $16.01

Lubbock 1,192 10,734,516 629,962 630,488 5.9% 5,663 0 55,996 $14.61

Madison 1,421 32,196,925 2,600,559 2,626,817 8.2% 132,777 0 40,000 $15.07

McAllen/Edinbur. 526 6,959,687 602,864 602,864 8.7% 76,043 0 0 $15.50

Memphis 2,782 50,534,418 5,771,868 5,875,070 11.6% 422,900 383,581 649,865 $16.02

Miami-Dade Coun 4,330 99,379,782 11,331,539 11,520,723 11.6% 132,354 56,942 624,353 $29.88

Milwaukee 3,616 77,797,319 7,494,718 7,756,017 10.0% 162,353 0 1,845,217 $15.71

Minneapolis 6,050 188,754,330 16,328,700 16,725,566 8.9% 556,816 212,424 2,987,979 $17.99

Mobile 2,062 16,966,307 1,411,786 1,434,308 8.5% 28,362 0 0 $13.00

Montgomery 1,234 15,097,413 1,331,453 1,366,420 9.1% 23,607 0 0 $13.35

Myrtle Beach/Co. 787 5,871,877 350,055 350,055 6.0% 20,589 0 0 $12.40

Nashville 4,309 77,641,671 4,866,004 5,107,455 6.6% 111,307 53,718 2,684,744 $21.52

New Orleans/Met. 3,077 47,269,991 4,892,454 4,977,276 10.5% (88,221) 41,292 39,412 $16.45

New York City 3,822 558,396,287 41,463,566 45,289,598 8.1% (580,989) 18,000 5,957,552 $57.00

North Bay/Santa. 3,705 41,046,127 4,815,512 5,136,990 12.5% 32,744 56,285 213,000 $23.32

Northern New Je. 16,339 360,181,126 48,462,385 50,291,764 14.0% 63,151 107,100 1,179,524 $23.85

Ocala 600 4,447,775 357,038 361,287 8.1% (7,313) 0 0 $11.83

Oklahoma City 4,142 55,272,521 3,972,984 4,012,191 7.3% 281,071 179,832 584,890 $14.58

Olympia 843 9,246,732 875,623 878,395 9.5% 86,427 0 0 $16.20

Omaha/Council B. 1,778 43,991,959 3,123,657 3,234,918 7.4% (103,717) 0 398,292 $16.49

Orange County (. 6,078 153,218,836 15,411,632 15,961,842 10.4% 163,194 16,000 571,406 $24.94

Orlando 8,025 101,131,694 11,302,582 11,550,046 11.4% 380,051 18,072 183,536 $18.75

Palm Beach Coun. 2,790 54,793,827 7,746,818 7,810,021 14.3% 134,362 23,200 40,590 $26.28

Pensacola 1,951 13,864,626 874,432 874,432 6.3% (28,150) 0 0 $13.73

Peoria 484 10,226,087 755,852 755,852 7.4% 6,223 0 0 $13.14








Figures at a Glance




Philadelphia 21,207 406,511,393 42,617,253 43,923,578 10.8% (386,143) 145,650 2,602,750 $21.89

Phoenix 8,134 162,574,945 27,128,549 27,885,941 17.2% 163,755 390,020 4,250,762 $21.30

Pittsburgh 6,486 124,887,993 9,858,936 10,166,720 8.1% 127,251 298,256 1,691,989 $19.84

Port St Lucie/F. 957 9,205,052 1,198,852 1,201,723 13.1% (101,723) 0 21,000 $15.12

Portland 5,194 95,424,318 7,674,862 7,923,661 8.3% 97,326 93,348 987,405 $21.57

Portland/South . 1,699 24,255,713 1,787,143 1,795,587 7.4% (78,065) 0 117,564 $14.63

Providence 2,764 41,656,799 3,520,287 3,549,595 8.5% 166,253 97,436 62,000 $17.30

Raleigh/Durham 4,626 94,362,109 8,857,692 9,097,510 9.6% 364,165 422,000 1,518,989 $19.63

Reno/Sparks 1,536 17,795,054 2,314,765 2,397,658 13.5% 18,885 0 0 $16.90

Richmond VA 3,079 60,965,604 5,640,997 6,079,404 10.0% 28,370 94,403 575,158 $17.53

Roanoke 958 13,208,126 1,154,594 1,172,209 8.9% 31,465 2,100 66,500 $14.87

Rochester 1,883 41,891,282 4,046,092 4,116,542 9.8% 79,525 0 1,764 $13.56

Sacramento 4,760 100,048,599 13,551,648 13,723,991 13.7% 162,130 0 6,092 $20.40

Salinas 803 8,059,743 737,251 741,881 9.2% 4,203 0 141,226 $20.69

Salt Lake City 4,440 90,883,805 5,943,509 6,166,311 6.8% 187,196 262,594 873,724 $18.48

San Antonio 3,510 71,161,599 7,199,001 7,394,334 10.4% 230,175 221,780 761,356 $19.64

San Diego 5,347 113,331,228 11,626,802 12,497,555 11.0% 146,325 3,820 923,864 $28.77

San Francisco 3,818 161,700,966 9,837,108 11,004,292 6.8% 968,806 0 6,119,736 $46.66

San Luis Obispo. 798 5,634,188 209,887 209,887 3.7% 4,467 0 39,000 $16.94

Santa Barbara/S. 1,404 11,636,809 549,796 558,761 4.8% (3,957) 0 0 $22.08

Santa Cruz/Wats. 858 7,256,304 701,749 708,575 9.8% 11,390 900 0 $21.71

Savannah 1,357 10,892,908 668,056 683,590 6.3% 26,198 0 0 $17.23

Seattle/Puget S. 7,614 185,180,262 15,505,985 16,228,669 8.8% 272,782 0 6,783,397 $29.78

Shreveport/Boss. 703 9,082,248 1,201,135 1,242,830 13.7% 49,402 0 0 $12.44

South Bay/San J. 4,503 109,973,371 9,629,069 10,644,855 9.7% 1,331,505 776,642 7,069,631 $33.60

South Bend/Mish. 772 9,062,633 796,531 807,560 8.9% (6,814) 0 11,446 $15.16

Southwest Flori. 3,200 32,072,066 3,913,473 3,947,654 12.3% 32,932 0 346,018 $15.90

Spokane 1,656 21,540,456 2,437,072 2,461,948 11.4% (36,129) 0 8,600 $15.57

Springfield 675 8,395,536 714,989 727,434 8.7% 38,669 0 0 $12.60

St. Louis 5,331 130,221,489 13,893,900 14,102,762 10.8% (470,912) 0 103,000 $17.86

Stockton/Modest. 1,893 19,922,033 2,373,767 2,385,267 12.0% 50,016 0 6,048 $14.88

Syracuse 1,400 26,122,472 3,099,581 3,185,564 12.2% 35,497 0 51,546 $14.19

Tallahassee 2,221 21,753,253 1,784,173 1,841,834 8.5% (88,031) 0 41,797 $14.92

Tampa/St Peters. 12,862 147,236,244 16,208,857 16,607,164 11.3% 323,448 29,500 230,772 $19.04

Toledo 2,553 30,276,493 2,872,098 2,886,154 9.5% 68,688 0 0 $12.81

Tucson 2,457 24,362,675 3,024,083 3,111,480 12.8% (6,351) 37,179 30,711 $18.57

Tulsa 2,501 51,048,592 5,711,345 5,809,199 11.4% 19,843 67,618 131,972 $14.03

Utica/Rome 595 8,748,895 592,637 592,637 6.8% 3,018 0 0 $10.74

Visalia/Porterv. 1,097 6,390,906 435,043 438,553 6.9% 7,842 0 0 $13.94

Washington 9,904 467,122,479 66,715,778 70,152,857 15.0% (1,502,077) 393,629 6,514,299 $34.39

West Michigan 6,082 78,723,727 7,319,291 7,408,099 9.4% 201,062 0 188,562 $11.92

Westchester/So . 7,369 170,019,285 21,825,941 22,368,637 13.2% (683,707) 111,000 1,243,453 $28.03

Wichita 1,631 22,955,575 1,536,756 1,559,315 6.8% 96,589 0 256,492 $12.54

Wilmington 1,744 12,547,771 1,091,435 1,136,965 9.1% (91,385) 0 78,741 $15.37

Yakima 593 4,262,445 233,559 241,065 5.7% 8,127 0 0 $12.25

Youngstown/Warr 1,792 14,853,995 990,756 997,956 6.7% 56,253 0 0 $10.14

Totals 505,018 10,501,740,932 1,106,195,444 1,147,803,851 10.9% 15,396,516 16,505,478 115,936,386 $22.74








Figures at a Glance

Class A Market Statistics First Quarter 2015, Grouped by CBD vs Suburban


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

CBD 2,722 1,160,583,633 121,635,597 129,829,430 11.2% 2,055,035 943,660 32,027,396 $33.29

Suburban 14,478 2,126,774,332 258,984,786 275,364,753 12.9% 6,028,255 10,188,175 69,009,429 $26.99

Class A Totals 17,200 3,287,357,965 380,620,383 405,194,183 12.3% 8,083,290 11,131,835 101,036,825 $28.75


Class B Market Statistics First Quarter 2015, Grouped by CBD vs Suburban



CBD 15,110 902,749,985 85,593,137 88,026,334 9.8% 1,239,240 215,530 2,686,986 $24.80

Suburban 178,751 3,976,901,468 457,131,583 469,529,446 11.8% 4,754,134 5,158,113 12,212,575 $19.71

Class B Totals 193,861 4,879,651,453 542,724,720 557,555,780 11.4% 5,993,374 5,373,643 14,899,561 $20.39


Class C Market Statistics First Quarter 2015, Grouped by CBD vs Suburban



CBD 24,392 366,361,574 28,781,088 29,314,107 8.0% (18,809) 0 0 $21.38

Suburban 269,565 1,968,369,940 154,069,253 155,739,781 7.9% 1,338,661 0 0 $15.89

Class C Totals 293,957 2,334,731,514 182,850,341 185,053,888 7.9% 1,319,852 0 0 $16.59


Class A&B Market Statistics First Quarter 2015, Grouped by CBD vs Suburban



CBD 17,832 2,063,333,618 207,228,734 217,855,764 10.6% 3,294,275 1,159,190 34,714,382 $29.83

Suburban 193,229 6,103,675,800 716,116,369 744,894,199 12.2% 10,782,389 15,346,288 81,222,004 $22.39

Class A&B Totals 211,061 8,167,009,418 923,345,103 962,749,963 11.8% 14,076,664 16,505,478 115,936,386 $23.83


Class A,B&C Market Statistics First Quarter 2015, Grouped by CBD vs Suburban



CBD 42,224 2,429,695,192 236,009,822 247,169,871 10.2% 3,275,466 1,159,190 34,714,382 $28.95

Suburban 462,794 8,072,045,740 870,185,622 900,633,980 11.2% 12,121,050 15,346,288 81,222,004 $21.34

Grand Totals 505,018 10,501,740,932 1,106,195,444 1,147,803,851 10.9% 15,396,516 16,505,478 115,936,386 $22.74












Figures at a Glance

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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

35%

49%

16%Class A

Class B

Class C

83.79

45.14

13.8610.72

5.581.27

0.0

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40.0

50.0

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2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q

Leasing Activity






Leasing Activity


* Renewal

Building Market SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 1150 15th St NW Washington 654,000 1st Fannie Mae N/A Carr Properties

2 1675 Broadway* New York City 520,918 1st Publicis Groupe Byrnam Wood, LLC Rudin Management Company, Inc.

3 MetLife Bldg New York City 500,000 1st MetLife, Inc. Cushman & Wake�eld, Inc. Tishman Speyer

4 Crystal Gateway 3 Washington 371,000 1st U.S. Marshals Service Savills Studley Vornado/Charles E. Smith

5 3301-3307 Hillview Ave South Bay/San Jose 292,013 1st TIBCO Software, Inc. Cushman & Wake�eld, Inc. Cushman & Wake�eld, Inc.

6 Dexter Station Seattle/Puget Sound 274,000 1st Facebook Inc. Wixen Real Estate, Inc.; Flinn Ferg JLL

7 Stevens Creek Blvd @ Finch Ave South Bay/San Jose 260,000 1st Apple Inc. N/A DTZ

8 Bannockburn Centre at College Park Chicago 257,190 1st Baxalta Incorporated JLL Colliers International

9 85 Broad St New York City 234,879 1st WeWork Direct Deal JLL

10 8000 W Sunrise Blvd Broward County 221,597 1st AmSurg Corp. Newmark Grubb Knight Frank CBRE

11 200 Forest St - Bldg 1 Boston 208,101 1st GE Healthcare N/A CBRE - New England

12 500 W 2nd St Austin 207,939 1st Google, Inc. N/A CBRE

13 95 Hayden Ave Boston 202,490 1st Shire Pharmaceuticals Transwestern RBJ Wyman Street Advisors

14 Twelve Greenway Plaza* Houston 191,893 1st CPL Retail Energy LP N/A Cousins Properties Inc.

15 One Reston Crescent Washington 186,133 1st Fannie Mae Cushman & Wake�eld, Inc. JLL

16 4000 MacArthur Blvd - West Tower Orange County (California) 177,012 1st Hyundai Capital America Cushman & Wake�eld, Inc. JLL

17 555 Market St San Francisco 172,838 1st Uber N/A CBRE

18 Bankers Trust Building New York City 149,401 1st Fiduciary Trust Company International Savills Studley Vornado Realty Trust; SL Green Real

19 395 Hudson St New York City 147,670 1st WebMD Health Corp. Newmark Grubb Knight Frank JLL

20 One Marketpointe Minneapolis 143,528 1st Barr Engineering Company N/A CBRE

21 2002 Edmund Halley Dr Washington 141,873 1st Noblis ESI JLL CBRE

22 5 Manhattan West New York City 139,332 1st Markit Group Limited Savills Studley Cushman & Wake�eld, Inc.

23 Riverside Commons - Building 5 & 6 Dallas/Ft Worth 139,323 1st GE Capital Cushman & Wake�eld of Texas, Inc. DTZ

24 9601 E Panorama Cir Denver 136,850 1st Charles Schwab N/A CBRE

25 The Wick�eld Center Detroit 134,927 1st Truven Health Analytics N/A Schmelzle Capital; Colliers Interna

26 600 Townsend St* San Francisco 129,491 1st Advent Software, Inc. JLL CBRE

27 Zinfandel I Sacramento 128,075 1st Blue Shield of California Cresa JLL

28 2 Innovation Way Los Angeles 125,000 1st Southern California Edison Cushman & Wake�eld, Inc. Cushman & Wake�eld, Inc.

29 675 W Kendall St - Bldg A Boston 123,734 1st Mass Innovation Labs N/A DTZ

30 Cherrington Corporate Center 700 Pittsburgh 120,000 1st Chevron Corp N/A Colliers International|Pittsburgh

31 Royal Ridge V Dallas/Ft Worth 119,611 1st NEC Corporation of America Cushman & Wake�eld of Texas, Inc. Transwestern Dallas

32 1400 Broadway* New York City 116,267 1st OnDeck Capital Direct Deal Newmark Grubb Knight Frank

33 Five Greenspoint Place Houston 113,801 1st Swift Energy Company N/A Colvill O�ce Properties

34 3003 N Central Ave Phoenix 112,323 1st State of Arizona - DCS JLL CBRE

35 909 Third Ave New York City 112,300 1st The Interpublic Group of Companies, Inc. JLL CBRE

36 384 Santa Trinita Ave South Bay/San Jose 107,155 1st Blue Coat Systems, Inc. Custom Spaces DTZ

37 Tri State Int’l O�ce Center Chicago 104,156 1st CDW CBRE Colliers International

38 Financial Plaza Nashville 101,986 1st American Addiction Centers Keller Williams Colliers International

39 1801 California St Denver 99,072 1st Transamerica N/A Cushman & Wake�eld of Colorado

40 Bankers Trust Building New York City 98,740 1st PJT Partners N/A Vornado Realty Trust; SL Green Real

Select Top O�ce Leases Based on Leased Square Footage For Deals Signed in 2015






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 Jan. 2014 - Dec. 2014

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 50,000 SF #### 74,974,965 $13,680,859,531 182.47$ 7.55%

50K-249K SF

1,180 136,463,712 $26,646,279,377 195.26$ 7.21%

250K-499K SF

247 85,847,432 $21,378,807,594 249.03$ 5.47%

>500K SF 119 101,204,144 $34,318,601,160 339.10$ 5.50%

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®

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2011 1q 2012 2013 2014

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Sales Activity

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