costar office report - reese on real estate · d the costar office report ©2016 costar group, inc....

South Florida Office MarketY e a r - E n d 2 0 1 6

The CoStarOffice Report

South Florida Office Market

©2016 CoStar Group, Inc. The CoStar Office Report A

Year-End 2016 – South Florida

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

Figures at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Figures at a Glance by Class & MarketFigures at a Glance by Class & SubmarketFigures at a Glance Grouped by CBD vs SuburbanHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Select Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Sales Activity AnalysisSelect Top Sales Transactions

Analysis of Individual CoStar Submarket Clusters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Aventura MarketBiscayne Corridor MarketBoca Raton MarketBoynton/Lantana MarketBrickell MarketCoconut Grove MarketCommercial Blvd MarketCoral Gables MarketCoral Way MarketCypress Creek MarketDelray Beach MarketDowntown Fort Lauderdale MarketDowntown Miami MarketFort Lauderdale MarketHallandale MarketHollywood MarketJupiter MarketKendall MarketMedley/Hialeah MarketMiami MarketMiami Airport MarketMiami Beach MarketMiami Lakes MarketMiami-Dade Central County MarketNorth Palm Beach MarketNortheast Dade MarketNW Broward/Coral Springs MarketOutlying Broward County MarketOutlying Miami-Dade Cnty MarketPalm Beach MarketPalm Springs/Lake Worth MarketPlantation Market


B The CoStar Office Report ©2016 CoStar Group, Inc.

South Florida – Year-End 2016


©2016 CoStar Group, Inc. The CoStar Office Report C


Table of Contents (Continued)Pompano Beach MarketRoyal Palm Bch/Wellington MarketSawgrass Park MarketSouth Dade MarketSouthwest Broward MarketWest Miami MarketWest Palm Beach Market


B The CoStar Office Report ©2016 CoStar Group, Inc.



©2016 CoStar Group, Inc. The CoStar Office Report C


MethodologyThe CoStar Office Statistics, 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.

© Copyright 2017 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.

CoStar Group, Inc.

1331 L ST NW • Washington, DC 20005• (800) 204-5960 • www.costar.com • NASDAQ: CSGP

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


D The CoStar Office Report ©2016 CoStar Group, Inc.



©2016 CoStar Group, Inc. The CoStar Office Report E


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


D The CoStar Office Report ©2016 CoStar Group, Inc.



©2016 CoStar Group, Inc. The CoStar Office Report E


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.



©2016 CoStar Group, Inc. The CoStar Office Report 1

Overview

South Florida’s Vacancy Decreases to 10.0% Net Absorption Positive 673,514 SF in the Quarter

The South Florida Office market ended the fourth quarter 2016 with a vacancy rate of 10.0%. The vacancy rate was down over the previous quarter, with net absorp-

tion totaling positive 673,514 square feet in the fourth quarter. Vacant sublease space increased in the quarter, ending the quarter at 587,195 square feet. Rental rates ended the fourth quarter at $29.68, an increase over the previous quarter. A total of four buildings delivered to the market in the quarter totaling 91,450 square feet, with 2,760,943 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall South Florida office market

was positive 673,514 square feet in the fourth quarter 2016. That compares to positive 996,891 square feet in the third quarter 2016, positive 984,144 square feet in the second quarter 2016, and positive 316,959 square feet in the first quarter 2016.

The Class-A office market recorded net absorption of pos-itive 167,521 square feet in the fourth quarter 2016, compared to positive 391,511 square feet in the third quarter 2016, positive 77,084 in the second quarter 2016, and positive 257,279 in the first quarter 2016.

The Class-B office market recorded net absorption of pos-itive 301,310 square feet in the fourth quarter 2016, compared to positive 448,681 square feet in the third quarter 2016, posi-tive 545,647 in the second quarter 2016, and positive 163,431 in the first quarter 2016.

The Class-C office market recorded net absorption of positive 204,683 square feet in the fourth quarter 2016 com-pared to positive 156,699 square feet in the third quarter 2016, positive 361,413 in the second quarter 2016, and negative (103,751) in the first quarter 2016.

Net absorption for South Florida’s central business district was positive 126,335 square feet in the fourth quarter 2016. That compares to positive 38,632 square feet in the third quarter 2016, positive 74,864 in the second quarter 2016, and negative (85,316) in the first quarter 2016.

Net absorption for the suburban markets was positive 547,179 square feet in the fourth quarter 2016. That compares to positive 958,259 square feet in third quarter 2016, positive 909,280 in the second quarter 2016, and positive 402,275 in the first quarter 2016.

VacancyThe office vacancy rate in the South Florida market area

decreased to 10.0% at the end of the fourth quarter 2016. The vacancy rate was 10.3% at the end of the third quarter 2016, 10.8% at the end of the second quarter 2016, and 11.1% at the end of the first quarter 2016.

Class-A projects reported a vacancy rate of 13.4% at the end of the fourth quarter 2016, 13.6% at the end of the third quarter 2016, 14.3% at the end of the second quarter 2016, and 14.3% at the end of the first quarter 2016.

Class-B projects reported a vacancy rate of 11.0% at the end of the fourth quarter 2016, 11.2% at the end of the third quarter 2016, 11.6% at the end of the second quarter 2016, and 11.9% at the end of the first quarter 2016.

Class-C projects reported a vacancy rate of 4.9% at the end of the fourth quarter 2016, 5.2% at the end of third quarter 2016, 5.5% at the end of the second quarter 2016, and 6.1% at the end of the first quarter 2016.

The overall vacancy rate in South Florida’s central busi-ness district at the end of the fourth quarter 2016 decreased to 13.0%. The vacancy rate was 13.3% at the end of the third

Vacancy Rates by Class 1999-2016

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 10 Quarters Past 10 Quarters

Source: CoStar Property® Source: CoStar Property®

0%

5%

10%

15%

20%

25%

1999 3q 2000 3q 2001 3q 2002 3q 2003 3q 2004 3q 2005 3q 2006 3q 2007 3q 2008 3q 2009 3q 2010 3q 2011 3q 2012 3q 2013 3q 2014 3q 2015 3q 2016 3q

Vaca

ncy

Rate

A B C Total Market

0.79

1.36

0.21

1.10

0.750.82

0.32

0.98 1.00

0.67

0.03

0.61

0.15 0.120.08

0.25

0.62

0.26

0.09 0.09

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

2014 3q 2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Net Absorption Deliveries

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2014 3q 2015 1q 2015 3q 2016 1q 2016 3q

Vaca

ncy

Rate

South Florida United States

2 The CoStar Office Report ©2016 CoStar Group, Inc.

South Florida � Year-End 2016

South Florida Office MarketYear-End 2016 – South Florida



Overview

quarter 2016, 13.3% at the end of the second quarter 2016, and 13.5% at the end of the first quarter 2016.

The vacancy rate in the suburban markets decreased to 9.4% in the fourth quarter 2016. The vacancy rate was 9.7% at the end of the third quarter 2016, 10.2% at the end of the second quarter 2016, and 10.6% at the end of the first quarter 2016.

Sublease VacancyThe amount of vacant sublease space in the South

Florida market increased to 587,195 square feet by the end of the fourth quarter 2016, from 587,013 square feet at the end of the third quarter 2016. There was 497,738 square feet vacant at the end of the second quarter 2016 and 529,577 square feet at the end of the first quarter 2016.

South Florida’s Class-A projects reported vacant sublease space of 412,107 square feet at the end of fourth quarter 2016, up from the 383,307 square feet reported at the end of the third quarter 2016. There were 332,376 square feet of sublease space vacant at the end of the second quarter 2016, and 294,266 square feet at the end of the first quarter 2016.

Class-B projects reported vacant sublease space of 156,760 square feet at the end of the fourth quarter 2016, down from the 180,628 square feet reported at the end of the third quarter 2016. At the end of the second quarter 2016 there were 140,284 square feet, and at the end of the first quarter 2016 there were 185,409 square feet vacant.

Class-C projects reported decreased vacant sublease space from the third quarter 2016 to the fourth quarter 2016. Sublease vacancy went from 23,078 square feet to 18,328 square feet during that time. There was 25,078 square feet at the end of the second quarter 2016, and 49,902 square feet at the end of the first quarter 2016.

Sublease vacancy in South Florida’s central business district stood at 174,265 square feet at the end of the fourth

quarter 2016. It was 221,705 square feet at the end of the third quarter 2016, 148,251 square feet at the end of the second quarter 2016, and 141,539 square feet at the end of the first quarter 2016.

Sublease vacancy in the suburban markets ended the fourth quarter 2016 at 412,930 square feet. At the end of the third quarter 2016 sublease vacancy was 365,308 square feet, was 349,487 square feet at the end of the second quarter 2016, and was 388,038 square feet at the end of the first quarter 2016.

Rental RatesThe average quoted asking rental rate for available office

space, all classes, was $29.68 per square foot per year at the end of the fourth quarter 2016 in the South Florida market area. This represented a 1.6% increase in quoted rental rates from the end of the third quarter 2016, when rents were report-ed at $29.21 per square foot.

The average quoted rate within the Class-A sector was $36.28 at the end of the fourth quarter 2016, while Class-B rates stood at $26.42, and Class-C rates at $24.44. At the end of the third quarter 2016, Class-A rates were $35.55 per square foot, Class-B rates were $26.21, and Class-C rates were $23.81.

The average quoted asking rental rate in South Florida’s CBD was $36.84 at the end of the fourth quarter 2016, and $27.72 in the suburban markets. In the third quarter 2016, quot-ed rates were $36.30 in the CBD and $27.42 in the suburbs.

Deliveries and ConstructionDuring the fourth quarter 2016, four buildings totaling

91,450 square feet were completed in the South Florida mar-ket area. This compares to six buildings totaling 87,704 square feet that were completed in the third quarter 2016, six buildings totaling 257,741 square feet completed in the second quarter 2016, and 621,751 square feet in nine buildings completed in the first quarter 2016.

There were 2,760,943 square feet of office space under construction at the end of the fourth quarter 2016.

Some of the notable 2016 deliveries include: NSU Center for Collaborative Research, a 215,000-square-foot facility that delivered in first quarter 2016 and is now 72% occupied, and Three Brickell City Centre, a 134,552-square-foot building that delivered in first quarter 2016 and is now 100% occupied.

The largest projects underway at the end of fourth quar-ter 2016 were American Express, a 400,000-square-foot build-ing with 100% of its space pre-leased, and 800 Waterford, a 246,085-square-foot facility that is 11% pre-leased.

InventoryTotal office inventory in the South Florida market area

amounted to 224,608,406 square feet in 11,218 buildings as of the end of the fourth quarter 2016. The Class-A office sector consisted of 58,929,775 square feet in 415 projects. There were





0%

5%

10%

15%

20%

25%


Vaca

ncy

Rate

A B C Total Market

0.79

1.36

0.21

1.10

0.750.82

0.32

0.98 1.00

0.67

0.03

0.61

0.15 0.120.08

0.25

0.62

0.26

0.09 0.09

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

2014 3q 2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2014 3q 2015 1q 2015 3q 2016 1q 2016 3q

Vaca

ncy

Rate







Overview

3,463 Class-B buildings totaling 107,596,773 square feet, and the Class-C sector consisted of 58,081,858 square feet in 7,340 buildings. Within the Office market there were 419 owner-occupied buildings accounting for 12,414,286 square feet of office space.

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

er, South Florida office sales figures fell during the third quarter 2016 in terms of dollar volume compared to the second quarter of 2016.

In the third quarter, 34 office transactions closed with a total volume of $773,607,800. The 34 buildings totaled 3,256,551 square feet and the average price per square foot equated to $237.55 per square foot. That compares to 34 transactions totaling $867,547,525 in the second quarter 2016. The total square footage in the second quarter was 3,434,148 square feet for an average price per square foot of $252.62.

Total office building sales activity in 2016 was up compared to 2015. In the first nine months of 2016, the market saw 102 office sales transactions with a total volume of $2,207,855,357. The price per square foot averaged $228.21. In the same first nine months of 2015, the market posted 142 transactions with a total volume of $1,952,168,415. The price per square foot aver-aged $238.93.

Cap rates have been higher in 2016, averaging 6.53% compared to the same period in 2015 when they averaged 6.41%.

One of the largest transactions that has occurred within the last four quarters in the South Florida market is the sale of Southeast Financial Center in Miami. This 1,225,000-square-foot office building sold for $516,600,000, or $421.71 per square foot. The property sold on 12/2/2016.”

Reports compiled by: Alfredo Negron, CoStar Research Manager.





0%

5%

10%

15%

20%

25%


Vaca

ncy

Rate

A B C Total Market

0.79

1.36

0.21

1.10

0.750.82

0.32

0.98 1.00

0.67

0.03

0.61

0.15 0.120.08

0.25

0.62

0.26

0.09 0.09

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

2014 3q 2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2014 3q 2015 1q 2015 3q 2016 1q 2016 3q

Vaca

ncy

Rate







CoStar Submarket Clusters & SubmarketsIn analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

Markets

Submarket Clusters Submarkets

Aventura Aventura

Biscayne Corridor Biscayne Corridor

Boca Raton Boca Raton East Boca Raton North Boca Raton West

Boynton/Lantana Boynton/Lantana

Brickell Brickell*

Coconut Grove Coconut Grove

Commercial Blvd Commercial Blvd

Coral Gables Coral Gables

Coral Way Coral Way

Cypress Creek Cypress Creek

Delray Beach Delray Beach

Downtown Fort Lauderdale Downtown Fort Lauderdale*

Downtown Miami Downtown Miami*

Fort Lauderdale Fort Lauderdale

Hallandale Hallandale

Hollywood Hollywood

Jupiter Jupiter

Kendall Kendall

Medley/Hialeah Medley/Hialeah

Miami Miami

Miami Airport Miami Airport

Miami Beach Miami Beach

Miami Lakes Miami Lakes

Miami-Dade Central County Hialeah Gardens

North Palm Beach North Palm Beach*

Northeast Dade Northeast Dade

NW Broward/Coral Springs NW Broward/Coral Springs

Outlying Broward County Outlying Broward County

Outlying Miami-Dade Cnty Outlying Miami-Dade Cnty

Palm Beach Palm Bch Cty Outlying Palm Beach*

Palm Springs/Lake Worth Palm Springs/Lake Worth

Plantation Plantation

Pompano Beach Pompano Beach

Royal Palm Bch/Wellington Royal Palm Bch/Wellington

Sawgrass Park Sawgrass Park

South Dade South Dade

Southwest Broward Southwest Broward

West Miami West Miami

West Palm Beach West Palm Beach** West Palm Beach** CBD* Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page.






Historical Deliveries 1982 - 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/C

Sawgrass Park 2 408,735 97.7% 57,098 209,098

Downtown Miami 2 99,120 31.2% 144,365 159,000

Miami Airport 2 74,451 24.6% 44,802 151,246

Aventura 3 273,521 97.9% 39,716 93,174

Pompano Beach 5 147,378 68.5% 14,325 43,054

Coral Gables 3 59,291 31.5% 24,796 62,802

Southwest Broward 3 11,000 7.5% 26,238 48,793

Brickell 2 15,750 10.9% 115,167 72,500

Northeast Dade 3 129,080 92.9% 12,498 46,333

Coconut Grove 2 0 0.0% 20,806 65,795

All Other 23 291,428 61.1% 16,774 20,743

Totals 50 1,509,754 54.7% 20,022 55,219


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2012 Preleased & Un-Leased SF in Properties Scheduled to Deliver


131,590

188,407

146,379

145,000

139,000

318,000

302,492

279,521

215,268

477,089

2,760,943

Market

Under Construction Inventory Average Bldg Size

Total RBA

418,197

7.4

6.3

8.6

11.411.8

9.9

5.55.0

4.0

3.1

1.3 1.3 1.5 1.82.5

3.32.5

4.55.2

7.0

3.5 3.3 3.63.0

4.1

5.56.3

4.1

2.5

1.5

0.5 0.3

1.10.6

1.1

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

1982 1986 1990 1994 1998 2002 2006 2010 2014

Millions

of

SF

Deliveries Average Delivered SF

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2012 2014 2016

Millions

of

SF

Leased Un-Leased

0

200

400

600

800

1,000

1,200

1,400

2017 1q 2017 3q

T

Tho

usa

nds

of

SF

Preleased Un-Leased

Inventory & development






Historical Construction Starts & DeliveriesSquare 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 SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 18 284,996 214,369 75.2% $35.26 115,371 169,625

50,000 SF - 99,999 SF 4 291,818 149,393 51.2% $37.82 69,377 222,441

100,000 SF - 249,999 SF 3 481,832 371,366 77.1% $53.00 0 481,832

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 0 0 0 0.0% $0.00 0 0


Recent Development by Tenancy Existing Inventory ComparisonBased on RBA Developed for Single & Multi Tenant Use Based on Total RBA

2016 Deliveries


Currently Under Construction By Class By Space Type

0.25

0.05

0.35

0.03

0.29

0.15 0.14

0.28

0.68

0.85

0.10

0.23 0.22

0.90

0.25

0.06

0.15

0.04 0.03 0.050.08

0.41

0.03

0.61

0.150.12

0.08

0.25

0.62

0.26

0.09 0.09

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2013 1q 2014 1q 2015 1q 2016 1q

Millions

of

SF

Construction Starts Deliveries

85%

15%

Multi Single

83%

17%

Multi Single

26%

26%

48%

Class A Class B Class C

13%

87%

Multi Single







��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��








��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��






Class A Market Statistics Year-End 2016

YTD Net YTD Under Quoted

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

Aventura 10 943,517 85,211 88,007 9.3% (30,706) 0 224,689 $47.50

Biscayne Corridor 3 699,000 192,528 192,528 27.5% 13,571 0 0 $41.00

Boca Raton 67 7,802,453 1,266,179 1,304,889 16.7% 145,615 0 0 $32.84

Boynton/Lantana 4 464,649 103,897 103,897 22.4% 14,421 0 0 $22.62

Brickell 15 4,969,439 590,393 639,074 12.9% 198,865 266,832 100,000 $49.45

Coconut Grove 4 547,332 36,224 46,011 8.4% 5,657 0 115,920 $38.52

Commercial Blvd 3 233,266 22,814 22,814 9.8% 20,368 0 0 $23.78

Coral Gables 30 4,778,487 501,777 507,616 10.6% (2,309) 0 188,407 $41.70

Coral Way 1 84,248 0 0 0.0% 0 0 41,117 $0.00

Cypress Creek 20 2,394,629 273,208 301,819 12.6% (55,199) 0 0 $28.19

Delray Beach 1 30,845 0 0 0.0% 0 0 0 $35.27

Downtown Fort Lauder. 21 4,466,259 437,162 486,868 10.9% 95,685 0 0 $39.12

Downtown Miami 10 5,268,082 872,279 882,533 16.8% (38,643) 0 318,000 $44.90

Fort Lauderdale 6 959,668 195,148 201,609 21.0% (981) 0 0 $27.23

Hallandale 0 0 0 0 0.0% 0 0 0 $0.00

Hollywood 2 334,447 41,909 41,909 12.5% (11,159) 0 0 $33.28

Jupiter 10 623,384 29,917 31,017 5.0% 18,429 0 0 $38.72

Kendall 15 1,757,858 315,050 328,483 18.7% (13,654) 0 0 $36.91

Medley/Hialeah 6 786,962 110,661 110,661 14.1% 36,168 0 0 $26.39

Miami 9 1,115,197 104,120 104,120 9.3% 26,377 0 61,906 $46.24

Miami Airport 36 5,334,524 428,505 442,982 8.3% (48,759) 71,581 302,492 $32.73

Miami Beach 7 873,925 36,601 48,435 5.5% (14,756) 0 0 $44.61

Miami Lakes 7 417,048 104,032 104,032 24.9% 6,380 0 0 $26.79

Miami-Dade Central C. 0 0 0 0 0.0% 0 0 0 $0.00

North Palm Beach 21 1,525,782 159,452 159,452 10.5% 24,080 0 0 $33.79

Northeast Dade 2 188,750 22,342 27,332 14.5% 33,042 0 0 $30.26

NW Broward/Coral Spr. 10 715,978 105,231 113,400 15.8% 51,225 0 0 $26.14

Outlying Broward Cou. 0 0 0 0 0.0% 0 0 0 $0.00

Outlying Miami-Dade . 0 0 0 0 0.0% 0 0 0 $0.00

Palm Beach 0 0 0 0 0.0% 0 0 0 $0.00

Palm Springs/Lake Wo. 1 50,577 0 0 0.0% 26,000 0 0 $0.00

Plantation 16 2,081,795 368,578 408,751 19.6% 180,110 215,000 0 $31.97

Pompano Beach 2 288,653 66,380 82,878 28.7% (20,550) 0 87,068 $27.21

Royal Palm Bch/Welli. 3 124,705 5,367 5,367 4.3% 3,269 0 0 $33.47

Sawgrass Park 15 1,749,071 134,702 203,165 11.6% 71,592 69,377 400,000 $31.59

South Dade 0 0 0 0 0.0% 0 0 0 $0.00

Southwest Broward 32 3,344,281 307,709 339,834 10.2% 124,968 0 64,431 $29.60

West Miami 1 46,118 0 0 0.0% 0 0 0 $23.00

West Palm Beach 25 3,928,846 545,027 545,027 13.9% 34,289 0 0 $34.52

Totals 415 58,929,775 7,462,403 7,874,510 13.4% 893,395 622,790 1,904,030 $36.28


Existing Inventory Vacancy

Figures at a Glance






Class B Market Statistics Year-End 2016



Aventura 23 785,122 14,543 16,643 2.1% 10,820 0 54,832 $39.80

Biscayne Corridor 28 1,030,952 72,340 74,940 7.3% (8,925) 0 8,643 $37.38

Boca Raton 227 7,682,504 907,951 923,674 12.0% 179,513 0 0 $24.96

Boynton/Lantana 76 1,665,607 272,080 273,544 16.4% 44,697 36,000 0 $25.45

Brickell 33 2,870,808 487,902 513,991 17.9% (78,341) 18,000 45,000 $35.07

Coconut Grove 26 1,074,681 63,124 63,124 5.9% (16,684) 0 15,670 $34.89

Commercial Blvd 18 605,865 167,717 167,717 27.7% (57,197) 0 0 $20.94

Coral Gables 116 4,112,458 291,992 296,403 7.2% (3,895) 0 0 $35.56

Coral Way 33 1,077,214 35,829 36,719 3.4% 4,358 0 0 $29.05

Cypress Creek 115 4,461,262 887,983 908,333 20.4% 5,228 0 0 $21.78

Delray Beach 118 2,477,491 721,530 721,530 29.1% 66,259 23,042 44,969 $22.65

Downtown Fort Lauder. 94 2,167,026 150,920 170,682 7.9% 38,354 28,624 34,627 $32.98

Downtown Miami 37 5,186,110 897,613 903,900 17.4% 8,494 0 0 $30.66

Fort Lauderdale 166 4,991,333 665,611 665,611 13.3% 23,788 8,792 0 $23.75

Hallandale 17 600,364 17,852 17,852 3.0% 22,445 0 79,600 $28.29

Hollywood 113 2,697,723 214,679 218,179 8.1% 67,021 0 0 $27.27

Jupiter 111 2,276,433 168,544 171,504 7.5% 28,991 13,750 0 $27.18

Kendall 225 6,220,131 431,467 436,341 7.0% 91,768 0 53,614 $27.09

Medley/Hialeah 65 1,809,749 102,656 102,656 5.7% 68,083 0 22,136 $26.49

Miami 53 2,360,400 175,045 175,045 7.4% 29,387 44,000 22,365 $33.64

Miami Airport 186 10,382,461 1,081,953 1,099,496 10.6% 29,850 41,000 0 $26.00

Miami Beach 67 2,439,669 137,746 137,746 5.6% 90,621 0 0 $38.32

Miami Lakes 93 2,655,098 458,278 458,278 17.3% 91,471 0 20,640 $22.73

Miami-Dade Central C. 8 176,484 0 0 0.0% 0 0 0 $0.00

North Palm Beach 168 5,368,651 323,755 324,718 6.0% 218,195 0 5,632 $25.35

Northeast Dade 78 2,447,167 398,015 398,015 16.3% 86,561 109,230 139,000 $25.63

NW Broward/Coral Spr. 131 2,871,665 325,956 325,956 11.4% 26,487 11,613 0 $23.44

Outlying Broward Cou. 2 28,296 2,802 2,802 9.9% (2,802) 0 0 $33.46

Outlying Miami-Dade . 5 164,443 0 0 0.0% 0 0 0 $0.00

Palm Beach 90 1,841,440 204,403 208,176 11.3% 46,184 0 30,000 $45.57

Palm Springs/Lake Wo. 34 622,004 43,887 43,887 7.1% 52,631 62,305 0 $30.55

Plantation 140 4,087,723 462,717 470,396 11.5% 45,372 0 0 $22.80

Pompano Beach 168 3,825,037 259,267 265,346 6.9% 44,608 22,000 128,200 $21.87

Royal Palm Bch/Welli. 46 1,169,021 78,287 78,287 6.7% 23,269 13,200 17,360 $28.87

Sawgrass Park 41 1,742,649 132,714 132,714 7.6% 92,445 0 18,197 $25.12

South Dade 46 1,402,898 129,722 129,722 9.2% 3,699 0 34,480 $24.19

Southwest Broward 181 3,795,134 116,535 116,535 3.1% 187,633 4,300 81,948 $25.12

West Miami 41 606,087 7,184 7,184 1.2% 19,830 0 0 $23.88

West Palm Beach 244 5,817,613 768,182 777,895 13.4% (121,149) 0 0 $22.86

Totals 3,463 107,596,773 11,678,781 11,835,541 11.0% 1,459,069 435,856 856,913 $26.42



Figures at a Glance






Figures at a Glance

Class A Submarket Statistics Year-End 2016



Aventura 10 943,517 85,211 88,007 9.3% (30,706) 0 224,689 $47.50

Biscayne Corridor 3 699,000 192,528 192,528 27.5% 13,571 0 0 $41.00

Boca Raton East 16 1,762,186 252,503 259,763 14.7% 28,231 0 0 $33.28

Boca Raton North 25 3,645,971 606,617 625,693 17.2% 66,575 0 0 $28.42

Boca Raton West 26 2,394,296 407,059 419,433 17.5% 50,809 0 0 $39.49

Boynton/Lantana 4 464,649 103,897 103,897 22.4% 14,421 0 0 $22.62

Brickell 15 4,969,439 590,393 639,074 12.9% 198,865 266,832 100,000 $49.45

Coconut Grove 4 547,332 36,224 46,011 8.4% 5,657 0 115,920 $38.52

Commercial Blvd 3 233,266 22,814 22,814 9.8% 20,368 0 0 $23.78

Coral Gables 30 4,778,487 501,777 507,616 10.6% (2,309) 0 188,407 $41.70

Coral Way 1 84,248 0 0 0.0% 0 0 41,117 $0.00

Cypress Creek 20 2,394,629 273,208 301,819 12.6% (55,199) 0 0 $28.19

Delray Beach 1 30,845 0 0 0.0% 0 0 0 $35.27


Downtown Miami 10 5,268,082 872,279 882,533 16.8% (38,643) 0 318,000 $44.90

Fort Lauderdale 6 959,668 195,148 201,609 21.0% (981) 0 0 $27.23

Hallandale 0 0 0 0 0.0% 0 0 0 $0.00

Hialeah Gardens 0 0 0 0 0.0% 0 0 0 $0.00

Hollywood 2 334,447 41,909 41,909 12.5% (11,159) 0 0 $33.28

Jupiter 10 623,384 29,917 31,017 5.0% 18,429 0 0 $38.72

Kendall 15 1,757,858 315,050 328,483 18.7% (13,654) 0 0 $36.91

Medley/Hialeah 6 786,962 110,661 110,661 14.1% 36,168 0 0 $26.39

Miami 9 1,115,197 104,120 104,120 9.3% 26,377 0 61,906 $46.24

Miami Airport 36 5,334,524 428,505 442,982 8.3% (48,759) 71,581 302,492 $32.73

Miami Beach 7 873,925 36,601 48,435 5.5% (14,756) 0 0 $44.61

Miami Lakes 7 417,048 104,032 104,032 24.9% 6,380 0 0 $26.79

North Palm Beach 21 1,525,782 159,452 159,452 10.5% 24,080 0 0 $33.79

Northeast Dade 2 188,750 22,342 27,332 14.5% 33,042 0 0 $30.26

NW Broward/Coral Spr. 10 715,978 105,231 113,400 15.8% 51,225 0 0 $26.14


Outlying Miami-Dade . 0 0 0 0 0.0% 0 0 0 $0.00

Palm Bch Cty Outlyin. 0 0 0 0 0.0% 0 0 0 $0.00

Palm Beach 0 0 0 0 0.0% 0 0 0 $0.00

Palm Springs/Lake Wo. 1 50,577 0 0 0.0% 26,000 0 0 $0.00

Plantation 16 2,081,795 368,578 408,751 19.6% 180,110 215,000 0 $31.97

Pompano Beach 2 288,653 66,380 82,878 28.7% (20,550) 0 87,068 $27.21


Sawgrass Park 15 1,749,071 134,702 203,165 11.6% 71,592 69,377 400,000 $31.59

South Dade 0 0 0 0 0.0% 0 0 0 $0.00

Southwest Broward 32 3,344,281 307,709 339,834 10.2% 124,968 0 64,431 $29.60

West Miami 1 46,118 0 0 0.0% 0 0 0 $23.00

West Palm Beach 10 1,196,066 183,761 183,761 15.4% 22,823 0 0 $29.67

West Palm Beach CBD 15 2,732,780 361,266 361,266 13.2% 11,466 0 0 $37.19

Totals 415 58,929,775 7,462,403 7,874,510 13.4% 893,395 622,790 1,904,030 $36.28








Figures at a Glance

Class B Submarket Statistics Year-End 2016



Aventura 23 785,122 14,543 16,643 2.1% 10,820 0 54,832 $39.80

Biscayne Corridor 28 1,030,952 72,340 74,940 7.3% (8,925) 0 8,643 $37.38

Boca Raton East 125 2,625,843 206,378 208,985 8.0% 11,844 0 0 $27.35

Boca Raton North 51 3,110,716 504,062 514,778 16.5% 39,135 0 0 $23.00

Boca Raton West 51 1,945,945 197,511 199,911 10.3% 128,534 0 0 $27.37

Boynton/Lantana 76 1,665,607 272,080 273,544 16.4% 44,697 36,000 0 $25.45

Brickell 33 2,870,808 487,902 513,991 17.9% (78,341) 18,000 45,000 $35.07

Coconut Grove 26 1,074,681 63,124 63,124 5.9% (16,684) 0 15,670 $34.89

Commercial Blvd 18 605,865 167,717 167,717 27.7% (57,197) 0 0 $20.94

Coral Gables 116 4,112,458 291,992 296,403 7.2% (3,895) 0 0 $35.56

Coral Way 33 1,077,214 35,829 36,719 3.4% 4,358 0 0 $29.05

Cypress Creek 115 4,461,262 887,983 908,333 20.4% 5,228 0 0 $21.78

Delray Beach 118 2,477,491 721,530 721,530 29.1% 66,259 23,042 44,969 $22.65


Downtown Miami 37 5,186,110 897,613 903,900 17.4% 8,494 0 0 $30.66

Fort Lauderdale 166 4,991,333 665,611 665,611 13.3% 23,788 8,792 0 $23.75

Hallandale 17 600,364 17,852 17,852 3.0% 22,445 0 79,600 $28.29

Hialeah Gardens 8 176,484 0 0 0.0% 0 0 0 $0.00

Hollywood 113 2,697,723 214,679 218,179 8.1% 67,021 0 0 $27.27

Jupiter 111 2,276,433 168,544 171,504 7.5% 28,991 13,750 0 $27.18

Kendall 225 6,220,131 431,467 436,341 7.0% 91,768 0 53,614 $27.09

Medley/Hialeah 65 1,809,749 102,656 102,656 5.7% 68,083 0 22,136 $26.49

Miami 53 2,360,400 175,045 175,045 7.4% 29,387 44,000 22,365 $33.64

Miami Airport 186 10,382,461 1,081,953 1,099,496 10.6% 29,850 41,000 0 $26.00

Miami Beach 67 2,439,669 137,746 137,746 5.6% 90,621 0 0 $38.32

Miami Lakes 93 2,655,098 458,278 458,278 17.3% 91,471 0 20,640 $22.73

North Palm Beach 168 5,368,651 323,755 324,718 6.0% 218,195 0 5,632 $25.35

Northeast Dade 78 2,447,167 398,015 398,015 16.3% 86,561 109,230 139,000 $25.63




Palm Bch Cty Outlyin. 57 1,082,665 95,997 95,997 8.9% 20,065 0 30,000 $29.06

Palm Beach 33 758,775 108,406 112,179 14.8% 26,119 0 0 $60.74

Palm Springs/Lake Wo. 34 622,004 43,887 43,887 7.1% 52,631 62,305 0 $30.55

Plantation 140 4,087,723 462,717 470,396 11.5% 45,372 0 0 $22.80

Pompano Beach 168 3,825,037 259,267 265,346 6.9% 44,608 22,000 128,200 $21.87


Sawgrass Park 41 1,742,649 132,714 132,714 7.6% 92,445 0 18,197 $25.12

South Dade 46 1,402,898 129,722 129,722 9.2% 3,699 0 34,480 $24.19


West Miami 41 606,087 7,184 7,184 1.2% 19,830 0 0 $23.88

West Palm Beach 183 3,889,123 602,355 612,068 15.7% (158,562) 0 0 $22.80


Totals 3,463 107,596,773 11,678,781 11,835,541 11.0% 1,459,069 435,856 856,913 $26.42








Figures at a Glance

Class C Submarket Statistics Year-End 2016



Aventura 14 138,008 12,984 12,984 9.4% (5,784) 0 0 $34.25

Biscayne Corridor 90 1,031,838 65,453 65,453 6.3% 27,938 0 0 $33.38

Boca Raton East 156 1,434,436 62,606 62,606 4.4% 2,875 0 0 $25.42

Boca Raton North 7 352,877 0 0 0.0% 7,001 0 0 $26.77

Boca Raton West 14 163,604 17,671 17,671 10.8% (11,875) 0 0 $25.03

Boynton/Lantana 123 597,776 13,845 13,845 2.3% 17,157 0 0 $22.64

Brickell 23 336,581 6,630 6,630 2.0% 0 0 0 $22.09

Coconut Grove 68 417,019 14,874 16,928 4.1% 8,859 0 0 $47.82

Commercial Blvd 28 586,797 27,500 27,500 4.7% 24,245 0 0 $18.61

Coral Gables 296 2,069,023 63,737 63,737 3.1% 35,790 0 0 $31.49

Coral Way 193 1,203,573 10,134 10,134 0.8% 31,768 0 0 $23.64

Cypress Creek 117 1,205,064 97,447 97,447 8.1% (29,430) 0 0 $20.83

Delray Beach 247 1,448,875 39,589 39,589 2.7% 16,217 0 0 $31.19


Downtown Miami 34 1,239,370 134,022 134,022 10.8% (708) 0 0 $23.93

Fort Lauderdale 819 5,163,485 406,576 413,242 8.0% 50,132 0 0 $18.48

Hallandale 131 924,891 62,624 62,624 6.8% 46,080 0 0 $25.40

Hialeah Gardens 53 259,114 0 0 0.0% 22,538 0 0 $21.58

Hollywood 505 3,144,554 143,523 143,523 4.6% 71,857 0 0 $21.78

Jupiter 92 635,495 27,168 27,318 4.3% 20,765 0 0 $23.08

Kendall 291 3,678,774 144,804 144,804 3.9% (11,804) 0 0 $27.18

Medley/Hialeah 271 1,738,965 54,990 54,990 3.2% 2,351 0 0 $23.28

Miami 500 3,219,780 108,228 108,228 3.4% 21,765 0 0 $29.32

Miami Airport 197 3,055,129 84,272 86,152 2.8% 37,681 0 0 $23.38

Miami Beach 85 1,156,321 42,002 42,002 3.6% 18,804 0 0 $35.81

Miami Lakes 40 469,945 32,051 32,051 6.8% 17,706 0 0 $19.23

North Palm Beach 202 1,697,552 66,491 66,491 3.9% 23,118 0 0 $19.87

Northeast Dade 429 3,725,444 253,855 253,855 6.8% 10,496 0 0 $21.85

NW Broward/Coral Spr. 118 1,531,855 79,779 79,779 5.2% 21,784 0 0 $22.61



Palm Bch Cty Outlyin. 42 357,487 30,661 31,861 8.9% (3,526) 0 0 $21.85

Palm Beach 25 321,994 0 0 0.0% 2,894 0 0 $45.60

Palm Springs/Lake Wo. 81 372,157 22,495 22,495 6.0% (1,463) 0 0 $20.24

Plantation 191 2,167,109 143,196 143,196 6.6% 25,581 0 0 $20.92

Pompano Beach 264 2,103,197 82,115 86,378 4.1% 26,871 0 0 $22.21


Sawgrass Park 11 333,854 0 0 0.0% 0 0 0 $20.81

South Dade 173 904,701 37,260 37,260 4.1% 21,053 0 0 $19.06

Southwest Broward 93 889,430 15,054 15,054 1.7% 22,263 0 0 $28.43

West Miami 267 1,196,874 10,715 10,715 0.9% 9,950 0 0 $19.96

West Palm Beach 382 2,923,586 190,881 190,881 6.5% (1,133) 0 0 $22.12

West Palm Beach CBD 156 930,096 76,185 78,300 8.4% (6,727) 0 0 $23.85

Totals 7,340 58,081,858 2,821,206 2,839,534 4.9% 619,044 0 0 $24.44








Figures at a Glance

Total Office Submarket Statistics Year-End 2016



Aventura 47 1,866,647 112,738 117,634 6.3% (25,670) 0 279,521 $43.86

Biscayne Corridor 121 2,761,790 330,321 332,921 12.1% 32,584 0 8,643 $37.69

Boca Raton East 297 5,822,465 521,487 531,354 9.1% 42,950 0 0 $30.12

Boca Raton North 83 7,109,564 1,110,679 1,140,471 16.0% 112,711 0 0 $25.84

Boca Raton West 91 4,503,845 622,241 637,015 14.1% 167,468 0 0 $34.59

Boynton/Lantana 203 2,728,032 389,822 391,286 14.3% 76,275 36,000 0 $24.52

Brickell 71 8,176,828 1,084,925 1,159,695 14.2% 120,524 284,832 145,000 $42.90

Coconut Grove 98 2,039,032 114,222 126,063 6.2% (2,168) 0 131,590 $37.49

Commercial Blvd 49 1,425,928 218,031 218,031 15.3% (12,584) 0 0 $21.35

Coral Gables 442 10,959,968 857,506 867,756 7.9% 29,586 0 188,407 $38.67

Coral Way 227 2,365,035 45,963 46,853 2.0% 36,126 0 41,117 $26.47

Cypress Creek 252 8,060,955 1,258,638 1,307,599 16.2% (79,401) 0 0 $23.51

Delray Beach 366 3,957,211 761,119 761,119 19.2% 82,476 23,042 44,969 $23.46


Downtown Miami 81 11,693,562 1,903,914 1,920,455 16.4% (30,857) 0 318,000 $38.69

Fort Lauderdale 991 11,114,486 1,267,335 1,280,462 11.5% 72,939 8,792 0 $22.67

Hallandale 148 1,525,255 80,476 80,476 5.3% 68,525 0 79,600 $26.24

Hialeah Gardens 61 435,598 0 0 0.0% 22,538 0 0 $21.58

Hollywood 620 6,176,724 400,111 403,611 6.5% 127,719 0 0 $25.79

Jupiter 213 3,535,312 225,629 229,839 6.5% 68,185 13,750 0 $28.23

Kendall 531 11,656,763 891,321 909,628 7.8% 66,310 0 53,614 $29.47

Medley/Hialeah 342 4,335,676 268,307 268,307 6.2% 106,602 0 22,136 $25.72

Miami 562 6,695,377 387,393 387,393 5.8% 77,529 44,000 84,271 $32.01

Miami Airport 419 18,772,114 1,594,730 1,628,630 8.7% 18,772 112,581 302,492 $28.25

Miami Beach 159 4,469,915 216,349 228,183 5.1% 94,669 0 0 $39.59

Miami Lakes 140 3,542,091 594,361 594,361 16.8% 115,557 0 20,640 $23.14

North Palm Beach 391 8,591,985 549,698 550,661 6.4% 265,393 0 5,632 $26.65

Northeast Dade 509 6,361,361 674,212 679,202 10.7% 130,099 109,230 139,000 $24.32




Palm Bch Cty Outlyin. 99 1,440,152 126,658 127,858 8.9% 16,539 0 30,000 $27.91

Palm Beach 58 1,080,769 108,406 112,179 10.4% 29,013 0 0 $60.46

Palm Springs/Lake Wo. 116 1,044,738 66,382 66,382 6.4% 77,168 62,305 0 $25.53

Plantation 347 8,336,627 974,491 1,022,343 12.3% 251,063 215,000 0 $26.04

Pompano Beach 434 6,216,887 407,762 434,602 7.0% 50,929 22,000 215,268 $22.69


Sawgrass Park 67 3,825,574 267,416 335,879 8.8% 164,037 69,377 418,197 $28.65

South Dade 219 2,307,599 166,982 166,982 7.2% 24,752 0 34,480 $22.70


West Miami 309 1,849,079 17,899 17,899 1.0% 29,780 0 0 $21.73

West Palm Beach 575 8,008,775 976,997 986,710 12.3% (136,872) 0 0 $23.82


Totals 11,218 224,608,406 21,962,390 22,549,585 10.0% 2,971,508 1,058,646 2,760,943 $29.68








Figures at a Glance

Class A Market Statistics Year-End 2016



CBD 56 15,899,846 2,083,595 2,192,236 13.8% 278,730 266,832 418,000 $43.21

Suburban 359 43,029,929 5,378,808 5,682,274 13.2% 614,665 355,958 1,486,030 $33.39

Totals 415 58,929,775 7,462,403 7,874,510 13.4% 893,395 622,790 1,904,030 $36.28


Class B Market Statistics Year-End 2016



CBD 380 14,871,842 2,247,196 2,312,820 15.6% (163,936) 46,624 79,627 $31.70

Suburban 3,083 92,724,931 9,431,585 9,522,721 10.3% 1,623,005 389,232 777,286 $25.34

Totals 3,463 107,596,773 11,678,781 11,835,541 11.0% 1,459,069 435,856 856,913 $26.42


Class C Market Statistics Year-End 2016



CBD 942 7,334,962 454,309 454,309 6.2% 39,721 0 0 $27.16

Suburban 6,398 50,746,896 2,366,897 2,385,225 4.7% 579,323 0 0 $23.87

Totals 7,340 58,081,858 2,821,206 2,839,534 4.9% 619,044 0 0 $24.44


Class A & B Market Statistics Year-End 2016



CBD 436 30,771,688 4,330,791 4,505,056 14.6% 114,794 313,456 497,627 $38.04

Suburban 3,442 135,754,860 14,810,393 15,204,995 11.2% 2,237,670 745,190 2,263,316 $28.37

Totals 3,878 166,526,548 19,141,184 19,710,051 11.8% 2,352,464 1,058,646 2,760,943 $30.51


Total Office Market Statistics Year-End 2016



CBD 1,378 38,106,650 4,785,100 4,959,365 13.0% 154,515 313,456 497,627 $36.84

Suburban 9,840 186,501,756 17,177,290 17,590,220 9.4% 2,816,993 745,190 2,263,316 $27.72

Totals 11,218 224,608,406 21,962,390 22,549,585 10.0% 2,971,508 1,058,646 2,760,943 $29.68












Figures at a Glance

��

��

��

��

��

��

��

��

��

��

��

��






Historical Rental RatesBased 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


U.S. Rental Rate Comparison Future Space AvailableBased on Full-Service Equivalent Rental Rates Space Scheduled to be Available for Occupancy*

Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®

South Florida United States South Florida United States

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

1999 3q 2001 3q 2003 3q 2005 3q 2007 3q 2009 3q 2011 3q 2013 3q 2015 3q

A B C Total Market

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

2014 3q 2015 3q 2016 3q


97%

3%

Direct Sublet

96%

4%

Direct Sublet

35%52%

13%


2.29

0.66

0.230.04

0.73

0.000.0

0.5

1.0

1.5

2.0

2.5

2017 1q 2017 3q 2018 1q

14%

47%39%


Leasing Activity






Leasing Activity


* Renewal

Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 333 Avenue of the Americas* Downtown Miami 143,924 4th Wells Fargo Advisors N/A Cushman & Wake�eld

2 98 SE 7th St Brickell 110,506 1st Akerman LLP N/A N/A

3 15800 SW 25th St Southwest Broward 91,872 1st Comcast Colliers International CBRE

4 78 SW 7th St Brickell 64,572 3rd WeWork N/A Swire Properties Inc

5 13450 W Sunrise Blvd* Sawgrass Park 58,379 3rd AT&T N/A Cushman & Wake�eld

6 1501 Biscayne Blvd Biscayne Corridor 56,780 4th N/A N/A Resorts World Miami LLC

7 2900 N Commerce Pky* Southwest Broward 51,863 4th Convey Health Solutions CBRE Sunbeam Properties, Inc.

8 1 SE 3rd Ave Downtown Miami 42,000 1st O�ce of the Attorney General N/A Tower Commercial Real Estate

9 1625 NW 136th Ave* Sawgrass Park 39,813 2nd Core Logic JLL Cushman & Wake�eld

10 1000 Sawgrass Corporate Pky Sawgrass Park 39,605 3rd N/A N/A Avison Young

11 2100 W Cypress Creek Rd Cypress Creek 39,250 4th N/A N/A Colliers International South Florid

12 1601 Sawgrass Corporate Pky* Sawgrass Park 38,037 2nd Fidelity National Information Services N/A Taylor & Mathis of Florida, LLC

13 13621 NW 12th St Sawgrass Park 37,209 4th N/A N/A CBRE

14 13621 NW 12th St Sawgrass Park 37,209 1st MEDNAX N/A Liberty Property Trust

15 2100 W Cypress Creek Rd Cypress Creek 36,471 4th N/A N/A Colliers International South Florid

16 3350 SW 148th Ave Southwest Broward 36,423 3rd N/A N/A Liberty Property Trust

17 800 S Douglas Rd* Coral Gables 36,351 4th MasTec, Inc. Cushman & Wake�eld Direct Deal

18 880 SW 145th Ave Southwest Broward 36,290 2nd GMMI, Inc. N/A Duke Realty Corporation

19 3040 Universal Blvd* Southwest Broward 34,153 2nd TEVA Pharmaceuticals N/A ComReal Fort Lauderdale

20 6451 N Federal Hwy Fort Lauderdale 33,663 3rd CompHealth N/A Cushman & Wake�eld

21 5875 NW 163rd St Miami Lakes 31,000 3rd Lufthansa N/A CBRE

22 1905 NW Corporate Blvd Boca Raton West 30,367 1st N/A N/A Avison Young

23 8400 NW 36th St* Miami Airport 30,000 3rd TSA Direct Deal Cushman & Wake�eld

24 800 Fairway Dr Pompano Beach 29,309 3rd All Star Recruiting Atlantic Commercial Group Cushman & Wake�eld

25 400 N Congress Ave West Palm Beach 28,792 1st State Fire Marshall Div N/A Cushman & Wake�eld

26 5500 Village Blvd North Palm Beach 28,186 2nd N/A N/A John C. Bills Properties, Inc.

27 6451 N Federal Hwy* Fort Lauderdale 26,276 2nd Intermedix Corporation Llc N/A N/A

28 13780 SW 26th St* Miami Airport 26,229 2nd San Antonio Medical Ctr N/A Morris Southeast Group, Inc.

29 800 Waterford Way Miami Airport 26,014 4th N/A N/A The Hogan Group

30 100 N Biscayne Blvd* Downtown Miami 25,819 3rd Zyscovich Architects Cushman & Wake�eld Blanca Commercial Real Estate, Inc.

31 9675 NW 117th Ave Medley/Hialeah 25,504 2nd CVS N/A Blanca Commercial Real Estate, Inc.

32 2 S Biscayne Blvd Downtown Miami 25,472 2nd Zarco, Einhorn, Saokowski, & Brito N/A Taylor & Mathis of Florida, LLC

33 806 S Douglas Rd* Coral Gables 25,162 4th MasTec Network Solutions Cushman & Wake�eld Direct Deal

34 801 Northpoint Pky North Palm Beach 23,700 3rd N/A N/A Kowerk Executive Suites

35 6451 N Federal Hwy Fort Lauderdale 23,026 2nd Envision RX Cushman & Wake�eld Cushman & Wake�eld

36 604 NW 1st St Downtown Miami 23,000 2nd Ernst & Young U.S. LLP CBRE Blanca Commercial Real Estate, Inc.

37 150 S Pine Island Rd Plantation 22,649 2nd Quest Workspaces Newmark Grubb Knight Frank Avison Young

38 15800 SW 25th St Southwest Broward 21,872 1st Comcast Colliers International CBRE

39 600 Brickell Ave Brickell 21,319 1st SITEL Worldwide Corporation JLL JLL

40 11780 US Highway 1* North Palm Beach 19,998 1st Nicklaus Design Newmark Grubb Knight Frank; Cushma N/A

Select Top O�ce Leases Based on Leased Square Footage For Deals Signed in 2016






Sales Activity

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From Oct. 2015 - Sept. 2016

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 50,000 SF 399 3,796,342 $779,811,821 205.41$ 6.59%

50K-249K SF

58 6,332,909 $1,182,990,100 186.80$ 7.00%

250K-499K SF

13 4,373,322 $1,226,550,377 280.46$ 6.47%

>500K SF 1 652,366 $220,000,000 337.23$ 5.90%

Source: CoStar COMPS® Source: CoStar COMPS®

U.S. Price/SF Comparison U.S. Cap Rate ComparisonBased 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®

$120

$140

$160

$180

$200

$220

$240

$260

$280

$300

$320

2013 1q 2014 1q 2015 1q 2016 1q

Dol

lars

per

SF

South Florida US

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2013 1q 2014 1q 2015 1q 2016 1q

Millions

of

Sale

s V

olu

me D

ollars

$0

$50

$100

$150

$200

$250

$300

Price

/SF

Sales Volume Price/SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2013 4q 2014 4q 2015 4q

Cap R

ate

Perc

enta

ge

$390

$440

$490

$540

$590

$640

$690

$740

Dolla

rs/SF

Cap Rate Price/SF

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2013 1q 2014 1q 2015 1q 2016 1q

Cap R

ate

Perc

enta

ge

South Florida US






South Florida Office MarketMarket Highlights – Class “A, B & C”

Sales Activity

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��







A v e n t u r a M a r k e t

Deliveries, Absorption & Vacancy Historical Analysis, All Classes


Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates

2016 4q 47 1,866,647 117,634 6.3% (25,286) 0 0 3 279,521 $43.86

2016 3q 47 1,866,647 92,348 4.9% 3,370 0 0 3 279,521 $43.40

2016 2q 47 1,866,647 95,718 5.1% 1,478 0 0 3 279,521 $42.92

2016 1q 47 1,866,647 97,196 5.2% (5,232) 0 0 1 40,000 $44.05

2015 4q 47 1,866,647 91,964 4.9% 31,640 0 0 0 0 $41.76

2015 3q 47 1,866,647 123,604 6.6% 10,584 0 0 0 0 $40.13

2015 2q 47 1,866,647 134,188 7.2% 30,257 0 0 0 0 $39.76

2015 1q 47 1,866,647 164,445 8.8% 31,132 0 0 0 0 $40.52

2014 4q 47 1,866,647 195,577 10.5% (1,968) 1 41,372 0 0 $39.91

2014 3q 46 1,825,275 152,237 8.3% 2,131 0 0 1 41,372 $39.93

2014 2q 46 1,825,275 154,368 8.5% 32,259 0 0 1 41,372 $39.37

2014 1q 46 1,825,275 186,627 10.2% 20,945 0 0 1 41,372 $38.93

2013 4q 46 1,825,275 207,572 11.4% 26,957 0 0 1 41,372 $38.66

2013 3q 46 1,825,275 234,529 12.8% 6,463 0 0 1 41,372 $38.64

2013 2q 46 1,825,275 240,992 13.2% 15,865 0 0 1 41,372 $37.91

2013 1q 46 1,825,275 256,857 14.1% (3,726) 2 114,020 1 41,372 $36.95


UC InventoryDelivered InventoryExisting Inventory Vacancy

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

0.140

2013 1q 2013 2q 2013 3q 2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q

Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt

Delivered SF Absorption SF Vacancy

$37.00

$38.00

$39.00

$40.00

$41.00

$42.00

$43.00

$44.00

$45.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







B i s c a y n e C o r r i d o r M a r k e t






2016 4q 121 2,761,790 332,921 12.1% 4,163 0 0 1 8,643 $37.69

2016 3q 121 2,761,790 337,084 12.2% 21,151 0 0 1 8,643 $36.44

2016 2q 121 2,761,790 358,235 13.0% 12,017 0 0 1 8,643 $36.36

2016 1q 121 2,761,790 370,252 13.4% (4,747) 0 0 1 8,643 $35.44

2015 4q 121 2,761,790 365,505 13.2% 19,960 0 0 1 8,643 $34.98

2015 3q 121 2,761,790 385,465 14.0% 5,527 0 0 1 8,643 $35.03

2015 2q 121 2,761,790 390,992 14.2% 19,978 0 0 1 8,643 $34.65

2015 1q 122 2,931,790 580,970 19.8% 34,780 0 0 0 0 $31.98

2014 4q 123 3,535,936 1,219,896 34.5% (7,294) 0 0 0 0 $30.95

2014 3q 123 3,535,936 1,212,602 34.3% (27,662) 0 0 0 0 $30.75

2014 2q 123 3,535,936 1,184,940 33.5% 38,885 0 0 0 0 $29.95

2014 1q 123 3,535,936 1,223,825 34.6% 77,723 0 0 0 0 $30.30

2013 4q 123 3,535,936 1,301,548 36.8% 7,294 0 0 0 0 $30.43

2013 3q 123 3,535,936 1,308,842 37.0% (26,554) 0 0 0 0 $29.31

2013 2q 123 3,535,936 1,282,288 36.3% (599,307) 0 0 0 0 $28.89

2013 1q 123 3,535,936 682,981 19.3% (8,446) 0 0 0 0 $28.75



(0.700)

(0.600)

(0.500)

(0.400)

(0.300)

(0.200)

(0.100)

0.000

0.100

0.200


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Perce

nt V

aca

nt


$29.00

$30.00

$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

$37.00

$38.00

$39.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







B o c a R a t o n M a r k e t






2016 4q 471 17,435,874 2,308,840 13.2% 28,707 0 0 0 0 $29.16

2016 3q 471 17,435,874 2,337,547 13.4% 208,875 0 0 0 0 $28.97

2016 2q 471 17,435,874 2,546,422 14.6% 92,408 0 0 0 0 $28.36

2016 1q 471 17,435,874 2,638,830 15.1% (6,861) 0 0 0 0 $28.27

2015 4q 471 17,435,874 2,631,969 15.1% 40,364 0 0 0 0 $28.20

2015 3q 471 17,435,874 2,672,333 15.3% 22,688 0 0 0 0 $28.20

2015 2q 471 17,435,874 2,695,021 15.5% 156,113 0 0 0 0 $27.62

2015 1q 471 17,435,874 2,851,134 16.4% (326) 0 0 0 0 $27.14

2014 4q 471 17,435,874 2,850,808 16.4% 202,028 0 0 0 0 $27.01

2014 3q 471 17,435,874 3,052,836 17.5% 9,931 0 0 0 0 $26.85

2014 2q 471 17,435,874 3,062,767 17.6% 142,597 0 0 0 0 $26.49

2014 1q 471 17,435,874 3,205,364 18.4% 120,542 0 0 0 0 $26.25

2013 4q 471 17,435,874 3,325,906 19.1% (15,046) 0 0 0 0 $26.63

2013 3q 471 17,435,874 3,310,860 19.0% (89,702) 0 0 0 0 $26.60

2013 2q 471 17,435,874 3,221,158 18.5% 8,538 0 0 0 0 $26.69

2013 1q 471 17,435,874 3,229,696 18.5% (26,143) 0 0 0 0 $25.69



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt


$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







B o y n t o n / L a n t a n a M a r k e t






2016 4q 203 2,728,032 391,286 14.3% 34,767 2 36,000 0 0 $24.52

2016 3q 201 2,692,032 390,053 14.5% 6,548 0 0 2 36,000 $24.39

2016 2q 201 2,692,032 396,601 14.7% 4,653 0 0 2 36,000 $24.99

2016 1q 201 2,692,032 401,254 14.9% 30,307 0 0 2 36,000 $24.93

2015 4q 201 2,692,032 431,561 16.0% 8,650 0 0 2 36,000 $24.39

2015 3q 201 2,692,032 440,211 16.4% 2,406 0 0 0 0 $24.46

2015 2q 201 2,692,032 442,617 16.4% 21,838 0 0 0 0 $24.58

2015 1q 201 2,692,032 464,455 17.3% 34,787 1 11,000 0 0 $24.68

2014 4q 200 2,681,032 488,242 18.2% 6,227 0 0 1 11,000 $24.51

2014 3q 200 2,681,032 494,469 18.4% (8,291) 0 0 1 11,000 $24.24

2014 2q 200 2,681,032 486,178 18.1% (19,495) 0 0 1 11,000 $23.64

2014 1q 200 2,681,032 466,683 17.4% (30,921) 1 36,000 0 0 $21.62

2013 4q 199 2,645,032 399,762 15.1% 6,406 0 0 1 36,000 $22.87

2013 3q 199 2,645,032 406,168 15.4% 5,020 2 8,832 1 36,000 $23.11

2013 2q 197 2,636,200 402,356 15.3% 13,357 0 0 3 44,832 $23.57

2013 1q 197 2,636,200 415,713 15.8% 9,524 0 0 3 44,832 $23.82



(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

aca

nt


$24.00

$24.10

$24.20

$24.30

$24.40

$24.50

$24.60

$24.70

$24.80

$24.90

$25.00

$25.10

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.34

0.36

0.38

0.40

0.42

0.44

0.46

0.48

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







B r i c k e l l M a r k e t






2016 4q 71 8,176,828 1,159,695 14.2% 24,865 0 0 2 145,000 $42.90

2016 3q 71 8,176,828 1,184,560 14.5% (11,790) 1 18,000 2 145,000 $43.63

2016 2q 70 8,158,828 1,154,770 14.2% 30,395 0 0 3 163,000 $42.35

2016 1q 70 8,158,828 1,185,165 14.5% 77,054 2 266,832 3 163,000 $41.89

2015 4q 68 7,891,996 995,387 12.6% 56,893 0 0 5 429,832 $41.73

2015 3q 68 7,891,996 1,052,280 13.3% 32,844 0 0 5 429,832 $42.04

2015 2q 68 7,891,996 1,085,124 13.7% 104,760 1 4,250 5 429,832 $41.46

2015 1q 67 7,887,746 1,185,634 15.0% (86,583) 0 0 6 434,082 $40.84

2014 4q 68 7,893,536 1,104,841 14.0% 52,183 0 0 5 334,082 $40.87

2014 3q 68 7,893,536 1,157,024 14.7% (5,106) 0 0 5 334,082 $40.41

2014 2q 68 7,893,536 1,151,918 14.6% 70,060 0 0 4 289,082 $39.60

2014 1q 68 7,893,536 1,221,978 15.5% 3,874 0 0 3 271,082 $39.35

2013 4q 68 7,893,536 1,225,852 15.5% 113,750 0 0 2 266,832 $39.25

2013 3q 68 7,893,536 1,339,602 17.0% (51,236) 0 0 2 266,832 $39.01

2013 2q 68 7,893,536 1,288,366 16.3% 14,006 0 0 2 266,832 $39.42

2013 1q 68 7,893,536 1,302,372 16.5% 119,208 0 0 2 266,832 $39.87



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

aca

nt


$39.00

$39.50

$40.00

$40.50

$41.00

$41.50

$42.00

$42.50

$43.00

$43.50

$44.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C o c o n u t G r o v e M a r k e t






2016 4q 98 2,039,032 126,063 6.2% 7,262 0 0 2 131,590 $37.49

2016 3q 98 2,039,032 133,325 6.5% 12,909 0 0 2 131,590 $37.03

2016 2q 98 2,039,032 146,234 7.2% 4,285 0 0 2 131,590 $36.31

2016 1q 98 2,039,032 150,519 7.4% (26,624) 0 0 2 131,590 $37.57

2015 4q 98 2,039,032 123,895 6.1% 7,833 0 0 2 131,590 $37.57

2015 3q 98 2,039,032 131,728 6.5% 10,469 0 0 2 131,590 $34.06

2015 2q 98 2,039,032 142,197 7.0% 243 0 0 2 131,590 $32.87

2015 1q 98 2,039,032 142,440 7.0% (7,433) 0 0 1 15,670 $31.39

2014 4q 98 2,039,032 135,007 6.6% 34,990 0 0 1 15,670 $31.04

2014 3q 98 2,039,032 169,997 8.3% 1,369 0 0 1 15,670 $31.32

2014 2q 98 2,039,032 171,366 8.4% 13,572 0 0 0 0 $30.82

2014 1q 98 2,039,032 184,938 9.1% (17,249) 0 0 0 0 $30.35

2013 4q 98 2,039,032 167,689 8.2% 3,486 0 0 0 0 $30.56

2013 3q 98 2,039,032 171,175 8.4% (34,226) 0 0 0 0 $29.69

2013 2q 98 2,039,032 136,949 6.7% 14,879 0 0 0 0 $29.45

2013 1q 98 2,039,032 151,828 7.4% 34,983 0 0 0 0 $29.70



(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Perce

nt V

aca

nt


$28.00

$29.00

$30.00

$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

$37.00

$38.00

$39.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C o m m e r c i a l B l v d M a r k e t






2016 4q 49 1,425,928 218,031 15.3% 26,075 0 0 0 0 $21.35

2016 3q 49 1,425,928 244,106 17.1% 30,690 0 0 0 0 $19.62

2016 2q 49 1,425,928 274,796 19.3% (23,326) 0 0 0 0 $19.48

2016 1q 49 1,425,928 251,470 17.6% (46,023) 0 0 0 0 $19.53

2015 4q 49 1,425,928 205,447 14.4% 4,532 0 0 0 0 $19.66

2015 3q 49 1,425,928 209,979 14.7% 5,261 0 0 0 0 $18.74

2015 2q 49 1,425,928 215,240 15.1% (2,755) 0 0 0 0 $18.35

2015 1q 49 1,425,928 212,485 14.9% (11,807) 0 0 0 0 $18.29

2014 4q 49 1,425,928 200,678 14.1% 10,526 0 0 0 0 $19.66

2014 3q 49 1,425,928 211,204 14.8% 13,052 0 0 0 0 $17.83

2014 2q 49 1,425,928 224,256 15.7% 10,989 0 0 0 0 $17.79

2014 1q 49 1,425,928 235,245 16.5% (26,649) 0 0 0 0 $17.83

2013 4q 49 1,425,928 208,596 14.6% (3,962) 0 0 0 0 $19.42

2013 3q 49 1,425,928 204,634 14.4% (20,770) 0 0 0 0 $18.32

2013 2q 49 1,425,928 183,864 12.9% (657) 0 0 0 0 $18.78

2013 1q 49 1,425,928 183,207 12.8% (8,436) 0 0 0 0 $17.66



(0.050)

(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt


$16.50

$17.00

$17.50

$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C o r a l G a b l e s M a r k e t






2016 4q 442 10,959,968 867,756 7.9% 34,192 0 0 3 188,407 $38.67

2016 3q 442 10,959,968 901,948 8.2% 15,138 0 0 3 188,407 $38.03

2016 2q 442 10,959,968 917,086 8.4% 13,544 0 0 3 188,407 $38.00

2016 1q 442 10,959,968 930,630 8.5% (33,288) 0 0 2 116,825 $37.36

2015 4q 442 10,959,968 897,342 8.2% 38,976 1 5,400 2 116,825 $36.35

2015 3q 441 10,954,568 930,918 8.5% 33,618 0 0 3 122,225 $35.96

2015 2q 441 10,954,568 964,536 8.8% 93,134 0 0 2 66,199 $35.42

2015 1q 441 10,954,568 1,057,670 9.7% 73,312 0 0 2 66,199 $35.07

2014 4q 441 10,954,568 1,130,982 10.3% 4,325 0 0 2 66,199 $34.78

2014 3q 441 10,954,568 1,135,307 10.4% 91,080 0 0 2 66,199 $34.42

2014 2q 441 10,954,568 1,226,387 11.2% 129,595 0 0 2 66,199 $33.84

2014 1q 441 10,954,568 1,355,982 12.4% 26,457 1 6,057 2 66,199 $33.67

2013 4q 440 10,948,511 1,376,382 12.6% 27,676 0 0 2 11,457 $33.45

2013 3q 440 10,948,511 1,404,058 12.8% 138,661 0 0 2 11,457 $32.25

2013 2q 440 10,948,511 1,542,719 14.1% 72,577 0 0 2 11,457 $32.00

2013 1q 440 10,948,511 1,615,296 14.8% 5,211 0 0 0 0 $32.79



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

0.140

0.160


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$33.00

$34.00

$35.00

$36.00

$37.00

$38.00

$39.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C o r a l W a y M a r k e t






2016 4q 227 2,365,035 46,853 2.0% 1,219 0 0 1 41,117 $26.47

2016 3q 227 2,365,035 48,072 2.0% 19,046 0 0 1 41,117 $26.51

2016 2q 227 2,365,035 67,118 2.8% 6,108 0 0 0 0 $26.82

2016 1q 227 2,365,035 73,226 3.1% 9,753 0 0 0 0 $26.33

2015 4q 228 2,372,035 89,979 3.8% (6,982) 0 0 0 0 $24.73

2015 3q 228 2,372,035 82,997 3.5% 7,113 0 0 0 0 $25.22

2015 2q 228 2,372,035 90,110 3.8% (220) 0 0 0 0 $25.20

2015 1q 228 2,372,035 89,890 3.8% (7,090) 0 0 0 0 $24.70

2014 4q 228 2,372,035 82,800 3.5% 859 0 0 0 0 $23.85

2014 3q 228 2,372,035 83,659 3.5% 14,246 0 0 0 0 $23.76

2014 2q 228 2,372,035 97,905 4.1% 19,564 0 0 0 0 $24.02

2014 1q 228 2,372,035 117,469 5.0% 3,085 0 0 0 0 $24.17

2013 4q 228 2,372,035 120,554 5.1% 2,781 0 0 0 0 $23.97

2013 3q 228 2,372,035 123,335 5.2% 10,211 0 0 0 0 $23.47

2013 2q 228 2,372,035 133,546 5.6% (4,861) 0 0 0 0 $23.64

2013 1q 228 2,372,035 128,685 5.4% 13,572 0 0 0 0 $23.86



(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020

0.025


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Perce

nt V

aca

nt


$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C y p r e s s C r e e k M a r k e t






2016 4q 252 8,060,955 1,307,599 16.2% 64,156 0 0 0 0 $23.51

2016 3q 252 8,060,955 1,371,755 17.0% (40,116) 0 0 0 0 $23.48

2016 2q 252 8,060,955 1,331,639 16.5% (146,940) 0 0 0 0 $23.42

2016 1q 252 8,060,955 1,184,699 14.7% 43,499 0 0 0 0 $23.28

2015 4q 252 8,060,955 1,228,198 15.2% 76,989 0 0 0 0 $22.90

2015 3q 252 8,060,955 1,305,187 16.2% 18,252 0 0 0 0 $22.93

2015 2q 252 8,060,955 1,323,439 16.4% 137,092 0 0 0 0 $22.52

2015 1q 252 8,060,955 1,460,531 18.1% 37,180 0 0 0 0 $22.34

2014 4q 252 8,060,955 1,497,711 18.6% (23,327) 0 0 0 0 $22.16

2014 3q 252 8,060,955 1,474,384 18.3% 60,036 0 0 0 0 $22.26

2014 2q 252 8,060,955 1,534,420 19.0% (39,748) 0 0 0 0 $21.61

2014 1q 252 8,060,955 1,494,672 18.5% (28,237) 0 0 0 0 $21.57

2013 4q 252 8,060,955 1,466,435 18.2% 27,142 0 0 0 0 $21.47

2013 3q 252 8,060,955 1,493,577 18.5% (25,852) 0 0 0 0 $21.74

2013 2q 252 8,060,955 1,467,725 18.2% (45,320) 0 0 0 0 $21.82

2013 1q 252 8,060,955 1,422,405 17.6% (201,606) 0 0 0 0 $21.91



(0.250)

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

aca

nt


$21.60

$21.80

$22.00

$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







D e l r a y B e a c h M a r k e t






2016 4q 366 3,957,211 761,119 19.2% 34,651 0 0 4 44,969 $23.46

2016 3q 366 3,957,211 795,770 20.1% 33,616 1 7,042 4 44,969 $23.79

2016 2q 366 3,954,169 826,344 20.9% (1,384) 0 0 2 14,442 $23.25

2016 1q 366 3,954,169 824,960 20.9% 15,593 2 16,000 2 14,442 $22.97

2015 4q 364 3,938,169 824,553 20.9% (2,778) 0 0 4 30,442 $22.80

2015 3q 364 3,938,169 821,775 20.9% 9,999 0 0 3 23,042 $22.76

2015 2q 364 3,938,169 831,774 21.1% 20,026 0 0 3 23,042 $22.86

2015 1q 364 3,938,169 851,800 21.6% (45,520) 0 0 1 10,000 $22.81

2014 4q 364 3,938,169 806,280 20.5% 39,705 0 0 0 0 $22.68

2014 3q 365 3,943,251 851,067 21.6% 19,682 0 0 0 0 $22.70

2014 2q 365 3,943,251 870,749 22.1% 13,161 0 0 0 0 $22.34

2014 1q 366 3,948,251 888,910 22.5% 3,477 1 6,310 0 0 $22.02

2013 4q 365 3,941,941 886,077 22.5% 26,950 0 0 1 6,310 $22.13

2013 3q 367 4,026,643 997,729 24.8% 10,493 0 0 1 6,310 $21.76

2013 2q 367 4,026,643 1,008,222 25.0% 2,224 0 0 1 6,310 $21.82

2013 1q 367 4,026,643 1,010,446 25.1% (31,138) 1 6,000 1 6,310 $19.97



(0.050)

(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Perce

nt V

aca

nt


$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

$23.80

$24.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.70

0.72

0.74

0.76

0.78

0.80

0.82

0.84

0.86

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







D o w n t o w n F o r t L a u d e r d a l e M a r k e t






2016 4q 593 9,146,716 780,326 8.5% 53,185 1 11,450 2 34,627 $37.93

2016 3q 592 9,135,266 822,061 9.0% (18,382) 1 17,174 3 46,077 $37.21

2016 2q 591 9,118,092 786,505 8.6% 120,269 0 0 4 63,251 $33.36

2016 1q 591 9,118,092 906,774 9.9% 17,635 0 0 2 44,562 $32.36

2015 4q 592 9,122,911 929,228 10.2% 29,641 1 32,249 2 44,562 $32.00

2015 3q 592 9,092,162 928,120 10.2% 76,565 0 0 3 76,811 $32.27

2015 2q 592 9,092,162 1,004,685 11.1% 52,623 0 0 3 76,811 $31.94

2015 1q 592 9,092,162 1,057,308 11.6% (68,962) 0 0 1 32,249 $31.36

2014 4q 593 9,104,572 1,000,756 11.0% (22,581) 0 0 1 32,249 $30.57

2014 3q 593 9,104,572 978,175 10.7% 42,255 0 0 0 0 $30.88

2014 2q 593 9,104,572 1,020,430 11.2% 107,668 0 0 0 0 $29.91

2014 1q 594 9,126,100 1,149,626 12.6% 59,922 0 0 0 0 $29.46

2013 4q 597 9,132,556 1,216,004 13.3% 107,187 0 0 0 0 $29.03

2013 3q 597 9,132,556 1,323,191 14.5% 52,707 0 0 0 0 $29.20

2013 2q 597 9,132,556 1,375,898 15.1% 68,111 0 0 0 0 $29.12

2013 1q 597 9,132,556 1,444,009 15.8% 63,054 0 0 0 0 $29.18



(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







D o w n t o w n M i a m i M a r k e t






2016 4q 81 11,693,562 1,920,455 16.4% 43,024 0 0 2 318,000 $38.69

2016 3q 81 11,693,562 1,963,479 16.8% 54,766 0 0 2 318,000 $37.47

2016 2q 81 11,693,562 2,018,245 17.3% (57,526) 0 0 2 318,000 $36.76

2016 1q 81 11,693,562 1,960,719 16.8% (71,121) 0 0 2 318,000 $35.77

2015 4q 82 11,712,582 1,908,618 16.3% (15,680) 0 0 2 318,000 $35.32

2015 3q 82 11,712,582 1,892,938 16.2% 16,348 0 0 1 194,352 $35.34

2015 2q 82 11,712,582 1,909,286 16.3% (16,456) 0 0 1 194,352 $34.70

2015 1q 82 11,712,582 1,892,830 16.2% 120,573 0 0 0 0 $33.63

2014 4q 82 11,712,582 2,013,403 17.2% 48,349 0 0 0 0 $33.70

2014 3q 82 11,712,582 2,061,752 17.6% 106,462 0 0 0 0 $33.66

2014 2q 82 11,712,582 2,168,214 18.5% 324,748 1 321,786 0 0 $34.01

2014 1q 81 11,390,796 2,171,176 19.1% 16,375 0 0 1 321,786 $33.75

2013 4q 81 11,390,796 2,187,551 19.2% 29,373 0 0 1 321,786 $33.69

2013 3q 81 11,390,796 2,216,924 19.5% 12,910 0 0 1 321,786 $33.03

2013 2q 81 11,390,796 2,229,834 19.6% 1,034 0 0 0 0 $32.61

2013 1q 81 11,390,796 2,230,868 19.6% (9,382) 0 0 0 0 $31.68



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300

0.350


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt


$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

$37.00

$38.00

$39.00

$40.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

1.80

1.85

1.90

1.95

2.00

2.05

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







F o r t L a u d e r d a l e M a r k e t






2016 4q 991 11,114,486 1,280,462 11.5% (14,953) 0 0 0 0 $22.67

2016 3q 991 11,114,486 1,265,509 11.4% 17,946 0 0 0 0 $22.63

2016 2q 991 11,114,486 1,283,455 11.5% 19,592 0 0 0 0 $22.63

2016 1q 991 11,114,486 1,303,047 11.7% 50,354 1 8,792 0 0 $22.36

2015 4q 990 11,105,694 1,344,609 12.1% (27,742) 0 0 1 8,792 $22.31

2015 3q 990 11,105,694 1,316,867 11.9% (84,753) 0 0 1 8,792 $23.05

2015 2q 990 11,105,694 1,232,114 11.1% 1,073 0 0 1 8,792 $22.85

2015 1q 990 11,105,694 1,233,187 11.1% 16,615 0 0 1 8,792 $22.52

2014 4q 990 11,105,694 1,249,802 11.3% 151,280 0 0 1 8,792 $22.52

2014 3q 990 11,105,694 1,401,082 12.6% (7,743) 1 6,200 1 8,792 $22.47

2014 2q 989 11,099,494 1,387,139 12.5% 31,511 0 0 2 14,992 $21.63

2014 1q 990 11,116,294 1,435,450 12.9% 36,742 1 3,000 2 14,992 $21.21

2013 4q 990 11,146,244 1,502,142 13.5% (22,340) 0 0 3 17,992 $20.75

2013 3q 990 11,146,244 1,479,802 13.3% 69,128 0 0 1 3,000 $20.81

2013 2q 990 11,146,244 1,548,930 13.9% 54,727 1 3,847 0 0 $20.86

2013 1q 989 11,142,397 1,599,810 14.4% 58,093 1 4,060 1 3,847 $19.74



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$21.80

$22.00

$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

1.14

1.16

1.18

1.20

1.22

1.24

1.26

1.28

1.30

1.32

1.34

1.36

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







H a l l a n d a l e M a r k e t






2016 4q 148 1,525,255 80,476 5.3% 28,800 0 0 2 79,600 $26.24

2016 3q 148 1,525,255 109,276 7.2% (905) 0 0 2 79,600 $24.72

2016 2q 148 1,525,255 108,371 7.1% 34,188 0 0 2 79,600 $24.34

2016 1q 148 1,525,255 142,559 9.3% 6,442 0 0 1 39,600 $23.92

2015 4q 148 1,525,255 149,001 9.8% (840) 0 0 0 0 $24.25

2015 3q 148 1,525,255 148,161 9.7% (280) 0 0 0 0 $22.96

2015 2q 148 1,525,255 147,881 9.7% (175) 0 0 0 0 $23.15

2015 1q 148 1,525,255 147,706 9.7% 3,545 0 0 0 0 $23.09

2014 4q 149 1,528,259 154,255 10.1% (3,186) 0 0 0 0 $22.11

2014 3q 149 1,528,259 151,069 9.9% (44,313) 0 0 0 0 $21.42

2014 2q 149 1,528,259 106,756 7.0% (11,575) 0 0 0 0 $21.20

2014 1q 149 1,528,259 95,181 6.2% 4,677 0 0 0 0 $20.52

2013 4q 149 1,528,259 99,858 6.5% 34,544 0 0 0 0 $21.09

2013 3q 149 1,528,259 134,402 8.8% (16,504) 0 0 0 0 $20.61

2013 2q 149 1,528,259 117,898 7.7% 9,101 0 0 0 0 $20.85

2013 1q 149 1,528,259 126,999 8.3% (5,641) 0 0 0 0 $20.02



(0.050)

(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







H o l l y w o o d M a r k e t






2016 4q 620 6,176,724 403,611 6.5% 30,081 0 0 0 0 $25.79

2016 3q 620 6,176,724 433,692 7.0% 17,127 0 0 0 0 $25.22

2016 2q 620 6,176,724 450,819 7.3% 27,709 0 0 0 0 $24.61

2016 1q 620 6,176,724 478,528 7.7% 52,802 0 0 0 0 $24.38

2015 4q 620 6,176,724 531,330 8.6% 11,719 0 0 0 0 $23.92

2015 3q 620 6,176,724 543,049 8.8% 13,849 0 0 0 0 $23.90

2015 2q 620 6,176,724 556,898 9.0% (51,217) 0 0 0 0 $23.95

2015 1q 620 6,176,724 505,681 8.2% (14,137) 0 0 0 0 $23.42

2014 4q 620 6,176,724 491,544 8.0% (15,893) 0 0 0 0 $22.46

2014 3q 620 6,176,724 475,651 7.7% 26,416 0 0 0 0 $22.82

2014 2q 620 6,176,724 502,067 8.1% 91,585 0 0 0 0 $22.60

2014 1q 620 6,176,724 593,652 9.6% 17,759 0 0 0 0 $22.29

2013 4q 620 6,176,724 611,411 9.9% 47,397 0 0 0 0 $22.39

2013 3q 620 6,176,724 658,808 10.7% (1,323) 0 0 0 0 $22.70

2013 2q 620 6,176,724 657,485 10.6% (30,542) 0 0 0 0 $22.32

2013 1q 620 6,176,724 626,943 10.2% (29,764) 0 0 0 0 $22.37



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







J u p i t e r M a r k e t






2016 4q 213 3,535,312 229,839 6.5% 10,645 0 0 0 0 $28.23

2016 3q 213 3,535,312 240,484 6.8% 20,248 0 0 0 0 $27.99

2016 2q 213 3,535,312 260,732 7.4% 19,377 1 9,000 0 0 $26.68

2016 1q 212 3,526,312 271,109 7.7% 17,915 1 4,750 1 9,000 $26.40

2015 4q 211 3,521,562 284,274 8.1% 38,470 0 0 2 13,750 $26.56

2015 3q 211 3,521,562 322,744 9.2% 43,149 0 0 2 13,750 $25.60

2015 2q 211 3,521,562 365,893 10.4% 12,892 0 0 2 13,750 $26.06

2015 1q 211 3,521,562 378,785 10.8% 330 0 0 1 4,750 $26.41

2014 4q 211 3,521,562 379,115 10.8% 73,488 4 107,691 1 4,750 $25.82

2014 3q 207 3,413,871 344,912 10.1% 7,528 0 0 5 112,441 $25.92

2014 2q 207 3,413,871 352,440 10.3% (13,721) 0 0 5 112,441 $26.21

2014 1q 207 3,413,871 338,719 9.9% (18,594) 0 0 4 104,441 $25.68

2013 4q 207 3,413,871 320,125 9.4% 14,581 1 12,000 4 104,441 $24.14

2013 3q 206 3,401,871 322,706 9.5% 3,148 0 0 4 111,691 $23.61

2013 2q 206 3,401,871 325,854 9.6% 20,807 0 0 4 111,691 $23.82

2013 1q 206 3,401,871 346,661 10.2% 23,798 0 0 4 111,691 $23.46



(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







K e n d a l l M a r k e t






2016 4q 531 11,656,763 909,628 7.8% 19,359 0 0 2 53,614 $29.47

2016 3q 531 11,656,763 928,987 8.0% 101,389 0 0 2 53,614 $29.36

2016 2q 531 11,656,763 1,030,376 8.8% 26,502 0 0 2 53,614 $28.82

2016 1q 531 11,656,763 1,056,878 9.1% (80,940) 0 0 2 53,614 $28.62

2015 4q 531 11,656,763 975,938 8.4% 49,102 0 0 1 45,614 $27.56

2015 3q 531 11,656,763 1,025,040 8.8% 53,175 0 0 0 0 $27.64

2015 2q 531 11,656,763 1,078,215 9.2% 117,152 2 60,000 0 0 $27.47

2015 1q 529 11,596,763 1,135,367 9.8% 28,351 1 20,000 2 60,000 $27.92

2014 4q 528 11,576,763 1,143,718 9.9% (7,372) 1 14,128 3 80,000 $28.06

2014 3q 527 11,562,635 1,122,218 9.7% 16,181 1 7,000 4 94,128 $27.83

2014 2q 526 11,555,635 1,131,399 9.8% (69,491) 0 0 4 91,128 $27.30

2014 1q 526 11,555,635 1,061,908 9.2% 12,358 0 0 4 91,128 $27.04

2013 4q 526 11,555,635 1,074,266 9.3% 49,708 0 0 1 7,000 $27.15

2013 3q 526 11,555,635 1,123,974 9.7% (17,588) 0 0 0 0 $26.55

2013 2q 526 11,555,635 1,106,386 9.6% 124,194 1 35,298 0 0 $26.08

2013 1q 525 11,520,337 1,195,282 10.4% 938 0 0 1 35,298 $26.10



(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

$30.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M e d l e y / H i a l e a h M a r k e t






2016 4q 342 4,335,676 268,307 6.2% 60,969 0 0 2 22,136 $25.72

2016 3q 342 4,335,676 329,276 7.6% 12,306 0 0 2 22,136 $25.29

2016 2q 342 4,335,676 341,582 7.9% 19,611 0 0 2 22,136 $24.90

2016 1q 342 4,335,676 361,193 8.3% 13,716 0 0 1 20,000 $25.13

2015 4q 343 4,341,276 380,509 8.8% (7,360) 0 0 0 0 $24.09

2015 3q 343 4,341,276 373,149 8.6% (6,932) 0 0 0 0 $23.97

2015 2q 343 4,341,276 366,217 8.4% 11,411 0 0 0 0 $24.00

2015 1q 343 4,341,276 377,628 8.7% 8,834 1 36,942 0 0 $23.68

2014 4q 342 4,304,334 349,520 8.1% (1,367) 0 0 1 36,942 $22.87

2014 3q 342 4,304,334 348,153 8.1% 3,756 0 0 1 36,942 $22.52

2014 2q 342 4,304,334 351,909 8.2% 16,534 0 0 1 36,942 $22.42

2014 1q 342 4,304,334 368,443 8.6% 27,281 0 0 1 36,942 $22.53

2013 4q 342 4,304,334 395,724 9.2% 10,844 0 0 0 0 $23.09

2013 3q 342 4,304,334 406,568 9.4% 67,850 0 0 0 0 $22.55

2013 2q 342 4,304,334 474,418 11.0% 39,411 0 0 0 0 $22.82

2013 1q 343 4,322,334 531,829 12.3% (28,546) 0 0 0 0 $22.23



(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

aca

nt


$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i M a r k e t






2016 4q 562 6,695,377 387,393 5.8% 35,055 1 44,000 2 84,271 $32.01

2016 3q 561 6,651,377 378,448 5.7% 43,337 0 0 3 128,271 $29.72

2016 2q 561 6,651,377 421,785 6.3% 14,281 0 0 3 128,271 $28.87

2016 1q 561 6,651,377 436,066 6.6% (15,144) 0 0 3 128,271 $27.82

2015 4q 561 6,651,377 420,922 6.3% 3,103 1 24,299 3 128,271 $27.56

2015 3q 560 6,627,078 399,726 6.0% (28,755) 0 0 4 152,570 $26.85

2015 2q 560 6,627,078 370,971 5.6% 22,641 0 0 3 130,205 $26.51

2015 1q 560 6,627,078 393,612 5.9% 41,461 1 9,096 2 86,205 $25.84

2014 4q 559 6,617,982 425,977 6.4% (22,999) 0 0 3 95,301 $25.71

2014 3q 559 6,617,982 402,978 6.1% 48,491 0 0 3 95,301 $26.14

2014 2q 559 6,617,982 451,469 6.8% 16,219 0 0 2 33,395 $29.96

2014 1q 559 6,617,982 467,688 7.1% (37,205) 0 0 1 24,299 $28.70

2013 4q 559 6,617,982 430,483 6.5% 20,912 0 0 0 0 $28.10

2013 3q 559 6,617,982 451,395 6.8% 51,515 0 0 0 0 $27.34

2013 2q 559 6,617,982 502,910 7.6% 9,128 1 1,440 0 0 $27.58

2013 1q 559 6,618,542 512,598 7.7% 20,071 0 0 1 1,440 $26.88



(0.050)

(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050

0.060


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.32

0.34

0.36

0.38

0.40

0.42

0.44

0.46

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i A i r p o r t M a r k e t






2016 4q 419 18,772,114 1,628,630 8.7% (9,732) 0 0 2 302,492 $28.25

2016 3q 419 18,772,114 1,618,898 8.6% (92,055) 0 0 2 302,492 $28.14

2016 2q 419 18,772,114 1,526,843 8.1% 34,778 1 71,581 2 302,492 $27.84

2016 1q 418 18,700,533 1,490,040 8.0% 85,781 1 41,000 1 71,581 $25.84

2015 4q 418 18,661,970 1,537,258 8.2% 250,099 0 0 2 112,581 $25.57

2015 3q 419 18,736,903 1,862,290 9.9% 114,560 2 60,000 2 112,581 $25.09

2015 2q 418 18,713,536 1,953,483 10.4% 75,984 0 0 4 172,581 $25.10

2015 1q 418 18,713,536 2,029,467 10.8% (20,200) 0 0 4 172,581 $24.64

2014 4q 418 18,713,536 2,009,267 10.7% 177,139 0 0 3 101,000 $24.15

2014 3q 418 18,713,536 2,186,406 11.7% 87,679 0 0 2 60,000 $23.91

2014 2q 418 18,713,536 2,274,085 12.2% 201,973 1 80,000 2 60,000 $23.87

2014 1q 417 18,633,536 2,396,058 12.9% (25,907) 0 0 2 100,000 $24.26

2013 4q 417 18,633,536 2,370,151 12.7% (6,640) 0 0 2 100,000 $24.32

2013 3q 417 18,633,536 2,363,511 12.7% 47,152 0 0 2 100,000 $24.22

2013 2q 418 18,692,641 2,469,768 13.2% 104,037 0 0 2 100,000 $24.28

2013 1q 418 18,692,641 2,573,805 13.8% 105,588 0 0 2 100,000 $24.04



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

$28.00

$29.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.50

1.00

1.50

2.00

2.50

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i B e a c h M a r k e t






2016 4q 159 4,469,915 228,183 5.1% (6,772) 0 0 0 0 $39.59

2016 3q 159 4,469,915 221,411 5.0% 32,494 0 0 0 0 $39.46

2016 2q 159 4,469,915 253,905 5.7% 63,274 0 0 0 0 $38.73

2016 1q 159 4,469,915 317,179 7.1% 5,673 0 0 0 0 $39.18

2015 4q 159 4,469,915 322,852 7.2% (5,661) 0 0 0 0 $37.28

2015 3q 159 4,469,915 317,191 7.1% 73,157 0 0 0 0 $34.19

2015 2q 159 4,469,915 390,348 8.7% (11,416) 0 0 0 0 $33.19

2015 1q 159 4,469,915 378,932 8.5% 30,198 0 0 0 0 $32.62

2014 4q 159 4,469,915 409,130 9.2% 18,794 0 0 0 0 $32.67

2014 3q 159 4,469,915 427,924 9.6% (19,451) 0 0 0 0 $32.67

2014 2q 159 4,469,915 408,473 9.1% (17,482) 0 0 0 0 $32.66

2014 1q 159 4,469,915 390,991 8.7% 5,424 0 0 0 0 $32.79

2013 4q 159 4,469,915 396,415 8.9% 36,346 0 0 0 0 $32.41

2013 3q 160 4,489,497 452,343 10.1% (12,099) 0 0 0 0 $33.85

2013 2q 160 4,489,497 440,244 9.8% (16,711) 0 0 0 0 $33.73

2013 1q 160 4,489,497 423,533 9.4% (5,779) 0 0 0 0 $32.94



(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

$45.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i L a k e s M a r k e t






2016 4q 140 3,542,091 594,361 16.8% 83,122 0 0 1 20,640 $23.14

2016 3q 140 3,542,091 677,483 19.1% (1,232) 0 0 1 20,640 $23.13

2016 2q 140 3,542,091 676,251 19.1% 84,428 0 0 1 20,640 $23.18

2016 1q 140 3,542,091 760,679 21.5% (50,761) 0 0 0 0 $22.61

2015 4q 140 3,542,091 709,918 20.0% (41,102) 0 0 0 0 $22.84

2015 3q 140 3,542,091 668,816 18.9% 14,494 0 0 0 0 $22.79

2015 2q 140 3,542,091 683,310 19.3% 5,621 0 0 0 0 $22.91

2015 1q 140 3,542,091 688,931 19.4% (22,401) 0 0 0 0 $22.67

2014 4q 140 3,542,091 666,530 18.8% 15,676 0 0 0 0 $22.39

2014 3q 140 3,542,091 682,206 19.3% 44,653 0 0 0 0 $22.12

2014 2q 140 3,542,091 726,859 20.5% (47,585) 0 0 0 0 $22.01

2014 1q 140 3,542,091 679,274 19.2% 65,792 0 0 0 0 $21.98

2013 4q 140 3,542,091 745,066 21.0% (406) 0 0 0 0 $21.65

2013 3q 140 3,542,091 744,660 21.0% 61,462 0 0 0 0 $21.66

2013 2q 140 3,542,091 806,122 22.8% (35,646) 0 0 0 0 $22.25

2013 1q 140 3,542,091 770,476 21.8% 2,879 0 0 0 0 $21.53



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt


$22.30

$22.40

$22.50

$22.60

$22.70

$22.80

$22.90

$23.00

$23.10

$23.20

$23.30

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i - D a d e C e n t r a l C o u n t y M a r k e t






2016 4q 61 435,598 0 0.0% 0 0 0 0 0 $21.58

2016 3q 61 435,598 0 0.0% 17,314 0 0 0 0 $21.35

2016 2q 61 435,598 17,314 4.0% 2,588 0 0 0 0 $21.58

2016 1q 61 435,598 19,902 4.6% 2,636 0 0 0 0 $21.58

2015 4q 61 435,598 22,538 5.2% (16,721) 0 0 0 0 $21.58

2015 3q 61 435,598 5,817 1.3% 10,660 0 0 0 0 $20.99

2015 2q 61 435,598 16,477 3.8% 0 0 0 0 0 $24.00

2015 1q 61 435,598 16,477 3.8% 0 0 0 0 0 $22.04

2014 4q 61 435,598 16,477 3.8% 0 0 0 0 0 $22.04

2014 3q 61 435,598 16,477 3.8% (1,500) 0 0 0 0 $21.50

2014 2q 61 435,598 14,977 3.4% 5,483 0 0 0 0 $21.50

2014 1q 61 435,598 20,460 4.7% (2,208) 0 0 0 0 $21.50

2013 4q 61 435,598 18,252 4.2% 1,108 0 0 0 0 $19.43

2013 3q 61 435,598 19,360 4.4% 1,204 0 0 0 0 $18.26

2013 2q 61 435,598 20,564 4.7% 9,056 0 0 0 0 $18.52

2013 1q 61 435,598 29,620 6.8% (1,108) 0 0 0 0 $17.83



(0.020)

(0.015)

(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Perce

nt V

aca

nt


$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.01

0.01

0.02

0.02

0.03

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







N o r t h P a l m B e a c h M a r k e t






2016 4q 391 8,591,985 550,661 6.4% 11,246 0 0 1 5,632 $26.65

2016 3q 391 8,591,985 561,907 6.5% 78,338 0 0 0 0 $26.73

2016 2q 391 8,591,985 640,245 7.5% 113,621 0 0 0 0 $26.52

2016 1q 391 8,591,985 753,866 8.8% 62,188 0 0 0 0 $26.05

2015 4q 391 8,591,985 816,054 9.5% 24,225 0 0 0 0 $25.82

2015 3q 391 8,591,985 840,279 9.8% 5,084 0 0 0 0 $25.06

2015 2q 391 8,591,985 845,363 9.8% 75,038 0 0 0 0 $25.46

2015 1q 391 8,591,985 920,401 10.7% 101,204 0 0 0 0 $25.27

2014 4q 391 8,591,985 1,021,605 11.9% 78,766 1 38,405 0 0 $24.64

2014 3q 390 8,553,580 1,061,966 12.4% 80,099 0 0 1 38,405 $24.99

2014 2q 390 8,553,580 1,142,065 13.4% 29,516 0 0 1 38,405 $25.13

2014 1q 390 8,553,580 1,171,581 13.7% 19,453 0 0 0 0 $24.83

2013 4q 390 8,553,580 1,191,034 13.9% (7,881) 0 0 0 0 $25.05

2013 3q 390 8,553,580 1,183,153 13.8% 7,258 0 0 0 0 $23.96

2013 2q 390 8,553,580 1,190,411 13.9% 46,470 0 0 0 0 $23.62

2013 1q 390 8,553,580 1,236,881 14.5% (28,090) 0 0 0 0 $22.25



(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

0.140


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







N o r t h e a s t D a d e M a r k e t






2016 4q 509 6,361,361 679,202 10.7% 27,630 0 0 3 139,000 $24.32

2016 3q 509 6,361,361 706,832 11.1% 92,655 1 20,675 3 139,000 $23.66

2016 2q 508 6,340,686 778,812 12.3% 50,535 1 88,555 4 159,675 $23.64

2016 1q 507 6,252,131 740,792 11.8% (40,721) 0 0 3 132,230 $23.13

2015 4q 507 6,252,131 700,071 11.2% 36,769 0 0 2 109,230 $22.30

2015 3q 507 6,252,131 736,840 11.8% 109,429 0 0 1 88,555 $22.53

2015 2q 507 6,252,131 846,269 13.5% 5,988 0 0 1 88,555 $22.73

2015 1q 507 6,252,131 852,257 13.6% (114,985) 0 0 1 88,555 $22.62

2014 4q 507 6,252,131 737,272 11.8% (41,509) 0 0 0 0 $22.43

2014 3q 507 6,252,131 695,763 11.1% 66,213 0 0 0 0 $22.39

2014 2q 507 6,252,131 761,976 12.2% 27,061 0 0 0 0 $22.40

2014 1q 507 6,252,131 789,037 12.6% (12,045) 0 0 0 0 $22.19

2013 4q 507 6,252,131 776,992 12.4% 2,424 0 0 0 0 $22.23

2013 3q 507 6,252,131 779,416 12.5% (6,460) 1 22,680 0 0 $21.69

2013 2q 506 6,229,451 750,276 12.0% 34,777 0 0 1 22,680 $21.54

2013 1q 506 6,229,451 785,053 12.6% 53,850 0 0 1 22,680 $21.15



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







N W B r o w a r d / C o r a l S p r i n g s M a r k e t






2016 4q 259 5,119,498 519,135 10.1% 18,027 0 0 0 0 $23.83

2016 3q 259 5,119,498 537,162 10.5% 63,201 1 11,613 0 0 $23.60

2016 2q 258 5,107,885 588,750 11.5% 21,631 0 0 1 11,613 $22.82

2016 1q 258 5,107,885 610,381 11.9% (3,363) 0 0 1 11,613 $23.10

2015 4q 258 5,107,885 607,018 11.9% 35,344 0 0 1 11,613 $23.28

2015 3q 258 5,107,885 642,362 12.6% 21,205 0 0 1 11,613 $22.95

2015 2q 258 5,107,885 663,567 13.0% 24,816 0 0 1 11,613 $22.70

2015 1q 258 5,107,885 688,383 13.5% 1,447 0 0 1 11,613 $22.75

2014 4q 258 5,107,885 689,830 13.5% 23,414 0 0 0 0 $22.88

2014 3q 258 5,107,885 713,244 14.0% (4,659) 0 0 0 0 $22.62

2014 2q 258 5,107,885 708,585 13.9% (7,170) 0 0 0 0 $22.37

2014 1q 258 5,107,885 701,415 13.7% 5,875 0 0 0 0 $22.21

2013 4q 258 5,107,885 707,290 13.8% (1,294) 0 0 0 0 $22.50

2013 3q 258 5,107,885 705,996 13.8% 2,987 0 0 0 0 $22.31

2013 2q 258 5,107,885 708,983 13.9% 36,435 0 0 0 0 $22.32

2013 1q 258 5,107,885 745,418 14.6% 28,031 0 0 0 0 $22.72



(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050

0.060

0.070


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$22.00

$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

$23.80

$24.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







O u t l y i n g B r o w a r d C o u n t y M a r k e t






2016 4q 2 28,296 2,802 9.9% 0 0 0 0 0 $33.46

2016 3q 2 28,296 2,802 9.9% 0 0 0 0 0 $33.46

2016 2q 2 28,296 2,802 9.9% 0 0 0 0 0 $32.71

2016 1q 2 28,296 2,802 9.9% (2,802) 0 0 0 0 $32.71

2015 4q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2015 3q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2015 2q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2015 1q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2014 4q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2014 3q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2014 2q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2014 1q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2013 4q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2013 3q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2013 2q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2013 1q 2 28,296 0 0.0% 0 0 0 0 0 $0.00



(0.003)

(0.003)

(0.002)

(0.002)

(0.001)

(0.001)

0.000


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







O u t l y i n g M i a m i - D a d e C n t y M a r k e t






2016 4q 6 172,432 0 0.0% 0 0 0 0 0 $0.00

2016 3q 6 172,432 0 0.0% 0 0 0 0 0 $0.00

2016 2q 6 172,432 0 0.0% 0 0 0 0 0 $0.00

2016 1q 6 172,432 0 0.0% 0 0 0 0 0 $0.00

2015 4q 6 172,432 0 0.0% 0 0 0 0 0 $0.00

2015 3q 6 172,432 0 0.0% 877 0 0 0 0 $15.35

2015 2q 6 172,432 877 0.5% 0 0 0 0 0 $15.35

2015 1q 6 172,432 877 0.5% 0 0 0 0 0 $15.35

2014 4q 6 172,432 877 0.5% 977 0 0 0 0 $0.00

2014 3q 6 172,432 1,854 1.1% (1,854) 0 0 0 0 $17.96

2014 2q 6 172,432 0 0.0% 0 0 0 0 0 $17.96

2014 1q 6 172,432 0 0.0% 0 0 0 0 0 $17.96

2013 4q 6 172,432 0 0.0% 2,300 0 0 0 0 $17.00

2013 3q 6 172,432 2,300 1.3% 0 0 0 0 0 $20.65

2013 2q 6 172,432 2,300 1.3% 710 0 0 0 0 $20.65

2013 1q 6 172,432 3,010 1.7% 0 0 0 0 0 $18.38



(0.003)

(0.002)

(0.002)

(0.001)

(0.001)

0.000

0.001

0.001

0.002

0.002

0.003

0.003


Millions

SF

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

Perce

nt V

aca

nt


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







P a l m B e a c h M a r k e t






2016 4q 157 2,520,921 240,037 9.5% 31,055 0 0 1 30,000 $43.62

2016 3q 157 2,520,921 271,092 10.8% 6,109 0 0 0 0 $44.04

2016 2q 157 2,520,921 277,201 11.0% 16,668 0 0 0 0 $45.75

2016 1q 157 2,520,921 293,869 11.7% (8,280) 0 0 0 0 $43.51

2015 4q 158 2,546,922 311,590 12.2% 2,254 0 0 0 0 $40.62

2015 3q 158 2,546,922 313,844 12.3% 15,623 0 0 0 0 $41.45

2015 2q 158 2,546,922 329,467 12.9% 11,000 0 0 0 0 $40.17

2015 1q 158 2,546,922 340,467 13.4% 21,056 0 0 0 0 $38.98

2014 4q 158 2,546,922 361,523 14.2% 21,583 0 0 0 0 $38.11

2014 3q 158 2,546,922 383,106 15.0% 4,775 0 0 0 0 $38.36

2014 2q 158 2,546,922 387,881 15.2% 117 0 0 0 0 $33.93

2014 1q 158 2,546,922 387,998 15.2% (2,073) 1 22,000 0 0 $34.41

2013 4q 157 2,524,922 363,925 14.4% (22,787) 0 0 1 22,000 $33.93

2013 3q 157 2,524,922 341,138 13.5% (12,439) 0 0 1 22,000 $33.52

2013 2q 157 2,524,922 328,699 13.0% (2,312) 0 0 1 22,000 $33.60

2013 1q 157 2,524,922 326,387 12.9% 8,237 0 0 1 22,000 $33.70



(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$34.00

$36.00

$38.00

$40.00

$42.00

$44.00

$46.00

$48.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







P a l m S p r i n g s / L a k e W o r t h M a r k e t






2016 4q 116 1,044,738 66,382 6.4% (5,856) 0 0 0 0 $25.53

2016 3q 116 1,044,738 60,526 5.8% 16,441 0 0 0 0 $25.59

2016 2q 116 1,044,738 76,967 7.4% 64,753 1 62,305 0 0 $27.42

2016 1q 115 982,433 79,415 8.1% 1,830 0 0 1 62,305 $24.69

2015 4q 115 982,433 81,245 8.3% (2,250) 0 0 1 62,305 $24.50

2015 3q 115 982,433 78,995 8.0% 10,148 0 0 1 62,305 $24.41

2015 2q 115 982,433 89,143 9.1% (1,962) 0 0 1 62,305 $23.82

2015 1q 115 982,433 87,181 8.9% 1,038 0 0 1 62,305 $22.01

2014 4q 115 982,433 88,219 9.0% 3,623 0 0 0 0 $21.61

2014 3q 115 982,433 91,842 9.3% 5,919 1 10,942 0 0 $21.69

2014 2q 114 971,491 86,819 8.9% 4,177 0 0 1 10,942 $23.50

2014 1q 114 971,491 90,996 9.4% 3 0 0 1 10,942 $23.72

2013 4q 114 971,491 90,999 9.4% (4,838) 0 0 1 10,942 $23.92

2013 3q 114 971,491 86,161 8.9% 1,703 0 0 1 10,942 $23.47

2013 2q 114 971,491 87,864 9.0% 590 0 0 0 0 $23.51

2013 1q 114 971,491 88,454 9.1% 24,037 0 0 0 0 $21.16



(0.010)

0.000

0.010

0.020

0.030

0.040

0.050

0.060

0.070


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







P l a n t a t i o n M a r k e t






2016 4q 347 8,336,627 1,022,343 12.3% 6,145 0 0 0 0 $26.04

2016 3q 347 8,336,627 1,028,488 12.3% 65,853 0 0 0 0 $25.49

2016 2q 347 8,336,627 1,094,341 13.1% 2,926 0 0 0 0 $25.65

2016 1q 347 8,336,627 1,097,267 13.2% 176,139 1 215,000 0 0 $26.34

2015 4q 346 8,121,627 1,058,406 13.0% (29,915) 0 0 1 215,000 $25.03

2015 3q 346 8,121,627 1,028,491 12.7% 53,718 0 0 1 215,000 $24.86

2015 2q 346 8,121,627 1,082,209 13.3% 4,774 0 0 1 215,000 $24.58

2015 1q 346 8,121,627 1,086,983 13.4% 20,455 2 53,064 1 215,000 $25.31

2014 4q 344 8,068,563 1,054,374 13.1% 34,645 0 0 2 53,064 $23.90

2014 3q 344 8,068,563 1,089,019 13.5% 40,729 0 0 2 53,064 $23.75

2014 2q 344 8,068,563 1,129,748 14.0% (92,332) 0 0 2 53,064 $23.48

2014 1q 344 8,068,563 1,037,416 12.9% 48,946 0 0 1 38,670 $24.77

2013 4q 344 8,068,563 1,086,362 13.5% 44,644 0 0 1 38,670 $24.11

2013 3q 344 8,068,563 1,131,006 14.0% 13,789 0 0 1 38,670 $24.08

2013 2q 344 8,068,563 1,144,795 14.2% (13,498) 0 0 1 38,670 $24.06

2013 1q 344 8,068,563 1,131,297 14.0% (5,527) 0 0 0 0 $24.07



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250


Millions

SF

11.0%

11.5%

12.0%

12.5%

13.0%

13.5%

14.0%

14.5%

Perce

nt V

aca

nt


$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.90

0.92

0.94

0.96

0.98

1.00

1.02

1.04

1.06

1.08

1.10

1.12

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







P o m p a n o B e a c h M a r k e t






2016 4q 434 6,216,887 434,602 7.0% 1,826 0 0 5 215,268 $22.69

2016 3q 435 6,237,655 457,196 7.3% (42,989) 0 0 4 195,268 $22.57

2016 2q 435 6,237,655 414,207 6.6% 70,594 1 22,000 2 21,200 $21.91

2016 1q 434 6,215,655 462,801 7.4% 21,498 0 0 3 43,200 $21.19

2015 4q 435 6,219,894 488,538 7.9% 63,968 1 40,000 3 43,200 $20.91

2015 3q 434 6,179,894 512,506 8.3% 8,529 0 0 4 83,200 $20.78

2015 2q 434 6,179,894 521,035 8.4% 71,124 1 1,103 3 79,000 $20.54

2015 1q 433 6,178,791 591,056 9.6% 36,725 1 15,218 3 58,103 $20.45

2014 4q 432 6,163,573 612,563 9.9% 88,414 1 25,018 3 56,321 $20.68

2014 3q 431 6,138,555 675,959 11.0% (5,905) 0 0 3 41,339 $20.54

2014 2q 431 6,138,555 670,054 10.9% 111,843 0 0 2 40,236 $20.49

2014 1q 431 6,138,555 781,897 12.7% 51,561 0 0 2 40,236 $20.39

2013 4q 431 6,138,555 833,458 13.6% 30,370 1 10,563 0 0 $20.29

2013 3q 430 6,127,992 853,265 13.9% (232) 0 0 1 10,563 $20.84

2013 2q 430 6,127,992 853,033 13.9% 17,638 0 0 1 10,563 $20.56

2013 1q 430 6,127,992 870,671 14.2% 11,557 0 0 1 10,563 $20.25



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







R o y a l P a l m B c h / W e l l i n g t o n M a r k e t






2016 4q 82 1,727,534 100,667 5.8% 17,195 0 0 1 17,360 $28.60

2016 3q 82 1,727,534 117,862 6.8% 15,555 1 13,200 1 17,360 $29.01

2016 2q 81 1,714,334 120,217 7.0% 6,587 0 0 2 30,560 $27.58

2016 1q 81 1,714,334 126,804 7.4% (5,512) 0 0 1 13,200 $27.41

2015 4q 81 1,714,334 121,292 7.1% 23,832 0 0 1 13,200 $27.37

2015 3q 81 1,714,334 145,124 8.5% 9,480 1 15,200 1 13,200 $29.16

2015 2q 80 1,699,134 139,404 8.2% 12,291 0 0 1 15,200 $27.59

2015 1q 80 1,699,134 151,695 8.9% 3,217 0 0 1 15,200 $26.42

2014 4q 80 1,699,134 154,912 9.1% 17,657 0 0 1 15,200 $25.94

2014 3q 80 1,699,134 172,569 10.2% 12,179 1 7,500 0 0 $26.81

2014 2q 79 1,691,634 177,248 10.5% 5,523 1 7,500 1 7,500 $25.43

2014 1q 78 1,684,134 175,271 10.4% 7,693 0 0 2 15,000 $25.69

2013 4q 78 1,684,134 182,964 10.9% 6,556 0 0 2 15,000 $25.30

2013 3q 78 1,684,134 189,520 11.3% 1,203 0 0 2 15,000 $26.19

2013 2q 78 1,684,134 190,723 11.3% 11,652 0 0 0 0 $25.17

2013 1q 78 1,684,134 202,375 12.0% 30,849 1 30,000 0 0 $24.03



(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020

0.025

0.030

0.035


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

aca

nt


$25.00

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







S a w g r a s s P a r k M a r k e t






2016 4q 67 3,825,574 335,879 8.8% (13,264) 0 0 2 418,197 $28.65

2016 3q 67 3,825,574 322,615 8.4% 58,858 0 0 2 418,197 $28.42

2016 2q 67 3,825,574 381,473 10.0% 44,329 0 0 2 418,197 $28.24

2016 1q 67 3,825,574 425,802 11.1% 74,114 1 69,377 2 418,197 $28.16

2015 4q 66 3,756,197 430,539 11.5% 22,520 0 0 2 469,377 $26.89

2015 3q 66 3,756,197 453,059 12.1% 19,560 0 0 2 469,377 $26.74

2015 2q 66 3,756,197 472,619 12.6% 15,299 0 0 2 469,377 $26.29

2015 1q 66 3,756,197 487,918 13.0% (51,148) 0 0 1 69,377 $26.43

2014 4q 66 3,756,197 436,770 11.6% 6,102 0 0 0 0 $26.23

2014 3q 66 3,756,197 442,872 11.8% 75,901 0 0 0 0 $25.72

2014 2q 66 3,756,197 518,773 13.8% (4,482) 0 0 0 0 $25.60

2014 1q 66 3,756,197 514,291 13.7% 40,717 0 0 0 0 $24.70

2013 4q 66 3,756,197 555,008 14.8% (37,514) 0 0 0 0 $24.57

2013 3q 66 3,756,197 517,494 13.8% 10,839 0 0 0 0 $24.72

2013 2q 66 3,756,197 528,333 14.1% 71,312 0 0 0 0 $25.11

2013 1q 66 3,756,197 599,645 16.0% (36,768) 0 0 0 0 $24.91



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

aca

nt


$25.00

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







S o u t h D a d e M a r k e t






2016 4q 219 2,307,599 166,982 7.2% (5,444) 0 0 3 34,480 $22.70

2016 3q 219 2,307,599 161,538 7.0% 27,259 0 0 3 34,480 $21.70

2016 2q 219 2,307,599 188,797 8.2% 22,103 0 0 3 34,480 $20.53

2016 1q 219 2,307,599 210,900 9.1% (19,166) 0 0 3 34,480 $20.43

2015 4q 219 2,307,599 191,734 8.3% 8,056 1 6,321 3 34,480 $20.60

2015 3q 218 2,301,278 193,469 8.4% 23,070 0 0 4 40,801 $22.00

2015 2q 218 2,301,278 216,539 9.4% 6,569 1 12,000 3 34,321 $21.31

2015 1q 217 2,289,278 211,108 9.2% 6,878 0 0 4 46,321 $20.84

2014 4q 218 2,291,549 220,257 9.6% (6,807) 0 0 1 12,000 $20.51

2014 3q 218 2,291,549 213,450 9.3% (511) 0 0 0 0 $20.91

2014 2q 218 2,291,549 212,939 9.3% (13,863) 0 0 0 0 $20.34

2014 1q 218 2,291,549 199,076 8.7% 5,101 0 0 0 0 $19.72

2013 4q 218 2,291,549 204,177 8.9% 1,830 0 0 0 0 $19.80

2013 3q 218 2,291,549 206,007 9.0% (5,229) 0 0 0 0 $19.30

2013 2q 218 2,291,549 200,778 8.8% 2,894 0 0 0 0 $19.95

2013 1q 218 2,291,549 203,672 8.9% 1,605 0 0 0 0 $19.98



(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







S o u t h w e s t B r o w a r d M a r k e t






2016 4q 306 8,028,845 471,423 5.9% 27,538 0 0 3 146,379 $27.90

2016 3q 306 8,028,845 498,961 6.2% 61,010 0 0 3 146,379 $28.81

2016 2q 306 8,028,845 559,971 7.0% 175,303 1 4,300 3 146,379 $29.17

2016 1q 305 8,024,545 730,974 9.1% 71,013 0 0 3 79,731 $27.94

2015 4q 305 8,024,545 801,987 10.0% 15,756 1 143,535 1 4,300 $27.78

2015 3q 304 7,881,010 674,208 8.6% (20,533) 0 0 2 147,835 $28.17

2015 2q 304 7,881,010 653,675 8.3% (2,464) 1 40,000 2 147,835 $27.07

2015 1q 303 7,841,010 611,211 7.8% 13,670 0 0 3 187,835 $27.07

2014 4q 303 7,841,010 624,881 8.0% 387,944 1 380,000 3 187,835 $26.32

2014 3q 302 7,461,010 632,825 8.5% (15,577) 0 0 3 424,300 $26.59

2014 2q 302 7,461,010 617,248 8.3% 203,044 0 0 3 424,300 $26.32

2014 1q 302 7,461,010 820,292 11.0% (225,941) 0 0 3 424,300 $25.27

2013 4q 303 7,465,473 598,814 8.0% 21,449 1 31,750 1 380,000 $25.17

2013 3q 302 7,433,723 588,513 7.9% 39,058 0 0 2 411,750 $24.68

2013 2q 302 7,433,723 627,571 8.4% 51,825 0 0 2 411,750 $25.88

2013 1q 302 7,433,723 679,396 9.1% (29,427) 0 0 2 411,750 $26.47



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







W e s t M i a m i M a r k e t






2016 4q 309 1,849,079 17,899 1.0% 11,561 0 0 0 0 $21.73

2016 3q 309 1,849,079 29,460 1.6% 1,038 0 0 0 0 $22.40

2016 2q 309 1,849,079 30,498 1.6% 14,247 0 0 0 0 $23.71

2016 1q 309 1,849,079 44,745 2.4% 2,934 0 0 0 0 $24.02

2015 4q 309 1,849,079 47,679 2.6% 8,443 0 0 0 0 $23.56

2015 3q 309 1,849,079 56,122 3.0% 15,024 0 0 0 0 $22.81

2015 2q 309 1,849,079 71,146 3.8% 2,349 1 2,400 0 0 $23.81

2015 1q 308 1,846,679 71,095 3.8% (5,436) 0 0 1 2,400 $24.55

2014 4q 308 1,846,679 65,659 3.6% 5,124 0 0 1 2,400 $25.08

2014 3q 308 1,846,679 70,783 3.8% (13,705) 0 0 1 2,400 $23.50

2014 2q 308 1,846,679 57,078 3.1% 8,243 0 0 0 0 $22.99

2014 1q 308 1,846,679 65,321 3.5% 11,392 0 0 0 0 $22.26

2013 4q 308 1,846,679 76,713 4.2% (1,246) 0 0 0 0 $22.32

2013 3q 308 1,846,679 75,467 4.1% (8,863) 0 0 0 0 $22.22

2013 2q 308 1,846,679 66,604 3.6% 5,916 0 0 0 0 $22.56

2013 1q 308 1,846,679 72,520 3.9% (3,350) 0 0 0 0 $23.14



(0.020)

(0.015)

(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020


Millions

SF

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

Perce

nt V

aca

nt


$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







W e s t P a l m B e a c h M a r k e t






2016 4q 807 13,600,141 1,592,103 11.7% (21,699) 0 0 0 0 $26.73

2016 3q 807 13,600,141 1,570,404 11.5% 49,773 0 0 0 0 $26.28

2016 2q 807 13,600,141 1,620,177 11.9% (21,462) 0 0 0 0 $25.86

2016 1q 807 13,600,141 1,598,715 11.8% (101,332) 0 0 0 0 $25.39

2015 4q 807 13,600,141 1,497,383 11.0% 72,577 0 0 0 0 $25.78

2015 3q 807 13,600,141 1,569,960 11.5% 29,461 0 0 0 0 $25.32

2015 2q 807 13,600,141 1,599,421 11.8% 71,396 0 0 0 0 $25.07

2015 1q 807 13,600,141 1,670,817 12.3% 498 1 8,200 0 0 $24.48

2014 4q 806 13,591,941 1,663,115 12.2% 14,183 0 0 1 8,200 $25.56

2014 3q 806 13,591,941 1,677,298 12.3% 70,270 0 0 1 8,200 $25.56

2014 2q 806 13,591,941 1,747,568 12.9% 102,469 0 0 1 8,200 $25.76

2014 1q 806 13,591,941 1,850,037 13.6% 23,623 1 7,500 0 0 $25.06

2013 4q 806 13,585,141 1,866,860 13.7% 51,775 0 0 1 7,500 $25.24

2013 3q 807 13,662,141 1,995,635 14.6% (5,406) 0 0 1 7,500 $25.26

2013 2q 807 13,662,141 1,990,229 14.6% 387 0 0 1 7,500 $25.14

2013 1q 807 13,662,141 1,990,616 14.6% (5,076) 0 0 1 7,500 $24.18



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

1.35

1.40

1.45

1.50

1.55

1.60

1.65

1.70

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF

costar office report - reese on real estate · d the costar office report ©2016 costar group, inc....

Documents