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South Florida Office MarketF I R S T Q U A R T E R 2 0 1 1

The CoStarOffice Report

South Florida Office Market

©2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT A

FIRST QUARTER 2011 – SOUTH FLORIDA

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A

Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C

Terms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D

Market Highlights & Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Employment & Tenant Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Employment & Unemployment AnalysisTenant Profiles

Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Construction Activity MapInventory & Development AnalysisSelect Top Under Construction PropertiesSelect Top Deliveries

Figures at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Figures 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Leasing Activity MapLeasing Activity AnalysisSelect Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Sales Activity AnalysisSelect Top Sales Transactions

Analysis of Individual CoStar Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Select Same Building SalesSelect Land SalesAventura 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 Market


B THE COSTAR OFFICE REPORT ©2011 COSTAR GROUP, INC.

SOUTH FLORIDA – FIRST QUARTER 2011


©2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT C


Table of Contents (Continued)

Miami-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 MarketPompano Beach MarketRoyal Palm Bch/Wellington MarketSawgrass Park MarketSouth Dade MarketSouthwest Broward MarketWest Miami MarketWest Palm Beach Market


B THE COSTAR OFFICE REPORT ©2011 COSTAR GROUP, INC.



©2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT C


Methodology

The CoStar Office Report, unless specifically stated otherwise, calculates office statistics using CoStar Group’s entire database of existing and under construction office buildings in each metropolitan area. Included are office, office condominium, office loft, office medical, all classes and all sizes, and both multi-tenant and single-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 71.7 billion square feet of coverage in 3 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate.

© Copyright 2010 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 USA 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


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©2011 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 ten-ant. 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 pur-chased a commercial real estate asset.

Cap Rate: Short for capitalization rate. The Cap Rate is a calcula-tion 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 command 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 archi-tectural 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 fit-tings. 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 typical-ly 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 gener-ally 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 buildings 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 certificate 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 entrepre-neurial 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 typi-cal 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 insurance.

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 warehousing, distribution, and maintenance facilities. The pri-mary purpose of the space is for storing, producing, assembling, or distributing product.

Landlord Rep: (Landlord Representative) In a typical lease trans-action 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 boundar-ies of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)


D THE COSTAR OFFICE REPORT ©2011 COSTAR GROUP, INC.



©2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT E


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 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 manufactur-ing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, 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 vari-ous 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 eco-nomic 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 hall-ways, 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 build-ings in a given time period.

Seller: The individual, group, company, or entity that sells a par-ticular 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) designations refer to a particular geographic area within a metro-politan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD)

Tenancy: A term used to indicate whether or not a building is occupied 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: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construc-tion and until it receives a certificate of occupancy.

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 avail-able. 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 con-sidered vacant space.

Weighted Average Rental Rate: Rental rates that are calculated 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 what-ever time period is being studied.



©2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 1

OVERVIEW

South Florida’s Vacancy Decreases to 14.5% Net Absorption Positive 457,271 SF in the Quarter

The South Florida Office market ended the first quarter 2011 with a vacancy rate of 14.5%. The vacancy rate was down over the previous quarter, with net absorption

totaling positive 457,271 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,135,653 square feet. Rental rates ended the first quarter at $26.88, a decrease over the previous quarter. A total of three buildings delivered to the market in the quarter totaling 168,475 square feet, with 1,283,362 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall South Florida office market

was positive 457,271 square feet in the first quarter 2011. That compares to positive 512,941 square feet in the fourth quarter 2010, positive 178,870 square feet in the third quarter 2010, and positive 216,753 square feet in the second quarter 2010.

Tenants moving into large blocks of space in 2011 include: Keiser University moving into 90,000 square feet at 2101 NW 117th Ave; Wells Fargo & Co. moving into 75,000 square feet at Wells Fargo Center; and Nova Southeastern University moving into 73,475 square feet at 11501 N Military Trl.

The Class-A office market recorded net absorption of posi-tive 278,364 square feet in the first quarter 2011, compared to positive 172,753 square feet in the fourth quarter 2010, positive 226,491 in the third quarter 2010, and positive 20,759 in the second quarter 2010.

The Class-B office market recorded net absorption of posi-tive 198,579 square feet in the first quarter 2011, compared to positive 205,234 square feet in the fourth quarter 2010, positive

108,222 in the third quarter 2010, and positive 270,686 in the second quarter 2010.

The Class-C office market recorded net absorption of nega-tive (19,672) square feet in the first quarter 2011 compared to positive 134,954 square feet in the fourth quarter 2010, negative (155,843) in the third quarter 2010, and negative (74,692) in the second quarter 2010.

Net absorption for South Florida’s central business district was positive 68,915 square feet in the first quarter 2011. That compares to positive 25,364 square feet in the fourth quarter 2010, negative (7,775) in the third quarter 2010, and positive 42,984 in the second quarter 2010.

Net absorption for the suburban markets was positive 388,356 square feet in the first quarter 2011. That compares to positive 487,577 square feet in fourth quarter 2010, positive 186,645 in the third quarter 2010, and positive 173,769 in the second quarter 2010.

VacancyThe office vacancy rate in the South Florida market area

decreased to 14.5% at the end of the first quarter 2011. The vacancy rate was 14.7% at the end of the fourth quarter 2010, 15.0% at the end of the third quarter 2010, and 15.0% at the end of the second quarter 2010.

Class-A projects reported a vacancy rate of 21.1% at the end of the first quarter 2011, 21.4% at the end of the fourth quarter 2010, 21.7% at the end of the third quarter 2010, and 21.9% at the end of the second quarter 2010.

Class-B projects reported a vacancy rate of 15.7% at the end of the first quarter 2011, 16.0% at the end of the fourth quarter

Vacancy Rates by Class 1999-2011

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 7 Quarters Past 7 Quarters

Source: CoStar Property• Source: CoStar Property•

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South Florida United States

2 THE COSTAR OFFICE REPORT ©2011 COSTAR GROUP, INC.


South Florida Office MarketFIRST QUARTER 2011 – SOUTH FLORIDA



OVERVIEW

2010, 16.2% at the end of the third quarter 2010, and 16.3% at the end of the second quarter 2010.

Class-C projects reported a vacancy rate of 7.0% at the end of the first quarter 2011, 7.0% at the end of fourth quarter 2010, 7.2% at the end of the third quarter 2010, and 7.0% at the end of the second quarter 2010.

The overall vacancy rate in South Florida’s central business district at the end of the first quarter 2011 decreased to 18.0%. The vacancy rate was 18.2% at the end of the fourth quarter 2010, 18.2% at the end of the third quarter 2010, and 18.2% at the end of the second quarter 2010.

The vacancy rate in the suburban markets decreased to 13.7% in the first quarter 2011. The vacancy rate was 13.9% at the end of the fourth quarter 2010, 14.2% at the end of the third quarter 2010, and 14.2% at the end of the second quarter 2010.

Largest Lease SigningsThe largest lease signings occurring in 2011 included: the

29,018-square-foot lease signed by Life Extension Foundation at Commercial Station Bldg. I in the Cypress Creek market; the 22,522-square-foot deal signed by Becker & Poliakoff, P.A. at Alhambra Towers in the Coral Gables market; and the 21,113-square-foot lease signed by Yum! Restaurants International Inc at New River Center in the Downtown Fort Lauderdale market.

Sublease VacancyThe amount of vacant sublease space in the South Florida

market decreased to 1,135,653 square feet by the end of the first quarter 2011, from 1,265,523 square feet at the end of the fourth quarter 2010. There was 1,311,397 square feet vacant at the end of the third quarter 2010 and 1,443,275 square feet at the end of the second quarter 2010.

South Florida’s Class-A projects reported vacant sublease space of 505,429 square feet at the end of first quarter 2011, down from the 574,934 square feet reported at the end of the fourth quarter 2010. There were 596,654 square feet of sublease

space vacant at the end of the third quarter 2010, and 676,953 square feet at the end of the second quarter 2010.

Class-B projects reported vacant sublease space of 582,772 square feet at the end of the first quarter 2011, down from the 645,775 square feet reported at the end of the fourth quarter 2010. At the end of the third quarter 2010 there were 659,960 square feet, and at the end of the second quarter 2010 there were 708,884 square feet vacant.

Class-C projects reported increased vacant sublease space from the fourth quarter 2010 to the first quarter 2011. Sublease vacancy went from 44,814 square feet to 47,452 square feet dur-ing that time. There was 54,783 square feet at the end of the third quarter 2010, and 57,438 square feet at the end of the second quarter 2010.

Sublease vacancy in South Florida’s central business district stood at 375,353 square feet at the end of the first quarter 2011. It was 391,324 square feet at the end of the fourth quarter 2010, 420,643 square feet at the end of the third quarter 2010, and 445,957 square feet at the end of the second quarter 2010.

Sublease vacancy in the suburban markets ended the first quarter 2011 at 760,300 square feet. At the end of the fourth quarter 2010 sublease vacancy was 874,199 square feet, was 890,754 square feet at the end of the third quarter 2010, and was 997,318 square feet at the end of the second quarter 2010.

Rental RatesThe average quoted asking rental rate for available office

space, all classes, was $26.88 per square foot per year at the end of the first quarter 2011 in the South Florida market area. This represented a 1.2% decrease in quoted rental rates from the end of the fourth quarter 2010, when rents were reported at $27.22 per square foot.

The average quoted rate within the Class-A sector was $32.97 at the end of the first quarter 2011, while Class-B rates stood at $23.58, and Class-C rates at $20.37. At the end of the fourth quarter 2010, Class-A rates were $32.94 per square foot, Class-B rates were $24.04, and Class-C rates were $20.77.

The average quoted asking rental rate in South Florida’s CBD was $32.30 at the end of the first quarter 2011, and $25.19 in the suburban markets. In the fourth quarter 2010, quoted rates were $32.62 in the CBD and $25.49 in the suburbs.

Deliveries and ConstructionDuring the first quarter 2011, three buildings totaling

168,475 square feet were completed in the South Florida market area. This compares to three buildings totaling 95,937 square feet that were completed in the fourth quarter 2010, five buildings totaling 220,373 square feet completed in the third quarter 2010, and 830,671 square feet in seven buildings completed in the sec-ond quarter 2010.

There were 1,283,362 square feet of office space under con-struction at the end of the first quarter 2011.





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OVERVIEW

Some of the notable 2011 deliveries include: Keiser University - Crossroads, a 90,000-square-foot facility that deliv-ered in first quarter 2011 and is now 100% occupied, and NOVA Southeastern University- Bldg A, a 73,475-square-foot building that delivered in first quarter 2011 and is now 100% occupied.

The largest projects underway at the end of first quarter 2011 were Brickell World Plaza, a 614,908-square-foot build-ing with 15% of its space pre-leased, and UM Life Science & Technology Park, a 252,079-square-foot facility that is 42% pre-leased.

InventoryTotal office inventory in the South Florida market area

amounted to 226,729,955 square feet in 11,450 buildings as of the end of the first quarter 2011. The Class-A office sector consisted of 55,300,201 square feet in 407 projects. There were 3,396 Class-B buildings totaling 106,314,404 square feet, and the Class-C sector consisted of 65,115,350 square feet in 7,647 build-ings. Within the Office market there were 294 owner-occupied buildings accounting for 9,821,802 square feet of office space.

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

South Florida office sales figures fell during the fourth quarter 2010 in terms of dollar volume compared to the third quarter of 2010.

In the fourth quarter, 28 office transactions closed with a total volume of $309,000,200. The 28 buildings totaled 2,196,466 square feet and the average price per square foot equated to $140.68 per square foot. That compares to 24 trans-actions totaling $473,756,136 in the third quarter 2010. The total square footage in the third quarter was 2,434,124 square feet for an average price per square foot of $194.63.

Total office building sales activity in 2010 was up compared

to 2009. In the twelve months of 2010, the market saw 87 office sales transactions with a total volume of $1,117,231,248. The price per square foot averaged $163.69. In the same twelve months of 2009, the market posted 50 transactions with a total volume of $523,244,014. The price per square foot averaged $196.81.

Cap rates have been higher in 2010, averaging 7.83% com-pared to the same period in 2009 when they averaged 7.53%.

One of the largest transactions that has occurred within the last four quarters in the South Florida market is the sale of Office Depot - Arvida Park of Commerce in Boca Raton. This 635,000-square-foot office building sold for $171,000,000, or $269.29 per square foot. The property sold on 1/31/2011, at a 9.20% cap rate.

Reports compiled by: Matt Burdette, CoStar Research Manager.





0%

5%

10%

15%

20%

25%

19993q

20001q

20003q

20011q

20013q

20021q

20023q

20031q

20033q

20041q

20043q

20051q

20053q

20061q

20063q

20071q

20073q

20081q

20083q

20091q

20093q

20101q

20103q

20111q

Vac

ancy

Rat

e

A B C Total Market

(1.00)

(0.14)

0.42

0.22 0.18

0.51 0.46

0.70

0.42

1.30

0.83

0.220.10

0.17

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Vac

ancy

Rat

e







CoStar Markets & Submarkets

In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions 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. Regions are then divided into Markets, 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

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






Total Employment by Industry Total Employment GrowthPercent of Total Employment by Industry Total Number of Jobs Added Per Year

Source: Department of Labor, Bureau of Labor Statistics Source: Department of Labor, Bureau of Labor Statistics

Office* Employment Growth Office* Employment GrowthCumulative Growth in Office* Jobs Over the Past 5 Years Number of Office* Jobs Added Per Year

MarketEmployment

GrowthInventory Growth Difference

Atlanta -9.40% 6.10% -15.50%

Boston -4.40% 2.70% -7.10%

Chicago -9.10% 3.60% -12.70%

Dallas/Ft Worth 0.00% 6.50% -6.50%

Denver -4.20% 4.80% -9.00%

Los Angeles -11.20% 2.80% -14.00%

New York City -2.90% 1.50% -4.40%

Seattle/Puget Sound -5.10% 9.30% -14.40%

Tampa/St Petersburg -14.10% 6.70% -20.80%

Washington -1.00% 7.20% -8.20%

South Florida -14.60% 8.10% -22.70%

Source: Department of Labor, Bureau of Labor Statistics

Historical Unemployment Rates

Source: Department of Labor, Bureau of Labor Statistics.

Source: Department of Labor, Bureau of Labor Statistics. * Office employment is defined as jobs in the Information,

Financial Activities, and Professional & Business Services industries

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Perc

ent

Gro

wth

South Florida U.S. Average

15%

12%

4%

14%

0%

15%

3%

24%

2%

7%

4%Natural Resources &MiningConstruction

Manufacturing

Trade, Transportation &UtilitiesInformation

Financial Activities

Professional & BusinessServicesEducation & HealthServicesLeisure & Hospitality

Other Services

Government

-8.0%-7.0%-6.0%-5.0%-4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Perc

ent

Gro

wth


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

20001q

20003q

20011q

20013q

20021q

20023q

20031q

20033q

20041q

20043q

20051q

20053q

20061q

20063q

20071q

20073q

20081q

20083q

20091q

20093q

20101q

20103q

Perc

ent

Unem

plo

yment


EMPLOYMENT AND TENANT






EMPLOYMENT AND TENANT

Tenant by Size Range Tenants by Lease ExpirationBased on Total Number of Tenants Based on Total Square Footage of Tenants

Source: CoStar Tenant® Source: CoStar Tenant®

Tenants by Industry SF Per Employee by IndustryBased on Total Square Footage of Tenants Based on All Tenants

Source: CoStar Tenant® Source: CoStar Tenant®

58.5%

19.5%

10.9%

8.0%

1.8%

0.7%

0.7%

0% 10% 20% 30% 40% 50% 60% 70%

Up to 2,499 SF

2,500-4,999 SF

5,000-9,999 SF

10,000-24,999 SF

25,000-49,999 SF

50,000-74,999 SF

75,000 SF & Up

Percentage of Tenants

14.3%

13.7%

13.1%

11.6%

7.0%

3.0%

0% 2% 4% 6% 8% 10% 12% 14% 16%

2012

2013

2014

2015

2016

2017


22.2%

17.0%

10.9%

9.8%

8.2%

6.3%

5.4%

4.6%

4.1%

4.1%

2.9%

2.4%

2.0%

0% 5% 10% 15% 20% 25%

Finance/Ins/RE

Services

Law Firms

Medical

Business-Service

Retailers/Wholes

Manufacturing

Agri/Mining/Util

Transportation

Communications

Government

Engineers/Archit

Accountants


388.3

374.7

338.1

295.2

290.7

278.6

264.8

264.7

249.6

243.6

238.5

180.0

143.5

0 50 100 150 200 250 300 350 400 450

Services

Law Firms

Retailers/Wholes

Manufacturing

Engineers/Archit

Finance/Ins/RE

Communications

Government

Business-Service

Medical

Accountants

Transportation

Agri/Mining/Util

SF Per Employee






Construction Highlights in Select CoStar MarketsColor Coded by Under Construction Square Footage as a Percentage of Existing Inventory

INVENTORY & DEVELOPMENT

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Historical Deliveries 1982 - 2011

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

Brickell 1 92,236 15.0% 98,578 614,908

Miami 2 116,553 39.5% 12,057 147,399

Coral Gables 1 5,106 3.0% 22,962 170,185

Jupiter 2 29,537 48.1% 15,702 30,682

Kendall 1 3,060 6.0% 23,265 51,000

Boynton/Lantana 1 40,625 100.0% 11,790 40,625

Boca Raton 1 24,640 77.0% 39,544 32,000

South Dade 2 0 0.0% 11,325 9,240

West Palm Beach 0 0 0.0% 16,440 0

Plantation 0 0 0.0% 23,783 0

All Other 0 0 0.0% 18,820 0

Totals 11 311,757 24.3% 19,802 116,669


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2007 Preleased & Un-Leased SF in Properties Scheduled to Deliver

Source: CoStar Property® Source: CoStar Property®

0

614,908

1,283,362

294,799

170,185

61,365

51,000

40,625

32,000

18,480

0

0

Market

Under Construction Inventory Average Bldg Size

Total RBA

8.4

5.7

8.5

11.011.8

9.0

5.2 5.0

4.0

2.8

1.11.6 1.5 1.6

2.22.9 2.6

4.44.9

6.8

3.4 3.13.5

2.8

3.9

5.6 5.8

3.12.4

1.4

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Millio

ns

of

SF

Deliveries Average Delivered SF

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2007 2008 2009 2010 2011

Millio

ns

of

SF

Leased Un-Leased

0

100

200

300

400

500

600

700

2011 2q 2011 3q 2011 4q 2012 1q

T

Thousa

nds

of

SF

Preleased Un-Leased







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 1 5,000 5,000 100.0% $0.00 0 5,000

50,000 SF - 99,999 SF 2 163,475 163,475 100.0% $29.95 90,000 73,475

100,000 SF - 249,999 SF 0 0 0 0.0% $0.00 0 0

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

2011 Deliveries


Currently Under Construction By Class By Space Type

1.01

0.66

0.10

0.54

0.16 0.180.07 0.05

0.360.41

0.00 0.000.06

1.80

1.35

0.96

1.72

1.05

0.91

0.70

0.42

1.30

0.83

0.220.10

0.17

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

of

SF

Construction Starts Deliveries

100%

0%

Multi Single

53%

47%

Multi Single

29%

24%

47%

Class A Class B Class C

14%

86%

Multi Single







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Class A Market Statistics First Quarter 2011

YTD Net YTD Under Quoted

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

Aventura 8 851,353 124,224 132,465 15.6% 25,917 0 0 $32.35

Biscayne Corridor 4 671,629 258,925 258,925 38.6% 1,000 0 0 $31.22

Boca Raton 63 6,998,571 1,528,386 1,561,093 22.3% 22,910 0 32,000 $30.80

Boynton/Lantana 5 355,301 107,633 107,633 30.3% 5,616 0 0 $24.99

Brickell 11 3,958,940 884,873 892,052 22.5% 69,131 0 614,908 $40.71

Coconut Grove 5 693,986 86,252 86,252 12.4% 41,159 0 0 $35.23

Commercial Blvd 3 225,768 70,376 70,376 31.2% 21,554 0 0 $26.71

Coral Gables 30 4,330,261 868,823 926,055 21.4% 53,440 0 170,185 $35.46

Coral Way 1 24,000 0 0 0.0% 0 0 0 $0.00

Cypress Creek 20 2,417,484 448,236 469,385 19.4% 18,926 0 0 $28.19

Delray Beach 1 30,845 3,960 3,960 12.8% (460) 0 0 $33.16

Downtown Fort Lauderdale 21 4,381,298 980,291 1,027,364 23.4% (19,815) 0 0 $32.21

Downtown Miami 8 4,810,686 1,075,321 1,150,759 23.9% 36,074 0 0 $42.43

Fort Lauderdale 6 962,806 169,977 180,155 18.7% 770 0 0 $26.65

Hallandale 3 227,607 53,074 53,074 23.3% 33,221 0 0 $30.13

Hollywood 2 335,132 28,825 28,825 8.6% 5,640 0 0 $30.20

Jupiter 7 495,174 11,594 11,594 2.3% 11,777 0 61,365 $31.86

Kendall 15 1,517,924 377,349 399,001 26.3% (24,973) 0 51,000 $35.82

Medley/Hialeah 4 624,704 147,443 148,950 23.8% 16,970 0 0 $24.76

Miami 2 177,670 0 0 0.0% 0 0 252,079 $0.00

Miami Airport 39 5,901,108 1,234,072 1,275,818 21.6% (90,378) 90,000 0 $28.76

Miami Beach 8 1,566,624 80,917 89,669 5.7% (22,135) 0 0 $35.99

Miami Lakes 7 416,748 133,066 133,066 31.9% (7,078) 0 0 $27.24

Miami-Dade Central County 0 0 0 0 0.0% 0 0 0 $0.00

North Palm Beach 25 1,594,418 336,618 343,675 21.6% 79,734 73,475 0 $29.02

Northeast Dade 1 160,000 96,197 96,197 60.1% 10,803 0 0 $35.07

NW Broward/Coral Springs 6 543,852 126,526 133,484 24.5% 408 0 0 $27.88

Outlying Broward County 5 225,544 53,767 53,767 23.8% 4,990 0 0 $26.53

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

Palm Beach 9 580,660 73,467 80,581 13.9% (28,868) 0 0 $33.01

Palm Springs/Lake Worth 1 26,400 0 0 0.0% 0 0 0 $0.00

Plantation 15 1,775,114 175,230 218,769 12.3% 8,161 0 0 $29.66

Pompano Beach 4 334,043 115,219 124,933 37.4% (16,451) 0 0 $26.48

Royal Palm Bch/Wellington 3 128,000 5,245 5,245 4.1% 0 0 0 $21.00

Sawgrass Park 14 1,758,655 342,702 342,702 19.5% 7,593 0 0 $28.32

South Dade 1 190,719 33,138 33,138 17.4% (2,609) 0 0 $25.66

Southwest Broward 27 2,450,161 419,802 438,767 17.9% 9,278 0 0 $29.45

West Miami 1 46,118 13,685 13,685 29.7% (2,492) 0 0 $27.00

West Palm Beach 22 3,510,898 705,811 785,039 22.4% 8,551 0 0 $36.24

Totals 407 55,300,201 11,171,024 11,676,453 21.1% 278,364 163,475 1,181,537 $32.97


Existing Inventory Vacancy

FIGURES AT A GLANCE






Class B Market Statistics First Quarter 2011



Aventura 28 958,282 41,044 43,074 4.5% 12,636 0 0 $30.59

Biscayne Corridor 30 2,039,042 429,120 429,120 21.0% 7,810 0 0 $22.50

Boca Raton 230 8,769,186 1,834,853 1,870,497 21.3% 54,523 0 0 $23.54

Boynton/Lantana 61 1,272,739 165,405 165,405 13.0% 19,062 0 40,625 $24.10

Brickell 28 2,970,373 520,976 582,076 19.6% 8,759 0 0 $28.58

Coconut Grove 23 794,350 110,217 110,217 13.9% 1,458 0 0 $30.32

Commercial Blvd 24 678,080 41,480 41,480 6.1% 2,611 0 0 $16.36

Coral Gables 123 3,972,005 510,013 511,813 12.9% 18,938 0 0 $27.16

Coral Way 26 906,805 63,314 63,314 7.0% 5,025 0 0 $22.94

Cypress Creek 107 4,463,344 688,665 764,582 17.1% 354 0 0 $20.72

Delray Beach 111 2,555,276 871,870 871,870 34.1% 6,493 0 0 $21.13

Downtown Fort Lauderdale 95 2,104,128 209,420 214,920 10.2% (25,440) 0 0 $25.06

Downtown Miami 32 4,297,290 914,546 988,759 23.0% (70,419) 0 0 $26.17

Fort Lauderdale 149 5,003,783 713,859 727,068 14.5% 19,482 0 0 $22.63

Hallandale 12 518,518 57,668 57,668 11.1% (2) 0 0 $22.63

Hollywood 110 2,527,817 424,906 441,418 17.5% (21,618) 0 0 $23.15

Jupiter 106 2,039,479 331,171 334,620 16.4% 15,883 0 0 $26.33

Kendall 204 6,092,623 625,172 637,167 10.5% 12,763 0 0 $23.92

Medley/Hialeah 69 1,707,366 248,305 248,305 14.5% 6,935 0 0 $25.52

Miami 58 2,950,163 236,197 304,381 10.3% 8,671 0 42,720 $26.99

Miami Airport 171 7,994,143 1,364,261 1,406,150 17.6% (22,604) 0 0 $21.47

Miami Beach 69 2,374,815 253,987 268,077 11.3% 51,672 0 0 $30.75

Miami Lakes 95 2,800,717 557,784 594,941 21.2% (5,929) 5,000 0 $22.91

Miami-Dade Central County 8 171,202 16,310 16,310 9.5% 0 0 0 $15.72

North Palm Beach 171 5,490,465 841,433 881,243 16.1% (55,086) 0 0 $23.87

Northeast Dade 72 1,974,352 267,121 270,424 13.7% 4,480 0 0 $22.56

NW Broward/Coral Springs 107 2,370,333 376,258 382,152 16.1% 3,023 0 0 $23.83


Outlying Miami-Dade Cnty 6 168,207 2,300 2,300 1.4% 1,145 0 0 $21.51

Palm Beach 81 1,746,835 186,090 190,953 10.9% 55,825 0 0 $35.85

Palm Springs/Lake Worth 32 524,374 32,246 32,246 6.1% 1,210 0 0 $22.12

Plantation 138 4,345,255 509,336 512,336 11.8% 13,949 0 0 $20.37

Pompano Beach 164 3,918,507 493,644 515,330 13.2% 18,370 0 0 $19.53

Royal Palm Bch/Wellington 39 1,023,306 257,844 257,844 25.2% 4,197 0 0 $27.63

Sawgrass Park 44 1,574,825 193,911 203,959 13.0% 17,256 0 0 $23.99

South Dade 66 1,747,231 161,726 161,726 9.3% 7,960 0 18,480 $21.96

Southwest Broward 185 3,820,455 366,144 388,578 10.2% (16,988) 0 0 $25.38

West Miami 57 1,821,113 33,046 33,046 1.8% 3,547 0 0 $21.83

West Palm Beach 236 5,391,675 1,032,727 1,041,772 19.3% 31,549 0 0 $21.53

Totals 3,396 106,314,404 16,065,981 16,648,753 15.7% 198,579 5,000 101,825 $23.58



FIGURES AT A GLANCE






Class C Market Statistics First Quarter 2011



Aventura 14 209,448 3,122 3,122 1.5% 1,571 0 0 $33.43

Biscayne Corridor 106 1,258,958 212,086 212,086 16.8% (4,874) 0 0 $24.52

Boca Raton 172 2,619,999 164,182 164,182 6.3% (2,039) 0 0 $23.49

Boynton/Lantana 127 647,449 33,495 33,495 5.2% (1,273) 0 0 $22.36

Brickell 34 266,845 0 0 0.0% 670 0 0 $11.73

Coconut Grove 73 507,830 70,339 70,339 13.9% (28,633) 0 0 $27.22

Commercial Blvd 34 566,366 16,590 16,590 2.9% 78,609 0 0 $21.89

Coral Gables 325 2,673,528 219,005 219,005 8.2% (5,211) 0 0 $26.67

Coral Way 179 1,148,256 94,786 94,786 8.3% (11,841) 0 0 $23.41

Cypress Creek 116 1,482,015 151,518 151,518 10.2% (5,806) 0 0 $16.27

Delray Beach 252 1,555,741 89,876 89,876 5.8% (10,336) 0 0 $25.09


Downtown Miami 37 1,259,253 44,811 44,811 3.6% 11,052 0 0 $20.17

Fort Lauderdale 876 5,480,258 352,513 352,513 6.4% (19,993) 0 0 $17.83

Hallandale 143 919,293 25,000 25,000 2.7% 2,625 0 0 $16.42

Hollywood 520 3,456,003 189,250 189,250 5.5% 21,800 0 0 $18.62

Jupiter 84 558,739 61,690 65,812 11.8% (4,902) 0 0 $18.98

Kendall 254 3,393,754 113,624 113,624 3.3% 38,234 0 0 $24.15

Medley/Hialeah 270 1,863,678 88,593 88,593 4.8% (2,110) 0 0 $18.69

Miami 551 4,238,858 269,764 269,764 6.4% (24,190) 0 0 $20.29

Miami Airport 151 3,358,444 180,535 180,535 5.4% (24,745) 0 0 $19.07

Miami Beach 87 1,270,924 65,651 68,401 5.4% 7,190 0 0 $24.61

Miami Lakes 41 550,673 70,204 70,204 12.7% 1,656 0 0 $17.83


North Palm Beach 201 1,680,331 138,926 138,926 8.3% 2,416 0 0 $18.39

Northeast Dade 438 4,688,475 404,750 428,960 9.1% (51,270) 0 0 $18.82


Outlying Broward County 10 74,101 0 0 0.0% 2,500 0 0 $20.57

Outlying Miami-Dade Cnty 1 7,989 0 0 0.0% 0 0 0 $0.00

Palm Beach 57 616,814 42,393 42,393 6.9% (14,687) 0 0 $21.16

Palm Springs/Lake Worth 91 425,982 31,798 32,538 7.6% 0 0 0 $19.15

Plantation 201 2,298,941 161,318 161,318 7.0% 2,415 0 0 $20.44

Pompano Beach 299 2,575,107 314,976 314,976 12.2% 11,819 0 0 $18.38

Royal Palm Bch/Wellington 24 278,750 34,649 34,649 12.4% 3,601 0 0 $21.33

Sawgrass Park 17 505,304 32,110 32,110 6.4% (26,232) 0 0 $19.01

South Dade 211 1,210,508 103,265 106,465 8.8% (17,574) 0 0 $22.46

Southwest Broward 102 965,298 66,411 66,411 6.9% (1,557) 0 0 $21.51

West Miami 295 1,740,797 42,555 42,555 2.4% 6,384 0 0 $21.10

West Palm Beach 529 4,035,686 365,934 370,534 9.2% 44,179 0 0 $17.55

Totals 7,647 65,115,350 4,525,355 4,572,807 7.0% (19,672) 0 0 $20.37



FIGURES AT A GLANCE






Total Office Market Statistics First Quarter 2011



Aventura 50 2,019,083 168,390 178,661 8.8% 40,124 0 0 $31.83


Boca Raton 465 18,387,756 3,527,421 3,595,772 19.6% 75,394 0 32,000 $26.85

Boynton/Lantana 193 2,275,489 306,533 306,533 13.5% 23,405 0 40,625 $24.20

Brickell 73 7,196,158 1,405,849 1,474,128 20.5% 78,560 0 614,908 $37.13

Coconut Grove 101 1,996,166 266,808 266,808 13.4% 13,984 0 0 $31.08

Commercial Blvd 61 1,470,214 128,446 128,446 8.7% 102,774 0 0 $20.59

Coral Gables 478 10,975,794 1,597,841 1,656,873 15.1% 67,167 0 170,185 $32.09

Coral Way 206 2,079,061 158,100 158,100 7.6% (6,816) 0 0 $23.23

Cypress Creek 243 8,362,843 1,288,419 1,385,485 16.6% 13,474 0 0 $22.88

Delray Beach 364 4,141,862 965,706 965,706 23.3% (4,303) 0 0 $21.44

Downtown Fort Lauderdale 683 9,512,261 1,346,692 1,399,265 14.7% (47,455) 0 0 $30.12

Downtown Miami 77 10,367,229 2,034,678 2,184,329 21.1% (23,293) 0 0 $34.57

Fort Lauderdale 1,031 11,446,847 1,236,349 1,259,736 11.0% 259 0 0 $22.43

Hallandale 158 1,665,418 135,742 135,742 8.2% 35,844 0 0 $25.16

Hollywood 632 6,318,952 642,981 659,493 10.4% 5,822 0 0 $22.29

Jupiter 197 3,093,392 404,455 412,026 13.3% 22,758 0 61,365 $26.01

Kendall 473 11,004,301 1,116,145 1,149,792 10.4% 26,024 0 51,000 $27.87

Medley/Hialeah 343 4,195,748 484,341 485,848 11.6% 21,795 0 0 $23.78

Miami 611 7,366,691 505,961 574,145 7.8% (15,519) 0 294,799 $24.05

Miami Airport 361 17,253,695 2,778,868 2,862,503 16.6% (137,727) 90,000 0 $24.07

Miami Beach 164 5,212,363 400,555 426,147 8.2% 36,727 0 0 $30.83

Miami Lakes 143 3,768,138 761,054 798,211 21.2% (11,351) 5,000 0 $22.92


North Palm Beach 397 8,765,214 1,316,977 1,363,844 15.6% 27,064 73,475 0 $25.04

Northeast Dade 511 6,822,827 768,068 795,581 11.7% (35,987) 0 0 $22.03




Palm Beach 147 2,944,309 301,950 313,927 10.7% 12,270 0 0 $34.19


Plantation 354 8,419,310 845,884 892,423 10.6% 24,525 0 0 $24.72

Pompano Beach 467 6,827,657 923,839 955,239 14.0% 13,738 0 0 $20.28


Sawgrass Park 75 3,838,784 568,723 578,771 15.1% (1,383) 0 0 $26.67

South Dade 278 3,148,458 298,129 301,329 9.6% (12,223) 0 18,480 $22.82


West Miami 353 3,608,028 89,286 89,286 2.5% 7,439 0 0 $22.14

West Palm Beach 787 12,938,259 2,104,472 2,197,345 17.0% 84,279 0 0 $26.29

Totals 11,450 226,729,955 31,762,360 32,898,013 14.5% 457,271 168,475 1,283,362 $26.88



FIGURES AT A GLANCE






FIGURES AT A GLANCE

Class A Submarket Statistics First Quarter 2011



Aventura 8 851,353 124,224 132,465 15.6% 25,917 0 0 $32.35

Biscayne Corridor 4 671,629 258,925 258,925 38.6% 1,000 0 0 $31.22

Boca Raton East 16 1,656,059 439,372 450,303 27.2% 7,215 0 0 $30.72

Boca Raton North 22 2,928,543 566,822 571,322 19.5% (417) 0 0 $26.10

Boca Raton West 25 2,413,969 522,192 539,468 22.3% 16,112 0 32,000 $35.01

Boynton/Lantana 5 355,301 107,633 107,633 30.3% 5,616 0 0 $24.99

Brickell 11 3,958,940 884,873 892,052 22.5% 69,131 0 614,908 $40.71

Coconut Grove 5 693,986 86,252 86,252 12.4% 41,159 0 0 $35.23

Commercial Blvd 3 225,768 70,376 70,376 31.2% 21,554 0 0 $26.71

Coral Gables 30 4,330,261 868,823 926,055 21.4% 53,440 0 170,185 $35.46

Coral Way 1 24,000 0 0 0.0% 0 0 0 $0.00

Cypress Creek 20 2,417,484 448,236 469,385 19.4% 18,926 0 0 $28.19

Delray Beach 1 30,845 3,960 3,960 12.8% (460) 0 0 $33.16

Downtown Fort Lauderdale 21 4,381,298 980,291 1,027,364 23.4% (19,815) 0 0 $32.21

Downtown Miami 8 4,810,686 1,075,321 1,150,759 23.9% 36,074 0 0 $42.43

Fort Lauderdale 6 962,806 169,977 180,155 18.7% 770 0 0 $26.65

Hallandale 3 227,607 53,074 53,074 23.3% 33,221 0 0 $30.13

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

Hollywood 2 335,132 28,825 28,825 8.6% 5,640 0 0 $30.20

Jupiter 7 495,174 11,594 11,594 2.3% 11,777 0 61,365 $31.86

Kendall 15 1,517,924 377,349 399,001 26.3% (24,973) 0 51,000 $35.82

Medley/Hialeah 4 624,704 147,443 148,950 23.8% 16,970 0 0 $24.76

Miami 2 177,670 0 0 0.0% 0 0 252,079 $0.00

Miami Airport 39 5,901,108 1,234,072 1,275,818 21.6% (90,378) 90,000 0 $28.76

Miami Beach 8 1,566,624 80,917 89,669 5.7% (22,135) 0 0 $35.99

Miami Lakes 7 416,748 133,066 133,066 31.9% (7,078) 0 0 $27.24

North Palm Beach 25 1,594,418 336,618 343,675 21.6% 79,734 73,475 0 $29.02

Northeast Dade 1 160,000 96,197 96,197 60.1% 10,803 0 0 $35.07

NW Broward/Coral Springs 6 543,852 126,526 133,484 24.5% 408 0 0 $27.88


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

Palm Bch Cty Outlying 6 491,389 42,707 42,707 8.7% (6,662) 0 0 $20.66

Palm Beach 3 89,271 30,760 37,874 42.4% (22,206) 0 0 $54.38

Palm Springs/Lake Worth 1 26,400 0 0 0.0% 0 0 0 $0.00

Plantation 15 1,775,114 175,230 218,769 12.3% 8,161 0 0 $29.66

Pompano Beach 4 334,043 115,219 124,933 37.4% (16,451) 0 0 $26.48

Royal Palm Bch/Wellington 3 128,000 5,245 5,245 4.1% 0 0 0 $21.00

Sawgrass Park 14 1,758,655 342,702 342,702 19.5% 7,593 0 0 $28.32

South Dade 1 190,719 33,138 33,138 17.4% (2,609) 0 0 $25.66

Southwest Broward 27 2,450,161 419,802 438,767 17.9% 9,278 0 0 $29.45

West Miami 1 46,118 13,685 13,685 29.7% (2,492) 0 0 $27.00

West Palm Beach 22 3,510,898 705,811 785,039 22.4% 8,551 0 0 $36.24

Totals 407 55,300,201 11,171,024 11,676,453 21.1% 278,364 163,475 1,181,537 $32.97








FIGURES AT A GLANCE

Class B Submarket Statistics First Quarter 2011



Aventura 28 958,282 41,044 43,074 4.5% 12,636 0 0 $30.59


Boca Raton East 135 3,041,542 362,767 380,200 12.5% 41,710 0 0 $24.18

Boca Raton North 43 3,546,890 1,159,306 1,166,306 32.9% 8,641 0 0 $22.46

Boca Raton West 52 2,180,754 312,780 323,991 14.9% 4,172 0 0 $26.57

Boynton/Lantana 61 1,272,739 165,405 165,405 13.0% 19,062 0 40,625 $24.10

Brickell 28 2,970,373 520,976 582,076 19.6% 8,759 0 0 $28.58

Coconut Grove 23 794,350 110,217 110,217 13.9% 1,458 0 0 $30.32

Commercial Blvd 24 678,080 41,480 41,480 6.1% 2,611 0 0 $16.36

Coral Gables 123 3,972,005 510,013 511,813 12.9% 18,938 0 0 $27.16

Coral Way 26 906,805 63,314 63,314 7.0% 5,025 0 0 $22.94

Cypress Creek 107 4,463,344 688,665 764,582 17.1% 354 0 0 $20.72

Delray Beach 111 2,555,276 871,870 871,870 34.1% 6,493 0 0 $21.13


Downtown Miami 32 4,297,290 914,546 988,759 23.0% (70,419) 0 0 $26.17

Fort Lauderdale 149 5,003,783 713,859 727,068 14.5% 19,482 0 0 $22.63

Hallandale 12 518,518 57,668 57,668 11.1% (2) 0 0 $22.63

Hialeah Gardens 8 171,202 16,310 16,310 9.5% 0 0 0 $15.72

Hollywood 110 2,527,817 424,906 441,418 17.5% (21,618) 0 0 $23.15

Jupiter 106 2,039,479 331,171 334,620 16.4% 15,883 0 0 $26.33

Kendall 204 6,092,623 625,172 637,167 10.5% 12,763 0 0 $23.92

Medley/Hialeah 69 1,707,366 248,305 248,305 14.5% 6,935 0 0 $25.52

Miami 58 2,950,163 236,197 304,381 10.3% 8,671 0 42,720 $26.99

Miami Airport 171 7,994,143 1,364,261 1,406,150 17.6% (22,604) 0 0 $21.47

Miami Beach 69 2,374,815 253,987 268,077 11.3% 51,672 0 0 $30.75

Miami Lakes 95 2,800,717 557,784 594,941 21.2% (5,929) 5,000 0 $22.91

North Palm Beach 171 5,490,465 841,433 881,243 16.1% (55,086) 0 0 $23.87

Northeast Dade 72 1,974,352 267,121 270,424 13.7% 4,480 0 0 $22.56




Palm Bch Cty Outlying 55 1,124,737 85,358 85,358 7.6% 55,895 0 0 $23.68

Palm Beach 26 622,098 100,732 105,595 17.0% (70) 0 0 $49.92


Plantation 138 4,345,255 509,336 512,336 11.8% 13,949 0 0 $20.37

Pompano Beach 164 3,918,507 493,644 515,330 13.2% 18,370 0 0 $19.53


Sawgrass Park 44 1,574,825 193,911 203,959 13.0% 17,256 0 0 $23.99

South Dade 66 1,747,231 161,726 161,726 9.3% 7,960 0 18,480 $21.96


West Miami 57 1,821,113 33,046 33,046 1.8% 3,547 0 0 $21.83

West Palm Beach 236 5,391,675 1,032,727 1,041,772 19.3% 31,549 0 0 $21.53

Totals 3,396 106,314,404 16,065,981 16,648,753 15.7% 198,579 5,000 101,825 $23.58








FIGURES AT A GLANCE

Class C Submarket Statistics First Quarter 2011



Aventura 14 209,448 3,122 3,122 1.5% 1,571 0 0 $33.43

Biscayne Corridor 106 1,258,958 212,086 212,086 16.8% (4,874) 0 0 $24.52

Boca Raton East 149 1,726,561 107,782 107,782 6.2% (5,708) 0 0 $24.13

Boca Raton North 8 732,635 37,194 37,194 5.1% 0 0 0 $21.21

Boca Raton West 15 160,803 19,206 19,206 11.9% 3,669 0 0 $26.26

Boynton/Lantana 127 647,449 33,495 33,495 5.2% (1,273) 0 0 $22.36

Brickell 34 266,845 0 0 0.0% 670 0 0 $11.73

Coconut Grove 73 507,830 70,339 70,339 13.9% (28,633) 0 0 $27.22

Commercial Blvd 34 566,366 16,590 16,590 2.9% 78,609 0 0 $21.89

Coral Gables 325 2,673,528 219,005 219,005 8.2% (5,211) 0 0 $26.67

Coral Way 179 1,148,256 94,786 94,786 8.3% (11,841) 0 0 $23.41

Cypress Creek 116 1,482,015 151,518 151,518 10.2% (5,806) 0 0 $16.27

Delray Beach 252 1,555,741 89,876 89,876 5.8% (10,336) 0 0 $25.09


Downtown Miami 37 1,259,253 44,811 44,811 3.6% 11,052 0 0 $20.17

Fort Lauderdale 876 5,480,258 352,513 352,513 6.4% (19,993) 0 0 $17.83

Hallandale 143 919,293 25,000 25,000 2.7% 2,625 0 0 $16.42

Hialeah Gardens 36 225,366 4,257 6,957 3.1% 0 0 0 $21.11

Hollywood 520 3,456,003 189,250 189,250 5.5% 21,800 0 0 $18.62

Jupiter 84 558,739 61,690 65,812 11.8% (4,902) 0 0 $18.98

Kendall 254 3,393,754 113,624 113,624 3.3% 38,234 0 0 $24.15

Medley/Hialeah 270 1,863,678 88,593 88,593 4.8% (2,110) 0 0 $18.69

Miami 551 4,238,858 269,764 269,764 6.4% (24,190) 0 0 $20.29

Miami Airport 151 3,358,444 180,535 180,535 5.4% (24,745) 0 0 $19.07

Miami Beach 87 1,270,924 65,651 68,401 5.4% 7,190 0 0 $24.61

Miami Lakes 41 550,673 70,204 70,204 12.7% 1,656 0 0 $17.83

North Palm Beach 201 1,680,331 138,926 138,926 8.3% 2,416 0 0 $18.39

Northeast Dade 438 4,688,475 404,750 428,960 9.1% (51,270) 0 0 $18.82


Outlying Broward County 10 74,101 0 0 0.0% 2,500 0 0 $20.57

Outlying Miami-Dade Cnty 1 7,989 0 0 0.0% 0 0 0 $0.00

Palm Bch Cty Outlying 30 255,801 33,550 33,550 13.1% (13,787) 0 0 $18.84

Palm Beach 27 361,013 8,843 8,843 2.4% (900) 0 0 $28.14

Palm Springs/Lake Worth 91 425,982 31,798 32,538 7.6% 0 0 0 $19.15

Plantation 201 2,298,941 161,318 161,318 7.0% 2,415 0 0 $20.44

Pompano Beach 299 2,575,107 314,976 314,976 12.2% 11,819 0 0 $18.38

Royal Palm Bch/Wellington 24 278,750 34,649 34,649 12.4% 3,601 0 0 $21.33

Sawgrass Park 17 505,304 32,110 32,110 6.4% (26,232) 0 0 $19.01

South Dade 211 1,210,508 103,265 106,465 8.8% (17,574) 0 0 $22.46

Southwest Broward 102 965,298 66,411 66,411 6.9% (1,557) 0 0 $21.51

West Miami 295 1,740,797 42,555 42,555 2.4% 6,384 0 0 $21.10

West Palm Beach 529 4,035,686 365,934 370,534 9.2% 44,179 0 0 $17.55

Totals 7,647 65,115,350 4,525,355 4,572,807 7.0% (19,672) 0 0 $20.37








FIGURES AT A GLANCE

Total Office Submarket Statistics First Quarter 2011



Aventura 50 2,019,083 168,390 178,661 8.8% 40,124 0 0 $31.83


Boca Raton East 300 6,424,162 909,921 938,285 14.6% 43,217 0 0 $26.96

Boca Raton North 73 7,208,068 1,763,322 1,774,822 24.6% 8,224 0 0 $23.67

Boca Raton West 92 4,755,526 854,178 882,665 18.6% 23,953 0 32,000 $32.35

Boynton/Lantana 193 2,275,489 306,533 306,533 13.5% 23,405 0 40,625 $24.20

Brickell 73 7,196,158 1,405,849 1,474,128 20.5% 78,560 0 614,908 $37.13

Coconut Grove 101 1,996,166 266,808 266,808 13.4% 13,984 0 0 $31.08

Commercial Blvd 61 1,470,214 128,446 128,446 8.7% 102,774 0 0 $20.59

Coral Gables 478 10,975,794 1,597,841 1,656,873 15.1% 67,167 0 170,185 $32.09

Coral Way 206 2,079,061 158,100 158,100 7.6% (6,816) 0 0 $23.23

Cypress Creek 243 8,362,843 1,288,419 1,385,485 16.6% 13,474 0 0 $22.88

Delray Beach 364 4,141,862 965,706 965,706 23.3% (4,303) 0 0 $21.44

Downtown Fort Lauderdale 683 9,512,261 1,346,692 1,399,265 14.7% (47,455) 0 0 $30.12

Downtown Miami 77 10,367,229 2,034,678 2,184,329 21.1% (23,293) 0 0 $34.57

Fort Lauderdale 1,031 11,446,847 1,236,349 1,259,736 11.0% 259 0 0 $22.43

Hallandale 158 1,665,418 135,742 135,742 8.2% 35,844 0 0 $25.16

Hialeah Gardens 44 396,568 20,567 23,267 5.9% 0 0 0 $19.09

Hollywood 632 6,318,952 642,981 659,493 10.4% 5,822 0 0 $22.29

Jupiter 197 3,093,392 404,455 412,026 13.3% 22,758 0 61,365 $26.01

Kendall 473 11,004,301 1,116,145 1,149,792 10.4% 26,024 0 51,000 $27.87

Medley/Hialeah 343 4,195,748 484,341 485,848 11.6% 21,795 0 0 $23.78

Miami 611 7,366,691 505,961 574,145 7.8% (15,519) 0 294,799 $24.05

Miami Airport 361 17,253,695 2,778,868 2,862,503 16.6% (137,727) 90,000 0 $24.07

Miami Beach 164 5,212,363 400,555 426,147 8.2% 36,727 0 0 $30.83

Miami Lakes 143 3,768,138 761,054 798,211 21.2% (11,351) 5,000 0 $22.92

North Palm Beach 397 8,765,214 1,316,977 1,363,844 15.6% 27,064 73,475 0 $25.04

Northeast Dade 511 6,822,827 768,068 795,581 11.7% (35,987) 0 0 $22.03




Palm Bch Cty Outlying 91 1,871,927 161,615 161,615 8.6% 35,446 0 0 $22.43

Palm Beach 56 1,072,382 140,335 152,312 14.2% (23,176) 0 0 $50.07


Plantation 354 8,419,310 845,884 892,423 10.6% 24,525 0 0 $24.72

Pompano Beach 467 6,827,657 923,839 955,239 14.0% 13,738 0 0 $20.28


Sawgrass Park 75 3,838,784 568,723 578,771 15.1% (1,383) 0 0 $26.67

South Dade 278 3,148,458 298,129 301,329 9.6% (12,223) 0 18,480 $22.82


West Miami 353 3,608,028 89,286 89,286 2.5% 7,439 0 0 $22.14

West Palm Beach 787 12,938,259 2,104,472 2,197,345 17.0% 84,279 0 0 $26.29

Totals 11,450 226,729,955 31,762,360 32,898,013 14.5% 457,271 168,475 1,283,362 $26.88








FIGURES AT A GLANCE




CBD 65 16,751,093 3,677,056 3,893,088 23.2% 71,735 0 614,908 $38.12

Suburban 342 38,549,108 7,493,968 7,783,365 20.2% 206,629 163,475 566,629 $30.30

Totals 407 55,300,201 11,171,024 11,676,453 21.1% 278,364 163,475 1,181,537 $32.97





CBD 417 15,385,564 2,778,401 2,933,122 19.1% (55,621) 0 0 $25.80

Suburban 2,979 90,928,840 13,287,580 13,715,631 15.1% 254,200 5,000 101,825 $23.10

Totals 3,396 106,314,404 16,065,981 16,648,753 15.7% 198,579 5,000 101,825 $23.58


Class C Market Statistics First Quarter 2011



CBD 1,194 8,949,632 576,569 581,169 6.5% 52,801 0 0 $18.64

Suburban 6,453 56,165,718 3,948,786 3,991,638 7.1% (72,473) 0 0 $20.63

Totals 7,647 65,115,350 4,525,355 4,572,807 7.0% (19,672) 0 0 $20.37


Class A & B Market Statistics First Quarter 2011



CBD 482 32,136,657 6,455,457 6,826,210 21.2% 16,114 0 614,908 $33.27

Suburban 3,321 129,477,948 20,781,548 21,498,996 16.6% 460,829 168,475 668,454 $25.92

Totals 3,803 161,614,605 27,237,005 28,325,206 17.5% 476,943 168,475 1,283,362 $27.77





CBD 1,676 41,086,289 7,032,026 7,407,379 18.0% 68,915 0 614,908 $32.30

Suburban 9,774 185,643,666 24,730,334 25,490,634 13.7% 388,356 168,475 668,454 $25.19

Totals 11,450 226,729,955 31,762,360 32,898,013 14.5% 457,271 168,475 1,283,362 $26.88












FIGURES AT A GLANCE


Net Quoted

Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates

2011 1q 407 55,300,201 11,171,024 11,676,453 21.1% 278,364 2 163,475 7 1,181,537 $32.97 2010 4q 405 55,136,726 11,216,408 11,791,342 21.4% 172,753 0 0 9 1,345,012 $32.94 2010 3q 405 55,136,726 11,367,441 11,964,095 21.7% 226,491 2 174,000 9 1,345,012 $33.38 2010 2q 403 54,962,726 11,339,633 12,016,586 21.9% 20,759 2 777,488 11 1,519,012 $33.62 2010 1q 401 54,185,238 10,491,991 11,259,857 20.8% 135,721 8 1,291,546 8 1,901,475 $33.69 2009 4q 393 52,893,692 9,329,005 10,104,032 19.1% (161,607) 2 214,670 15 2,940,942 $33.98 2009 3q 391 52,679,022 8,886,046 9,727,755 18.5% 23,713 3 528,140 16 3,123,612 $34.20 2009 2q 388 52,150,882 8,365,414 9,223,328 17.7% 213,226 5 693,708 18 3,626,752 $34.42 2009 1q 383 51,457,174 7,902,531 8,742,846 17.0% 169,729 8 680,169 21 4,145,460 $34.73

2008 375 50,777,005 7,495,889 8,232,406 16.2% 1,393,133 33 3,351,739 27 4,770,784 $35.33 2007 342 47,425,266 5,794,197 6,273,800 13.2% 778,020 30 2,288,516 45 6,993,558 $34.60 2006 312 45,136,750 4,552,228 4,763,304 10.6% 1,888,444 13 1,217,199 41 4,921,109 $31.31 2005 299 43,919,551 5,194,111 5,434,549 12.4% 2,170,060 5 543,687 21 1,996,578 $27.37 2004 294 43,375,864 6,630,898 7,060,922 16.3% 1,937,913 11 1,025,433 8 1,139,408 $26.32 2003 283 42,350,431 7,225,710 7,973,402 18.8% 1,455,301 11 1,315,978 10 952,628 $26.11 2002 272 41,034,453 6,860,601 8,112,725 19.8% 234,339 9 1,307,700 16 1,808,195 $26.30



Net Quoted


2011 1q 3,396 106,314,404 16,065,981 16,648,753 15.7% 198,579 1 5,000 4 101,825 $23.58 2010 4q 3,399 106,449,490 16,336,643 16,982,418 16.0% 205,234 3 95,937 2 47,720 $24.04 2010 3q 3,401 106,564,234 16,642,436 17,302,396 16.2% 108,222 3 46,373 5 143,657 $23.93 2010 2q 3,398 106,517,861 16,655,361 17,364,245 16.3% 270,686 5 53,183 8 190,030 $24.07 2010 1q 3,394 106,471,361 16,849,441 17,588,431 16.5% 207,857 1 3,789 11 229,276 $24.47 2009 4q 3,393 106,467,572 17,059,655 17,792,499 16.7% 105,931 4 210,236 10 127,345 $24.33 2009 3q 3,389 106,257,336 16,903,956 17,688,194 16.6% (604,928) 12 172,687 12 316,208 $24.77 2009 2q 3,378 106,124,649 16,204,577 16,950,579 16.0% (845,446) 12 220,781 20 448,212 $25.03 2009 1q 3,366 105,903,868 15,161,784 15,884,352 15.0% (927,299) 19 370,560 30 663,873 $25.48

2008 3,347 105,533,308 13,942,159 14,586,493 13.8% (306,575) 102 2,465,092 46 933,443 $25.83 2007 3,248 103,302,739 11,440,291 12,049,349 11.7% (488,277) 117 3,299,374 88 2,225,062 $25.54 2006 3,133 100,081,325 8,067,781 8,339,658 8.3% 1,338,844 127 2,659,637 115 3,409,394 $23.65 2005 3,007 97,461,688 6,760,852 7,058,865 7.2% 3,678,735 104 2,126,150 122 2,925,468 $21.59 2004 2,905 95,584,482 8,544,879 8,860,394 9.3% 3,751,448 119 2,235,116 104 2,240,686 $21.22 2003 2,788 93,512,417 9,916,372 10,539,777 11.3% 1,956,606 102 1,646,318 99 2,211,934 $20.87 2002 2,687 91,881,099 9,903,756 10,865,065 11.8% 2,118,474 87 1,824,749 97 1,830,972 $20.78



Net Quoted


2011 1q 11,450 226,729,955 31,762,360 32,898,013 14.5% 457,271 3 168,475 11 1,283,362 $26.88 2010 4q 11,451 226,701,566 32,061,372 33,326,895 14.7% 512,941 3 95,937 11 1,392,732 $27.22 2010 3q 11,453 226,816,310 32,643,183 33,954,580 15.0% 178,870 5 220,373 14 1,488,669 $27.23 2010 2q 11,448 226,595,937 32,469,802 33,913,077 15.0% 216,753 7 830,671 19 1,709,042 $27.42 2010 1q 11,442 225,771,949 31,716,073 33,305,842 14.8% 422,454 9 1,295,335 19 2,130,751 $27.63 2009 4q 11,433 224,476,614 30,853,437 32,432,961 14.4% (138,415) 6 424,906 25 3,068,287 $27.61 2009 3q 11,427 224,051,708 30,137,429 31,869,640 14.2% (1,003,921) 15 700,827 28 3,439,820 $27.80 2009 2q 11,413 223,390,881 28,488,888 30,204,892 13.5% (1,143,244) 17 914,489 38 4,074,964 $28.11 2009 1q 11,396 222,476,392 26,521,965 28,147,159 12.7% (960,885) 27 1,050,729 51 4,809,333 $28.57

2008 11,369 221,425,663 24,680,026 26,135,545 11.8% 440,595 138 5,827,202 73 5,704,227 $29.14 2007 11,237 215,842,551 19,840,956 20,993,028 9.7% 70,159 154 5,634,533 136 9,228,991 $28.81 2006 11,086 210,288,078 14,973,037 15,508,714 7.4% 2,636,984 149 3,943,058 162 8,373,496 $26.40 2005 10,940 206,544,620 13,845,581 14,402,240 7.0% 6,241,211 125 2,806,647 151 4,974,000 $23.79 2004 10,824 204,066,782 17,289,093 18,165,613 8.9% 6,765,159 160 3,517,439 124 3,498,369 $23.22 2003 10,670 200,773,363 20,227,531 21,637,353 10.8% 3,817,120 147 3,149,356 137 3,412,285 $22.99 2002 10,526 197,685,498 20,095,714 22,366,608 11.3% 3,202,866 123 3,438,887 143 3,802,293 $22.73


UC Inventory

Existing Inventory Vacancy Deliveries UC Inventory

Existing Inventory Vacancy Deliveries UC Inventory

Existing Inventory Vacancy Deliveries






LEASING ACTIVITY

Leasing Highlights in Select CoStar MarketsColor Coded by Vacancy Rate

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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

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1999

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s/SF/Y

ear

A B C Total Market

$0.00

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2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear


97%

3%

Direct Sublet

5%

95%

Direct Sublet

35%51%

14%


2.31

0.19

0.63

0.070.00 0.00

0.0

0.5

1.0

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2.0

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2011 2q 2011 3q 2011 4q 2012 1q 2012 2q 2012 3q

Mill

ions

16%

47% 37%


LEASING ACTIVITY






LEASING ACTIVITY


* Renewal

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

1 Commercial Station Bldg. I* Cypress Creek 29,018 1st Life Extension Foundation Direct Deal Brenner Real Estate Group

2 7900 NW 154th St Miami Lakes 25,000 1st N/A N/A Vivo Real Estate Group, Inc.

3 Northcorp Center North Palm Beach 22,985 1st N/A N/A John C. Bills Properties, Inc.

4 South Tower Brickell 22,613 1st N/A N/A Taylor & Mathis of Florida, LLC

5 Alhambra Towers* Coral Gables 22,522 1st Becker & Poliakoff, P.A. Studley The Allen Morris Co.

6 Southeast Financial Center* Downtown Miami 22,518 1st Wells Fargo Bank NA CresaPartners Cushman & Wakefield Inc.

7 New River Center Downtown Fort Lauderdale 21,113 1st Yum! Restaurants International Inc Studley CB Richard Ellis

8 Bank of America Tower at Las Olas City Centre Downtown Fort Lauderdale 20,785 1st Crowe Horwath CB Richard Ellis Stiles Realty Company

9 Yamato Office Center: Bldg II Boca Raton North 18,084 1st eNeighborhoods LLC Grubb & Ellis CB Richard Ellis

10 Miami Green Tower I Coral Gables 17,859 1st N/A N/A Holly Sime Realty

11 Flagler Station - Building 1200 Medley/Hialeah 16,970 1st N/A N/A Flagler Real Estate Services, LLC.

12 Hillsboro Center I-IV Pompano Beach 16,244 1st N/A N/A Commercial Florida Realty Services,

13 555 Washington* Miami Beach 16,027 1st Warner Music Latin America CresaPartners Transwestern

14 One Seventeen Professional Arts Cen - Buildin Kendall 15,404 1st VITAS Healthcare Corporation N/A Colliers International, South Flori

15 110 Tower Downtown Fort Lauderdale 15,298 1st McCalla Raymer Commercial Florida Realty Services, Transwestern

16 2700 NW 36th St Miami 14,650 1st Avionics International Aeg, Inc N/A N/A

17 Lucent Technologies-CALA Facilities Southwest Broward 14,403 1st N/A N/A UGL Services

18 1700 Palm Beach Lakes Blvd West Palm Beach 13,689 1st 1st United Bank Touchstone Webb Realty Company Cushman & Wakefield, Inc.

19 Radice Corporate Center II* Cypress Creek 13,522 1st Moskowitz, Mandell, Salim & Simowitz, P.A. N/A Cushman & Wakefield, Inc.

20 Alhambra Center Coral Gables 12,766 1st N/A N/A Pan American Group

21 Pinnacle Corporate Park - Bldg II Cypress Creek 12,418 1st WWR N/A Podolsky Associates of Florida, Inc

22 1111 Lincoln Rd Miami Beach 11,615 1st N/A N/A Continental Real Estate Companies

23 One Park Square at Doral Miami Airport 11,045 1st Harley Davidson Jones Lang LaSalle Blanca Commercial Real Estate, Inc.

24 Yamato Office Center: Bldg II Boca Raton North 10,350 1st Integrated Resources, LLC N/A CB Richard Ellis

25 910 E Las Olas Blvd Downtown Fort Lauderdale 10,129 1st N/A N/A The Las Olas Company

26 The Alhambra Coral Gables 9,163 1st Northwestern University Colliers International, South Flori Jones Lang LaSalle

27 701 Waterford* Miami Airport 9,124 1st BenTrust Financial Grubb & Ellis The Hogan Group

28 Royal Palm I at Southpointe Plantation 9,065 1st CIT Leasing Corporation N/A Duke Realty

29 9500 Building Miami Airport 8,836 1st N/A N/A ComReal Miami, Inc.

30 North Tower Brickell 8,723 1st N/A N/A Taylor & Mathis of Florida, LLC

31 Phillips Point (West Tower) West Palm Beach 8,488 1st N/A N/A Taylor & Mathis of Florida, LLC

32 1050 Lee Wagener Blvd Fort Lauderdale 8,400 1st N/A N/A Sheltair Properties

33 AtlanTech Tower Fort Lauderdale 8,300 1st FAME N/A CB Richard Ellis

34 Forum A West Palm Beach 8,163 1st N/A N/A Panther Real Estate Partners

35 Sabre Centre I Boca Raton North 8,123 1st N/A Stoltz Realty Co. of Florida, Inc. Cushman & Wakefield, Inc.

36 200 S Andrews Ave Downtown Fort Lauderdale 8,038 1st Starmark International Cushman & Wakefield, Inc. Green Capital Realty Advisors

37 SunTrust Plaza Coral Gables 8,000 1st N/A Direct Deal MG Investment, Inc.

38 1801 Centrepark Dr E West Palm Beach 7,884 1st N/A N/A NAI/Merin Hunter Codman Inc.

39 Flagler Waterview* West Palm Beach 7,764 1st Palm Beach Ear, Nose & Throat Association P.A. N/A Touchstone Webb Realty Company

40 Delray Professional Center Delray Beach 7,546 1st N/A N/A The Newman Group, LLC

Select Top Office Leases Based on Leased Square Footage For Deals Signed in 2011






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 Jan. 2010 - Dec. 2010

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 50,000 SF 214 2,326,935 359,762,219$ 154.61$ 8.08%

50K-249K SF 29 2,783,494 462,628,580$ 166.20$ 8.15%

250K-499K SF 4 1,494,315 311,555,000$ 208.49$ 9.31%

>500K SF 2 1,142,652 166,877,356$ 146.04$ 5.75%

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®

$20

$70

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$170

$220

$270

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20071q

20073q

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Dollar

s per

SF

South Florida US

$0

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2007 1q 2007 3q 2008 1q 2008 3q 2009 1q 2009 3q 2010 1q 2010 3q

Millio

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Price

/SF

Sales Volume Price/SF

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2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q

Cap

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Dollars/S

F

Cap Rate Price/SF

3.0%

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7.0%

8.0%

9.0%

10.0%

20071q

20073q

20081q

20083q

20091q

20093q

20101q

20103q

Cap

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South Florida US






SALES ACTIVITY

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South Florida Office MarketMARKET HIGHLIGHTS – CLASS “A, B & C”

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SALES ACTIVITY

Select Land Sales Based on Commercially Zoned Land Sales Occurring From Jan. 2010 - March 2011

2501 SW 145th Ave, Miramar 600 Central Blvd, Jupiter 3601 N Miami Ave, Miami

Sale Price: $13,500,000 Sale Price: $7,707,677 Sale Price: $5,320,000Acres: 20.00 Acres: 30.00 Acres: 0.99Price/SF: $15.50 Price/SF: $5.90 Price/SF: $123.84Closing Date: 01/25/2011 Closing Date: 01/06/2011 Closing Date: 11/18/2010Zoning: PID Zoning: MXD Zoning: SD-8Intended Use: Office Park Intended Use: Health Care Intended Use: Storefrnt Retail/ResidntlBuyer: U.S. General Services Administration Buyer: The Tendrich Companies Buyer: Fifteen GroupSeller: Rockefeller Group Development Corp Seller: Rendina Companies Seller: Forkosh Development Group, Llc

Pembroke Rd, Pembroke Pines 15700 Pines Blvd, Pembroke Pines

Sale Price: $4,657,958 Sale Price: $4,500,000Acres: 7.64 Acres: 5.50Price/SF: $14.00 Price/SF: $18.78Closing Date: 07/29/2010 Closing Date: 12/16/2010Zoning: B2 Zoning: B-3Intended Use: Schools Intended Use: OfficeBuyer: Keenan Development Group Buyer: Damon Harwood Company IncSeller: Duke Realty Corporation Seller: GL Commercial









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 Rates2011 1q 50 2,019,083 178,661 8.8% 40,124 0 0 0 0 $31.83

2010 4q 50 2,019,083 218,785 10.8% 10,392 0 0 0 0 $32.01

2010 3q 50 2,019,083 229,177 11.4% 17,117 0 0 0 0 $34.90

2010 2q 50 2,019,083 246,294 12.2% (415) 0 0 0 0 $35.97

2010 1q 50 2,019,083 245,879 12.2% 22,655 0 0 0 0 $35.62

2009 4q 50 2,019,083 268,534 13.3% 3,648 0 0 0 0 $36.86

2009 3q 50 2,019,083 272,182 13.5% (1,315) 0 0 0 0 $37.06

2009 2q 50 2,019,083 270,867 13.4% (23,316) 0 0 0 0 $37.78

2009 1q 50 2,019,083 247,551 12.3% (3,154) 0 0 0 0 $38.10

2008 4q 50 2,019,083 244,397 12.1% (994) 0 0 0 0 $38.69

2008 3q 50 2,019,083 243,403 12.1% (8,977) 0 0 0 0 $38.73

2008 2q 50 2,019,083 234,426 11.6% (520) 0 0 0 0 $38.23

2008 1q 50 2,019,083 233,906 11.6% 117,433 1 110,000 0 0 $37.27

2007 4q 49 1,909,083 241,339 12.6% (9,921) 1 96,000 1 110,000 $37.21

2007 3q 48 1,813,083 135,418 7.5% (16,226) 0 0 2 206,000 $36.94

2007 2q 48 1,813,083 119,192 6.6% (18,334) 0 0 2 206,000 $37.66


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

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant

Delivered SF Absorption SF Vacancy

$29.00

$30.00

$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

$37.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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






2010 4q 140 3,969,629 904,067 22.8% 30,562 0 0 0 0 $26.95

2010 3q 140 3,969,629 934,629 23.5% (550) 0 0 0 0 $27.22

2010 2q 140 3,969,629 934,079 23.5% 3,244 0 0 0 0 $26.70

2010 1q 140 3,969,629 937,323 23.6% (19,108) 0 0 0 0 $26.89

2009 4q 140 3,969,629 918,215 23.1% (20,093) 0 0 0 0 $27.73

2009 3q 140 3,969,629 898,122 22.6% 16,302 0 0 0 0 $28.22

2009 2q 140 3,969,629 914,424 23.0% (181,988) 0 0 0 0 $28.47

2009 1q 140 3,969,629 732,436 18.5% (88,099) 0 0 0 0 $29.36

2008 4q 140 3,969,629 644,337 16.2% (18,605) 0 0 0 0 $32.38

2008 3q 140 3,969,629 625,732 15.8% (54,967) 0 0 0 0 $32.41

2008 2q 140 3,969,629 570,765 14.4% 10,681 1 10,000 0 0 $32.48

2008 1q 140 3,963,022 574,839 14.5% 57,498 0 0 1 10,000 $32.31

2007 4q 140 3,963,022 632,337 16.0% (79,771) 0 0 1 10,000 $31.62

2007 3q 140 3,963,022 552,566 13.9% 5,152 0 0 1 10,000 $30.45

2007 2q 140 3,963,022 557,718 14.1% (28,952) 0 0 1 10,000 $30.36



(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$25.80

$26.00

$26.20

$26.40

$26.60

$26.80

$27.00

$27.20

$27.40

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.88

0.89

0.90

0.91

0.92

0.93

0.94

0.95

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







B O C A R A T O N M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 465 18,387,756 3,595,772 19.6% 75,394 0 0 1 32,000 $26.85

2010 4q 465 18,387,756 3,671,166 20.0% 132,420 0 0 1 32,000 $26.66

2010 3q 465 18,387,756 3,803,586 20.7% 34,055 0 0 1 32,000 $27.14

2010 2q 465 18,387,756 3,837,641 20.9% (85,195) 0 0 1 32,000 $27.43

2010 1q 465 18,387,756 3,752,446 20.4% 4,421 0 0 1 32,000 $27.72

2009 4q 465 18,387,756 3,756,867 20.4% 57,184 0 0 1 32,000 $27.25

2009 3q 465 18,387,756 3,814,051 20.7% (15,393) 0 0 0 0 $27.93

2009 2q 465 18,387,756 3,798,658 20.7% (90,669) 2 123,708 0 0 $28.17

2009 1q 463 18,264,048 3,584,281 19.6% (61,167) 0 0 2 123,708 $28.36

2008 4q 463 18,264,048 3,523,114 19.3% 354,503 2 692,408 2 123,708 $28.60

2008 3q 461 17,571,640 3,185,209 18.1% 289,674 4 252,451 4 816,116 $28.82

2008 2q 457 17,319,189 3,222,432 18.6% 14,805 3 159,642 8 1,068,567 $28.99

2008 1q 454 17,159,547 3,077,595 17.9% (105,848) 4 212,917 10 1,166,268 $29.43

2007 4q 450 16,946,630 2,758,830 16.3% (546,193) 0 0 11 1,237,164 $28.36

2007 3q 450 16,946,630 2,212,637 13.1% 35,789 4 114,635 10 1,172,164 $27.90

2007 2q 446 16,831,995 2,133,791 12.7% (231,297) 0 0 12 1,235,707 $28.27



(0.200)

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2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

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16.0%

16.5%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

Perce

nt V

acant


$26.00

$26.20

$26.40

$26.60

$26.80

$27.00

$27.20

$27.40

$27.60

$27.80

$28.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

3.35

3.40

3.45

3.50

3.55

3.60

3.65

3.70

3.75

3.80

3.85

3.90

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







B O Y N T O N / L A N T A N A M A R K E TMARKET HIGHLIGHTS – CLASS “A, B & C”





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 193 2,275,489 306,533 13.5% 23,405 0 0 1 40,625 $24.20

2010 4q 193 2,275,489 329,938 14.5% (695) 0 0 0 0 $23.99

2010 3q 193 2,275,489 329,243 14.5% (35,298) 0 0 0 0 $24.46

2010 2q 193 2,275,489 293,945 12.9% 22,922 1 10,878 0 0 $24.94

2010 1q 192 2,264,611 305,989 13.5% (59,957) 0 0 1 10,878 $24.79

2009 4q 192 2,264,611 246,032 10.9% 24,579 0 0 1 10,878 $22.16

2009 3q 192 2,264,611 270,611 11.9% (5,228) 0 0 1 10,878 $23.50

2009 2q 192 2,264,611 265,383 11.7% (1,137) 0 0 0 0 $23.45

2009 1q 192 2,264,611 264,246 11.7% (2,044) 1 6,718 0 0 $25.74

2008 4q 191 2,257,893 255,484 11.3% 155,612 3 135,146 1 6,718 $25.45

2008 3q 188 2,122,747 275,950 13.0% 42,882 1 3,500 3 135,146 $25.77

2008 2q 187 2,119,247 315,332 14.9% (45,335) 0 0 4 138,646 $27.07

2008 1q 187 2,119,247 269,997 12.7% (68,598) 2 19,829 4 138,646 $26.64

2007 4q 185 2,099,418 181,570 8.6% 55,835 2 88,291 4 132,329 $25.97

2007 3q 183 2,011,127 149,114 7.4% (14,991) 0 0 5 217,120 $27.12

2007 2q 183 2,011,127 134,123 6.7% 2,287 0 0 5 217,120 $27.77



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

$24.60

$24.80

$25.00

$25.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.25

0.26

0.27

0.28

0.29

0.30

0.31

0.32

0.33

0.34

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







B R I C K E L L M A R K E TMARKET HIGHLIGHTS – CLASS “A, B & C”






2010 4q 73 7,196,158 1,552,688 21.6% (31,467) 0 0 1 614,908 $37.21

2010 3q 73 7,196,158 1,521,221 21.1% 5,137 0 0 1 614,908 $37.46

2010 2q 73 7,196,158 1,526,358 21.2% 7,591 0 0 1 614,908 $38.05

2010 1q 73 7,196,158 1,533,949 21.3% (18,246) 1 582,817 1 614,908 $38.59

2009 4q 72 6,613,341 932,886 14.1% 66,273 0 0 2 1,197,725 $40.14

2009 3q 72 6,613,341 999,159 15.1% 1,073 0 0 2 1,197,725 $40.19

2009 2q 72 6,613,341 1,000,232 15.1% (31,428) 0 0 2 1,197,725 $40.40

2009 1q 72 6,613,341 968,804 14.6% 23,842 0 0 2 1,197,725 $41.65

2008 4q 72 6,613,341 992,646 15.0% (90,576) 0 0 2 1,197,725 $43.50

2008 3q 72 6,613,341 902,070 13.6% 11,447 0 0 2 1,197,725 $43.43

2008 2q 72 6,613,341 913,517 13.8% (19,314) 0 0 2 1,197,725 $43.65

2008 1q 72 6,613,341 894,203 13.5% (45,679) 0 0 2 1,197,725 $42.66

2007 4q 72 6,613,341 848,524 12.8% 50,258 2 260,659 2 1,197,725 $42.22

2007 3q 70 6,352,682 638,123 10.0% 38,626 0 0 3 875,567 $37.57

2007 2q 70 6,352,682 676,749 10.7% (40,127) 0 0 2 260,659 $34.48



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

0.600

0.700

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$36.00

$36.50

$37.00

$37.50

$38.00

$38.50

$39.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.30

1.35

1.40

1.45

1.50

1.55

1.60

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







C O C O N U T G R O V E M A R K E T






2010 4q 101 1,996,166 280,792 14.1% (9,392) 0 0 0 0 $31.41

2010 3q 101 1,996,166 271,400 13.6% 5,529 1 14,400 0 0 $31.97

2010 2q 100 1,981,766 262,529 13.2% 12,949 0 0 1 14,400 $32.72

2010 1q 100 1,981,766 275,478 13.9% (6,688) 0 0 1 14,400 $33.16

2009 4q 100 1,981,766 268,790 13.6% (5,726) 0 0 1 14,400 $33.05

2009 3q 100 1,981,766 263,064 13.3% (756) 0 0 0 0 $34.71

2009 2q 100 1,981,766 262,308 13.2% (6,751) 0 0 0 0 $34.65

2009 1q 100 1,981,766 255,557 12.9% (44,160) 0 0 0 0 $35.90

2008 4q 100 1,981,766 211,397 10.7% 24,339 0 0 0 0 $34.33

2008 3q 100 1,981,766 235,736 11.9% 47,043 0 0 0 0 $36.55

2008 2q 100 1,981,766 282,779 14.3% (101,303) 0 0 0 0 $37.67

2008 1q 100 1,981,766 181,476 9.2% 16,861 0 0 0 0 $36.47

2007 4q 100 1,981,766 198,337 10.0% 9,203 0 0 0 0 $32.65

2007 3q 100 1,981,766 207,540 10.5% (2,537) 0 0 0 0 $32.18

2007 2q 100 1,981,766 205,003 10.3% (24,796) 0 0 0 0 $32.19



(0.120)

(0.100)

(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$30.00

$30.50

$31.00

$31.50

$32.00

$32.50

$33.00

$33.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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






2010 4q 61 1,470,214 231,220 15.7% 371 0 0 0 0 $22.45

2010 3q 61 1,470,214 231,591 15.8% (18,771) 0 0 0 0 $21.79

2010 2q 61 1,470,214 212,820 14.5% (1,435) 0 0 0 0 $21.31

2010 1q 61 1,470,214 211,385 14.4% (14,736) 0 0 0 0 $21.27

2009 4q 61 1,470,214 196,649 13.4% 36,395 0 0 0 0 $21.11

2009 3q 61 1,470,214 233,044 15.9% (38,876) 0 0 0 0 $20.67

2009 2q 61 1,470,214 194,168 13.2% 9,066 0 0 0 0 $20.01

2009 1q 61 1,470,214 203,234 13.8% 33,865 1 49,783 0 0 $20.35

2008 4q 60 1,420,431 187,316 13.2% 13,379 0 0 1 49,783 $20.82

2008 3q 60 1,420,431 200,695 14.1% (35,978) 0 0 1 49,783 $21.12

2008 2q 60 1,420,431 164,717 11.6% 3,859 0 0 1 49,783 $22.74

2008 1q 60 1,420,431 168,576 11.9% (20,935) 0 0 0 0 $22.39

2007 4q 60 1,420,431 147,641 10.4% (47,636) 0 0 0 0 $20.85

2007 3q 60 1,420,431 100,005 7.0% (32,811) 0 0 0 0 $20.36

2007 2q 60 1,420,431 67,194 4.7% (18,827) 0 0 0 0 $19.56



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







C O R A L G A B L E S M A R K E T






2010 4q 478 10,975,794 1,724,040 15.7% 17,718 0 0 1 170,185 $32.34

2010 3q 478 10,975,794 1,741,758 15.9% 72,699 0 0 1 170,185 $32.70

2010 2q 478 10,975,794 1,814,457 16.5% 52,354 0 0 1 170,185 $32.78

2010 1q 478 10,975,794 1,866,811 17.0% (69,886) 0 0 0 0 $32.17

2009 4q 478 10,975,794 1,796,925 16.4% (41,378) 1 130,000 0 0 $32.24

2009 3q 477 10,845,794 1,625,547 15.0% 152,019 1 251,464 1 130,000 $33.74

2009 2q 477 10,634,330 1,566,102 14.7% (245,145) 0 0 2 381,464 $34.20

2009 1q 477 10,634,330 1,320,957 12.4% (99,310) 0 0 2 381,464 $35.26

2008 4q 477 10,634,330 1,221,647 11.5% (1,202) 2 201,000 2 381,464 $36.10

2008 3q 475 10,433,330 1,019,445 9.8% (93,612) 0 0 4 582,464 $36.59

2008 2q 475 10,433,330 925,833 8.9% (93,184) 2 188,383 4 582,464 $37.10

2008 1q 474 10,439,387 838,706 8.0% (250,101) 0 0 6 770,847 $36.46

2007 4q 474 10,439,387 588,605 5.6% 210,996 2 185,500 5 691,847 $36.56

2007 3q 472 10,253,887 614,101 6.0% 145,265 2 194,192 7 877,347 $36.02

2007 2q 470 10,059,695 565,174 5.6% 91,701 1 48,000 9 1,071,539 $35.17



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$31.60

$31.80

$32.00

$32.20

$32.40

$32.60

$32.80

$33.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.45

1.50

1.55

1.60

1.65

1.70

1.75

1.80

1.85

1.90

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







C O R A L W A Y M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 206 2,079,061 158,100 7.6% (6,816) 0 0 0 0 $23.23

2010 4q 206 2,079,061 151,284 7.3% 12,503 0 0 0 0 $23.79

2010 3q 206 2,079,061 163,787 7.9% 34,668 1 24,000 0 0 $23.64

2010 2q 205 2,055,061 174,455 8.5% 10,668 0 0 1 24,000 $23.26

2010 1q 205 2,055,061 185,123 9.0% 16,468 0 0 1 24,000 $24.14

2009 4q 205 2,055,061 201,591 9.8% (8,120) 0 0 1 24,000 $24.45

2009 3q 205 2,055,061 193,471 9.4% (41,865) 0 0 1 24,000 $25.61

2009 2q 205 2,055,061 151,606 7.4% (4,263) 0 0 1 24,000 $25.49

2009 1q 205 2,055,061 147,343 7.2% (40,366) 0 0 1 24,000 $27.39

2008 4q 205 2,055,061 106,977 5.2% (19,418) 0 0 0 0 $27.68

2008 3q 205 2,055,061 87,559 4.3% (312) 0 0 0 0 $28.28

2008 2q 205 2,055,061 87,247 4.2% 16,966 0 0 0 0 $28.09

2008 1q 205 2,055,061 104,213 5.1% (6,913) 0 0 0 0 $28.00

2007 4q 206 2,056,703 98,942 4.8% (50,744) 0 0 0 0 $28.14

2007 3q 206 2,056,703 48,198 2.3% 15,130 0 0 0 0 $25.34

2007 2q 206 2,056,703 63,328 3.1% 5,867 0 0 0 0 $24.08



(0.050)

(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

0.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







C Y P R E S S C R E E K M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 243 8,362,843 1,385,485 16.6% 13,474 0 0 0 0 $22.88

2010 4q 243 8,362,843 1,398,959 16.7% 12,364 0 0 0 0 $23.09

2010 3q 243 8,362,843 1,411,323 16.9% 41,325 0 0 0 0 $22.87

2010 2q 243 8,362,843 1,452,648 17.4% (47,190) 0 0 0 0 $22.82

2010 1q 243 8,362,843 1,405,458 16.8% (25,521) 0 0 0 0 $23.42

2009 4q 243 8,362,843 1,379,937 16.5% (116,106) 0 0 0 0 $23.48

2009 3q 243 8,362,843 1,263,831 15.1% (12,063) 0 0 0 0 $23.52

2009 2q 243 8,362,843 1,251,768 15.0% (151,886) 0 0 0 0 $23.13

2009 1q 243 8,362,843 1,099,882 13.2% 3,201 0 0 0 0 $22.71

2008 4q 243 8,362,843 1,103,083 13.2% (45,284) 0 0 0 0 $22.75

2008 3q 243 8,362,843 1,057,799 12.6% (34,558) 0 0 0 0 $22.70

2008 2q 243 8,362,843 1,023,241 12.2% (20,097) 1 22,849 0 0 $22.66

2008 1q 242 8,339,994 980,295 11.8% (29,480) 1 10,600 1 22,849 $21.77

2007 4q 241 8,329,394 940,215 11.3% (80,807) 0 0 2 33,449 $21.76

2007 3q 241 8,329,394 859,408 10.3% 63,485 0 0 2 33,449 $21.39

2007 2q 241 8,329,394 922,893 11.1% 136,093 1 96,948 1 10,600 $21.72



(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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

acant


$22.50

$22.60

$22.70

$22.80

$22.90

$23.00

$23.10

$23.20

$23.30

$23.40

$23.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.20

1.25

1.30

1.35

1.40

1.45

1.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







D E L R A Y B E A C H M A R K E T






2010 4q 364 4,141,862 961,403 23.2% (12,611) 0 0 0 0 $21.48

2010 3q 364 4,141,862 948,792 22.9% (10,342) 1 6,973 0 0 $22.88

2010 2q 363 4,134,889 931,477 22.5% 72,745 0 0 1 6,973 $23.26

2010 1q 363 4,134,889 1,004,222 24.3% 101,669 1 30,845 1 6,973 $23.28

2009 4q 362 4,104,044 1,075,046 26.2% (40,399) 0 0 2 37,818 $23.30

2009 3q 362 4,104,044 1,034,647 25.2% 67,661 0 0 1 30,845 $23.58

2009 2q 362 4,104,044 1,102,308 26.9% (20,515) 0 0 1 30,845 $23.83

2009 1q 362 4,104,044 1,081,793 26.4% (622,828) 1 7,500 1 30,845 $24.40

2008 4q 361 4,096,544 451,465 11.0% 4,279 0 0 1 7,500 $23.88

2008 3q 361 4,096,544 455,744 11.1% 18,936 0 0 1 7,500 $23.38

2008 2q 361 4,096,544 474,680 11.6% 39,138 0 0 1 7,500 $22.94

2008 1q 361 4,096,544 513,818 12.5% (34,234) 0 0 0 0 $22.62

2007 4q 361 4,096,544 479,584 11.7% 55,718 0 0 0 0 $22.67

2007 3q 361 4,096,544 535,302 13.1% (58,772) 0 0 0 0 $23.56

2007 2q 361 4,096,544 476,530 11.6% (111,547) 0 0 0 0 $23.32



(0.700)

(0.600)

(0.500)

(0.400)

(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Perce

nt V

acant


$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.88

0.90

0.92

0.94

0.96

0.98

1.00

1.02

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 683 9,512,261 1,399,265 14.7% (47,455) 0 0 0 0 $30.12

2010 4q 683 9,512,261 1,351,810 14.2% (95,195) 0 0 0 0 $30.14

2010 3q 683 9,512,261 1,256,615 13.2% 92,613 0 0 0 0 $30.48

2010 2q 683 9,512,261 1,349,228 14.2% (17,160) 1 12,500 0 0 $30.87

2010 1q 682 9,499,761 1,319,568 13.9% (85,121) 0 0 1 12,500 $30.85

2009 4q 682 9,499,761 1,234,447 13.0% (131,547) 0 0 1 12,500 $31.00

2009 3q 682 9,499,761 1,102,900 11.6% 19,578 0 0 1 12,500 $30.68

2009 2q 682 9,499,761 1,122,478 11.8% (24,407) 0 0 1 12,500 $30.74

2009 1q 682 9,499,761 1,098,071 11.6% 46,494 0 0 1 12,500 $30.63

2008 4q 682 9,499,761 1,144,565 12.0% 10,899 0 0 0 0 $31.55

2008 3q 682 9,499,761 1,155,464 12.2% (133,237) 0 0 0 0 $31.42

2008 2q 682 9,499,761 1,022,227 10.8% 95,320 0 0 0 0 $31.48

2008 1q 682 9,499,761 1,117,547 11.8% 12,090 0 0 0 0 $31.88

2007 4q 682 9,499,761 1,129,637 11.9% 52,255 2 251,250 0 0 $31.16

2007 3q 680 9,248,511 930,642 10.1% 29,455 0 0 2 251,250 $31.64

2007 2q 680 9,248,511 960,097 10.4% (80,471) 0 0 2 251,250 $30.64



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$29.60

$29.80

$30.00

$30.20

$30.40

$30.60

$30.80

$31.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.10

1.15

1.20

1.25

1.30

1.35

1.40

1.45

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







D O W N T O W N M I A M I M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 77 10,367,229 2,184,329 21.1% (23,293) 0 0 0 0 $34.57

2010 4q 77 10,367,229 2,161,036 20.8% 142,201 0 0 0 0 $34.80

2010 3q 77 10,367,229 2,303,237 22.2% (290) 0 0 0 0 $35.55

2010 2q 77 10,367,229 2,302,947 22.2% 20,211 1 752,488 0 0 $35.36

2010 1q 76 9,614,741 1,570,670 16.3% 48,585 0 0 1 752,488 $36.20

2009 4q 76 9,614,741 1,619,255 16.8% (105,799) 1 40,300 1 752,488 $36.52

2009 3q 75 9,574,441 1,473,156 15.4% (43,302) 0 0 2 792,788 $36.78

2009 2q 75 9,574,441 1,429,854 14.9% (106,354) 0 0 2 792,788 $35.98

2009 1q 75 9,574,441 1,323,500 13.8% (56,427) 0 0 2 792,788 $35.57

2008 4q 75 9,574,441 1,267,073 13.2% 42,874 0 0 2 792,788 $36.28

2008 3q 75 9,574,441 1,309,947 13.7% (82,087) 0 0 2 792,788 $37.00

2008 2q 75 9,574,441 1,227,860 12.8% (46,965) 0 0 2 792,788 $28.24

2008 1q 75 9,574,441 1,180,895 12.3% 59,184 1 95,000 1 752,488 $28.62

2007 4q 74 9,479,441 1,145,079 12.1% 15,424 1 25,803 2 847,488 $27.45

2007 3q 73 9,453,638 1,134,700 12.0% 75,785 0 0 3 873,291 $27.17

2007 2q 73 9,453,638 1,210,485 12.8% (85,683) 0 0 2 847,488 $26.66



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

0.600

0.700

0.800

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$33.50

$34.00

$34.50

$35.00

$35.50

$36.00

$36.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.50

1.00

1.50

2.00

2.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 1,031 11,446,847 1,259,736 11.0% 259 0 0 0 0 $22.43

2010 4q 1,031 11,446,847 1,259,995 11.0% (60,139) 0 0 0 0 $22.48

2010 3q 1,031 11,446,847 1,199,856 10.5% (51,402) 0 0 0 0 $22.20

2010 2q 1,031 11,446,847 1,148,454 10.0% (22,712) 0 0 0 0 $22.46

2010 1q 1,032 11,453,530 1,132,425 9.9% 85,325 0 0 0 0 $22.45

2009 4q 1,032 11,453,530 1,217,750 10.6% (68,374) 0 0 0 0 $22.53

2009 3q 1,032 11,453,530 1,149,376 10.0% (74,631) 0 0 0 0 $22.01

2009 2q 1,032 11,453,530 1,074,745 9.4% 16,066 0 0 0 0 $22.13

2009 1q 1,032 11,453,530 1,090,811 9.5% (99,484) 1 68,500 0 0 $21.79

2008 4q 1,031 11,385,030 922,827 8.1% (703) 0 0 1 68,500 $21.34

2008 3q 1,031 11,385,030 922,124 8.1% (65,752) 0 0 1 68,500 $21.37

2008 2q 1,031 11,385,030 856,372 7.5% (93,799) 2 78,917 1 68,500 $22.18

2008 1q 1,029 11,306,113 683,656 6.0% 40,442 3 25,241 3 147,417 $22.46

2007 4q 1,026 11,280,872 698,857 6.2% (16,903) 0 0 5 104,158 $21.63

2007 3q 1,026 11,280,872 681,954 6.0% 81,311 1 35,125 4 37,241 $21.20

2007 2q 1,025 11,245,747 728,140 6.5% 67,747 0 0 4 60,366 $21.18



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$22.05

$22.10

$22.15

$22.20

$22.25

$22.30

$22.35

$22.40

$22.45

$22.50

$22.55

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.00

1.05

1.10

1.15

1.20

1.25

1.30

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







H A L L A N D A L E M A R K E T






2010 4q 158 1,665,418 171,586 10.3% 38,523 0 0 0 0 $26.39

2010 3q 158 1,665,418 210,109 12.6% 2,614 0 0 0 0 $21.15

2010 2q 158 1,665,418 212,723 12.8% 15,369 0 0 0 0 $25.49

2010 1q 158 1,665,418 228,092 13.7% 87,177 2 171,260 0 0 $26.78

2009 4q 156 1,494,158 144,009 9.6% 5,730 0 0 2 171,260 $26.90

2009 3q 156 1,494,158 149,739 10.0% (6,376) 0 0 2 171,260 $26.76

2009 2q 156 1,494,158 143,363 9.6% 17,470 1 20,000 2 171,260 $26.42

2009 1q 155 1,474,158 140,833 9.6% (18,529) 0 0 3 191,260 $25.32

2008 4q 155 1,474,158 122,304 8.3% 4,655 0 0 3 191,260 $25.62

2008 3q 155 1,474,158 126,959 8.6% (26,500) 0 0 3 191,260 $26.99

2008 2q 155 1,474,158 100,459 6.8% (20,986) 0 0 2 171,260 $28.68

2008 1q 155 1,474,158 79,473 5.4% 20,273 0 0 2 171,260 $38.08

2007 4q 155 1,474,158 99,746 6.8% (15,625) 0 0 2 171,260 $36.57

2007 3q 155 1,474,158 84,121 5.7% 17,488 0 0 0 0 $24.32

2007 2q 155 1,474,158 101,609 6.9% (24,517) 0 0 0 0 $23.67



(0.050)

0.000

0.050

0.100

0.150

0.200

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







H O L L Y W O O D M A R K E T






2010 4q 632 6,318,952 665,315 10.5% 19,187 0 0 0 0 $23.28

2010 3q 632 6,318,952 684,502 10.8% (32,169) 0 0 0 0 $22.54

2010 2q 632 6,318,952 652,333 10.3% (549) 0 0 0 0 $23.27

2010 1q 632 6,318,952 651,784 10.3% (7,524) 0 0 0 0 $23.40

2009 4q 632 6,318,952 644,260 10.2% (42,516) 0 0 0 0 $23.14

2009 3q 632 6,318,952 601,744 9.5% (84,294) 1 5,316 0 0 $23.27

2009 2q 631 6,313,636 512,134 8.1% (22,495) 0 0 1 5,316 $23.60

2009 1q 631 6,313,636 489,639 7.8% (36,962) 1 6,000 1 5,316 $24.41

2008 4q 630 6,307,636 446,677 7.1% 3,803 0 0 2 11,316 $24.70

2008 3q 631 6,314,250 457,094 7.2% (36,748) 0 0 1 6,000 $24.41

2008 2q 631 6,314,250 420,346 6.7% (86,615) 2 17,422 1 6,000 $23.79

2008 1q 629 6,296,828 316,309 5.0% 69,163 0 0 2 17,422 $23.82

2007 4q 629 6,296,828 385,472 6.1% 24,831 0 0 2 17,422 $24.23

2007 3q 629 6,296,828 410,303 6.5% (72,173) 0 0 2 17,422 $24.64

2007 2q 629 6,296,828 338,130 5.4% 19,962 0 0 0 0 $24.88



(0.100)

(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$21.60

$21.80

$22.00

$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.61

0.62

0.63

0.64

0.65

0.66

0.67

0.68

0.69

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







J U P I T E R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 197 3,093,392 412,026 13.3% 22,758 0 0 2 61,365 $26.01

2010 4q 197 3,093,392 434,784 14.1% 98,917 1 63,000 2 61,365 $25.49

2010 3q 196 3,030,392 470,701 15.5% (8,890) 0 0 3 124,365 $25.10

2010 2q 196 3,030,392 461,811 15.2% (48,355) 0 0 3 124,365 $25.18

2010 1q 196 3,030,392 413,456 13.6% (20,809) 0 0 1 63,000 $25.51

2009 4q 196 3,030,392 392,647 13.0% (41,113) 0 0 0 0 $25.90

2009 3q 196 3,030,392 351,534 11.6% 9,921 0 0 0 0 $26.76

2009 2q 196 3,030,392 361,455 11.9% 21,029 0 0 0 0 $27.93

2009 1q 196 3,030,392 382,484 12.6% 175,494 3 245,203 0 0 $28.26

2008 4q 193 2,785,189 312,775 11.2% 137,617 1 115,780 3 245,203 $28.13

2008 3q 192 2,669,409 334,612 12.5% (29,453) 0 0 4 360,983 $28.40

2008 2q 192 2,669,409 305,159 11.4% 60,811 0 0 4 360,983 $28.78

2008 1q 192 2,669,409 365,970 13.7% (5,069) 1 5,135 3 348,091 $28.09

2007 4q 191 2,664,274 355,766 13.4% (7,264) 2 40,239 4 353,226 $28.38

2007 3q 189 2,624,035 308,263 11.7% (6,674) 3 49,875 4 177,449 $27.54

2007 2q 186 2,574,160 251,714 9.8% (49,706) 0 0 7 227,324 $26.55



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$24.60

$24.80

$25.00

$25.20

$25.40

$25.60

$25.80

$26.00

$26.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.36

0.38

0.40

0.42

0.44

0.46

0.48

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







K E N D A L L M A R K E T






2010 4q 473 11,004,301 1,175,816 10.7% (4,237) 0 0 1 51,000 $28.74

2010 3q 473 11,004,301 1,171,579 10.6% 39,295 0 0 1 51,000 $27.73

2010 2q 473 11,004,301 1,210,874 11.0% 58,288 1 18,805 1 51,000 $28.08

2010 1q 472 10,985,496 1,250,357 11.4% (1,273) 1 3,789 2 69,805 $28.16

2009 4q 471 10,981,707 1,245,295 11.3% 159,114 1 99,051 3 73,594 $28.12

2009 3q 470 10,882,656 1,305,358 12.0% (64,538) 1 38,000 4 172,645 $28.23

2009 2q 469 10,844,656 1,202,820 11.1% 188,807 5 325,171 4 191,840 $27.60

2009 1q 464 10,519,485 1,066,456 10.1% (92,004) 1 36,846 8 513,222 $28.32

2008 4q 463 10,482,639 937,606 8.9% 85,918 3 104,271 8 531,132 $28.43

2008 3q 460 10,378,368 919,253 8.9% 135,537 2 34,000 10 536,352 $29.33

2008 2q 458 10,344,368 1,020,790 9.9% 54,216 4 71,293 12 570,352 $29.22

2008 1q 454 10,273,075 1,003,713 9.8% 176,578 9 478,924 11 440,315 $27.31

2007 4q 445 9,794,151 701,367 7.2% (128,782) 1 27,876 16 814,742 $27.00

2007 3q 444 9,766,275 544,709 5.6% 38,562 4 172,406 17 842,618 $27.91

2007 2q 440 9,593,869 410,865 4.3% (121,310) 1 12,965 20 969,113 $27.96



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

0.600

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$27.20

$27.40

$27.60

$27.80

$28.00

$28.20

$28.40

$28.60

$28.80

$29.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.00

1.05

1.10

1.15

1.20

1.25

1.30

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







M E D L E Y / H I A L E A H M A R K E T






2010 4q 343 4,195,748 507,643 12.1% (25,523) 0 0 0 0 $24.23

2010 3q 343 4,195,748 482,120 11.5% (42,767) 0 0 0 0 $24.49

2010 2q 343 4,195,748 439,353 10.5% 21,532 0 0 0 0 $24.19

2010 1q 343 4,195,748 460,885 11.0% 2,510 0 0 0 0 $24.14

2009 4q 343 4,195,748 463,395 11.0% 22,540 1 1,331 0 0 $25.32

2009 3q 342 4,194,417 484,604 11.6% (9,190) 0 0 1 1,331 $24.69

2009 2q 342 4,194,417 475,414 11.3% (22,765) 1 15,000 1 1,331 $25.08

2009 1q 341 4,179,417 437,649 10.5% 4,862 2 163,694 1 15,000 $25.21

2008 4q 339 4,015,723 278,817 6.9% (11,592) 0 0 3 178,694 $25.42

2008 3q 339 4,015,723 267,225 6.7% (26,985) 0 0 3 178,694 $25.49

2008 2q 339 4,015,723 240,240 6.0% (18,390) 0 0 2 163,694 $25.73

2008 1q 339 4,015,723 221,850 5.5% 4,490 3 36,594 1 157,694 $23.96

2007 4q 336 3,979,129 189,746 4.8% 24,375 0 0 4 194,288 $25.31

2007 3q 336 3,979,129 214,121 5.4% 123,462 2 157,647 3 36,594 $25.03

2007 2q 334 3,821,482 179,936 4.7% 9,473 0 0 5 194,241 $25.03



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

$24.60

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.40

0.42

0.44

0.46

0.48

0.50

0.52

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







M I A M I M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 611 7,366,691 574,145 7.8% (15,519) 0 0 2 294,799 $24.05

2010 4q 611 7,366,691 558,626 7.6% (2,671) 0 0 2 294,799 $25.15

2010 3q 611 7,366,691 555,955 7.5% (23,140) 0 0 2 294,799 $25.82

2010 2q 611 7,366,691 532,815 7.2% (93,747) 0 0 2 294,799 $25.40

2010 1q 611 7,366,691 439,068 6.0% (83,744) 0 0 2 294,799 $25.47

2009 4q 611 7,366,691 355,324 4.8% 196,839 1 84,670 0 0 $23.40

2009 3q 610 7,282,021 467,493 6.4% 2,701 1 19,000 1 84,670 $23.33

2009 2q 609 7,263,021 451,194 6.2% (86,131) 0 0 2 103,670 $23.78

2009 1q 609 7,263,021 365,063 5.0% 93,596 0 0 2 103,670 $24.61

2008 4q 609 7,263,021 458,659 6.3% (38,873) 0 0 2 103,670 $24.87

2008 3q 609 7,263,021 419,786 5.8% (11,383) 0 0 1 19,000 $25.27

2008 2q 609 7,263,021 408,403 5.6% (32,067) 0 0 1 19,000 $24.97

2008 1q 609 7,263,021 376,336 5.2% (57,917) 1 950 0 0 $24.61

2007 4q 608 7,262,071 317,469 4.4% (163,661) 0 0 1 950 $22.58

2007 3q 608 7,262,071 153,808 2.1% 117,880 0 0 1 950 $17.70

2007 2q 608 7,262,071 271,688 3.7% (12,324) 0 0 1 950 $16.78



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Perce

nt V

acant


$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







M I A M I A I R P O R T M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 361 17,253,695 2,862,503 16.6% (137,727) 1 90,000 0 0 $24.07

2010 4q 364 17,303,781 2,774,862 16.0% 43,939 1 24,000 1 90,000 $23.98

2010 3q 368 17,490,462 3,005,482 17.2% (90,324) 1 150,000 2 114,000 $23.76

2010 2q 367 17,340,462 2,765,158 15.9% 129,138 0 0 3 264,000 $24.54

2010 1q 367 17,340,462 2,894,296 16.7% (11,919) 1 281,624 2 174,000 $24.95

2009 4q 366 17,058,838 2,600,753 15.2% 61,638 0 0 3 455,624 $25.23

2009 3q 366 17,058,838 2,662,391 15.6% (247,186) 1 247,676 3 455,624 $25.32

2009 2q 365 16,811,162 2,167,529 12.9% (69,951) 0 0 4 703,300 $25.90

2009 1q 365 16,811,162 2,097,578 12.5% (209,121) 0 0 3 553,300 $26.12

2008 4q 365 16,811,162 1,888,457 11.2% 11,368 1 14,745 3 553,300 $26.50

2008 3q 364 16,796,417 1,885,080 11.2% (164,725) 0 0 4 568,045 $26.74

2008 2q 364 16,796,417 1,720,355 10.2% 36,953 1 36,134 4 568,045 $27.23

2008 1q 364 16,796,973 1,757,864 10.5% 134,020 3 184,729 5 604,179 $27.45

2007 4q 361 16,612,244 1,707,155 10.3% (108,069) 1 17,760 6 492,539 $26.78

2007 3q 360 16,594,484 1,581,326 9.5% (21,824) 0 0 7 510,299 $26.47

2007 2q 360 16,594,484 1,559,502 9.4% 245,919 2 106,231 5 238,623 $24.82



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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

acant


$23.00

$23.20

$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

$24.60

$24.80

$25.00

$25.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

2.50

2.60

2.70

2.80

2.90

3.00

3.10

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







M I A M I B E A C H M A R K E T






2010 4q 164 5,212,363 462,874 8.9% 9,374 0 0 0 0 $30.89

2010 3q 164 5,212,363 472,248 9.1% 36,781 0 0 0 0 $31.09

2010 2q 164 5,212,363 509,029 9.8% (12,814) 0 0 0 0 $31.49

2010 1q 164 5,212,363 496,215 9.5% 15,094 0 0 0 0 $32.14

2009 4q 164 5,212,363 511,309 9.8% (16,873) 0 0 0 0 $32.85

2009 3q 164 5,212,363 494,436 9.5% 28,250 0 0 0 0 $33.74

2009 2q 164 5,212,363 522,686 10.0% (52,985) 0 0 0 0 $33.39

2009 1q 164 5,212,363 469,701 9.0% (41,423) 1 13,411 0 0 $33.57

2008 4q 163 5,198,952 414,867 8.0% (72,231) 0 0 1 13,411 $34.47

2008 3q 163 5,198,952 342,636 6.6% (2,280) 0 0 1 13,411 $34.89

2008 2q 163 5,198,952 340,356 6.5% (2,817) 0 0 1 13,411 $33.75

2008 1q 163 5,198,952 337,539 6.5% (54,420) 0 0 0 0 $33.40

2007 4q 163 5,198,952 283,119 5.4% (8,154) 0 0 0 0 $33.04

2007 3q 163 5,198,952 274,965 5.3% 12,779 0 0 0 0 $34.09

2007 2q 163 5,198,952 287,744 5.5% 4,097 1 38,400 0 0 $34.08



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$30.00

$30.50

$31.00

$31.50

$32.00

$32.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







M I A M I L A K E S M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 143 3,768,138 798,211 21.2% (11,351) 1 5,000 0 0 $22.92

2010 4q 142 3,763,138 781,860 20.8% (713) 0 0 1 5,000 $23.95

2010 3q 142 3,763,138 781,147 20.8% 3,465 1 25,000 1 5,000 $24.09

2010 2q 141 3,738,138 759,612 20.3% 10,254 0 0 2 30,000 $24.30

2010 1q 141 3,738,138 769,866 20.6% 34,816 0 0 1 25,000 $24.33

2009 4q 141 3,738,138 804,682 21.5% 40,122 0 0 1 25,000 $24.02

2009 3q 141 3,738,138 844,804 22.6% (32,080) 1 11,628 1 25,000 $24.43

2009 2q 140 3,726,510 801,096 21.5% 412 2 10,678 2 36,628 $25.02

2009 1q 138 3,715,832 790,830 21.3% 7,889 5 114,300 4 47,306 $24.65

2008 4q 133 3,601,532 684,419 19.0% (71,527) 1 63,794 9 161,606 $25.56

2008 3q 132 3,537,738 549,098 15.5% (21,004) 1 41,064 9 200,400 $25.58

2008 2q 131 3,496,674 487,030 13.9% 50,587 2 31,586 10 241,464 $25.57

2008 1q 129 3,465,088 506,031 14.6% (13,220) 1 26,586 8 224,750 $27.36

2007 4q 128 3,438,502 466,225 13.6% (32,248) 0 0 5 163,030 $26.46

2007 3q 128 3,438,502 433,977 12.6% (127,038) 1 44,900 4 158,030 $23.66

2007 2q 127 3,393,602 262,039 7.7% (20,752) 0 0 3 112,550 $23.41



(0.100)

(0.050)

0.000

0.050

0.100

0.150

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.68

0.70

0.72

0.74

0.76

0.78

0.80

0.82

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 44 396,568 23,267 5.9% 0 0 0 0 0 $19.09

2010 4q 44 396,568 23,267 5.9% 24,946 0 0 0 0 $18.68

2010 3q 44 396,568 48,213 12.2% (4,982) 0 0 0 0 $19.09

2010 2q 44 396,568 43,231 10.9% (6,905) 0 0 0 0 $19.88

2010 1q 44 396,568 36,326 9.2% 2,057 0 0 0 0 $20.87

2009 4q 44 396,568 38,383 9.7% (15,060) 0 0 0 0 $20.87

2009 3q 44 396,568 23,323 5.9% (3,764) 0 0 0 0 $21.96

2009 2q 44 396,568 19,559 4.9% (14,459) 0 0 0 0 $19.21

2009 1q 44 396,568 5,100 1.3% 0 0 0 0 0 $18.25

2008 4q 44 396,568 5,100 1.3% 20,500 0 0 0 0 $18.25

2008 3q 44 396,568 25,600 6.5% 0 0 0 0 0 $18.25

2008 2q 44 396,568 25,600 6.5% 3,502 0 0 0 0 $18.25

2008 1q 44 396,568 29,102 7.3% 31,100 1 10,000 0 0 $18.25

2007 4q 43 386,568 50,202 13.0% (2,200) 0 0 1 10,000 $18.25

2007 3q 43 386,568 48,002 12.4% (4,702) 0 0 1 10,000 $18.25

2007 2q 43 386,568 43,300 11.2% 1,800 0 0 1 10,000 $18.25



(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$17.50

$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 397 8,765,214 1,363,844 15.6% 27,064 1 73,475 0 0 $25.04

2010 4q 396 8,691,739 1,317,433 15.2% 11,121 0 0 1 73,475 $25.97

2010 3q 396 8,691,739 1,328,554 15.3% 17,925 0 0 1 73,475 $25.52

2010 2q 396 8,691,739 1,346,479 15.5% 6,563 2 32,000 1 73,475 $25.32

2010 1q 394 8,659,739 1,321,042 15.3% 66,329 1 25,000 2 32,000 $25.45

2009 4q 393 8,634,739 1,362,371 15.8% 49,432 0 0 3 57,000 $25.29

2009 3q 393 8,634,739 1,411,803 16.4% (98,953) 2 19,564 3 57,000 $25.48

2009 2q 391 8,615,175 1,293,286 15.0% (5,336) 0 0 3 44,564 $26.05

2009 1q 391 8,615,175 1,287,950 14.9% (130,899) 1 34,363 2 19,564 $26.19

2008 4q 390 8,580,812 1,122,688 13.1% (89,475) 1 48,717 3 53,927 $26.75

2008 3q 389 8,532,095 984,496 11.5% 12,040 0 0 2 83,080 $26.09

2008 2q 389 8,532,095 996,536 11.7% (27,801) 1 67,000 2 83,080 $26.98

2008 1q 388 8,465,095 901,735 10.7% 84,786 2 92,494 2 101,363 $27.66

2007 4q 386 8,372,601 894,027 10.7% (11,106) 1 7,000 3 159,494 $27.20

2007 3q 385 8,365,601 875,921 10.5% (82,761) 2 61,237 4 166,494 $27.75

2007 2q 383 8,304,364 731,923 8.8% (82,422) 2 82,000 4 153,731 $27.79



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$24.40

$24.60

$24.80

$25.00

$25.20

$25.40

$25.60

$25.80

$26.00

$26.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.22

1.24

1.26

1.28

1.30

1.32

1.34

1.36

1.38

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







N O R T H E A S T D A D E M A R K E T






2010 4q 511 6,822,827 759,594 11.1% 54,827 0 0 0 0 $23.06

2010 3q 511 6,822,827 814,421 11.9% (11,161) 0 0 0 0 $22.57

2010 2q 511 6,822,827 803,260 11.8% 34,664 0 0 0 0 $22.64

2010 1q 511 6,822,827 837,924 12.3% 89,517 1 160,000 0 0 $22.68

2009 4q 510 6,662,827 767,441 11.5% (11,199) 0 0 1 160,000 $22.75

2009 3q 510 6,662,827 756,242 11.4% (11,784) 0 0 1 160,000 $22.91

2009 2q 510 6,662,827 744,458 11.2% (194,765) 0 0 1 160,000 $21.60

2009 1q 510 6,662,827 549,693 8.3% (66,092) 0 0 1 160,000 $22.42

2008 4q 510 6,662,827 483,601 7.3% (26,945) 0 0 1 160,000 $24.32

2008 3q 510 6,662,827 456,656 6.9% (7,615) 0 0 0 0 $24.02

2008 2q 510 6,662,827 449,041 6.7% (52,957) 0 0 0 0 $24.14

2008 1q 510 6,662,827 396,084 5.9% 114,955 2 64,343 0 0 $24.45

2007 4q 508 6,598,484 446,696 6.8% (209) 0 0 2 64,343 $23.67

2007 3q 508 6,598,484 446,487 6.8% (2,695) 0 0 2 64,343 $23.46

2007 2q 508 6,598,484 443,792 6.7% (85,928) 1 9,996 2 64,343 $23.25



(0.250)

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$21.40

$21.60

$21.80

$22.00

$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.66

0.68

0.70

0.72

0.74

0.76

0.78

0.80

0.82

0.84

0.86

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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






2010 4q 235 4,386,939 635,675 14.5% 18,338 0 0 0 0 $24.28

2010 3q 235 4,386,939 654,013 14.9% (104) 0 0 0 0 $23.84

2010 2q 235 4,386,939 653,909 14.9% (486) 0 0 0 0 $23.88

2010 1q 235 4,386,939 653,423 14.9% 19,015 0 0 0 0 $23.73

2009 4q 235 4,386,939 672,438 15.3% (19,668) 0 0 0 0 $23.76

2009 3q 235 4,386,939 652,770 14.9% 7,280 0 0 0 0 $23.55

2009 2q 235 4,386,939 660,050 15.0% (40,041) 1 12,000 0 0 $23.43

2009 1q 234 4,374,939 608,009 13.9% 6,509 1 40,500 1 12,000 $23.66

2008 4q 233 4,334,439 574,018 13.2% (29,402) 1 3,683 2 52,500 $23.79

2008 3q 232 4,330,756 540,933 12.5% (60,694) 0 0 3 56,183 $23.96

2008 2q 232 4,330,756 480,239 11.1% (8,754) 0 0 1 40,500 $24.10

2008 1q 232 4,330,756 471,485 10.9% (24,901) 0 0 1 40,500 $24.65

2007 4q 232 4,330,756 446,584 10.3% (2,359) 1 14,300 1 40,500 $24.81

2007 3q 231 4,316,456 429,925 10.0% (41,350) 0 0 2 54,800 $25.13

2007 2q 231 4,316,456 388,575 9.0% 78,173 1 80,489 1 14,300 $24.79



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$23.40

$23.50

$23.60

$23.70

$23.80

$23.90

$24.00

$24.10

$24.20

$24.30

$24.40

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.58

0.59

0.60

0.61

0.62

0.63

0.64

0.65

0.66

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 44 735,590 135,379 18.4% 8,569 0 0 0 0 $23.33

2010 4q 44 735,590 143,948 19.6% 15,678 0 0 0 0 $25.96

2010 3q 44 735,590 159,626 21.7% (2,609) 0 0 0 0 $26.19

2010 2q 44 735,590 157,017 21.3% (9,262) 0 0 0 0 $25.80

2010 1q 44 735,590 147,755 20.1% 3,468 0 0 0 0 $26.16

2009 4q 44 735,590 151,223 20.6% 10,848 0 0 0 0 $25.62

2009 3q 44 735,590 162,071 22.0% (7,783) 0 0 0 0 $25.58

2009 2q 44 735,590 154,288 21.0% 7,395 0 0 0 0 $27.13

2009 1q 44 735,590 161,683 22.0% (5,113) 0 0 0 0 $28.88

2008 4q 44 735,590 156,570 21.3% (13,673) 0 0 0 0 $32.24

2008 3q 44 735,590 142,897 19.4% 39,890 2 60,739 0 0 $32.29

2008 2q 42 674,851 122,048 18.1% 5,603 1 30,000 2 60,739 $30.99

2008 1q 41 644,851 97,651 15.1% (4,676) 0 0 3 90,739 $30.32

2007 4q 41 644,851 92,975 14.4% (703) 0 0 3 90,739 $32.31

2007 3q 41 644,851 92,272 14.3% 12,655 1 30,000 1 30,000 $31.69

2007 2q 40 614,851 74,927 12.2% 78,569 2 90,715 1 30,000 $31.83



(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050

0.060

0.070

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.12

0.13

0.13

0.14

0.14

0.15

0.15

0.16

0.16

0.17

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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






2010 4q 7 176,196 3,445 2.0% 2,700 0 0 0 0 $21.51

2010 3q 7 176,196 6,145 3.5% 0 0 0 0 0 $24.72

2010 2q 7 176,196 6,145 3.5% (5,000) 0 0 0 0 $24.72

2010 1q 7 176,196 1,145 0.6% 0 0 0 0 0 $0.00

2009 4q 7 176,196 1,145 0.6% (1,145) 0 0 0 0 $0.00

2009 3q 7 176,196 0 0.0% 0 0 0 0 0 $0.00

2009 2q 7 176,196 0 0.0% 500 0 0 0 0 $0.00

2009 1q 7 176,196 500 0.3% 0 0 0 0 0 $0.00

2008 4q 7 176,196 500 0.3% 0 0 0 0 0 $0.00

2008 3q 7 176,196 500 0.3% 28,978 1 28,978 0 0 $0.00

2008 2q 6 147,218 500 0.3% 0 0 0 1 28,978 $0.00

2008 1q 6 147,218 500 0.3% 26,500 1 26,500 1 28,978 $0.00

2007 4q 5 120,718 500 0.4% 286 0 0 2 55,478 $0.00

2007 3q 5 120,718 786 0.7% 109,500 1 109,000 2 55,478 $0.00

2007 2q 4 11,718 1,286 11.0% (786) 0 0 2 135,500 $0.00



(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020

0.025

0.030

0.035

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Perce

nt V

acant


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.01

0.01

0.01

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







P A L M B E A C H M A R K E T






2010 4q 147 2,944,309 326,197 11.1% (7,445) 0 0 0 0 $33.69

2010 3q 147 2,944,309 318,752 10.8% (3,116) 0 0 0 0 $34.13

2010 2q 147 2,944,309 315,636 10.7% 4,898 1 4,000 0 0 $32.63

2010 1q 146 2,940,309 316,534 10.8% 1,014 0 0 1 4,000 $34.20

2009 4q 146 2,940,309 317,548 10.8% 15 0 0 1 4,000 $35.22

2009 3q 146 2,940,309 317,563 10.8% 14,502 0 0 1 4,000 $39.83

2009 2q 146 2,940,309 332,065 11.3% (59,614) 0 0 0 0 $39.39

2009 1q 146 2,940,309 272,451 9.3% 55,598 0 0 0 0 $34.54

2008 4q 146 2,940,309 328,049 11.2% (15,029) 0 0 0 0 $35.54

2008 3q 146 2,940,309 313,020 10.6% (36,929) 0 0 0 0 $35.07

2008 2q 146 2,940,309 276,091 9.4% (39,428) 0 0 0 0 $34.61

2008 1q 146 2,940,309 236,663 8.0% 97,081 4 97,891 0 0 $32.84

2007 4q 142 2,842,418 235,853 8.3% 22,491 3 47,250 4 97,891 $32.36

2007 3q 139 2,795,168 211,094 7.6% 45,211 0 0 7 145,141 $32.34

2007 2q 139 2,795,168 256,305 9.2% 41,039 2 47,200 7 145,141 $32.02



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$31.50

$32.00

$32.50

$33.00

$33.50

$34.00

$34.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.26

0.27

0.28

0.29

0.30

0.31

0.32

0.33

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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






2010 4q 124 976,756 65,994 6.8% (7,924) 0 0 0 0 $20.38

2010 3q 124 976,756 58,070 5.9% (3,676) 0 0 0 0 $21.03

2010 2q 124 976,756 54,394 5.6% 16,190 0 0 0 0 $22.11

2010 1q 124 976,756 70,584 7.2% (6,250) 0 0 0 0 $22.23

2009 4q 124 976,756 64,334 6.6% 23,525 0 0 0 0 $22.29

2009 3q 124 976,756 87,859 9.0% (10,071) 0 0 0 0 $23.59

2009 2q 124 976,756 77,788 8.0% (10,066) 0 0 0 0 $23.60

2009 1q 124 976,756 67,722 6.9% (10,772) 0 0 0 0 $23.98

2008 4q 124 976,756 56,950 5.8% (1,158) 0 0 0 0 $24.22

2008 3q 124 976,756 55,792 5.7% 38,494 1 21,433 0 0 $24.57

2008 2q 123 955,323 72,853 7.6% 9,339 0 0 1 21,433 $20.70

2008 1q 123 955,323 82,192 8.6% (9,613) 0 0 1 21,433 $19.78

2007 4q 123 955,323 72,579 7.6% (13,701) 0 0 1 21,433 $21.42

2007 3q 123 955,323 58,878 6.2% 2,119 0 0 1 21,433 $20.52

2007 2q 123 955,323 60,997 6.4% (15,991) 0 0 1 21,433 $20.12



(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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

acant


$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







P L A N T A T I O N M A R K E T






2010 4q 354 8,419,310 916,948 10.9% 4,527 0 0 0 0 $24.06

2010 3q 354 8,419,310 921,475 10.9% 52,494 0 0 0 0 $23.16

2010 2q 354 8,419,310 973,969 11.6% 21,559 0 0 0 0 $23.24

2010 1q 354 8,419,310 995,528 11.8% 7,994 0 0 0 0 $23.56

2009 4q 354 8,419,310 1,003,522 11.9% 34,279 0 0 0 0 $22.98

2009 3q 354 8,419,310 1,037,801 12.3% (106,029) 2 36,804 0 0 $23.93

2009 2q 352 8,382,506 894,968 10.7% (10,760) 0 0 2 36,804 $24.70

2009 1q 352 8,382,506 884,208 10.5% 19,350 3 57,456 2 36,804 $24.93

2008 4q 349 8,325,050 846,102 10.2% 120,177 2 97,919 5 94,260 $26.51

2008 3q 347 8,227,131 868,360 10.6% (145,574) 4 72,998 5 155,375 $26.94

2008 2q 343 8,154,133 649,788 8.0% 54,615 2 32,780 8 224,221 $27.31

2008 1q 341 8,121,353 671,623 8.3% (28,796) 1 10,449 8 203,697 $26.69

2007 4q 340 8,110,904 632,378 7.8% 121,393 2 267,263 8 206,227 $26.14

2007 3q 338 7,843,641 486,508 6.2% (90,786) 0 0 8 349,790 $26.29

2007 2q 338 7,843,641 395,722 5.0% 56,058 0 0 3 277,712 $26.95



(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.75

0.80

0.85

0.90

0.95

1.00

1.05

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







P O M P A N O B E A C H M A R K E T






2010 4q 467 6,827,657 968,977 14.2% 55,399 0 0 0 0 $20.63

2010 3q 467 6,827,657 1,024,376 15.0% 5,167 0 0 0 0 $20.39

2010 2q 467 6,827,657 1,029,543 15.1% 61,137 0 0 0 0 $20.35

2010 1q 467 6,827,657 1,090,680 16.0% 60,246 0 0 0 0 $20.42

2009 4q 467 6,827,657 1,150,926 16.9% (49,418) 0 0 0 0 $20.71

2009 3q 467 6,827,657 1,101,508 16.1% (119,450) 0 0 0 0 $20.88

2009 2q 467 6,827,657 982,058 14.4% (125,217) 2 50,432 0 0 $20.93

2009 1q 465 6,777,225 806,409 11.9% (74,594) 0 0 2 50,432 $21.21

2008 4q 465 6,777,225 731,815 10.8% 10,808 1 30,000 2 50,432 $21.65

2008 3q 464 6,747,225 712,623 10.6% 4,941 1 30,175 2 57,002 $22.19

2008 2q 463 6,717,050 687,389 10.2% 45,392 2 76,150 3 87,177 $23.49

2008 1q 461 6,640,900 656,631 9.9% (25,675) 1 6,000 5 163,327 $23.78

2007 4q 460 6,634,900 624,956 9.4% (45,729) 0 0 5 139,327 $22.41

2007 3q 460 6,634,900 579,227 8.7% (65,249) 1 11,616 4 109,152 $22.02

2007 2q 459 6,623,284 502,362 7.6% 19,402 11 108,881 3 70,344 $21.48



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$20.10

$20.20

$20.30

$20.40

$20.50

$20.60

$20.70

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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






2010 4q 66 1,430,056 305,536 21.4% 1,655 0 0 0 0 $27.27

2010 3q 66 1,430,056 307,191 21.5% 41,886 0 0 0 0 $26.11

2010 2q 66 1,430,056 349,077 24.4% (32,328) 0 0 0 0 $26.98

2010 1q 66 1,430,056 316,749 22.1% 36,684 1 40,000 0 0 $27.79

2009 4q 65 1,390,056 313,433 22.5% (6,631) 0 0 1 40,000 $28.02

2009 3q 65 1,390,056 306,802 22.1% (3,064) 0 0 1 40,000 $25.72

2009 2q 65 1,390,056 303,738 21.9% 951 2 57,500 1 40,000 $25.88

2009 1q 63 1,332,556 247,189 18.5% 154,738 1 35,000 3 97,500 $26.10

2008 4q 62 1,297,556 366,927 28.3% 27,117 1 32,000 4 132,500 $26.34

2008 3q 61 1,265,556 362,044 28.6% (38,506) 2 48,984 4 124,500 $26.18

2008 2q 59 1,216,572 274,554 22.6% (14,908) 1 22,000 5 165,984 $26.31

2008 1q 58 1,194,572 237,646 19.9% 32,432 1 28,250 4 120,984 $26.15

2007 4q 57 1,166,322 241,828 20.7% (80,069) 0 0 4 99,234 $27.28

2007 3q 57 1,166,322 161,759 13.9% 69,864 3 140,552 1 28,250 $28.93

2007 2q 54 1,025,770 91,071 8.9% (7,969) 0 0 4 168,802 $30.07



(0.050)

0.000

0.050

0.100

0.150

0.200

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Perce

nt V

acant


$25.00

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.27

0.28

0.29

0.30

0.31

0.32

0.33

0.34

0.35

0.36

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







S A W G R A S S P A R K M A R K E T






2010 4q 75 3,838,784 577,388 15.0% (24,129) 0 0 0 0 $26.22

2010 3q 75 3,838,784 553,259 14.4% 49,814 0 0 0 0 $25.00

2010 2q 75 3,838,784 603,073 15.7% 66,050 0 0 0 0 $25.41

2010 1q 75 3,838,784 669,123 17.4% 45,128 0 0 0 0 $26.25

2009 4q 75 3,838,784 714,251 18.6% (117,863) 0 0 0 0 $26.38

2009 3q 75 3,838,784 596,388 15.5% 7,364 0 0 0 0 $26.18

2009 2q 75 3,838,784 603,752 15.7% (26,152) 0 0 0 0 $25.34

2009 1q 75 3,838,784 577,600 15.0% (16,565) 0 0 0 0 $26.37

2008 4q 75 3,838,784 561,035 14.6% 133,826 1 92,362 0 0 $27.48

2008 3q 74 3,746,422 602,499 16.1% 21,975 1 64,241 1 92,362 $27.90

2008 2q 73 3,682,181 560,233 15.2% (7,345) 1 128,470 2 156,603 $27.64

2008 1q 72 3,553,711 424,418 11.9% (21,447) 2 12,896 3 285,073 $27.07

2007 4q 70 3,540,815 390,075 11.0% (56,551) 0 0 5 297,969 $26.35

2007 3q 70 3,540,815 333,524 9.4% (72,676) 0 0 3 77,137 $26.22

2007 2q 70 3,540,815 260,848 7.4% 58,459 1 5,896 2 12,896 $25.35



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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

acant


$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







S O U T H D A D E M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 278 3,148,458 301,329 9.6% (12,223) 0 0 2 18,480 $22.82

2010 4q 278 3,148,458 289,106 9.2% 6,557 0 0 0 0 $23.57

2010 3q 278 3,148,458 295,663 9.4% 18,899 0 0 0 0 $23.48

2010 2q 278 3,148,458 314,562 10.0% 40,175 0 0 0 0 $24.27

2010 1q 278 3,148,458 354,737 11.3% (44,259) 0 0 0 0 $23.46

2009 4q 278 3,148,458 310,478 9.9% 11,505 0 0 0 0 $24.16

2009 3q 278 3,148,458 321,983 10.2% (43,389) 2 6,500 0 0 $25.15

2009 2q 276 3,141,958 272,094 8.7% (40,088) 0 0 2 6,500 $25.44

2009 1q 276 3,141,958 232,006 7.4% 16,581 0 0 2 6,500 $25.86

2008 4q 276 3,141,958 248,587 7.9% 118,547 1 10,000 2 6,500 $26.30

2008 3q 275 3,131,958 357,134 11.4% 66,812 1 27,600 3 16,500 $26.77

2008 2q 274 3,104,358 396,346 12.8% (1,232) 0 0 2 37,600 $28.76

2008 1q 274 3,104,358 395,114 12.7% (25,199) 2 41,750 2 37,600 $29.00

2007 4q 272 3,062,608 328,165 10.7% (21,857) 2 71,000 3 69,350 $27.42

2007 3q 270 2,991,608 235,308 7.9% (2,075) 0 0 4 112,750 $27.44

2007 2q 270 2,991,608 233,233 7.8% 123,403 4 81,279 4 112,750 $27.88



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

0.140

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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






2010 4q 314 7,235,914 884,489 12.2% 5,721 0 0 0 0 $26.87

2010 3q 314 7,235,914 890,210 12.3% 55,469 0 0 0 0 $27.42

2010 2q 314 7,235,914 945,679 13.1% (129,354) 0 0 0 0 $27.30

2010 1q 314 7,235,914 816,325 11.3% 59,139 0 0 0 0 $27.30

2009 4q 314 7,235,914 875,464 12.1% 47,024 1 69,554 0 0 $27.93

2009 3q 313 7,166,360 852,934 11.9% 17,375 1 29,000 1 69,554 $28.90

2009 2q 312 7,137,360 841,309 11.8% (85,750) 0 0 2 98,554 $29.53

2009 1q 312 7,137,360 755,559 10.6% 165,477 2 117,337 2 98,554 $29.73

2008 4q 310 7,020,023 803,699 11.4% (3,144) 3 67,736 3 146,337 $30.92

2008 3q 307 6,952,287 732,819 10.5% 90,467 3 178,118 6 214,073 $31.23

2008 2q 304 6,774,169 645,168 9.5% 75,444 1 76,238 8 363,191 $31.10

2008 1q 303 6,697,931 644,374 9.6% 55,860 5 63,731 8 426,429 $30.87

2007 4q 298 6,634,200 636,503 9.6% 95,894 2 76,000 10 422,424 $31.00

2007 3q 296 6,558,200 656,397 10.0% (132,203) 1 11,452 9 275,969 $30.17

2007 2q 295 6,546,748 512,742 7.8% 72,267 5 94,526 9 227,421 $29.93



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$26.60

$26.70

$26.80

$26.90

$27.00

$27.10

$27.20

$27.30

$27.40

$27.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.70

0.75

0.80

0.85

0.90

0.95

1.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







W E S T M I A M I M A R K E T






2010 4q 353 3,608,028 96,725 2.7% 5,896 0 0 0 0 $22.97

2010 3q 353 3,608,028 102,621 2.8% (4,454) 0 0 0 0 $25.23

2010 2q 353 3,608,028 98,167 2.7% 16,234 0 0 0 0 $25.66

2010 1q 353 3,608,028 114,401 3.2% 34,686 0 0 0 0 $25.87

2009 4q 353 3,608,028 149,087 4.1% (29,284) 0 0 0 0 $26.04

2009 3q 353 3,608,028 119,803 3.3% 8,729 2 35,875 0 0 $26.13

2009 2q 351 3,572,153 92,657 2.6% 9,195 0 0 2 35,875 $26.21

2009 1q 351 3,572,153 101,852 2.9% 55,028 1 46,118 2 35,875 $26.98

2008 4q 350 3,526,035 110,762 3.1% (3,911) 0 0 3 81,993 $26.76

2008 3q 351 3,527,346 108,162 3.1% (54,995) 0 0 1 46,118 $26.10

2008 2q 351 3,527,346 53,167 1.5% (4,688) 1 7,457 1 46,118 $25.95

2008 1q 350 3,519,889 41,022 1.2% 45,382 1 36,649 2 53,575 $25.39

2007 4q 349 3,483,240 49,755 1.4% 3,356 0 0 3 90,224 $25.11

2007 3q 349 3,483,240 53,111 1.5% (588) 0 0 3 90,224 $23.93

2007 2q 349 3,483,240 52,523 1.5% 1,500 0 0 2 82,767 $20.28



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

Perce

nt V

acant


$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







W E S T P A L M B E A C H M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 787 12,938,259 2,197,345 17.0% 84,279 0 0 0 0 $26.29

2010 4q 787 12,938,259 2,281,624 17.6% 19,246 1 8,937 0 0 $26.93

2010 3q 786 12,929,322 2,291,933 17.7% (104,037) 0 0 1 8,937 $26.87

2010 2q 786 12,929,322 2,187,896 16.9% 24,925 0 0 1 8,937 $27.52

2010 1q 786 12,929,322 2,212,821 17.1% 53,498 0 0 0 0 $27.25

2009 4q 786 12,929,322 2,266,319 17.5% (100,793) 0 0 0 0 $27.66

2009 3q 786 12,929,322 2,165,526 16.7% (275,296) 0 0 0 0 $27.24

2009 2q 786 12,929,322 1,890,230 14.6% 340,299 1 300,000 0 0 $27.79

2009 1q 785 12,629,322 1,930,529 15.3% (4,296) 1 8,000 1 300,000 $28.66

2008 4q 784 12,621,322 1,918,233 15.2% (100,405) 2 6,840 2 308,000 $28.68

2008 3q 782 12,614,482 1,810,988 14.4% (85,823) 1 100,526 4 314,840 $29.01

2008 2q 781 12,513,956 1,624,639 13.0% 134,433 2 291,890 5 415,366 $29.22

2008 1q 779 12,222,066 1,467,182 12.0% (112,467) 4 100,325 5 696,616 $30.12

2007 4q 775 12,121,741 1,254,390 10.3% (43,845) 0 0 8 792,741 $30.67

2007 3q 775 12,121,741 1,210,545 10.0% (85,134) 1 30,091 7 492,741 $30.71

2007 2q 774 12,091,650 1,095,320 9.1% (12,640) 2 96,385 7 518,559 $30.48



(0.400)

(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

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

acant


$25.60

$25.80

$26.00

$26.20

$26.40

$26.60

$26.80

$27.00

$27.20

$27.40

$27.60

$27.80

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.95

2.00

2.05

2.10

2.15

2.20

2.25

2.30

2.35

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF

costar office report€¦ · south florida office market first quarter 2011 the costar office...

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