RESEARCH & FORECAST REPORT

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1 Q OFFICE ALAMEDA COUNTY, CALIFORNIA RESEARCH & FORECAST REPORT Office Market Review 2,080,000 SQUARE FEET MARKET INDICATORS Q1-14 NET CONSTRUCTION RENTAL SELECTED MARKET STATS Projected Q2-14 2,080,000 square feet represents potential negative absorption that the Tri-Valley office market may endure in the coming months. 141,000 square feet of Class B office came back to the market this quarter as David Duffield s animal rescue charity, Maddie s Fund, scrapped plans to occupy 4280 Hacienda Drive in Pleasanton. This vacant property is already on the radar of current tenants and users in the market. 180,931 square feet will be added this summer when Ross Stores lease expires at California Center. They have already largely moved into their campus at the former Emerald Point in Dublin now dubbed Ross Stores Inc. AT&T s sale of their regional headquarters in San Ramon in the fourth quarter of (1,800,000 square feet) to Sunset Development Company/MetLife, will entail them giving back a rumored 1,000,000 square feet in the coming months in their transition from user to tenant. Bishop Ranch will ultimately put this give-back space on the market targeting tenants of 250,000 square feet or more. The balance of the proposed 2,080,000 square feet of near term negative absorption is speculative and would be derived from the sale of Safeway to Cerberus and the exit of their headquarters function from the market. Safeway occupies approximately 760,000 square feet in the Pleasanton, Stoneridge Mall submarket. They own approximately 600,000 square feet of their real estate. That said, as we speculate on their future in the Tri-Valley, rumor has Safeway looking to lease 70,000 square feet in Livermore to house an IT division relocating from Walnut Creek (estimated at 30,000 square feet) and a mock Safeway store rumored to be 40,000 square feet. > Tri-Valley office market vacancy rose from 11.8 percent in the fourth quarter to 12.8 percent currently. > Overall net absorption was negative 299,353 square feet > Market weighted average asking rates rose to $1.97 per square foot full service from $1.92 per square foot full service three months prior. TRI-VALLEY CLASS A HISTORICAL AND AVERAGE ASKING S 16% 14% 12% 10% $2.50 $2.40 $2.30 $2.20 Market weighted average asking rents up-ticked to $1.97 up $0.04 from the previous quarter and up $0.17 from the first quarter. No significant rent growth is expected until we see the current large users in the market land in the second quarter or later this year. > Current Unemployment Rates as of January 2014 * > California: 8.5 percent Alameda County: 6.7 percent *SOURCE: CALIFORNIA EMPLOYMENT DEVELOPMENT DEPARTMENT 8% 6% 4% Vacancy Rate 2014 Asking Rate $2.10 $2.00 $1.90

2 20 miles to Walnut Creek The Tri-Valley Office Market kicked off 2014 in unremarkable fashion except for the speculative details of Safeway s potential sale and water cooler banter on the pending sale of California Center. The one million square foot Class A campus is rumored to be in escrow with Swift Realty Partners as the buyer at a rumored price range of $155 to $160 per square foot. California Center is currently 67 percent vacant and on its way to 85 percent vacancy when Ross Stores vacates 180,931 square feet this summer. 40 miles to San Francisco 30 miles to San Jose Overall market vacancy of all classes of office space was at 12.8 percent, up one full percentage point from the fourth quarter. Net absorption for the quarter was negative 299,353 square feet, nearly half of which is accounted for in the return of 4280 Hacienda Drive (141,000 square foot, Maddie s Fund ) to the market. Despite this, market weighted average asking rents up-ticked $0.04 to $1.97 per square foot full service from the previous quarter and up $0.17 from the first quarter. With anticipated large blocks of space coming on line in the future, the market will also need outside help from migration of users from other markets.. The first quarter of the 2014 campaign saw overall market weighted average asking rents move up to $2.10 per square foot full service from $2.03 in the fourth quarter of. Class A weighted average asking rents rose from $2.27 to $2.39 per square foot full service in the same time period largely due to newly reflected asking rents of $2.45 at California Center, which increased rents from $2.30 the previous quarter. Class A vacancy stands at 16.1 percent with negative absorption for the quarter at 10,749 square feet. If the 675,807 square feet of vacancy at California Center is removed from the equation, the Pleasanton Class A market vacancy would be 4.57 percent. Class B weighted average asking rents edged up $0.05 despite negative absorption of 140,507 square feet resulting from the new availability of the Maddie s Fund building. Class B vacancy is up nearly five points from the previous quarter due to the new vacancy of 15.7 percent. If you remove the three largest vacant Class B office buildings from the vacancy (4280 Hacienda Drive: 141,000 square feet; 5959 West Las Positas Boulevard: 30,000 square feet; 5100 Franklin Drive: 64,760 square feet) Class B office vacancy would drop to 7.4 percent. The Office/Flex sector saw positive absorption of 7,939 square feet with weighted average asking rents (adjusted to full service) up $0.04 from the previous quarter to $1.73. Office/Flex vacancy remained unchanged from the previous quarter at 16.3 percent. CLASS A HISTORICAL AND AVERAGE ASKING S 20% 18% 16% 14% $2.50 $2.40 $2.30 $2.20 Class A vacancy stands at 16.1 percent with negative absorption for the quarter at 10,749 square feet. If the 675,807 square feet of vacancy at California Center is removed from the equation, the Pleasanton Class A market vacancy would be 4.57 percent. 12% $ % $2.00 8% 2014 $1.90 Vacancy Rate Asking Rate Leasing this quarter was highlighted by Morgan Stanley s relocation from Stoneridge Corporate Plaza into a new 20,655 square foot lease at Hacienda Terrace (4309 Hacienda Drive). BlackBerry, LTD, a new tenant to the market, leased 20,330 square feet in Bernal Corporate Park at BCP I. Veeva Systems took short term expansion space at Park Plaza (4695 Chabot Drive) at 6,800 square feet. They seem poised to approach their projected expansion needs in the coming months. Concurrently, Workday Inc. P. 2 COLLIERS INTERNATIONAL -

3 has plans to expand as the company continues to grow in Pleasanton. They plan to build a six-story 430,000 square foot office building on 6.9 acres adjacent to the most recent West Dublin BART station. This development also includes two parking garages, one to be adjacent to Stoneridge Corporate Plaza, where Workday currently houses the majority of their employees. By the end of, their employment growth expanded to more than 2,300 worldwide; approximately 800 of those workers joined in. On the investment front, the first quarter of 2014 saw San Ramon Regional Medical Center and John Muir Health acquire 5860 Owens Drive (92,738 square feet), a four story, Class A office building that will be converted to an out-patient medical facility. They purchased the building from California State Compensation Fund for $19,000,000 or $ per square foot. Plans for the medical conversion likely include construction of a parking structure on the site. The expected sale of California Center to Swift Realty Partners will be the second quarter big news should this deal consummate. Large tenant activity seemed at pause pending a new buyer surfacing for California Center. Ellie Mae is in the market for 100,000 square feet with a May 2015 start date. They currently occupy about 65,000 square feet in two different buildings and seem focused to consolidate and expand elsewhere. California Tissue Donor Network (CTDN) is in the market relocating from the 880 Corridor looking for 30,000 to 35,000 square feet of office and nearby R&D space of approximately 15,000 square feet within a ten mile radius of the office locale. Silicon Valley Bank seems to be on hold in their Tri-Valley search for 30,000 plus square feet. Livermore s office and office/flex market continue to be challenged by double-digit vacancy rates and, despite lower rental rates, lack of Class A product. Specifically, vacancy rates for Class B office and office/flex increased from 16.7 percent to 18.4 percent between the fourth quarter of and the first quarter of Absorption was a negative 48,505 square feet. Office users in the greater Tri-Valley market continue to seek preferred space in the Dublin/Pleasanton areas near a BART station, or in Bishop Ranch, where they have the ability to easily takedown more space as they grow as the economy recovers. Who can blame the owners at Sunset Business Park in Livermore for converting Class B garden-variety singlestory office to residential? In summary, we need to see more migration from the Silicon Valley, San Francisco and Oakland office markets into the Pleasanton, Dublin and San Ramon markets in order to motivate more office and office/flex users further east into Livermore Valley. Class A weighted average asking rents dropped to $2.38 per square foot full service from $2.42 in the fourth quarter. Absorption on the quarter was at negative 70,999 square feet due to Micro Dental giving back 24,810 square feet at Hites Plaza (5601 Arnold Road). This building s vacancy has an asking rate attached to it of $2.15 full service. Additionally, Oracle released their last floor plate at Dublin Corporate Plaza to the market for sublease though its ultimate availability has been widely known. This third floor sublease of 34,688 square feet completes Oracle s total offered square footage at 108,000 square feet. Those vacancies caused Dublin Class A vacancy to jump to 14.5 percent versus 9.7 percent in the fourth quarter of. Class B weighted average asking rents and vacancy remained largely unchanged with rents at $1.59 full service and vacancy at 33.5 percent. Absorption for the quarter registered positive 797 square feet. Office Flex weighted average asking rents jumped to $1.62 (adjusted to full service) from $1.46 in the fourth quarter. Absorption on the quarter was 3,295 square feet. Vacancy in the sector is at 11.4 percent down from 15.4 percent one year ago. In this one year period, vacancy at Sierra Trinity Business Park in Dublin (224,663 square feet of office/flex owned by IndCor Properties) dropped by 50 percent where overall vacancy went from 18.0 percent to 9.3 percent. SIGNIFICANT DEALS SALE ACTIVITY PROPERTY ADDRESS SALE DATE SQUARE FEET BUYER TYPE 5860 Owens Drive Jan-14 92,738 San Ramon Reg Medical Center/John Muir Health Class A LEASE ACTIVITY PROPERTY ADDRESS LEASE DATE SQUARE FEET TENANT TYPE 4120 Dublin Boulevard Feb-14 37,623 Fluor Engineering* Class A 4309 Hacienda Drive Feb-14 20,655 Morgan Stanley Class A 4160 Dublin Boulevard Jan-14 9,559 Foster Farms Class A 4695 Chabot Drive Feb-14 6,800 Veeva Systems Class B 6678 Owens Drive Jan-14 6,575 S.R. Smith LLC* Office/Flex 4780 Chabot Drive Mar-14 6,192 Byers Engineering Company Class B 5050 Hopyard Road Feb-14 6,180 Leapforce Inc Class A *Renewal COLLIERS INTERNATIONAL - P. 3

4 MARKET COMPARISONS OFFICE MARKET TYPE BLDGS TOTAL INVENTORY DIRECT VACANT DIRECT SUBLEASE VACANT SUBLEASE TOTAL VACANT QUARTER PRIOR QUARTER OCCUPIED SPACE NET QTR NET YTD GROSS YTD COMPLETIONS QTR UNDER CONST WEIGHTED AVG ASKING RENTAL FSG A 9 1,488, , % 108, % 215, % 9.7% 1,272,724 (70,999) (70,999) 9, $2.38 B , , % 136, % 33.6% 272, , $1.59 Flex ,016 98, % - 0.0% 98, % 11.8% 770,051 3,295 3,295 3, $1.62 Total 48 2,766, , % 108, % 451, % 13.9% 2,315,321 (66,907) (66,907) 21, $1.84 B , , % - 0.0% 226, % 27.1% 607,793 (11,230) (11,230) 13, $1.38 Flex 70 2,043, , % - 0.0% 302, % 13.0% 1,740,393 (37,275) (37,275) 3, $1.41 Total 93 2,877, , % - 0.0% 528, % 16.7% 2,348,186 (48,505) (48,505) 17, $1.40 A 49 6,373, , % 55, % 1,023, % 16.4% 5,350,484 (10,749) (10,749) 66, $2.39 B 69 2,848, , % 5, % 448, % 10.9% 2,400,046 (140,507) (140,507) 32, $1.96 Flex 97 3,502, , % - 0.0% 570, % 16.3% 2,932,071 7,939 7,939 12, $1.73 Total ,724,161 1,980, % 61, % 2,041, % 15.1% 10,682,601 (143,317) (143,317) 111, $2.10 A 31 7,664, , % 3, % 325, % 4.5% 7,338,618 11,272 11,272 29, $2.48 B 26 1,011,228 68, % 4, % 73, % 7.5% 937,829 4,768 4,768 15, $1.82 Flex 9 705, , % - 0.0% 134, % 11.0% 571,618 (56,664) (56,664) $1.42 Total 66 9,380, , % 7, % 532, % 5.3% 8,848,065 (40,624) (40,624) 45, $2.12 MARKET TOTAL A 89 15,526,039 1,396, % 167, % 1,564, % 9.8% 13,961,826 (70,476) (70,476) 106, $2.41 B 133 5,102, , % 10, % 884, % 14.5% 4,218,214 (146,172) (146,172) 70, $1.74 Flex 200 7,119,945 1,105, % - 0.0% 1,105, % 14.3% 6,014,133 (82,705) (82,705) 19, $1.59 Total ,748,942 3,376, % 178, % 3,554, % 11.8% 24,194,173 (299,353) (299,353) 196, $1.97 QUARTERLY COMPARISON AND TOTALS Q ,748,942 3,376, % 178, % 3,554, % 11.8% 24,194,173 (299,353) (299,353) 196, $1.97 Q ,503,121 3,084, % 170, % 3,255, % 10.5% 24,247,705 (287,024) (153,649) 1,340, $1.92 Q ,421,359 2,691, % 195, % 2,886, % 10.7% 24,534,729 40, ,375 1,038, $1.87 Q ,421,359 2,732, % 195, % 2,927, % 10.9% 24,494,032 74,563 92, , $1.83 Q ,421,359 2,819, % 182, % 3,001, % 11.0% 24,419,469 18,115 18, , $1.80 *Note: The weighted average asking rates for office/flex is converted to a full service equivalent BRITANNIA BUSINESS CENTER II 141,000 square feet of Class B office came back to the market this quarter as David Duffield s animal rescue charity, Maddie s Fund, scrapped plans to occupy 4280 Hacienda Drive, Pleasanton. P. 4 COLLIERS INTERNATIONAL -

5 Class A weighted average asking rents down-ticked slightly from the previous quarter from $2.53 to $2.48 per square foot full service. The down-tick in the weighted rents is not a result of any weakness in demand for the sector; it is a reflection of the scarcity of available Class A space at the higher rent projects. The weighted Class A asking rents were at $2.22 per square foot full service one year prior. Positive absorption of 11,272 square feet left Class A vacancy at 4.2 percent - a thirteen year low for that Class A San Ramon since first quarter Class B weighted average asking rents rose to $1.82 per square foot full service up year over year from $1.74 in the first quarter of. Vacancy in Class B stands at 7.3 percent in this 1,011,228 square foot market sector. San Ramon Office Flex, a small market of 705,668 square feet, has weighted average asking rents adjusted to full service at $1.42 per square foot, down from $1.45 in the fourth quarter of. Vacancy climbed to 19 percent from 11 percent the previous quarter due to more space coming on line at Norris Tech Center (193,658 square foot office flex campus). This campus was purchased by Cannae Partners and New York Life in the fourth quarter of. Five9 Inc. (newly public FIVN) continues to expand in Bishop Ranch 8 (4000 Executive Parkway) taking down an additional 5,510 square feet putting their total footprint at 67,958 square feet in the project. Canyon Commons Corporate Plaza (3130 Crow Canyon Place: 79,147 square foot Class B office) was acquired by Madison-OFC Canyon Commons CA, LLC (New York Life). Canyon Commons, LLC was the seller at $13,900,000 or $ per square foot. That project may be losing their biggest tenant, Bank of Commerce, as evidenced by their suite hitting the market as available (Suite 300, 20,165 square feet). Canyon View Office Park on Ryan Industrial Court, saw its last Tenant, Planned Parenthood Shasta-Diablo, exit the building in the quarter (42,050 square feet of two Class B office buildings) as it prepares to be razed for residential development this summer. LOOKING FORWARD Tri-Valley rents have stabilized. Class A and Class B multi-tenant projects that cater to tenants 1,000 to 25,000 square feet are healthy. Asking contract rates are being held in negotiations and free rent is disappearing as these landlords are enjoying the upper hand. The multi-tenant Class A assets have driven rent in this market over the last twenty-four months with Class B projects joining the push in the second half of and continuing that trend this quarter. Rent growth will be hampered by large blocks of space that will remain vacant in both office classes. No significant rent growth is expected until we see the current large users in the market land in the second quarter or later this year (Ellie Mae (100,000 square feet) / Silicon Valley Bank (30,000 square feet) / Veeva Systems (80,000 plus square feet) / California Tissue Donor Network (35,000 square feet)). With anticipated large blocks of space coming on line in the future, the market will also need outside help from migration of users from other markets. 485 offices in 63 countries on 6 continents United States: 146 Canada: 44 Latin America: 25 Asia Pacific: 186 EMEA: 84 > $2.1 billion in annual revenue > $1.46 billion square feet under management > Over 15,800 professionals OFFICE: 3825 Hopyard Rd. Suite 195 Pleasanton, CA United States TEL FAX MANAGING PARTNER Marshall Snover TEL marshall.snover@colliers.com CA License No RESEARCHER: Lisa Kohler TEL lisa.kohler@colliers.com CONTRIBUTING AUTHOR Jason Chandler, VP TEL jason.chandler@colliers.com CA License No CONTRIBUTING AUTHOR (Livermore) Mark Triska, SIOR, SVP TEL mark.triska@colliers.com CA License No This report and other research materials may be found on our website at This quarterly report is a research document of Colliers International - Pleasanton, CA. Questions related to information herein should be directed to the Research Department at Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof Colliers International. Accelerating success. COLLIERS INTERNATIONAL - - STOCKTON P. 5

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