101 E Washington Street, Ste 400 Greenville, SC Q 18. Market Report

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1 101 E Washington Street, Ste 400 Greenville, SC Q 18 Market Report

2 GREENVILLE/SPARTANBURG 2Q18 OFFICE REPORT * MARKET SUMMARY The Greenville Spartanburg Office market remained fairly steady at the end of the second quarter of Vacancy rates remained at 7.7% throughout the entire Upstate market. The trend of little to no change in vacancy has persisted since the end of the second quarter of The Greenville CBD vacancy rate is 9.6% and increased 0.2% from the first quarter of The suburban market vacancy rates declined 0.1% to 7.3% this quarter. Overall, we have seen very small incremental changes over the last year. The rental rates for the Greenville Spartanburg market have increased slightly across all classes to $17.70 per square foot. This is a 1.5% increase in quoted rental rates from last quarter. Greenville CBD Class A office space is trending at $26.24 per square foot. The Upstate market has 155,244 square feet of office space under construction at the close of the second quarter with one building (4,954 square feet) delivered this quarter. The largest projects under construction are 1068 Holland Rd, a 115,737 square foot flex building, 5 Stevens, a 60,000 square foot medical office building, and 615 Congaree Road, a 26,567 square foot building. MARKET OUTLOOK The office market in the Greenville Spartanburg area continues to hold steady in vacancy rates, with small increases in rental rates across all classes. The office market has seen a decline in overall sales volume in 2018 compared to the first two quarters of 2017, and cap rates have declined slightly. We have low sales inventory in the Greenville CBD with the focus on renovating existing buildings to attract office users. Continued growth across the Upstate in all sectors trends favorably for the office market. MARKET INDICATORS 7.7% VACANCY RATE 1 : 4,954 SF NUMBER OF BUILDINGS DELIVERED (13,665) SF NET ABSORPTION $17.70 AVERAGE GROSS RENTAL RATE ($/SF/Yr) *Office Report data is reflective of Greenville & Spartanburg Counties only Shannon Caldwell Office Division Broker scaldwell@naief.com NOTABLE TRANSACTIONS 1068 Holland Rd Mauldin, SC 535 N. Pleasantburg Dr Greenville, SC 105 N Spring St Greenville, SC NAI Earle Furman leased 115,737 SF of flex space at 1068 Holland Road in Mauldin. The property initially consisted of 53,470 SF and is being expanded by 62,267 SF. The team of John Gray and Drew Stamm represented the tenant, Jackson Marketing. (Pictured above) NAI Earle Furman leased 43,805 SF of office space at 535 N. Pleasanturg Drive. The team of John Gray and Drew Stamm represented the tenant, OBHG Management Service. NAI Earle Furman leased 6,939 SF at 105 North Spring Street. The team of Keith Jones and McNeill Epps represented the tenant, First Community Bank.

3 Office Report Greenville/Spartanburg, SC Submarket Review 2Q2018 $18.00 Greenville/Spartanburg Vacancy & Rental Rates 12.00% $ % $17.00 $16.50 $16.00 $ % 6.00% 4.00% $ % $ Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 0.00% Vacancy Asking Rent (Gross) *Greenville & Spartanburg Counties only Greenville/Spartanburg Submarkets Submarket # of Buildings Total RBA (SF) Vacant (%) Total Net Absorption (SF) Total Avg Rate Greenville CBD Class A 19 2,331, (4,569) $26.24 Class B 56 2,281, (10,809) $23.87 All Classes 122 4,909, (20,234) $25.14 Greenville Suburban* Class A 50 4,347, (5,516) $22.13 Class B ,877, ,886 $14.98 Class C 2,218 10,244, ,045 $12.67 All Classes 4,075 31,477, ,415 $16.38 Spartanburg Class A 5 522, (1,704) $20.74 Class B , ,299 $10.86 Class C , (5,390) $11.82 All Classes 40 1,184, (4,795) $13.70 * Greenville s CBD, WestEnd and Spartanburg s CBD excluded Existing offices of all sizes.com

4 UPSTATE SOUTH CAROLINA 2Q18 INDUSTRIAL REPORT * MARKET SUMMARY The Upstate South Carolina Industrial Market ended the second quarter of 2018 with a vacancy rate of 5.1%, which was down over the previous quarter, and net absorption totaling positive 1,190,867 SF. Vacant sublease space decreased in the quarter, ending the quarter at 387,364 SF. Rental rates ended the second quarter at $3.77, which was an increase over the previous quarter. A total of five buildings delivered to the market in the quarter totaling 707,497 SF, with 3,690,044 SF still under construction at the end of the quarter. The largest projects underway are Michelin Distribution Center, a 1,100,000 SF building, The Cubes at Inland 85, a 500,280 SF building, 310 Genoble Rd, a 500,000 SF building, and 70 Tyger River Dr-Building 4, a 408,000 SF building. The largest lease signings included a 181,334 SF lease signed by Contec at 769 Flatwood Industrial Dr in the Spartanburg market; a 121,000 SF deal signed by Pratt Industries at 1410 Old Stage Rd in the Greenville market; and a 112,455 SF lease signed by Jarden Plastic Solutions at 1221 S Batesville Rd in the Greenville market. Total year-to-date industrial building sales activity in 2018 is up compared to the previous year, and the price per square foot has averaged $31.97 this year. Cap rates have been lower in 2018, averaging 7.75%, compared to this time last year when they averaged 8.62%. One of the largest transactions that has occurred within the last four quarters in the Greenville/Spartanburg market was the sale of Rite Aid Distribution Center in Spartanburg. This 901,350 SF industrial building sold for $64,960,343, or $72.07 per square foot at a 6.25% cap rate. MARKET OUTLOOK MARKET INDICATORS 5.1% VACANCY RATE 5 : 707,497 SF NUMBER OF BUILDINGS DELIVERED 1,190,867 SF NET ABSORPTION $3.77 AVERAGE RENTAL RATE ($/SF/Yr) *Data is reflective of all six counties in the Upstate: Greenville, Spartanburg, Anderson, Pickens, Cherokee, and Laurens. We expect the demand for industrial manufacturing and warehouse space to continue to remain strong throughout the Upstate with steady positive absorption, more new construction, and rising rental rates while maintaining historically low vacancy rates. John Staunton Industrial Division Broker johnstaunton@naiearlefurman.com NOTABLE Q2 TRANSACTIONS 1610 Old Grove Rd Piedmont, SC 1610 Old Grove Rd Piedmont, SC 8025 Howard St Spartanburg, SC NAI Earle Furman leased ±252,385 SF in the Augusta Grove Business Park (Building 17/ Suite A) to Android Industries, LLC (building pictured above). NAI Earle Furman leased ±79,460 SF in the Augusta Grove Business Park (Building 17/ Suite B) to Kimura, Inc. NAI Earle Furman recently sold ±54,822 SF of industrial distribution space in Spartanburg, SC.

5 Industrial Report Upstate, SC Submarket & Flex Review 2Q2018 Submarket Overview Submarket # of Buildings Total RBA (SF) Vacant (%) Total Net Absorption (SF) Total Avg. Rate Anderson County Class A 9 1,841, Class B 127 8,704, ,568 $2.78 Class C ,380, (19,643) $3.01 All Classes ,053, (9,075) $2.91 Greenville County Class A 35 3,630, ,000 $4.89 Class B ,790, ,436 $3.95 Class C 1,284 35,148, (20,837) $3.33 All Classes 1,860 72,627, ,599 $3.80 Spartanburg County Class A 53 14,397, ,831 $4.18 Class B ,009, (22,927) $2.96 Class C ,976, (27,200) $3.13 All Classes 1,380 78,390, ,704 $3.24 Flex Submarket Overview Submarket # of Buildings Total RBA (SF) Vacant (%) Total Net Absorption (SF) Total Avg. Rate Anderson County Class A 1 111, Class B , (5,000) $12.33 Class C , ,150 $7.00 All Classes , $11.25 Greenville County Class A 4 226, $11.06 Class B 148 2,769, ,589 $8.73 Class C 303 3,304, $6.87 All Classes 456 6,307, ,514 $7.84 Spartanburg County Class A 8 341, $5.52 Class B , ,953 $7.13 Class C , (25,220) $7.93 All Classes 129 2,012, (22,267) $7.31.com

6 Industrial Report Upstate, SC Submarket & Flex Review 2Q2018 $3.80 Average Asking Rental Rate & Vacancy Trends 6.20% $3.78 $3.76 $3.74 $ % 5.80% 5.60% $ % $3.68 $3.66 $3.64 $ % 5.00% 4.80% $ Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 4.60% Asking Rent Vacancy $60.00 Average Sale Price Per SF $50.00 $40.00 $30.00 $20.00 $10.00 $ Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2.com

7 UPSTATE SOUTH CAROLINA 2Q18 RETAIL REPORT * MARKET SUMMARY The retail market in the Upstate of South Carolina did not experience much change in market conditions in the second quarter of The vacancy rate remained unchanged from the previous quarter at 4.4%. Net absorption was positive 86,369 SF, and vacant sublease space increased by 20,385 SF. Quoted rental rates decreased from first quarter 2018 levels, ending at $11.72 per square foot per year. A total of eight retail buildings with 99,596 SF of retail space were delivered to the market in the quarter. During the second quarter of 2018, eight buildings totaling 99,596 SF were completed in the Upstate retail market. Over the past four quarters, a total of 512,515 SF of retail space has been built in the Upstate. In addition to the current quarter, 12 buildings with 139,808 SF were completed in first quarter 2018, 12 buildings totaling 193,812 SF completed in fourth quarter 2017, and 79,299 SF in nine buildings completed in third quarter There is a total of 334,178 SF still under construction at the end of the quarter. Over the last few years, online shopping has increased rapidly. Customers don t want to just walk into your shop, buy your product and leave because they could do this in the comfort of their own home. This has made retailers think outside the box. With openings of the Harris Teeter grocery store on Augusta St. and the Sprouts Farmers Market in Simpsonville during Q2, it is apparent that retailers are changing their strategies. With the inclusion of wine bars and beer tastings, consumers can enjoy their time while shopping for their food. This shows that retailers are evolving to make shopping more centered around entertainment as opposed to being solely product based. Not only are grocery stores catching on, but other suppliers such as malls and medical care are shifting that way as well. Malls are adding more restaurants to make shopping an activity for the whole family rather than a task. Similarly, medical care is also making a change. While medical care isn t selling a product, they are shifting more from medical office parks to strip shopping centers, making it more convenient for the consumer to receive care. MARKET OUTLOOK MARKET INDICATORS 4.4% VACANCY RATE 8 : 99,596 SF NUMBER OF BUILDINGS DELIVERED 86,369 SF NET ABSORPTION $11.72 AVERAGE RENTAL RATE ($/SF/Yr) *Data is reflective of all six counties in the Upstate: Greenville, Spartanburg, Anderson, Pickens, Cherokee, and Laurens. With the healthy economy and the boom in experiential retail, retailers have much to be excited about. With the announcement of Top Golf on Pelham Road, this goes to show that the evolution of retail has just begun. Kaki Mac Lain Retail Division Broker kmaclain@naiearlefurman.com NOTABLE TRANSACTIONS McMillian Rd Boiling Springs, SC E North St Greenville, SC 155 W Main St, Ste A Spartanburg, SC NAI Earle Furman recently sold a brand new Starbucks/Marco s Pizza at a 6.03% cap rate illustrating that our local retail market is still strong (pictured above). NAI Earle Furman recently sold 27,100 SF of retail space in the E. North Street submarket. This is a big positive for an area that hasn t seen much activity lately. NAI Earle Furman recently leased ±2,210 SF in Downtown Spartanburg. This area continues to attract more retails, as Le Spice Restaurant makes it s move to Main St.

8 Retail Report Upstate, SC Submarket Review 2Q2018 $12.00 Greenville/Spartanburg Vacancy & Rental Rate Trends 6.00% $ % 5.50% $ % $ % $ % 4.50% $ % $ Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 4.00% Asking Rent Vacancy Submarket # of Buildings Total RBA (SF) Vacant (%) Total Net Absorption (SF) Total Avg. Rate Greenville County Augusta Road 249 1,763, ,219 $15.23 Laurens, Haywood, & Congaree 431 7,672, (2,295) $11.22 Downtown Greenville , (4,370) $23.51 Woodruff Road/Butler Rd 367 4,603, ,830 $15.18 Pelham Road 156 1,539, ,959 $13.63 Simpsonville 412 3,898, ,062 $13.44 Wade Hampton/Greer 582 4,971, ,214 $11.68 All Submarkets 3,930 36,932, ,620 $13.37 Spartanburg County East Side/Downtown 523 4,825, (5,218) $11.22 West Side 455 6,179, (48,448) $11.66 Boiling Springs/Hwy ,777, (23,069) $10.07 All Submarkets 2,991 23,379, (24,989) $9.84 Anderson County Hwy 81 & Clemson Blvd 385 5,626, ,079 $11.21 Pickens 783 6,648, ,431 $12.78 All Submarkets 1,592 14,038, ,074 $9.10.com

9 Upstate Economy Lead locally. Act globally. Total Population + 1,012,450 Total Labor Force^ 480,907 Founded by J. Earle Furman in 1986, NAI Earle Furman has become a leading full service commercial real estate brokerage firm in the Upstate of South Carolina specializing in the office, industrial, investment and retail sectors. In 2017, our firm joined forces with NAI Piedmont Triad to expand our services in North Carolina. Total Households + 368,742 Median Household Income + $46,777 NAI Earle Furman offers a wide range of services including sales, leasing, development, site selection, consulting and property management. We strive towards excellence not only as a quality commercial real estate company, but also as a team united to provide the best service to our customers, clients, and community through integrity, dedication, and diligence in every aspect of life. Unemployed^ 12,246 Unemployment Rate^ Greenville Co.: 2.5% Anderson Co.: 2.7% Spartanburg Co.: 2.6% Statistics for Greenville, Spartanburg and Anderson counties (July 2018) + US Census Bureau: 2017 estimates ^ Bureau of Labor Statistics, SC Dept of Employment & Workforce As a member of the NAI Global network, NAI Earle Furman is able to provide commercial real estate services to our local Upstate clients, as well as national and international clients. We have immediate access to over 7,000 professionals working out of 400+ offices in 55 countries throughout the world. The NAI Global Network has annual sales and leasing transactions of $20 billion and manages 425 million square feet of property. Like no other network, we are global in our thinking, yet local in our approach. Our Locations Greenville, SC Spartanburg, SC Anderson, SC Greensboro, NC 101 E Washington Street, Suite 400 Greenville, South Carolina South Pine Street, Building 100 Spartanburg, South Carolina E Earle Street Anderson, South Carolina North Elm Street Greensboro, North Carolina naiearlefurman.com The information contained in this report has been obtained from third-party sources that are deemed reliable. NAI Earle Furman has not independently verified the information s accuracy and makes no representations, guarantees, or express or implied warranties regarding the accuracy of the information herein. Data sources are continually revised and updated, causing both historical and forecast information, data, and analysis to change as new information is added. Third-party data source: CoStar Group

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