VACANCY COMPLETIONS RENTAL RATE. *Projected $1.70. Vacancy Rate 14.9% 14.4% $1.60 $1.50 $1.40 $1.30 $1.20

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1 Research & Forecast Report RENO OFFICE Q4 A Good Year Overall > Building sale prices are significantly higher than. > Seven buildings over 40,000 sf sold in, more than in previous years. > Many large office users opted to lease repurposed retail big boxes due to the lack of large office building options. You would be hard pressed to find any objections that was a very good year for the office market in Northern Nevada. There was leasing activity in all the major submarkets as well as investors returning to the market in a strong fashion. Developers acquired vacant or partially vacant buildings with the intent to upgrade, remodel, and demise for new smaller tenants. And lastly, most of the Reno/ Sparks market statistics indicated a market continuing to recover. Market Indicators Unemployment Rate Nevada 7.1 % Market Indicators Relative to prior period Q4 Q1 2016* NET ABSORPTION COMPLETIONS 10-Year Nominal Interest Rate National Consumer Confidence RENTAL *Projected Historical Vacancy Rates and Asking Lease Rates 25.0% $1.70 Summary Statistics Q4 Reno Market Q3- Q4-20.0% $1.60 Vacancy Rate 14.9% 14.4% 15.0% 10.0% 5.0% 0.0% Vacancy Rate The market continues to show improvement with vacancy rates declining and asking rates increasing. Asking Rental Rate $1.50 $1.40 $1.30 $1.20 Asking Rent (PSF, FSG) $1.42 $1.42 Net Absorption (SF) 42,876 34,442 New Completions (SF) 0 0 Overall Asking Rents Per Square Foot Previous Quarter Current Quarter Class A $1.66 $1.66 Class B $1.46 $1.46 Class C $1.15 $1.15

2 There are 52 office buildings over 40,000 square feet in Northern Nevada. This year, seven of the buildings changed hands to three different classes of buyers. Buildings such as the Holland and Hart Building at 5441 Kietzke Lane and Northern Nevada Corporate Center Mt. Rose building at Professional Circle, were sold as pure investment plays. Next, buildings like the Mitel Building at 885 Trademark, the WMS Gaming Building at 887 Trademark, the City National Bank Building at 5470 Kietzke and the Reno Tahoe Tech Center Building at Professional sold as redevelopment opportunities. Finally, the Reno Tahoe Tech Center One at Professional Center building sold as an owner-user building to Renown for occupancy by Hometown Health and other functions of the hospital system. In addition, there were several sale-leaseback transactions in smaller buildings. The primary drivers of investment interest were due to the national exposure created by Tesla, the numerous job announcements by EDAWN, the compressed cap rates in neighboring California, and the lack of income producing investments. We think this sale-leaseback trend could easily extend for another year. On the leasing side, there was activity in all submarkets. In the Downtown area, there were three transactions over 10,000 square feet, including Dickinson Wright leasing the space vacated by the downsizing of Gordon Silver in The Museum Tower building at 100 West Liberty. Renown Health leased the top floor of the Bank of America Building at 50 West Liberty that was vacated by Lionel Sawyer & Collins. In addition, the National Council of Juvenile and Family Court Judges consolidated two offices to lease half of the 15th floor of Park Center Tower at 300 East Second Street. In the Old Southwest submarket, Arrohealth leased almost 30,000 square feet at 1450 Vassar Street in the former AT&T call center. In Meadowood, the Coral Academy of Science leased the entire former Mutual of Omaha Bank building at 6275 Neil Road. This 27,000 square foot building is the first dedicated STEM high school in Northern Nevada. In South Meadows, there were three transactions over 10,000 square feet. Everi leased one third of the just acquired WMS Gaming building and Coupa Software leased a new larger office in the former Alere Medical/MLSG building at Professional Circle. Lastly, Grand Rounds leased a large part of the former University of Phoenix building also at Professional Circle. The only blemish on the year was the lack of any new construction. Our market has not built an office building over 30,000 square feet since However, McKenzie Development is committed to starting and completing a four-story, 40,000 square foot office building in Mountainview Corporate Center near the Kietzke Lane roundabout this year. This will be the first speculative office construction of a building over 10,000 square feet since There are two build-to-suits with Tanamera, a 14,000 square foot office for their use and an 11,000 square foot office for Farr Engineering on Longley Lane. Historical Net Absorption vs.completions 150, ,000 50,000 (50,000) (100,000) Leasing Rates by Submarket $1.80 $1.50 $1.20 $0.90 $0.60 $0.30 $- - Downtown Net Absorption South Meadows Meadowood Central/Airport New Completions Sparks West Reno Total Vacancy vs Direct and Sublease Vacancy 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Downtown South Meadows Meadowood Central/Airport Sparks Direct Vacancy Sublease Vacancy Total Vacancy West Reno Source: CoStar 2 Reno Research & Forecast Report Q4 Office Colliers International

3 The market s overall vacancy rate finished the year at 14.4 percent. This is a significant improvement from the 16.2 percent at the end of. Class A buildings finished even stronger with buildings in downtown ending the year with a vacancy rate of 12.4 percent and the Meadowood submarket vacancy decreasing to 8.2 percent. The South Meadows Class A vacancy rate was sluggish at 17.3 percent, fueled by the downsizing of Mitel and Scientific Gaming. Together, they vacated over 100,000 square feet in South Meadows during the year. Holland and Hart Building at 5441 Kietzke sold for $16,295,274. Investor purchase. The net absorption for the market was a very respectable 127,000 square feet. Markets similar to Reno/Sparks should generate a net absorption of approximately 100,000 square feet per year. The two strongest markets for net absorption were the Meadowood submarket with over 88,000 square feet in net absorption and the Old Southwest/Airport submarket with over 71,000 square feet in net absorption. Rents continued to strengthen throughout the year with the strongest gains being in Downtown and Meadowood where Class A rents increased over $0.10 per square foot. South Meadows has not seen the same rent growth, due to the high vacancy rates. Mitel Building at 885 Trademark sold for $12,442,000. Investor purchase. We expect 2016 to look very similar to. There will continue to be strong interest in buying buildings. Our largest submarkets, (Downtown, Meadowood, and South Meadows), should receive the lion s share of activity; however, Class A vacancy will begin to be a problem next year Professional Circle sold for $9,500,000. User purchase. 3 Reno Research & Forecast Report Q4 Office Colliers International

4 395 Significant Sale Activity SPARKS 5441 Kietzke Lane 65,074 SF - $16,295,274 $250.41/SF December 80 DOWNTOWN 5470 Kietzke Lane 56,590 SF - $9,500, $167.87/SF January WEST RENO CENTRAL/ AIRPORT 885 Trademark Drive 76,184 SF - $12,,442,000 $79.50/SF July MEADOWOOD Professional Circle 63,548 SF - $11,750,000 $185.64/SF May SOUTH RENO Professional Circle 59,602 SF - $9,500,000 $147.61/SF February Significant Lease Activity PROPERTY ADDRESS SALE DATE SIZE SELLER/BUYER TYPE 1450 Vassar St June 29,776 SF ArroHealth New 6275 Neil Road February 27,000 SF Coral Academy of Science New 887 Trademark December 17,138 SF Everi New 50 West Liberty Street July 16,319 SF Renown New 300 East Second Street, Suite 1500 December 14,699 SF National Council of Juvenile and Family New 4 Reno Research & Forecast Report Q4 Office Colliers International

5 Market Comparisons - Reno Office Market CLASS BLDGS RBA DIRECT VACANT SF DIRECT SUBLEASE VACANT SF SUBLEASE VACANT SF PRIOR QUARTER NET ABSORPTION CURRENT QTR SF NET ABSORPTION YTD SF COMPLETIONS CURRENT QTR SF UNDER CONSTRUCTION SF AVG ASKING RENTAL DOWNTOWN SUBMARKET A 4 558,231 69, % 5, % 74, % 13.2% (2,962) (13,022) - - $2.00 B ,263 84, % 7, % 91, % 20.0% 26,451 22, $1.60 C ,388 27, % , % 8.3% 8, $1.27 Total 35 1,439, , % 12, % 193, % 14.3% 32,486 9, $1.62 SOUTH MEADOWS SUBMARKET A 34 1,217, , % 76, % 287, % 23.3% 14,007 (14,783) - - $1.66 B ,410 59, % - 0.0% 59, % 21.2% (3,588) (22,224) - - $1.25 C Total 44 1,502, , % 76, % 346, % 21.5% 10,419 (37,007) - - $1.46 MEADOWOOD SUBMARKET A 36 1,713, , % 18, % 159, % 10.7% (7,676) 92, $1.77 B ,086 92, % , % 20.4% (14,237) (3,636) - - $1.41 C $0.00 Total 55 2,150, , % 18, % 251, % 12.7% (21,913) 88, $1.59 CENTRAL/AIRPORT SUBMARKET A 3 81,023 11, % - 0.0% 11, % 8.4% 0 6, $1.63 B , , % 8, % 168, % 16.5% (20,636) (11,256) - - $1.28 C , , % 1, % 128, % 24.7% 36,689 76, $1.01 Total 70 1,767, , % 9, % 308, % 21.0% 16,053 71, $1.31 SPARKS SUBMARKET A % - 0.0% % 0.0% B 2 32,919 2, % - 0.0% 2, % 20.1% (2,965) (710) - - $1.25 C 2 26,360 9, % - 0.0% 9, % 37.1% $0.95 Total 4 59,279 12, % - 0.0% 12, % 16.5% (2,965) (710) - - $1.10 WEST RENO SUBMARKET A 1 17,728 7, % - - 7, % 45.1% $1.50 B 3 43, % % 3.4% 1,260 1, $1.45 C 6 97,460 17, % , % 13.6% (1,398) (6,066) - - $1.13 Total ,290 25, % , % 14.3% 362 (4,306) - - $1.36 DOWNTOWN SUBMARKET A 4 558,231 69, % 5, % 74, % 13.2% (2,962) (13,022) - - $2.00 B ,263 84, % 7, % 91, % 20.0% 26,451 22, $1.60 C ,388 27, % , % 8.3% 8, $1.27 Total 35 1,439, , % 12, % 193, % 14.3% 32,486 9, $1.62 SUBURBAN A 74 3,029, , % 94, % 465, % 16.2% 6,831 84, $1.31 B 62 1,709, , % 8, % 323, % 17.0% (40,166) (36,566) - - $1.33 C , , % 1, % 155, % 23.8% 35,291 70, $1.03 Total 183 5,638, , % 104, % 944, % 17.7% 1, , $1.22 MARKET A 74 3,587, , % 99, % 540, % 13.7% 3,869 70, $1.66 B 66 2,217, , % 15, % 414, % 16.4% (13,715 (13,714) - - $1.46 C 63 1,272, , % 1, % 182, % 24.8% 44,288 70, $1.15 Total 198 7,078,032 1,021, % 116, % 1,138, % 17.0% 34, , $1.42 QUARTERLY COMPARISON AND S Q ,078,032 1,021, % 116, % 1,138, % 16.0% 34, , $1.42 Q ,078,032 1,055, % 78, % 1,134, % 16.0% 42,876 93, $1.42 Q ,078,032 1,096, % 65, % 1,135, % 17.0% 38,779 50, $1.41 Q ,078,032 1,120, % 85, % 1,206, % 16.7% 11,585 11, $1.42 Q ,078,032 1,147, % 36, % 1,183, % 17.0% 21,936 (3,207) - - $1.36 Source: CoStar 5 Reno Research & Forecast Report Q4 Office Colliers International

6 502 offices in 67 countries on 6 continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 $2.3 billion in annual revenue 1.7 billion square feet under management COLLIERS INTERNATIONAL RENO 100 West Liberty Street Suite 740 Reno, Nevada USA MARKET CONTACTS: Melissa Molyneaux, SIOR, CCIM Executive Managing Director & Senior Vice President Reno melissa.molyneaux@colliers.com Fay Gomez Research Analyst fay.gomez@colliers.com CONTRIBUTING AUTHORS: Tim Ruffin, SIOR Executive Vice President Reno tim.ruffin@colliers.com 16,300 professionals and staff About Colliers International Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 10 consecutive years, more than any other real estate services firm. For the latest news from Colliers International, visit Colliers.com or follow us on Twitter (@ColliersIntl) and LinkedIn. colliers.com Copyright 2016 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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