The CoStar Office Report

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1 The CoStar Office Report F I R S T Q U A R T E R

2 FIRST QUARTER 2014 DALLAS/FT. WORTH Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets & Submarkets Inventory & Development Analysis Inventory & Development Analysis Select Top Deliveries Select Top Under Construction Properties Figures at a Glance Figures at a Glance by Class & Market Figures at a Glance by Class & Submarket Figures at a Glance Grouped by CBD vs Suburban Historical Figures at a Glance Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Analysis of Individual CoStar Submarket Clusters Central Expressway Market Dallas CBD Market East Dallas Market Far North Dallas Market Ft Worth CBD Market Las Colinas Market LBJ Freeway Market Lewisville/Denton Market Mid-Cities Market North Fort Worth Market Northeast Ft Worth Market Preston Center Market Richardson/Plano Market South Ft Worth Market Southwest Dallas Market Stemmons Freeway Market Uptown/Turtle Creek Market 2014 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT A

3 DALLAS/FT. WORTH FIRST QUARTER 2014 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 80.7 billion square feet of coverage in 3.5 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2012 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 L ST NW Washington, DC (800) NASDAQ: CSGP B THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

4 FIRST QUARTER 2014 DALLAS/FT. WORTH Terms & Definitions Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). CBD: Abbreviation for Central Business District. (See also: Central Business District) Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA. Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and 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 architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality. Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors. Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These 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 entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. : The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and 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 primary purpose of the space is for storing, producing, assembling, or distributing product. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed 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 buildingtype specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) 2014 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT C

5 DALLAS/FT. WORTH FIRST QUARTER 2014 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 manufacturing, 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 various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly. Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate 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 metropolitan 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 construction and until it receives a certificate of occupancy. Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are 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 whatever time period is being studied. D THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

6 OVERVIEW FIRST QUARTER 2014 DALLAS/FT. WORTH Dallas/Ft. Worth s Decreases to 14.7% Net Absorption Positive 1,614,043 SF in the Quarter The Dallas/Ft. Worth Office market ended the first quarter 2014 with a vacancy rate of 14.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,614,043 square feet in the first quarter. Vacant sublease space increased in the quarter, ending the quarter at 2,201,516 square feet. Rental rates ended the first quarter at $20.89, an increase over the previous quarter. A total of 23 buildings delivered to the market in the quarter totaling 397,353 square feet, with 6,161,425 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall Dallas/Ft. Worth office market was positive 1,614,043 square feet in the first quarter That compares to positive 373,575 square feet in the fourth quarter 2013, positive 2,357,400 square feet in the third quarter 2013, and positive 154,300 square feet in the second quarter Tenants moving out of large blocks of space in 2014 include: National Bankruptcy Service moving out of 82,283 square feet at Northcreek Place 1; Conifer Healthcare Corporation moving out of 78,589 square feet at Office Tech Center; and Henry S. Miller Brokerage moving out of 49,598 square feet at Providence Towers. Tenants moving into large blocks of space in 2014 include: Conifer Health Solutions moving into 199,800 square feet at Duke Bridges VII; Terremark moving into 185,000 square feet at 2200 W Airfield Dr; and Kohl s moving into 115,641 square feet at Waterview 190 South. The Class-A office market recorded net absorption of positive 739,942 square feet in the first quarter 2014, compared to positive 524,261 square feet in the fourth quarter 2013, positive 2,219,156 in the third quarter 2013, and negative (519,874) in the second quarter The Class-B office market recorded net absorption of positive 871,349 square feet in the first quarter 2014, compared to negative (256,300) square feet in the fourth quarter 2013, positive 168,172 in the third quarter 2013, and positive 744,874 in the second quarter The Class-C office market recorded net absorption of positive 2,752 square feet in the first quarter 2014 compared to positive 105,614 square feet in the fourth quarter 2013, negative (29,928) in the third quarter 2013, and negative (70,700) in the second quarter Net absorption for Dallas/Ft. Worth s central business district was positive 231,044 square feet in the first quarter That compares to negative (35,693) square feet in the fourth quarter 2013, negative (28,010) in the third quarter 2013, and positive 116,783 in the second quarter Net absorption for the suburban markets was positive 1,382,999 square feet in the first quarter That compares to positive 409,268 square feet in fourth quarter 2013, positive 2,385,410 in the third quarter 2013, and positive 37,517 in the second quarter The office vacancy rate in the Dallas/Ft. Worth market area decreased to 14.7% at the end of the first quarter The vacancy rate was 15.1% at the end of the fourth quarter 2013, 15.2% at the end of the third quarter 2013, and 15.7% at the end of the second quarter Rates by Class A B C Total Market 40% 35% 30% Rate 25% 20% 15% 10% 5% 0% COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 1

7 DALLAS/FT. WORTH FIRST QUARTER 2014 OVERVIEW Class-A projects reported a vacancy rate of 15.1% at the end of the first quarter 2014, 15.6% at the end of the fourth quarter 2013, 15.9% at the end of the third quarter 2013, and 17.1% at the end of the second quarter Class-B projects reported a vacancy rate of 16.1% at the end of the first quarter 2014, 16.6% at the end of the fourth quarter 2013, 16.5% at the end of the third quarter 2013, and 16.5% at the end of the second quarter Class-C projects reported a vacancy rate of 9.3% at the end of the first quarter 2014, 9.3% at the end of fourth quarter 2013, 9.5% at the end of the third quarter 2013, and 9.4% at the end of the second quarter The overall vacancy rate in Dallas/Ft. Worth s central business district at the end of the first quarter 2014 decreased to 22.7%. The vacancy rate was 23.2% at the end of the fourth quarter 2013, 22.9% at the end of the third quarter 2013, and 22.9% at the end of the second quarter The vacancy rate in the suburban markets decreased to 13.5% in the first quarter The vacancy rate was 13.8% at the end of the fourth quarter 2013, 14.0% at the end of the third quarter 2013, and 14.5% at the end of the second quarter Largest Lease Signings The largest lease signings occurring in 2014 included: the 354,359-square-foot lease signed by Santander Consumer USA at Thanksgiving Tower in the Dallas CBD; and the 165,000-squarefoot deal signed by Monitronics at Mercer Business Park in the Las Colinas market. Sublease The amount of vacant sublease space in the Dallas/Ft. Worth market increased to 2,201,516 square feet by the end of the first quarter 2014, from 2,118,261 square feet at the end of the fourth quarter There was 2,184,908 square feet vacant at the end of the third quarter 2013 and 2,793,459 square feet at the end of the second quarter U.S. Comparison Past 7 Quarters Rate 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Dallas/Ft Worth United States q q q q q 2014 Dallas/Ft. Worth s Class-A projects reported vacant sublease space of 1,024,546 square feet at the end of first quarter 2014, down from the 1,087,555 square feet reported at the end of the fourth quarter There were 1,144,841 square feet of sublease space vacant at the end of the third quarter 2013, and 1,394,747 square feet at the end of the second quarter Class-B projects reported vacant sublease space of 1,140,570 square feet at the end of the first quarter 2014, up from the 1,003,442 square feet reported at the end of the fourth quarter At the end of the third quarter 2013 there were 995,653 square feet, and at the end of the second quarter 2013 there were 1,352,399 square feet vacant. Class-C projects reported increased vacant sublease space from the fourth quarter 2013 to the first quarter Sublease vacancy went from 27,264 square feet to 36,400 square feet during that time. There was 44,414 square feet at the end of the third quarter 2013, and 46,313 square feet at the end of the second quarter Sublease vacancy in Dallas/Ft. Worth s central business district stood at 233,181 square feet at the end of the first quarter It was 236,240 square feet at the end of the fourth quarter 2013, 285,995 square feet at the end of the third quarter 2013, and 421,336 square feet at the end of the second quarter Sublease vacancy in the suburban markets ended the first quarter 2014 at 1,968,335 square feet. At the end of the fourth quarter 2013 sublease vacancy was 1,882,021 square feet, was 1,898,913 square feet at the end of the third quarter 2013, and was 2,372,123 square feet at the end of the second quarter Rental Rates The average quoted asking rental rate for available office space, all classes, was $20.89 per square foot per year at the end of the first quarter 2014 in the Dallas/Ft. Worth market area. This represented a 1.8% increase in quoted rental rates from the end of the fourth quarter 2013, when rents were reported at $20.53 per square foot. The average quoted rate within the Class-A sector was $24.05 at the end of the first quarter 2014, while Class-B rates stood at $18.57, and Class-C rates at $ At the end of the fourth quarter 2013, Class-A rates were $23.68 per square foot, Class-B rates were $18.30, and Class-C rates were $ The average quoted asking rental rate in Dallas/Ft. Worth s CBD was $22.11 at the end of the first quarter 2014, and $20.63 in the suburban markets. In the fourth quarter 2013, quoted rates were $22.56 in the CBD and $20.11 in the suburbs. Deliveries and Construction During the first quarter 2014, 23 buildings totaling 397,353 square feet were completed in the Dallas/Ft. Worth market area. This compares to 13 buildings totaling 559,813 square feet that were completed in the fourth quarter 2013, 28 buildings total- Source: CoStar Property 2 THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

8 OVERVIEW FIRST QUARTER 2014 DALLAS/FT. WORTH ing 1,039,068 square feet completed in the third quarter 2013, and 333,617 square feet in 21 buildings completed in the second quarter There were 6,161,425 square feet of office space under construction at the end of the first quarter Some of the notable 2014 deliveries include: Duke Bridges VII, a 199,800-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and 2730 N SH 360, a 31,383- square-foot building that delivered in first quarter 2014 and is now 100% occupied. The largest projects underway at the end of first quarter 2014 were Future State Farm Campus, a 1,500,000-square-foot building with 100% of its space pre-leased, and KPMG Plaza at Hall Arts, a 450,000-square-foot facility that is 66% pre-leased. Inventory Total office inventory in the Dallas/Ft. Worth market area amounted to 340,977,435 square feet in 10,895 buildings as of the end of the first quarter The Class-A office sector consisted of 129,981,240 square feet in 475 projects. There were 4,860 Class-B buildings totaling 161,057,539 square feet, and the Class-C sector consisted of 49,938,656 square feet in 5,560 buildings. Within the Office market there were 840 owner-occupied buildings accounting for 51,892,161 square feet of office space. Sales Activity Tallying office building sales of 15,000 square feet or larger, Dallas/Ft Worth office sales figures fell during the fourth quarter 2013 in terms of dollar volume compared to the third quarter of In the fourth quarter, 20 office transactions closed with a total volume of $492,777,850. The 20 buildings totaled 4,024,821 square feet and the average price per square foot equated to $ per square foot. That compares to 18 transactions totaling $592,919,125 in the third quarter The total square footage in the third quarter was 4,853,525 square feet for an average price per square foot of $ Absorption & Deliveries Past 7 Quarters Source: CoStar Property 0.60 Net Absorption Total office building sales activity in 2013 was up compared to In the twelve months of 2013, the market saw 62 office sales transactions with a total volume of $1,941,481,900. The price per square foot averaged $ In the same twelve months of 2012, the market posted 60 transactions with a total volume of $1,572,327,925. The price per square foot averaged $ Cap rates have been lower in 2013, averaging 7.43% compared to the same period in 2012 when they averaged 8.04%. One of the largest transactions that has occurred within the last four quarters in the Dallas/Ft Worth market is the sale of Colonnade I, II & III in Addison. This 1,051,641-square-foot office portfolio sold for $205,000,000, or $ per square foot. The property sold on 4/1/2013, at a 6.62% cap rate. Report compiled by Brandon Skaggs, CoStar Senior Research Manager and CJ Dyson, CoStar Research Manager Deliveries q q q q q COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 3

9 DALLAS/FT. WORTH FIRST QUARTER 2014 MARKETS CoStar Submarket Clusters & Submarkets In analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. Submarket Clusters Central Expressway Dallas CBD Submarkets Central Expressway Dallas CBD* East Dallas Garland Henderson County Mesquite/Forney/Terrell Outlying Kaufman County Rockwall Southeast Dallas White Rock Far North Dallas Frisco/The Colony Quorum/Bent Tree Upper Tollway/West Plano Ft Worth CBD Ft Worth CBD* Las Colinas DFW Freeport/Coppell Office Ctr/West LBJ Ext Urban Center/Wingren LBJ Freeway East LBJ Freeway West LBJ Freeway Lewisville/Denton Denton Lewisville Outlying Denton County Mid-Cities Arlington/Mansfield Grand Prairie HEB/Midcities South Irving Westlake/Grapevine North Fort Worth Alliance Northwest Ft Worth Parker County Wise County Northeast Ft Worth Preston Center East Northeast Ft Worth Preston Center Richardson/Plano Allen/McKinney Delta County Hunt County Outlying Collin County Plano Richardson South Ft Worth Hood County Johnson County Southeast Ft Worth West Southwest Ft Worth Southwest Dallas Ellis County Southwest Dallas Stemmons Freeway Uptown/Turtle Creek Stemmons Freeway Uptown/Turtle Creek * Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page. 4 THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

10 INVENTORY & DEVELOPMENT FIRST QUARTER 2014 DALLAS/FT. WORTH Historical Deliveries Deliveries Average Delivered SF Millions of SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction Square Footage Under Construction Inventory Average Bldg Size Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C Richardson/Plano 8 1,685,187 1,513, % 32, ,648 Far North Dallas 25 1,624, , % 56,559 64,964 North Fort Worth , , % 11,187 59,707 Las Colinas 5 595,054 20, % 93, ,011 Dallas CBD 1 450, , % 238, ,000 Uptown/Turtle Creek 2 367, , % 42, ,867 Mid-Cities , , % 16,345 13,061 Preston Center 1 190, , % 39, ,000 South Ft Worth 8 151, , % 13,044 18,954 East Dallas 1 110, , % 12, ,000 All Other 3 121,971 22, % 32,768 40,657 Totals 81 6,161,425 3,334, % 31,297 76,067 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2010 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 3.5 Leased Un-Leased 2,500 Preleased Un-Leased Millions of SF Thousands of SF 2,000 1,500 1, T q q q COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 5

11 DALLAS/FT. WORTH FIRST QUARTER 2014 INVENTORY & DEVELOPMENT Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction Construction Starts Deliveries Millions of SF q q q q q q q q q 2014 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 , , % $ , ,819 50,000 SF - 99,999 SF % $ ,000 SF - 249,999 SF 1 199, , % $ , ,000 SF - 499,999 SF % $ >= 500,000 SF % $ Recent Development by Tenancy Comparison Based on RBA Developed for Single & Multi Tenant Use Based on Total RBA 2014 Deliveries Currently Under Construction By Class By Space Type 66% 34% 37% 63% 47% 15% 38% 25% 75% Multi Single Multi Single Class A Class B Class C Multi Single 6 THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

12 INVENTORY & DEVELOPMENT FIRST QUARTER 2014 DALLAS/FT. WORTH 2014 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 7

13 DALLAS/FT. WORTH FIRST QUARTER 2014 INVENTORY & DEVELOPMENT 8 THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

14 FIGURES AT A GLANCE FIRST QUARTER 2014 DALLAS/FT. WORTH Class A Market Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central Expressway 24 7,350,032 1,600,826 1,647, % 67, $23.43 Dallas CBD 24 22,659,842 5,446,938 5,651, % 73, ,000 $22.49 East Dallas 5 555,057 89,771 89, % 12, ,000 $32.89 Far North Dallas ,688,744 2,336,091 2,465, % 366, ,800 1,371,479 $26.93 Ft Worth CBD 16 5,830, ,383 1,000, % 15, ,971 $28.88 Las Colinas 69 17,340,934 2,293,941 2,359, % 122, ,854 $23.95 LBJ Freeway 33 10,256,414 2,148,512 2,386, % 44, $19.80 Lewisville/Denton 4 369,291 27,026 27, % (2,170) 0 24,500 $30.09 Mid-Cities 38 7,637, ,777 1,145, % (75,914) 0 0 $23.74 North Fort Worth 1 70,000 3,000 3, % 8, ,122 $26.52 Northeast Ft Worth 2 395,307 20,182 20, % $22.46 Preston Center 20 3,823, , , % 4, ,000 $33.73 Richardson/Plano 50 9,787, , , % 81, ,624,419 $22.39 South Ft Worth 15 3,067,139 33,430 33, % 7, $25.41 Southwest Dallas 2 280,689 14,720 14, % 1, $21.84 Stemmons Freeway 10 3,684, , , % 13, $18.77 Uptown/Turtle Creek 38 9,183, , , % (3,216) 0 167,735 $32.41 Totals ,981,240 18,640,570 19,665, % 739, ,800 5,036,080 $24.05 Class B Market Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central Expressway 101 6,404, , , % 10,120 23,984 0 $18.97 Dallas CBD 47 8,376,073 2,650,497 2,657, % 19, $17.54 East Dallas 354 7,642, , , % 27,263 23,000 0 $19.74 Far North Dallas ,821,507 3,238,413 3,476, % (203,060) 9, ,615 $20.09 Ft Worth CBD 46 4,407, , , % 109, $20.65 Las Colinas ,706,680 2,845,669 2,865, % 154, ,200 $19.41 LBJ Freeway ,350,592 3,143,291 3,179, % 9, $16.49 Lewisville/Denton 416 8,904,278 1,276,805 1,291, % 116, ,500 $19.65 Mid-Cities 1,089 20,999,207 2,367,796 2,989, % 161, , ,981 $18.88 North Fort Worth 208 3,580, , , % 43, ,650 $22.96 Northeast Ft Worth 86 2,471, , , % 26, $15.76 Preston Center 34 1,079,099 52,167 54, % (12,124) 0 0 $25.40 Richardson/Plano ,681,148 2,552,265 2,611, % 310,848 18,000 60,768 $18.61 South Ft Worth 402 9,002,580 1,258,283 1,286, % (10,174) 0 151,631 $21.17 Southwest Dallas 205 3,357, , , % 25,851 22,415 0 $15.73 Stemmons Freeway 116 8,598,001 2,156,528 2,234, % 82, $13.97 Uptown/Turtle Creek 66 2,675, , , % (1,566) 0 200,000 $25.88 Totals 4, ,057,539 24,839,227 25,979, % 871, ,553 1,125,345 $ COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 9

15 DALLAS/FT. WORTH FIRST QUARTER 2014 FIGURES AT A GLANCE Class C Market Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central Expressway 156 1,406,861 37,030 37, % 3, $20.92 Dallas CBD 77 4,224, , , % 1, $13.35 East Dallas 648 4,535, , , % 22, $14.18 Far North Dallas 163 1,580, , , % (4,712) 0 0 $17.09 Ft Worth CBD 53 1,061, , , % 10, $16.01 Las Colinas 39 1,094,810 88,697 88, % (10,250) 0 0 $15.58 LBJ Freeway ,436 90,123 90, % (3,630) 0 0 $11.50 Lewisville/Denton 358 2,925, , , % 7, $17.50 Mid-Cities 1,156 8,677, , , % 23, $14.42 North Fort Worth 235 1,317,040 91,066 91, % 12, $17.52 Northeast Ft Worth 240 1,751, , , % (14,197) 0 0 $13.90 Preston Center ,071 21,609 21, % (4,905) 0 0 $20.34 Richardson/Plano 390 3,418, , , % (22,555) 0 0 $14.70 South Ft Worth 1,017 6,635, , , % (2,288) 0 0 $16.93 Southwest Dallas 504 2,815, , , % (23,205) 0 0 $15.04 Stemmons Freeway 158 5,824, , , % 1, $12.85 Uptown/Turtle Creek 202 1,220, , , % 5, $28.62 Totals 5,560 49,938,656 4,586,947 4,623, % 2, $15.39 Total Office Market Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central Expressway ,161,605 2,435,101 2,488, % 80,715 23,984 0 $22.12 Dallas CBD ,260,124 8,757,945 8,976, % 94, ,000 $21.35 East Dallas 1,007 12,732,447 1,337,287 1,342, % 61,627 23, ,000 $18.86 Far North Dallas ,090,381 5,688,346 6,056, % 158, ,000 1,624,094 $23.44 Ft Worth CBD ,299,944 1,589,203 1,603, % 136, ,971 $26.19 Las Colinas ,142,424 5,228,307 5,313, % 267, ,054 $21.71 LBJ Freeway ,403,442 5,381,926 5,656, % 50, $18.03 Lewisville/Denton ,199,389 1,521,278 1,538, % 121, ,000 $19.57 Mid-Cities 2,283 37,314,817 4,241,280 5,056, % 109, , ,981 $19.11 North Fort Worth 444 4,967, , , % 64, ,772 $21.79 Northeast Ft Worth 328 4,617, , , % 12, $15.61 Preston Center 142 5,556, , , % (12,035) 0 190,000 $31.74 Richardson/Plano 1,068 34,887,388 3,787,072 3,918, % 369,953 18,000 1,685,187 $19.77 South Ft Worth 1,434 18,705,253 1,822,822 1,851, % (5,422) 0 151,631 $19.93 Southwest Dallas 711 6,453, , , % 4,482 22,415 0 $15.66 Stemmons Freeway ,106,669 3,263,915 3,398, % 98, $14.96 Uptown/Turtle Creek ,079,036 1,269,213 1,302, % ,735 $30.71 Totals 10, ,977,435 48,066,744 50,268, % 1,614, ,353 6,161,425 $ THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

16 FIGURES AT A GLANCE FIRST QUARTER 2014 DALLAS/FT. WORTH Class A Submarket Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Allen/McKinney 9 1,325,371 95,900 98, % 2, ,419 $25.38 Alliance 1 70,000 3,000 3, % 8, ,122 $26.52 Arlington/Mansfield 13 1,720, , , % (12,709) 0 0 $18.95 Central Expressway 24 7,350,032 1,600,826 1,647, % 67, $23.43 Dallas CBD 24 22,659,842 5,446,938 5,651, % 73, ,000 $22.49 Delta County % $0.00 Denton 1 45, % $25.89 DFW Freeport/Coppell 11 2,250, , , % 47, ,854 $23.27 East LBJ Freeway 27 8,593,422 1,671,485 1,909, % 48, $20.44 East Northeast Ft Worth 2 395,307 20,182 20, % $22.46 Ellis County % $0.00 Frisco/The Colony 22 2,584,444 83,303 94, % 218, , ,000 $29.59 Ft Worth CBD 16 5,830, ,383 1,000, % 15, ,971 $28.88 Garland % $0.00 Grand Prairie 5 1,851, % $0.00 HEB/Midcities 3 326,832 34,089 41, % $17.12 Henderson County % $0.00 Hood County % $0.00 Hunt County % $0.00 Johnson County % $0.00 Lewisville 3 324,000 27,026 27, % (2,170) 0 24,500 $30.78 Mesquite/Forney/Terrell 2 81,406 22,493 22, % $31.45 Northwest Ft Worth % $0.00 Office Ctr/West LBJ Ext 32 7,779, , , % 11, $23.75 Outlying Collin County % $0.00 Outlying Denton County % $0.00 Outlying Kaufman County % $0.00 Parker County % $0.00 Plano 8 1,253, , , % (42,646) 0 0 $21.51 Preston Center 20 3,823, , , % 4, ,000 $33.73 Quorum/Bent Tree 40 10,476,306 1,477,538 1,512, % 70, ,000 $24.42 Richardson 33 7,208, , , % 122, ,500,000 $22.13 Rockwall 1 85,474 2,582 2, % ,000 $30.77 South Irving % $0.00 Southeast Dallas % $0.00 Southeast Ft Worth 1 541, % $0.00 Southwest Dallas 2 280,689 14,720 14, % 1, $21.84 Stemmons Freeway 10 3,684, , , % 13, $18.77 Upper Tollway/West Plano 62 14,627, , , % 77, ,051,479 $28.77 Uptown/Turtle Creek 38 9,183, , , % (3,216) 0 167,735 $32.41 Urban Center/Wingren 26 7,311,160 1,620,369 1,671, % 63, $24.42 West LBJ Freeway 6 1,662, , , % (3,728) 0 0 $16.36 West Southwest Ft Worth 14 2,525,509 33,430 33, % 7, $25.41 Westlake/Grapevine 17 3,738, , , % (63,980) 0 0 $25.61 White Rock 2 388,177 64,696 64, % 11, $33.48 Wise County % $0.00 Totals ,981,240 18,640,570 19,665, % 739, ,800 5,036,080 $ COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 11

17 DALLAS/FT. WORTH FIRST QUARTER 2014 FIGURES AT A GLANCE Class B Submarket Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Allen/McKinney 214 5,206, , , % 55, ,599 $22.39 Alliance 85 2,487,526 85,833 88, % 25, ,600 $24.72 Arlington/Mansfield 316 6,767, , , % 128,898 12,332 39,349 $18.40 Central Expressway 101 6,404, , , % 10,120 23,984 0 $18.97 Dallas CBD 47 8,376,073 2,650,497 2,657, % 19, $17.54 Delta County % $0.00 Denton 143 2,328, , , % 35, $19.90 DFW Freeport/Coppell 143 8,204,095 1,252,375 1,260, % 35, ,200 $20.31 East LBJ Freeway 111 8,432,866 2,340,539 2,358, % 1, $16.61 East Northeast Ft Worth 86 2,471, , , % 26, $15.76 Ellis County ,994 52,465 52, % 3,462 16,415 0 $20.17 Frisco/The Colony 135 2,455, , , % (49,426) 9, ,715 $25.49 Ft Worth CBD 46 4,407, , , % 109, $20.65 Garland 99 2,109, , , % (3,760) 0 0 $20.28 Grand Prairie 48 1,493,309 47,299 47, % 32,740 31,383 0 $19.28 HEB/Midcities 226 4,828, ,642 1,230, % (29,454) 1,942 13,571 $16.77 Henderson County 13 63,050 7,617 7, % $9.49 Hood County ,957 18,152 18, % 1, $20.89 Hunt County ,164 23,579 23, % $15.65 Johnson County ,038 14,115 14, % (2,594) 0 2,541 $17.27 Lewisville 263 6,470,747 1,141,821 1,156, % 82, ,500 $19.61 Mesquite/Forney/Terrell ,178 68,356 72, % 3, $19.01 Northwest Ft Worth ,329 47,321 47, % 8, ,050 $20.92 Office Ctr/West LBJ Ext 103 7,531,904 1,236,845 1,247, % 32, $18.75 Outlying Collin County ,694 11,155 12, % ,169 $28.81 Outlying Denton County ,108 3,466 3, % (2,092) 0 0 $16.33 Outlying Kaufman County 2 12, % $0.00 Parker County ,810 43,300 43, % 10, ,000 $20.35 Plano 213 7,072, , , % 38,007 18,000 0 $19.65 Preston Center 34 1,079,099 52,167 54, % (12,124) 0 0 $25.40 Quorum/Bent Tree ,778,584 2,083,958 2,257, % 1, $17.45 Richardson 159 9,056,710 1,402,902 1,440, % 216, $16.82 Rockwall ,136 53,231 53, % 6,913 23,000 0 $27.95 South Irving 49 1,740, , , % (829) 0 0 $16.29 Southeast Dallas ,108 99,222 99, % $15.79 Southeast Ft Worth ,897 85,328 85, % 2, $18.63 Southwest Dallas 148 2,782, , , % 22,389 6,000 0 $15.07 Stemmons Freeway 116 8,598,001 2,156,528 2,234, % 82, $13.97 Upper Tollway/West Plano 260 8,587, ,526 1,009, % (155,446) 0 56,900 $24.23 Uptown/Turtle Creek 66 2,675, , , % (1,566) 0 200,000 $25.88 Urban Center/Wingren 34 1,970, , , % 87, $17.25 West LBJ Freeway 37 2,917, , , % 7, $16.18 West Southwest Ft Worth 289 7,763,688 1,140,688 1,169, % (11,160) 0 149,090 $21.66 Westlake/Grapevine 450 6,169, , , % 30,601 55, ,061 $23.01 White Rock 83 3,266, , , % 20, $18.76 Wise County 8 86,365 14,459 14, % $21.46 Totals 4, ,057,539 24,839,227 25,979, % 871, ,553 1,125,345 $ THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

18 FIGURES AT A GLANCE FIRST QUARTER 2014 DALLAS/FT. WORTH Class C Submarket Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Allen/McKinney ,456 21,396 21, % 1, $16.04 Alliance ,356 5,260 5, % $21.10 Arlington/Mansfield 519 4,218, , , % 37, $14.12 Central Expressway 156 1,406,861 37,030 37, % 3, $20.92 Dallas CBD 77 4,224, , , % 1, $13.35 Delta County 3 6, % 1, $0.00 Denton 181 1,339, , , % $17.72 DFW Freeport/Coppell ,815 7,215 7, % $18.14 East LBJ Freeway ,150 40,365 40, % (2,589) 0 0 $11.69 East Northeast Ft Worth 240 1,751, , , % (14,197) 0 0 $13.90 Ellis County ,807 43,826 43, % 8, $16.36 Frisco/The Colony ,926 9,770 9, % 5, $25.84 Ft Worth CBD 53 1,061, , , % 10, $16.01 Garland 151 1,244, , , % (1,587) 0 0 $14.06 Grand Prairie ,538 74,769 74, % (10,868) 0 0 $13.36 HEB/Midcities 216 1,911, , , % (7,969) 0 0 $13.69 Henderson County ,904 20,816 20, % 1, $10.79 Hood County ,806 17,816 17, % 8, $12.37 Hunt County ,394 36,383 36, % (5,395) 0 0 $11.05 Johnson County ,323 60,310 60, % $14.46 Lewisville 156 1,486,557 67,419 67, % 7, $17.04 Mesquite/Forney/Terrell ,606 72,402 72, % 35, $9.45 Northwest Ft Worth ,595 39,760 39, % $16.78 Office Ctr/West LBJ Ext ,759 81,482 81, % (10,870) 0 0 $15.38 Outlying Collin County 16 39,445 6,387 6, % $22.50 Outlying Denton County ,224 4,831 4, % (800) 0 0 $17.39 Outlying Kaufman County 15 40,639 9,494 9, % $9.77 Parker County ,366 34,384 34, % 11, $17.55 Plano 111 1,092, , , % 1, $16.45 Preston Center ,071 21,609 21, % (4,905) 0 0 $20.34 Quorum/Bent Tree ,780 84,111 84, % (9,845) 0 0 $15.07 Richardson 94 1,502, , , % (21,708) 0 0 $13.79 Rockwall ,202 4,708 4, % 1, $19.20 South Irving 169 1,116,486 73,694 73, % (4,406) 0 0 $13.21 Southeast Dallas ,302 64,216 64, % (1,248) 0 0 $15.30 Southeast Ft Worth ,349 64,492 64, % (7,850) 0 0 $12.07 Southwest Dallas 321 2,044, , , % (31,536) 0 0 $14.63 Stemmons Freeway 158 5,824, , , % 1, $12.85 Upper Tollway/West Plano ,424 19,961 19, % $22.64 Uptown/Turtle Creek 202 1,220, , , % 5, $28.62 Urban Center/Wingren 2 206, % $0.00 West LBJ Freeway ,286 49,758 49, % (1,041) 0 0 $11.04 West Southwest Ft Worth 679 4,794, , , % (2,798) 0 0 $18.51 Westlake/Grapevine ,607 37,069 47, % 9, $20.72 White Rock 169 1,567, , , % (14,876) 0 0 $15.69 Wise County 15 73,723 11,662 11, % $16.02 Totals 5,560 49,938,656 4,586,947 4,623, % 2, $ COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 13

19 DALLAS/FT. WORTH FIRST QUARTER 2014 FIGURES AT A GLANCE Total Office Submarket Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Allen/McKinney 334 7,050, , , % 59, ,018 $23.08 Alliance 112 2,701,882 94,093 96, % 33, ,722 $24.57 Arlington/Mansfield ,706,877 1,419,034 1,487, % 154,125 12,332 39,349 $17.45 Central Expressway ,161,605 2,435,101 2,488, % 80,715 23,984 0 $22.12 Dallas CBD ,260,124 8,757,945 8,976, % 94, ,000 $21.35 Delta County 3 6, % 1, $0.00 Denton 325 3,712, , , % 36, $19.01 DFW Freeport/Coppell ,780,174 1,634,941 1,643, % 83, ,054 $21.20 East LBJ Freeway ,430,438 4,052,389 4,308, % 47, $18.56 East Northeast Ft Worth 328 4,617, , , % 12, $15.61 Ellis County 240 1,345,801 96,291 96, % 11,793 16,415 0 $18.04 Frisco/The Colony 195 5,229, , , % 173, , ,715 $27.29 Ft Worth CBD ,299,944 1,589,203 1,603, % 136, ,971 $26.19 Garland 250 3,354, , , % (5,347) 0 0 $18.10 Grand Prairie 129 3,921, , , % 21,872 31,383 0 $16.76 HEB/Midcities 445 7,066,973 1,049,137 1,633, % (36,648) 1,942 13,571 $16.10 Henderson County ,954 28,433 28, % 1, $10.12 Hood County ,763 35,968 35, % 9, $15.30 Hunt County ,558 59,962 59, % (5,395) 0 0 $12.38 Johnson County 187 1,024,361 74,425 74, % (2,594) 0 2,541 $14.85 Lewisville 422 8,281,304 1,236,266 1,250, % 87, ,000 $19.73 Mesquite/Forney/Terrell 191 1,515, , , % 39, $17.72 Northwest Ft Worth 158 1,182,924 87,081 87, % 9, ,050 $18.41 Office Ctr/West LBJ Ext ,874,173 1,616,548 1,641, % 32, $21.19 Outlying Collin County ,139 17,542 18, % ,169 $28.51 Outlying Denton County ,332 8,297 8, % (2,892) 0 0 $16.89 Outlying Kaufman County 17 53,238 9,494 9, % $9.77 Parker County ,176 77,684 77, % 21, ,000 $19.81 Plano 332 9,418,373 1,114,607 1,139, % (2,903) 18,000 0 $19.76 Preston Center 142 5,556, , , % (12,035) 0 190,000 $31.74 Quorum/Bent Tree ,246,670 3,645,607 3,854, % 62, ,000 $20.21 Richardson ,767,943 2,150,917 2,253, % 317, ,500,000 $19.10 Rockwall 120 1,162,812 60,521 60, % 8,533 23, ,000 $27.06 South Irving 218 2,856, , , % (5,235) 0 0 $15.06 Southeast Dallas 116 1,227, , , % (904) 0 0 $15.62 Southeast Ft Worth 182 2,190, , , % (5,298) 0 0 $16.19 Southwest Dallas 471 5,107, , , % (7,311) 6,000 0 $15.18 Stemmons Freeway ,106,669 3,263,915 3,398, % 98, $14.96 Upper Tollway/West Plano ,614,013 1,741,737 1,889, % (77,796) 0 1,108,379 $27.14 Uptown/Turtle Creek ,079,036 1,269,213 1,302, % ,735 $30.71 Urban Center/Wingren 62 9,488,077 1,976,818 2,028, % 150, $22.95 West LBJ Freeway 87 4,973,004 1,329,537 1,348, % 2, $16.14 West Southwest Ft Worth ,083,253 1,562,609 1,591, % (6,918) 0 149,090 $20.98 Westlake/Grapevine ,762,524 1,454,877 1,616, % (24,187) 55, ,061 $24.17 White Rock 254 5,222, , , % 17, $19.75 Wise County ,088 26,121 26, % $20.85 Totals 10, ,977,435 48,066,744 50,268, % 1,614, ,353 6,161,425 $ THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

20 FIGURES AT A GLANCE FIRST QUARTER 2014 DALLAS/FT. WORTH Class A Market Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 40 28,490,634 6,435,321 6,651, % 89, ,971 $23.39 Suburban ,490,606 12,205,249 13,013, % 650, ,800 4,510,109 $24.31 Totals ,981,240 18,640,570 19,665, % 739, ,800 5,036,080 $24.05 Class B Market Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 93 12,783,664 3,062,215 3,071, % 129, $18.20 Suburban 4, ,273,875 21,777,012 22,908, % 741, ,553 1,125,345 $18.60 Totals 4, ,057,539 24,839,227 25,979, % 871, ,553 1,125,345 $18.57 Class C Market Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 130 5,285, , , % 11, $13.95 Suburban 5,430 44,652,886 3,737,335 3,766, % (9,030) 0 0 $15.45 Totals 5,560 49,938,656 4,586,947 4,623, % 2, $15.39 Class A & B Market Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,274,298 9,497,536 9,723, % 219, ,971 $22.24 Suburban 5, ,764,481 33,982,261 35,921, % 1,392, ,353 5,635,454 $21.10 Totals 5, ,038,779 43,479,797 45,644, % 1,611, ,353 6,161,425 $21.31 Total Office Market Statistics First Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,560,068 10,347,148 10,580, % 231, ,971 $22.11 Suburban 10, ,417,367 37,719,596 39,687, % 1,382, ,353 5,635,454 $20.63 Totals 10, ,977,435 48,066,744 50,268, % 1,614, ,353 6,161,425 $ COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 15

21 DALLAS/FT. WORTH FIRST QUARTER 2014 FIGURES AT A GLANCE Class A Market Statistics First Quarter 2014 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates ,981,240 18,640,570 19,665, % 739, , ,036,080 $ q ,781,440 19,117,703 20,205, % 524, , ,688,666 $ q ,649,194 19,452,432 20,597, % 2,219, , ,999,453 $ q ,865,897 20,638,385 22,033, % (519,874) 1 157, ,875,736 $ ,708,097 20,293,783 21,355, % 688, , ,779,435 $ ,356,408 20,610,873 21,692, % 1,883, ,166, ,425,032 $ ,190,098 21,661,327 22,410, % 1,246, ,705,339 $ ,190,098 22,771,114 23,656, % 1,920, ,463, ,000 $ ,726,735 21,616,630 23,113, % 214, ,105, ,242,204 $ ,621,201 19,865,854 21,222, % 2,285, ,828, ,647,058 $ ,792,458 18,435,769 19,680, % 1,806, ,630, ,149,184 $ ,161,860 17,578,388 18,855, % 2,689, ,628, ,663,665 $ ,533,260 17,596,326 18,916, % 2,174, ,057, ,268,171 $ ,476,092 18,495,817 20,033, % 2,775, ,422, ,057,168 $ ,053,468 19,218,929 21,386, % 1,277, ,819, ,732,220 $ ,234,381 17,375,146 20,844, % (570,757) 10 2,219, ,688,187 $20.63 Quoted Class B Market Statistics First Quarter 2014 Net Deliveries Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates , ,057,539 24,839,227 25,979, % 871, , ,125,345 $ q 4, ,859,986 25,650,151 26,653, % (256,300) , ,137 $ q 4, ,001,216 25,542,870 26,538, % 168, , ,069,311 $ q 4, ,745,445 25,098,525 26,450, % 744, , ,108,095 $ , ,097,628 26,241,662 27,547, % 105, , ,028,939 $ , ,923,362 26,294,560 27,478, % 999, , ,835 $ , ,379,513 26,749,316 27,934, % 2,054, ,046, ,822 $ , ,017,433 28,982,136 29,627, % 806, , ,121 $ , ,252,674 28,953,283 29,669, % 250, ,744, ,161,484 $ , ,549,046 26,601,321 27,216, % 3,319, ,613, ,785,131 $ , ,022,529 26,252,948 27,009, % 3,833, ,016, ,915,168 $ , ,235,745 26,157,005 27,056, % 4,668, ,088, ,940,734 $ , ,611,299 26,893,574 28,100, % 2,704, ,845, ,767,046 $ , ,248,568 25,930,733 27,441, % 3,474, ,648, ,882,508 $ , ,911,171 26,786,076 28,578, % (453,606) 142 2,985, ,332,506 $ , ,057,994 22,590,194 25,272, % (380,758) 109 2,354, ,764,956 $16.65 UC Inventory Quoted Total Office Market Statistics First Quarter 2014 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates , ,977,435 48,066,744 50,268, % 1,614, , ,161,425 $ q 10, ,587,136 49,373,743 51,492, % 373, , ,639,803 $ q 10, ,598,716 49,692,251 51,877, % 2,357, ,039, ,068,764 $ q 10, ,559,648 50,402,032 53,195, % 154, , ,983,831 $ , ,802,031 51,197,594 53,592, % 764, , ,808,374 $ , ,294,576 51,558,405 53,849, % 3,199, ,868, ,384,867 $ , ,834,909 53,643,714 55,589, % 3,354, ,061, ,087,161 $ , ,593,292 57,144,225 58,702, % 2,576, ,257, ,079,977 $ , ,382,272 55,830,577 58,067, % 27, ,937, ,428,863 $ , ,548,438 51,235,736 53,261, % 5,556, ,519, ,512,093 $ , ,235,764 49,464,163 51,504, % 5,734, ,942, ,142,000 $ , ,664,999 48,461,472 50,668, % 7,452, ,957, ,844,592 $ , ,309,153 49,201,275 51,765, % 5,681, ,224, ,259,131 $ , ,192,089 51,208,605 54,330, % 6,408, ,557, ,232,051 $ , ,322,476 52,762,507 56,868, % 952, ,076, ,565,526 $ , ,106,323 47,280,782 53,604, % (972,385) 170 5,019, ,804,952 $18.19 Quoted 16 THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

22 LEASING ACTIVITY FIRST QUARTER 2014 DALLAS/FT. WORTH Historical Rental Rates Based on Full-Service Equivalent Rental Rates A B C Total Market $30.00 $25.00 Dollars/SF/Year $20.00 $15.00 $10.00 $5.00 $ by Available Space Type by Class Percent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Class Dallas/Ft Worth United States Dallas/Ft Worth United States 4% 4% 9% 17% 52% 39% 48% 35% 96% 96% Direct Sublet Direct Sublet Class A Class B Class C Class A Class B Class C U.S. Rental Rate Comparison Based on Full-Service Equivalent Rental Rates Future Space Available Space Scheduled to be Available for Occupancy* $25.00 Dallas/Ft Worth United States $ Dollars/SF/Year $15.00 $10.00 Millions $ $ q q q q q q q q q q * Includes Under Construction Spaces 2014 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 17

23 DALLAS/FT. WORTH FIRST QUARTER 2014 LEASING ACTIVITY Select Top Office Leases Based on Leased Square Footage For Deals Signed in 2014 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 Thanksgiving Tower Dallas CBD 354,359 1st Santander Consumer USA N/A Altschuler and Company W Airfield Dr Westlake/Grapevine 185,000 1st Terremark N/A JLL 3 Senlac Dr & Wittington Pl DFW Freeport/Coppell 165,000 1st Monitronics Cushman & Wakefield of Texas, Inc. Direct Deal 4 Galleria North Tower II Quorum/Bent Tree 50,254 1st Time Warner Cable N/A CBRE 5 Freeport Business Ctr II DFW Freeport/Coppell 41,419 1st Northrop Grumman Information Systems JLL CBRE 6 Freeport Office Center II DFW Freeport/Coppell 40,190 1st N/A N/A Stream Realty Partners, L.P. 7 Renaissance Tower Dallas CBD 30,983 1st Ernst & Young N/A CBRE 8 Las Colinas Highlands* Office Ctr/West LBJ Ext 29,345 1st Hanley Wood Exhibitions N/A PM Realty Group 9 Westway One* DFW Freeport/Coppell 28,635 1st Lennar Homes Of Texas N/A N/A International Pky Upper Tollway/West Plano 27,629 1st Vendor Resource Management N/A Peloton Commercial Real Estate 11 Legacy Tower Upper Tollway/West Plano 26,718 1st Murchison Oil & Gas N/A CBRE 12 Granite Park IV Upper Tollway/West Plano 26,417 1st N/A N/A Granite Properties, Inc. 13 The Campus at Legacy Upper Tollway/West Plano 26,371 1st Optimal Blue, LLC N/A Peloton Commercial Real Estate 14 Legacy Town Center Headquarters I Upper Tollway/West Plano 26,300 1st N/A N/A Randy Heady & Company Realtors 15 Williams Square - Central Tower Urban Center/Wingren 25,900 1st N/A N/A Cushman & Wakefield of Texas, Inc. 16 Colonnade II Quorum/Bent Tree 25,233 1st Venari Resources N/A Cushman & Wakefield of Texas, Inc. 17 Galleria North Tower II Quorum/Bent Tree 25,127 1st N/A N/A CBRE 18 Tower 1320 Office Ctr/West LBJ Ext 24,794 1st Children s Medical Center of Dallas Peloton Commercial Real Estate Peloton Commercial Real Estate 19 The Points at Waterview Richardson 24,274 1st HBS Systems, Inc. Colliers International Cushman & Wakefield of Texas, Inc. 20 Comerica Bank Tower Dallas CBD 23,933 1st Dykema Law Firm N/A CBRE 21 Mandalay Tower Urban Center/Wingren 22,337 1st AmeriCredit N/A Cassidy Turley 22 D.R. Horton Tower Ft Worth CBD 21,016 1st Forestar (USA) Real Estate Group, Inc. Direct Deal Sundance Square Management, L.P. 23 Granite Park One Upper Tollway/West Plano 20,878 1st Behringer Harvard CASE Commercial Real Estate Partner Granite Properties, Inc. 24 One Galleria* East LBJ Freeway 20,719 1st Etan Industries N/A Colliers International International Pky Upper Tollway/West Plano 20,258 1st For Rent Media Solutions N/A Peloton Commercial Real Estate 26 One City Place Ft Worth CBD 19,661 1st Texas Capital Bank N/A Holt Lunsford Commercial, Inc. 27 Las Colinas Corporate Center II Office Ctr/West LBJ Ext 18,219 1st Neovia Logistics N/A Altschuler and Company Main Ft Worth CBD 17,210 1st NY Life N/A JLL 29 Two Lincoln Centre* East LBJ Freeway 16,994 1st Aerus L.L.C. N/A Cushman & Wakefield of Texas, Inc. 30 Occidental Tower East LBJ Freeway 16,559 1st Sierra Auto Finance, Llc Swearingen Realty Group, L.L.C. Younger Partners, LLC Ross Avenue Dallas CBD 16,081 1st Lewis Brisbois Bisgaard & Smith LLP Cassidy Turley Cushman & Wakefield of Texas, Inc. 32 Turtle Creek Centre Uptown/Turtle Creek 15,715 1st Estes Okon Thorne & Carr CBRE JLL 33 Palisades Central II* Richardson 14,865 1st Prodea Systems N/A Sooner Management, LLC 34 Hall Office Park - E1* Frisco/The Colony 14,626 1st Corepoint Health Cassidy Turley N/A 35 The Square at Craig Ranch Allen/McKinney 13,991 1st Advice Interactive Group, LLC N/A Peloton Commercial Real Estate 36 Lakeside Square* East LBJ Freeway 13,893 1st WRA Architects, Inc. Avison Young CBRE 37 Centerpoint III Arlington/Mansfield 13,864 1st Siemens N/A Primera Companies, Inc. 38 Nolan Ryan Parkway 1401/1501 Arlington/Mansfield 13,590 1st Infotech Enterprises America Inc JLL CBRE 39 Harwood Center Dallas CBD 13,478 1st Cantey Hanger LLP N/A Cushman & Wakefield of Texas, Inc. 40 Salazar Center Dallas CBD 12,714 1st Law Offices of John R Salazar PC N/A 2201 Main LLC * Renewal 18 THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

24 SALES ACTIVITY FIRST QUARTER 2014 DALLAS/FT. WORTH The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 9.0% Cap Rate Price/SF $ % $350 Cap Rate Percentage 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% $300 $250 $200 $150 $100 Dollars/SF 1.0% $50 0.0% q q q q q q q q q $0 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From Jan Dec Sales Volume Price/SF Bldg Size # RBA $ Volume Price/SF Cap Rate $700 $250 Millions of Sales Volume Dollars $600 $500 $400 $300 $200 $100 $200 $150 $100 $50 Price/SF < 50,000 SF ,070 $ 96,231,612 $ % 50K-249K SF 27 3,815,828 $ 518,223,700 $ % 250K-499K SF 9 2,975,784 $ 397,874,000 $ % $ q q q q $0 >500K SF 8 8,716,125 $ 973,426,700 $ % Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Office Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Office Building Sales of 15,000 SF and Larger $270 Dallas/Ft Worth US 10.0% Dallas/Ft Worth US Dollars per SF $220 $170 $120 $70 Cap Rate Percentage 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% $ q q q q 3.0% q q q q Source: CoStar COMPS Source: CoStar COMPS 2014 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 19

25 DALLAS/FT. WORTH FIRST QUARTER 2014 SALES ACTIVITY 20 THE COSTAR OFFICE REPORT 2014 COSTAR GROUP, INC.

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