>> Tight Market Condions & Rising Rents

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1 Research & Forecast Report GREATER L.A. INDUSTRIAL Accelerating success. >> Tight Market Condions & Rising Rents Key Takeaways > The Greater Los Angeles Basin industrial market absorbed 6,025,000 SF of industrial space this quarter with uneven gains by region. Absorption was highest in the Inland Empire at 4,696,500 SF, Los Angeles County had positive net absorption of 997,900 SF while Orange County reported 330,600 SF of positive net absorption. > This quarter saw 4,505,100 SF of industrial space added to the base. Despite the current construction boom taking place, actual construction completions are below the quarterly completion average of 5 million SF seen since Market Indicators Relative to prior period Forecast Vacancy Net Absorption Construction Rental Rate Summary Statistics GLA, Vacancy Rate BPS Change from Q4 16 (Basis Points) Net Absorption 6,025,000 SF Construction Completions 4,505,100 SF Under Construction 29,849,100 SF > Asking rents rose to $0.67 PSF NNN, the highest reported rental rate for the Greater Los Angeles Basin. Los Angeles Basin Industrial Market The Los Angeles Basin industrial market is the largest market in the United States, totaling over 1.56 billion SF. It also has some of the highest asking rental rates as well as one of the lowest vacancy rates of any market in the US. Major industrial drivers for the region continue to be imports at the twin ports of Los Angeles / Long Beach, which handle roughly 40% of all imports into the country. In addition, the region is the largest manufacturing center in the United States, with more manufacturing jobs than the entire state of Illinois. Asking Rents GLA, GLA Industrial Market Average Asking Rent $0.67 PSF NNN Change from Q2 16 $0.05 PSF NNN Y.O.Y. Change (%) +8. GLA Labor Force GLA, 12-mo Employment Growth (%) 12-mo Actual Employment Change Construction Manufacturing Transportation, Trade & Utilities +8.5% % +27,200-8,

2 GLA INDUSTRIAL Central Los Angeles The overall vacancy rate rose to 1.5%, an increase of 20 basis points. One challenge facing the Central Los Angeles industrial marketplace is the continued consolidation of the apparel industry. This is leading to a reduction of industrial assets for apparel manufacturing companies in the region. South Bay Industrial rents increased $0.01 PSF NNN over the quarter to $0.79 PSF NNN. Rents have increased 9.7% over the last 12 months and are at their highest point ever. Net absorption was 421,900 SF this quarter, much of which came from several new projects that finished construction this quarter. Vacancy has remained flat over the quarter at 0.8%, the lowest recorded vacancy rate ever for the region. Historical Vacancy v. Rents GLA Industrial Market Q $ PSF PER MONTH (NNN) $0.70 $0.65 $0.60 $0.55 $0.50 $0.45 $0.40 $0.35 RENTS VACANCY 2Q13 2Q14 2Q15 2Q16 2Q17 Net Absorption by Submarket GLA Industrial Market, 5% 5% 0% % VACANT (TOTAL) San Fernando Valley & Ventura County Vacancy declined 20 basis points to 1.8% on continued strong industrial demand. This is the lowest rate in recorded history for the San Fernando Valley / Ventura County marketplace. Asking rental rates held steady at $0.67 PSF NNN. Rents are still below their peak of $0.68 PSF NNN in SF (MILLIONS) The San Fernando Valley is in the middle of a building boom. Tight market conditions and rising rents are leading to a much needed increase in supply. As these newly completed buildings are leased up, we expect them to draw increased investor activity. (1.0) (0.33) ORANGE COUNTY SFV & VENTURA CO. For industrial users looking to find the ideal space to meet their needs, they will likely have to expand their industrial footprint by taking additional space in soon to be constructed speculative buildings or in build to suit projects, as quality space remains hard to find in this market. Other alternatives for industrial space include the Tejon Commerce Center, which offers Class A space for larger users in the $0.40 PSF NNN range. Historical Sales & Leasing Activity by Submarket GLA Industrial Market SF (MILLIONS) SFV & VENTURA CO ORANGE CO

3 GLA INDUSTRIAL San Gabriel Valley Vacancy rates have decreased 10 basis points to 1.; the lowest the vacancy rate ever in the San Gabriel Valley. Average asking lease rates held steady at $0.68 PSF NNN. Rents have been steadily increasing as vacancy rates are at historic lows. There remains 1,635,600 SF of space under construction. The San Gabriel Valley is a tight infill market with few oportunities to develop additional industrial space. Mid-Counties Average asking rents increased $0.02 PSF NNN over the prior quarter to $0.68 PSF NNN. Rates have surpassed their previous peak of $0.64 PSF NNN last seen in The overall vacancy rate was 0.6%, unchanged from the previous quarter. Vacancy has remained below for the last seven quarters. There was no new space added to the market this quarter. There remains 2,092,400 SF under construction. Vacancy by Submarket GLA Industrial Market, % VACANT (TOTAL) 0% 0.6% 0.8% 1. Historical Net Absorption & Construction Completions GLA Industrial Market Q % 1.8% SFV & VENTURA CO. 2.6% ORANGE CO. 3.8% Orange County The Orange County industrial market closed mid-year on a positive note as net absorption recorded 305,100 SF. With only 195,500 SF of space remaining under construction and strong industrial demand, vacancy rates are expected to remain at historic low levels. There is a strong demand for new industrial buildings as developers are challenged with finding available infill sites. Industrial product is expected to continue depleting due to many properties being sold as land for multifamily redevelopment or converted to creative office space. SF (MILLIONS) NET ABSORPTION CONSTRUCTION COMPLETIONS 2Q13 2Q14 2Q15 2Q16 2Q17 Inland Empire The vacancy rate has reached a record low of 3.8%. This is due to continued strong industrial demand and low construction completions for the quarter. Asking rents increased $0.01 PSF NNN over the quarter and have increased $0.05 PSF NNN over the past 12 months to end at $0.55 PSF NNN in. Rents are also 10 cents higher than the previous peak of $0.45 PSF NNN in Demand remains strong and continues to outpace supply. This is leading to increased construction for large modern distribution centers, driven largely by E-commerce companies further expanding their industrial footprint. Unemployment Rate Los Angeles Basin May % 4.7% 4.7% 4.6% 4.5% % 3.9% 3.8% United States California Los Angeles Basin 3

4 GLA INDUSTRIAL Market Description The Los Angeles Basin boasts the largest industrial base in the nation, comprised of 1.56 billion SF in buildings 10,000 square feet and greater. It is a relatively decentralized market, with only 20 percent of the space located in Central Los Angeles, and 80 percent dispersed throughout the region. Los Angeles and Orange Counties are fairly built-out and are mostly infill markets, while the Inland Empire remains the last expansion area for industrial space in the region. The industrial market is beginning to mature, particularly in Los Angeles and Orange Counties, as 60 percent of the buildings in the LA Basin are greater than 20 years old. Submarket Map RECENT TRANSACTIONS & MAJOR DEVELOPMENTS GLA Industrial Market SALES ACTIVITY PROPERTY ADDRESS SIZE SF SALE PRICE PRICE PSF BUYER SELLER 1650 Sunflower Ave, Costa Mesa 112,000 SF $33.4 Million $298 PSF BLT Enterprises Sovereign Capital 150 Radio, Corona 170,000 SF $22.5 Million $133 PSF Seneman Conor Commercial 2615 Bonnie Beach, Vernon 148,100 SF $16.4 Million $111 PSF RLF 11 West, LLC Physical Distribution Service 6400 Artesia, Buena Park 103,400 SF $15 Million $145 PSF OmniDuct Systems C&S, LLC 7800 Airport, Van Nuys 60,000 SF $10.8 Million $180 PSF Departed USA Duak Rita 2008 Living Trust 4185 Temply, El Monte 42,900 SF $7.9 Million $185 PSF AG & H, LLC The Gill Corporation LEASING ACTIVITY PROPERTY ADDRESS LEASED SF LEASE TYPE BLDG CLASS LESSEE LESSOR 2501 San Bernadino, Redlands 683,300 SF Direct - New Distribution TBC Corporation ProLogis 6400 Valley View, Buena Park 238,300 SF Direct - New Distribution Amazon ProLogis Holder St, Cypress 187,500 SF Direct - New Distribution Primary Color Systems Stockbridge Banning, Carson 168,400 SF Expansion Light Quik Pick Express Watson Land Company 4545 Brooks, Montclair 129,900 SF Direct - New Distribution Anheuser - Busch, LLC 4545 Brooks LLC 9640 Owensmouth, Chatsworth 94,000 SF Direct - New Light Production Company Build Rehabitation Industries 2652 Long Beach, Los Angeles 86,500 SF Direct - New Freezer / Cooler Alday's Cold Storage Dedeaux Properties MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SF SUBMARKET STATUS ESTIMATED COMPLETION 3300 Indian, Perris Duke Realty 1,224,900 SF Perris Completed Perris, Moreno Valley Alere Property Group 1,109,400 SF Moreno Valley Under Construction Q Normandie, Torrance Bridge Development 512,500 SF Torrance Under Construction Q Conejo Spectrum Sares Regis Group 505,378 SF Conejo Valley Under Construction Q Ajax, City of Industry Bridge Development 429,900 SF Industry Under Construction Q Florence, Santa Fe Springs Goodman Birtcher 403,600 SF Mid Counties Under Construction Q

5 GLA INDUSTRIAL INDUSTRIAL OVERVIEW GLA Industrial Market EXISTING PROPERTIES CONSTRUCTION VACANCY AVAILABILITY ACTIVITY ABSORPTION RENTS Market Bldgs Total Inventory SF Completions Current Qtr SF Under Construction Vacancy Vacancy Prior Qtr SF Availability Sales Number of Activity SF Sales Lease Activity SF Number of Leases Total Gross Activity Current Qtr SF Total Gross Activity YTD SF Net Absorption Current Qtr SF Net Absorption YTD SF Weighted Avg Asking Lease Rates Subtotal 5, ,836, , , % , ,562, ,127,800 3,931,000 (327,800) (264,800) $0.65 Subtotal 4, ,607, ,300 1,031, % 0.8% , ,404, ,699,200 5,737, , ,400 $0.79 SAN FERNANDO VALLEY & VENTURA COUNTY Subtotal 4, ,148,900 43,000 1,326, % 2.0% , ,042, ,481,500 3,221, , ,200 $0.67 Subtotal 3, ,231,100-1,635, , ,196, ,444,500 3,857, , ,200 $0.68 Subtotal 1, ,480,300-2,092, % 0.6% , ,514, ,694,600 2,466,700 29, ,300 $0.68 LOS ANGELES SUBTOTAL Subtotal 20, ,304, ,800 6,450, ,728, ,719, ,447,600 19,214, ,900 2,188,300 $0.70 Subtotal 5, ,846,300 3,467,200 23,203, % ,302, ,707, ,010,300 20,594,400 4,696,500 8,201,300 $0.55 ORANGE COUNTY Subtotal 1, ,218, , , % 2.8% 3.9% 906, ,308, ,214,100 5,060, , ,000 $0.84 GREATER LOS ANGELES BASIN MARKET TOTAL Total 27,678 1,559,369,100 4,505,100 29,849, % 3,936, ,735, ,672,000 44,868,800 6,025,000 10,281,600 $0.67 5

6 GLA INDUSTRIAL Definitions of key terms in this report Total Rentable Square Feet: Industrial space in buildings with 10,000 SF or more of industrial space. Includes speculative as well as owner-occupied buildings. Excludes Research & Development (R&D) buildings (industrial buildings with at least 30% office build-out, 3/1000 parking ratio and a high level of finish). Excludes space that is under-construction or renovation. Vacancy: Space in existing buildings that is vacant and immediately available during the quarter for direct lease, for sublease or for sale, plus space that is vacant but not available for direct lease or sublease. Availability: All space that is being currently marketed for occupancy, includes space which may be currently occupied or which may be under construction or renovation. Net Absorption: Net change in occupied square feet from one period to the next (includes the impact of change in vacant space available for sublease). Gross Activity: Square feet sold and leased for all known transactions completed during the quarter. Excludes lease renewals. Excludes investment sale transactions. Weighted Average Asking Rental Rates: Weighted by square feet available for direct lease. Data is based on triple net rents, and excludes expenses such as taxes, insurance, maintenance, janitorial service and utilities. Reported on a monthly, per SF basis. Construction Completions: Total square feet added during the quarter via construction completions, including renovated space returned to market, less total square feet taken off-market due to demolitions or conversions. Technical Note Colliers International is continuously refining its database. The data shown in the historical tables and graphics in this report have been adjusted to take into account these changes in the database. This report has been prepared by Colliers International for general information only. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This report and other research materials may be found on our website at www. colliers.com/greaterlosangeles. 396 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 79 EMEA: 111 UNITED STATES: Downtown LA Office License No S. Figueroa St., Ste Los Angeles, CA > $2.6 billion in annual revenue > 2.0 billion square feet under management > Over 15,000 professionals TEL: FAX: Under Construction: Includes buildings that are in some phase of construction, beginning with foundation work and ending with the issuance of a Certificate of Occupancy. HANS MUMPER Executive Managing Director, GLA Thomas Galvin Research Analyst Research Services 6

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