Office Market Continues to Improve

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1 Research & Forecast Report LAS VEGAS OFFICE Q Office Market Continues to Improve > > Southern Nevada s office market is improving at a steady rate > > Net absorption has been positive in twelve of the last thirteen quarters, and has totaled almost 2 million square feet in the past three years > > Steady improvements in demand and a lack of new supply have contributed to year-over-year rent growth Economic Indicators Office Employment Office SF/Job -5.4% Sublease Vacancy Southern Nevada s office market continues to emulate the local desert tortoise, with slow and steady improvement that actually picked up steam in the third quarter of Vacancy continued its three quarter downward trend, hitting 17.1 percent in the third quarter, 1.1 points lower than one year ago. This was on 210,859 square feet of net absorption and no new completions. Continued improvements in demand have driven asking rates steadily upward as well, hitting $2.01 per square foot (psf) on a Full Service Gross (FSG) basis this quarter. Southern Nevada s office job market improved in (the latest month of data available) compared with July 2015, but at a slower pace than in recent months. The office job market added approximately 5,600 jobs in the past twelve months, with the largest Historical Vacancy Rates and Asking Lease Rates +7.9% Market Indicators Q Relative to prior period Q Q4 2016* VACANCY NET ABSORPTION COMPLETIONS RENTAL RATE *Projected Summary Statistics Q Las Vegas Market Q Q Q % $2.05 Vacancy Rate 18.2% 17.6% 17.1% 20.0% $2.00 Asking Rent (PSF, NNN) $1.94 $1.99 $ % $ % $1.90 Net Absorption (SF) 212, , , % $1.85 New Completions (SF) 46, , % 15.0% 3 Q Q Q Q Q Q Q Q Q 2016 $1.80 $1.75 Overall Asking Rents Per Square Foot Vacancy Asking Rental Rate Class A $2.63 $2.68 $2.67 All signs point to continued steady improvement in the office market through Class B $1.95 $2.00 $2.04 $1.63 $1.68 $1.68

2 contribution coming from the health care sector (+4,500 jobs), and with the information sector losing 300 jobs. The professional and business services sector, which had shown very strong growth over the past year, added only 900 new jobs year-over-year, and the financial services sector added 500 jobs. Unemployment in the Las Vegas- Paradise MSA stood at 6.7 percent as of, down from 7.1 percent in July From July 2015 to, total employment in Southern Nevada has increased by 27,000 jobs. Historical Net Absorption vs. Completions 700, , , , ,000 There was no new office inventory completed in the third quarter of The market had 203,000 square feet of office space under construction, almost 90 percent of it speculative. The pace of construction has been slower than expected due to high land and construction costs, as well as continued overall high vacancy rates. We think 134,000 square feet of office space will be completed in the fourth quarter of 2016, with another 69,000 square feet completed in early , , , ,000 3 Q Q Q 2015 Net Absorption 2 Q Q Q Q 2016 Completions 2 Q Q 2016 Southern Nevada s office market had 210,859 square feet of net absorption in the third quarter of 2016, bringing net absorption yearto-date to 640,796 square feet. This was the seventh straight quarter of positive net absorption for the office market, and the market has had positive net absorption in twelve of the last thirteen quarters. In the third quarter of 2016, net absorption was highest in the Southwest submarket (111,862 square feet), followed by North Las Vegas (61,303 square feet) and Henderson (51,885 square feet). Negative net absorption was experienced in the Airport (negative 90,906 square feet) and Downtown (negative 35,184 square feet). Occupancy vs. Office Employment 130, , , , , % 83.0% 82.0% 81.0% 80.0% Demand for office space over the past twelve months came primarily from manufacturing, professional and business services, and financial activities, especially mortgage and title companies. Mortgage and title companies have been stimulated by the recent expansion of the Valley s construction industry. Manufacturing includes printing and publishing, which includes digital media like websites, hence the strong office demand of manufacturing. The trend of taking less space per office employee remains a headwind to office market growth, but Southern Nevada s office users appear to be in expansion mode, offsetting that trend somewhat. Positive net absorption drove the office vacancy rate down this quarter to 17.1 percent due to positive net absorption and a lack of new supply. Current vacancy is 1.1 percentage points lower than one year ago. At recent rates of net absorption, the office market will stabilize at 9.0 percent vacancy (the pre-recession average) in approximately 4.7 years. 105, ,000 3 Q Q Q 2015 Office Jobs 2 Q 2015 JUL 2015 JUL 2016 CHANGE Information 10,200 9, Financial Activities 45,600 46, Professional & Business Services 123, , Health Care 59,000 63, , % 78.0% Source: Nevada Department of Employment, Training and Rehabilitation 3 Q Q Q Q 2016 Occupancy Rate 3 Q 2016 Investment Sales Activity YTD* No. Sales Square Footage 3,929,000 3,512,000 2,505,000 2,044,000 1,009,000 Sales Volume $261.0 MM $571.9 MM $296.4 MM $384.1 MM $129.1 MM Average Price/SF $89.11 $ $ $ $ Average Cap Rate* 8.2% 7.6% 7.7% 7.5% 7.8% Average Sale Size (SF) 34,000 39,000 35,000 30,000 28,000 2 Las Vegas Research & Forecast Report Q Office Colliers International

3 Office vacancy decreased in six of the Valley s eight submarkets in the third quarter of 2016, with the relatively small North Las Vegas submarket experiencing the largest decrease (7.8 percentage points), followed by Southwest (1.6 points) and Henderson (1.0 points). Vacancy increased in the Airport (1.4 points) and Downtown (0.7 points) submarkets. The Valley s lowest vacancy rate was still in Downtown, at 12.8 percent, while West Central had the Valley s highest vacancy rate at 20.4 percent. Over the next few years, the East Las Vegas submarket should see the completion of a major expansion and renewal of the Las Vegas Convention Center, the completion of the nearby World Resorts property on the Strip and the potential construction of a new stadium near McCarran International Airport. This activity in Midtown Las Vegas could stimulate demand for office space in the Airport and East Las Vegas submarkets. Vacancy in Class A office stood at 21.4 percent in the third quarter of 2016 after especially anemic net absorption of 3,685 square feet. Yearover-year, Class B product saw vacancy decrease by 1.1 percentage points to 17.5 percent, while vacancy in office vacancy decreased by 1.0 percentage point to 15.4 percent. The weighted average asking rental rate for office space in Southern Nevada decreased to $2.01 per square foot (psf) on a full service gross (FSG) basis in the third quarter of 2016, a $0.05 psf increase from one year ago and a $0.02 increase from one quarter ago. Downtown wrested the title of most expensive submarket this quarter from the Southwest, with Downtown s asking rental rate hitting $2.25 psf FSG compared to the Southwest s $2.24 psf FSG. The Valley s lowest average asking rate is in the West Central submarket, at $1.71 psf FSG. Office space available for sublease increased this quarter to 396,736 square feet, but was still 17.7 percent lower than it was one year ago. Sublease availability increased significantly in the first quarter of 2014 when Citibank s call center operations center in the Northwest was put on the market. It then decreased significantly earlier this year with the sublease of 138,000 square feet at 8725 W Sahara Avenue to Sutherland Global Services. Office investment sales remained subdued in the third quarter of So far in 2016, sales volume totaled $129.1 million in 36 sales totaling 1,009,000 square feet with an average price per square foot of $ and an average cap rate of 7.8 percent. The significant decrease in average price is due to the sale of a large building in the Downtown submarket at a low price per square foot earlier this year. In general, investment sales in Southern Nevada are shifting to smaller buildings. In the third quarter of 2016, there was almost 2 million square feet of office space available for sale with an average asking price of $ psf and an average cap rate of 6.9 percent. The only problem with Southern Nevada s office market at the moment is that its improvement is slow. With the industrial market on fire, it is easy to forget just how much improvement has occurred in the office market over the past three years, to the tune of almost 2 million square feet of net absorption, a more than 3 point drop in vacancy and a 7.5 percent increase in asking rates. All signs point to continued steady improvement in the office market through All signs point to continued steady improvement in the office market through John Stater, Research & GIS Manager Office Development Pipeline Project Type Submarket Size (SF) Status Completion Supreme Court Building Class B Downtown 27,000 Under Construction Q Build-To-Suit Total 27,000 Tivoli Village Class A Northwest 134,000 Under Construction Q Centennial Hills Center Class B Northwest 124,000 Planned 2017 The Square Southwest 80,000 Planned 2017 Pace Plaza Class B Southwest 42,000 Under Construction Q Seven Hills Plaza D Class B Henderson 42,000 Planned 2017 Cadence Henderson 30,000 Planned 2017 Speculative Total 452,000 Office Total 479,000 3 Las Vegas Research & Forecast Report Q Office Colliers International

4 215 NORTH LAS VEGAS Significant Office Sale Activity Pointe North 95 27,000 SF - $3,300,000 $124.00/SF NORTHWEST W. Gowan Road SUMMERLIN WEST CENTRAL DOWN TOWN 95 EAST LAS VEGAS 31,000 SF - $4,700,000 $151.00/SF Class B JBA Office Plaza 28,000 SF - $6,100,000 $222.00/SF 215 AIRPORT 4801 Sandhill Road 13,000 SF - $1,300,000 $104.00/SF SOUTHWEST HENDERSON August 2016 Horizon Ridge Prof. Park 8,000 SF - $2,300,000 $265.00/SF Lease Activity Property Name Lease Date Lease Term Size Lease Rate Type Green Valley Civic Center Jul months 31,000 SF $0.75 NNN Class B Pointe Flamingo Jul months 11,000 SF $0.75 NNN Class B Sienna Gardens Jul months 7,000 SF $2.01 NNN Class B The Courtyards on Eastern Aug months 7,000 SF $1.34 FSG Jones Post Office Complex Jul months 6,000 SF $1.01 NNN 4 Las Vegas Research & Forecast Report Q Office Colliers International

5 Market Comparisons - Las Vegas Office Market CLASS TOTAL INVENTORY SF DIRECT VACANT SF DIRECT VACANCY RATE SUBLEASE VACANT SF VACANCY RATE TOTAL VACANT CURRENT SF QUARTER VACANCY RATE PRIOR QUARTER NET ABSORPTION CURRENT QTR SF NET ABSORPTION YTD SF COMPLETIONS CURRENT QTR SF COMPLETIONS YTD SF UNDER CONSTRUCTION SF PLANNED CONSTRUCTION SF WEIGHTED AVG ASKING RENTAL RATE AIRPORT SUBMARKET A 729, , % - 240, % 32.0% (9,248) (3,367) $2.81 B 2,407, , % 17, , % 8.9% (91,581) 2, $2.02 C 3,184, , % 19, , % 17.0% 9,923 29, $1.71 Total 6,321,762 1,033, % 36,817 1,070, % 15.6% (90,906) 28, $2.05 DOWNTOWN SUBMARKET A 1,232, , % - 240, % 15.9% (44,176) 104, , $2.80 B 2,329, , % - 240, % 11.2% 20,674 3, ,600 - $2.11 C 1,432, , % 3, , % 10.4% (11,682) 12, $1.61 Total 4,993, , % 3, , % 12.1% (35,184) 120, ,000 26,600 - $2.25 EAST LAS VEGAS SUBMARKET A 1,353, , % 37, , % 20.7% 6,005 58, $2.91 B 1,542, , % - 437, % 28.9% 4,696 42, $1.39 C 2,629, , % 3, , % 18.1% 20,312 40, $1.44 Total 5,524,513 1,162, % 40,830 1,203, % 21.7% 31, , $1.76 HENDERSON SUBMARKET A 583, , % 2, , % 29.9% -4,330 (13,294) $2.65 B 2,566, , % 5, , % 17.9% 60,173 52, ,000 $2.16 C 2,227, , % 3, , % 17.3% -3,958 (4,922) ,000 $1.70 Total 5,377, , % 11, , % 19.0% 51,885 34, ,000 $2.07 NORTH LAS VEGAS SUBMARKET A - - n/a - - n/a n/a $- B 245,696 33, % - 33, % 37.8% 59,621 64, $1.97 C 543,389 97, % - 97, % 18.3% 1,682 (30,283) $1.56 Total 789, , % - 131, % 24.4% 61,303 34, $1.66 NORTHWEST SUBMARKET A 1,825, , % 52, , % 23.0% 6,436 49, ,003 - $2.36 B 3,537, , % 1, , % 17.9% 23,145 (54,675) ,000 $2.17 C 3,352, , % 8, , % 12.9% 6,047 33,045-10,700-37,100 $1.76 Total 8,715,611 1,412, % 63,036 1,475, % 17.0% 35,628 27,899-10, , ,100 $2.10 SOUTHWEST SUBMARKET A 597,112 25, % 10,098 35, % 14.1% 48,998 65, $2.74 B 2,997, , % 17, , % 22.3% (4,122) (8,216) - 35,663 42,000 - $2.40 C 3,513, , % 19, , % 16.0% 66,986 81, ,202 $2.00 Total 7,107,621 1,149, % 47,060 1,196, % 18.5% 111, ,478-35,663 42,000 85,202 $2.24 WEST CENTRAL SUBMARKET A 157,624 18, % - 18, % 11.9% - 6, $2.46 B 1,922, , % - 463, % 26.4% 43, , $1.87 C 3,007, , % 2, , % 18.6% 1,555 (35,018) $1.56 Total 5,088,246 1,037, % 2,420 1,039, % 21.4% 45, , $1.71 MARKET TOTAL A 6,478,654 1,386, % 102,715 1,489, % 21.7% 3, , , ,003 - $2.67 B 17,549,050 3,073, % 41,506 3,115, % 18.7% 116, ,958-35,663 68, ,000 $2.04 C 19,890,519 3,064, % 60,649 3,125, % 16.1% 90, ,776-10, ,302 $1.68 Total 43,918,223 7,525, % 204,870 7,730, % 18.0% 210, , , , ,302 $2.01 QUARTERLY COMPARISON AND TOTALS Q ,918,223 7,525, % 204,870 7,730, % 18.0% 210, , , , ,302 $2.01 Q ,918,223 7,736, % 157,956 7,894, % 18.1% 156, , , , , ,140 $1.99 Q ,753,560 7,728, % 192,126 7,920, % 18.7% 273, ,128 10,700 10, , ,140 $2.00 Q ,742,860 7,990, % 197,676 8,188, % 18.6% 82, , , , , ,140 $1.96 Q ,619,243 7,949, % 150,546 8,099, % 19.0% 212, ,190 46, , , ,140 $1.94 Q ,572,593 8,115, % 182,799 8,297, % 19.2% 82, ,864 (13,548) 199, , ,140 $1.91 Q ,586,141 8,210, % 172,615 8,383, % 20.2% 616, , , , , ,140 $ Las Vegas Research & Forecast Report Q Office Colliers International

6 502 offices in 66 countries on 6 continents United States: 153 Canada: 34 Latin America: 24 Asia Pacific: 231 EMEA: 112 $2.5 billion in annual revenue* COLLIERS INTERNATIONAL LAS VEGAS 3960 Howard Hughes Parkway Suite 150 Las Vegas, Nevada USA MARKET CONTACT: Mike Mixer Executive Managing Director Las Vegas John Stater Research & GIS Manager Las Vegas billion square feet under management 16,000 professionals and staff *All statistics are for 2015 and include affiliates. About Colliers International Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 11 consecutive years, more than any other real estate services firm. For the latest news from Colliers, visit Colliers.com or follow us on Twitter and LinkedIn. 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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