Columbus MARKETBEAT. Office Q2 2017

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1 COLUMBUS OFFICE Economic Indicators Market Indicators Q2 16 Q2 17 Unemployment 4.0% 3.9% Ohio Unemployment 5.0% 5.0% U.S. Unemployment 4.9% 4.4% Q2 16 Q2 17 Overall Vacancy 13.3% 13.4% 212K -80K Construction 1.1M 1.5M Rent $20.49 $20.58 Overall /Overall Asking Rent 4-QTR TRAILING AVERAGE Overall Vacancy 12-Month Forecast 12-Month Forecast Q % 20% 18% 16% 14% 12% 10% , 000's Asking Rent, $ PSF 10 Year Average = 16.2% Q Economy s unemployment rate of 3.9% continues to trend below Ohio and the U.S. at 5.0% and 4.4%, respectively. All unemployment rates are either at or below historical averages providing stability and optimism in the marketplace. population has grown to 860,000, making it the 14th largest city in the country and the second biggest in the Midwest after Chicago, according to the new Census estimates released in May. leapt ahead of Indianapolis (855,000) to move up into the 14th spot and remains Ohio s largest city, well ahead of Cleveland (386,000) and Cincinnati (299,000). has also become one of the fastest-growing innovation and technology hubs in the nation, emerging in 19th place within the U.S. tech cities according to Cushman & Wakefield s national report released June 8th. Paul Krimm, Managing Principal of the office states, also won the U.S. Department of Transportation s Smart City Challenge prize of $50 million to use toward the next wave of innovation. This will transform into a magnet for public-private partnerships for smart-city-related initiatives. The stable economy, rising tech industry, and low cost of living will continue to draw people from larger markets into and contribute to ongoing population growth. Market Overview The market direct vacancy rate of 11.77% was an increase of +109 basis-points compared to the first quarter rate of 10.68%, with a total vacancy rate of 13.44%. While higher than first quarter, the total vacancy rate is only slightly higher than a year ago when the 13.26% rate was one of the lowest vacancy rates in a decade. The total market absorption of negative 80,000 square feet (SF) was driven by two submarkets, North and Downtown with negative 188,000 SF and negative 87,000 SF, respectively. The North suffered when Abbott Nutrition moved from their 112,000 SF Busch Boulevard location into their newly delivered 218,000 SF facility in New Albany, while T. Marzetti Company also vacated their 42,000 SF space on Schrock Road. The Downtown submarket was impacted with various moves including AEP downsizing from their 20,000 SF location at 155 West Nationwide. We believe this office activity will balance out through the remainder of United Health Group had a positive impact on the Northwest submarket when they leased the entire 165,000 SF building on Parkwood Place. The Northwest submarket ended the second quarter with 161,000 SF of positive absorption and a 12.95% total vacancy rate. cushmanwakefield.com 1

2 Leasing activity was spread across the market, with United Health Group s lease the largest deal of the quarter. United Health Group s move will bring 700 new jobs to Dublin. Also in the Northwest, Olentangy Local School District plans to provide additional administrative space in the 39,000 SF space they leased on Graphics Way. In the Northeast submarket Citi Fund Services finally vacated their 238,000 SF location on Stelzer Road following the recent sell-off of some business functions to other companies and downsized into 55,000 SF in Easton Commons I. In the Downtown submarket activity included Medical Staffing Options leasing 30,000 SF in 400 West Nationwide and Pillar Technology Group pre-leasing 25,000 SF of space for their headquarters in 711 North High Street, with 84,000 SF of Class A office space that is under construction. Sales activity slowed this quarter but Hearn Company, who also owns Chicago s John Hancock Center, made headlines buying Downtown s 25-story, 407,000 SF One Center from True UNITED HEALTH GROUP, AFFIRMING THEIR COMMITMENT TO OHIO, WILL BE BRINGING 700 NEW JOBS TO DUBLIN IN THE NORTHWEST SUBMARKET IN CONJUNCTION WITH THEIR LEASE OF 165,000 SF AT 5900 PARKWOOD PLACE. Management Group for $31 million, or $76.08 per square foot (PSF). C-III Capital Partners sold the 97,000 SF 825 Tech Center in the Northeast submarket to PNL Companies for $6.25 million ($64.46 PSF). New construction remains at almost 1.5 million square feet (MSF), with 84% of the square footage in speculative building. Mixed use developments totaling over 1 MSF, represents 72% of the square feet under construction. had one new delivery this quarter when Abbott Nutrition completed their new 218,000 SF build-to-suit facility in New Albany. Outlook While office based job growth remains healthy- we anticipate slower growth for the balance of 2017 creating a gradual decline in absorption levels toward the end of the year. The development pipeline will catch up to demand in the second half of 2017 which will slightly increase vacancy rates. Vacant Space- By Class and Submarket TWO-THIRDS OF VACANT SQUARE FOOTAGE IS BASED IN SUBURBAN SUBMARKETS. Class A and B Asking Rent CLASS A AND B ASKING RENTS ARE SETTING RECORD HIGHS. $24.00 $23.00 $22.00 Key Buildings Construction Q Property Name Hamilton Crossing Dublin Bridge Park Two25 Commons 1,306,604 Sub- Market Square Feet Developer NE 330,000 Daimler, New Albany Co, Casto NW 280,000 Crawford and Hoying CBD 134,000 Daimler, Kaufman 711 N. High St. CBD 84,000 Wood Co., Schiff Capital The Point at Polaris 882, , ,574 NTH 70,000 Phase 1 NP Ltd., VanTrust CBD Class A (SF) CBD Class B (SF) Suburban Class A (SF) Suburban Class B (SF) $24.00 $23.00 $22.00 $16.00 $ Q Class A Class B, $ PSF Complete Date 4Q 18 2Q 18 4Q 18 Rental rates will grow at a more modest rate as added supply comes on-line towards the end of Walton Offices NE 54,500 Daimler, New Albany Co. cushmanwakefield.com 2

3 Downtown Office Market Statistics Q Class Buildings Inventory SF Direct Vacant SF Last Q ARENA DISTRICT Current Q Vacancy A 13 1,578,762 56, % 3.58% 0.15% 3.73% 10,670 76,359-55,000 $27.03 B 5 258,262 3, % 1.18% 0.00% 1.18% 20,681 18, $ ,837,024 59, % 3.24% 0.13% 3.37% 31,351 94,406-55,000 $26.17 BREWERY DISTRICT B 7 956, , % 11.18% 0.00% 11.18% 12,275 12, $ , , % 11.18% 0.00% 11.18% 12,275 12, $20.61 CENTRAL BUSINESS DISTRICT A 7 2,638, , % 18.75% 1.54% 20.29% -83,911-82, ,000 $23.17 B 11 2,416, , % 13.97% 3.89% 17.86% -30,807-42,440 - $ ,054, , % 16.46% 2.66% 19.13% -114, , ,000 $21.09 DOWNTOWN SOUTH A 2 379,547 16, % 4.35% 0.00% 4.35% - 2,303-20,000 $25.53 B 4 474,916 40, % 8.63% 0.00% 8.63% -10,545 38, $ ,463 57, % 6.73% 0.00% 6.73% -10,545 40,621-20,000 $23.57 GRANT/ WASHINGTON A % 0.00% 0.00% 0.00% B 5 859,366 64, % 7.46% 0.00% 7.46% 6,616-2, $ ,366 64, % 7.46% 0.00% 7.46% 6,616-2, $19.55 NORTH HIGH STREET A 1 48, % 0.00% 0.00% 0.00% ,170 $26.70 B 1 319, % 0.00% 0.00% 0.00% $ , % 0.00% 0.00% 0.00% ,170 $20.45 A B 23 4,645, , % 12.22% 0.92% 13.15% -73,241-4, ,170 $ ,284, , % 10.46% 1.78% 12.24% -14,055 23, $ ,929,321 1,120, % 11.28% 1.38% 12.66% -87,296 19, ,170 $22.69 Suburban North Office Market Statistics Q Class Buildings Inventory SF Direct Vacant SF Last Q BUSCH B 7 593, , % 31.83% 0.00% 31.83% -157, , $ , , % 31.83% 0.00% 31.83% -157, , $14.14 CROSSWOODS A 1 250,169 14, % 5.66% 0.76% 6.42% 1,691-2, $21.50 B 5 577,214 91, % 15.91% 0.23% 16.13% 11,026 27, $ , , % 12.81% 0.39% 13.20% 12,717 24, $18.48 NORTH HIGH B 4 401,838 84, % 21.10% 2.50% 23.60% -6,736 2, $ ,838 84, % 21.10% 2.50% 23.60% -6,736 2, $16.94 POLARIS A 6 744,514 32, % 4.40% 1.15% 5.55% -9,973-10,227-70,000 $21.52 B 9 574,958 79, % 13.88% 0.00% 13.88% -18,186-22, $ ,319, , % 8.53% 0.65% 9.18% -28,159-32,649-70,000 $20.52 WESTAR A 10 1,076,501 87, % 8.13% 2.74% 10.87% - 14, $20.41 B % 0.00% 0.00% 0.00% ,076,501 87, % 8.13% 2.74% 10.87% - 14, $20.41 WORTHINGTON A % 0.00% 0.00% 0.00% B ,211 75, % 11.07% 0.60% 11.67% -8,261 6, $ ,211 75, % 11.07% 0.60% 11.67% -8,261 6, $17.44 A B Current Q Vacancy Current 17 2,071, , % 6.49% 1.93% 8.42% -8,282 1,511-70,000 $ ,829, , % 18.40% 0.55% 18.95% -179, , $ ,900, , % 13.37% 1.13% 14.50% -187, ,769-70,000 $18.72 cushmanwakefield.com 3

4 Suburban Northeast Office Market Statistics Q Class Buildings Inventory SF Direct Vacant SF Last Q Current Q Vacancy Current AIRPORT/ I-670 A % 0.00% 0.00% 0.00% B 3 210,082 11, % 5.57% 0.00% 5.57% 26,382 24, $ ,082 11, % 5.57% 0.00% 5.57% 26,382 24, $17.15 EASTON A 14 1,849, , % 17.81% 0.18% 17.99% -16,006-8, , ,000 $23.26 B 4 139, % 0.00% 0.00% 0.00% $ ,988, , % 16.56% 0.17% 16.73% -16,006-8, , ,000 $23.03 GAHANNA A 1 63, % 0.00% 0.00% 0.00% $19.95 B 9 477,183 13, % 2.87% 0.00% 2.87% 1,932 1, $ ,221 13, % 2.53% 0.00% 2.53% 1,932 1, $19.12 NEW ALBANY A 8 817,866 49, % 6.08% 5.26% 11.34% 10,730 10,730-81,500 $20.46 B 3 150,045 67, % 44.99% 0.00% 44.99% $ , , % 12.11% 4.44% 16.56% 10,730 10,730-81,500 $20.42 WESTERVILLE A 1 155, % 0.00% 0.00% 0.00% ,000 $17.77 B 20 1,376, , % 16.08% 2.20% 18.28% 11,326-3, $ ,532, , % 14.45% 1.98% 16.42% 11,326-3, ,000 $17.36 A 24 2,885, , % 13.13% 1.61% 14.74% -5,276 2, , ,500 $21.96 B 39 2,353, , % 13.35% 1.29% 14.64% 39,640 21, $ ,239, , % 13.23% 1.46% 14.70% 34,364 23, , ,500 $20.26 Suburban Northwest Office Market Statistics Q Class Buildings Inventory SF Direct Vacant SF Last Q Current Q Vacancy Current ARLINGTON/ GRANDVIEW A 5 448,120 19, % 4.43% 0.00% 4.43% ,200 $24.79 B 12 1,011,993 77, % 7.67% 0.00% 7.67% -3, $ ,460,113 97, % 6.67% 0.00% 6.67% -3,638-3,818-45,200 $20.10 DUBLIN A 10 1,183, , % 22.56% 2.36% 24.94% -36, , ,790 $21.69 B 17 1,220, , % 18.84% 0.27% 19.11% 17,341-12, $ ,403, , % 20.67% 1.31% 21.98% -18, , ,790 $19.63 HILLIARD/ WEST A 2 394,323 8, % 2.13% 3.45% 5.58% -3,565-3, $22.48 B 2 146,112 35, % 24.23% 0.00% 24.23% 2,601 2, $ ,435 43, % 8.11% 2.52% 10.62% $21.52 TUTTLE A 20 2,729,972 73, % 2.71% 5.70% 8.40% 167,237 6, $22.33 B 7 431,401 84, % 19.60% 0.00% 19.60% 17,102 5, $ ,161, , % 5.01% 4.92% 9.93% 184,339 11, $21.84 SAWMILL A % 0.00% 0.00% 0.00% - - B 3 473,736 44, % 9.33% 0.00% 9.33% $ ,736 44, % 9.33% 0.00% 9.33% $16.25 A 37 4,756, , % 7.76% 4.15% 11.91% 127, , ,990 $22.50 B 41 3,283, , % 14.36% 0.10% 14.46% 33,406-8, $ ,039, , % 10.46% 2.49% 12.95% 160, , ,990 $20.62 s Q SUBURBAN TOTAL A 78 9,712, , % 9.09% 2.92% 12.01% 113, , ,000 1,061,490 $21.77 B 115 8,466,434 1,306, % 15.43% 0.58% 16.01% -106, , $ ,179,402 2,189, % 12.04% 1.83% 13.87% 7,393-10, ,000 1,061,490 $19.90 COLUMBUS TOTALS A ,358,220 1,450, % 10.10% 2.27% 12.38% 40, , ,000 1,461,660 $22.76 B ,750,503 1,859, % 13.52% 1.04% 14.56% -120, ,831 - $ ,108,723 3,309, % 11.77% 1.67% 13.44% -79,903 8, ,000 1,461,660 $20.58 Office asking rents converted to Full Service cushmanwakefield.com 4

5 OFFICE SUBMARKETS COLUMBUS / FRANKLIN Dublin Worthington North 3 Westerville 62 New Albany Hilliard Northwest Grandview Heights CBD Northeast Port International Airport Whitehall 40 Gahanna Reynoldsburg Grove City 71 Obetz 317 Canal Winchester Rickenbacker National Guard Base Cushman & Wakefield 325 John H. McConnell Blvd. Suite 450, Ohio cushmanwakefield.com For more information, contact: Robin Mitchell, Research Analyst Tel: About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facilities services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients ideas and putting them into action. To learn more, visit or on Twitter. Copyright 2017 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. cushmanwakefield.com 5

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