>> Construction Boom Continues Into 2016

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1 Research & Forecast Report GREATER L.A. INDUSTRIAL Accelerating success. >> Construction Boom Continues Into 2016 Key Takeaways > The Greater Los Angeles Basin industrial market delivered 6,099,400 SF of new industrial space and there remains 19,480,500 SF of space under construction. > The majority of the space currently under construction (16,187,000 SF), is in the Inland Empire. The barriers to development are much less in this outlying area, however the infill markets of Los Angeles and Orange County are starting to see renewed interest in speculative development. > Asking rental rates continue to increase, ending the quarter at $0.60 PSF NNN. This is up 2.5% over the previous quarter and is up 8.4% over the previous year. Rental rate growth is expected to continue as quality industrial space remains scarce. > The vacancy rate was unchanged at 2.5%. The Los Angeles Basin industrial market remains one of the tightest industrial markets in the United States. Los Angeles Basin Industrial Market The Los Angeles Basin industrial market is the largest market in the United States, totaling over 1.5 billion SF. It also has some of the highest asking rental rates and also 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. Market Indicators Relative to prior period Forecast Vacancy Net Absorption Construction Rental Rate Summary Statistics GLA, Vacancy Rate 2.5% Change from Q4 15 (Basis Points) Net Absorption Construction Completions Under Construction Asking Rents GLA, Average Asking Rent Change from Q4 15 GLA Labor Force GLA, GLA Industrial Market $0.60 PSF NNN 2.5% Y.O.Y. Change (%) 8.4% 12-mo Employment Growth (%) 12-mo Actual Employment Change 00 BPS 5,330,200 SF 6,099,400 SF 19,480,500 SF Construction Manufacturing Transportation, Trade & Utilities +8.9% -0.4% +2.4% +25,400-1, ,000

2 GLA INDUSTRIAL Central Los Angeles The Central Los Angeles market remains at a post recession peak with low vacancy rates and rising industrial rents, despite the condition of much of the functionally obsolete and older buildings. Many of these lower clear buildings located in the Central Los Angeles submarket and near the downtown Los Angeles core have been converted to residential, retail or office uses. Food manufacturing and apparel production continue to dominate the Vernon and Commerce. Tenants in these industries continue to expand and the 219,700 SF of space that was completed this quarter is not expected to remain vacant for long. South Bay The South Bay market remains the premier market for distribution companies and sea and air cargo centered industrial users. Tight market conditions and a lack of large modern space continue to be deterrents that drive tenants to neighboring markets. This may change in future quarters once 1,007,000 SF of modern space in two buildings is completed towards the end of San Fernando Valley & Ventura County Flat market conditions are expected to persist in the San Fernando Valley industrial marketplace with slight upticks in rents continuing in future quarters. We are likely to see investment remaining active in the San Fernando Valley as a lack of available product in nearby markets is driving up sales prices throughout the Los Angeles Basin. 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. Historical Vacancy v. Rents GLA Industrial Market Q $ PSF PER MONTH (NNN) Net Absorption by Submarket GLA Industrial Market, SF (MILLIONS) $0.65 $0.60 $0.55 $0.50 $0.45 $0.40 $ RENTS VACANCY 1Q12 1Q13 1Q14 1Q15 1Q SFV & VENTURA CO Historical Sales & Leasing Activity by Submarket GLA Industrial Market SF (MILLIONS) ORANGE COUNTY % 5% 4% 3% 2% 4.35 % VACANT (TOTAL) SFV & VENTURA CO. ORANGE CO. 2

3 GLA INDUSTRIAL San Gabriel Valley The San Gabriel Valley market is approaching the market peak in terms of rents and vacancy. Exceptionally low vacancy rates are leading many tenants to consider purchasing their real estate. The supply of available buildings for sale is quite low and prices for industrial properties has increased over 6% in the past year alone. San Gabriel Valley is on the tail end of a building boom saw the completion of 2.1 million SF of new product, 75% of which was pre-leased or pre-sold. Vacancy by Submarket GLA Industrial Market, % VACANT (TOTAL) 5% 4.5% 5% 4% 2.9% 4% 2.1% 3% 1.5% 3% 1.3% 2% 1.3% 2% 0.8% 1% 1% 0% Mid-Counties Mid Counties remains the tightest industrial market in Southern California, with a vacancy rate of only 0.8%. This has left few options for firms looking to expand in the region. SFV & VENTURA CO. ORANGE CO. New construction is one of the few options for positive net absorption to occur in future quarters will see multiple projects start construction. Orange County The Orange County industrial market activity remains to move forward with positive momentum. There is currently 379,300 SF of industrial space under construction that will be completed by mid With minimal increase in supply, asking rental rates are expected to trend upward. As small to mid-sized local distributors and manufactures continue to expand and available supply remains low, vacancy rates will remain at historically low levels through Inland Empire The Inland Empire market remains the most sought after warehouse / distribution market in the United States, with the lowest vacancy rate and higher rental rates than other comparable distribution hub markets. New speculative construction activity remains on the minds of developers. In the past 12 months there has been a total of 21.3 million SF of new supply added to the base. During this time, the vacancy rate has remained unchanged as all the new supply has been absorbed by large tenants seeking modern distribution centers. Historical Net Absorption & Construction Completions GLA Industrial Market Q SF (MILLIONS) Unemployment Rate Los Angeles Basin Feb % 5.6% 5.4% 5.2% 5.0% 4.8% % NET ABSORPTION 5.5% CONSTRUCTION COMPLETIONS 1Q12 1Q13 1Q14 1Q15 1Q16 5.6% 4.6% 4.4% 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 1.53 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 more 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 E Dyer Rd, Santa Ana 366,600 SF $55 Million $150 PSF Heritage Village OC LLC Dyer 18 LLC 400 Harley Knox, Perris 344,400 SF $32 Million $93 PSF BIT Holdings Seventy-Eight Proficiency Perris, LLC 5126 Clareton, Agoura Hills 119,200 SF $20.9 Million $176 PSF Tramco Management, Co, Conejo Ventures LLC Commerce, Cerritos 71,000 SF $8.5 Million $119 PSF Caspian II, LLC Carson Companies 1360 Darius, City of Industry 28,400 SF $4 Million $142 PSF Ispring, LLC Crown Corporation LEASING ACTIVITY PROPERTY ADDRESS LEASED SF LEASE TYPE BLDG CLASS LESSEE LESSOR 555 Orange Show, San Bernardino 1,102,600 SF Direct - New Distribution Confidential Hillwood Development 5701 Skylab Rd, Huntington Beach 280,500 SF Direct - New Distribution C&D Zodia Inc. Prologis 600 N Baldwin, City of Industry 222,200 SF Expansion Distribution Emtek Products, Inc. Intex Realty Corp El Segundo, Hawthorne 215,400 SF Direct - New Distribution Golden State FC, LLC DCT Industrial Trust 5804 Slauson, Commerce 136,500 SF Direct - New Distribution H.D. Buttercup Clarion Partners MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SF SUBMARKET STATUS ESTIMATED COMPLETION 2250 Lugonia, Redlands McShane Development 1,013,300 SF Redlands / Loma Completed Goodman Logistics Center, Compton Goodman Birtcher 102,200 SF Carson / Compton Completed 5275 District, Vernon Pacific Industrial 38,600 SF Vernon Completed 4

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, ,658, , , % 1.4% 3.9% 347, ,047, ,395,000 2,395,000 85,100 85,100 $0.63 SUBTOTAL 4, ,639, ,700 1,121, % 1.5% 2.6% 367, ,720, ,088,800 2,088, , ,400 $0.69 SAN FERNANDO VALLEY & VENTURA COUNTY SUBTOTAL 4, ,404, , % 2.1% 3.9% 370, , ,323,600 1,323,600 18,600 18,600 $0.64 SUBTOTAL 3, ,014, , , % 1.3% 3.0% 339, ,410, ,749,400 1,749,400 35,000 35,000 $0.60 SUBTOTAL 2, ,357, , % 0.8% 2.6% 231, , ,128,800 1,128,800 15,800 15,800 $0.62 LOS ANGELES SUBTOTAL SUBTOTAL 20, ,073, ,600 2,914, % 1.5% 3.3% 1,656, ,028, ,685,600 8,685, , ,900 $0.64 SUBTOTAL 5, ,509,200 5,166,100 16,187, % 4.3% 6.3% 2,448, ,431, ,879,500 12,879,500 4,347,400 4,347,400 $0.48 ORANGE COUNTY SUBTOTAL 1, ,833, , , % 3.0% 4.6% 1,281, ,064, ,345,400 3,345, , ,900 $0.71 GREATER LOS ANGELES BASIN MARKET TOTAL TOTAL 27,649 1,545,416,000 6,099,400 19,480, % 2.5% 4.3% 5,386, ,524, ,910,500 24,910,500 5,330,200 5,330,200 $0.60 5

6 GLA INDUSTRIAL Definitions of key terms in this report Total Rentable Square Feet: Industrial space in buildings with 1 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. 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. 554 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 > 2.0 billion square feet under management > Over 16,100 professionals 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. 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. UNITED STATES: Downtown LA Office License No S. Figueroa St., Ste Los Angeles, CA MARTIN PUPIL President, Western Region JOHN HOLLINGSWORTH Executive Managing Director TEL: FAX: HANS MUMPER Executive Managing Director ROBERT CAUDILL Regional Director/O.C. 6 Thomas Galvin Research Analyst Research Services

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