>> Overall Market Vacancy Rises to Begin 2017

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1 Research & Forecast Report GREATER L.A. OFFICE Accelerating success. >> Overall Market Rises to Begin 2017 Key Takeaways > The Greater Los Angeles Basin office market recorded negative net absorption for the first time in 12 quarters at -175,100 square feet (). > Office market vacancy trends rose by 20 basis points from last quarter to 14.4%. A longer historical perspective shows that the vacancy rate a year ago stood at 15.1%. > Asking rental rates continue to increase at a quarterly average of 1.4%, ending the year at $2.86 per square foot (P) full service gross (FSG), a 5.9% gain over last year. > There is currently 5.6 million of new construction in the Los Angeles Basin office market of which most is to be delivered in > The overall economy continued to see solid growth carry over from Los Angeles Basin unemployment rates have declined from 5.3% to year-over-year. Los Angeles County Office Market The Los Angeles County office market recorded -473,900 of net absorption as the total vacancy rate increased 50 basis points to 15.5%. Move-outs and new speculative construction deliveries in West Los Angeles, Downtown and Tri-Cities drove demand. Despite the negative movement for this quarter, there is still confidence in the market as rental rates increased by $0.06 to $3.05 P FSG. Rents rose in all Los Angeles County submarkets except for the San Gabriel Valley. Construction activity remains concentrated in Downtown Los Angeles, West Los Angeles and Central Los Angeles, accounting for 96% of construction in the county. Los Angeles County non-farm unemployment in February 2017 declined to 4.8% from 4.9% last quarter, a 12.7% decrease year-overyear. Over the past 12 months, Los Angeles County gained 70,800 jobs for an increase of 1.6%. Market Indicators Relative to prior period Forecast Net Absorption Construction Rental Rate Summary Statistics GLA, Rate Change from Q4 16 (Basis Points) Net Absorption* Construction Completions* Under Construction* Class A Class B All Classes 14.2% 15.3% 14.4% , , , ,036.7 Class A Class B All Classes $3.50 $2.27 $2.86 +$0.09 +$0.07 +$ % 6.1% 5.9% *, Thousands Asking Rents GLA, Average Asking Rent (FSG) Change from Q4 16 ($) Y.O.Y. Change (%) GLA Labor Force GLA, February 2017 Nonfarm Prof. & Business Services Financial Activities 12-mo Employment Growth (%) 1.9% 1.7% 1.4% 12-mo Actual Employment Change +144, ,100 +5,500

2 Central Los Angeles The Central Los Angeles market saw robust demand activity during first quarter with vacancy decreasing by 100 basis points from last quarter, and absorption closing at 402,100 for the quarter. Hudson Pacific s Icon at Sunset property delivered 323,300 square feet () of fully occupied space to the market, leaving 268,100 of office product under construction and 790,500 of expected proposed construction in the Hollywood submarket. The last 3 quarters have seen rents flatten, averaging an increase of 0.8%. The 3 quarters prior averaged a 6.4% rent increase per quarter. Downtown Los Angeles In first quarter 2017, the Downtown Los Angeles office market recorded negative absorption for the second straight quarter. The delivery of 2 vacant office buildings contributed to the uptick in vacancy. Leasing volume recorded 641,300. Asking rents continued to climb, recording growth of 0.2% yearover-year. While positive, growth was flatter than the previous 3 quarters, which saw growth rates of 1.5%, 1.9% and 1.4% respectively. Future construction will provide an abundance of creative space on the fringe of the CBD, as Downtown Los Angeles accounts for 51% of all new construction in Los Angeles County. West Los Angeles in the West Los Angeles market dropped by 230 basis points as the market saw major relocations cause significant negative absorption in several submarkets. Despite this, rents continued their ascent, rising by $0.10 to $4.44 P FSG. The West Los Angeles market is poised to add just over 1.5 million in the near future as construction and creative conversions deliver. However, only 10.1% of this space has been pre-leased thus far. Whether demand can catch up to new supply will go a long way in determining whether vacancy stabilizes in the market or continues to rise. V & Ventura County The San Fernando Valley and Ventura County office market began 2017 with positive market activity as net absorption recorded 77,100 and vacancy declined by 20 basis points. Rents ended the year with a 3.0% year-over-year increase, a welcome change for landlords from the previous 2 years of essentially flat rate movement. With no new construction seen in the future, the market will remain supply-constrained and absorption is expected to remain positive. San Fernando Valley and Ventura County office market trends are expected to move in a slow, positive growth rate. 2 Historical v. Rents GLA Office Market Q $ P PER MONTH (WEIGHTED) $2.90 $2.80 $2.70 $2.60 $2.50 $2.40 $2.30 $2.20 $2.10 RENTS VACANCY 1Q13 1Q14 1Q15 1Q16 1Q % 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Net Absorption by Submarket GLA Office Market Q , , ,000 0 (200,000) (400,000) (600,000) (800,000) (1,000,000) (122,600) TRI CITIES (928,000) WEST LOS ANGELES 51,500 SAN GABRIEL VALLEY (157,200) DOWNTOWN LOS ANGELES 77,100 V & VENTURA CO 402,100 CENTRAL LOS ANGELES 203, , ,200 Historical Leasing Activity GLA Office Market Q ,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000, Q13 1Q14 1Q15 1Q16 1Q17 INLAND EMPIRE SOUTH BAY ORANGE COUNTY

3 South Bay The South Bay market saw rental rates rebound with positive growth for the thirteenth time in fourteen quarters. made a modest drop from 17.4% to 16.8%. There were no construction deliveries, but 4 projects totaling 173,900 are expected to deliver in Leasing activity slid from last quarter to 517,400. Available sublease space almost doubled due to large blocks of space in El Segundo/Beach Cities and 190th Corridor. Future demand, high-quality traditional and creative space, and rental rates that have seen steady, but not meteoric, increases and will continue to attract a variety of media, technology and consumer product tenants. San Gabriel Valley The San Gabriel Valley office market compressed in the first quarter of 2017, with vacancy dropping to 14.0% from 14.5%. Upward pressure on rents did not materialize, however, as the overall average asking rent slipped to $2.22 per square foot (P) Full Service Gross (FSG). Leasing activity for the quarter recorded at 276,600. Freedom Mortgage signed for 50,000 at 620 W. Covina Blvd. in San Dimas. The backfilled space, which was previously occupied by ADP before its move to Pasadena last year, brings the property to fully leased. Tri-Cities The market began 2017 with lessened momentum as demand was negative for the third time in four quarters. rose in lockstep due to One West Bank s sizeable relocation/ downsize and a Le Cordon Bleu s exit from the market. Glendale will see vacancy jump by midyear due to Nestle USA s relocation. Strong leasing activity in the core markets of Burbank and Glendale was not enough to prevent a two year low in velocity. Rents rose 4.0% year-over-year, marking eleven straight quarters of increases. Orange County The Orange County office market stared 2017 on a positive note as net absorption recorded positive 154,200. decreased to 11.9%, dropping 10 basis points from last quarter. The additional new inventory planning to come online in 2017 provides opportunities for tenants seeking large blocks of Class A traditional and creative office space. As overall space options have become limited with vacancy declining and new construction coming online, asking rental rates have increased by 9.1% from one year ago. The Orange County office market will continue to be a target area for professional service tenants who are looking for space alternatives outside of Los Angeles and San Diego counties. Historical Net Absorption & Construction Completions GLA Office Market Q ,500,000 2,000,000 1,500,000 1,000, ,000 0 (500,000) (1,000,000) Investment Trends Chart GLA Office Market Q $ $ $ $ $ $ $ $ $50.00 $0.00 NET ABSORPTION CONSTRUCTION COMPLETIONS 1Q13 1Q14 1Q15 1Q16 1Q17 Unemployment Rate U.S., CA & LA February % 4.9% 4.9% 4.8% 4.8% 4.6% 4.6% $/P Cap Rate United States California Los Angeles Basin 8.0% 7.0% 6.0% 4.0% 3.0% 2.0% 1.0% 0.0% 3

4 Inland Empire In first quarter 2017, the total vacancy rate for the Inland Empire office market decreased 70 basis points from 14.6% last quarter to 13.9%. The vacancy rate has been steadily declining since peaking at 25.2% in late Starting the beginning of the year on a positive note, net absorption was positive recording 144,600 square feet () for the quarter. Leasing activity was 258,200 for the quarter matching the volume amount one year ago at 266,000. The weighted average asking rental rate increased during first quarter to $1.79 per square foot (P), full service gross (FSG). This is the first notable asking rental rate increase the Inland Empire office market has witnessed within the past 12 to 18 months. Submarket Map Market Description The Los Angeles Basin office market is comprised of million of multi-tenant office space in buildings 25,000 or larger. It ranks as the third largest office market in the nation, following New York City and the Greater Washington DC area. Most of its space, 55%, was built in or after 1985, making it a relatively young market. It is also relatively decentralized, with only 11% of the space located within Downtown Los Angeles and 89% dispersed throughout the region. 40% of the space is in low-rise buildings, followed by 31% in mid-rise buildings and 29% in high-rise structures. RECENT TRANSACTIONS & MAJOR DEVELOPMENTS Greater Los Angeles County Office Market SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER Hines Warner Center, Woodland Hills (5 Bldgs.) 808,100 $235,500,000 $291 P Oaktree Capital Management LP Hines Securities, Inc. 655 N. Central Ave., Glendale 547,300 $179,000,000 $327 P DivcoWest PGIM Real Estate 5340 Alla Rd., Los Angeles (Portfolio of 3 Bldgs.) 217,300 $168,000,000 $773 P LaSalle Investment Management Inc. Canyon Catalyst Fund 611 N. Brand Blvd., Glendale 396,000 $83,000,000 $210 P Onni Group LNR Partners, LLC 3633 Inland Empire blvd, Ontario (4 Bldg Portfolio) 180,000 $78,500,000 $195 P MGR Services, Inc. CIP Real Estate Property LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG CLASS LESSEE LESSOR 3333 Susan St, Costa Mesa 101,800 Direct A The Los Angeles Chargers Steelwave 222 W. 6th St., San Pedro 99,300 Direct A Molina Healthcare Jupiter Holdings LLC 5241/5231 California Ave, Irvine 92,100 Direct B Toshiba America The Irvine Company 3340 Ocean Park Blvd., Santa Monica 88,400 Direct A Snapchat Blackstone Group Bake Pky, Irvine 65,000 Direct B Blizzard Entertainment CTA, LP MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION The Boardwalk, Irvine Trammell Crow 537,200 Airport Area Under Construction Q S Broadway, Los Angeles Waterbridge Capital 500,000 Greater Under Construction Q S. Alameda St., Los Angeles Atlas Capital Group, 425,100 Greater Under Construction Q

5 OFFICE OVERVIEW Greater Los Angeles County Office Market EXISTING PROPERTIES VACANCY ACTIVITY ABSORPTION CONSTRUCTION RENTS Submarket/ Class Bldgs Inventory Direct Sublease Prior Qtr Leasing Activity Current Qtr Leasing Activity YTD Net Absorption Current Qtr Net Absorption YTD Completions Current Qtr Under Construction Weighted Avg Asking Lease Rate BUILDING CLASS A ,844, % 0.8% 14.2% 13.2% 3,802,600 5,110, , , ,300 3,405,400 $3.50 B 1, ,637, % 0.6% 15.3% 15.6% 2,409,000 3,792, , , ,200 2,198,900 $2.27 C ,400, % 0.7% 13.5% 13.3% 242, ,200-40,600-40, $1.72 CENTRAL LOS ANGELES Subtotal ,463, % 0.0% 18.1% 19.1% 122, , , , , ,100 $2.68 DOWNTOWN LOS ANGELES Subtotal 74 32,740, % 0.6% 19.8% 18.2% 641, ,300 (157,200) (157,200) 446,200 2,059,000 $3.21 WEST LOS ANGELES Subtotal ,314, % 1.2% 14.0% 11.7% 1,317,400 1,317,400 (928,000) (928,000) 418,800 1,556,600 $4.44 TRI CITIES Subtotal ,082, % 0.8% 13.5% 13.0% 341, ,000 (122,600) (122,600) 0 0 $2.96 SAN FERNANDO VALLEY & VENTURA COUNTY Subtotal ,824, % 0.3% 14.4% 14.6% 753, ,500 77,100 77, $2.27 SOUTH BAY Subtotal ,790, % 1.0% 17.5% 18.2% 501, , , , ,000 $2.35 SAN GABRIEL VALLEY Subtotal ,258, % 0.4% 14.0% 14.5% 276, ,700 51,500 51, $2.22 LOS ANGELES COUNTY SUBTOTAL 1, ,474, % 15.5% 1 3,953,200 3,953,200 (473,900) (473,900) 1,188,300 4,036,700 $3.05 ORANGE COUNTY SUBTOTAL 1,014 82,958, % 0.6% 11.9% 11.9% 2,243,000 5,264, , , ,200 1,402,200 $2.62 INLAND EMPIRE SUBTOTAL ,457, % 0.5% 13.9% 14.6% 258, , , , ,400 $1.79 GREATER LOS ANGELES BASIN TOTAL 3, ,890, % 0.7% 14.4% 14.2% 6,454,400 9,476,000 (175,100) (175,100) 1,399,500 5,604,300 $2.86 Note: revisions to the inventory base were made effective, historical data reported here reflect these revisions and may not match data reported in previous quarters. 5

6 Definitions of key terms in this report Rentable Square Feet: Office space in buildings with 25,000 square feet or more of speculative office space. Includes competitive space in Class A, B and C single-tenant and multi-tenant buildings. Excludes non-competitive owner-occupied buildings, buildings that include 30 percent or greater of medical or retail space, and space that is under-construction, underrenovation or off-market. Class A Space: Space that an image-conscious company would lease for its headquarters. Typically, this space has a very high level of finish and an excellent location, and commands the highest rents in the market. Class B Space: Highly functional, attractive space, but less prestigious than Class A Space, and commanding lower rental rates. Class C Space: Functional, competitive space, but with a lower level of finish and/or a less desirable location than with Class B Space, and commanding lower rental rates. Low-Rise: Buildings with a total of 4 floors or less. Mid-Rise: Buildings with a total of 5 to 13 floors. High-Rise: Buildings with 14 or more floors. Direct : Space in existing buildings that is vacant and immediately available during the quarter for direct lease, plus space that is vacant but not available for direct lease or sublease (for example, that is being held for a future commitment). : Space in existing buildings that is vacant and immediately available during the quarter for direct lease or for sublease, plus space that is vacant but not available for direct lease or sublease. 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). Leasing Activity: Square feet leased from all known transactions completed during the quarter. Excludes lease renewals. Weighted Average Asking Rental Rates: Weighted by the total square feet available for direct lease. Data is based on Full Service Gross rents, and includes all costs associated with occupying the space, including taxes, insurance, maintenance, janitorial service and utilities. Reported on a monthly, per basis. Space Added (Net): 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 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 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 79 EMEA: 111 UNITED STATES: Greater Los Angeles Office License No S Figueroa St, Suite 3500 Los Angeles, CA HANS MUMPER Executive Managing Director. GLA CAITLIN MATTESON Research Director Research Services > $2.6 billion in annual revenue > 2.0 billion square feet under management > Over 15,000 professionals TEL: FAX: JOHN HOLLINGSWORTH Executive Managing Director ROBERT CAUDILL Regional Director/O.C. 6

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