Suburban Office. After a steady decrease in vacancy throughout 2013, the suburban Chicago office market suffered a setback in the first quarter.

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1 Q1 SUBURBAN OFFICE CHICAGO OFFICE MARKET OVERVIEW MARKET INDICATORS Suburban Office Q4 Q1 VACANCY 20.3% 21.2% YTD ABSORPTION 922,626-1,237,378 RENTS $19.98 $19.91 INVENTORY 118,674, ,674,400 - Suburban Office After a steady decrease in vacancy throughout, the suburban Chicago office market suffered a setback in the first quarter. The suburban Chicago office market suffered an increase in vacancy in the first quarter of as some large corporate users downsized and left the market. Making the most significant impact on the market was Motorola s decision to relocate to downtown Chicago, creating over one million square feet of vacancy in the North suburbs in the first quarter. In addition, the North Market saw Capital One vacate over 200,000 square feet at Woodland Falls in Mettawa. While things may look a bit grim at the beginning of, an increase in absorption is expected during the second quarter as tenants who have signed deals late in begin occupying their new space. In addition, brokers are reporting an increase in activity throughout the suburbs with tenants entering the market and viewing space. TRENDS While there continues to be improvement in certain pockets of the market, tenants in the suburbs are still acting conservatively. Many remain reluctant to make long-term commitments and incentive packages offered by landlords remain aggressive. Tenants are taking advantage of current concessions and finding that they can move into higher-end, Class A space without significantly increasing their total operating cost. However, these prominent Class A options are beginning to diminish. VACANCY Leasing volume in the suburban office market declined in the first quarter of, causing the vacancy rate to increase to 21.2 percent, up from 20.3 percent at year-end. While the Northwest market showed the most significant improvement, the Lisle-Naperville market continued to have the lowest overall vacancy rate, ending the first quarter at 18.6 percent. Conversely, the North market had the highest vacancy rate of all markets, ending the quarter at 21.8 percent. The overall sublease vacancy rate also remained relatively flat at 1.6 percent in the first quarter, compared to 1.5 percent at year-end. ONE PIERCE PLACE ITASCA, IL LEASE AND SALE ACTIVITY Notable lease transactions in the first quarter of include Houghton Mifflin s 110,000-squarefoot lease at One Pierce Place in Itasca, AT&T s 100,000-square-foot renewal/expansion at 95 W. Algonquin Road in Arlington Heights, IBM s 63,500-square-foot renewal at Woodfield Preserve in Schaumburg and Sanford, L.P. s 56,000-square-foot lease at Esplanade II in Downers Grove.

2 RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE Top investment transactions of the first quarter include One, Two and Three National Plaza, a 389,123-square-foot campus in Schaumburg which sold to RMS Properties for $11.4 million ($29.50 per square foot); International Tower, a 302,088-square-foot property in Chicago which sold to Lone Star Funds for $30.3 million ($ per square foot); Meadows Corporate Center West, a 299,331-square-foot property in Rolling Meadows that sold to Arthur J. Gallagher for $13.4 million ($46.50 per square foot); and Meadows Corporate Center East, a 270,200-square-foot property in Rolling Meadows that sold to The John Buck Company for $11.6 million ($42.90 per square foot). In addition, Riverwalk II, a 258,995-square-foot property in Buffalo Grove was recently added to the market for sale; MetLife, Inc. is in negotiations to purchase Kemper Lakes Business Center, a four-building, 1,091,214-square foot campus in Long Grove and Select Income REIT is finalizing the purchase of One Tellabs Center, a 820,000-square-foot property in Naperville at a sale price of $187.5 million ($ per square foot). ABSORPTION Overall net absorption ended the first quarter at negative 1,237,378 square feet, compared to positive 224,678 square feet registered in the fourth quarter of. Only the Northwest and Lisle-Naperville markets achieved positive overall net absorption in the first quarter. NET ABSORPTION AND VACANCY SUBURBAN OFFICE MARKET Square Footage 1,500,000 1,000, ,000 SUBMARKET VACANCY RATES - (%) 0 (500,000) (1,000,000) (1,500,000) (2,000,000) (2,500,000) (3,000,000) % 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% 21.5% (2,793,071) 23.8% 22.9% 22.3% 22.4% 22.1% 21.5% 21.8% 18.5% 17.6% 19.4% 18.7% 18.6% 21.4% 21.1% 21.4% O'Hare Northwest North Lisle/Naperville Oak Brook CONSTRUCTION Source: Costar; Colliers International Research While there hasn t been any new construction since and none is expected in, AAOS s 180,000-square-foot build-to-suit project continues at the northwest corner of River and Higgins Roads in Rosemont, with completion scheduled for fourth quarter. Additionally, Duchossois Group is considering a potential build-to-suit project on Swift Road in Oak Brook. LARGE BLOCKS OF AVAILABILITY There are currently 41 properties in the suburban office market that can accommodate large (100,000 square feet and above) users, with 27 of them being Class A. While there are few available large blocks of space in the O Hare market, the Northwest market offers the majority of large block options. RENTS The average asking rent for all classes in suburban Chicago decreased marginally to $19.91 per square foot gross at the end of first quarter, down from $19.98 per square foot at the end of. 750, % (228,436) 21.3% Absorption 315, % 922, % (1,237,378) 21.2% 21.8% 21.6% 21.4% 21.2% 21.0% 20.8% 20.6% 20.4% 20.2% COLLIERS INTERNATIONAL P. 2

3 RESEARCH REPORT Q1 SUBURBAN CHICAGO RESEARCH OFFICE REPORT Q1 SUBURBAN CHICAGO OFFICE O Hare The O Hare market lost some of the momentum it gained throughout as vacancy rates remained stagnant in the first quarter of. MARKET INDICATORS O Hare Q4 Q1 VACANCY 22.3% 22.4% YTD ABSORPTION 213,100-8,748 RENTS $20.95 $20.85 INVENTORY 13,785,100 13,785,100 - VACANT SPACE BY PROPERTY TYPE VACANCY The vacancy rate in the O Hare submarket increased slightly in the first quarter to 22.4 percent, up from 22.3 percent in the fourth quarter in. This marks the first vacancy rate increase in this submarket in the past four quarters. While direct vacancy was slightly lower at 22.2 percent, this still left O Hare with the highest vacancy level of all the suburban office markets. With some improvement in the Class B sector, the bulk of the vacancy change comes from Class A product which rose to 16.5 percent from the 15.4 percent posted at the end of. Despite the increase in vacancy rate, the O Hare market offers few options for large space requirements. There are currently only four properties that can accommodate large users of 100,000 square feet and above, two of which are Class A. LEASE AND SALE ACTIVITY While the O Hare market failed to see lease transactions of significant size during the first quarter, existing tenants are beginning to expand within the market. Notable O Hare market investment sales during the first quarter of included International Tower, a 302,088-square-foot property in Chicago that sold to Lone Star Funds for $30.3 million ($ per square foot). ABSORPTION First quarter net absorption in the O Hare submarket totaled negative 8,748 square feet, a decline from the 76,962 square feet of postive absorption registered in the fourth quarter of. Class A properties posted negative 90,560 square feet of net absorption, while Class B properties ended the first quarter of with positive 92,187 square feet. Class A 8,267,986 SF 16.5% Vacant LARGE BLOCKS AVAILABLE TOP 10 BY SQUARE FOOTAGE Class C 545,520 SF 57.8% Vacant Class B 4,971,594 SF 28.2% Vacant 9401 W Grand Avenue 269, N Cumberland Avenue E Devon Avenue 8420 W Bryn Mawr Avenue 119, , , W Higgins Road 5100 River Road 1350 E Touhy Avenue W Higgins Road 9500 W Bryn Mawr Avenue 1700 W Higgins Road 78,060 74,988 71,367 69,695 60,680 51,206 COLLIERS INTERNATIONAL P. 3

4 RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE CONSTRUCTION No new construction was completed in the O Hare market in the first quarter of. However, construction on AAOS s 180,000-square-foot build-to-suit project continues at the northwest corner of River and Higgins Roads in Rosemont, with completion scheduled for fourth quarter. Proposed projects include Pointe O Hare II and O Hare Corporate Campus, both in Rosemont. If completed, these projects could add 1.4 million square feet to the O Hare market. RENTS Class A average asking rent for the O Hare market decreased to $30.86 per square foot gross in the first quarter of, down from $31.10 at year-end. NET ABSORPTION AND VACANCY O HARE OFFICE MARKET Square Footage 600, , % 500, % 24.7% 400, % 22.3% 300, , , , ,000 0 (32,905) -100, ,000 (223,474) -300,000 Absorption (8,748) 22.4% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% The average asking rate for all classes also decreased slightly to $20.85 per square foot gross, down from $20.95 at year-end. ASKING GROSS RENTAL RATES O HARE OFFICE MARKET $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $ RIVER ROAD SCHILLER PARK COLLIERS INTERNATIONAL P. 4

5 RESEARCH REPORT Q1 SUBURBAN CHICAGO RESEARCH OFFICE REPORT Q1 SUBURBAN CHICAGO OFFICE Northwest Once considered the weakest office market in the suburbs, the Northwest market achieved its lowest vacancy level since the beginning of the recession. MARKET INDICATORS Northwest Class C 1,128,077 SF 17.1% Vacant Q4 Q1 VACANCY 22.1% 21.5% YTD ABSORPTION 256,208 74,920 RENTS $17.92 $18.04 INVENTORY 33,208,861 33,208,861 - VACANT SPACE BY PROPERTY TYPE Class A 19,928,507 SF 19.3% Vacant VACANCY As the Northwest market continued to rally in the first quarter of after achieving a decrease in vacancy throughout, it also managed to see the largest improvement of all the suburban office markets in the first quarter of. Overall vacancy ended at 21.5 percent, down from 22.1 percent at the end of. Both Class A and B properties showed improvement in the first quarter. However, Class A direct space showed the most significant improvement, ending the first quarter with 18.2 percent vacancy in that sector versus 19.0 percent at year-end. The Northwest market continues to offer the most options for large space requirements with 18 properties that can accommodate large (100,000 square feet and above) users, nine of them being Class A. LEASE AND SALE ACTIVITY Top Northwest lease transactions in the first quarter include Houghton Mifflin s 110,000-square-foot lease at One Pierce Place in Itasca, AT&T s 100,000-square-foot renewal/expansion at 95 W. Algonquin Road in Arlington Heights and IBM s 63,500-square-foot renewal at Woodfield Preserve in Schaumburg. The Northwest market saw several investment sales in the first quarter of including One, Two & Three National Plaza, a 389,123-square-foot campus in Schaumburg that sold to RMS Properties for $11.4 million ($29.50 per square foot); Meadows Corporate Center West, a 299,331-square-foot property in Rolling Meadows that sold to Arthur J. Gallagher for $13.4 million ($46.50 per square foot); Meadows Corporate Center East, a 270,200-square-foot property in Rolling Meadows that sold to the John Buck Company for $11.6 million ($42.90 per square foot); and Woodfield Executive Plaza, a 196,144-square foot property in Schaumburg that sold to Sabal Financial Group for $9.4 million ($48.00 per square foot). Class B 12,152,277 SF 25.6% Vacant LARGE BLOCKS AVAILABLE TOP 10 BY SQUARE FOOTAGE *2000 W AT&T Drive Lake Cook Road 2850 W Golf Road *2001 Lakewood Boulevard Shure Drive 1707 N Randall Road 5550 Prairie Stone Parkway 200 N Martingale Road 1000 E Woodfield Road 1701 Golf Road *Sublease 277, , , , , , , , ,824 1,207,245 COLLIERS INTERNATIONAL P. 5

6 RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE ABSORPTION The Northwest market ended the first quarter of with a total of 74,920 square feet of positive absorption, up from negative 40,545 at the end of fourth quarter. Both Class A and B properties reported positive absorption in the first quarter. CONSTRUCTION No new construction was completed in Northwest market during the first quarter of and no notable construction is planned or underway. RENTS Northwest suburban Class A average asking rate measured $23.74 per square foot gross, down from the year-end rate of $ The average asking rate for all classes was $18.04 per square foot gross, up from $17.92 at year-end. NET ABSORPTION AND VACANCY NORTHWEST OFFICE MARKET Square Footage 400, , , % 200,000 74,920 99, % 0-200, % 22.1% -400, % -600,000 (596,946) 21.3% (632,243) -800,000 Source: Costar; Colliers International Research Absorption ASKING GROSS RENTAL RATES NORTHWEST OFFICE MARKET $35.00 $ % 23.0% 22.5% 22.0% 21.5% 21.0% $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 WOODFIELD EXECUTIVE PLAZA SCHAUMBURG COLLIERS INTERNATIONAL P. 6

7 RESEARCH REPORT Q1 SUBURBAN CHICAGO RESEARCH OFFICE REPORT Q1 SUBURBAN CHICAGO OFFICE North As larger corporate users vacated, the North market suffered the largest vacancy increase in over a decade. MARKET INDICATORS North Class C 1,352,488 SF 18.4% Vacant Q4 Q1 VACANCY 17.6% 21.8% YTD ABSORPTION 257,610-1,247,084 RENTS $20.97 $21.10 INVENTORY 29,598,911 29,598,911 - VACANT SPACE BY PROPERTY TYPE Class A 18,355,414 SF 25.5% Vacant VACANCY The North market ended the first quarter of with 21.8 percent vacancy, a vast increase from 17.6 percent at the end of. The majority of the increase came from Class A product as Motorola vacated over a million square feet in Libertyville and Capital One vacated over 200,000-square-feet in Mettawa, bringing Class A vacancy to 25.5 percent versus 18.6 percent in the fourth quarter of. Class B properties were the only sector to show improvement in the first quarter, ending at 15.3 percent vacancy compared to 15.7 percent at the end of. There are nine blocks of space available for large-sized tenants (100,000 square feet and above), with all of them being Class A. LEASE AND SALE ACTIVITY Top North market lease transactions in the first quarter of include Fortune Brand s 53,000-squarefoot renewal and expansion at Corporate 500 Centre in Deerfield and PharMEDium Services 28,000-square-foot renewal at Two Conway Park in Lake Forest. Top investment sales of the first quarter include, 500 Davis Center at 126,788-square-foot property in Evanston which sold to Sabal Financial Group for $14.9 million ($ per square foot), One Conway Park, a 105,000-square-foot property in Lake Forest which sold to Equity Group Investments / Fulcrum for $13.1 million ($ per square foot) and Pine Meadow Corporate Center, a 97,873-square-foot property in Libertyville, which sold to Alliance Commercial Partners for $3.8 million ($35.00 per square foot). In addition, Beacon Investment Properties LLC is in negotiations to purchase Riverwalk II, a 258,995-square-foot property in Buffalo Grove and MetLife, Inc. is in negotiations to purchase Kemper Lakes Business Center, a four-building, 1,091,142-square foot campus in Long Grove. Class B 9,891,009 SF 15.3% Vacant LARGE BLOCKS AVAILABLE TOP 10 BY SQUARE FOOTAGE 600 N US Highway 45 1,121,186 *26525 N Riverwoods Boulevard **1000 Milwaukee Avenue Tri-State International *Sublease **Direct/Sublease Combined 300 Tower Parkway *1200 Lakeside Drive *150 S Saunders Road 1 Overlook Point 2355 Waukegan Road 700 E Lake Cook Road 492, , , , , , , ,495 98,105 COLLIERS INTERNATIONAL P. 7

8 RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE ABSORPTION The North market ended the first quarter of with 1,247,084 square feet of negative absorption, down significantly from 76,028 square feet of positive absorption achieved in the fourth quarter of. Absorption is expected to improve in the second quarter of as a few larger tenants who completed deals at the end of will begin moving into their new space. CONSTRUCTION No new construction was completed in the first quarter of in the North market and no notable construction is planned or underway. NET ABSORPTION AND VACANCY NORTH OFFICE MARKET Square Footage 400, , ,000 80, ,495 1, % 18.8% 18.8% 18.5% 17.6% -200, , , ,000-1,000,000 (1,015,781) -1,200,000-1,400,000 Absorption (1,247,084) 21.8% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% There are several sites available for future buildto-suit projects in the North market, including Skodun, LLC. s 330,000-square-foot project in Northbrook and Duke Realty Corporation s 400,000-square-foot project in Gurnee and 170,000-square-foot project in Lake Forest. ASKING GROSS RENTAL RATES NORTH OFFICE MARKET $35.00 $30.00 RENTS $25.00 Average Class A asking rent increased in the North market in the first quarter of, up to $28.55 per square foot gross from $28.29 at year-end. $20.00 $15.00 $10.00 The average asking rate for all classes remained relatively flat at $21.10 per square foot gross, compared to year-end when the overall rate was $20.97 per square foot gross. $5.00 $0.00 CORPORATE 500 CENTRE DEERFIELD, IL COLLIERS INTERNATIONAL P. 8

9 RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE Lisle-Naperville Despite a quiet first quarter, the Lisle-Naperville market managed to reach its lowest vacancy level in five years. MARKET INDICATORS Lisle/Naperville Q4 Q1 VACANCY 18.7% 18.6% VACANCY The Lisle-Naperville market continues to have the lowest vacancy of all of the suburban markets, ending the first quarter of at 18.6 percent from 18.7 percent at the end of. While direct vacancy improved, dropping to 14.3 percent from 14.6 in the fourth quarter of, sublease vacancy rose to 4.4 percent, up from 4.1 percent at year-end Seven buildings in the Lisle-Naperville market can accommodate large (100,000 square feet and above) users, four of which are Class A properties. LARGE BLOCKS AVAILABLE TOP 10 BY SQUARE FOOTAGE ABSORPTION (SF) 132,537 11,402 RENTS $20.54 $19.98 INVENTORY 18,157,615 18,157,615 - *6200 S Route Shuman Boulevard *4201 Winfield Road 249, , , Lucent Lane 225,000 VACANT SPACE BY PROPERTY TYPE 2400 Cabot Drive 2441 Warrenville Road 205, ,423 Class C 1,687,151 SF 6.7% Vacant Class B 7,613,853 SF 24.5% Vacant Class A 8,856,611 SF 15.8% Vacant *750 N Commons Boulevard 535 E Diehl Road 1245 Corporate Boulevard 4343 Commerce Court *Sublease 83,792 82,000 66, ,605 LEASE AND SALE ACTIVITY While there were no large lease transactions completed in the first quarter, the Lisle-Naperville market is seeing activity from smaller (less than 10,000 square feet) tenants. Top investment sales in the Lisle-Naperville market during the first quarter of include Adventus purchase of Cantera Meadows West, a 203,842-square-foot property in Warrenville for $28.4 million ($ per square foot) and Dean Investment, LLC s purchase of 1717 Park Street, a 114,016-squarefoot property in Naperville for $5.7 million ($50.19 per square foot). In addition, Select Income REIT is finalizing the purchase of One Tellabs Center, a 820,000-squarefoot property in Naperville at a sale price of $187.5 million ($ per square foot). ABSORPTION The Lisle-Naperville market ended the first quarter of with 11,402 square feet of positive net absorption, compared to positive 114,078 square feet in the fourth quarter of. While Class A showed positive 71,838 square feet of net absorption, Class B reported negative 63,070 square feet. COLLIERS INTERNATIONAL P. 9

10 RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE CONSTRUCTION No new construction was completed in the Lisle-Naperville market during the first quarter of and no notable construction is planned or underway. RENTS The average Class A asking rent in the Lisle- Naperville market measured $26.53 per square foot gross at the end of first quarter, down from $26.74 per square foot at the end of. The average asking rate for all classes also decreased, down to $19.98 per square foot gross from $20.54 at the end of. NET ABSORPTION AND VACANCY LISLE-NAPERVILLE OFFICE MARKET Square Footage 300, % 20.8% 198, , , % 100,000 43,351 11, % % (100,000) 19.5% 19.5% 19.4% (154,691) (200,000) 19.0% (300,000) 18.7% (344,098) 18.6% (400,000) 18.5% Absorption ASKING GROSS RENTAL RATES LISLE-NAPERVILLE OFFICE MARKET $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $ COMMERCE COURT LISLE COLLIERS INTERNATIONAL P. 10

11 RESEARCH REPORT Q1 SUBURBAN CHICAGO RESEARCH OFFICE REPORT Q1 SUBURBAN CHICAGO OFFICE Oak Brook After holding steady throughout, the Oak Brook market sees an increase in the first quarter of. MARKET INDICATORS Oak Brook Q4 Q1 VACANCY 21.1% 21.4% YTD ABSORPTION 63,171-67,868 RENTS $19.53 $19.57 INVENTORY 23,923,913 23,923,913 - VACANCY The Oak Brook market ended the first quarter of with an overall vacancy rate of 21.4 percent, up from year-end s overall rate of 21.1 percent. While sublease availability remained flat, both Class A and B properties showed an increase in vacancy in the first quarter. Four buildings in the Oak Brook market can accommodate large (100,000 square feet and above) users, three of them being Class A. LEASE AND SALE ACTIVITY Top Oak Brook area lease transactions include Sanford, L.P. s 56,000-square-foot lease at Esplanade II in Downers Grove. In addition, the Lisle-Naperville market continues to see steady activity from smaller (less than 10,000 square feet) tenants. There were no significant investment sales in the Oak Brook market in the first quarter of. LARGE BLOCKS AVAILABLE TOP 10 BY SQUARE FOOTAGE VACANT SPACE BY PROPERTY TYPE 700 Oakmont Lane 747 E 22nd Street 209, , Warrenville Road 149,896 Class C 1,078,238 SF 19.6% Vacant Class A 13,500,810 SF 20.5% Vacant *2707 Butterfield Road *3333 Finley Road Oakmont Lane 120,156 94,257 89,634 Class B 9,343,865 SF 22.9% Vacant 2000 S Finley Road 3050 Highland Parkway 1333 Butterfield Road 1000 Royce Boulevard *Sublease 78,300 74,319 70,251 70,000 ABSORPTION The Oak Brook market ended the first quarter of with 67,868 square feet of negative net absorption compared to negative 1,936 square feet at the end of fourth quarter. Both Class A and B properties suffered from negative absorption in the first quarter. CONSTRUCTION No new construction was completed in the Oak Brook market during the first quarter of and no notable investment construction is planned or underway. However, Duchossois Group is looking at a potential build-to-suit project on Swift Road in Oak Brook. COLLIERS INTERNATIONAL P. 11

12 RESEARCH REPORT Q4 SUBURBAN CHICAGO OFFICE RENTS The current Class A average asking rent in the Oak Brook market measured $26.93 per square foot gross at the end of first quarter, down from $27.11 per square foot gross at year-end. NET ABSORPTION AND VACANCY OAK BROOK OFFICE MARKET 300, , , % 22.1% 22.0% The average asking rate for all classes totaled $19.57 per square foot gross, relatively flat from $19.53 per square foot gross at year-end. Square Footage 100,000 0 (100,000) (200,000) (300,000) (400,000) 21.7% 11,896 (56,317) 21.4% 63,171 (67,868) 21.4% 21.9% 21.8% 21.7% 21.6% 21.5% 21.4% 21.3% (500,000) (600,000) 21.2% 21.1% 21.2% 21.1% (700,000) (612,772) 21.0% Absorption ASKING GROSS RENTAL RATES OAK BROOK OFFICE MARKET Oak Brook Submarket $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $ BUTTERFIELD ROAD DOWNERS GROVE COLLIERS INTERNATIONAL P. 12

13 RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE TOP OFFICE LEASE TRANSACTIONS Q1 SUBURBAN CHICAGO TENANT ADDRESS SUBMARKET SIZE (SF) TYPE Houghton Mifflin One Pierce Place Northwest 110,000 New AT&T 95 W Algonquin Road, Arlington Heights Northwest 100,000 Renewal/Expansion IBM Woodfield Preserve, Schaumburg Northwest 63,500 Renewal Sanford, L.P. Esplanade II, Downers Grove Oak Brook 56,000 Lease Fortune Brands* Corporate 500 Centre, Deerfield North 53,000 Renewal/Expansion Weber-Stephen Products, LLC. Meadows Corporate Center, Rolling Meadows Northwest 48,000 New PharMEDium Services* Two Conway Park, Lake Forest North 28,000 Renewal *Colliers International Transaction COLLIERS INTERNATIONAL P. 13

14 RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE FIRST QUARTER MARKET STATISTICS LOCAL STANDARDS INVENTORY VACANCY ABSORPTION CONSTRUCTION RENTS Class Bldgs Total Inventory SF O'HARE O Hare Direct Rate Sublease Rate Rate Current Qtr Rate Prior Qtr Net Absorption 1st Qtr - SF Net Absorption YTD - SF Completions Current Qtr - SF Under Construction - SF Class A 38 8,267, % 0.3% 16.5% 15.4% (90,560) (90,560) 0 0 $30.86 Class B 53 4,971, % 0.0% 28.2% 30.1% 92,187 92, $18.09 Class C 9 545, % 0.0% 57.8% 55.9% (10,375) (10,375) 0 0 $13.60 Subtotal ,785, % 0.2% 22.4% 22.3% (8,748) (8,748) 0 0 $20.85 NORTHWEST Class A 85 19,928, % 1.1% 19.3% 20.0% 4,953 4, $23.74 Class B ,152, % 0.2% 25.6% 26.2% 79,738 79, $16.07 Class C 29 1,128, % 0.6% 17.1% 16.3% (9,771) (9,771) 0 0 $14.32 Subtotal ,208, % 0.7% 21.5% 22.1% 74,920 74, $18.04 Rents NORTH Class A ,355, % 3.7% 25.5% 18.6% (1,270,806) (1,270,806) 0 0 $28.55 Class B 159 9,891, % 0.2% 15.3% 15.7% 37,827 37, $18.41 Class C 34 1,352, % 1.2% 18.4% 17.4% (14,105) (14,105) 0 0 $16.35 Subtotal ,598, % 2.4% 21.8% 17.6% (1,247,084) (1,247,084) 0 0 $21.10 LISLE/NAPERVILLE Class A 49 8,856, % 4.0% 15.8% 16.7% 71,838 71, $26.53 Class B 127 7,613, % 5.8% 24.5% 23.7% (63,070) (63,070) 0 0 $17.42 Class C 26 1,687, % 0.0% 6.7% 6.8% 2,634 2, $15.98 Subtotal ,157, % 4.4% 18.6% 18.7% 11,402 11, $19.98 OAK BROOK Class A 68 13,500, % 0.2% 20.5% 20.3% (31,225) (31,225) 0 0 $26.93 Class B 149 9,343, % 1.5% 22.9% 22.4% (48,070) (48,070) 0 0 $17.57 Class C 22 1,079, % 0.0% 19.6% 20.6% 11,427 11, $14.20 Subtotal ,923, % 0.7% 21.4% 21.1% (67,868) (67,868) 0 0 $19.57 SUBURBAN TOTAL Class A ,909, % 1.9% 20.4% 18.7% (1,315,800) (1,315,800) 0 0 $27.32 Class B ,972, % 1.4% 22.9% 22.9% 98,612 98, $17.51 Class C 120 5,792, % 0.4% 18.7% 18.3% (20,190) (20,190) 0 0 $14.89 Subtotal 1, ,674, % 1.6% 21.2% 20.3% (1,237,378) (1,237,378) 0 0 $19.91 QUARTERLY COMPARISON AND TOTALS Q1-14 1, ,674, % 1.6% 21.2% 20.3% (1,237,378) (1,237,378) 0 0 $19.91 Q4-13 1, ,674, % 1.5% 20.3% 20.5% 224, , $19.98 Q3-13 1, ,674, % 1.5% 20.5% 20.6% 91, , $19.78 Q2-13 1, ,674, % 1.6% 20.6% 20.5% (34,664) 606, $19.71 Q1-13 1, ,674, % 1.5% 20.5% 21.1% 641, , $19.78 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. COLLIERS INTERNATIONAL P. 14

15 RESEARCH REPORT Q1 SUBURBAN CHICAGO OFFICE FIRST QUARTER MARKET STATISTICS INCLUDES OWNER OCCUPIED PROPERTIES Class Bldgs Total Inventory SF O HARE Direct Rate Sublease Rate Total Current Qtr Total Prior Qtr Quarterly Net Absorption - SF Net Absorption YTD - SF Completions - Current Qtr Class A 39 8,318, % 0.3% 16.5% 15.3% (99,336) (99,336) 0 0 Class B 64 5,632, % 0.2% 25.6% 27.1% 86,059 86, Class C , % 0.0% 9.7% 8.7% (6,675) (6,675) 0 0 Subtotal ,582, % 0.2% 19.7% 19.6% (19,952) (19,952) 0 0 Under Construction - SF NORTHWEST Class A 94 21,131, % 1.0% 19.8% 20.4% 131, , Class B ,596, % 0.1% 19.4% 20.2% 129, , Class C 66 2,135, % 2.2% 16.4% 15.9% (9,213) (9,213) 0 0 Subtotal ,862, % 0.7% 19.5% 20.1% 251, , NORTH Class A ,564, % 2.9% 17.7% 14.9% (652,254) (652,254) 0 0 Class B ,917, % 0.1% 8.1% 8.2% 25,918 25, Class C 63 2,408, % 0.7% 11.1% 12.5% 33,279 33, Subtotal ,890, % 1.5% 13.1% 11.8% (593,057) (593,057) 0 0 LISLE/NAPERVILLE Class A 56 10,270, % 3.6% 14.7% 15.3% 67,101 67, Class B ,400, % 3.6% 18.6% 18.1% (56,244) (56,244) 0 0 Class C 52 2,426, % 0.0% 7.9% 8.3% 9,353 9, Subtotal ,097, % 3.3% 15.9% 15.9% 20,210 20, OAK BROOK Class A 70 14,084, % 0.2% 21.6% 19.4% (301,175) (301,175) 0 0 Class B ,706, % 1.2% 18.0% 17.7% (39,581) (39,581) 0 0 Class C 53 2,175, % 0.0% 14.6% 14.9% 7,842 7, Subtotal ,966, % 0.6% 19.5% 18.3% (332,914) (332,914) 0 0 TOTAL SUBURBAN OFFICE Class A ,370, % 1.7% 18.4% 17.3% (854,605) (854,605) 0 0 Class B 1,076 68,253, % 0.9% 16.1% 16.2% 145, , Class C 251 9,777, % 0.6% 12.1% 12.5% 34,586 34, Subtotal 1, ,400, % 1.3% 17.0% 16.6% (674,174) (674,174) 0 0 QUARTERLY COMPARISONS Q1-14 1, ,400, % 1.3% 17.0% 16.6% (674,174) (674,174) 0 0 Q4-13 1, ,400, % 1.2% 16.6% 16.8% 483,627 1,644, ,000 0 Q3-13 1, ,225, % 1.2% 16.8% 16.9% 333,687 1,161, , ,000 Q2-13 1, ,987, % 1.2% 16.9% 17.0% 208, ,505 20, ,800 Q1-13 1, ,967, % 1.2% 17.0% 17.4% 619, ,342 62, ,800 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports. COLLIERS INTERNATIONAL P. 15

16 RESEARCH REPORT Q1 SUBURBAN CHICAGO RESEARCH OFFICE REPORT Q1 SUBURBAN CHICAGO OFFICE SUBURBAN OFFICE SUBMARKET MAP HARVARD MCHENRY CRYSTAL LAKE 12 WAUCONDA MARENGO 2 LAKE ZURICH CARY BARRINGTON LAKE CO. HUNTLEY COOK CO PALWAUKEE NORTHBROOK 12 FIELD SLEEPY ROLLING HOLLOW 62 MEADOWS ARLINGTON 53 HEIGHTS GLENVIEW HOFFMAN MOUNT ELGIN ESTATES PROSPECT SCHAUMBURG 58 ELK GROVE VILLAGE 20 COOK CO. DuPAGE CO ITASCA O'HARE ROSEMONT HANOVER PARK INTERNATIONAL AIRPORT CAROL STREAM 290 FRANKLIN PARK ADDISON ST. CHARLES Elgin-O'Hare Expy. WEST CHICAGO 83 MELROSE PARK BATAVIA OAK PARK ELMHURST KANE CO. DuPAGE CO. KANE CO. McHENRY CO McCOOK AURORA NAPERVILLE LISLE DOWNERS GROVE HINSDALE 55 BURR RIDGE East-West Tollway 3 GURNEE NORTH WAUKEGAN miles NORTH CHICAGO GRAYSLAKE 45 LIBERTYVILLE LAKE FOREST VERNON HILLS LINCOLNSHIRE HIGHLAND PARK DEERFIELD BUFFALO GROVE Lake Cook Rd. OAKBROOK BROADVIEW 43 CICERO LOMBARD MIDWAY AIRPORT BEDFORD PARK WINNETKA WILMETTE SKOKIE EVANSTON CHICAGO KANE CO KENDALL CO. WILL CO DuPAGE CO. COOK CO. 1. O HARE 2. NORTHWEST 3. NORTH 4. LISLE/NAPERVILLE 5. OAK BROOK Lake Michigan 485 offices in 63 countries on 6 continents United States: 146 Canada: 44 Asia: 38 Australia/New Zealand: 148 Latin Ameria: 25 EMEA: 84 > $2.1 billion in annual revenue > 1.46 billion square feet under management > 15,800 WOODRIDGE KENDALL CO. WILL CO. PLAINFIELD BOLINGBROOK WILL CO. ROMEOVILLE COOK CO. COOK CO. WILL CO. ILL CO. OOK CO. ORLAND PARK ALSIP LLINOIS NDIANA HAMMOND GAR RESEARCHER: Suburban Chicago Ronna Larsen Research Manager Colliers International 6250 N. River Road, Suite Rosemont, IL TEL ronna.larsen@colliers.com Accelerating success.