The CoStar Office Report. Y e a r - E n d Seattle/Puget Sound Office Market

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1 The CoStar Office Report Y e a r - E n d Seattle/Puget Sound Office Market

2 Year-End 2014 Seattle/Puget Sound Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets & Submarkets Inventory & Development Analysis Inventory & Development Analysis Select Top Deliveries Select Top Under Construction Properties Figures at a Glance Figures at a Glance by Class & Market Figures at a Glance by Class & Submarket Figures at a Glance Grouped by CBD vs Suburban Historical Figures at a Glance Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Analysis of Individual CoStar Submarket Clusters Downtown Seattle Market Eastside Market Northend Market Southend Market Tacoma Market 2015 CoStar Group, Inc. The CoStar Office Report A

3 Seattle/Puget Sound Year-End 2014 Methodology The CoStar Office Report, unless specifically stated otherwise, calculates office statistics using CoStar Group s entire database of existing and under construction office buildings in each metropolitan area. Included are office, office condominium, office loft, office medical, all classes and all sizes, and both multi-tenant and single-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 80.7 billion square feet of coverage in 3.5 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2015 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided as is and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CoStar Group, Inc L ST NW Washington, DC (800) NASDAQ: CSGP B The CoStar Office Report 2015 CoStar Group, Inc.

4 Year-End 2014 Seattle/Puget Sound Terms & Definitions Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). CBD: Abbreviation for Central Business District. (See also: Central Business District) Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA. Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and command the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-ofa-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality. Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors. Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These buildings lack prestige and must depend chiefly on a lower price to attract tenants and investors. Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries) Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space. Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Delivery Date: The date a building completes construction and receives a certificate of occupancy. Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. : The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance. Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space. Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings. Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehousing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different 2015 CoStar Group, Inc. The CoStar Office Report C

5 Seattle/Puget Sound Year-End 2014 tenant needs. (See also: Tenancy). Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, or restaurant, usually on the ground floor. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly. Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Suburban: The Suburban and Central Business District (CBD) designations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD) Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied. Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC. Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied. D The CoStar Office Report 2015 CoStar Group, Inc.

6 Overview Year-End 2014 Seattle/Puget Sound Seattle/Puget Sound s Decreases to 9.0% Net Absorption Positive 972,499 SF in the Quarter The Seattle/Puget Sound Office market ended the fourth quarter 2014 with a vacancy rate of 9.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 972,499 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 748,454 square feet. Rental rates ended the fourth quarter at $29.13, an increase over the previous quarter. A total of one building delivered to the market in the quarter totaling 380,000 square feet, with 5,988,383 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall Seattle/Puget Sound office market was positive 972,499 square feet in the fourth quarter That compares to positive 525,708 square feet in the third quarter 2014, positive 866,957 square feet in the second quarter 2014, and positive 307,312 square feet in the first quarter Tenants moving out of large blocks of space in 2014 include: Bank of America moving out of 813,312 square feet at 800 5th Avenue; Dendreon Corporation moving out of 316,162 square feet at Russell Investments Center; and GE Healthcare moving out of 181,263 square feet at The Tower at Fourth & Madison. Tenants moving into large blocks of space in 2014 include: Amazon, Inc. moving into 360,000 square feet at Amazon Phase VI; Amazon.com, Inc. moving into 212,818 square feet at Blanchard Plaza; and State of Washington Department of Commerce moving into 195,368 square feet at Pacific Tower at th. The Class-A office market recorded net absorption of positive 523,181 square feet in the fourth quarter 2014, compared to positive 269,704 square feet in the third quarter 2014, positive 281,523 in the second quarter 2014, and positive 270,774 in the first quarter The Class-B office market recorded net absorption of positive 395,462 square feet in the fourth quarter 2014, compared to positive 142,906 square feet in the third quarter 2014, positive 544,932 in the second quarter 2014, and positive 78,867 in the first quarter The Class-C office market recorded net absorption of positive 53,856 square feet in the fourth quarter 2014 compared to positive 113,098 square feet in the third quarter 2014, positive 40,502 in the second quarter 2014, and negative (42,329) in the first quarter Net absorption for Seattle/Puget Sound s central business district was negative (131,436) square feet in the fourth quarter That compares to positive 61,072 square feet in the third quarter 2014, positive 143,487 in the second quarter 2014, and negative (174,482) in the first quarter Net absorption for the suburban markets was positive 1,103,935 square feet in the fourth quarter That compares to positive 464,636 square feet in third quarter 2014, positive 723,470 in the second quarter 2014, and positive 481,794 in the first quarter The office vacancy rate in the Seattle/Puget Sound market area decreased to 9.0% at the end of the fourth quarter The vacancy rate was 9.3% at the end of the third quar- Rates by Class A B C Total Market 20% 18% 16% 14% Rate 12% 10% 8% 6% 4% 2% 0% q q q q q q q q q q q q q q q 2015 CoStar Group, Inc. The CoStar Office Report 1

7 Seattle/Puget Sound Year-End 2014 Overview ter 2014, 9.6% at the end of the second quarter 2014, and 10.1% at the end of the first quarter Class-A projects reported a vacancy rate of 9.8% at the end of the fourth quarter 2014, 10.1% at the end of the third quarter 2014, 10.4% at the end of the second quarter 2014, and 10.9% at the end of the first quarter Class-B projects reported a vacancy rate of 9.5% at the end of the fourth quarter 2014, 9.9% at the end of the third quarter 2014, 10.0% at the end of the second quarter 2014, and 10.6% at the end of the first quarter Class-C projects reported a vacancy rate of 5.9% at the end of the fourth quarter 2014, 6.1% at the end of third quarter 2014, 6.6% at the end of the second quarter 2014, and 6.7% at the end of the first quarter The overall vacancy rate in Seattle/Puget Sound s central business district at the end of the fourth quarter 2014 increased to 11.2%. The vacancy rate was 11.0% at the end of the third quarter 2014, 11.1% at the end of the second quarter 2014, and 11.4% at the end of the first quarter The vacancy rate in the suburban markets decreased to 8.2% in the fourth quarter The vacancy rate was 8.8% at the end of the third quarter 2014, 9.1% at the end of the second quarter 2014, and 9.6% at the end of the first quarter Largest Lease Signings The largest lease signings occurring in 2014 included: the 187,434-square-foot lease signed by Amazon.com, Inc. at 635 Elliott - South Bldg in the Downtown Seattle market; the 176,656-square-foot deal signed by Costco Wholesale at Sammamish Park Place - Bldg E in the Eastside market; and the 165,996-square-foot lease signed by Weyerhauser Company at 200 Occidental Ave in the Downtown Seattle market. Sublease The amount of vacant sublease space in the Seattle/ Puget Sound market decreased to 748,454 square feet by the U.S. Comparison Past 10 Quarters Rate 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Seattle/Puget Sound United States q q q q q end of the fourth quarter 2014, from 820,964 square feet at the end of the third quarter There was 687,847 square feet vacant at the end of the second quarter 2014 and 806,891 square feet at the end of the first quarter Seattle/Puget Sound s Class-A projects reported vacant sublease space of 418,035 square feet at the end of fourth quarter 2014, up from the 403,110 square feet reported at the end of the third quarter There were 349,096 square feet of sublease space vacant at the end of the second quarter 2014, and 413,559 square feet at the end of the first quarter Class-B projects reported vacant sublease space of 316,091 square feet at the end of the fourth quarter 2014, down from the 398,298 square feet reported at the end of the third quarter At the end of the second quarter 2014 there were 311,336 square feet, and at the end of the first quarter 2014 there were 340,248 square feet vacant. Class-C projects reported decreased vacant sublease space from the third quarter 2014 to the fourth quarter Sublease vacancy went from 19,556 square feet to 14,328 square feet during that time. There was 27,415 square feet at the end of the second quarter 2014, and 53,084 square feet at the end of the first quarter Sublease vacancy in Seattle/Puget Sound s central business district stood at 283,506 square feet at the end of the fourth quarter It was 321,002 square feet at the end of the third quarter 2014, 310,242 square feet at the end of the second quarter 2014, and 393,501 square feet at the end of the first quarter Sublease vacancy in the suburban markets ended the fourth quarter 2014 at 464,948 square feet. At the end of the third quarter 2014 sublease vacancy was 499,962 square feet, was 377,605 square feet at the end of the second quarter 2014, and was 413,390 square feet at the end of the first quarter Rental Rates The average quoted asking rental rate for available office space, all classes, was $29.13 per square foot per year at the end of the fourth quarter 2014 in the Seattle/Puget Sound market area. This represented a 2.8% increase in quoted rental rates from the end of the third quarter 2014, when rents were reported at $28.33 per square foot. The average quoted rate within the Class-A sector was $36.82 at the end of the fourth quarter 2014, while Class-B rates stood at $25.18, and Class-C rates at $ At the end of the third quarter 2014, Class-A rates were $35.53 per square foot, Class-B rates were $25.47, and Class-C rates were $ The average quoted asking rental rate in Seattle/Puget Sound s CBD was $34.74 at the end of the fourth quarter 2014, and $26.50 in the suburban markets. In the third quarter 2 The CoStar Office Report 2015 CoStar Group, Inc.

8 Overview Year-End 2014 Seattle/Puget Sound 2014, quoted rates were $33.15 in the CBD and $26.27 in the suburbs. Deliveries and Construction During the fourth quarter 2014, one building totaling 380,000 square feet were completed in the Seattle/Puget Sound market area. This compares to one building totaling 100,000 square feet that were completed in the third quarter 2014, one building totaling 10,400 square feet completed in the second quarter 2014, and 39,000 square feet in two buildings completed in the first quarter There were 5,988,383 square feet of office space under construction at the end of the fourth quarter Some of the notable 2014 deliveries include: Amazon Phase VI, a 380,000-square-foot facility that delivered in fourth quarter 2014 and is now 100% occupied, and Stone 34, a 100,000-square-foot building that delivered in third quarter 2014 and is now 75% occupied. The largest projects underway at the end of fourth quarter 2014 were Amazon II, a 1,100,000-square-foot building with 100% of its space pre-leased, and Madison Centre, a 746,000- square-foot facility that is 5% pre-leased. Inventory Total office inventory in the Seattle/Puget Sound market area amounted to 184,527,970 square feet in 7,603 buildings as of the end of the fourth quarter The Class-A office sector consisted of 58,373,864 square feet in 272 projects. There were 2,982 Class-B buildings totaling 96,588,158 square feet, and the Class-C sector consisted of 29,565,948 square feet in 4,349 buildings. Within the Office market there were 462 owner-occupied buildings accounting for 27,104,424 square feet of office space. Sales Activity Tallying office building sales of 15,000 square feet or larger, Seattle/Puget Sound office sales figures fell during the third quarter 2014 in terms of dollar volume compared to the second quarter of In the third quarter, 10 office transactions closed with a total volume of $117,009,500. The 10 buildings totaled 460,722 square feet and the average price per square foot equated to Absorption & Deliveries Past 10 Quarters Millions SF (0.00) (0.2) 1.01 Net Absorption Deliveries q q q q q $ per square foot. That compares to 14 transactions totaling $233,880,290 in the second quarter The total square footage in the second quarter was 1,079,943 square feet for an average price per square foot of $ Total office building sales activity in 2014 was down compared to In the first nine months of 2014, the market saw 39 office sales transactions with a total volume of $758,383,448. The price per square foot averaged $ In the same first nine months of 2013, the market posted 44 transactions with a total volume of $1,944,842,354. The price per square foot averaged $ Cap rates have been higher in 2014, averaging 6.10% compared to the same period in 2013 when they averaged 5.91%. One of the largest transactions that has occurred within the last four quarters in the Seattle/Puget Sound market is the sale of Third & Second Ave Office Portfolio in Seattle. This 707,500-square-foot office building portfolio sold for $280,000,000, or $ per square foot. The portfolio sold on 11/19/2014. Reports compiled by: Jordan Sisson, CoStar Research Manager and Mike LaPointe and Dean Sison-Buenaventura, Researchers CoStar Group, Inc. The CoStar Office Report 3

9 Seattle/Puget Sound Year-End 2014 Markets CoStar Submarket Clusters & Submarkets In analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. Submarket Clusters Submarkets Downtown Seattle Ballard/U Dist Belltown/Denny Regrade Capitol Hill/Central Dist Lake Union Pioneer Sq/Waterfront Queen Anne/Magnolia S Seattle Seattle CBD* Eastside 520 Corridor Bellevue CBD* Coal Creek/Issaquah E King County I-90 Corridor Kirkland Mercer Island Redmond Suburban Bellevue Northend Bothell/Kenmore Edmonds/Lynnwood Everett CBD* Mill Creek/Woodinville N Snohomish County Northgate/N Seattle S Everett/Harbor Point S Snohomish County Southend Federal Way/Auburn Kent Valley Renton/Tukwila Seatac/Burien Tacoma Dupont E Pierce County Fort Lewis Gig Harbor/W Pierce Co Puyallup Spanaway Tacoma CBD* Tacoma Suburban Univ. Place/Lakewood * Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page. 4 The CoStar Office Report 2015 CoStar Group, Inc.

10 Inventory & development Year-End 2014 Seattle/Puget Sound Historical Deliveries Deliveries Average Delivered SF Millions of SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction Square Footage Under Construction Inventory Average Bldg Size Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C Downtown Seattle 13 4,617,199 2,201, % 44, ,169 Eastside 3 1,366, , % 33, ,564 Southend 1 4, % 19,002 4,491 Tacoma % 10,589 0 Northend % 14,176 0 Recent Deliveries Leased & Un-Leased SF in Deliveries Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 2.5 Leased Un-Leased 1,600 Preleased Un-Leased 1, ,200 Millions of SF Thousands of SF 1, T q q 2015 CoStar Group, Inc. The CoStar Office Report 5

11 Seattle/Puget Sound Year-End 2014 Inventory & development Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction Construction Starts Deliveries Millions of SF q q q q Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant < 50,000 SF 3 49,400 41, % $ ,400 50,000 SF - 99,999 SF % $ ,000 SF - 249,999 SF 1 100,000 92, % $ , ,000 SF - 499,999 SF 1 380, , % $ ,000 >= 500,000 SF % $ Recent Development by Tenancy Comparison Based on RBA Developed for Single & Multi Tenant Use Based on Total RBA 2014 Deliveries Currently Under Construction By Class By Space Type 0% 10% 16% 26% 100% 90% 52% 32% 74% Multi Single Multi Single Class A Class B Class C Multi Single 6 The CoStar Office Report 2015 CoStar Group, Inc.

12 Inventory & development Year-End 2014 Seattle/Puget Sound 2015 CoStar Group, Inc. The CoStar Office Report 7

13 Seattle/Puget Sound Year-End 2014 Inventory & development 8 The CoStar Office Report 2015 CoStar Group, Inc.

14 Figures at a Glance Year-End 2014 Seattle/Puget Sound Class A Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Downtown Seattle ,186,061 3,621,656 3,937, % 998, ,000 4,597,555 $36.67 Eastside ,503,982 1,210,316 1,272, % 305, ,366,693 $39.08 Northend 18 1,962, , , % 16, $25.78 Southend 9 1,199, , , % 26,621 35,000 0 $25.10 Tacoma 11 1,521, , , % (1,835) 0 0 $30.31 Totals ,373,864 5,303,669 5,721, % 1,345, ,000 5,964,248 $36.82 Class B Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Downtown Seattle ,261,807 2,752,534 2,823, % 330, ,644 $28.99 Eastside ,415,708 1,853,061 1,980, % 293,492 10,400 0 $28.61 Northend ,348,533 1,245,100 1,250, % 379,166 4,000 0 $23.38 Southend ,071,495 1,898,464 1,918, % 68, ,491 $20.90 Tacoma ,490,615 1,063,986 1,156, % 90, $21.02 Totals 2,982 96,588,158 8,813,145 9,129, % 1,162,167 14,400 24,135 $25.18 Class C Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Downtown Seattle 991 9,420, , , % 64, $23.34 Eastside 563 3,863, , , % 82, $24.25 Northend 919 5,335, , , % 53, $18.75 Southend 614 3,870, , , % 34, $19.78 Tacoma 1,262 7,075, , , % (69,736) 0 0 $17.01 Totals 4,349 29,565,948 1,732,577 1,746, % 165, $20.32 Total Office Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Downtown Seattle 1,700 74,868,495 6,692,229 7,081, % 1,393, ,000 4,617,199 $33.59 Eastside 1,419 47,782,826 3,257,485 3,448, % 680,921 10,400 1,366,693 $32.63 Northend 1,527 21,646,983 1,802,084 1,827, % 449,219 4,000 0 $22.89 Southend 1,060 20,141,719 2,277,248 2,297, % 129,372 35,000 4,491 $20.86 Tacoma 1,897 20,087,947 1,820,345 1,942, % 19, $20.58 Totals 7, ,527,970 15,849,391 16,597, % 2,672, ,400 5,988,383 $ CoStar Group, Inc. The CoStar Office Report 9

15 Seattle/Puget Sound Year-End 2014 Figures at a Glance Class A Submarket Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates 520 Corridor 23 3,301,625 21,376 21, % (3,142) 0 0 $29.22 Ballard/U Dist 4 311,108 25,688 42, % 74, ,000 0 $34.14 Bellevue CBD 26 7,655, , , % (40,553) 0 1,186,693 $42.19 Belltown/Denny Regra. 13 2,737, , , % 104, ,100,000 $26.58 Bothell/Kenmore 4 346,297 15,056 15, % (40) 0 0 $26.83 Capitol Hill/Central ,648 43,378 51, % (4,108) 0 0 $37.14 Coal Creek/Issaquah 6 917, , , % $29.87 Dupont 1 48, % 3, $0.00 E King County % $0.00 E Pierce County % $0.00 Edmonds/Lynnwood 9 878, , , % 20, $25.63 Everett CBD 1 88, % $0.00 Federal Way/Auburn 2 123,000 11,637 11, % 29,863 35,000 0 $30.03 Fort Lewis % $0.00 Gig Harbor/W Pierce. 1 85,903 17,774 17, % 10, $34.23 I-90 Corridor 18 2,696, , , % 264, $29.90 Kent Valley 1 57, % $0.00 Kirkland 19 1,512,867 95,325 95, % (5,906) 0 180,000 $32.12 Lake Union 29 6,020, , , % 374, ,000 2,455,619 $41.50 Mercer Island 1 105,796 29,810 29, % (4,888) 0 0 $36.65 Mill Creek/Woodinvil % $0.00 N Snohomish County % $0.00 Northgate/N Seattle 2 205,361 19,984 19, % (3,354) 0 0 $26.25 Pioneer Sq/Waterfron. 9 1,794,401 48,631 78, % 27, $31.88 Puyallup 1 83,268 21,607 21, % (3,887) 0 0 $37.83 Queen Anne/Magnolia 12 1,798, , , % 205, $34.06 Redmond 19 2,079,764 89, , % 55, $27.18 Renton/Tukwila 4 590, % $0.00 S Everett/Harbor Poi , % $0.00 S Seattle 8 1,425, , , % 268, $38.11 S Snohomish County % $0.00 Seatac/Burien 2 427, , , % (3,242) 0 0 $24.50 Seattle CBD 42 20,791,288 2,591,005 2,793, % (51,668) 0 1,041,936 $37.50 Spanaway % $0.00 Suburban Bellevue 2 234, , , % 40, $44.89 Tacoma CBD 7 1,262,285 56,218 77, % (11,625) 0 0 $26.75 Tacoma Suburban % $0.00 Univ. Place/Lakewood 1 42,000 6,290 6, % $33.37 Totals ,373,864 5,303,669 5,721, % 1,345, ,000 5,964,248 $ The CoStar Office Report 2015 CoStar Group, Inc.

16 Figures at a Glance Year-End 2014 Seattle/Puget Sound Class B Submarket Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates 520 Corridor 102 5,169, , , % (58,400) 0 0 $26.89 Ballard/U Dist 113 3,318,258 73,032 73, % (11,508) 0 0 $26.11 Bellevue CBD 30 1,325, , , % (3,448) 0 0 $32.70 Belltown/Denny Regra. 43 2,896, , , % 148, $26.60 Bothell/Kenmore 94 4,309, , , % 251,673 4,000 0 $25.17 Capitol Hill/Central. 81 3,969, , , % 40, ,644 $40.69 Coal Creek/Issaquah 60 1,382, , , % 28, $34.39 Dupont 6 1,040,110 2,552 2, % (1,272) 0 0 $19.24 E King County , , , % 17,993 10,400 0 $23.36 E Pierce County ,428 63,098 65, % (7,274) 0 0 $21.97 Edmonds/Lynnwood 139 2,928, , , % 26, $22.03 Everett CBD 84 1,974, , , % 91, $21.71 Federal Way/Auburn 135 3,935, , , % 41, $19.98 Fort Lewis % $0.00 Gig Harbor/W Pierce. 73 1,092, , , % 11, $22.44 I-90 Corridor 44 3,194, , , % 44, $29.83 Kent Valley 68 1,998, , , % (37,291) 0 0 $21.91 Kirkland 128 2,978, , , % 141, $27.04 Lake Union 92 5,563, , , % 103, $28.77 Mercer Island ,924 14,500 14, % (9,339) 0 0 $30.53 Mill Creek/Woodinvil ,517 87,061 87, % 12, $27.20 N Snohomish County ,489 56,481 56, % (780) 0 0 $16.37 Northgate/N Seattle 56 1,369,745 81,562 83, % 30, $23.10 Pioneer Sq/Waterfron. 57 3,687, , , % 78, $27.08 Puyallup 61 1,147, , , % 50, $23.09 Queen Anne/Magnolia 68 2,668, , , % 90, $23.17 Redmond 98 5,048, , , % 89, $24.34 Renton/Tukwila 173 7,812, , , % 63, ,491 $21.65 S Everett/Harbor Poi. 81 1,887, , , % (35,335) 0 0 $22.24 S Seattle 80 2,110, , , % (88,384) 0 0 $25.15 S Snohomish County ,348 38,187 38, % 2, $23.49 Seatac/Burien 61 1,324, , , % $19.85 Seattle CBD 55 6,046, , , % (31,564) 0 0 $29.37 Spanaway ,903 38,558 38, % 25, $21.06 Suburban Bellevue 195 4,988, , , % 43, $28.87 Tacoma CBD 85 3,088, , , % (5,386) 0 0 $20.84 Tacoma Suburban 223 3,089, , , % 1, $21.75 Univ. Place/Lakewood 90 1,128,263 74,601 74, % 15, $20.35 Totals 2,982 96,588,158 8,813,145 9,129, % 1,162,167 14,400 24,135 $ CoStar Group, Inc. The CoStar Office Report 11

17 Seattle/Puget Sound Year-End 2014 Figures at a Glance Class C Submarket Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates 520 Corridor ,006 22,297 22, % 14, $20.25 Ballard/U Dist 308 1,430,296 19,146 19, % 12, $22.87 Bellevue CBD ,954 14,805 14, % (1,512) 0 0 $27.70 Belltown/Denny Regra ,961 36,334 36, % (4,057) 0 0 $20.21 Bothell/Kenmore ,861 23,379 23, % (2,756) 0 0 $19.11 Capitol Hill/Central ,473,965 20,667 20, % 19, $27.64 Coal Creek/Issaquah ,987 6,964 6, % 4, $28.94 Dupont % $0.00 E King County ,992 33,851 33, % (12,905) 0 0 $23.00 E Pierce County ,288 1,576 1, % 1, $15.50 Edmonds/Lynnwood 173 1,107,535 93,850 94, % 20, $19.13 Everett CBD 244 1,598, , , % 26, $17.71 Federal Way/Auburn 203 1,382,697 60,761 60, % 3, $19.99 Fort Lewis 9 30, % $0.00 Gig Harbor/W Pierce ,169 41,989 41, % 4, $18.11 I-90 Corridor ,484 1,452 1, % 7, $17.88 Kent Valley ,871 46,033 46, % 1, $19.21 Kirkland ,583 15,671 15, % 21, $26.38 Lake Union ,527 24,434 24, % (856) 0 0 $21.95 Mercer Island , % 24, $24.03 Mill Creek/Woodinvil ,655 16,033 16, % 12, $25.29 N Snohomish County ,684 11,168 11, % 20, $16.34 Northgate/N Seattle ,257 66,828 66, % (26,580) 0 0 $20.26 Pioneer Sq/Waterfron. 42 1,035,622 45,808 45, % 18, $24.83 Puyallup ,208 25,157 25, % (5,748) 0 0 $21.46 Queen Anne/Magnolia 131 1,072,377 84,460 87, % 21, $22.53 Redmond ,481 27,573 27, % (157) 0 0 $25.69 Renton/Tukwila ,689 67,891 67, % 14, $21.83 S Everett/Harbor Poi ,523 21,838 21, % 3, $16.73 S Seattle 207 2,012,970 72,508 72, % 19, $19.42 S Snohomish County ,795 10,591 10, % $16.74 Seatac/Burien ,553 27,308 27, % 16, $15.52 Seattle CBD ,909 14,682 14, % (22,388) 0 0 $28.96 Spanaway ,154 31,214 33, % (5,002) 0 0 $18.67 Suburban Bellevue 186 1,522,431 71,495 73, % 25, $24.34 Tacoma CBD 164 1,901, , , % (50,729) 0 0 $15.96 Tacoma Suburban 487 2,385, , , % 11, $16.91 Univ. Place/Lakewood 200 1,079, , , % (25,499) 0 0 $17.29 Totals 4,349 29,565,948 1,732,577 1,746, % 165, $ The CoStar Office Report 2015 CoStar Group, Inc.

18 Figures at a Glance Year-End 2014 Seattle/Puget Sound Total Office Submarket Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates 520 Corridor 143 8,764, , , % (46,802) 0 0 $26.57 Ballard/U Dist 425 5,059, , , % 75, ,000 0 $26.55 Bellevue CBD 83 9,231, , , % (45,513) 0 1,186,693 $40.87 Belltown/Denny Regra ,294, , , % 248, ,100,000 $26.31 Bothell/Kenmore 203 5,075, , , % 248,877 4,000 0 $25.01 Capitol Hill/Central ,751, , , % 56, ,644 $38.59 Coal Creek/Issaquah 105 2,479, , , % 32, $33.08 Dupont 7 1,088,110 2,552 2, % 2, $19.24 E King County 158 1,309, , , % 5,088 10,400 0 $23.32 E Pierce County ,716 64,674 66, % (5,574) 0 0 $21.83 Edmonds/Lynnwood 321 4,914, , , % 67, $22.64 Everett CBD 329 3,660, , , % 117, $20.44 Federal Way/Auburn 340 5,441, , , % 74,699 35,000 0 $20.03 Fort Lewis 9 30, % $0.00 Gig Harbor/W Pierce ,624, , , % 25, $23.10 I-90 Corridor 80 6,053, , , % 315, $29.80 Kent Valley 193 2,795, , , % (36,075) 0 0 $21.55 Kirkland 246 5,119, , , % 156, ,000 $27.85 Lake Union ,564, , , % 476, ,000 2,455,619 $37.16 Mercer Island ,938 44,310 44, % 9, $32.13 Mill Creek/Woodinvil. 88 1,123, , , % 24, $26.90 N Snohomish County 180 1,212,173 67,649 67, % 19, $16.36 Northgate/N Seattle 180 2,313, , , % $22.96 Pioneer Sq/Waterfron ,517, , , % 124, $27.40 Puyallup 197 1,773, , , % 41, $24.07 Queen Anne/Magnolia 211 5,539, , , % 317, $28.17 Redmond 184 7,424, , , % 144, $25.10 Renton/Tukwila 322 9,377, , , % 77, ,491 $21.67 S Everett/Harbor Poi ,833, , , % (31,877) 0 0 $21.51 S Seattle 295 5,548, , , % 199, $32.55 S Snohomish County ,143 48,778 48, % 2, $21.37 Seatac/Burien 205 2,527, , , % 13, $19.97 Seattle CBD ,593,484 3,403,908 3,606, % (105,620) 0 1,041,936 $35.87 Spanaway 194 1,062,057 69,772 72, % 20, $20.15 Suburban Bellevue 383 6,745, , , % 108, $30.21 Tacoma CBD 256 6,252, , , % (67,740) 0 0 $19.86 Tacoma Suburban 710 5,474, , , % 12, $20.65 Univ. Place/Lakewood 291 2,249, , , % (9,782) 0 0 $18.77 Totals 7, ,527,970 15,849,391 16,597, % 2,672, ,400 5,988,383 $ CoStar Group, Inc. The CoStar Office Report 13

19 Seattle/Puget Sound Year-End 2014 Figures at a Glance Class A Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 76 29,797,477 3,167,072 3,430, % (103,846) 0 2,228,629 $38.80 Suburban ,576,387 2,136,597 2,290, % 1,449, ,000 3,735,619 $33.93 Totals ,373,864 5,303,669 5,721, % 1,345, ,000 5,964,248 $36.82 Class B Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,435,362 1,398,797 1,412, % 50, $26.68 Suburban 2,728 84,152,796 7,414,348 7,717, % 1,111,193 14,400 24,135 $24.93 Totals 2,982 96,588,158 8,813,145 9,129, % 1,162,167 14,400 24,135 $25.18 Class C Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 452 4,505, , , % (48,487) 0 0 $18.10 Suburban 3,897 25,060,454 1,324,497 1,332, % 213, $20.85 Totals 4,349 29,565,948 1,732,577 1,746, % 165, $20.32 Class A & B Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,232,839 4,565,869 4,842, % (52,872) 0 2,228,629 $35.76 Suburban 2, ,729,183 9,550,945 10,008, % 2,560, ,400 3,759,754 $27.22 Totals 3, ,962,022 14,116,814 14,850, % 2,507, ,400 5,988,383 $30.06 Total Office Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,738,333 4,973,949 5,257, % (101,359) 0 2,228,629 $34.74 Suburban 6, ,789,637 10,875,442 11,340, % 2,773, ,400 3,759,754 $26.50 Totals 7, ,527,970 15,849,391 16,597, % 2,672, ,400 5,988,383 $ The CoStar Office Report 2015 CoStar Group, Inc.

20 Figures at a Glance Year-End 2014 Seattle/Puget Sound Class A Market Statistics Year-End 2014 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q ,373,864 5,303,669 5,721, % 523, , ,964,248 $ q ,993,864 5,461,775 5,864, % 269, , ,875,519 $ q ,893,864 5,685,493 6,034, % 281, ,835,519 $ q ,893,864 5,902,553 6,316, % 270, , ,014,826 $ q ,858,864 6,235,552 6,551, % 352, , ,681,928 $ q ,563,912 6,043,839 6,609, % 623, , ,451,880 $ q ,433,202 6,560,386 7,102, % 398, , ,662 $ q ,910,420 6,451,637 6,977, % 311, , ,444 $ ,783,420 6,576,855 7,162, % 2,337, , ,027,444 $ ,869,820 7,944,820 8,586, % 2,355, ,818, ,524,101 $ ,051,587 8,264,832 9,123, % 1,469, ,781, ,184,049 $ ,270,149 7,972,557 8,812, % (125,392) 15 4,001, ,185,127 $ ,268,917 3,941,811 4,685, % 427, ,897, ,701,842 $ ,371,222 2,715,305 3,215, % 1,485, ,470, ,220,584 $ ,900,966 2,441,468 3,231, % 2,041, ,129, ,691,546 $ ,771,544 2,831,315 4,142, % 1,452, , ,721,922 $25.82 Quoted Class B Market Statistics Year-End 2014 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 2,982 96,588,158 8,813,145 9,129, % 395, ,135 $ q 2,982 96,588,158 9,126,400 9,524, % 142, ,135 $ q 2,982 96,588,158 9,356,268 9,667, % 544, , ,135 $ q 2,982 96,585,258 9,869,388 10,209, % 78, , ,044 $ q 2,981 96,581,258 10,029,573 10,284, % 34, , ,044 $ q 2,979 96,552,212 9,982,838 10,290, % (75,834) 4 92, ,446 $ q 2,976 96,579,425 9,739,622 10,241, % (118,687) 2 42, ,833 $ q 2,974 96,537,011 9,457,611 10,080, % 189, , ,179 $ ,972 96,530,939 9,721,906 10,263, % 115, , ,273 $ ,964 96,463,822 9,755,390 10,312, % 750, , ,750 $ ,954 96,063,161 9,842,498 10,662, % 1,002, , ,415 $ ,930 95,544,814 10,192,966 11,146, % (280,227) 42 1,330, ,833 $ ,891 94,271,813 8,802,811 9,593, % 1,438, ,656, ,290,052 $ ,829 91,638,403 7,850,413 8,398, % 1,289, ,336, ,923,130 $ ,776 90,668,413 8,186,827 8,718, % 2,414, , ,543,802 $ ,728 90,116,862 10,032,804 10,581, % 2,970, ,650, ,279 $20.97 Quoted Total Office Market Statistics Year-End 2014 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 7, ,527,970 15,849,391 16,597, % 972, , ,988,383 $ q 7, ,154,450 16,375,860 17,196, % 525, , ,899,654 $ q 7, ,074,808 16,955,043 17,642, % 866, , ,859,654 $ q 7, ,073,372 17,701,520 18,508, % 307, , ,044,870 $ q 7, ,036,868 18,182,671 18,779, % 386, , ,715,972 $ q 7, ,726,940 17,942,349 18,856, % 515, , ,495,326 $ q 7, ,674,117 18,244,329 19,319, % 302, , ,495 $ q 7, ,131,134 17,903,338 19,078, % 540, , ,103,623 $ , ,003,435 18,331,139 19,491, % 2,470, ,044, ,107,717 $ , ,134,397 19,856,507 21,093, % 3,211, ,232, ,650,851 $ , ,945,530 20,401,013 22,115, % 2,297, ,299, ,583,464 $ , ,714,999 20,367,638 22,182, % (931,195) 59 5,338, ,599,960 $ , ,471,536 14,410,530 16,007, % 1,665, ,604, ,998,524 $ , ,942,325 12,030,219 13,144, % 2,952, ,835, ,186,663 $ , ,698,917 12,507,411 13,853, % 4,592, ,041, ,257,143 $ , ,005,916 14,837,243 16,752, % 4,365, ,011, ,601,837 $22.41 Quoted 2015 CoStar Group, Inc. The CoStar Office Report 15

21 Seattle/Puget Sound Year-End 2014 Leasing Activity Historical Rental Rates Based on Full-Service Equivalent Rental Rates A B C Total Market $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $ q q q q q q q q q q q q q q q by Available Space Type by Class Percent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Class Seattle/Puget Sound United States Seattle/Puget Sound United States 5% 4% 11% 16% 55% 34% 49% 35% 95% 96% Direct Sublet Direct Sublet Class A Class B Class C Class A Class B Class C U.S. Rental Rate Comparison Based on Full-Service Equivalent Rental Rates Future Space Available Space Scheduled to be Available for Occupancy* $35.00 $30.00 Seattle/Puget Sound United States $25.00 $20.00 $15.00 $10.00 $5.00 $ q q q q q q * Includes Under Construction Spaces 16 The CoStar Office Report 2015 CoStar Group, Inc.

22 Leasing Activity Year-End 2014 Seattle/Puget Sound Select Top Oce Leases Based on Leased Square Footage For Deals Signed in 2014 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company Elliott - S. Bldg. Queen Anne/Magnolia 187,434 2nd Amazon.com, Inc. N/A Martin Selig Real Estate 2 Sammamish Park Place - Bldg. E Coal Creek/Issaquah 176,656 3rd Costco Wholesale N/A Vulcan, Inc Occidental Ave. Pioneer Sq/Waterfront 165,996 3rd Weyerhauser Company Heartland LLC Urban Visions 4 Sunset N. Bldg. V I-90 Corridor 144,073 2nd Boeing N/A Broderick Group, Inc. 5 5th & Bell Bldg. Belltown/Denny Regrade 100,080 3rd Amazon.com, Inc. N/A Broderick Group, Inc. 6 Russell Investments Center Seattle CBD 90,778 4th Zillow, Inc. Flinn Ferguson Corp. R.E. CBRE 7 Exchange Bldg. Seattle CBD 82,685 3rd Nuance Communications N/A Colliers International South Jackson Pioneer Sq/Waterfront 70,599 4th Galvanize Washington Partners Corp. R.E. Colliers International 9 Canyon Park Commons 2 Bothell/Kenmore 66,000 2nd Boeing Company N/A Colliers International 10 Russell Investments Center Seattle CBD 65,609 4th Zillow, Inc. Flinn Ferguson Corp. R.E. CBRE Monte Villa Parkway Bldg. Bothell/Kenmore 65,586 2nd Boeing N/A Broderick Group, Inc. 12 Sunset North Bldg. III I-90 Corridor 64,762 2nd Boeing N/A Broderick Group, Inc. 13 Columbia Center Seattle CBD 63,564 3rd N/A N/A CBRE Northup Way Kirkland 62,677 1st Mars Hill Church Pelluer Property Group Colliers International nd Avenue Bldg. Seattle CBD 62,082 1st MulvannyG2 Architecture N/A JLL 16 Edifecs Bldg. Suburban Bellevue 48,167 1st Edifecs Colliers International CBRE 17 Key Center Bellevue CBD 47,864 4th Concur Technologies, Inc. N/A Broderick Group, Inc. 18 The Tower at Fourth & Madison Seattle CBD 47,311 4th N/A N/A CBRE 19 Russell Investments Center Seattle CBD 45,166 4th Zillow, Inc. Flinn Ferguson Corp. R.E. CBRE 20 Key Center Bellevue CBD 44,893 1st pok?mon International N/A N/A 21 U.S. Bank Centre Seattle CBD 43,032 2nd N/A N/A CBRE 22 Eastgate Oce Park - Bldg. 4 I-90 Corridor 42,106 2nd N/A N/A Broderick Group, Inc. 23 Corporate Campus East - Bldg. C 520 Corridor 39,034 2nd Intentional Software N/A CBRE 24 Russell Investments Center Seattle CBD 38,723 2nd Acucela, Inc. Flinn Ferguson Corp. R.E. CBRE 25 Westlake Tower Seattle CBD 32,706 1st Edelman, Inc. N/A CBRE 26 West Lake Union Oce Center Lake Union 31,952 3rd Smart Technologies N/A CBRE 27 Park Place Seattle CBD 31,468 1st Sightlife N/A Washington R.E. Holdings LLC 28 One Twelfth at Twelfth - S. Bldg. Bellevue CBD 31,023 2nd CenturyLink N/A Broderick Group, Inc. 29 Sunset Corporate Campus - Bldg. 1 I-90 Corridor 30,923 2nd Healthways, Inc. N/A CBRE 30 Belleeld Bldg. Suburban Bellevue 29,940 1st City of Bellevue N/A CBRE Leary Ballard/U Dist 29,016 3rd Northwest Hospital N/A Colliers International 32 Canyon Park Commons 3 Bothell/Kenmore 28,411 2nd Boeing Company N/A Colliers International 33 Holyoke Bldg. Seattle CBD 28,000 4th N/A N/A Martin Smith Inc 34 The Supply Laundry Bldg. Lake Union 26,446 2nd Amazon.com, Inc. N/A Vulcan, Inc. 35 West Lake Union Oce Center Lake Union 25,874 3rd Crown Castle USA Inc. N/A CBRE 36 Opportunity Bldg. Redmond 25,728 1st Accenture N/A CBRE Lincoln Square Bellevue CBD 25,277 4th N/A N/A Broderick Group, Inc King Bldg. Pioneer Sq/Waterfront 24,646 2nd McGraw-Hill Global Education Holdings N/A JLL 39 Second & Spring Bldg. Seattle CBD 24,428 4th Avalara Colliers International Urbis Partners 40 Auburn Corporate Center - Bldg. I Federal Way/Auburn 24,070 1st IAM/Boeing Joint Programs N/A The Andover Company, Inc. * Renewal 2015 CoStar Group, Inc. The CoStar Office Report 17

23 Seattle/Puget Sound Year-End 2014 Sales Activity The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 8.0% Cap Rate Price/SF $ % $700 Cap Rate Percentage 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% $600 $500 $400 $300 $200 $100 Dollars/SF 0.0% q q q $0 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From Oct Sept $3,000 Sales Volume Price/SF $600 Bldg Size # RBA $ Volume Price/SF Cap Rate Millions of Sales Volume Dollars $2,500 $2,000 $1,500 $1,000 $500 $500 $400 $300 $200 $100 Price/SF < 50,000 SF 163 1,716,373 $365,199,291 $ % 50K-249K SF 250K-499K SF 22 2,387,873 $624,473,243 $ % 6 1,989,079 $538,909,866 $ % $0 $0 >500K SF 1 712,460 $167,500,000 $ q q q q Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Office Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Office Building Sales of 15,000 SF and Larger $520 Seattle/Puget Sound US 9.0% Seattle/Puget Sound US $470 $ % Dollars per SF $370 $320 $270 $220 $170 $120 $70 Cap Rate Percentage 7.0% 6.0% 5.0% 4.0% $20 3.0% q q q q q q q q Source: CoStar COMPS Source: CoStar COMPS 18 The CoStar Office Report 2015 CoStar Group, Inc.

24 Year-End 2014 Seattle/Puget Sound 2015 CoStar Group, Inc. The CoStar Office Report 19 Sales Activity

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