LOS ANGELES OFFICE 4-QTR TRAILING AVERAGE. cushmanwakefield.com I 1

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1 LOS ANGELES OFFICE Q3 17 Q3 18 Los Angeles Employment 4.45M 4.51M Los Angeles Unemployment 4.6% 4. U.S. Unemployment 4.4% 3.9% *3Q18 Average July August Q3 17 Q3 18 Vacancy 14.9% 15.2% YTD Net Absorption (sf) 1.4M 1.3M Under Construction (sf) 1.5M 2.0M Average Asking Rent* $3.18 $3.35 *Rental rates reflect gross asking $psf/mo 4-QTR TRAILING AVERAGE 1,500,000 1,000, Month Forecast 12-Month Forecast $4 $3 The U.S. unemployment rate remained at 3.9% in August, one of the lowest levels in half a century and well below estimates of full employment that range from 4. to 5.. August was the 95th straight month the U.S. economy added jobs, with an average 207,000 jobs a month so far this year, a healthy pace that indicates companies continue to grow and don't anticipate a downturn anytime soon. Locally, Los Angeles County s unemployment rate was 4. in August, down from 4.6% one year ago. Over the last 12 months, the county added 62,000 jobs for a 1.4% annual growth. The prolonged run in office-using job growth continues with the professional and business services sector adding 14,300 jobs, the educational and health services sector increasing by 15,300 jobs and the information sector gaining 12,100 jobs. Greater Los Angeles (GLA) average asking rental rates of $3.35 price per square foot per month (psf/mo) remain relatively flat from last quarter, up $0.03 or 1%. Up 3.8% year-over year, LA West continues to record the highest overall asking rental rates at $4.65 psf/mo. Direct Class A asking rental rates in Beverly Hills reached $5.77 psf/mo, posting the highest rates across the region. Downtown Los Angeles lost a historical and iconic tenant, the Los Angeles Times, as it relocated its offices to El Segundo. After vacating the entirety of their space in July, vacancy in the Non-CBD increased an additional 2.9% from last quarter reaching an overall vacancy rate of 24.6% in third quarter Positive absorption of 331,004 square feet (sf) across the market led to overall vacancy decreasing in GLA by 20 bps from last quarter to 15.2%. 500, ,000-1,000, Net Absorption Asking Rent, $psf/mo Previous 5-Year Average = $2 $1 $0 Year-to-date leasing activity of 10.1 msf, a 7.1% year-over-year increase, was driven by a 169,320 sf and 131,703 sf lease in LA North and LA Central respectively. Anthem Blue Cross signed a 5-floor deal at the LNR Warner Center in Woodland Hills consolidating their footprint in the area. Honey, on online couponing service, made headlines by taking the entirety of newly renovated 4th & Traction in the Arts District establishing their new headquarter location. GLA has now posted positive absorption for five consecutive quarters. Strong positive absorption in LA Central, LA West, LA South and San Gabriel Valley increased year-to-date absorption to 1.3 msf, whereas negative net absorption in LA North and Tri-Cities kept the region from surpassing the 1.4 msf year-to-date absorption numbers this time last year. Strong leasing activity throughout the year should bode well as large move-ins for the fourth quarter are expected. The largest sales transaction this quarter was the sale of Santa Monica Business Park, as Boston Properties paid $627.5 million for the acquisition from Blackstone. In LA West the top psf price for office sales in GLA was Wells Fargo Bank located at 433 North Camden Drive in Beverly Hills was bought by Standpoint Capital for about $193 million ($1,060 psf) from Camden Properties. However, the quarter s largest single building sale by square feet was in Glendale where Goldman Sachs & Company purchased the 505 North Brand Building for $93.5 million or $290 psf. cushmanwakefield.com I 1

2 $2.65 $2.59 $2.87 $2.87 $2.99 $3.04 $3.43 $3.61 $3.94 $4.29 $4.60 $4.65 $2.99 $3.18 $3.22 $3.38 $3.53 $3.53 The CBD overall vacancy rate of 20.2% in third quarter 2018 has decreased year-over-year by 140 basis points (bps). Third quarter leasing activity of 276,924 square feet (sf) and number of leases signed is down from last quarter, but is on par with the first quarter. One of the largest deals is a new tenant to the market. PK Market, a high-end South Korean grocer, has leased three full floors at 712 South Olive with plans to open both a grocery store, food hall concept and offices for a total of about 51,000 sf. Downtown gained another large tenant from the Westside. BDO USA, a global accounting firm, is relocating from Century City to 515 South Flower, occupying 27,280 sf in Leasing activity within the CBD continues to be supported by inner market moves and renewals. The Chicago School of Psychology is relocating from 617 West 7th Street to Aon Center where they plan to occupy 37,515 sf. Ednovate, a college preparatory public charter school by USC, has opted to renew their 38,808 sf space at the Los Angeles Trade Center. Positive net absorption of 45,405 sf brings the yearto-date total to 404,190 sf. Steady market fundamentals poise the CBD for a strong finish to the year. CENTRAL BUSINESS DISTRICT LOS ANGELES WEST $ Rent growth, occupancy gains, and healthy leasing illustrated a solid third quarter Class A product, currently commands an average asking rental rate of $4.82 psf/mo. This is a historical peak and represents an increase of 4.3% year-over-year. LA West continues to attract start-up tech companies, many of which want the ability to scale up or trim down quickly. Co-working giants have been responding as Spaces and WeWork took down two additional large blocks in third quarter, signing sizable deals of 66,300 sf and 52,340 sf respectively. Spaces has three locations in LA West, while WeWork has ten expanding its footprint to over 534,000 sf in this market. Robust leasing by co-working and TAMI companies brought the year-to-date total to a healthy 2.7 msf. This activity is driving growth with six consecutive quarters of positive net absorption. Third quarter overall gains of 161,096 sf brings the year-to-date overall net absorption to 822,700 sf. This has immensely surpassed the 261,116 sf posted the entire year of A new office delivery in Beverly Hills prevented a larger drop in the overall vacancy, only decreasing by 10 bps over the quarter to 12.. TRI-CITIES Leasing activity tapered to 239,126 sf in the third quarter, but year-to-date 1 remains 18.2% higher than a year ago with 871,696 sf. The largest lease was for two floors at 3333 Empire Ave with Fox subleasing 75,100 sf. At 611 Brand, 94,657 sf of space was brought back to the market, formerly Disney occupied space. This contributed to the negative -140,274 sf of direct net absorption posted for the quarter, while overall net absorption year-to-date is now at negative -278,879 sf. Overall vacancy declined 10 bps to 14.1%, whereas direct vacancy increased to 11.7%, a 40 bps increase from last quarter. The largest single move-in was Cigna Healthcare of CA occupying space at 3900 W Alameda for 61,665 sf and Children's Hospital of LA at 800 Brand for 25,384 sf on the 10 th floor, offsetting key move-outs. Overall asking rates rose slightly by $0.03 to $3.04 psf/mo and is up $0.09 or 3.1% from a year ago where it was at $2.95 psf/mo. 1 cushmanwakefield.com I 2

3 $2.02 $2.13 $2.17 $2.29 $2.48 $2.80 $2.13 $2.21 $2.26 $2.40 $2.46 $2.49 $1.99 $2.05 $2.14 $2.15 $2.27 San Gabriel Valley (SGV) leasing activity posted the lowest of the year, but yearto-date leasing activity of 634,065 sf is just shy of the entirety of last year s 642,244 sf. The largest lease of the quarter was signed at 955 Overland Court, with the County of LA taking 33,804 sf. Overall vacancy is down 130 bps from the previous quarter to 13., in large part due to the 98,505 sf occupancy of QTC-Leidos at 924 Overland Court. Rounding out occupancy gains for the quarter was the movein by Tetra Tech for 19,655 sf at East Copley Drive. SGV overall absorption closed the quarter strong with positive 144,074 sf, taking the year-to-date figure to 189,241 sf. Overall asking rates rose $0.13 or 6.1% year-over-year to $2.27 psf/mo. Alhambra/Monterey Park realized the largest rent growth during the same time period by $0.17 or 8.1% to $2.28 psf/mo and holds the highest Class A rental rate in the market at $2.75 psf/mo. The close of the third quarter illustrates SGV market fundamental growth at an upward pace. The decline in vacancy and stable rent growth contribute to the health of the SGV market, this trajectory will continue into the fourth quarter as large tenants are expected to occupy more space. SAN GABRIEL VALLEY LOS ANGELES NORTH Average asking rental rates rose slightly by 1.6% year-over-year to $2.49 psf/mo. Strongest rent growth occurred in Simi/Conejo Valley increasing by 2.4%, yet Central Valley still continues to command the highest average at $2.58 psf/mo. Sherman Oaks is the most expensive submarket with an average rate of $2.80 psf/mo, 11.1% higher than the overall market average. The overall vacancy rate of % is up 210 bps from this time last year as available space increased for all submarkets. However, the market broke its three-quarter long streak of occupancy losses. Several large tenants from different industries brought third quarter overall net absorption to 94,640 sf. Anthem Blue Cross signed the largest deal of the quarter for 169,320 sf, relocating to Burbank Boulevard known as Campus Warner Center. The health insurance giant will be relocating from Oxnard Street in Woodland Hills where they occupy the entire building. This deal pushed new leasing activity to 1.7 msf year-to-date, slightly outpacing the amount recorded this time last year. With very few office developments set to deliver, occupancy growth is expected, which will lead to more robust rent growth in Totaling 1.8 msf through third quarter, South Bay s leasing activity has already surpassed 2007 s year-total by 10.2% and 2018 is on track to have the highest leasing total since Although there was a slight uptick in vacancy this year, the overall vacancy dropped to 16.8% at the end of the third quarter, 20 bps lower than second quarter 2018 s rate. Continued job growth in office-using sectors, especially those in fields related to technology, media, and entertainment has kept demand healthy. El Segundo has emerged as a top choice for these companies, strongly correlated by the data. Since year-end 2013, this submarket has absorbed 1.1 msf of space with its overall vacancy rate decreasing by 340 bps during this time period. With strong tenant demand, there has been significant upward pressure on rents. In the last year, South Bay s average overall rental rate of $2.80 psf/mo has increased by 15.2%. All markets posted rent growth with LAX/Century Blvd posting the highest year-over-year growth at 11.2%, followed by El Segundo submarket with 9.. Rents in the El Segundo submarket have spiked from $3.19 psf/mo FSG at the end of first quarter 2017 to $3.69 psf, a 15.7% increase in just 18 months. The South Bay office market is clearly on an upward trajectory. LOS ANGELES SOUTH cushmanwakefield.com I 3

4 SUBMARKET INVENTORY SUBLET VACANT DIRECT VACANT VACANCY RATE CURRENT QTR NET ABSORPTION YTD NET ABSORPTION YTD LEASING ACTIVITY UNDER CONSTRUCTION AVERAGE ASKING RENT (ALL CLASSES)* AVERAGE ASKING RENT (CLASS A)* Los Angeles Downtown CBD 27,574, ,423 5,361, % 45, ,190 1,127,905 0 $3.53 $3.61 Los Angeles Downtown (Non-CBD) 8,745,597 15,042 2,138, % -196, , , ,311 $3.74 $4.42 Mid-Wilshire 11,714,043 22,309 1,715, % 21, , , ,581 $2.67 $2.78 Los Angeles West 53,128, ,164 6,063, , ,700 2,739, ,749 $4.65 $4.76 Los Angeles North 31,571, ,998 3,959, % 94, ,163 1,712, ,334 $2.49 $2.58 Los Angeles South 30,987, ,629 4,851, % 115, ,155 1,836,437 0 $2.80 $3.07 Tri-Cities 24,268, ,035 2,831, % -54, , , ,267 $3.04 $3.11 San Gabriel Valley 12,505,743 32,034 1,658, , , ,065 0 $2.27 $2.47 GREATER LOS ANGELES TOTALS 200,496,056 2,008,070 28,579, % 331,004 1,261,933 10,049,361 1,996,242 $3.35 $3.61 *Rental rates reflect gross asking $psf/mo Key Lease Transactions Q Burbank Blvd Building E / LNR Warner Center 169,320 Anthem Blue Cross New Lease LA North / Warner Center 963 East 4th Street / 4th & Traction 131,703 Honey New Lease LA Central / Arts District 222 North Pacific Coast Hwy / Pacific Corporate Towers - C 97,590 WeWork New Lease LA South / El Segundo/Beach Cities 1111 South Broadway / The Herald Examiner Building 82,200 Arizona State University New Lease LA Central / South Park 3333 W Empire Avenue / Media Studios North 75,119 Fox Sublease Tri-Cities / Burbank 200 North Pacific Coast Hwy / Pacific Corporate Towers - B 74,198 Chevron USA Renewal* LA South / LAX/El Segundo 5999 Center Drive / Univision Television 66,300 Spaces New Lease LA West / Culver City 400 North Brand Boulevard 61,665 CIGNA Healthcare of California New Lease Tri-Cities / Glendale 2425 Colorado Avenue / Colorado Center - Bldg B 58,403 Bird Rides New Lease LA West / Santa Monica 2834 Colorado Avenue / Santa Monica Gateway - Shift 57,000 Goop New Lease LA West / Santa Monica *Renewals not included in leasing statistics Key Sales Transactions Q Ocean Park Boulevard / Santa Monica Business Park 505 North Brand Boulevard / 505 North Brand Building 311,143 1,188,577 Blackstone / Boston Properties $627,500,000 / $528 LA West / Santa Monica Principal Real Estate Investors / Goldman, Sachs & Company $93,500,000 / $301 Tri-Cities / Glendale 180 East Ocean Boulevard / The 180 Building 199,156 Salvation Army / Thrifty Oil $35,850,000 / $180 LA South / Long Beach 433 N. Camden Drive / Wells Fargo Bank 182,300 Camden Properties / Starpoint Capital $193,000,000 / $1,059 LA West / Beverly Hills 1411 West 190th Street / South Bay Corporate Center 173,854 Sares Regis / Redstone LLC $32,075,000 / $184 LA South / Torrance Ventura Boulevard / Carlton Plaza 152,000 Bantry Holdings / Peregrine Realty Partners $34,400,000 / $226 LA North / Woodland Hills 1640 S. Sepulveda Boulevard / Westwood Terrace 135,943 Westbrook Partners / Ocean West Capital Partners $92,500,000 / $680 LA West / Westwood 2030 Maple Avenue / Insite 101,874 Steelwave / Atlas Capital Group $39,000,000 / $384 LA South / LAX/El Segundo 425 West Broadway 71,589 The Blackstone Group / Sharp Capital $19,750,000 / $276 Tri-Cities / Glendale 3201 Temple Avenue / University Tech Center 43,022 LNR Partners / David & Zaslow $6,852,000 / $163 San Gabriel Valley / Pomona cushmanwakefield.com I 4

5 Explanation of Terms Total Inventory: The total amount of office space (in buildings of a predetermined size by market) that can be rented by a third party. Overall Vacancy Rate: The amount of unoccupied space (new, relet, and sublet) expressed as a percentage of total inventory. Direct Vacancy Rate: The amount of unoccupied space available directly through the landlord (excludes sublease space). Absorption: The net change in occupied space between two points in time. (Total occupied space in the present quarter minus total occupied space from the previous quarter, quoted on a net, not gross, basis.) Leasing Activity: The sum of all leases over a period of time. This includes pre-leasing activity as well as expansions. It does not include renewals. Under Construction: Industrial and office square footage that are being built and have not received certificates of occupancy (C of O). Projects which are beyond site preparation (concrete slab poured and construction is actively progressing). For C&W statistical purposes, these buildings will not be complete by the last day of the reporting quarter. Under renovation: Office and industrial buildings that are undergoing renovation, rehabilitation or conversion and require a certificate of occupancy to be habitable. Overall Weighted Asking Rents: Gross average asking rents weighted by the amount of available direct and sublease space in Class A, B and C properties. Class A Asking Rents: Gross average asking rents weighted by the amount of available Class A direct and sublease space. Cushman & Wakefield 900 Wilshire Blvd, 24 th Floor Los Angeles, CA cushmanwakefield.com For more information, contact: Eric Kenas, Market Director, Research Tel: Vincent Chang, Assoc. Market Director Tel: About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit or on Twitter Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. cushmanwakefield.com I 5

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