The State of the U.S. & Washington CRE Market: 2008 Review/2009 Outlook

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1 The State of the U.S. & Washington CRE Market: 2008 Review/2009 Outlook Copyright 2008 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, the following information includes projections that are based on various assumptions by CoStar concerning future events and circumstances, as well as historical and current data maintained in CoStar s database. Actual results may vary from the projections presented. The information in this presentation 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. 2 Bethesda Metro Center Bethesda, MD USA (800) NASDAQ: CSGP

2 CoStar is The Leading Commercial Real Estate Information Provider We built and maintain the industry s most comprehensive commercial property database Two decades of experience Over 90,000 clients worldwide Publicly traded (CSGP) Operations; U.S., U.K., France $120 million annual research budget $1 Billion Spent on Research

3 Nearly 1,000 Researchers & Support Staff

4 2008: 3 Million Miles driven

5 We Inspected 600,000 Properties in 350 Cities in 3 Countries in 2008

6 2008 Research Activity 275,000+ Industry players interviewed 2 million+ telephone interviews conducted to verify and collect information 3 million Information s submitted to CoStar 87,000 SEC filings, CMBS filings, press releases reviewed and abstracted most same night 2.2 Billion web searches run

7 Largest Most Comprehensive Commercial Real Estate Information Source Ever Compiled 3.2 Million Properties 64.7 billion sq. ft. of commercial inventory 8.7 billion sq ft available 1,167,000 listings More than a trillion dollars in listing value 7.4 million images $3 trillion in sales comparables 5.8 million tenants

8 General Economy

9 The Five Stages of Grief Denial Anger Bargaining Depression Acceptance

10 S&P 500 Down 54% From High

11 Annualized Change in Gross Domestic Product

12 Inflation Adjusted Case-Shiller 10-City Composite Index

13 Housing Values Inflation Adjusted

14 Japan Housing Bubble Jan-87 Jan-90 Jan-93 Jan-96 Jan-99 Jan-02 Jan-05 Jan-08

15 Case-Shiller 10-City Composite Index vs. Indexed Retail Prices per Sq Ft

16 Case-Shiller 10-City Composite Index Vs. Indexed Flex & Industrial Prices per Sq Ft

17 Case-Shiller 10-City Composite Index Vs. Indexed A, B, C Office Rents per Sq Ft

18 Total Employment Growth Actual & Forecast

19 Worst Job Loss Periods in U.S. History Length and Severity By Number of Jobs

20 Worst Job Loss Periods in U.S. History Length and Severity By % of Workforce

21 VIX Index All Time High Risk Aversion

22 Corporate Borrowing Source: Wall Street Journal

23 10 Year Fixed Conduit Spreads

24 CMBS Issuances Market Frozen

25 Disposable Personal Income

26 Retail Sales Historically

27 Non-Store Retail Sales

28 Consumer Confidence

29 Holiday Spending (Nov-Dec) as % of Total Annual Spending

30 Federal Reserve s Industrial Production Index

31 Total Retail Net Absorption and Change in Total Retail Employment

32 Industrial Net Absorption and Federal Reserve s Industrial Production Index

33 Office Employment Growth And Office Net Absorption Top 10 Markets

34 2008 Leasing Market Review

35 Office Deliveries by Year 1,216 Million 27% 281 Million 4% 78 Million 1%

36 Industrial Deliveries by Year 144 Million Years % 400 Million Years % 479 Million Years % 461 Million Years % 14 Million Year %

37 Retail Deliveries by Year 386 Million 5% 6 Years 460 Million 6% 15 Years

38 Retail Deliveries by Year & Forecast

39 Under Construction - Industrial

40 Office Deliveries by Year & Forecast

41 Frozen Projects

42 Frozen Projects

43 U.S. Retail Leasing Activity

44 U.S. Industrial Leasing Activity

45 U.S. Office Leasing Activity

46 Office Leasing Activity Washington, Atlanta, Dallas

47 Net Absorption - Retail

48 Net Absorption - Industrial

49 Net Absorption Office

50 Retail - Vacancy Rates 2000 to Current

51 Industrial Vacancy Rates 2000 to Current

52 Office - Vacancy Rates 2000 to Current

53 U.S. Office Vacancy Rates Since 1980

54 Average Days Retail Space is Vacant Prior To Lease Sign

55 Average Days Industrial Space is Vacant Prior To Lease Sign

56 Average Days Office Space is Vacant Prior To Lease Sign

57 U.S. Quoted Retail Rents Real & Nominal

58 Industrial Quoted Rents Inflation Adjusted vs. Not

59 Office - Inflation Adjusted Quoted Rents

60 The only function of economic forecasting is to make astrology look respectable. John Kenneth Galbraith, economist ( )

61 U.S. Retail Vacancy Forecast

62 U.S. Industrial Vacancy Forecast

63 U.S. Office Vacancy Forecast

64 Sales Market Current Conditions

65 Cap Rates All Property Types (4 Quarter Moving Average)

66 Overall Retail Sales Volume

67 Overall Industrial Sales Volume

68 Historical Office Sales Volume

69 Average Days on Market Before Retail Property Sells

70 Average Days on Market Before U.S. Industrial Property Sells

71 Average Days on Market Before Office Property Sells

72 Retail Sales Prices / Square Foot

73 Inflation Adjusted Freestanding Retail Sales Prices / Square Foot

74 Inflation Adjusted Shopping Center Prices Per Square Foot

75 Inflation Adjusted U.S. Industrial Sales Prices Per Square Foot

76 Inflation Adjusted U.S. Flex Sales Prices Per Square Foot

77 Inflation Adjusted U.S. Class C Office Sales Prices Per Square Foot

78 Inflation Adjusted U.S. Class B Office Sales Prices Per Square Foot

79 Inflation Adjusted U.S. Class A Office Sales Prices Per Square Foot

80 CMBS Loans Placed in Special Servicing

81 Potential Problem Loans

82 Washington Metro Market 2008 Review & 2009 Outlook

83 Case-Shiller 10-City Index

84 Washington Job Diversification

85 Washington Job Diversification

86 Office, Industrial and Retail Commercial Real Estate Inventory Washington United States

87 Unemployment Rates

88 Washington Non-Farm Employment Growth

89 Washington Non-Farm Employment Growth Past 12 Months Thousands of Jobs (10) (20) (30) (40) (50) (60) (70) 2008-Jan 2008-Feb 2008-Mar 2008-Apr 2008-May 2008-Jun 2008-Jul 2008-Aug 2008-Sep 2008-Oct 2008-Nov 2008-Dec

90 Washington Retail Deliveries

91 Washington Industrial Deliveries

92 Washington Office Deliveries 81 Million % Years

93 U.S. Office Inventories Year 2000

94 U.S. Office Inventories Year 2009

95 Vacancy Rates in Washington s 20 Largest Office Submarkets

96 Washington Retail Leasing Activity

97 Washington Industrial Leasing Activity

98 Washington Office Leasing Activity

99 Washington Retail Net Absorption

100 Washington Industrial Net Absorption

101 Washington Office Net Absorption

102 U.S. Office Net Absorption

103 Retail Vacancy Rates 2006 to Current

104 Industrial Vacancy Rates 2000 to Current

105 2008 Supply-Demand Balance in 20 Largest Office Submarkets Increasing Vacancy Decreasing Vacancy

106 U.S. Vacancy Rates Year 2008

107 U.S. Office Vacancy Rates Year 2000

108 Office Vacancy Rates 2000 to Current

109 Washington Office Vacancy Forecast

110 Office Inflation Adjusted Quoted Rents

111 Washington Office Cap Rates

112 Washington Office Sales Prices Per Square Foot

113 Washington Office Sales Volume - Dollars Billions of Dollars q q q q q q q q q q q q q

114 Inflation Adjusted Case Shiller & Washington Retail Prices

115 Inflation Adjusted Case Shiller & Washington Industrial Prices

116 Inflation Adjusted Case Shiller & Washington Office Prices

117 Index of Vacancy Adjusted Rents & Sales Prices (Both Inflation Adjusted)

118 Washington Metro Recession Bordering on Depression

119 Washington Metro 30 Years of Stellar Growth

120 A Infinitesimal Percentage of U.S. Buildings are Green 1 in 15,000 U.S. Commercial Properties are Green Green 0.006% Not Green %

121 Direct Rental Rates National

122 Avoiding Tarnished Legacy? In 1966, Henry Ford II famously argued that implementation of federal safety requirements for automobiles (including lap and shoulder seat belts) would force his eponymous company to close down.

123 Thank you to our Clients & Staff

124

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