2018: A Ground Breaking Year

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1 Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q : A Ground Breaking Year > Office inventory: 8,527,819 > Vacancy: 10.6 percent > Net absorption: 310,934 year-to-date The Northern California s Central Valley office market vacancy rate decreased slightly to 10.6 percent at the close of the fourth quarter. Available Class A office product decreased to 9.5 percent and the vacancy rate for Class B product increased to 11.8 percent. Average asking lease rates for Class B office space remained flat from the previous quarter. The vacancy rate for Class C office product increased to 9.4 percent. The only pertinent construction underway is aproximately 40,000 square feet of medical office space. Net absorption for San Joaquin County during the fourth quarter totaled 6,880 square feet, closing the total absorption to 310,934 square feet. Market Indicators United States 10-Year Nominal Consumer Unemployment Rate Interest Rate Confidence 4.3% Market Trends Relative to prior period Q Q1 2018* Vacancy Net Absorption Construction Lease Rates Cap Rates Land Prices Historical Vacancy and Average Asking Rates San Joaquin County Overall 15% 13% 10% 8% 5% 3% 0% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Vacancy Rate Asking Lease Rate (FSG) $2.00 $1.67 $1.33 $1.00 $0.67 $0.33 $0.00 Lease rates in all product classes, Class A, B, and C, continue to climb as the office climate improves in San Joaquin County. The decline in the graph above can be attributed to the changes of availability in a smaller office market. *Projected Summary Statistics San Joaquin County Office Market Previous Quarter Current Quarter Vacancy Rate 10.7% 10.6% Overall Asking Rate* $1.52 $1.44 Class A Asking Rate* $1.97 $1.98 Class B Asking Rate* $1.15 $1.16 Class C Asking Rate* $1.18 $1.22 Net Absorption 257,883 6,880 *Asking rates are reported on a full service monthly basis U.S. Economic Indicators Unemployment Rate 4.4% 4.1% Labor Force Participation Rate 62.9% 62.7% Consumer Price Index 2.46% 2.47% Interest Rate - 10 Yr Treasury 2.33% 2.40% Business Confidence Consumer Confidence Data Source: EDD Labor Market Information Division

2 Stockton The vacancy rate for the Stockton office submarket at the end of the fourth quarter was 11.9 percent, a 60 basis point decrease. Available Class A space decreased to 11.0 percent from 16.3 percent the previous quarter, due to the re-categorization of Class A buildings in the market. The submarket experienced negative net absorption for Class B product type with 26,363 square feet being reclassified from Class A to Class B buildings. Average asking lease rates for Class B product increased to $1.30 per square foot, full service gross due to second generation space becoming available in the market. The San Joaquin County Courthouse finally obtained their Certificate of Occupancy and opened their doors adding 306,000 square feet of brand new space to the market. Grupe Commercial took the new construction lead in the Central Valley with a ground up build-tosuit for WelbeHealth, a PACE provider new to California. Estimated completion is Q The overall average asking lease rate for all product type in the submarket increased to $1.50 per square foot, full service gross. Net absorption for the submarket totaled 38,191 square feet for the quarter and 335,923 for Lathrop The Lathrop submarket consists of only seven office buildings totaling a little over 225,000 square feet. Due to the fact that it is a small submarket with little option for users who are seeking space, the vacancy rate remained unchanged at 24.9 percent. The average asking lease rate for the available Class A product in the submarket decreased to $1.76 per square foot, full service gross. Lodi The vacancy rate for the Lodi submarket was 5.1 percent at the close of the quarter with only 48,257 square feet available. These numbers are up from the third quarter due to 13,607 square feet of space coming onto the market. Despite this addition of Class B space, the low vacancy continues to leave few choices for users looking to lease or buy space in the submarket. Year-to-date net absorption was a negative 6,659 square feet with average asking lease rates at $1.41 per square foot, full service gross. Manteca The Manteca submarket vacancy rate remained unchanged from the third quarter at 2.5 percent. Only 11,214 square feet remains available in the submarket, which has a base inventory of 446,468 square feet, leaving limited options for users in the market, and allowing landlords to reduce their move-in incentives, hand choose their tenant and name their deal terms. The overall average asking lease rate for the submarket increased to $1.47 per square foot, full service gross. Tracy The vacancy rate for the Tracy submarket fell from 3.9 percent during the third quarter to 3.1 percent at the end of the fourth quarter. Only 16,978 square feet of office remains available. The DaVita Dialysis new construction build-to-suit near Kaiser Permanente was completed and now a small shell of 2,408 square feet remains available for lease. The new Sutter Gould medical office building on Eaton Avenue is nearing completion, but the building is already fully leased to the healthcare group. Class B and C office space continues to be leased, taking the space off the market and the remaining Class A spaces are driving average lease rates up for the submarket to $2.43 per square foot, full service gross. Outlook As we close 2017, the activity remains at a very healthy level and does not show signs of slowing down. Limited availability continues to push lease rates up, $0.15 per square foot up from Q4 2016, and incentives down, driving Class B and C tenants to purchase as opposed to paying elevated rents. Class A rent rates continue to hold steady, attracting national credit tenants that can justify the price per square foot for the prestige and amenities included. New construction is a necessary conversation with most long term requirements as availability of large spaces is scarce. We anticipate seeing more ground breakings for fully leased build-to-suits particularly in the medical sector, and construction to begin on another Class A office building NORTH CORRAL HOLLOW ROAD TRACY, CA Brand new vanilla shell medical office located in close proximity to Kaiser Permanente with easy and convenient access to Interstate 205 and Interstate 5. DaVita Dialysis occupies remainder of buildings, leaving ±2,408 square feet available for lease. 2 San Joaquin County Research & Forecast Report Q Office Colliers International

3 Significant Lease & Sale Activity 99 Legionarios Del Trabajo 4520 E. Quashnick Road, Stockton 13,000 Class B Office Sale 5 LODI Davis & Associates 2027 W. March Lane, Suite 2, Stockton 1,160 Class B Office Lease 4 Landmark Limited 1776 W. March Lane, Suite 170, Stockton 4,621 Class B Office Lease STOCKTON Matthew Dobbins 545 E. Cleveland Street, Suite C & D, Stockton 4,036 Class B Medical Office Condo Sale LATHROP MANTECA 120 Stockton PACE, LLC Harding Way & California Street, Stockton 17,000 Class A Medical Office Lease TRACY 5 RIPON 99 Gilbert & Janell Somers 2087 Grand Canal Blvd, Suite 6, 7 & 8, Stockton December ,000 Class B Office Condo Sale = LEASE Joceline Smayra 1204 Holly Drive, Tracy November ,450 Class C Office Sale = SALE 3 San Joaquin County Research & Forecast Report Q Office Colliers International

4 Market Comparisons San Joaquin County OFFICE MARKET CLASS BLDGS TOTAL INVENTORY DIRECT DIRECT SUBLEASE SUBLEASE TOTAL QUARTER PRIOR QUARTER OCCUPIED SPACE NET ABSORPTION QTR NET ABSORPTION YTD COMPLETIONS QTR UNDER CONSTRUCTION WEIGHTED AVG ASKING FSG LATHROP A 3 72,208 17, % - 0.0% 17, % 24.0% 54, $2.00 B 2 137,288 58, % - 0.0% 58, % 27.3% 78,577 (21,300) (21,300) - - $1.70 C 2 16,084 1, % - 0.0% 1, % 8.4% 14,734 - (1,350) - - $1.32 Total 7 225,580 77, % - 0.0% 77, % 24.9% 148,219 (21,300) (22,650) - - $1.76 LODI A ,874 16, % - 0.0% 16, % 4.3% 365,500-16, $1.51 B ,310 21, % - 0.0% 21, % 1.4% 411,417 (15,671) (18,003) - - $1.33 C ,261 9, % - 0.0% 9, % 8.5% 128,271 1,773 (4,682) - - $1.43 Total ,445 48, % - 0.0% 48, % 3.6% 905,188 (13,898) (6,659) - - $1.41 MANTECA A ,636 3, % 1, % 4, % 4.4% 103,841 - (1,785) - - $1.83 B ,543 6, % - 0.0% 6, % 3.4% 181, $1.20 C , % - 0.0% - 0.0% 0.0% 150, $- Total ,468 9, % 1, % 11, % 2.5% 435,254 - (1,160) - - $1.47 RIPON A 5 49,411 1, % - 0.0% 1, % 3.6% 47,631-6, $1.70 B 3 16, % - 0.0% - 0.0% 0.0% 16, $- C 1 5, % % 5, $- Total 9 71,443 1, % - 0.0% 1, % 2.5% 69,663-6, $1.70 STOCKTON A 48 2,245, , % 9, % 246, % 16.3% 1,998,926 66, ,711-17,690 $1.99 B 177 3,263, , % 3, % 401, % 11.8% 2,862,484 (26,363) (61,201) - - $1.30 C , , % - 0.0% 102, % 4.4% 682,465 (1,561) 23, $1.20 Total 281 6,293, , % 13, % 749, % 12.6% 5,543,875 38, , $1.51 TRACY A ,188 10, % - 0.0% 10, % 4.9% 249,773 2,208 2,395-22,310 $2.44 B ,366 6, % - 0.0% 6, % 4.9% 157,983 1,679 (5,135) - - $2.28 C , % - 0.0% - 0.0% 0.0% 112,527-1, $- Total ,081 16, % - 0.0% 16, % 3.9% 520,283 3,887 (1,040) - - $2.43 MARKET TOTAL A 93 3,117, , % 11, % 296, % 13.4% 2,820,579 68, ,867-40,000 $1.98 B 252 4,203, , % 3, % 494, % 10.5% 3,708,565 (61,655) (105,014) - - $1.16 C 103 1,207, , % - 0.0% 113, % 3.9% 1,093, , $1.22 Total 448 8,527, , % 15, % 905, % 10.7% 7,622,482 6, , $1.44 QUARTERLY COMPARISON AND TOTALS Q ,527, , % 15, % 905, % 10.7% 7,622,482 6, , $1.44 Q ,527, , % 4, % 912, % 10.5% 7,615, , , $1.52 Q ,221, , % 4, % 864, % 10.5% 7,357,719 (2,932) 46, $1.57 Q ,221, , % 4, % 861, % 11.1% 7,360,651 49,103 49, $1.27 Q ,221, , % 3, % 910, % 10.6% 7,311,548 (34,958) (27,138) - - $ San Joaquin County Research & Forecast Report Q Office Colliers International

5 396 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 36 EMEA: 111 ANZ: 43 COLLIERS INTERNATIONAL STOCKTON 3439 Brookside Road, Suite 108 Stockton, CA USA MANAGING DIRECTOR Michael Goldstein, SIOR Executive Managing Director CA License No RESEARCHER Kyle Mecker Research Analyst $2.6 billion in annual revenue* 2.0 billion square feet under management 15,000 professionals and staff *All statistics are for 2016 and include affiliates About Colliers International Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row. For the latest news from Colliers, visit Colliers.com or follow us on and LinkedIn. colliers.com/stockton Copyright 2018 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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