Sacramento Office MarketView Q3 2014

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1 Sacramento Office MarketView Q CBRE Global Research and Consulting UNEMPLOYMENT RATE 7.0% VACANCY RATE 19.4% NET ABSORPTION 123,907 sq. ft. AVG ASKING LEASE RATE $1.69 per sq. ft. FSG COMPLETED CONSTRUCTION 0 sq. ft. **THE ARROWS ARE TREND INDICATORS FROM A QUARTER-OVER-QUARTER TIME PERIOD AND DO NOT REPRESENT A POSITIVE OR NEGATIVE VALUE CORE DOWNTOWN OFFICE PROPERTY CHANGES HANDS After posting negative net absorption for the first time in over three years last quarter, Q saw the Sacramento office market rebound nicely to close with 123,907 sq. ft. of positive net absorption. The public sector was once again a key contributor to the market s positive figures, transacting two of the quarter s largest leases which combined for nearly 90,000 sq. ft. Suburban activity continued to dominate the market, though Downtown appears to be regaining some traction after a sluggish first half of the year. South Natomas had the market s strongest quarter, posting 84,477 sq. ft. of positive net absorption. This was the largest amount of positive absorption occurring in the submarket since Q1 2013, the bulk of which was contributed by a 67,500 sq. ft. lease at 2495 Natomas Park Drive. The Highway 50 submarket also saw a sizable transaction with the Blue Cross lease of White Rock Road. They are slated to move into the 54,078 sq. ft. building, which they will be occupying in its entirety, in Q Another noteworthy event occurring in Downtown was the beginning of the demolition of Downtown Plaza. It is expected to conclude in the first half of Q This critical step in the completion of the eagerly-anticipated Downtown arena is welcome news as the arena is expected to be the cornerstone of the projected-revitalization of Downtown. Activity in the submarket has already begun to stabilize and interest is increasing among many well-known retailers. With the arena scheduled for completion in 2016, and the amenities such as dining and entertainment that will follow as a direct result, look for the Downtown market to steadily improve and ultimately be competitive once again with suburban markets. Class B properties constituted the bulk of leasing activity in Q This trend can be attributed in part to the lack of quality, big-block Class A space currently available in the market. The Class B vacancy rate dropped 0.5% from Q to finish at 20.7%. This was the largest vacancy rate decline among all property classes when compared to the previous quarter. Class B average asking lease rates also rose $0.02 from Q2 2014, closing at $1.64 per sq. ft. full service gross (FSG). Sacramento s most prominent Q sale was 555 Capitol Mall in the Downtown submarket. The Class A building was purchased by Trinity Pacific Partners which is comprised of Buzz Oates LLC, AM Investors and Rubicon Partners. The property was approximately 60% leased at the time of sale but the new owners are planning improvements to the building in hopes of attracting prospective tenants. 555 Capitol Mall was acquired by Trinity Pacific Partners. Daily management operations will be handled by Rubicon Partners. 1

2 Q Sacramento Office MarketView Figure 1: Sacramento Market Statistics Net Direct Net YTD Net Under Avg Asking Rentable Vacancy Vacancy Availability Absorption Absorption Construction Lease Rate Submarket Area $/SF/Mo Midtown 1,792, % 10.4% 18.5% (2,236) 15,272 0 $1.91 West Sacramento 1,263, % 10.7% 13.2% 43,005 66,789 0 $1.53 South Sacramento 1,320, % 22.0% 28.2% (10,063) (2,174) 0 $1.17 East Sacramento 440, % 14.3% 14.3% $2.03 Howe/Fulton 1,799, % 26.2% 30.9% (638) 1,272 0 $1.61 Northgate/Natomas 2,135, % 26.0% 31.0% (40,986) 15,928 0 $1.40 Watt Avenue 1,350, % 22.8% 23.8% (30,571) (11,031) 0 $1.36 Hwy 50 Corridor 11,515, % 20.2% 26.0% 13,607 35,657 0 $1.47 Carmichael/Fair Oaks 343, % 20.1% 20.1% (776) 9,144 0 $1.22 Citrus Heights/ Orangevale 1,015, % 15.7% 19.9% (16,443) (4,079) 0 $1.09 Point West 2,485, % 23.9% 25.2% 5,723 25,426 0 $1.62 Campus Commons 1,469, % 24.6% 26.3% 30,921 39,706 0 $1.68 Folsom 2,535, % 13.9% 17.2% 24,175 12,063 0 $1.76 Elk Grove 1,074, % 9.6% 12.6% (13,015) 8,753 0 $1.83 Roseville/Rocklin 7,337, % 17.7% 19.6% 44, ,928 0 $1.77 South Natomas 3,256, % 22.6% 27.8% 84,477 3,313 0 $1.91 Suburban Total 41,137, % 19.5% 23.5% 131, ,967 0 $1.58 Downtown 11,134, % 18.9% 21.4% (7,792) (133,641) 0 $2.15 Market Total 52,271, % 19.4% 23.0% 123, ,326 0 $1.69 NOTE: Only existing single and multi-tenant office properties over 10,000 sq. ft., excluding government-owned buildings and medical buildings, are included in this survey. Average asking rate is based on direct leases only; excludes sublease space. Rates are based on price per sq. ft., per month, for full service. 2 Market Highlights Roseville/Rocklin has had the market s strongest year-to-date, recording 186,928 sq. ft. of positive net absorption in The sale of 555 Capitol Mall is Sacramento s largest single-office-building sale in over seven years. The vacancy rate closed at 19.4%, a decline of 1.3% when compared to this time last year. Sacramento s office market has recorded positive net absorption of over 100,000 sq. ft. for seven of the last eight quarters.

3 Figure 2: Vacancy Rate versus Average Asking Lease Rate Average Asking Lease Rate $ % $ % 20% $ % $ % $ % $1.60 Q Q Q Q Q Q Q Q Q Q Q Q Figure 3: Significant Lease Transactions Q Sacramento Office MarketView Size () Tenant Address 67,500 State Street 2495 Natomas Park Dr, Sacramento 58,575 Solar City 1000 Enterprise Way, Roseville 54,078 Blue Cross White Rock Rd, Rancho Cordova Figure 4: Significant Sale Transactions Size () Buyer Address 376,432 Trinity Pacific Partners 555 Capitol Mall, Sacramento 148,919 BTV Management, Real Capital Solutions Olson Dr, Sacramento 112,434 Marco's, George's and Placida's 3003 Bunker Hill Howe Ave, Sacramento Figure 5: Net Absorption 000 s Figure 6: Construction Activity 000 s (100) (200) Q Q Q Q Q Q Q Q Q Q Q Q Under Construction Completed Construction 3

4 Q Sacramento Office MarketView No Submarket 71 Downtown 72 Midtown 73 West Sacramento 74 South Sacramento 75 East Sacramento 77 Howe/Fulton 78 Northgate/Natomas 79 Watt Ave 80 Hwy 50 Corridor 81 Carmichael/Fair Oaks 83 Citrus Heights/Orangevale 84 Point West 85 Campus Commons 86 Folsom 87 Elk Grove 88 Roseville/Rocklin 92 South Natomas CONTACTS For more information about this Local MarketView, please contact: Sacramento Research Abigail Christian Research Operations Manager Nor Cal and Reno Research CBRE 500 Capitol Mall, Ste 2400 Sacramento, CA t: e: Steve Smith Researcher Sacramento Research CBRE 500 Capitol Mall, Ste 2400 Sacramento, CA t: e: FOLLOW US Global Research and Consulting This report was prepared by the CBRE U.S. Research Team which forms part of CBRE Global Research and Consulting a network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe. 4 Disclaimer Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

5 BUILDING CLASSIFICATION REPORT SACRAMENTO OFFICE Figure 7: Building Classifications Q Area Submarket Net Rentable Area Available Availability Vacant Vacancy Asking Lease Rate $/SF/Mo Under Construction 71 Downtown 11,134,264 2,377, % 2,101, % $ Class A 6,570,075 1,207, % 1,119, % $2.54 Class B 3,120, , % 674, % $1.78 Class C 1,443, , % 307, % $ Midtown 1,792, , % 186, % $ Class A 55,000 4, % 4, % $2.75 Class B 356,819 56, % 52, % $2.18 Class C 1,380, , % 128, % $ West Sacramento 1,263, , % 134, % $ Class A 527,947 57, % 28, % $1.86 Class B 426,185 56, % 53, % $1.32 Class C 309,254 52, % 52, % $ East Sacramento 440,927 63, % 63, % $ Class A % 0 0.0% $0.00 Class B 404,327 63, % 63, % $2.03 Class C 36, % 0 0.0% $ South Sacramento 1,320, , % 289, % $ Class A 63,868 15, % 15, % $1.75 Class B 261, , % 128, % $1.25 Class C 994, , % 145, % $ Howe Ave/Fulton Ave 1,799, , % 471, % $ Class A 175, , % 139, % $1.85 Class B 228, , % 69, % $1.63 Class C 1,395, , % 262, % $ Northgate/Natomas 2,135, , % 556, % $ Class A 472,201 52, % 52, % $1.90 Class B 1,099, , % 212, % $1.59 Class C 564, , % 290, % $ Watt Ave/Auburn Blvd 1,350, , % 308, % $ Class A % 0 0.0% $0.00 Class B 503, , % 148, % $1.45 Class C 847, , % 159, % $ Highway 50 11,515,111 2,988, % 2,329, % $ Class A 2,933, , % 487, % $1.78 Class B 5,842,856 1,451, % 1,058, % $1.55 Class C 2,738, , % 784, % $ Carmichael/Fair Oaks 343,113 68, % 68, % $ Class A 70,000 3, % 3, % $1.25 Class B 78,394 26, % 26, % $1.39 Class C 194,719 39, % 39, % $1.05 Sacramento Office MarketView 1 Copyright 2014 CBRE, Inc. Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

6 Figure 7: Building Classifications (continued) Area Submarket Net Rentable Area Available Availability Vacant Vacancy Asking Lease Rate $/SF/Mo Under Construction 83 Citrus Heights/Orangevale 1,015, , % 159, % $ Class A % $0.00 Class B 112,460 5, % 5, % $1.28 Class C 902, , % 154, % $ Point West/Tribute 2,485, , % 593, % $ Class A 1,132, , % 265, % $1.79 Class B 534, , % 135, % $1.52 Class C 818, , % 192, % $ Campus Commons 1,469, , % 362, % $ Class A 46, % 0 0.0% $0.00 Class B 1,077, , % 308, % $1.69 Class C 346,409 57, % 53, % $ Folsom 2,535, , % 353, % $ Class A 1,834, , % 276, % $1.81 Class B 449,533 74, % 70, % $1.57 Class C 251,507 29, % 5, % $ Elk Grove 1,074, , % 102, % $ Class A 605,731 51, % 46, % $2.07 Class B 457,444 83, % 55, % $1.71 Class C 11, % 0 0.0% $ Roseville/Rocklin 7,337,516 1,440, % 1,299, % $ Class A 3,917, , % 617, % $1.88 Class B 2,591, , % 543, % $1.73 Class C 828, , % 137, % $ South Natomas 3,256, , % 737, % $ Class A 2,872, , % 637, % $1.94 Class B 286, , % 89, % $1.82 Class C 97,153 11, % 11, % $1.75 Sacramento Office Market 52,271,558 12,040, % 10,117, % $ Class A 21,278,043 4,215, % 3,694, % $ Class B 17,832,339 4,491, % 3,697, % $ Class C 13,161,176 3,333, % 2,726, % $ Q Sacramento Office MarketView CBRE categorizes office properties using the following criteria: CLASS A Description: Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. CLASS B Description: Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same price. CLASS C Description: Buildings competing for tenants requiring functional space at rents below the average for the area. Operating Expenses Expenses range from $9-$12/yr Downtown and $6-$10/yr Suburban. 2 Copyright 2014 CBRE, Inc.

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