The CoStar Office Report

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1 The CoStar Office Report Y E A R - E N D Atlanta Office Market

2 Atlanta Office Market YEAR-END 2009 ATLANTA Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets & Submarkets Employment & Tenant Analysis Employment & Unemployment Analysis Tenant Profiles Inventory & Development Analysis Construction Activity Map 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 Leasing Activity Map Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Select Same Building Sales Select Land Sales Analysis of Individual CoStar Markets Buckhead Market Central Perimeter Market Downtown Atlanta Market Midtown Atlanta Market North Fulton Market Northeast Atlanta Market Northlake Market Northwest Atlanta Market South Atlanta Market West Atlanta Market 2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT A

3 ATLANTA YEAR-END 2009 Atlanta Office Market 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 69.1 billion square feet of coverage in 2.8 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 2010 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. 2 Bethesda Metro Center Bethesda, MD USA (800) NASDAQ: CSGP B THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

4 Atlanta Office Market YEAR-END 2009 ATLANTA 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-of-a-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 buildingtype 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) 2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT C

5 ATLANTA YEAR-END 2009 Atlanta Office Market 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 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: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construction and until it receives a certificate of occupancy. 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 2010 COSTAR GROUP, INC.

6 Atlanta Office Market OVERVIEW YEAR-END 2009 ATLANTA Atlanta s Increases to 16.8% Net Absorption Negative (535,384) SF in the Quarter The Atlanta Office market ended the fourth quarter 2009 with a vacancy rate of 16.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (535,384) square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 3,640,000 square feet. Rental rates ended the fourth quarter at $19.14, a decrease over the previous quarter. A total of three buildings delivered to the market in the quarter totaling 95,076 square feet, with 1,732,432 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall Atlanta office market was negative (535,384) square feet in the fourth quarter That compares to negative (523,538) square feet in the third quarter 2009, negative (1,332,256) square feet in the second quarter 2009, and negative (501,806) square feet in the first quarter Tenants moving out of large blocks of space in 2009 include: Bryan Cave Powell Goldstein LLP moving out of 151,048 square feet at One Atlantic Center; Arris moving out of 144,647 square feet at Johns Creek - Bldg 11450; and AT&T moving out of 138,000 square feet at American Cancer Society Center. Tenants moving into large blocks of space in 2009 include: First Data Corporation moving into 181,831 square feet at Glenridge Highlands II; Verizon Communications, Inc. moving into 141,804 square feet at Stonebridge II; and Deloitte & Touche, LLP. moving into 123,964 square feet at One Ninety One Peachtree Tower. The Class-A office market recorded net absorption of negative (422,147) square feet in the fourth quarter 2009, compared to negative (20,363) square feet in the third quarter 2009, negative (122,133) in the second quarter 2009, and positive 5,965 in the first quarter The Class-B office market recorded net absorption of negative (18,095) square feet in the fourth quarter 2009, compared to negative (260,093) square feet in the third quarter 2009, negative (876,925) in the second quarter 2009, and negative (301,006) in the first quarter The Class-C office market recorded net absorption of negative (95,142) square feet in the fourth quarter 2009 compared to negative (243,082) square feet in the third quarter 2009, negative (333,198) in the second quarter 2009, and negative (206,765) in the first quarter Net absorption for Atlanta s central business district was negative (138,538) square feet in the fourth quarter That compares to negative (121,273) square feet in the third quarter 2009, negative (338,243) in the second quarter 2009, and negative (50,727) in the first quarter Net absorption for the suburban markets was negative (396,846) square feet in the fourth quarter That compares to negative (402,265) square feet in third quarter 2009, negative (994,013) in the second quarter 2009, and negative (451,079) in the first quarter The office vacancy rate in the Atlanta market area increased to 16.8% at the end of the fourth quarter The vacancy rate was 16.6% at the end of the third quarter 2009, 16.0% at the end of the second quarter 2009, and 15.1% at the end of the first quarter Class-A projects reported a vacancy rate of 18.6% at the Rates by Class A B C Total Market 35% 30% 25% Rate 20% 15% 10% 5% 0% q q q q q q q COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 1

7 ATLANTA YEAR-END 2009 Atlanta Office Market OVERVIEW end of the fourth quarter 2009, 18.2% at the end of the third quarter 2009, 17.2% at the end of the second quarter 2009, and 16.4% at the end of the first quarter Class-B projects reported a vacancy rate of 15.9% at the end of the fourth quarter 2009, 15.8% at the end of the third quarter 2009, 15.5% at the end of the second quarter 2009, and 14.6% at the end of the first quarter Class-C projects reported a vacancy rate of 14.9% at the end of the fourth quarter 2009, 14.7% at the end of third quarter 2009, 14.1% at the end of the second quarter 2009, and 13.4% at the end of the first quarter The overall vacancy rate in Atlanta s central business district at the end of the fourth quarter 2009 increased to 14.0%. The vacancy rate was 13.6% at the end of the third quarter 2009, 13.2% at the end of the second quarter 2009, and 12.3% at the end of the first quarter The vacancy rate in the suburban markets increased to 17.2% in the fourth quarter The vacancy rate was 17.0% at the end of the third quarter 2009, 16.4% at the end of the second quarter 2009, and 15.6% at the end of the first quarter Largest Lease Signings The largest lease signings occurring in 2009 included: the 254,619-square-foot lease signed by SunTrust Bank at Marquis Two Tower in the Downtown Atlanta market; the 190,000- square-foot deal signed by Primerica Financial Services, Inc. at 3120 Breckenridge Blvd in the Northeast Atlanta market; and the 182,956-square-foot lease signed by NCR Corporation at 2651 Satellite Blvd in the Northeast Atlanta market. Sublease The amount of vacant sublease space in the Atlanta market decreased to 3,640,000 square feet by the end of the fourth quarter 2009, from 3,683,766 square feet at the end of the third quarter There was 3,643,241 square feet vacant at the end U.S. Comparison Past 10 Quarters Rate 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% q Atlanta q United States of the second quarter 2009 and 3,179,722 square feet at the end of the first quarter Atlanta s Class-A projects reported vacant sublease space of 2,618,812 square feet at the end of fourth quarter 2009, down from the 2,667,576 square feet reported at the end of the third quarter There were 2,656,829 square feet of sublease space vacant at the end of the second quarter 2009, and 2,507,445 square feet at the end of the first quarter Class-B projects reported vacant sublease space of 948,413 square feet at the end of the fourth quarter 2009, down from the 951,300 square feet reported at the end of the third quarter At the end of the second quarter 2009 there were 940,301 square feet, and at the end of the first quarter 2009 there were 628,276 square feet vacant. Class-C projects reported increased vacant sublease space from the third quarter 2009 to the fourth quarter Sublease vacancy went from 64,890 square feet to 72,775 square feet during that time. There was 46,111 square feet at the end of the second quarter 2009, and 44,001 square feet at the end of the first quarter Sublease vacancy in Atlanta s central business district stood at 494,174 square feet at the end of the fourth quarter It was 523,589 square feet at the end of the third quarter 2009, 512,855 square feet at the end of the second quarter 2009, and 279,683 square feet at the end of the first quarter Sublease vacancy in the suburban markets ended the fourth quarter 2009 at 3,145,826 square feet. At the end of the third quarter 2009 sublease vacancy was 3,160,177 square feet, was 3,130,386 square feet at the end of the second quarter 2009, and was 2,900,039 square feet at the end of the first quarter Rental Rates The average quoted asking rental rate for available office space, all classes, was $19.14 per square foot per year at the end of the fourth quarter 2009 in the Atlanta market area. This represented a 0.4% decrease in quoted rental rates from the end of the third quarter 2009, when rents were reported at $19.21 per square foot. The average quoted rate within the Class-A sector was $21.91 at the end of the fourth quarter 2009, while Class-B rates stood at $16.84, and Class-C rates at $ At the end of the third quarter 2009, Class-A rates were $22.10 per square foot, Class-B rates were $16.93, and Class-C rates were $ The average quoted asking rental rate in Atlanta s CBD was $18.89 at the end of the fourth quarter 2009, and $19.16 in the suburban markets. In the third quarter 2009, quoted rates were $18.75 in the CBD and $19.26 in the suburbs. Deliveries and Construction During the fourth quarter 2009, three buildings totaling 95,076 square feet were completed in the Atlanta market area. This compares to 21 buildings totaling 1,432,685 square feet that Source: CoStar Property 2 THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

8 Atlanta Office Market OVERVIEW YEAR-END 2009 ATLANTA were completed in the third quarter 2009, 19 buildings totaling 1,037,883 square feet completed in the second quarter 2009, and 371,820 square feet in 31 buildings completed in the first quarter There were 1,732,432 square feet of office space under construction at the end of the fourth quarter Some of the notable 2009 deliveries include: Terminus 200, a 564,850-square-foot facility that delivered in third quarter 2009 and is now 9% occupied, and th Street, a 548,039-squarefoot building that delivered in second quarter 2009 and is now 34% occupied. The largest projects underway at the end of fourth quarter 2009 were 12th & Midtown, a 719,003-square-foot building with 12% of its space pre-leased, and Phipps Tower, a 486,000- square-foot facility that is 1% pre-leased. Inventory Total office inventory in the Atlanta market area amounted to 273,802,684 square feet in 11,897 buildings as of the end of the fourth quarter The Class-A office sector consisted of 109,995,060 square feet in 477 projects. There were 4,793 Class- B buildings totaling 118,580,904 square feet, and the Class-C sector consisted of 45,226,720 square feet in 6,627 buildings. Within the Office market there were 516 owner-occupied buildings accounting for 28,268,159 square feet of office space. Sales Activity Tallying office building sales of 15,000 square feet or larger, Atlanta office sales figures fell during the third quarter 2009 in terms of dollar volume compared to the second quarter of In the third quarter, 12 office transactions closed with a total volume of $36,986,852. The 12 buildings totaled 598,985 square feet and the average price per square foot equated to $61.75 per square foot. That compares to eight transactions totaling $54,586,000 in the second quarter The total square footage in the second quarter was 497,203 square feet for an average price per square foot of $ Absorption & Deliveries Past 10 Quarters (0.5) (1.0) (1.5) Source: CoStar Property Net Absorption 0.90 (0.17) q Total office building sales activity in 2009 was down compared to In the first nine months of 2009, the market saw 27 office sales transactions with a total volume of $111,057,591. The price per square foot averaged $ In the same first nine months of 2008, the market posted 83 transactions with a total volume of $1,682,827,967. The price per square foot averaged $ Cap rates have been higher in 2009, averaging 8.07% compared to the same period in 2008 when they averaged 7.81%. One of the largest transactions that occurred within the last four quarters in the Atlanta market is the sale of Pershing Park Plaza in Atlanta. This 159,103 square foot office building sold for $32,650,000, or $ per square foot. The property sold on 6/30/2009. Reports compiled by: Richard Poland and Corey Durant CoStar Research Managers (0.32) (0.50) q Deliveries 1.04 (1.33) (0.52) (0.54) COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 3

9 ATLANTA YEAR-END 2009 Atlanta Office Market MARKETS CoStar Markets & Submarkets In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions 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. Regions are then divided into Markets, 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. Markets Submarkets Buckhead Lower Buckhead Upper Buckhead Central Perimeter Downtown Atlanta Central Perimeter Downtown Atlanta* Midtown Atlanta Midtown/Pershing Point Northside Dr/Georgia Tech North Fulton Dawson County N Fulton/Forsyth County Northeast Atlanta Barrow County Duluth/Suwanee/Buford Lawrenceville/Lilburn Norcross/Ptree Corners Walton County Northlake Chamblee/Dville/N D Hills Decatur I-20 East/Conyers Newton County Northlake/Lavista Stone Mountain Northwest Atlanta Bartow County Cherokee County Cumberland/Galleria East Cobb Kennesaw/Town Center Pickens County South Atlanta Butts County Fayette/Coweta County Jasper County Lamar County Meriwether County Monroe County North Clayton/Airport Pike County South Clayton/Henry Cnty Spalding County West Atlanta Douglasville/Lithia Sprng Haralson County Heard County Villa Rica/West Outlying W Carroll County West Atlanta * Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page. 4 THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

10 Atlanta Office Market EMPLOYMENT AND TENANT YEAR-END 2009 ATLANTA Total Employment by Industry Percent of Total Employment by Industry Total Employment Growth Total Number of Jobs Added Per Year 4% 15% 10% 4% 0% 6% 23% 6% 3% Natural Resources & Mining Construction Manufacturing Trade, Transportation & Utilities Information Financial Activities Professional & Business Services Education & Health Services Leisure & Hospitality Percent Growth 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% Atlanta U.S. Average 12% 17% Other Services Government -5.0% -6.0% -7.0% Source: Department of Labor, Bureau of Labor Statistics Office* Employment Growth Cumulative Growth in Office* Jobs Over the Past 5 Years Market Employment Growth Inventory Growth Difference Atlanta -8.00% 6.90% % Boston -1.10% 2.60% -3.70% Chicago -5.80% 4.30% % Dallas/Ft Worth 4.20% 7.10% -2.90% Denver -0.70% 5.10% -5.80% Los Angeles -6.20% 2.90% -9.10% New York City -0.10% 1.80% -1.90% Seattle/Puget Sound 1.70% 8.60% -6.90% Tampa/St Petersburg % 8.00% % Washington -0.80% 9.40% % Source: Department of Labor, Bureau of Labor Statistics Historical Unemployment Rates Source: Department of Labor, Bureau of Labor Statistics Office* Employment Growth Number of Office* Jobs Added Per Year Percent Growth 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0% -8.0% -9.0% -10.0% Atlanta U.S. Average Source: Department of Labor, Bureau of Labor Statistics. * Office employment is defined as jobs in the Information, Financial Activities, and Professional & Business Services industries 12.0% Atlanta U.S. Average 10.0% Percent Unemployment 8.0% 6.0% 4.0% 2.0% 0.0% q q q q q q q q q q q 2009 Source: Department of Labor, Bureau of Labor Statistics COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 5

11 ATLANTA YEAR-END 2009 Atlanta Office Market EMPLOYMENT AND TENANT Tenant by Size Range Based on Total Number of Tenants Tenants by Lease Expiration Based on Total Square Footage of Tenants 75,000 SF & Up 2.0% % 50,000-74,999 SF 1.1% % 25,000-49,999 SF 3.2% % 10,000-24,999 SF 10.5% % 5,000-9,999 SF 14.3% 2,500-4,999 SF 23.6% % Up to 2,499 SF 45.3% % 0% 10% 20% 30% 40% 50% 0% 5% 10% 15% 20% Percentage of Tenants Percentage of Tenants Source: CoStar Tenant Source: CoStar Tenant Tenants by Industry SF Per Employee by Industry Based on Total Square Footage of Tenants Based on All Tenants Finance/Ins/RE 19.8% Law Firms Business-Service 12.6% Services Manufacturing 11.4% Finance/Ins/RE Services 10.9% Retailers/Wholes Government 8.2% Manufacturing Law Firms 8.0% Agri/Mining/Util Medical 7.2% Medical Communications 6.3% Government Retailers/Wholes 4.6% Transportation Agri/Mining/Util 3.4% Engineers/Archit Engineers/Archit 3.1% Business-Service Transportation 2.5% Communications Accountants 1.9% Accountants % 5% 10% 15% 20% 25% Percentage of Tenants SF Per Employee Source: CoStar Tenant Source: CoStar Tenant 6 THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

12 Atlanta Office Market INVENTORY & DEVELOPMENT YEAR-END 2009 ATLANTA Construction Highlights in Select CoStar Markets Color Coded by Under Construction Square Footage as a Percentage of 2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 7

13 ATLANTA YEAR-END 2009 Atlanta Office Market INVENTORY & DEVELOPMENT Historical Deliveries Deliveries Average Delivered SF 11.4 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 Buckhead 2 922,585 4, % 52, ,292 Midtown Atlanta 1 719,003 86, % 67, ,003 Northwest Atlanta 3 56,710 4, % 19,432 18,903 South Atlanta 1 21, % 11,965 21,000 Northeast Atlanta 1 7,134 2, % 13,904 7,134 Northlake 1 6, % 14,050 6,000 West Atlanta % 11,591 0 Central Perimeter % 46,924 0 Downtown Atlanta % 101,205 0 North Fulton % 21,369 0 Totals 9 1,732,432 97, % 23, ,492 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2005 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 7.0 Leased Un-Leased 2,000 Preleased Un-Leased Millions of SF Thousands of SF 1,800 1,600 1,400 1,200 1, T q THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

14 Atlanta Office Market INVENTORY & DEVELOPMENT YEAR-END 2009 ATLANTA Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction 3.5 Construction Starts 3.25 Deliveries 3.0 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 , , % $ , ,496 50,000 SF - 99,999 SF 3 222, , % $ , ,000 SF - 249,999 SF 3 337,092 96, % $ , ,000 SF - 499,999 SF 1 493, , % $ ,201 >= 500,000 SF 2 1,112, , % $ ,112,889 Recent Development by Tenancy Comparison Based on RBA Developed for Single & Multi Tenant Use Based on Total RBA 2009 Deliveries Currently Under Construction By Class By Space Type 1% 0% 17% 18% 99% 100% 43% 40% 82% Multi Single Multi Single Class A Class B Class C Multi Single 2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 9

15 ATLANTA YEAR-END 2009 Atlanta Office Market INVENTORY & DEVELOPMENT 10 THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

16 Atlanta Office Market INVENTORY & DEVELOPMENT YEAR-END 2009 ATLANTA 2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 11

17 ATLANTA YEAR-END 2009 Atlanta Office Market FIGURES AT A GLANCE Class A Market Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Buckhead 49 13,892,105 2,911,165 3,056, % 56,896 1,058, ,585 $26.12 Central Perimeter 79 20,516,436 3,470,415 3,978, % (533,817) 0 0 $21.79 Downtown Atlanta 28 15,342,560 2,881,251 3,356, % (537,259) 0 0 $20.01 Midtown Atlanta 38 15,532,066 2,268,067 2,720, % 338, , ,003 $22.84 North Fulton ,177,876 2,091,695 2,541, % 18, ,000 0 $19.99 Northeast Atlanta 62 7,234,562 1,340,927 1,433, % (17,073) 108,696 0 $19.68 Northlake 16 2,242, , , % (9,700) 0 0 $21.17 Northwest Atlanta 77 17,492,611 2,175,779 2,638, % (42,446) 60,000 34,060 $20.96 South Atlanta 19 1,493, , , % 168, ,547 21,000 $21.69 West Atlanta 1 71,500 5,580 5, % $25.34 Totals ,995,060 17,854,025 20,472, % (558,678) 2,239,333 1,696,648 $21.91 Class B Market Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Buckhead 79 4,796, , , % (57,365) 13,914 0 $19.28 Central Perimeter 225 8,831,917 1,602,193 1,786, % (372,158) 0 0 $18.95 Downtown Atlanta ,688, , , % (64,447) 0 0 $16.08 Midtown Atlanta 117 5,991, , , % (184,187) 0 0 $17.88 North Fulton ,038,097 2,918,726 3,128, % (384,696) 181,681 0 $16.07 Northeast Atlanta 1,076 17,064,715 3,517,323 3,705, % (54,254) 94,132 7,134 $15.48 Northlake ,691,074 2,044,658 2,096, % (228,345) 88,400 6,000 $17.41 Northwest Atlanta ,603,122 3,956,369 4,117, % (223,392) 203,506 22,650 $17.08 South Atlanta ,885,766 1,575,462 1,586, % 74,826 84,384 0 $16.90 West Atlanta 145 1,989, , , % 37,899 31,234 0 $16.72 Totals 4, ,580,904 17,871,518 18,819, % (1,456,119) 697,251 35,784 $ THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

18 Atlanta Office Market FIGURES AT A GLANCE YEAR-END 2009 ATLANTA Class C Market Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Buckhead 267 1,926, , , % (19,283) 0 0 $21.85 Central Perimeter 396 3,498, , , % (68,859) 0 0 $13.98 Downtown Atlanta 199 5,188, , , % (47,075) 0 0 $16.20 Midtown Atlanta 188 1,578, , , % (80,967) 0 0 $14.53 North Fulton 731 3,765, , , % (162,793) 0 0 $15.54 Northeast Atlanta 1,019 5,692, , , % (156,601) 0 0 $13.89 Northlake 1,364 8,152, , , % (156,026) 0 0 $14.76 Northwest Atlanta 1,287 7,296, , , % (123,838) $14.93 South Atlanta 930 5,645, , , % (36,759) 0 0 $14.52 West Atlanta 246 2,482, , , % (25,986) 0 0 $11.85 Totals 6,627 45,226,720 6,661,697 6,734, % (878,187) $14.76 Total Office Market Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Buckhead ,615,187 3,718,351 3,916, % (19,752) 1,071, ,585 $24.94 Central Perimeter ,846,958 5,814,348 6,519, % (974,834) 0 0 $20.51 Downtown Atlanta ,219,472 4,430,173 4,924, % (648,781) 0 0 $18.89 Midtown Atlanta ,102,265 3,098,031 3,643, % 72, , ,003 $21.57 North Fulton 1,637 34,981,287 5,428,772 6,108, % (528,982) 344,681 0 $17.86 Northeast Atlanta 2,157 29,991,556 5,622,496 5,909, % (227,928) 202,828 7,134 $16.58 Northlake 1,999 28,085,921 3,015,254 3,084, % (394,071) 88,400 6,000 $17.10 Northwest Atlanta 2,336 45,392,371 7,080,394 7,709, % (389,676) 264,386 56,710 $18.25 South Atlanta 1,590 19,024,134 2,955,441 2,985, % 206, ,931 21,000 $17.14 West Atlanta 392 4,543,533 1,223,980 1,227, % 11,923 31,234 0 $14.62 Totals 11, ,802,684 42,387,240 46,027, % (2,892,984) 2,937,464 1,732,432 $ COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 13

19 ATLANTA YEAR-END 2009 Atlanta Office Market FIGURES AT A GLANCE Class A Submarket Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Barrow County % $0.00 Bartow County % $0.00 Butts County % $0.00 Central Perimeter 79 20,516,436 3,470,415 3,978, % (533,817) 0 0 $21.79 Chamblee/Dville/N D Hills 6 781,092 14,266 21, % 9, $18.26 Cherokee County 2 114,592 36,800 36, % 25,100 60,000 34,060 $25.73 Cumberland/Galleria 62 15,975,859 1,907,348 2,360, % (17,663) 0 0 $20.80 Dawson County % $0.00 Decatur 6 911,859 46,696 46, % 34, $22.24 Douglasville/Lithia Sprng % $0.00 Downtown Atlanta 28 15,342,560 2,881,251 3,356, % (537,259) 0 0 $20.01 Duluth/Suwanee/Buford 33 4,444, , , % (33,066) 108,696 0 $20.13 East Cobb % $0.00 Fayette/Coweta County 6 364, , , % 36,043 26,000 0 $24.65 Haralson County % $0.00 Heard County % $0.00 I-20 East/Conyers 2 102,544 73,448 73, % (48,206) 0 0 $23.35 Jasper County % $0.00 Kennesaw/Town Center 13 1,402, , , % (49,883) 0 0 $21.34 Lamar County % $0.00 Lawrenceville/Lilburn 4 406,128 75,070 75, % 41, $21.00 Lower Buckhead % $0.00 Meriwether County % $0.00 Midtown/Pershing Point 36 15,098,066 2,132,359 2,585, % 269, , ,003 $22.90 Monroe County % $0.00 N Fulton/Forsyth County ,177,876 2,091,695 2,541, % 18, ,000 0 $19.99 Newton County % $0.00 Norcross/Ptree Corners 25 2,383, , , % (25,650) 0 0 $18.78 North Clayton/Airport 12 1,084, , , % 132, ,547 21,000 $20.89 Northlake/Lavista 2 446,825 74,877 84, % (5,355) 0 0 $19.14 Northside Dr/Georgia Tech 2 434, , , % 68, $21.34 Pickens County % $0.00 Pike County % $0.00 South Clayton/Henry Cnty 1 45,000 30,000 30, % $16.00 Spalding County % $0.00 Stone Mountain % $0.00 Upper Buckhead 49 13,892,105 2,911,165 3,056, % 56,896 1,058, ,585 $26.12 Villa Rica/West Outlying 1 71,500 5,580 5, % $25.34 W Carroll County % $0.00 Walton County % $0.00 West Atlanta % $0.00 Totals ,995,060 17,854,025 20,472, % (558,678) 2,239,333 1,696,648 $ THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

20 Atlanta Office Market FIGURES AT A GLANCE YEAR-END 2009 ATLANTA Class B Submarket Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Barrow County 18 93,002 19,383 19, % (3,583) 0 0 $16.10 Bartow County , , , % (29,627) 0 0 $18.70 Butts County 4 22, % $0.00 Central Perimeter 225 8,831,917 1,602,193 1,786, % (372,158) 0 0 $18.95 Chamblee/Dville/N D Hills 201 8,079, , , % (48,113) 82,400 0 $17.61 Cherokee County 189 1,751, , , % (25,111) 95,442 0 $19.37 Cumberland/Galleria ,290,024 2,100,461 2,210, % (81,936) 0 6,000 $16.74 Dawson County ,983 12,948 12, % 13, $19.80 Decatur 109 3,221, , , % (18,027) 0 0 $19.64 Douglasville/Lithia Sprng 97 1,224, , , % 12,658 13,234 0 $17.07 Downtown Atlanta ,688, , , % (64,447) 0 0 $16.08 Duluth/Suwanee/Buford 514 7,343,123 1,283,693 1,338, % 162,876 67,369 7,134 $16.52 East Cobb 131 1,784, , , % 19, $16.28 Fayette/Coweta County 255 3,001, , , % (33,023) 32,584 0 $18.23 Haralson County 1 1, % $0.00 Heard County 1 11, % $0.00 I-20 East/Conyers 158 1,904, , , % 20,929 6,000 6,000 $17.32 Jasper County % $0.00 Kennesaw/Town Center 346 5,183,493 1,119,745 1,157, % (103,814) 108,064 16,650 $17.17 Lamar County 1 4, % $18.51 Lawrenceville/Lilburn 284 2,904, , , % (9,234) 26,763 0 $17.04 Lower Buckhead 14 1,669, , , % (27,495) 0 0 $18.81 Meriwether County 1 2, % $0.00 Midtown/Pershing Point 96 5,500, , , % (135,495) 0 0 $17.81 Monroe County % $0.00 N Fulton/Forsyth County ,877,114 2,905,778 3,115, % (397,771) 181,681 0 $16.02 Newton County ,831 19,312 19, % 5, $16.02 Norcross/Ptree Corners 209 6,412,871 1,538,313 1,660, % (158,225) 0 0 $14.19 North Clayton/Airport 201 6,297, , , % 82,575 36,800 0 $15.03 Northlake/Lavista 104 3,875, , , % (220,812) 0 0 $16.87 Northside Dr/Georgia Tech , , , % (48,692) 0 0 $18.72 Pickens County ,653 18,826 18, % (2,611) 0 0 $8.92 Pike County % $0.00 South Clayton/Henry Cnty 163 2,441, , , % 27,998 15,000 0 $18.61 Spalding County ,224 33,416 33, % (2,724) 0 0 $9.45 Stone Mountain ,166 41,066 41, % 31, $13.87 Upper Buckhead 65 3,127, , , % (29,870) 13,914 0 $19.52 Villa Rica/West Outlying ,663 26,948 26, % (5,676) 0 0 $11.28 W Carroll County 7 40,347 5,407 5, % (5,407) 0 0 $8.00 Walton County ,006 51,327 51, % (46,088) 0 0 $12.73 West Atlanta , , , % 36,324 18,000 0 $18.87 Totals 4, ,580,904 17,871,518 18,819, % (1,456,119) 697,251 35,784 $ COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 15

21 ATLANTA YEAR-END 2009 Atlanta Office Market FIGURES AT A GLANCE Class C Submarket Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Barrow County 21 60,231 15,120 15, % (10,795) 0 0 $11.62 Bartow County ,591 38,548 38, % (8,820) 0 0 $13.79 Butts County 4 16, % (800) 0 0 $14.57 Central Perimeter 396 3,498, , , % (68,859) 0 0 $13.98 Chamblee/Dville/N D Hills 364 2,674, , , % (76,330) 0 0 $14.81 Cherokee County 194 1,123, , , % (49,225) 0 0 $15.06 Cumberland/Galleria 314 2,341, , , % (41,713) 0 0 $13.25 Dawson County ,971 4,001 4, % (4,001) 0 0 $9.53 Decatur 280 2,079, , , % (57,092) 0 0 $17.18 Douglasville/Lithia Sprng , , , % (44,862) 0 0 $12.48 Downtown Atlanta 199 5,188, , , % (47,075) 0 0 $16.20 Duluth/Suwanee/Buford 307 1,793, , , % (45,279) 0 0 $14.60 East Cobb , , , % (20,337) 0 0 $13.53 Fayette/Coweta County 296 1,570, , , % (10,931) 0 0 $16.65 Haralson County 5 7, % $0.00 Heard County 1 3,703 3,703 3, % $15.32 I-20 East/Conyers 283 1,329, , , % (13,003) 0 0 $14.50 Jasper County 1 6,000 6,000 6, % $0.00 Kennesaw/Town Center 529 2,542, , , % 38, $15.97 Lamar County 1 7, % $0.00 Lawrenceville/Lilburn 433 2,073, , , % (25,236) 0 0 $15.56 Lower Buckhead ,243 20,263 22, % (7,333) 0 0 $17.04 Meriwether County 4 13,516 3,264 3, % $0.00 Midtown/Pershing Point 143 1,142, , , % (65,573) 0 0 $13.59 Monroe County 1 5, % $0.00 N Fulton/Forsyth County 720 3,657, , , % (158,792) 0 0 $15.63 Newton County ,868 18,193 18, % 4, $17.34 Norcross/Ptree Corners 210 1,553, , , % (57,852) 0 0 $11.92 North Clayton/Airport 391 2,757, , , % 10, $13.35 Northlake/Lavista ,226 91,817 91, % (9,261) 0 0 $12.43 Northside Dr/Georgia Tech ,432 55,991 55, % (15,394) 0 0 $16.45 Pickens County ,145 46,746 46, % (42,500) 0 0 $28.61 Pike County 4 171, % $0.00 South Clayton/Henry Cnty , , , % 5, $15.96 Spalding County ,843 65,427 65, % (40,656) 0 0 $13.59 Stone Mountain ,320 74,206 74, % (5,180) 0 0 $13.92 Upper Buckhead 241 1,665, , , % (11,950) 0 0 $22.16 Villa Rica/West Outlying ,415 49,950 49, % 6, $13.56 W Carroll County ,685 48,201 48, % 6, $4.95 Walton County ,952 39,439 39, % (17,439) 0 0 $10.94 West Atlanta 31 1,301, , , % 6, $12.87 Totals 6,627 45,226,720 6,661,697 6,734, % (878,187) $ THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

22 Atlanta Office Market FIGURES AT A GLANCE YEAR-END 2009 ATLANTA Total Office Submarket Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Barrow County ,233 34,503 34, % (14,378) 0 0 $13.53 Bartow County , , , % (38,447) 0 0 $17.60 Butts County 8 39, % (800) 0 0 $14.57 Central Perimeter ,846,958 5,814,348 6,519, % (974,834) 0 0 $20.51 Chamblee/Dville/N D Hills ,535,104 1,161,040 1,211, % (115,127) 82,400 0 $16.89 Cherokee County 385 2,989, , , % (49,236) 155,442 34,060 $19.09 Cumberland/Galleria ,607,570 4,352,383 4,915, % (141,312) 0 6,000 $18.50 Dawson County ,954 16,949 16, % 9, $18.26 Decatur 395 6,213, , , % (40,574) 0 0 $19.53 Douglasville/Lithia Sprng 243 2,033, , , % (32,204) 13,234 0 $15.04 Downtown Atlanta ,219,472 4,430,173 4,924, % (648,781) 0 0 $18.89 Duluth/Suwanee/Buford ,581,497 2,387,894 2,467, % 84, ,065 7,134 $18.03 East Cobb 295 2,699, , , % (630) 0 0 $15.35 Fayette/Coweta County 557 4,936, , , % (7,911) 58,584 0 $19.04 Haralson County 6 8, % $0.00 Heard County 2 15,699 3,703 3, % $15.32 I-20 East/Conyers 443 3,336, , , % (40,280) 6,000 6,000 $17.41 Jasper County 1 6,000 6,000 6, % $0.00 Kennesaw/Town Center 888 9,127,806 1,597,138 1,644, % (114,940) 108,944 16,650 $17.69 Lamar County 2 11, % $18.51 Lawrenceville/Lilburn 721 5,384, , , % 7,173 26,763 0 $16.89 Lower Buckhead 40 1,930, , , % (34,828) 0 0 $18.76 Meriwether County 5 15,582 3,264 3, % $0.00 Midtown/Pershing Point ,741,270 2,799,149 3,331, % 68, , ,003 $21.72 Monroe County 1 5, % $0.00 N Fulton/Forsyth County 1,613 34,712,333 5,411,823 6,091, % (538,056) 344,681 0 $17.85 Newton County ,699 37,505 37, % 10, $16.74 Norcross/Ptree Corners ,349,698 2,139,357 2,335, % (241,727) 0 0 $15.21 North Clayton/Airport ,138,414 1,446,922 1,465, % 225, ,347 21,000 $15.93 Northlake/Lavista 312 5,256, , , % (235,428) 0 0 $16.57 Northside Dr/Georgia Tech 68 1,360, , , % 4, $19.48 Pickens County ,798 65,572 65, % (45,111) 0 0 $25.65 Pike County 4 171, % $0.00 South Clayton/Henry Cnty 340 3,385, , , % 33,179 15,000 0 $17.86 Spalding County ,067 98,843 98, % (43,380) 0 0 $11.78 Stone Mountain 220 1,392, , , % 26, $13.90 Upper Buckhead ,684,541 3,476,164 3,652, % 15,076 1,071, ,585 $25.30 Villa Rica/West Outlying ,578 82,478 82, % $13.19 W Carroll County ,032 53,608 53, % $5.07 Walton County ,958 90,766 90, % (63,527) 0 0 $11.74 West Atlanta 50 1,802, , , % 43,098 18,000 0 $16.94 Totals 11, ,802,684 42,387,240 46,027, % (2,892,984) 2,937,464 1,732,432 $ COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 17

23 ATLANTA YEAR-END 2009 Atlanta Office Market FIGURES AT A GLANCE Class A Market Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 28 15,342,560 2,881,251 3,356, % (537,259) 0 0 $20.01 Suburban ,652,500 14,972,774 17,116, % (21,419) 2,239,333 1,696,648 $22.21 Totals ,995,060 17,854,025 20,472, % (558,678) 2,239,333 1,696,648 $21.91 Class B Market Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,688, , , % (64,447) 0 0 $16.08 Suburban 4, ,892,317 17,266,609 18,199, % (1,391,672) 697,251 35,784 $16.88 Totals 4, ,580,904 17,871,518 18,819, % (1,456,119) 697,251 35,784 $16.84 Class C Market Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 199 5,188, , , % (47,075) 0 0 $16.20 Suburban 6,428 40,038,395 5,717,684 5,787, % (831,112) $14.64 Totals 6,627 45,226,720 6,661,697 6,734, % (878,187) $14.76 Class A & B Market Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,031,147 3,486,160 3,977, % (601,706) 0 0 $19.15 Suburban 5, ,544,817 32,239,383 35,315, % (1,413,091) 2,936,584 1,732,432 $19.72 Totals 5, ,575,964 35,725,543 39,292, % (2,014,797) 2,936,584 1,732,432 $19.67 Total Office Market Statistics Year-End 2009 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,219,472 4,430,173 4,924, % (648,781) 0 0 $18.89 Suburban 11, ,583,212 37,957,067 41,102, % (2,244,203) 2,937,464 1,732,432 $19.16 Totals 11, ,802,684 42,387,240 46,027, % (2,892,984) 2,937,464 1,732,432 $ THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

24 Atlanta Office Market FIGURES AT A GLANCE YEAR-END 2009 ATLANTA Class A Market Statistics Year-End 2009 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates ,995,060 17,854,025 20,472, % (422,147) 1 60, ,696,648 $ ,935,060 17,323,114 19,990, % (20,363) 4 1,295, ,756,648 $ ,639,917 16,018,355 18,675, % (122,133) 5 837, ,051,791 $ q ,802,886 15,208,575 17,716, % 5, , ,828,822 $ ,755,727 15,197,547 17,674, % 382, , ,820,921 $ ,849,528 14,988,869 17,151, % (58,689) 4 413, ,598,724 $ ,436,129 14,649,840 16,679, % 202, ,022, ,877,427 $ q ,413,793 13,908,821 15,859, % (556,638) 5 332, ,689,612 $ ,081,554 13,468,590 14,970, % 3,064, ,492, ,306,523 $ ,588,775 14,104,173 15,541, % 2,246, ,592, ,586,888 $ ,076,844 14,463,252 16,276, % 2,217, ,065, ,420,204 $ ,010,962 15,185,993 17,427, % 3,153, , ,813,527 $ ,301,127 16,603,155 19,871, % 1,227, ,200, ,737,831 $ ,100,659 14,593,649 18,898, % (351,691) 16 4,509, ,638,362 $ ,590,696 10,407,149 14,036, % 1,530, ,063, ,174,596 $ ,527,345 5,834,566 7,503, % 5,709, ,568, ,130,071 $23.19 Quoted Class B Market Statistics Year-End 2009 Net Deliveries Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates , ,580,904 17,871,518 18,819, % (18,095) 2 35, ,784 $ , ,545,828 17,815,460 18,766, % (260,093) , ,860 $ , ,408,286 17,428,824 18,369, % (876,925) , ,402 $ q 4, ,208,314 16,663,952 17,292, % (301,006) , ,055 $ , ,883,653 15,940,969 16,666, % (179,007) , ,985 $ , ,426,765 15,304,625 16,030, % (57,093) , ,703 $ , ,226,232 15,141,000 15,773, % 463, , ,040,084 $ q 4, ,688,432 14,968,198 15,698, % 290, , ,299,987 $ , ,131,824 14,660,353 15,432, % 1,217, ,360, ,494,642 $ , ,185,729 13,198,984 13,703, % 3,367, ,790, ,710,106 $ , ,533,374 13,565,897 14,419, % 2,758, ,485, ,377,563 $ , ,331,150 13,888,864 14,975, % 1,394, ,802, ,338,178 $ , ,566,084 13,282,605 14,604, % 266, ,352, ,297,922 $ , ,242,393 11,882,879 13,548, % 1,776, ,760, ,122,448 $ , ,482,104 11,834,609 13,564, % (767,868) 146 2,730, ,664,242 $ , ,877,463 9,037,860 10,191, % 3,228, ,565, ,658,253 $17.07 UC Inventory Quoted Total Office Market Statistics Year-End 2009 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates , ,802,684 42,387,240 46,027, % (535,384) 3 95, ,732,432 $ , ,707,608 41,713,014 45,396, % (523,538) 21 1,432, ,827,508 $ , ,274,923 39,797,316 43,440, % (1,332,256) 19 1,037, ,260,193 $ q 11, ,237,040 37,890,696 41,070, % (501,806) , ,179,757 $ , ,878,689 36,952,630 40,210, % 103, ,363, ,418,786 $ , ,515,602 36,012,986 38,950, % (316,222) , ,526,307 $ , ,901,670 35,333,588 38,020, % 475, ,560, ,917,511 $ q 11, ,341,534 34,220,687 36,935, % (168,388) , ,989,599 $ , ,651,079 33,772,003 36,077, % 3,501, ,859, ,812,084 $ , ,277,731 32,223,107 34,205, % 5,332, ,417, ,301,168 $ , ,086,935 32,607,913 35,346, % 5,476, ,697, ,825,850 $ , ,746,991 34,055,317 37,482, % 5,001, ,856, ,271,287 $ , ,274,621 35,304,270 40,011, % 1,810, ,799, ,267,206 $ , ,582,788 31,991,012 38,129, % 1,538, ,749, ,950,033 $ , ,854,759 27,382,664 32,940, % (287,002) ,412, ,206,050 $ , ,569,508 18,448,250 21,368, % 9,551, ,067, ,289,645 $19.75 Quoted 2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 19

25 ATLANTA YEAR-END 2009 Atlanta Office Market LEASING ACTIVITY Leasing Highlights in Select CoStar Markets Color Coded by Rate 20 THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

26 Atlanta Office Market LEASING ACTIVITY YEAR-END 2009 ATLANTA Historical Rental Rates Based on Full-Service Equivalent Rental Rates A B C Total Market $25.00 $20.00 Dollars/SF/Year $15.00 $10.00 $5.00 $ 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 Atlanta United States Atlanta United States 8% 7% 15% 14% 41% 44% 47% 39% 92% 93% 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* $30.00 Atlanta United States $ Dollars/SF/Year $20.00 $15.00 $10.00 Millions $5.00 $ q q q q 2011 * Includes Under Construction Spaces 2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 21

27 ATLANTA YEAR-END 2009 Atlanta Office Market LEASING ACTIVITY Select Top Office Leases Based on Leased Square Footage For Deals Signed in 2009 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 Marquis Two Tower Downtown Atlanta 254,619 2nd SunTrust Bank Cushman & Wakefield of Georgia, Inc CB Richard Ellis Breckenridge Blvd* Duluth/Suwanee/Buford 190,000 2nd Primerica Financial Services, Inc. N/A N/A Satellite Blvd* Duluth/Suwanee/Buford 182,956 4th NCR Corporation CB Richard Ellis Satellite Realty Holdings 4 River Ridge I* Central Perimeter 135,000 2nd Affiliated Computer Services, Inc Jones Lang LaSalle N/A 5 Perimeter Center Central Perimeter 127,823 3rd Atlanta Journal & Constitution CB Richard Ellis Colliers Spectrum Cauble, Inc. 6 Two Alliance Center Upper Buckhead 126,013 3rd Marsh & McLennan Companies Cushman & Wakefield of Georgia, Inc Tishman Speyer 7 One Deerfield Centre N Fulton/Forsyth County 115,810 2nd Philips Consumer Electronics CB Richard Ellis Hines 8 Stonebridge III* N Fulton/Forsyth County 113,264 4th Delta Dental Insurance Company ICON Commercial Interests, LLC Jones Lang LaSalle 9 Falls Pointe* Central Perimeter 106,680 2nd RBS Lynk Newmark Knight Frank Parkway Realty Services, Inc. 10 Satellite Place - Bldg 700 Duluth/Suwanee/Buford 104,787 3rd NCR Corporation N/A Crescent Resources, LLC 11 NetBank Office N Fulton/Forsyth County 96,900 2nd Kaplan Education N/A Grubb & Ellis Central Park W Central Perimeter 91,612 3rd Cox Enterprises CB Richard Ellis Ackerman & Co. 13 Marquis One Tower Downtown Atlanta 84,335 1st United States Nuclear Regulatory Commission General Services Administration CB Richard Ellis 14 9 Piedmont Center* Upper Buckhead 82,308 3rd Kaiser Permanente Jones Lang LaSalle PC Management Company 15 Sugarloaf - Service Center I* Duluth/Suwanee/Buford 70,980 1st IKON Office Solutions, Inc. N/A N/A Northpark* Central Perimeter 70,218 4th Oracle Corporation CresaPartners of Georgia, LLC CB Richard Ellis 17 American Cancer Society Center* Downtown Atlanta 70,185 1st Global Crossing Ltd. Cushman & Wakefield, Inc. Cousins Real Estate Corporation 18 Atlanta Financial Center - South Tower* Upper Buckhead 69,783 4th SunTrust Robinson Humphrey Studley Inc. Hines 19 Satellite Place - Bldg 800 Duluth/Suwanee/Buford 69,312 3rd Stiefel Laboratories, Inc. Jones Lang LaSalle Colliers Spectrum Cauble, Inc Piedmont Center* Upper Buckhead 59,705 3rd Kaiser Permanente Jones Lang LaSalle PC Management Company 21 Concourse Corporate Center One* Central Perimeter 58,033 1st Simmons Bedding Company Jones Lang LaSalle Cousins Properties Incorporated Satellite Blvd Duluth/Suwanee/Buford 57,000 3rd NCR Corporation CB Richard Ellis Satellite Realty Holdings 23 Parkview I at Opus Woods* N Fulton/Forsyth County 56,472 3rd Spherion Corporation CB Richard Ellis Grubb & Ellis 24 Rosser International Building* Downtown Atlanta 55,412 1st Rosser International, Inc. N/A N/A 25 Marquis Two Tower* Downtown Atlanta 53,700 2nd Parker, Hudson, Rainer & Dobbs LLP Raney Real Estate CB Richard Ellis 26 One Midtown Plaza Midtown/Pershing Point 52,521 2nd AECOM CB Richard Ellis Tishman Speyer 27 Terminus 200 Upper Buckhead 49,879 2nd Firethorn Wm. Leonard & Company Cousins Properties Incorporated 28 Satellite Place - Bldg 800 Duluth/Suwanee/Buford 45,347 3rd NCR Corporation CB Richard Ellis Lavista Associates, Inc Technology Pky* Norcross/P tree Corners 37,762 2nd Financial Freedom N/A N/A 30 Brookside 800 N Fulton/Forsyth County 35,860 1st Coyote Logistics N/A The Alter Group 31 RiverEdge One* Cumberland/Galleria 35,639 4th AssuranceAmerica Corporation. The Stephen W. Wright Company Barry Real Estate Companies 32 SunTrust Plaza Garden Offices* Downtown Atlanta 34,826 1st Newcomb & Boyd Portman Management Company Portman Management Company Lakeside Centre* Northlake/Lavista 33,984 3rd Laboratory Corporation of America Cauley Properties TPA Realty Services, LLC Chastain Kennesaw/Town Center 32,706 4th N/A N/A Resource Real Estate Partners 35 Johns Creek - Bldg 2 N Fulton/Forsyth County 32,000 1st Corporate Office Centers Corporate Office Centers Jackson Oats Shaw Corporate Real Es Northpoint Pky N Fulton/Forsyth County 31,841 2nd McAfee, Inc. Newmark Knight Frank NAI Brannen Goddard 37 Siemens Bldg* Fayette/Coweta County 31,595 4th Corps of Engineers - Army Reserve N/A N/A 38 Harris Tower* Downtown Atlanta 31,478 1st US Small Business Administration N/A N/A 39 Two Securities Centre* Upper Buckhead 30,708 4th CIGNA Corporation CB Richard Ellis Jones Lang LaSalle 40 Centennial Tower Downtown Atlanta 30,008 4th Federal Defender Program, Inc. N/A Jackson Oats Shaw Corporate Real Es * Renewal 22 THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

28 Atlanta Office Market SALES ACTIVITY YEAR-END 2009 ATLANTA The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 10.0% Cap Rate Price/SF $400 Cap Rate Percentage 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% $350 $300 $250 $200 $150 $100 $50 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 Sales Volume Price/SF Bldg Size # RBA $ Volume Price/SF Cap Rate $2,500 $250 Millions of Sales Volume Dollars $2,000 $1,500 $1,000 $500 $200 $150 $100 $50 Price/SF < 50,000 SF 131 1,527,536 $ 180,105,404 $ % 50K-249K SF 13 1,380,342 $ 124,797,120 $ % 250K-499K SF $ - - $ $0 >500K SF $ - - 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 $320 Atlanta US 10.0% Atlanta US $ % Dollars per SF $220 $170 $120 Cap Rate Percentage 8.0% 7.0% 6.0% 5.0% $70 4.0% $ % Source: CoStar COMPS Source: CoStar COMPS 2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 23

29 ATLANTA YEAR-END 2009 Atlanta Office Market SALES ACTIVITY 24 THE COSTAR OFFICE REPORT 2010 COSTAR GROUP, INC.

30 Atlanta Office Market SALES ACTIVITY YEAR-END 2009 ATLANTA Select Land Sales Based on Commercially Zoned Land Sales Occurring From Oct Dec McIntosh Trl, Newnan Newnan Crossing Blvd, Newnan 0 North Point Pky, Alpharetta Sale Price: $25,000,000 Sale Price: $21,558,718 Sale Price: $13,600,000 Acres: 1, Acres: Acres: Price/SF: $0.36 Price/SF: $2.43 Price/SF: $8.05 Closing Date: 04/24/2009 Closing Date: 03/20/2009 Closing Date: 10/29/2008 Zoning: 1 Zoning: 1 Zoning: OI Intended Use: Planned Unit Development Intended Use: Hold for Development Intended Use: Office Buyer: Church of Jesus Christ of Latter Day SaintsBuyer: Fourth Quarter Properties Inc Buyer: Kimball Bridge Holdings LLC Seller: Reese Developers Seller: Agave Investments, Ltd Seller: Holder Properties 0 Jefferson Rd, Jefferson Awtrey Church Rd, Acworth Providence Rd, Marietta Sale Price: $9,820,923 Sale Price: $9,243,025 Sale Price: $9,000,000 Acres: Acres: Acres: Price/SF: $0.74 Price/SF: $3.33 Price/SF: $8.98 Closing Date: 11/07/2008 Closing Date: 11/23/2009 Closing Date: 07/02/2009 Zoning: C2 Zoning: LRO/R-20 Zoning: Unknown Intended Use: Hold for Development Intended Use: Commercial Intended Use: Medical Buyer: Walton International Group (USA), Inc Buyer: Johnson Ferry Baptist Church, Inc. Buyer: Wellstar Health System Inc Seller: Arcadebrand LLC Seller: Lanier Barbara L & Nancy K & Ronald A Seller: Drake W. Cauthorn and Thomas E. Cau Source: CoStar COMPS 2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 25

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