Orange County Office Market Continues to Tighten Causing Rental Rates to Increase

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1 OFFICE ORANGE COUNTY MARKET REPORT Continues to Tighten Causing Rental Rates to Increase MARKET OVERVIEW MARKET INDICATORS - VACANCY 12.6% NET ABSORPTION 688,800 CONSTRUCTION 497,387 RENTAL RATE $2.26 P FSG UNEMPLOYMENT 4.5% The Orange County office market continued a positive stride into third quarter Total vacancy decreased 90 basis points to 12.6% from the previous quarter s rate of 13.5%. Total net absorption remained positive for the sixth consecutive quarter recording at 688,800 square feet (). As market conditions continue to strive forward and vacancy rates decline, overall direct weighted average asking rental rates increased to $2.26 per square foot (P), per month, Full Service Gross (FSG) marking a 15% increase from the start of Construction activity remains limited as there are currently two buildings under construction. Orange County witnessed a flurry of sales activity during third quarter as investors continue to take advantage of low interest rates. Office cap rates for the quarter average 6.1%. Hines acquired the four building Quintana Portfolio in Irvine from Menlo Equities for $284 P, Prudential RE Investors acquired 1301 Dove St. in Newport Beach for $357 P, GEM Realty Capital, Inc. acquired 1900 S State College Blvd in Anaheim for $260 P from Kennedy-Wilson Properties and Cornerstone RE Advisers, LLC acquired & Portola Pky in Foothill Ranch for $236 P. MARKET TRENDS - >> Total vacancy rate decreased from 13.5% to 12.6% >> Weighted average asking rental rate increased from $2.21 P FSG to $2.26 P FSG >> Leasing activity decreased from 2.1 million to 1.8 million >> 688,800 of net absorption recorded in 3Q HISTORICAL VACANCY VS RENTS Q $ P PER MONTH (FSG) RENTS VACANCY $ % $2.30 $ % $2.20 $ % $2.10 $ % $2.00 $1.95 $1.90 5% $1.85 $1.80 0% 3Q11 3Q12 3Q13 3Q14 3Q15 % VACANT (TOTAL) HISTORICAL NET ABSORPTION & CONSTRUCTION COMPLETIONS Q SQUARE FEET 2,500,000 2,000,000 1,500,000 1,000, ,000 0 (500,000) (1,000,000) NET ABSORPTION CONSTRUCTION COMPLETIONS 3Q11 3Q12 3Q13 3Q14 3Q15 1 Colliers International continuously refines its database. As a result, data reflected in this report may not be consistent with data reported in previous quarters.

2 MARKET REPORT OFFICE ORANGE COUNTY ORANGE COUNTY DEMOGRAPHICS >> POPULATION: 3,160,437 (2015 Estimate) 3,314,198 (2020 Projection) 4.9% (Growth ) >> HOUSEHOLD INCOME: $99,514 (Average) $72,856 (Median) >> JOB GROWTH: 3.5% (past 12 months) >> UNEMPLOYMENT RATE: 4.5% (as of August 2015) VACANCY During the third quarter of 2015, the total vacancy rate decreased 90 basis points to 12.6% from 13.5% reported in the previous quarter. Tenants looking for spaces ranging from 5,000 to 20,000 can still select from a wide range of options. However, the number of large blocks of contiguous available space over 100,000 ; which is less than twenty, continues to decrease resulting in fewer options. Overall Class A Airport Area vacancy decreased to 13.3% from the previous quarter of 15.3%. NET ABSORPTION Net absorption remained positive for the sixth consecutive quarter recording at 688,800 during the third quarter. Only one of the five submarkets experienced negative absorption. A large amount of this absorption resulted from Hyundai Capital America s move-in of 177,000 at 4000 MacArthur Blvd in Newport Beach, Ingram Micro s move-in of 176,072 at Park Place in Irvine, and US Lines move-in at 3501 Jamboree Rd in Newport Beach for 30,090. The Airport Area submarket recorded the highest amount of positive net absorption of 506,400, while the West County market recorded the lowest amount at -33,700. Moving into yearend 2015, net absorption is expected to remain positive as demand remains strong. UNEMPLOYMENT August 2015 figures from the Employment Development Department of California showed total nonfarm employment in Orange County reached 1,540,900 jobs as the unemployment rate decreased to 4.5%. This was an increase of 48,500 jobs over the past twelve months. The education and health services showed the biggest net gain over the past year, adding 9,500 jobs. Nearly 75% of the growth was in health care and social assistance services. Leisure and hospitality services added 8,400 payroll jobs. The only year-over decline was recorded by information, which posted a loss of only 200 jobs. VACANCY BY SUBMARKET NET ABSORPTION BY SUBMARKET 16% SUBLEASE VACANCY DIRECT VACANCY 600,000 % VACANT 14% 12% 10% 1.1% 0.3% 0.4% 12.7% 13.5% 12.4% 0.5% 1.6% SQUARE FEET 500, , , , , ,900 8% 6% 12.1% 9.3% 100, ,500 21,700 4% NORTH CENTRAL WEST AIRPORT SOUTH (100,000) (33,700) AIRPORT NORTH SOUTH CENTRAL WEST 2 Source: California Employment Development Department, August 2015 data P. 2 COLLIERS INTERNATIONAL

3 MARKET REPORT OFFICE ORANGE COUNTY OFFICE OVERVIEW EXISTING PROPERTIES VACANCY ACTIVITY ABSORPTION CONSTRUCTION RENTS Submarket/ Class Bldgs Total Inventory Direct Sublease Total Total Prior Qtr Leasing Activity Current Qtr Leasing Activity YTD Net Absorption Current Qtr Net Absorption YTD Completions Current Qtr Under Construction Weighted Avg Asking Lease Rate AIRPORT A ,136, % 0.6% 13.3% 15.3% 533,600 1,744, , , $2.64 B ,444, % 0.2% 12.6% 12.9% 329, ,200 41,300 59, $2.28 C 61 2,802, % 0.3% 5.7% 6.7% 88, ,100 27,500 81, $1.84 SUBTOTAL ,383, % 0.5% 12.5% 13.8% 951,200 3,581, , , $2.46 CENTRAL A 29 5,620, % 0.7% 15.0% 14.1% 116, ,200 (49,900) 370, $2.16 B 80 5,724, % 0.1% 10.6% 12.1% 83, ,800 85,200 59, $1.81 C 60 2,337, % 0.0% 18.8% 18.2% 11,000 64,300 (13,600) (10,200) 0 0 $1.37 SUBTOTAL ,682, % 0.3% 13.8% 14.0% 211, ,300 21, , $1.85 NORTH A 14 1,633, % 4.8% 14.7% 18.1% 9,100 92,300 56,000 (108,200) 0 72,343 $2.23 B 57 5,072, % 0.1% 13.0% 14.6% 46, ,800 78, , $1.93 C , % 0.3% 16.5% 18.0% 9,600 36,700 14,100 44, $1.48 SUBTOTAL 93 7,664, % 1.1% 13.8% 16.4% 64, , , , ,343 $1.92 SOUTH A 19 3,239, % 3.5% 9.9% 8.2% 74, ,400 (54,400) (68,800) 0 425,044 $2.98 B ,623, % 1.1% 10.2% 10.9% 241,700 1,330,700 84, , $2.29 C , % 0.1% 24.7% 26.8% 12,100 37,500 15,500 31, $2.18 SUBTOTAL ,615, % 1.6% 10.8% 11.1% 328,700 1,611,600 45, , ,044 $2.38 WEST A 8 1,029, % 0.8% 13.0% 11.9% 70, ,100 (11,000) 14, $2.49 B 54 2,883, % 0.3% 11.6% 10.8% 104, ,400 (22,100) (71,100) 0 0 $2.05 C 33 1,377, % 0.2% 15.2% 15.2% 22,000 37,300 (600) $1.68 SUBTOTAL 95 5,290, % 0.4% 12.8% 12.2% 196, ,800 (33,700) (55,600) 0 0 $2.03 MARKET TOTAL A ,659, % 1.1% 13.3% 14.6% 804,900 2,503, , , ,387 $2.54 B ,748, % 0.5% 11.6% 12.3% 804,500 2,841, , , $2.15 C 193 8,228, % 0.2% 14.0% 14.5% 143,100 1,111,900 42, , $1.64 TOTAL 1,016 81,637, % 0.7% 12.6% 13.5% 1,752,500 6,457, ,800 1,085, ,387 $2.26 Note: revisions to the inventory base were made effective, historical data reported here reflect these revisions and may not match data reported in previous quarters. COLLIERS INTERNATIONAL P. 3

4 MARKET REPORT OFFICE ORANGE COUNTY CONSTRUCTION >> Direct weighted average asking rentals rates increased to $2.26 P FSG >> Four out of five submarkets recorded an increase in average asking rents There were no office developments delivered to the market during third quarter of Currently, there are two office properties under construction. The Irvine Company s development at 200 Spectrum Center Drive in Irvine is expected to be completed by second quarter The new office building is 21 stories consisting of 425,044. This will be the first new office tower built in the Irvine Spectrum within the last seven years. The Source Tower is a 7-story building located in Buena Park totaling 72,343 and is expected to be completed fourth quarter of Parker Properties is expected to start construction by year-end at 35 Enterprise, a 205,000 office building located in Aliso Viejo which MicroVention has already pre-leased. ACTIVITY Leasing activity during the third quarter of 2015 totaled 1.8 million square feet, a decrease from 2.1 million square feet of transactions during second quarter Of the total leasing activity, 54% (951,200 ) occurred in the Airport Area submarket, followed by the South County submarket (328,700 ), Central County (221,200 ), West County (196,500 ), and North County (64,900 ). Buildings categorized as Class A recorded the largest amount with 804,900 of leasing activity and buildings categorized as Class C recorded the smallest amount with 143,100 of leasing activity. RENTAL RATES The direct weighted average asking rental rate in Orange County increased over the third quarter to $2.26 P FSG, up from $2.21 P FSG in the previous quarter and also up from $2.02 P FSG recorded one year ago. Class A weighted average asking rental rates increased to $2.54 P FSG from $2.48 P FSG from the previous quarter. Class B weighted average asking rental rates also increased to $2.15 P FSG from $2.09 P FSG. The high-caliber properties in Irvine Spectrum and Newport Center have the most consistent rental rate appreciation. CLASS A WEIGHTED AVERAGE ASKING LEASE RATES LEASING ACTIVITY BY SUBMARKET $3.50 1,000, ,200 $P PER MONTH (FSG) $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $2.16 $2.23 $2.49 $2.64 $2.98 SQUARE FEET 900, , , , , , , , , , , ,500 64,900 $0.00 CENTRAL NORTH WEST AIRPORT SOUTH 0 AIRPORT SOUTH CENTRAL WEST NORTH P. 4 COLLIERS INTERNATIONAL

5 MARKET REPORT OFFICE ORANGE COUNTY OUTLOOK The third quarter of 2015 ended with positive activity as vacancy rates continue to decline and asking rental rates increase. The increase in activity stems from confident economic conditions and job growth. Investment spending is expected to remain strong as investors take advantage of low interest rates, which are expected to increase by year end. There is approximatley 4.6 million of proposed office construction in the pipeline including 800,000 of creative office space. These positive market trends bode well for the Orange County office market. MARKET DESCRIPTION Orange County is a moderately large suburban office market comprised of 81 million square feet and represents 29% of the total inventory in office buildings 25,000 square feet and greater in the Los Angeles basin. It is a relatively new and moderate-density market with 41% of the space in Class A buildings. Orange County is home to a broad mix of firms, including significant representation from the finance, insurance, telecommunications, high-tech, real estate, engineering and professional-service sectors. HISTORICAL LEASING ACTIVITY Q UNEMPLOYMENT RATE United States, California & Orange County August ,200,000 2,000,000 1,800, % 6.0% 5.0% 4.0% 5.2% 6.1% 4.5% 1,600, % 1,400, % 1,200, % 1,000,000 3Q11 3Q12 3Q13 3Q14 3Q15 0.0% United States California Orange County RECENT TRANSACTIONS & MAJOR DEVELOPMENTS SALES ACTIVITY PROPERTY ADDRESS SIZE SALE PRICE PRICE P BUYER SELLER Quintana Portfolio, Irvine 427,746 $121,500,000 $284/P Hines Menlo Equities 1301 Dove St, Newport Beach 202,178 $72,275,000 $357/P Prudential Real Estate Investors MetLife 1900 S State College Blvd, Anaheim 273,632 $71,100,000 $260/P GEM Realty Capital, Inc. Kennedy-Wilson Properties & Portola Pky, Foothill Ranch 208,747 $49,400,000 $236/P Cornerstone RE Advisers, LLC CBRE Global Investors LTD Lakehills Corporate Park Portfolio, Laguna Hills 223,467 $46,000,000 $205/PFS CM Cruzam, Inc. AEW Capital Management LEASING ACTIVITY PROPERTY ADDRESS LEASED LEASE TYPE BLDG CLASS LESSEE LESSOR Alton Corporate Center/Irvine Oaks, Irvine 435,000 Renewal B Blizzard Entertainment Irvine Company/Olen Properties 5 Polaris Way, Aliso Viejo 78,703 New Direct A UST Global LBA Realty 6251 Katella Ave, Cypress 68,815 New Direct B Speedo USA Warland Investment Company 675 Anton Blvd, Costa Mesa 65,162 New Direct A Pacific Union Bank The Irvine Company Von Karman Ave, Irvine 48,468 Renewal A Advantage Sales & Marketing The Irvine Company MAJOR DEVELOPMENTS PROJECT DEVELOPER SIZE SUBMARKET STATUS ESTIMATED COMPLETION 200 Spectrum Center, Irvine The Irvine Company 425,044 South County Under Construction 2Q Beach Blvd, Buena Park M+D Properties 72,343 North County Under Construction 4Q Von Karman Ave, Irvine Hines 242,000 Airport Area Proposed N/A COLLIERS INTERNATIONAL P. 5

6 MARKET REPORT OFFICE ORANGE COUNTY DEFINITIONS OF KEY TERMS USED IN THIS REPORT Total Rentable Square Feet: Office space in buildings with 25,000 square feet or more of speculative office space. Includes competitive space in Class A, B and C singletenant and multi-tenant buildings. Excludes non-competitive owner-occupied buildings, buildings that include 30 percent or greater of medical or retail space, and space that is underconstruction, under-renovation or off-market. Net Absorption: Net change in occupied square feet from one period to the next (includes the impact of change in vacant space available for sublease). Leasing Activity: Square feet leased from all known transactions completed during the quarter. Excludes lease renewals. 502 offices in 67 countries on 6 continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 >> $2.3 billion in annual revenue >> 1.7 billion square feet under management >> Over 16,200 professionals Class A Space: Space that an image-conscious company would lease for its headquarters. Typically, this space has a very high level of finish and an excellent location, and commands the highest rents in the market. Class B Space: Highly functional, attractive space, but less prestigious than Class A Space, and commanding lower rental rates. Class C Space: Functional, competitive space, but with a lower level of finish and/or a less desirable location than with Class B Space, and commanding lower rental rates. Low-Rise: Buildings with a total of 4 floors or less. Weighted Average Asking Rental Rates: Weighted by the total square feet available for direct lease. Data is based on Full Service Gross rents, and includes all costs associated with occupying the space, including taxes, insurance, maintenance, janitorial service and utilities. Reported on a monthly, per basis. Space Added (Net): Total square feet added during the quarter via construction completions, including renovated space returned to market, less total square feet taken off-market due to demolitions or conversions. Under Construction: Includes buildings that are in some phase of construction, beginning with foundation work and ending with the issuance of a Certificate of Occupancy. UNITED STATES: Orange County Office License No Park Plaza, 12th Floor Irvine, CA TEL FAX CAUDILL, ROBERT Regional Director/Orange County MATTESON, CAITLIN Research Director Research Services PUPIL, MARTIN President, Western Region Mid-Rise: Buildings with a total of 5 to 13 floors. High-Rise: Buildings with 14 or more floors. Technical Note: Colliers International is continuously refining its database. The data shown in the historical tables and graphics in this report have been adjusted to take into account these changes in the database. Direct : Space in existing buildings that is vacant and immediately available during the quarter for direct lease, plus space that is vacant but not available for direct lease or sublease (for example, that is being held for a future commitment). Total : Space in existing buildings that is vacant and immediately available during the quarter for direct lease or for sublease, plus space that is vacant but not available for direct lease or sublease. This report has been prepared by Colliers International for general information only. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This report and other research materials may be found on our website at Accelerating success. P. 6 COLLIERS INTERNATIONAL

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