The CoStar Office Report. T h i r d Q u a r t e r Greensboro/Winston-Salem Office Market

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1 The CoStar Office Report T h i r d Q u a r t e r Greensboro/Winston-Salem Office Market

2 Third Quarter 2014 Greensboro/Winston-Salem Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets & Submarkets Inventory & Development Analysis Inventory & Development Analysis Select Top Under Construction Properties Select Top Deliveries 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 Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Analysis of Individual CoStar Submarket Clusters Alamance County Market Davidson County Market Davie County Market Forsyth County Market Guilford County Market Randolph County Market Rockingham County Market Stokes County Market Yadkin County Market 2014 CoStar Group, Inc. The CoStar Office Report A

3 Greensboro/Winston-Salem Third Quarter 2014 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 80.7 billion square feet of coverage in 3.5 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 2012 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 L ST NW Washington, DC (800) NASDAQ: CSGP B The CoStar Office Report 2014 CoStar Group, Inc.

4 Third Quarter 2014 Greensboro/Winston-Salem 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-ofa-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 building-type 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) 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 2014 CoStar Group, Inc. The CoStar Office Report C

5 Greensboro/Winston-Salem Third Quarter 2014 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: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC. 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 2014 CoStar Group, Inc.

6 Third Quarter 2014 Greensboro/Winston-Salem Overview Greensboro/Winston-Salem s Decreases to 10.4% Net Absorption Positive 295,912 SF in the Quarter The Greensboro/Winston-Salem Office market ended the third quarter 2014 with a vacancy rate of 10.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 295,912 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 153,940 square feet. Rental rates ended the third quarter at $14.36, an increase over the previous quarter. A total of two buildings delivered to the market in the quarter totaling 178,000 square feet, with 43,000 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall Greensboro/Winston- Salem office market was positive 295,912 square feet in the third quarter That compares to positive 111,665 square feet in the second quarter 2014, negative (112,782) square feet in the first quarter 2014, and positive 282,964 square feet in the fourth quarter Tenants moving out of large blocks of space in 2014 include: Primerica moving out of 227,666 square feet at Carolina Corporate Center; Prolific Business Solutions moving out of 68,300 square feet at Carolina Corporate Center; and Inmar, Inc. moving out of 68,073 square feet at 2601 Pilgrim Ct. Tenants moving into large blocks of space in 2014 include: North State Aviation moving into 249,832 square feet at 4001 N Liberty St; North State Aviation moving into 60,800 square feet at 4001 N Liberty St; and Newbreed moving into 44,376 square feet at Trone Advertising. The Class-A office market recorded net absorption of positive 182,735 square feet in the third quarter 2014, compared to positive 23,690 square feet in the second quarter 2014, negative (47,241) in the first quarter 2014, and positive 289,859 in the fourth quarter The Class-B office market recorded net absorption of positive 84,813 square feet in the third quarter 2014, compared to positive 41,454 square feet in the second quarter 2014, positive 58,642 in the first quarter 2014, and negative (21,853) in the fourth quarter The Class-C office market recorded net absorption of positive 28,364 square feet in the third quarter 2014 compared to positive 46,521 square feet in the second quarter 2014, negative (124,183) in the first quarter 2014, and positive 14,958 in the fourth quarter Net absorption for Greensboro/Winston-Salem s central business district was positive 43,948 square feet in the third quarter That compares to negative (17,299) square feet in the second quarter 2014, negative (60,515) in the first quarter 2014, and positive 219,535 in the fourth quarter Net absorption for the suburban markets was positive 251,964 square feet in the third quarter That compares to positive 128,964 square feet in second quarter 2014, negative (52,267) in the first quarter 2014, and positive 63,429 in the fourth quarter The office vacancy rate in the Greensboro/Winston- Salem market area decreased to 10.4% at the end of the third Rates by Class A B C Total Market 18% 16% 14% Rate 12% 10% 8% 6% 4% 2% 0% q q q q q q q q q 2014 CoStar Group, Inc. The CoStar Office Report 1

7 Greensboro/Winston-Salem Third Quarter 2014 Overview quarter The vacancy rate was 10.6% at the end of the second quarter 2014, 10.8% at the end of the first quarter 2014, and 10.5% at the end of the fourth quarter Class-A projects reported a vacancy rate of 10.0% at the end of the third quarter 2014, 10.3% at the end of the second quarter 2014, 10.6% at the end of the first quarter 2014, and 9.3% at the end of the fourth quarter Class-B projects reported a vacancy rate of 12.0% at the end of the third quarter 2014, 12.3% at the end of the second quarter 2014, 12.3% at the end of the first quarter 2014, and 12.4% at the end of the fourth quarter Class-C projects reported a vacancy rate of 8.2% at the end of the third quarter 2014, 8.3% at the end of second quarter 2014, 8.7% at the end of the first quarter 2014, and 8.1% at the end of the fourth quarter The overall vacancy rate in Greensboro/Winston-Salem s central business district at the end of the third quarter 2014 changed to 7.2%. The vacancy rate was 7.2% at the end of the second quarter 2014, 7.0% at the end of the first quarter 2014, and 6.6% at the end of the fourth quarter The vacancy rate in the suburban markets decreased to 11.4% in the third quarter The vacancy rate was 11.8% at the end of the second quarter 2014, 12.1% at the end of the first quarter 2014, and 11.8% at the end of the fourth quarter Largest Lease Signings The largest lease signings occurring in 2014 included: the 60,800-square-foot lease signed by North State Aviation at 4001 N Liberty St in the Forsyth County market; the 44,376- square-foot deal signed by Newbreed at Trone Advertising in the Guilford County market; and the 40,400-square-foot lease signed by Novartis Animal Health US, Inc. at Signature Place in the Guilford County market. Sublease The amount of vacant sublease space in the Greensboro/ U.S. Comparison Past 9 Quarters Rate 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Greensboro/Winston-Salem United States q q q q q Winston-Salem market increased to 153,940 square feet by the end of the third quarter 2014, from 146,634 square feet at the end of the second quarter There was 126,814 square feet vacant at the end of the first quarter 2014 and 42,902 square feet at the end of the fourth quarter Greensboro/Winston-Salem s Class-A projects reported vacant sublease space of 99,769 square feet at the end of third quarter 2014, up from the 92,463 square feet reported at the end of the second quarter There were 92,463 square feet of sublease space vacant at the end of the first quarter 2014, and 10,041 square feet at the end of the fourth quarter Class-B projects reported vacant sublease space of 36,688 square feet at the end of the third quarter 2014, from the 36,688 square feet reported at the end of the second quarter At the end of the first quarter 2014 there were 19,648 square feet, and at the end of the fourth quarter 2013 there were 17,108 square feet vacant. Class-C projects reported no vacant sublease space from the second quarter 2014 to the third quarter Sublease vacancy went from 17,483 square feet to 17,483 square feet during that time. There was 14,703 square feet at the end of the first quarter 2014, and 15,753 square feet at the end of the fourth quarter Sublease vacancy in Greensboro/Winston-Salem s central business district stood at 89,728 square feet at the end of the third quarter It was 82,422 square feet at the end of the second quarter 2014, 82,422 square feet at the end of the first quarter 2014, and 0 square feet at the end of the fourth quarter Sublease vacancy in the suburban markets ended the third quarter 2014 at 64,212 square feet. At the end of the second quarter 2014 sublease vacancy was 64,212 square feet, was 44,392 square feet at the end of the first quarter 2014, and was 42,902 square feet at the end of the fourth quarter Rental Rates The average quoted asking rental rate for available office space, all classes, was $14.36 per square foot per year at the end of the third quarter 2014 in the Greensboro/Winston- Salem market area. This represented a 1.7% increase in quoted rental rates from the end of the second quarter 2014, when rents were reported at $14.12 per square foot. The average quoted rate within the Class-A sector was $19.54 at the end of the third quarter 2014, while Class-B rates stood at $13.86, and Class-C rates at $ At the end of the second quarter 2014, Class-A rates were $19.44 per square foot, Class-B rates were $13.78, and Class-C rates were $ The average quoted asking rental rate in Greensboro/ Winston-Salem s CBD was $15.55 at the end of the third quarter 2014, and $14.11 in the suburban markets. In the second quarter 2014, quoted rates were $14.85 in the CBD and $13.97 in the suburbs. 2 The CoStar Office Report 2014 CoStar Group, Inc.

8 Overview Third Quarter 2014 Greensboro/Winston-Salem Deliveries and Construction During the third quarter 2014, two buildings totaling 178,000 square feet were completed in the Greensboro/ Winston-Salem market area. This compares to two buildings totaling 42,000 square feet that were completed in the second quarter 2014, three buildings totaling 83,965 square feet completed in the first quarter 2014, and 257,000 square feet in two buildings completed in the fourth quarter There were 43,000 square feet of office space under construction at the end of the third quarter Some of the notable 2014 deliveries include: 8003 Piedmont Triad Pky, a 123,000-square-foot facility that delivered in third quarter 2014 and is now 100% occupied, and 751 W 4th St, a 55,000-square-foot building that delivered in third quarter 2014 and is now 80% occupied. The only project under construction at the end of third quarter 2014 was 2485 Penny Rd, a 43,000-square-foot building with 53% of its space pre-leased. Inventory Total office inventory in the Greensboro/Winston-Salem market area amounted to 54,557,257 square feet in 4,260 buildings as of the end of the third quarter The Class-A office sector consisted of 8,409,927 square feet in 60 projects. There were 1,041 Class-B buildings totaling 27,485,384 square feet, and the Class-C sector consisted of 18,661,946 square feet in 3,159 buildings. Within the Office market there were 245 owner-occupied buildings accounting for 5,817,714 square feet of office space. Sales Activity Tallying office building sales of 15,000 square feet or larger, Greensboro/Winston-Salem office sales figures rose during the second quarter 2014 in terms of dollar volume compared to the first quarter of In the second quarter, five office transactions closed with a total volume of $31,095,000. The five buildings totaled 486,992 square feet and the average price per square foot equated to $63.85 per square foot. That compares to four Absorption & Deliveries Past 9 Quarters (0.1) (0.2) Net Absorption Deliveries (0.11) transactions totaling $6,154,575 in the first quarter The total square footage in the first quarter was 141,236 square feet for an average price per square foot of $ Total office building sales activity in 2014 was down compared to In the first six months of 2014, the market saw nine office sales transactions with a total volume of $37,249,575. The price per square foot averaged $ In the same first six months of 2013, the market posted six transactions with a total volume of $124,646,000. The price per square foot averaged $ Cap rates have been lower in 2014, averaging 7.38% compared to the same period in 2013 when they averaged 9.27%. One of the largest transactions that has occurred within the last four quarters in the Greensboro/Winston-Salem market is the sale of RF Micro Devices in Greensboro. This 100,000- square-foot office building sold for $15,500,000, or $ per square foot. The property sold on 6/12/2014, at a 7.10% cap rate. Reports compiled by: Melanie Pressley, CoStar Research Manager (0.3) (0.25) q q q q q 2014 CoStar Group, Inc. The CoStar Office Report 3

9 Greensboro/Winston-Salem Third Quarter 2014 CoStar Submarket Clusters & Submarkets In analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets 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. Markets are then divided into Submarket Clusters, 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. Submarket Clusters Submarkets Alamance County Burlington CBD* N Central Alamance County NE Alamance County NW Alamance County S Central Alamance County SE Alamance County South Burlington SW Alamance County West Burlington/Airport Markets Davidson County North Davidson County South Davidson County Davie County Davie County Forsyth County Clemmons Kernersville NE Forsyth County NW Forsyth County SE Forsyth County South Forsyth County Western Forsyth County Winston-Salem CBD* Guilford County Airport/W Guilford County Central Guilford County Greensboro CBD* High Point/SW Guilford Ct NE Guilford County NW Guilford County SE Guilford County South Greensboro West Greensboro Randolph County Asheboro CBD* NE Randolph County North Asheboro NW Randolph Cnty/Archdale Randleman SE Randolph County SW Randolph County Rockingham County Stokes County Yadkin County Rockingham County Stokes County Yadkin County * Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page. 4 The CoStar Office Report 2014 CoStar Group, Inc.

10 Third Quarter 2014 Greensboro/Winston-Salem Inventory & development Historical Deliveries Deliveries Average Delivered SF 2.0 Millions of SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction Square Footage Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C Guilford County 1 43,000 22, % 14,826 43,000 Yadkin County % 2,920 0 Davidson County % 7,063 0 Davie County % 6,253 0 Forsyth County % 15,670 0 Alamance County % 8,114 0 Randolph County % 5,302 0 Rockingham County % 6,855 0 Stokes County % 4,250 0 Recent Deliveries Leased & Un-Leased SF in Deliveries Under Construction Inventory Average Bldg Size 0.4 Leased Un-Leased Millions of SF CoStar Group, Inc. The CoStar Office Report 5

11 Greensboro/Winston-Salem Third Quarter 2014 Inventory & development Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction 0.3 Construction Starts 0.28 Deliveries 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 5 125,965 86, % $ ,965 78,000 50,000 SF - 99,999 SF 1 55,000 44, % $ , ,000 SF - 249,999 SF 1 123, , % $ , ,000 SF - 499,999 SF % $ >= 500,000 SF % $ Recent Development by Tenancy Comparison Based on RBA Developed for Single & Multi Tenant Use Based on Total RBA 2014 Deliveries Currently Under Construction By Class By Space Type 16% 0% 34% 15% 24% 84% 100% 51% 76% Multi Single Multi Single Class A Class B Class C Multi Single 6 The CoStar Office Report 2014 CoStar Group, Inc.

12 Inventory & development Third Quarter 2014 Greensboro/Winston-Salem 2014 CoStar Group, Inc. The CoStar Office Report 7

13 Greensboro/Winston-Salem Third Quarter 2014 Figures at a Glance Class A Market Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Alamance County 2 160,485 12,870 12, % 1, $25.62 Davidson County 1 22,000 4,200 4, % $16.00 Davie County % $0.00 Forsyth County 13 3,043,668 90, , % (27,050) 55,000 0 $22.65 Guilford County 44 5,183, , , % 184, ,965 43,000 $18.40 Randolph County % $0.00 Rockingham County % $0.00 Stokes County % $0.00 Yadkin County % $0.00 Totals 60 8,409, , , % 159, ,965 43,000 $19.54 Class B Market Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Alamance County 107 1,432,895 73,111 73, % 21,276 9,000 0 $7.13 Davidson County ,438 46,029 46, % 2, $12.89 Davie County ,326 38,643 38, % 15, $15.51 Forsyth County ,136, , , % 48,704 58,000 0 $14.06 Guilford County ,652,020 2,037,072 2,067, % 84, $14.32 Randolph County ,370 50,312 50, % 8, $14.35 Rockingham County ,205 35,403 35, % 3, $10.77 Stokes County 4 18,016 11,000 11, % $0.00 Yadkin County 4 24, % $0.00 Totals 1,041 27,485,384 3,258,969 3,295, % 184,909 67,000 0 $13.86 Class C Market Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Alamance County 270 1,481, , , % (10,440) 0 0 $1 Davidson County 245 1,092,117 67,308 67, % $6.34 Davie County 27 91,846 11,945 11, % 3, $7.25 Forsyth County 944 6,454, , , % (14,091) 0 0 $12.59 Guilford County 1,328 8,088, , , % (42,461) 0 0 $12.07 Randolph County ,235 43,491 43, % 13, $9.92 Rockingham County ,388 27,733 27, % (1,778) 0 0 $8.49 Stokes County 14 58,482 3,963 3, % $0.00 Yadkin County ,795 7,000 7, % 2, $7.50 Totals 3,159 18,661,946 1,506,748 1,524, % (49,298) 0 0 $11.97 Total Office Market Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Alamance County 379 3,075, , , % 12,529 9,000 0 $9.02 Davidson County 293 2,069, , , % 2, $9.64 Davie County ,172 50,588 50, % 19, $15.32 Forsyth County 1,253 19,634,225 1,539,400 1,651, % 7, ,000 0 $14.71 Guilford County 1,816 26,924,751 3,418,224 3,459, % 226, ,965 43,000 $14.74 Randolph County 287 1,521,605 93,803 93, % 22, $12.53 Rockingham County ,593 63,136 63, % 1, $10.16 Stokes County 18 76,498 14,963 14, % $0.00 Yadkin County ,497 7,000 7, % 2, $7.50 Totals 4,260 54,557,257 5,506,482 5,660, % 294, ,965 43,000 $ The CoStar Office Report 2014 CoStar Group, Inc.

14 Third Quarter 2014 Greensboro/Winston-Salem Figures at a Glance Class A Submarket Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Airport/W Guilford C. 21 2,087, , , % 133, ,000 43,000 $17.86 Asheboro CBD % $0.00 Burlington CBD 1 92, % $0.00 Central Guilford Cou ,000 15,729 15, % $16.00 Clemmons % $0.00 Davie County % $0.00 Greensboro CBD 8 1,654,657 97,051 97, % 5, $19.08 High Point/SW Guilfo ,965 12,608 12, % 22,965 22,965 0 $16.00 Kernersville % $0.00 N Central Alamance C % $0.00 NE Alamance County % $0.00 NE Forsyth County % $0.00 NE Guilford County 3 321,071 22,968 22, % 1, $22.22 NE Randolph County % $0.00 North Asheboro % $0.00 North Davidson Count % $0.00 NW Alamance County % $0.00 NW Forsyth County 1 214, % $0.00 NW Guilford County 6 530,407 61,148 63, % 21,894 36,000 0 $22.67 NW Randolph Cnty/Arc % $0.00 Randleman % $0.00 Rockingham County % $0.00 S Central Alamance C % $0.00 SE Alamance County 1 68,206 12,870 12, % 1, $25.62 SE Forsyth County % $0.00 SE Guilford County 1 177, % $0.00 SE Randolph County % $0.00 South Burlington % $0.00 South Davidson Count. 1 22,000 4,200 4, % $16.00 South Forsyth County 3 323,873 28,830 28, % 8, $22.00 South Greensboro % $0.00 Stokes County % $0.00 SW Alamance County % $0.00 SW Randolph County % $0.00 West Burlington/Airp % $0.00 West Greensboro 1 111, % $0.00 Western Forsyth Coun % $0.00 Winston-Salem CBD 9 2,505,197 61, , % (35,819) 55,000 0 $22.74 Yadkin County % $0.00 Totals 60 8,409, , , % 159, ,965 43,000 $ CoStar Group, Inc. The CoStar Office Report 9

15 Greensboro/Winston-Salem Third Quarter 2014 Figures at a Glance Class B Submarket Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Airport/W Guilford C. 95 3,354, , , % 34, $15.62 Asheboro CBD ,405 18,520 18, % 4, $16.82 Burlington CBD ,807 10,000 10, % $12.00 Central Guilford Cou. 45 1,051, , , % (1,025) 0 0 $15.29 Clemmons ,148 40,777 40, % $16.10 Davie County ,326 38,643 38, % 15, $15.51 Greensboro CBD 45 1,610, , , % (9,172) 0 0 $14.35 High Point/SW Guilfo. 80 1,906,839 87,598 87, % 2, $13.39 Kernersville ,278 51,792 51, % 48,682 25,000 0 $15.30 N Central Alamance C. 4 69, % $0.00 NE Alamance County 2 10, % $0.00 NE Forsyth County ,533 10,000 10, % 9, $8.28 NE Guilford County 82 2,153, , , % 22, $18.27 NE Randolph County 6 18,245 2,652 2, % $0.00 North Asheboro 1 2, % $0.00 North Davidson Count ,602 39,229 39, % 2, $12.95 NW Alamance County 4 246, % $0.00 NW Forsyth County 45 2,165, , , % 13, $12.40 NW Guilford County 65 1,794, , , % 22, $17.36 NW Randolph Cnty/Arc ,727 28,240 28, % 1, $10.72 Randleman % $0.00 Rockingham County ,205 35,403 35, % 3, $10.77 S Central Alamance C ,829 9,665 9, % $11.18 SE Alamance County 6 45, % $0.00 SE Forsyth County 2 91, % $0.00 SE Guilford County 6 891, , , % 32, $12.41 SE Randolph County 10 67, % 2, $8.67 South Burlington 8 104,078 2,200 2, % 1, $8.18 South Davidson Count ,836 6,800 6, % $12.74 South Forsyth County 119 3,154, , , % (10,281) 33,000 0 $16.81 South Greensboro 7 159,982 12,600 12, % $7.14 Stokes County 4 18,016 11,000 11, % $0.00 SW Alamance County 3 40,364 20,816 20, % 2, $2.87 SW Randolph County 4 59, % $0.00 West Burlington/Airp ,162 30,430 30, % 17,282 9,000 0 $13.48 West Greensboro , , , % (19,809) 0 0 $11.11 Western Forsyth Coun ,696 12,116 12, % (6,168) 0 0 $19.50 Winston-Salem CBD 39 3,405, , , % (6,705) 0 0 $11.93 Yadkin County 4 24, % $0.00 Totals 1,041 27,485,384 3,258,969 3,295, % 184,909 67,000 0 $ The CoStar Office Report 2014 CoStar Group, Inc.

16 Figures at a Glance Third Quarter 2014 Greensboro/Winston-Salem Class C Submarket Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Airport/W Guilford C , , , % (20,940) 0 0 $12.43 Asheboro CBD ,750 13,616 13, % 2, $10.77 Burlington CBD ,730 25,624 25, % (7,409) 0 0 $12.94 Central Guilford Cou ,356 51,911 51, % 15, $9.78 Clemmons ,218 26,596 26, % (2,306) 0 0 $10.47 Davie County 27 91,846 11,945 11, % 3, $7.25 Greensboro CBD 230 1,366, , , % 5, $11.37 High Point/SW Guilfo ,153, , , % (40,522) 0 0 $10.56 Kernersville ,456 44,099 44, % 4, $10.75 N Central Alamance C ,647 15,525 15, % (3,760) 0 0 $6.04 NE Alamance County 15 29,802 1,279 1, % (1,279) 0 0 $17.59 NE Forsyth County ,214 10,600 10, % 58, $7.56 NE Guilford County 192 1,147,097 92,752 93, % (7,301) 0 0 $13.84 NE Randolph County 21 75,423 1,000 1, % $10.84 North Asheboro 7 39,972 4,498 4, % $0.00 North Davidson Count ,878 19,090 19, % $7.58 NW Alamance County 13 50,983 8,600 8, % $8.33 NW Forsyth County , , , % (47,706) 0 0 $15.77 NW Guilford County 175 1,194, , , % 3, $14.30 NW Randolph Cnty/Arc ,314 13,173 13, % 10, $8.93 Randleman 6 28, % $0.00 Rockingham County ,388 27,733 27, % (1,778) 0 0 $8.49 S Central Alamance C ,473 2,069 2, % 1, $6.93 SE Alamance County 9 121, % $22.00 SE Forsyth County ,043 2,200 2, % (18,000) 0 0 $5.22 SE Guilford County 9 58, % $0.00 SE Randolph County 13 64, % $0.00 South Burlington ,523 10,760 10, % $6.74 South Davidson Count ,239 48,218 48, % $6.16 South Forsyth County 392 2,234, , , % (18,589) 0 0 $13.11 South Greensboro ,766 17,370 17, % $9.88 Stokes County 14 58,482 3,963 3, % $0.00 SW Alamance County 2 13, % $0.00 SW Randolph County 13 46,224 11,204 11, % (300) 0 0 $8.90 West Burlington/Airp ,435 51,993 51, % (772) 0 0 $11.11 West Greensboro ,957 11,300 11, % $13.03 Western Forsyth Coun ,496 8,978 8, % 2, $12.33 Winston-Salem CBD 155 1,435,060 60,049 60, % 6, $10.82 Yadkin County ,795 7,000 7, % 2, $7.50 Totals 3,159 18,661,946 1,506,748 1,524, % (49,298) 0 0 $ CoStar Group, Inc. The CoStar Office Report 11

17 Greensboro/Winston-Salem Third Quarter 2014 Figures at a Glance Total Office Submarket Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Airport/W Guilford C ,370, , , % 146, ,000 43,000 $16.61 Asheboro CBD ,155 32,136 32, % 7, $14.69 Burlington CBD ,816 35,624 35, % (7,409) 0 0 $12.54 Central Guilford Cou ,936, , , % 14, $14.18 Clemmons ,366 67,373 67, % (2,246) 0 0 $14.01 Davie County ,172 50,588 50, % 19, $15.32 Greensboro CBD 283 4,631, , , % 2, $14.93 High Point/SW Guilfo ,245, , , % (14,658) 22,965 0 $11.63 Kernersville ,734 95,891 95, % 53,336 25,000 0 $13.43 N Central Alamance C ,319 15,525 15, % (3,760) 0 0 $6.04 NE Alamance County 17 40,478 1,279 1, % (1,279) 0 0 $17.59 NE Forsyth County ,747 20,600 20, % 68, $7.61 NE Guilford County 277 3,621, , , % 16, $17.22 NE Randolph County 27 93,668 3,652 3, % $10.84 North Asheboro 8 42,172 4,498 4, % $0.00 North Davidson Count ,480 58,319 58, % 2, $11.97 NW Alamance County ,353 8,600 8, % $8.33 NW Forsyth County 142 3,349, , , % (33,841) 0 0 $13.78 NW Guilford County 246 3,519, , , % 48,202 36,000 0 $16.97 NW Randolph Cnty/Arc ,041 41,413 41, % 12, $9.92 Randleman 6 28, % $0.00 Rockingham County ,593 63,136 63, % 1, $10.16 S Central Alamance C ,302 11,734 11, % 1, $10.47 SE Alamance County ,531 12,870 12, % 2, $25.37 SE Forsyth County ,043 2,200 2, % (18,000) 0 0 $5.22 SE Guilford County 16 1,127, , , % 32, $12.41 SE Randolph County , % 2, $8.67 South Burlington ,601 12,960 12, % 1, $7.33 South Davidson Count ,280,075 59,218 59, % $8.32 South Forsyth County 514 5,713, , , % (20,101) 33,000 0 $15.70 South Greensboro ,748 29,970 29, % $8.80 Stokes County 18 76,498 14,963 14, % $0.00 SW Alamance County 5 53,364 20,816 20, % 2, $2.87 SW Randolph County ,170 11,204 11, % (300) 0 0 $8.90 West Burlington/Airp ,082,597 82,423 82, % 16,510 9,000 0 $12.36 West Greensboro 81 1,100, , , % (19,009) 0 0 $11.12 Western Forsyth Coun ,192 21,094 21, % (3,187) 0 0 $15.87 Winston-Salem CBD 203 7,345, , , % (36,449) 55,000 0 $16.22 Yadkin County ,497 7,000 7, % 2, $7.50 Totals 4,260 54,557,257 5,506,482 5,660, % 294, ,965 43,000 $ The CoStar Office Report 2014 CoStar Group, Inc.

18 Figures at a Glance Third Quarter 2014 Greensboro/Winston-Salem Class A Market Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 18 4,252, , , % (30,380) 55,000 0 $21.49 Suburban 42 4,157, , , % 189, ,965 43,000 $18.58 Totals 60 8,409, , , % 159, ,965 43,000 $19.54 Class B Market Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 131 5,423, , , % (10,977) 0 0 $13.15 Suburban ,061,485 2,754,286 2,790, % 195,886 67,000 0 $13.98 Totals 1,041 27,485,384 3,258,969 3,295, % 184,909 67,000 0 $13.86 Class C Market Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 574 3,832, , , % 7, $11.26 Suburban 2,585 14,829,924 1,286,435 1,303, % (56,789) 0 0 $12.07 Totals 3,159 18,661,946 1,506,748 1,524, % (49,298) 0 0 $11.97 Class A & B Market Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 149 9,676, , , % (41,357) 55,000 0 $16.55 Suburban ,219,279 3,336,345 3,383, % 385, ,965 43,000 $14.85 Totals 1,101 35,895,311 3,999,734 4,136, % 344, ,965 43,000 $15.16 Total Office Market Statistics Third Quarter 2014 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,508, , , % (33,866) 55,000 0 $15.55 Suburban 3,537 41,049,203 4,622,780 4,686, % 328, ,965 43,000 $14.11 Totals 4,260 54,557,257 5,506,482 5,660, % 294, ,965 43,000 $ CoStar Group, Inc. The CoStar Office Report 13

19 Greensboro/Winston-Salem Third Quarter 2014 Figures at a Glance Class A Market Statistics Third Quarter 2014 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 60 8,409, , , % 182, , ,000 $ q 58 8,231, , , % 23, ,000 $ q 58 8,231, , , % (47,241) 2 58, ,000 $ q 56 8,172, , , % 289, , ,965 $ q 55 7,932, , , % (59,313) ,965 $ q 55 7,932, , , % 10, ,000 $ q 55 7,932, , , % 44, ,000 $ q 55 7,932, , , % 443, , $ q 54 7,867,962 1,164,935 1,186, % 4, ,000 $ q 54 7,867,962 1,167,475 1,190, % (5,901) ,000 $ q 54 7,867,962 1,161,574 1,184, % 59, ,000 $ ,867,962 1,221,557 1,244, % (395,213) ,000 $ ,867, , , % 93, , $ ,842, , , % (43,436) ,000 $ ,842, , , % 379, , $ ,669,756 1,039,756 1,080, % 181, ,206 $17.08 Quoted Class B Market Statistics Third Quarter 2014 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 1,041 27,485,384 3,258,969 3,295, % 84, $ q 1,041 27,485,384 3,343,782 3,380, % 41, , $ q 1,039 27,443,384 3,360,276 3,379, % 58, , ,000 $ q 1,038 27,418,384 3,396,458 3,413, % (21,853) 1 17, ,000 $ q 1,039 27,432,788 3,400,582 3,406, % (170,179) ,000 $ q 1,039 27,432,788 3,214,348 3,235, % 27, , ,000 $ q 1,039 27,425,820 3,234,881 3,256, % 15, , ,000 $ q 1,038 27,420,820 3,242,605 3,266, % 69, ,000 $ q 1,038 27,420,820 3,274,062 3,335, % 114, , ,000 $ q 1,036 27,332,820 3,301,803 3,362, % (103,261) 1 6, ,000 $ q 1,035 27,326,685 3,192,407 3,253, % 129, , ,135 $ ,031 27,259,508 3,292,332 3,315, % 167, , ,312 $ ,023 27,168,542 3,345,917 3,391, % 333, , ,966 $ ,016 27,019,034 3,427,285 3,575, % 134, , ,508 $ ,003 26,879,826 3,451,100 3,570, % 555, , ,208 $ ,324,330 3,390,048 3,570, % 521, , ,417 $13.32 Quoted Total Office Market Statistics Third Quarter 2014 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 4,260 54,557,257 5,506,482 5,660, % 295, , ,000 $ q 4,258 54,379,257 5,631,700 5,778, % 111, , ,000 $ q 4,258 54,369,596 5,753,524 5,880, % (112,782) 3 83, ,000 $ q 4,255 54,285,631 5,640,689 5,683, % 282, , ,965 $ q 4,255 54,060,035 5,706,568 5,740, % (246,058) ,965 $ q 4,255 54,060,035 5,442,505 5,494, % 44, , ,000 $ q 4,255 54,053,067 5,480,187 5,532, % 20, , ,000 $ q 4,254 54,048,067 5,477,175 5,547, % 644, , ,000 $ q 4,253 53,983,067 6,001,965 6,126, % 95, , ,000 $ q 4,251 53,895,067 6,024,199 6,133, % (52,001) 1 6, ,000 $ q 4,250 53,888,932 5,968,063 6,075, % 237, , ,135 $ ,247 53,822,955 6,177,459 6,247, % (225,102) 9 100, ,312 $ ,239 53,729,089 5,829,319 5,928, % 389, , ,510 $ ,231 53,554,581 5,907,724 6,143, % (219,104) , ,508 $ ,218 53,404,366 5,563,570 5,773, % 1,014, , ,383 $ ,177 52,673,892 5,835,858 6,057, % 686, , ,168 $13.64 Quoted 14 The CoStar Office Report 2014 CoStar Group, Inc.

20 Historical Rental Rates Based on Full-Service Equivalent Rental Rates Third Quarter 2014 Greensboro/Winston-Salem Leasing Activity A B C Total Market $25.00 $20.00 $15.00 $10.00 $5.00 $ q q 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 Greensboro/Winston-Salem United States Greensboro/Winston-Salem United States 3% 4% 27% 16% 15% 49% 35% 97% 96% 58% 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* Greensboro/Winston-Salem United States $25.00 $20.00 $15.00 $10.00 $5.00 $ q q q q q q * Includes Under Construction Spaces 2014 CoStar Group, Inc. The CoStar Office Report 15

21 Greensboro/Winston-Salem Third Quarter 2014 Leasing Activity Select Top O ce Leases Based on Leased Square Footage For Deals Signed in 2014 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company N Liberty St* NE Forsyth County 60,800 2nd North State Aviation Freeman Commercial Real Estate Freeman Commercial Real Estate 2 Trone Advertising Airport/W Guilford County 44,376 1st Newbreed N/A 4035 Piedmont Parkway Assocs L 3 Signature Place* NW Guilford County 40,400 2nd Novartis Animal Health US, Inc. N/A N/A Millstream Rd* SE Guilford County 23,314 1st Willis Re, Inc Cushman & Wakefield Thalhimer; Cush N/A W 4th St Winston-Salem CBD 21,999 2nd Atlantic Capital Advisors LLC N/A Commercial Realty Advisors LLC W 4th St Winston-Salem CBD 21,999 2nd Winston-Salem Foundation N/A Commercial Realty Advisors LLC Penny Rd Airport/W Guilford County 20,000 3rd N/A N/A N/A Knollwood St* South Forsyth County 16,077 2nd Allman Spry Leggett & Crumpler N/A CBRE Triad N Cherry St NW Forsyth County 12,721 3rd N/A N/A Stewart Realty Gallimore Dairy Rd Airport/W Guilford County 11,563 2nd N/A N/A Highwoods Properties, Inc. 11 Wendover Medical Center NE Guilford County 11,088 3rd N/A N/A Brown Investment Properties Lees Chapel Rd NE Guilford County 9,304 1st Vascular Access Center N/A Windsor Income and Investment Prope W 32nd St NE Forsyth County 9,251 2nd City of Winston-Salem Direct Deal Meridian Realty Group, Inc Knollwood St South Forsyth County 8,325 3rd N/A N/A CBRE Triad 15 Wells Fargo Tower Greensboro CBD 8,054 3rd N/A N/A Brantley Commercial Partners LLC 16 Brownstones NW Guilford County 7,500 1st N/A N/A Lindbrook Development 17 Airpark East Building B Airport/W Guilford County 7,447 2nd N/A N/A Highwoods Properties, Inc Pineview Dr Kernersville 6,000 2nd N/A N/A Alford Investments 19 Park 158 Professional Center Davie County 6,000 3rd N/A N/A Browder Holdings LLC Cheyenne Dr NW Randolph Cnty/Archdale 5,782 3rd Novant Medical N/A Speckman Commercial Properties N Elam Ave NW Guilford County 5,593 2nd N/A N/A Flagship-510 North Elam LLC Fisher Ave High Point/SW Guilford Ct 5,246 1st N/A N/A Price Commercial Properties Kimel Forest Dr South Forsyth County 5,244 1st N/A N/A Advanced Interventional Pain Pineview Dr Kernersville 4,900 2nd N/A N/A Alford Investments Knollwood St South Forsyth County 4,830 3rd N/A N/A CBRE Triad Green Valley Rd NW Guilford County 4,233 2nd N/A N/A Capital Associates Yadkin Valley Rd Davie County 4,200 3rd N/A N/A Williams Construction Company Country Club Rd Western Forsyth County 4,148 2nd N/A Direct Deal CBRE Triad S Eugene St Greensboro CBD 4,000 3rd Top Priority Care Services N/A Direct Deal Turner Dr* Rockingham County 3,910 1st Youth Haven Services, Inc. N/A J Michael Fargis & Associates LLP 31 One Salem Tower South Forsyth County 3,887 2nd N/A N/A Meridian Realty Group, Inc. 32 Guilford Building West Greensboro 3,775 2nd Open Arms Treatment Center N/A Security National Properties Westbrook Ave West Burlington/Airport 3,750 3rd N/A N/A NAI Piedmont Triad Salisbury Ridge Rd South Forsyth County 3,610 1st N/A N/A Cox Curtis Roger N Elm St NE Guilford County 3,500 3rd N/A Direct Deal Direct Deal N Elm St NE Guilford County 3,500 3rd N/A N/A Lindbrook Development N Elm St NE Guilford County 3,250 3rd N/A Direct Deal Direct Deal Tinsley Dr* Airport/W Guilford County 3,240 2nd Bsc Holdings, Inc. N/A Brown Investment Properties Horse Pen Creek Rd NW Guilford County 3,050 2nd Resolve Partners LLC N/A Brown Investment Properties 40 Morehead Building West Greensboro 3,013 2nd N/A N/A Security National Properties * Renewal 16 The CoStar Office Report 2014 CoStar Group, Inc.

22 Third Quarter 2014 Greensboro/Winston-Salem Sales Activity The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 12.0% Cap Rate Price/SF $ % $200 Cap Rate Percentage 8.0% 6.0% 4.0% 2.0% $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 July June 2014 $120 Sales Volume Price/SF $180 Bldg Size # RBA $ Volume Price/SF Cap Rate Millions of Sales Volume Dollars $100 $80 $60 $40 $20 $160 $140 $120 $100 $80 $60 $40 $20 Price/SF < 50,000 SF ,424 $39,947,070 $ % 50K-249K SF 250K-499K SF 4 399,209 $27,697,500 $ % 1 314,000 $7,800,000 $ $0 $0 >500K SF 1 683,000 $2,000,000 $ q q q q 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 $270 Greensboro/Winston-Salem US 11.0% Greensboro/Winston-Salem US Dollars per SF $220 $170 $120 $70 Cap Rate Percentage 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% $20 3.0% q q q q q q q q Source: CoStar COMPS Source: CoStar COMPS 2014 CoStar Group, Inc. The CoStar Office Report 17

23 18 The CoStar Office Report 2014 CoStar Group, Inc. Greensboro/Winston-Salem Third Quarter 2014 Sales Activity

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