>> Greater Los Angeles Retail Ends 2016 With Mixed Results

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1 Research & Forecast Report GREATER LOS ANGELES RETAIL Q Accelerating success. >> Greater Los Angeles Retail Ends 2016 With Mixed Results Greater Los Angeles Retail Market The Los Angeles Basin retail market added 257,200 to the base this quarter with the 2016 construction total being 2,086,500. This is on par with the amount of construction seen in 2015, which was 2,165,400. There remains 1,679,600 of space under construction, much of which is already leased. Net absorption remained positive at 674,600 for the quarter and 3,643,900 for all of Net absorption was highest in the Inland Empire at 604,500 and lowest in Orange County which has 238,000 of negative absorption. The vacancy rate for the Greater Los Angeles region remained unchanged from the previous quarter at 5.1%, yet is down 10 basis points from 5.2% which was reported at the end of The weighted average asking rental rate decreased over the quarter to end at $1.92, which declines in the Inland Empire bringing down the marketwide average. Asking rents were highest in Orange County at $2.31 P NNN and lowest in the Inland Empire at $1.41 P NNN. Super Regional Malls in Los Angeles County remain the most expensive space at $5.31 P NNN. According to the Chapman University Economic Research press release, California consumer sentiment deflated in the fourth quarter, down 3.2 points to This coincides with increasing consumer anxiety over the results of the recent US presidential election. Market Indicators Relative to prior period Q Forecast Vacancy Net Absorption Construction Rental Rate Unemployment: LA 5.1% OC 3.7% IE 6.6% Summary Statistics Greater Los Angeles, Q Vacancy Rate 5.1% Change from Q3 16 (Basis Points) -00 BPS Net Absorption 674,600 Construction Completions 257,200 Under Construction 1,679,600 Asking Rents Greater Los Angeles, Q Average Asking Rent ($/NNN) Change from Q4 15 ($) $1.92 P -$0.04 Y.O.Y. Change (%) -2.3% Labor Force Los Angeles, Q mo Employment Growth (%) 12-mo Actual Employment Change Wholesale Trade Retail Trade Leisure & Hospitality -0.7% +1.3% 3.5% -1,600 +5, ,300

2 Los Angeles County The Los Angeles County retail market recorded positive 308,100 of absorption, causing vacancy to decline by 10 basis points to 4.1%. Asking rental rates recorded at $2.27 P NNN. The average asking rental rate was brought up by increasing rates for all retail product type categories. Currently, there is a total of 1,061,400 of retail under construction in Los Angeles County. The largest property currently being built is the 470,000 IKEA building located in Burbank. The project is expected to be completed by mid Orange County Orange County absorption recorded negative 238,000. vacancy increased to 4.0% from last quarter s 3.8%. The overall average asking rental rate increased slightly in the last quarter of the year to $2.31 P NNN. Historical Vacancy v. Rents Q $ P PER MONTH (NNN) RENTS VACANCY $2.10 7% $2.05 6% 5% $2.00 4% $1.95 3% $1.90 2% $1.85 1% $1.80 0% 4Q12 4Q13 4Q14 4Q15 4Q16 Net Absorption by Market Q % VACANT (TOTAL) There is approximately 195,600 of retail space under construction in Orange County. The largest property currently being built is the Laguna Hills Mall, which consists of 170,000 and is expected to be completed by third quarter , , , ,500 Inland Empire 400, , , , ,000 Inland Empire retail market activity witnessed a decrease in vacancy dropping 20 basis points to 7.6% during the fourth quarter. Overall positive net absorption recorded 604,500 for the quarter, the highest amount of positive absorption in the Greater Los Angeles region. Average asking rents increased $0.02 P NNN from last quarter to end the year at $1.41 P NNN. 0 (100,000) (200,000) (300,000) (238,000) LOS ANGELES COUNTY There is currently 422,600 of new retail inventory under construction in the Inland Empire market. The largest project currently under construction is the community center located on the SWC of San Bernardino and Riverside Ave. in Rialto totaling 239,500. Weighted Average Asking Lease Rates by Market Q $3.00 $2.75 $ P PER MONTH (NNN) $2.50 $2.25 $2.00 $1.75 $1.50 $1.41 $2.27 $2.31 $ $1.00 LOS ANGELES COUNTY

3 Market Description The Greater Los Angeles retail market is comprised of million square feet of multi-tenant shopping centers and single tenant properties. Community/neighborhood centers represent the majority of space (42%) among the different property types. The market attracts both affordable retailers and high-end stores due to a population that demands a wide variety of product. High median income households and strong population growth contribute to make this region attractive to retailers. Submarket Map Historical Net Absorption & Construction Completions Q Investment Trends ABSORPTION CONSTRUCTION COMPLETIONS $ % 1,400,000 $ % 1,200,000 1,000, , , ,000 $ $ $ % 5.0% 4.0% 3.0% 200,000 $ % - (200,000) (400,000) (600,000) 4Q12 4Q13 4Q14 4Q15 4Q16 $50.00 $ $/P Cap Rate 1.0% 0.0% 3

4 RETAIL OVERVIEW Q EXISTING PROPERTIES VACANCY ABSORPTION CONSTRUCTION RENTS Market/ Property Type Inventory Vacancy Vacancy Prior Qtr Net Absorption Current Qtr Net Absorption YTD Completions Current Qtr Under Construction Weighted Avg Asking Lease Rates LOS ANGELES COUNTY SUPER REGIONAL/REGIONAL MALLS 37,774, % 1.6% -2, , $5.31 POWER CENTERS 26,946, % 4.9% -30,700 49, ,800 $2.02 LIFESTYLE/THEME-FESTIVAL CENTERS 7,186, % 3.9% 35,200 16, $2.55 COMMUNITY/NEIGHBORHOOD CENTERS 119,556, % 5.8% 236,000 1,196,500 50, ,700 $2.02 STRIP CENTERS 39,071, % 4.8% 33, ,300 23, ,800 $2.17 SINGLE TENANT BLDGS. 80,636, % 2.5% 35, ,000 14, ,100 $2.39 Subtotal 311,172, % 4.2% 308,100 1,909,600 88,400 1,061,400 $2.27 SUPER REGIONAL/REGIONAL MALLS 13,879, % 1.6% 0 (32,300) 0 170,000 $3.01 POWER CENTERS 13,344, % 3.2% -68,800 (204,300) 0 10,600 $3.05 LIFESTYLE/THEME-FESTIVAL CENTERS 3,789, % 11.4% 13, , $2.59 COMMUNITY/NEIGHBORHOOD CENTERS 56,537, % 4.7% -136,100 29, $2.14 STRIP CENTERS 11,628, % 4.2% 10, , ,000 $2.02 SINGLE TENANT BLDGS. 23,937, % 1.7% -57,100 (102,300) 0 7,000 $2.22 Subtotal 123,115, % 3.8% (238,000) 157, ,600 $2.31 SUPER REGIONAL/REGIONAL MALLS 15,410, % 7.8% 184, , $1.69 POWER CENTERS 18,629, % 7.9% 52,200 49, ,000 $1.56 LIFESTYLE/THEME-FESTIVAL CENTERS 3,430, % 5.3% -26,300 16,200 6,300 40,000 $1.84 COMMUNITY/NEIGHBORHOOD CENTERS 76,135, % 10.0% 362, ,100 79, ,700 $1.36 STRIP CENTERS 14,437, % 9.3% 101, ,300 22,700 51,500 $1.36 SINGLE TENANT BLDGS. 41,627, % 3.6% -69,700 89,100 60,100 31,400 $1.33 Subtotal 169,670, % 7.8% 604,500 1,577, , ,600 $1.41 LA BASIN TOTAL SUPER REGIONAL/REGIONAL MALLS 67,064, % 3.0% 182, , ,000 $3.06 POWER CENTERS 58,920, % 5.5% (47,300) (105,700) 0 137,400 $1.98 LIFESTYLE/THEME-FESTIVAL CENTERS 14,406, % 6.2% 22, ,300 6,300 40,000 $2.40 COMMUNITY/NEIGHBORHOOD CENTERS 252,229, % 6.8% 462,600 2,103, , ,400 $1.75 STRIP CENTERS 65,136, % 5.7% 144, ,000 46, ,300 $1.87 SINGLE TENANT BLDGS. 146,201, % 2.7% (90,900) 88,800 74, ,500 $1.95 TOTAL 603,958, % 5.1% 674,600 3,643, ,200 1,679,600 $1.92

5 Definitions of key terms in this report Anchor Tenant: A large national or regional retailer that serves as a primary draw for a shopping center. Capitalization (Cap) Rate: A calculation that shows the relationship between one year s net operating income and the current market value of a property. Is calculated by dividing the annual net operating income by the sales price. Community Center: Typically has a total square footage between 100, ,000 square feet. Often will have 2-3 large anchored tenants, which include supermarkets and drugstores. Other tenants may include retailers that sell items such as apparel, home improvement/furnishings, toys, electronics, or sporting goods. Direct Vacancy: 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). Lifestyle Center: An upscale specialty store shopping center that has a total square footage between 150, ,000 square feet. The center usually has an outdoor setting with dining and entetainment. Neighborhood Center: Focuses on retailers that sell convenience items and personal services. The center will often have a supermarket as an anchor tenant. The size range is 30, ,000 square feet. Power Center: The center often consists of several freestanding anchors with a minimum number of small tenants. The size of the property is typically between 250, ,000 square feet. The anchor tenants are usually discount department stores, off-price stores, and warehouse clubs. Regional/SuperRegional Mall: Provides shopping goods, general merchandise, apparel, and furniture. Often consists of multiple department stores. Regional Malls usually are between 400, ,000 square feet, and Super Regional Malls typically are greater than 800,000 square feet. Theme/Festival Center: Predominantly has a unifying theme based on tenants and architectural design. Focuses on restaurants and entertainment while appealing to tourists. The size range is 80, ,000 square feet. Strip Center: An attached row of stores or service outlets while usually being less than 30,000 square feet. 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. Weighted Average Asking Rental Rates: Weighted by the total square feet available for direct lease. Data is based on triple net rents, which excludes costs associated with taxes, insurance, maintenance, janitorial service and utilities. Reported on a monthly, per square foot basis. 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. 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 greaterlosangeles. 554 offices in 66 countries on 6 continents United States: 153 Canada: 34 Latin America: 24 Asia Pacific: 231 EMEA: 112 UNITED STATES: Greater Los Angeles Office License No S Figueroa St, Suite 3500 Los Angeles, CA > $2.3 billion in annual revenue > 1.7 billion square feet under management > Over 16,100 professionals TEL: FAX: Single Tenant Free Standing Building: Retail building occupied by only one tenant. Space Added (Net): square feet added during the quarter via construction completions, including renovated space returned to market, less total square feet taken offmarket due to demolitions or conversions. 5 MARTIN PUPIL President, Western Region JOHN HOLLINGSWORTH Executive Managing Director CAITLIN MATTESON Research Director Research Services HANS MUMPER Executive Managing Director ROBERT CAUDILL Regional Director/O.C.

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