The CoStar Industrial Report. M i d - Y e a r Jacksonville Industrial Market

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1 The CoStar Industrial Report M i d - Y e a r

2 Mid-Year 2016 Jacksonville Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets Inventory & Development Analysis Inventory & Development Analysis Select Top Under Construction Properties Select Top Deliveries Figures at a Glance Figures at a Glance by Building Type & Market 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 Arlington Market Baker County Market Beaches Market Butler Corridor Market Downtown Market Mandarin Market Nassau County Market North Side Market Ocean Way Market Orange Park/Clay Cnty Market Riverside Market San Marco Market South Side Market St Johns Market West Side Market 2016 CoStar Group, Inc. The CoStar Industrial Report A

3 Jacksonville Mid-Year 2016 Methodology The CoStar Industrial Report calculates Industrial statistics using CoStar Group's base of existing, under construction and under renovation Industrial buildings in each given metropolitan area. All Industrial building types are included, including warehouse, flex / research & development, distribution, manufacturing, industrial showroom, and service buildings, in both single-tenant and multitenant 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 Industrial Report are calculated using the quoted rental rate for each property. The quoted rental rate is exclusive of the expense pass through associated with the rent. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2016 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 Industrial Report 2016 CoStar Group, Inc.

4 Mid-Year 2016 Jacksonville 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 2016 CoStar Group, Inc. The CoStar Industrial Report C

5 Jacksonville Mid-Year 2016 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 Industrial Report 2016 CoStar Group, Inc.

6 Overview Mid-Year 2016 Jacksonville Jacksonville s Decreases to 5.3% Net Absorption Positive 993,115 SF in the Quarter The Jacksonville Industrial market ended the second quarter 2016 with a vacancy rate of 5.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 993,115 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 46,164 square feet. Rental rates ended the second quarter at $4.66, an increase over the previous quarter. A total of two buildings delivered to the market in the quarter totaling 25,676 square feet, with 73,201 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall Jacksonville Industrial market was positive 993,115 square feet in the second quarter That compares to positive 1,407,040 square feet in the first quarter 2016, positive 1,338,291 square feet in the fourth quarter 2015, and positive 654,372 square feet in the third quarter Tenants moving into large blocks of space in 2016 include: GE Oil & Gas moving into 510,433 square feet at Cecil Commerce Center, Calavo Growers moving into 290,185 square feet at Northeast Florida Industrial Center, and River Valley Paper Company, Inc. moving into 120,000 square feet at US Highway 17. The Flex building market recorded net absorption of positive 33,555 square feet in the second quarter 2016, compared to negative (40,219) square feet in the first quarter 2016, positive 11,897 in the fourth quarter 2015, and positive 38,693 in the third quarter The Warehouse building market recorded net absorption of positive 959,560 square feet in the second quarter 2016 compared to positive 1,447,259 square feet in the first quarter 2016, positive 1,326,394 in the fourth quarter 2015, and positive 615,679 in the third quarter The Industrial vacancy rate in the Jacksonville market area decreased to 5.3% at the end of the second quarter The vacancy rate was 6.1% at the end of the first quarter 2016, 6.6% at the end of the fourth quarter 2015, and 7.3% at the end of the third quarter Flex projects reported a vacancy rate of 9.9% at the end of the second quarter 2016, 10.5% at the end of the first quarter 2016, 9.9% at the end of the fourth quarter 2015, and 10.1% at the end of the third quarter Warehouse projects reported a vacancy rate of 5.0% at the end of the second quarter 2016, 5.8% at the end of first quarter 2016, 6.4% at the end of the fourth quarter 2015, and 7.1% at the end of the third quarter Largest Lease Signings The largest lease signings occurring in 2016 included: the 200,000-square-foot renewal signed by Samsung Electronics America Inc at Westlake Industrial Park in the West Side market; the 59,500-square-foot deal signed by Fanatics at Cypress Point Business Park in the Butler Corridor market; and the 57,000-square-foot lease signed by Southeast Toyota at The Madison Bldg at 7750 Bayberry Rd in the Butler Corridor market. Rates by Building Type % Flex Warehouse Total Market 18% 16% 14% Rate 12% 10% 8% 6% 4% 2% 0% q q q q q q q q q q q q q q q q 2016 CoStar Group, Inc. The CoStar Industrial Report 1

7 Jacksonville Mid-Year 2016 Overview Sublease The amount of vacant sublease space in the Jacksonville market increased to 46,164 square feet by the end of the second quarter 2016, from 11,488 square feet at the end of the first quarter There was 16,450 square feet vacant at the end of the fourth quarter 2015 and 16,450 square feet at the end of the third quarter Jacksonville s Flex projects reported vacant sublease space of 0 square feet at the end of second quarter 2016, from the 0 square feet reported at the end of the first quarter There was 2,850 square feet of sublease space vacant at the end of the fourth quarter 2015, and 2,850 square feet at the end of the third quarter Warehouse projects reported increased vacant sublease space from the first quarter 2016 to the second quarter Sublease vacancy went from 11,488 square feet to 46,164 square feet during that time. There was 13,600 square feet at the end of the fourth quarter 2015, and 13,600 square feet at the end of the third quarter Rental Rates The average quoted asking rental rate for available Industrial space was $4.66 per square foot per year at the end of the second quarter 2016 in the Jacksonville market area. This represented a 9.6% increase in quoted rental rates from the end of the first quarter 2016, when rents were reported at $4.25 per square foot. The average quoted rate within the Flex sector was $9.71 per square foot at the end of the second quarter 2016, while Warehouse rates stood at $4.34. At the end of the first quarter 2016, Flex rates were $9.52 per square foot, and Warehouse rates were $3.90. Deliveries and Construction During the second quarter 2016, two buildings totaling 25,676 square feet were completed in the Jacksonville market U.S. Comparison Past 8 Quarters Rate 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 3.0% Jacksonville (Florida) United States area. This compares to two buildings totaling 747,752 square feet that were completed in the first quarter 2016, five buildings totaling 579,775 square feet completed in the fourth quarter 2015, and 424,527 square feet in two buildings completed in the third quarter There was 73,201 square feet of Industrial space under construction at the end of the second quarter Some of the notable 2016 deliveries include: GE Oil & Gas, a 510,433-square-foot facility located in the Cecil Commerce Center that delivered in first quarter 2016 and is now 100% occupied, and 4948 Bulls Bay Hwy, a 237,319-square-foot building that delivered in first quarter 2016 and is now 0% occupied. The largest projects underway at the end of second quarter 2016 were 7051 Stuart Ave, a 50,000-square-foot facility that is 100% pre-leased; and 1182 Sumac Rd, a 23,201-squarefoot facility that is 100% pre-leased. Inventory Total Industrial inventory in the Jacksonville market area amounted to 126,442,220 square feet in 3,978 buildings as of the end of the second quarter The Flex sector consisted of 7,622,225 square feet in 310 projects. The Warehouse sector consisted of 118,819,995 square feet in 3,668 buildings. Within the Industrial market there were 424 owner-occupied buildings accounting for 33,194,364 square feet of Industrial space. Sales Activity Tallying industrial building sales of 15,000 square feet or larger, Jacksonville (Florida) industrial sales figures rose during the first quarter 2016 in terms of dollar volume compared to the fourth quarter of In the first quarter, 10 industrial transactions closed with a total volume of $47,226,819. The 10 buildings totaled 884,743 square feet and the average price per square foot equated to $53.38 per square foot. That compares to seven transactions totaling $12,145,000 in the fourth quarter. The total square footage was 542,065 for an average price per square foot of $ Total year-to-date industrial building sales activity in 2016 is down compared to the previous year. In the first three months of 2016, the market saw 10 industrial sales transactions with a total volume of $47,226,819. The price per square foot has averaged $53.38 this year. In the first three months of 2015, the market posted eight transactions with a total volume of $99,308,854. The price per square foot averaged $ Cap rates have been higher in 2016, averaging 8.00%, compared to the first three months of last year when they averaged 6.50%. 1.0% 0.0% q 2 The CoStar Industrial Report 2016 CoStar Group, Inc.

8 Overview Mid-Year 2016 Jacksonville One of the largest transactions that has occurred within the last four quarters in the Jacksonville (Florida) market is the sale of Coach Distribution Center in Jacksonville. This 851,376- square-foot industrial building sold for $90,500,000, or $ per square foot. The property sold on 8/3/2015, at a 5.97% cap rate. Reports compiled by: Andrew Sears, CoStar Research Manager. Absorption & Deliveries Past 8 Quarters Net Absorption Deliveries (0.2) (0.1) q 2016 CoStar Group, Inc. The CoStar Industrial Report 3

9 Jacksonville Mid-Year 2016 Markets CoStar 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 Arlington Ind Baker County Ind Beaches Ind Butler Corridor Ind Downtown Ind Mandarin Ind Nassau County Ind North Side Ind Ocean Way Ind Orange Park/Clay Cnty Ind Riverside Ind San Marco Ind South Side Ind St Johns Ind West Side Ind 4 The CoStar Industrial Report 2016 CoStar Group, Inc.

10 Inventory & development Mid-Year 2016 Jacksonville Historical Deliveries Deliveries Average Delivered SF Millions of SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction RBA Under Construction Inventory Average Bldg Size Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C Riverside Ind 1 50,000 50, % 25,712 50,000 Butler Corridor Ind 1 50,000 50, % 33,285 50,000 West Side Ind 1 23,201 23, % 57,217 23,201 St Johns Ind % 16,618 0 Beaches Ind % 6,920 0 Orange Park/Clay Cnty Ind % 26,092 0 Downtown Ind % 25,079 0 Mandarin Ind % 13,824 0 North Side Ind % 62,440 0 Ocean Way Ind % 100,145 0 All Other % 19,741 0 Totals 3 123, , % 31,785 41,067 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2012 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 1.2 Leased Un-Leased 80 Preleased Un-Leased Millions of SF Thousands of SF q 2016 CoStar Group, Inc. The CoStar Industrial Report 5

11 Jacksonville Mid-Year 2016 Inventory & development Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction 0.8 Construction Starts 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 2 25,676 25, % $ , ,000 SF - 99,999 SF % $ ,000 SF - 249,999 SF 1 237, % $ , ,000 SF - 499,999 SF % $ >= 500,000 SF 1 510, , % $ ,433 0 Recent Development by Tenancy Comparison Based on RBA Developed for Single & Multi-Tenant Use Based on Total RBA 2016 Deliveries Currently Under Construction By Building Type By Tenancy Type 69% 31% 59% 41% 94% 6% 51% 49% Multi Single Multi Single Flex Warehouse Multi Single 6 The CoStar Industrial Report 2016 CoStar Group, Inc.

12 Inventory & development Mid-Year 2016 Jacksonville 2016 CoStar Group, Inc. The CoStar Industrial Report 7

13 Jacksonville Mid-Year 2016 Figures at a Glance Flex Market Statistics Mid-Year 2016 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Arlington Ind 9 111,495 25,600 25, % $14.08 Baker County Ind % $0.00 Beaches Ind ,805 8,100 8, % $12.15 Butler Corridor Ind 108 4,422, , , % (21,492) 0 0 $9.53 Downtown Ind 8 80, % $0.00 Mandarin Ind 9 78,532 2,300 2, % (2,300) 0 0 $12.00 Nassau County Ind 5 35, % $0.00 North Side Ind 4 127, % (12,000) 0 0 $0.00 Ocean Way Ind 3 110,830 16,000 16, % $4.75 Orange Park/Clay Cnty Ind ,471 45,009 45, % (60) 0 0 $13.90 Riverside Ind ,452 2,100 2, % 8, $6.50 San Marco Ind ,621 32,180 32, % 3, $10.01 South Side Ind ,593 36,960 36, % 13, $8.62 St Johns Ind ,980 21,440 21, % (5,064) 0 0 $10.49 West Side Ind ,134 1,837 1, % 8, $10.00 Totals 310 7,622, , , % (6,664) 0 0 $9.71 Warehouse Market Statistics Mid-Year 2016 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Arlington Ind ,465 59,664 59, % 11, $5.22 Baker County Ind 17 1,298, , , % $3.39 Beaches Ind ,582 23,285 23, % 7,852 8,651 0 $8.49 Butler Corridor Ind ,379, , , % 427, ,000 $5.20 Downtown Ind ,406, , , % 8, $2.79 Mandarin Ind 95 1,359,185 65,639 65, % (8,139) 0 0 $5.52 Nassau County Ind 105 3,263,197 91,867 91, % 123, $3.30 North Side Ind 112 7,115, , , % (56,923) 0 0 $3.19 Ocean Way Ind ,307,180 1,153,470 1,153, % 499, $3.51 Orange Park/Clay Cnty Ind 196 5,157, , , % 383, $5.30 Riverside Ind ,209, , , % 596, ,458 50,000 $4.74 San Marco Ind 224 3,912, , , % 11, $5.36 South Side Ind 99 1,115,671 13,748 13, % (800) 0 0 $4.21 St Johns Ind 301 5,039, , , % 96, $5.71 West Side Ind ,304,170 1,757,144 1,803, % 305, ,319 23,201 $5.13 Totals 3, ,819,995 5,908,731 5,954, % 2,406, , ,201 $4.34 Total Industrial Market Statistics Mid-Year 2016 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Arlington Ind 85 1,078,960 85,264 85, % 12, $5.95 Baker County Ind 17 1,298, , , % $3.39 Beaches Ind 158 1,093,387 31,385 31, % 7,852 8,651 0 $9.17 Butler Corridor Ind ,802,830 1,361,595 1,361, % 406, ,000 $6.34 Downtown Ind ,486, , , % 8, $2.79 Mandarin Ind 104 1,437,717 67,939 67, % (10,439) 0 0 $5.68 Nassau County Ind 110 3,298,650 91,867 91, % 123, $3.30 North Side Ind 116 7,243, , , % (68,923) 0 0 $3.19 Ocean Way Ind ,418,010 1,169,470 1,169, % 499, $3.51 Orange Park/Clay Cnty Ind 212 5,531, , , % 383, $5.78 Riverside Ind ,795, , , % 604, ,458 50,000 $4.77 San Marco Ind 250 4,412, , , % 15, $6.11 South Side Ind 120 1,401,264 50,708 50, % 12, $7.35 St Johns Ind 333 5,533, , , % 91, $6.03 West Side Ind ,611,304 1,758,981 1,805, % 314, ,319 23,201 $5.14 Totals 3, ,442,220 6,661,834 6,707, % 2,400, , ,201 $ The CoStar Industrial Report 2016 CoStar Group, Inc.

14 Figures at a Glance Mid-Year 2016 Jacksonville 2016 CoStar Group, Inc. The CoStar Industrial Report 9

15 Jacksonville Mid-Year 2016 Leasing Activity Historical Rental Rates Based on Quoted Rental Rates $14.00 Flex Warehouse Total Market $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $ q q q q q q q q by Available Space Type by Building Type Percent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type Jacksonville (Florida) United States Jacksonville (Florida) United States 1% 3% 11% 14% 89% 86% 99% 97% Direct Sublet Direct Sublet Flex Warehouse Flex Warehouse U.S. Rental Rate Comparison Based on Average Quoted Rental Rates Future Space Available Space Scheduled to be Available for Occupancy* $7.00 Jacksonville (Florida) United States $ $5.00 $4.00 $3.00 $2.00 Millions $ $ q q q q * Includes Under Construction Space 10 The CoStar Industrial Report 2016 CoStar Group, Inc.

16 Leasing Activity Mid-Year 2016 Jacksonville Select Top Industrial Leases Based on Leased Square Footage For Deals Signed in 2016 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 Westlake Industrial Park* West Side Ind 200,000 1st Samsung Electronics America Inc N/A N/A 2 Alta Lakes Commerce Center - Building 3 Ocean Way Ind 110,137 1st N/A N/A Newmark Grubb Phoenix Realty Grou N Lane Ave West Side Ind 81,658 2nd N/A N/A Cushman & Wake eld of Florida, Inc Industrial Loop NW Orange Park/Clay Cnty Ind 60,800 2nd Navy N/A WesJax Development Company; ABC Ind 5 Cypress Point Business Park Butler Corridor Ind 59,500 1st Fanatics N/A Graham & Company, LLC Bayberry Rd Butler Corridor Ind 57,000 1st Southeast Toyota N/A G F Florida Richard St Butler Corridor Ind 49,000 2nd N/A N/A Pine Street/RPS, LLC A C Skinner Pky Butler Corridor Ind 48,280 1st FIDELITONE Newmark Grubb Phoenix Realty Grou Lingerfelt CommonWealth Partners Imeson Rd West Side Ind 42,587 1st N/A N/A JLL 10 Westside Industrial Park - Building 19 West Side Ind 42,164 2nd N/A N/A JLL 11 Westgate Distribution Center West Side Ind 42,000 2nd N/A N/A Cushman & Wake eld of Florida, Inc Shawland Rd West Side Ind 25,000 1st N/A N/A Cushman & Wake eld of Florida, Inc 13 Reynolds Industrial Park - Building 7 Orange Park/Clay Cnty Ind 24,778 1st Bakken Systems N/A Reynolds Industrial Park Stuart Ln* Riverside Ind 23,184 2nd Superior Plus Construction Products Corp N/A N/A Highway Ave Riverside Ind 22,500 1st N/A N/A Easton, Sanderson and Company Bulkhead Rd - Building 391 Orange Park/Clay Cnty Ind 21,350 2nd Lockheed Martin Direct Deal Reynolds Industrial Park Shawland Rd West Side Ind 21,200 1st N/A N/A Cushman & Wake eld of Florida, Inc University Blvd W San Marco Ind 20,000 1st N/A N/A Easton, Sanderson and Company N Industrial Loop Orange Park/Clay Cnty Ind 19,000 1st N/A N/A ABC Industrial Park 20 Avenues North Commerce Pk - Bldg 200 Butler Corridor Ind 18,908 1st EMG World Class Gymnastics Colliers International Northeast Fl Colliers International Northeast Fl Cumberland Park Ln St Johns Ind 15,500 2nd N/A N/A Colliers International Northeast Fl Phillips Hwy - Building #1 San Marco Ind 14,760 1st N/A N/A Newmark Grubb Phoenix Realty Grou 23 Avenues North Commerce Pk - Building 400 Butler Corridor Ind 13,600 1st N/A N/A Colliers International Northeast Fl Mill Creek Rd Arlington Ind 13,300 2nd N/A N/A Landbridge Realty Group 25 Highway Ave Distribution - Bldg 1 - Highway A Riverside Ind 13,200 1st Liberty Engine N/A Newmark Grubb Phoenix Realty Grou 26 Westside Industrial Park - Building 3 West Side Ind 12,800 1st Sea Fright Logistics JLL JLL 27 Belfort Park - Belfort Five Butler Corridor Ind 12,611 1st N/A N/A Banyan Street Capital W Beaver St Riverside Ind 12,196 1st N/A N/A Colliers International Northeast Fl Ionia St Downtown Ind 11,000 1st N/A N/A N/A N Canal St West Side Ind 10,850 2nd Henley Metal LLC N/A Powell Edward R Philips Hwy San Marco Ind 10,728 1st Stage Lighting Store N/A Tresca Equipment Company; Colliers 32 Agmac Distribution Center West Side Ind 10,000 2nd N/A N/A Cushman & Wake eld of Florida, Inc Hill St - Building C Downtown Ind 10,000 2nd N/A N/A 709 Talleyrand Ave 34 Airport Industrial Park - Building 300 North Side Ind 10,000 2nd N/A Direct Deal BRC Florida Holdings, LLC Wambolt St Downtown Ind 10,000 2nd N/A N/A 709 Talleyrand Ave 36 SouthGate Building 3 Butler Corridor Ind 9,750 1st The Carpet Company III Colliers International Northeast Fl Colliers International Northeast Fl Business Park Ct Orange Park/Clay Cnty Ind 9,600 2nd N/A N/A Keller Williams First Coast Realty France Ave Riverside Ind 9,500 2nd N/A N/A Coldwell Banker Commercial Benchmar Edgewood Ave N West Side Ind 8,240 1st Engine Land N/A Litmark, Inc S 2nd St Nassau County Ind 7,656 1st Maritime Museum N/A Amelia Coastal Realty * Renewal 2016 CoStar Group, Inc. The CoStar Industrial Report 11

17 Jacksonville Mid-Year 2016 Sales Activity The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 11.0% Cap Rate Price/SF $ % 9.0% $110 Cap Rate Percentage 8.0% 7.0% 6.0% 5.0% $90 $70 $50 Dollars/SF 3.0% $30 1.0% q q q $10 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Industrial Building Sales of 15,000 SF and Larger Based on Industrial Bldg Sales From April March 2016 $200 Sales Volume Price/SF $90 Bldg Size # RBA $ Volume Price/SF Cap Rate Millions of Sales Volume Dollars $180 $160 $140 $120 $100 $80 $60 $40 $80 $70 $60 $50 $40 $30 $20 Price/SF < 25,000 SF 25K-99K SF 100K-249K SF ,636 $27,342,200 $ ,151,878 $46,467,700 $ % 7 1,067,530 $44,633,100 $ $20 $10 $ q q q q $0 >250K SF 4 3,037,705 $186,122,819 $ % Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Industrial Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Industrial Building Sales of 15,000 SF and Larger $90 Jacksonville (Florida) US 11.0% Jacksonville (Florida) US $ % $70 9.0% $60 $50 $40 $30 $20 Cap Rate Percentage 8.0% 7.0% 6.0% 5.0% 3.0% $10 $0 1.0% q q q q q q q q Source: CoStar COMPS Source: CoStar COMPS 12 The CoStar Industrial Report 2016 CoStar Group, Inc.

18 Mid-Year 2016 Jacksonville 2016 CoStar Group, Inc. The CoStar Industrial Report 13 Sales Activity

19 Jacksonville Mid-Year 2016 Deliveries, Absorption & A r l i n g t o n M a r k e t MARKET HIGHLIGHTS - Flex & Warehouse (0.010) (0.020) (0.030) (0.040) (0.050) Delivered SF Absorption SF q q q q q q q q q q q q q q % 8.0% 6.0% 0.0% Percent Vacant Vacant Space Quoted Rental Rates 0.14 Direct SF Sublet SF $6.00 $ $ $5.70 $5.60 $5.50 $5.40 $5.30 $5.20 $ $5.00 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 85 1,078,960 85, % 7, $ q 85 1,078,960 93, % 4, $ q 85 1,078,960 97, % 28, $ q 85 1,078, , % 2, $ q 85 1,078, , % $ q 85 1,078, , % $ q 85 1,078, , % $ q 85 1,078, , % 2, $ q 85 1,078, , % (3,600) $ q 85 1,078, , % (40,964) $ q 85 1,078,960 86, % 14, $ q 85 1,078, , % (13,300) $ q 85 1,078,960 86, % (15,828) $ q 85 1,078,960 70, % 9, $ q 85 1,078,960 80, % (9,162) $ q 85 1,078,960 71, % (6,600) $ The CoStar Industrial Report 2016 CoStar Group, Inc.

20 Deliveries, Absorption & B a k e r C o u n t y M a r k e t MARKET HIGHLIGHTS - Flex & Warehouse Mid-Year 2016 Jacksonville (0.020) (0.040) Delivered SF Absorption SF q q q q q q q q q q q q q q 18.0% 16.0% % 8.0% 6.0% 0.0% Percent Vacant Vacant Space Quoted Rental Rates Direct SF Sublet SF $3.45 $3.40 $ $3.30 $3.25 $3.20 $3.15 $ $ $3.00 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 17 1,298, , % $ q 17 1,298, , % $ q 17 1,298, , % $ q 17 1,298, , % 7, $ q 17 1,298, , % $ q 17 1,298, , % (7,500) $ q 17 1,298, , % $ q 17 1,298, , % 94, $ q 17 1,298, , % $ q 17 1,298, , % 3, $ q 17 1,298, , % $ q 17 1,298, , % (26,746) $ q 17 1,298, , % $ q 17 1,298, , % $ q 17 1,298, , % $ q 17 1,298, , % $ CoStar Group, Inc. The CoStar Industrial Report 15

21 Jacksonville Mid-Year 2016 Deliveries, Absorption & B e a c h e s M a r k e t MARKET HIGHLIGHTS - Flex & Warehouse Delivered SF Absorption SF 10.0% % 8.0% 7.0% 6.0% 5.0% 3.0% 1.0% Percent Vacant (0.005) q q q q q q q q q q q q q q 0.0% Vacant Space Quoted Rental Rates 0.07 Direct SF Sublet SF $ $ $9.60 $9.40 $ $ $8.80 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 158 1,093,387 31, % 8, , $ q 157 1,084,736 30, % (150) ,651 $ q 157 1,084,736 30, % 14, ,651 $ q 157 1,084,736 45, % 4, $ q 157 1,084,736 50, % 9, $ q 157 1,084,736 60, % (3,148) $ q 157 1,084,736 56, % 2, $ q 157 1,084,736 59, % 2, $ q 157 1,084,736 62, % 31, , $ q 156 1,056,913 65, % (1,765) ,823 $ q 156 1,056,913 63, % 14, ,823 $ q 156 1,056,913 77, % 21, ,823 $ q 156 1,056,913 99, % (113) $ q 156 1,056,913 99, % 26, $ q 156 1,056, , , $ q 156 1,056, , % 14, , $ The CoStar Industrial Report 2016 CoStar Group, Inc.

22 Deliveries, Absorption & B u t l e r C o r r i d o r M a r k e t MARKET HIGHLIGHTS - Flex & Warehouse Mid-Year 2016 Jacksonville Delivered SF Absorption SF (0.100) (0.200) % 8.0% 6.0% Percent Vacant (0.300) q q q q q q q q q q q q q q 0.0% Vacant Space Quoted Rental Rates 2.50 Direct SF Sublet SF $6.40 $ $6.30 $6.25 $6.20 $6.15 $6.10 $6.05 $6.00 $ $5.90 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q ,802,830 1,361, % 156, ,000 $ q ,802,830 1,517, % 250, $ q ,802,830 1,767, % 431, , $ q ,450,153 1,846, % 103, ,677 $ q ,450,153 1,950, % 98, ,677 $ q ,450,153 2,048, % (26,839) ,677 $ q ,450,153 2,021, % (100,785) ,677 $ q ,450,153 1,921, % (259,406) $ q ,450,153 1,661, % 52, $ q ,450,153 1,714, % 279, $ q ,450,153 1,993, % 61, $ q ,450,153 2,055, % 288, $ q ,450,153 2,343, % 328, $ q ,450,153 2,672, % 51, $ q ,450,153 2,724, % 113, $ q ,450,153 2,837, % (102,939) $ CoStar Group, Inc. The CoStar Industrial Report 17

23 Jacksonville Mid-Year 2016 Deliveries, Absorption & D o w n t o w n M a r k e t MARKET HIGHLIGHTS - Flex & Warehouse Delivered SF Absorption SF 6.0% % % Percent Vacant (0.050) 1.0% (0.100) q q q q q q q q q q q q q q 0.0% Vacant Space Quoted Rental Rates 0.60 Direct SF Sublet SF $ $2.80 $2.70 $2.60 $2.50 $ $ $2.20 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q ,486, , % 19, $ q ,486, , % (10,686) $ q ,486, , % (41,251) $ q ,486, , % 134, $ q ,510, , % 45, $ q ,510, , % (19,784) $ q ,510, , % 13, $ q ,510, , % (48,657) $ q ,510, , % (40,070) $ q ,510, , % 109, $ q ,510, , % (73,960) $ q ,510, , % 10, $ q ,510, , % 63, $ q ,510, , % $ q ,510, , % (1,886) $ q ,510, , % (1,065) $ The CoStar Industrial Report 2016 CoStar Group, Inc.

24 Deliveries, Absorption & M a n d a r i n M a r k e t MARKET HIGHLIGHTS - Flex & Warehouse Mid-Year 2016 Jacksonville (0.010) (0.020) (0.030) Delivered SF Absorption SF q q q q q q q q q q q q q q 9.0% 8.0% 7.0% 6.0% 5.0% 3.0% 1.0% 0.0% Percent Vacant Vacant Space Quoted Rental Rates 0.08 Direct SF Sublet SF $ $ $6.00 $5.00 $4.00 $ $ $ $0.00 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 104 1,437,717 67, % (2,300) $ q 104 1,437,717 65, % (8,139) $ q 104 1,437,717 57, $ q 104 1,437,717 57,500 8, $ q 104 1,437,717 66, % 3, $ q 104 1,437,717 69, % (4,940) 1 5, $ q 103 1,432,717 59, % 24, ,000 $ q 103 1,432,717 84, % (11,800) ,000 $ q 103 1,432,717 72, % 9, $ q 103 1,432,717 82, % $ q 103 1,432,717 82, % 30, $ q 103 1,432, , % (17,100) $ q 103 1,432,717 95, % 2, $ q 103 1,432,717 97, % 71, $ q 103 1,432, , % 9, $ q 103 1,432, , % 14, $ CoStar Group, Inc. The CoStar Industrial Report 19

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