CoStar Office Statistics. M i d - Y e a r Denver Office Market

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1 CoStar Office Statistics M i d - Y e a r

2 Mid-Year 2017 Denver 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 Deliveries Select Top Under Construction Properties Figures at a Glance Figures at a Glance by Class & Market Figures at a Glance by Class & Submarket Figures at a Glance Grouped by CBD vs Suburban Historical Figures at a Glance Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Analysis of Individual CoStar Submarket Clusters Aurora Market Boulder Market Broomfield Market Clear Creek County Market Colorado Blvd/Glendale Market Downtown Market Elbert County Market Fort Collins/Loveland Market Gilpin County Market Longmont Market Midtown Market North Denver Market Northeast Denver Market Northwest Denver Market Park County Market Parker/Castle Rock Market Southeast Denver Market Southwest Denver Market Weld County Market West Denver Market 2017 CoStar Group, Inc. CoStar Office Statistics A

3 Denver Mid-Year 2017 Methodology The CoStar Office Statistics, 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 global database includes approximately 95.6 billion square feet of coverage in 4.4 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 2017 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 CoStar Office Statistics 2017 CoStar Group, Inc.

4 Mid-Year 2017 Denver 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 2017 CoStar Group, Inc. CoStar Office Statistics C

5 Denver Mid-Year 2017 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 CoStar Office Statistics 2017 CoStar Group, Inc.

6 Overview Mid-Year 2017 Denver Denver s Rises to 10.4% Net Absorption Positive 623,355 SF in the Quarter The Denver Office market ended the second quarter 2017 with a vacancy rate of 10.4%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 623,355 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 1,850,094 square feet. Rental rates ended the second quarter at $25.84, an increase over the previous quarter. A total of 14 buildings delivered to the market in the quarter totaling 886,365 square feet, with 4,820,922 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall Denver office market was positive 623,355 square feet in the second quarter That compares to positive 62,497 square feet in the first quarter 2017, positive 293,224 square feet in the fourth quarter 2016, and negative (198,868) square feet in the third quarter Tenants moving out of large blocks of space in 2017 include: DCP Midstream LLC moving out of 94,534 square feet at th St; US Forest Service moving out of 96,870 square feet at United States Forest Service; and XTO Energy moving out of 50,787 square feet at 9193 S Jamaica St. Tenants moving into large blocks of space in 2017 include: Comcast moving into 82,104 square feet at 3404 E Harmony Rd; Wiland Direct moving into 60,266 square feet at 7420 E Dry Creek Pky; and Zayo Group moving into 45,598 square feet at th St. The Class-A office market recorded net absorption of positive 64,955 square feet in the second quarter 2017, compared to negative (482,800) square feet in the first quarter 2017, positive 78,476 in the fourth quarter 2016, and negative (88,901) in the third quarter The Class-B office market recorded net absorption of positive 564,581 square feet in the second quarter 2017, compared to positive 513,551 square feet in the first quarter 2017, positive 185,447 in the fourth quarter 2016, and negative (62,258) in the third quarter The Class-C office market recorded net absorption of negative (6,181) square feet in the second quarter 2017 compared to positive 31,746 square feet in the first quarter 2017, positive 29,301 in the fourth quarter 2016, and negative (47,709) in the third quarter Net absorption for Denver s central business district was positive 127,064 square feet in the second quarter That compares to negative (173,180) square feet in the first quarter 2017, negative (47,042) in the fourth quarter 2016, and negative (197,122) in the third quarter Net absorption for the suburban markets was positive 496,291 square feet in the second quarter That compares to positive 235,677 square feet in first quarter 2017, positive 340,266 in the fourth quarter 2016, and negative (1,746) in the third quarter The office vacancy rate in the Denver market area increased to 10.4% at the end of the second quarter The vacancy rate was 10.2% at the end of the first quarter 2017, 9.8% at the end of the fourth quarter 2016, and 9.7% at the end of the third quarter Class-A projects reported a vacancy rate of 14.1% at the Rates by Class A B C Total Market 25% 20% Rate 15% 10% 5% 0% q q q q q q q q q q q q q q q q q q 2017 CoStar Group, Inc. CoStar Office Statistics 1

7 Denver Mid-Year 2017 Overview end of the second quarter 2017, 13.3% at the end of the first quarter 2017, 11.6% at the end of the fourth quarter 2016, and 11.3% at the end of the third quarter Class-B projects reported a vacancy rate of 9.6% at the end of the second quarter 2017, 9.7% at the end of the first quarter 2017, 9.9% at the end of the fourth quarter 2016, and 10.0% at the end of the third quarter Class-C projects reported a vacancy rate of 4.1% at the end of the second quarter 2017, 4.2% at the end of first quarter 2017, 4.3% at the end of the fourth quarter 2016, and 4.5% at the end of the third quarter The overall vacancy rate in Denver s central business district at the end of the second quarter 2017 decreased to 14.1%. The vacancy rate was 14.3% at the end of the first quarter 2017, 13.2% at the end of the fourth quarter 2016, and 12.3% at the end of the third quarter The vacancy rate in the suburban markets increased to 9.6% in the second quarter The vacancy rate was 9.3% at the end of the first quarter 2017, 9.1% at the end of the fourth quarter 2016, and 9.2% at the end of the third quarter Largest Lease Signings The largest lease signings occurring in 2017 included: the 333,929-square-foot lease signed by Encana Oil & Gas Inc. at th St in the Downtown market; the 257,744-square-foot deal signed by Charter Communications at 6175 S Willow Dr in the Southeast Denver market; and the 90,217-square-foot lease signed by Vertafore at th St in the Downtown market. Sublease The amount of vacant sublease space in the Denver market increased to 1,850,094 square feet by the end of the second quarter 2017, from 1,752,028 square feet at the end of the first quarter There was 1,579,912 square feet vacant at the end of the fourth quarter 2016 and 1,360,878 square feet at the end of the third quarter U.S. Comparison Past 8 Quarters Rate 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Denver United States q Denver s Class-A projects reported vacant sublease space of 1,331,488 square feet at the end of second quarter 2017, up from the 1,197,909 square feet reported at the end of the first quarter There were 1,030,537 square feet of sublease space vacant at the end of the fourth quarter 2016, and 922,075 square feet at the end of the third quarter Class-B projects reported vacant sublease space of 504,351 square feet at the end of the second quarter 2017, down from the 538,429 square feet reported at the end of the first quarter At the end of the fourth quarter 2016 there were 538,680 square feet, and at the end of the third quarter 2016 there were 430,055 square feet vacant. Class-C projects reported decreased vacant sublease space from the first quarter 2017 to the second quarter Sublease vacancy went from 15,690 square feet to 14,255 square feet during that time. There was 10,695 square feet at the end of the fourth quarter 2016, and 8,748 square feet at the end of the third quarter Sublease vacancy in Denver s central business district stood at 649,143 square feet at the end of the second quarter It was 689,683 square feet at the end of the first quarter 2017, 693,867 square feet at the end of the fourth quarter 2016, and 604,355 square feet at the end of the third quarter Sublease vacancy in the suburban markets ended the second quarter 2017 at 1,200,951 square feet. At the end of the first quarter 2017 sublease vacancy was 1,062,345 square feet, was 886,045 square feet at the end of the fourth quarter 2016, and was 756,523 square feet at the end of the third quarter Rental Rates The average quoted asking rental rate for available office space, all classes, was $25.84 per square foot per year at the end of the second quarter 2017 in the Denver market area. This represented a 1.0% increase in quoted rental rates from the end of the first quarter 2017, when rents were reported at $25.58 per square foot. The average quoted rate within the Class-A sector was $29.57 at the end of the second quarter 2017, while Class-B rates stood at $23.23, and Class-C rates at $ At the end of the first quarter 2017, Class-A rates were $29.42 per square foot, Class-B rates were $22.98, and Class-C rates were $ The average quoted asking rental rate in Denver s CBD was $31.86 at the end of the second quarter 2017, and $24.22 in the suburban markets. In the first quarter 2017, quoted rates were $31.28 in the CBD and $24.11 in the suburbs. Deliveries and Construction During the second quarter 2017, 15 buildings totaling 1,006,365 square feet were completed in the Denver market area. This compares to 14 buildings totaling 940,828 square feet that were completed in the first quarter 2017, 11 buildings 2 CoStar Office Statistics 2017 CoStar Group, Inc.

8 Overview Mid-Year 2017 Denver totaling 442,296 square feet completed in the fourth quarter 2016, and 530,565 square feet in 14 buildings completed in the third quarter There were 4,700,922 square feet of office space under construction at the end of the second quarter Some of the notable 2017 deliveries include: 7001 E Belleview Ave, a 318,000-square-foot facility that delivered in first quarter 2017 and is now 15% occupied, and 601 Broadway, a 300,000-square-foot building that delivered in second quarter 2017 and is now 98% occupied. The largest projects underway at the end of second quarter 2017 were th St, a 670,000-square-foot building with 35% of its space pre-leased, and th St, a 428,219- square-foot facility that is 81% pre-leased. Inventory Total office inventory in the Denver market area amounted to 199,031,017 square feet in 7,613 buildings as of the end of the second quarter The Class-A office sector consisted of 67,552,374 square feet in 370 projects. There were 3,972 Class- B buildings totaling 106,045,766 square feet, and the Class-C sector consisted of 25,432,877 square feet in 3,271 buildings. Within the Office market there were 583 owner-occupied buildings accounting for 24,879,723 square feet of office space. Sales Activity Tallying office building sales of 15,000 square feet or larger, Denver office sales figures fell during the first quarter 2017 in terms of dollar volume compared to the fourth quarter of In the first quarter, 32 office transactions closed with a total volume of $329,634,795. The 32 buildings totaled 1,826,406 square feet and the average price per square foot equated to $ per square foot. That compares to 34 transactions totaling $673,098,790 in the fourth quarter The total square footage in the fourth quarter was 3,845,588 square feet for an average price per square foot of $ Absorption & Deliveries Past 8 Quarters (0.2) (0.4) Net Absorption (0.20) Total office building sales activity in 2017 was down compared to In the first three months of 2017, the market saw 32 office sales transactions with a total volume of $329,634,795. The price per square foot averaged $ In the same first three months of 2016, the market posted 26 transactions with a total volume of $600,017,843. The price per square foot averaged $ Cap rates have been higher in 2017, averaging 6.97% compared to the same period in 2016 when they averaged 6.90%. One of the largest transactions that has occurred within the last four quarters in the Denver market is the sale of 1125 Seventeenth Street in Denver. This 499,975-square-foot office building sold for $169,700,000, or $ per square foot. The property sold on 1/9/2017 and was 85% occupied at time of sale. Reports compiled by: Jeff Miles, Research Manager. Deliveries q CoStar Group, Inc. CoStar Office Statistics 3

9 Denver Mid-Year 2017 Markets 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 Aurora Submarkets Aurora Boulder Boulder Boulder County Broomfield Clear Creek County Broomfield County Clear Creek County Colorado Blvd/Glendale Cherry Creek Colorado Blvd/I-25 Glendale Downtown CBD* LoDo* Platte River Elbert County Fort Collins/Loveland Gilpin County Longmont Elbert County Fort Collins/Loveland Gilpin County Longmont Midtown Capitol Hill South Midtown North Denver North Denver Northeast Denver East I-70/Montbello Northeast Denver Northwest Denver Park County Parker/Castle Rock Northwest Denver Park County Parker/Castle Rock Southeast Denver Arapahoe Rd Centennial Denver Tech Center East Hampden Greenwood Village Highlands Ranch Inverness Lone Tree Meridian Panorama/Highland Park Southwest Denver Weld County West Denver Southwest Denver Weld County West Denver * Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page. 4 CoStar Office Statistics 2017 CoStar Group, Inc.

10 Inventory & development Mid-Year 2017 Denver Historical Deliveries Deliveries Average Delivered SF Millions of SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction Square Footage Under Construction Inventory Average Bldg Size Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C Downtown 11 1,983,990 1,043, % 101, ,363 Southeast Denver 8 1,379, , % 54, ,450 Boulder , , % 18,670 60,093 West Denver 2 240, , % 20, ,000 Broomfield 1 176, % 49, ,588 Colorado Blvd/Glendale 2 154,768 41, % 29,402 77,384 Fort Collins/Loveland 2 127, , % 11,639 63,750 Parker/Castle Rock 4 86,650 26, % 12,050 21,662 Northeast Denver 2 52,142 25, % 20,197 26,071 Northwest Denver 1 18,750 13, % 14,770 18,750 All Other % 16,362 0 Totals 43 4,820,922 2,531, % 26, ,114 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2013 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 3.0 Leased Un-Leased 2,000 Preleased Un-Leased 2.5 1,800 1,600 Millions of SF Thousands of SF 1,400 1,200 1, T q q 2017 CoStar Group, Inc. CoStar Office Statistics 5

11 Denver Mid-Year 2017 Inventory & development Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction 1.4 Construction Starts 1.32 Deliveries Millions of SF (0.2) q q q q (0.10) 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 , , % $ , ,761 50,000 SF - 99,999 SF 4 266, , % $ 153, , ,000 SF - 249,999 SF 4 681, , % $ , ,000 SF - 499,999 SF 3 917, , % $ ,702 >= 500,000 SF % $ 0 0 Recent Development by Tenancy Comparison Based on RBA Developed for Single & Multi Tenant Use Based on Total RBA 2017 Deliveries Currently Under Construction By Class By Space Type 13% 23% 13% 21% 53% 34% 87% 77% 79% Multi Single Multi Single Class A Class B Class C Multi Single 6 CoStar Office Statistics 2017 CoStar Group, Inc.

12 Inventory & development Mid-Year 2017 Denver 2017 CoStar Group, Inc. CoStar Office Statistics 7

13 Denver Mid-Year 2017 Inventory & development 8 CoStar Office Statistics 2017 CoStar Group, Inc.

14 Figures at a Glance Mid-Year 2017 Denver Class A Market Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Aurora 14 2,051, , , % (109,208) 0 0 $24.28 Boulder 19 1,878, , , % 35, ,000 $32.38 Broomfield 20 3,171, , , % 75, ,588 $28.29 Clear Creek County % $ Colorado Blvd/Glendale 25 4,091, , , % (10,290) 229, ,768 $30.48 Downtown 58 23,033,670 3,214,307 3,734, % 91, ,653 1,937,013 $33.81 Elbert County % $ Fort Collins/Loveland ,651 63, , % (48,299) 0 120,000 $27.74 Gilpin County % $ Longmont 1 106,336 22,470 22, % $24.91 Midtown 7 1,114,758 57,998 57, % (51,934) 0 0 $29.81 North Denver 5 706,944 23,328 28, % (6,738) 0 0 $20.57 Northeast Denver 6 556,545 19,460 19, % 20, $26.50 Northwest Denver 16 1,748, , , % (190,587) 0 0 $25.40 Park County % $ Parker/Castle Rock 4 229,056 17,600 17, % 42,400 60,000 0 $ Southeast Denver ,369,654 2,797,153 3,272, % (289,700) 339,702 1,339,604 $26.44 Southwest Denver 6 1,359, , , % 5, $26.14 Weld County 6 667, % $26.70 West Denver 20 2,552, , , % 18, , ,000 $27.48 Totals ,552,374 8,185,333 9,516, % (417,845) 1,081,025 4,207,973 $29.57 Class B Market Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Aurora 165 6,085, , , % 3,987 4,026 0 $17.01 Boulder ,399, , , % 93,908 32, ,930 $26.09 Broomfield 70 3,175, , , % 1,654 19,825 0 $25.14 Clear Creek County 5 41, % (600) 0 0 $22.88 Colorado Blvd/Glendale 217 7,634, , , % 26, $23.73 Downtown ,362,551 1,244,358 1,399, % (72,744) 53,478 46,977 $29.94 Elbert County 4 19,455 11,964 11, % (11,964) 0 0 $ Fort Collins/Loveland 518 7,274, , , % 223, ,440 7,500 $22.46 Gilpin County 1 7, % $ Longmont 86 1,200,563 30,151 35, % 11, $20.84 Midtown 209 4,503, , , % 219, ,000 0 $24.82 North Denver 107 3,639, , , % 98,550 61,000 0 $21.75 Northeast Denver 93 2,842, , , % (102,467) 13,702 52,142 $21.07 Northwest Denver 195 3,492, , , % 58,548 19,000 18,750 $20.06 Park County 4 18, % 5, $8.74 Parker/Castle Rock 103 1,535, , , % 25, ,650 $26.99 Southeast Denver ,346,034 2,439,066 2,598, % 340,122 34,350 40,000 $22.00 Southwest Denver 274 6,448, , , % 58, $17.62 Weld County 290 3,346, , , % 3,380 15,347 0 $18.07 West Denver 348 9,671,973 1,188,776 1,219, % 94,028 24,000 0 $21.42 Totals 3, ,045,766 9,634,309 10,138, % 1,078, , ,949 $ CoStar Group, Inc. CoStar Office Statistics 9

15 Denver Mid-Year 2017 Figures at a Glance Class C Market Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Aurora 124 1,223,374 85,852 85, % 1, $12.44 Boulder 241 1,658,334 38,876 41, % (7,123) 0 0 $26.61 Broomfield ,630 9,757 9, % (5,226) 0 0 $20.21 Clear Creek County 5 46, % $ Colorado Blvd/Glendale 227 2,063, , , % (578) 0 0 $18.58 Downtown 99 1,877,967 79,714 79, % $24.18 Elbert County 15 35,627 5,334 5, % $5.81 Fort Collins/Loveland 360 2,206,593 86,373 86, % 65, $19.50 Gilpin County 3 7, % $24.45 Longmont ,608 38,976 38, % (13,859) 0 0 $17.20 Midtown 459 3,654, , , % (109) 0 0 $24.79 North Denver ,216 17,510 17, % (11,281) 0 0 $12.74 Northeast Denver 142 1,468,482 37,811 37, % (5,591) 0 0 $15.93 Northwest Denver 251 1,581,710 55,150 57, % (8,672) 0 0 $19.98 Park County 10 30,432 3,180 3, % $8.00 Parker/Castle Rock ,993 7,576 7, % 5, $19.09 Southeast Denver 175 2,217,121 85,278 86, % (11,556) 0 0 $18.31 Southwest Denver 264 1,966,430 78,172 78, % 11, $16.23 Weld County 265 1,342,477 31,946 31, % $13.58 West Denver 367 2,509, , , % 3, $15.13 Totals 3,271 25,432,877 1,035,582 1,049, % 25, $19.11 Total Office Market Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Aurora 303 9,361, , , % (103,703) 4,026 0 $18.19 Boulder ,936, ,531 1,073, % 121,907 32, ,930 $27.20 Broomfield 131 6,526, , , % 71,479 19, ,588 $26.72 Clear Creek County 10 88, % (600) 0 0 $22.88 Colorado Blvd/Glendale ,789,760 1,459,948 1,524, % 16, , ,768 $26.17 Downtown ,274,188 4,538,379 5,213, % 18, ,131 1,983,990 $32.52 Elbert County 19 55,082 17,298 17, % (11,464) 0 0 $5.81 Fort Collins/Loveland ,393, , , % 241, , ,500 $22.42 Gilpin County 4 15, % $24.45 Longmont 185 1,947,507 91,597 96, % (2,374) 0 0 $21.60 Midtown 675 9,273, , , % 167, ,000 0 $25.44 North Denver 169 4,724, , , % 80,531 61,000 0 $21.10 Northeast Denver 241 4,867, , , % (87,272) 13,702 52,142 $21.75 Northwest Denver 462 6,823, , , % (140,711) 19,000 18,750 $22.78 Park County 14 48,496 3,180 3, % 6, $8.72 Parker/Castle Rock 175 2,108, , , % 73,262 60,000 86,650 $26.28 Southeast Denver ,932,809 5,321,497 5,957, % 38, ,052 1,379,604 $24.50 Southwest Denver 544 9,774,316 1,132,454 1,160, % 76, $18.13 Weld County 561 5,356, , , % 3,869 15,347 0 $17.85 West Denver ,734,077 1,544,082 1,618, % 115, , ,000 $21.64 Totals 7, ,031,017 18,855,224 20,705, % 685,852 1,827,193 4,820,922 $ CoStar Office Statistics 2017 CoStar Group, Inc.

16 Figures at a Glance Mid-Year 2017 Denver Class A Submarket Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Arapahoe Rd 1 175,000 5,372 5, % $28.01 Aurora 14 2,051, , , % (109,208) 0 0 $24.28 Boulder 12 1,306, , , % 33, ,000 $38.23 Boulder County 7 571,775 22,893 22, % 1, $24.42 Broomfield County 20 3,171, , , % 75, ,588 $28.29 Capitol Hill 4 858,723 57,998 57, % (51,934) 0 0 $29.81 CBD 33 18,554,172 2,739,197 3,140, % (90,874) 0 670,000 $32.88 Centennial 3 565, % $ Cherry Creek 9 1,051, , , % (7,809) 0 154,768 $38.77 Clear Creek County % $ Colorado Blvd/I ,458, , , % 17, ,670 0 $32.21 Denver Tech Center 41 8,035,843 1,510,724 1,758, % (106,413) 299, ,000 $27.40 East Hampden 5 650, , , % 2, $19.93 East I-70/Montbello 5 500,545 19,460 19, % 20, $26.50 Elbert County % $ Fort Collins/Lovelan ,651 63, , % (48,299) 0 120,000 $27.74 Gilpin County % $ Glendale 9 1,582, , , % (20,277) 0 0 $23.35 Greenwood Village 18 3,845, , , % (86,072) 0 306,000 $27.16 Highlands Ranch 10 1,310,809 63, , % (17,596) 0 0 $23.15 Inverness 18 2,119, , , % (5,983) 40, ,604 $25.90 LoDo 17 3,225, , , % 91, ,002 0 $38.33 Lone Tree 18 2,261, , , % 51, $29.11 Longmont 1 106,336 22,470 22, % $24.91 Meridian 20 2,649, , , % (133,288) 0 0 $24.76 North Denver 5 706,944 23,328 28, % (6,738) 0 0 $20.57 Northeast Denver 1 56, % $ Northwest Denver 16 1,748, , , % (190,587) 0 0 $25.40 Panorama/Highland Pa. 14 1,757,495 35,471 38, % 5, ,000 $26.24 Park County % $ Parker/Castle Rock 4 229,056 17,600 17, % 42,400 60,000 0 $ Platte River 8 1,253, , , % 90, ,651 1,267,013 $41.11 South Midtown 3 256, % $ Southwest Denver 6 1,359, , , % 5, $26.14 Weld County 6 667, % $26.70 West Denver 20 2,552, , , % 18, , ,000 $27.48 Totals ,552,374 8,185,333 9,516, % (417,845) 1,081,025 4,207,973 $ CoStar Group, Inc. CoStar Office Statistics 11

17 Denver Mid-Year 2017 Figures at a Glance Class B Submarket Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Arapahoe Rd 39 1,077,666 32,282 32, % 13, $19.47 Aurora 165 6,085, , , % 3,987 4,026 0 $17.01 Boulder 381 8,127, , , % 21, ,200 $27.43 Boulder County 159 3,271, , , % 72,623 32, ,730 $23.48 Broomfield County 70 3,175, , , % 1,654 19,825 0 $25.14 Capitol Hill 138 2,853, , , % (33,541) 0 0 $21.86 CBD 70 7,407, , , % (36,372) 0 0 $27.23 Centennial 67 2,412, , , % 11, $19.01 Cherry Creek 60 1,549, , , % (18,848) 0 0 $29.79 Clear Creek County 5 41, % (600) 0 0 $22.88 Colorado Blvd/I ,137, , , % 14, $21.67 Denver Tech Center 52 3,375, , , % 168, $23.08 East Hampden 75 2,298, , , % (12,873) 0 0 $16.18 East I-70/Montbello 43 1,979, , , % (60,748) 0 43,586 $20.82 Elbert County 4 19,455 11,964 11, % (11,964) 0 0 $ Fort Collins/Lovelan ,274, , , % 223, ,440 7,500 $22.46 Gilpin County 1 7, % $ Glendale 53 2,947, , , % 31, $24.32 Greenwood Village 99 4,945, , , % 99, $22.41 Highlands Ranch ,500 66,983 68, % 4, ,000 $25.87 Inverness 84 3,278, , , % (13,047) 9,350 0 $22.52 LoDo 106 3,806, , , % (10,779) 53,478 35,577 $33.05 Lone Tree ,579 64,962 66, % 50,235 25,000 0 $29.49 Longmont 86 1,200,563 30,151 35, % 11, $20.84 Meridian ,498 22,333 26, % 24, $24.44 North Denver 107 3,639, , , % 98,550 61,000 0 $21.75 Northeast Denver , , , % (41,719) 13,702 8,556 $21.62 Northwest Denver 195 3,492, , , % 58,548 19,000 18,750 $20.06 Panorama/Highland Pa. 32 1,621,427 44,983 58, % (5,537) 0 0 $21.13 Park County 4 18, % 5, $8.74 Parker/Castle Rock 103 1,535, , , % 25, ,650 $26.99 Platte River 35 1,148, , , % (25,593) 0 11,400 $35.53 South Midtown 71 1,650,446 95,468 95, % 253, ,000 0 $26.77 Southwest Denver 274 6,448, , , % 58, $17.62 Weld County 290 3,346, , , % 3,380 15,347 0 $18.07 West Denver 348 9,671,973 1,188,776 1,219, % 94,028 24,000 0 $21.42 Totals 3, ,045,766 9,634,309 10,138, % 1,078, , ,949 $ CoStar Office Statistics 2017 CoStar Group, Inc.

18 Figures at a Glance Mid-Year 2017 Denver Class C Submarket Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Arapahoe Rd ,369 38,275 38, % (4,169) 0 0 $22.00 Aurora 124 1,223,374 85,852 85, % 1, $12.44 Boulder 182 1,353,308 31,709 34, % (4,847) 0 0 $27.77 Boulder County ,026 7,167 7, % (2,276) 0 0 $18.89 Broomfield County ,630 9,757 9, % (5,226) 0 0 $20.21 Capitol Hill 286 2,240,377 76,763 76, % 9, $22.03 CBD 29 1,127,738 52,006 52, % (1,182) 0 0 $22.13 Centennial , % $ Cherry Creek ,867 16,527 18, % 2, $35.78 Clear Creek County 5 46, % $ Colorado Blvd/I ,195,075 77,132 78, % (9,760) 0 0 $16.93 Denver Tech Center ,388 4,042 4, % $19.06 East Hampden ,055 24,043 24, % (3,879) 0 0 $15.19 East I-70/Montbello ,200 4,233 4, % $15.81 Elbert County 15 35,627 5,334 5, % $5.81 Fort Collins/Lovelan ,206,593 86,373 86, % 65, $19.50 Gilpin County 3 7, % $24.45 Glendale ,356 25,762 28, % 6, $14.66 Greenwood Village ,469 5,378 5, % (2,806) 0 0 $18.46 Highlands Ranch 2 16, % $ Inverness 5 79, % $ LoDo ,633 17,482 17, % 1, $31.72 Lone Tree 3 10, % $ Longmont ,608 38,976 38, % (13,859) 0 0 $17.20 Meridian 2 91, % $ North Denver ,216 17,510 17, % (11,281) 0 0 $12.74 Northeast Denver ,282 33,578 33, % (5,591) 0 0 $16.04 Northwest Denver 251 1,581,710 55,150 57, % (8,672) 0 0 $19.98 Panorama/Highland Pa ,013 13,540 13, % (960) 0 0 $16.85 Park County 10 30,432 3,180 3, % $8.00 Parker/Castle Rock ,993 7,576 7, % 5, $19.09 Platte River ,596 10,226 10, % $25.40 South Midtown 173 1,414,264 65,871 65, % (9,194) 0 0 $28.87 Southwest Denver 264 1,966,430 78,172 78, % 11, $16.23 Weld County 265 1,342,477 31,946 31, % $13.58 West Denver 367 2,509, , , % 3, $15.13 Totals 3,271 25,432,877 1,035,582 1,049, % 25, $ CoStar Group, Inc. CoStar Office Statistics 13

19 Denver Mid-Year 2017 Figures at a Glance Total Office Submarket Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Arapahoe Rd 79 1,702,035 75,929 76, % 9, $21.97 Aurora 303 9,361, , , % (103,703) 4,026 0 $18.19 Boulder ,787, , , % 50, ,200 $29.10 Boulder County 225 4,148, , , % 71,775 32, ,730 $23.60 Broomfield County 131 6,526, , , % 71,479 19, ,588 $26.72 Capitol Hill 428 5,952, , , % (76,390) 0 0 $23.80 CBD ,089,121 3,526,417 4,042, % (128,428) 0 670,000 $31.53 Centennial 85 3,354, , , % 11, $19.01 Cherry Creek 118 3,016, , , % (24,422) 0 154,768 $34.82 Clear Creek County 10 88, % (600) 0 0 $22.88 Colorado Blvd/I ,791, , , % 22, ,670 0 $25.29 Denver Tech Center ,594,800 2,093,106 2,350, % 62, , ,000 $26.33 East Hampden 142 3,528, , , % (14,719) 0 0 $17.57 East I-70/Montbello 80 2,999, , , % (39,962) 0 43,586 $22.34 Elbert County 19 55,082 17,298 17, % (11,464) 0 0 $5.81 Fort Collins/Lovelan ,393, , , % 241, , ,500 $22.42 Gilpin County 4 15, % $24.45 Glendale 109 4,981, , , % 17, $23.41 Greenwood Village 136 9,002,296 1,114,488 1,210, % 10, ,000 $24.52 Highlands Ranch 40 2,210, , , % (13,098) 0 40,000 $24.25 Inverness 107 5,478, , , % (19,030) 49, ,604 $24.32 LoDo 153 7,481, , , % 82, ,480 35,577 $34.00 Lone Tree 64 3,122, , , % 102,015 25,000 0 $29.34 Longmont 185 1,947,507 91,597 96, % (2,374) 0 0 $21.60 Meridian 35 3,342, , , % (108,897) 0 0 $24.73 North Denver 169 4,724, , , % 80,531 61,000 0 $21.10 Northeast Denver 161 1,868, , , % (47,310) 13,702 8,556 $20.09 Northwest Denver 462 6,823, , , % (140,711) 19,000 18,750 $22.78 Panorama/Highland Pa. 62 3,595,935 93, , % (658) 0 227,000 $23.44 Park County 14 48,496 3,180 3, % 6, $8.72 Parker/Castle Rock 175 2,108, , , % 73,262 60,000 86,650 $26.28 Platte River 83 2,703, , , % 64, ,651 1,278,413 $38.73 South Midtown 247 3,320, , , % 244, ,000 0 $27.28 Southwest Denver 544 9,774,316 1,132,454 1,160, % 76, $18.13 Weld County 561 5,356, , , % 3,869 15,347 0 $17.85 West Denver ,734,077 1,544,082 1,618, % 115, , ,000 $21.64 Totals 7, ,031,017 18,855,224 20,705, % 685,852 1,827,193 4,820,922 $ CoStar Office Statistics 2017 CoStar Group, Inc.

20 Figures at a Glance Mid-Year 2017 Denver Class A Market Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 50 21,780,057 3,012,856 3,506, % 1, , ,000 $33.07 Suburban ,772,317 5,172,477 6,010, % (418,922) 846,023 3,537,973 $27.85 Totals ,552,374 8,185,333 9,516, % (417,845) 1,081,025 4,207,973 $29.57 Class B Market Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,214,204 1,134,230 1,289, % (47,151) 53,478 35,577 $29.33 Suburban 3,796 94,831,562 8,500,079 8,849, % 1,125, , ,372 $22.35 Totals 3, ,045,766 9,634,309 10,138, % 1,078, , ,949 $23.23 Class C Market Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD 59 1,576,371 69,488 69, % (42) 0 0 $23.68 Suburban 3,212 23,856, , , % 25, $18.89 Totals 3,271 25,432,877 1,035,582 1,049, % 25, $19.11 Class A & B Market Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,994,261 4,147,086 4,796, % (46,074) 288, ,577 $31.96 Suburban 4, ,603,879 13,672,556 14,859, % 706,361 1,538,713 4,115,345 $24.59 Totals 4, ,598,140 17,819,642 19,655, % 660,287 1,827,193 4,820,922 $26.22 Total Office Market Statistics Mid-Year 2017 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates CBD ,570,632 4,216,574 4,865, % (46,116) 288, ,577 $31.86 Suburban 7, ,460,385 14,638,650 15,839, % 731,968 1,538,713 4,115,345 $24.22 Totals 7, ,031,017 18,855,224 20,705, % 685,852 1,827,193 4,820,922 $ CoStar Group, Inc. CoStar Office Statistics 15

21 Denver Mid-Year 2017 Figures at a Glance 16 CoStar Office Statistics 2017 CoStar Group, Inc.

22 Leasing Activity Mid-Year 2017 Denver Historical Rental Rates Based on Full-Service Equivalent Rental Rates A B C Total Market $35.00 $3 $25.00 $2 $15.00 $1 $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 Denver United States Denver United States 9% 5% 5% 13% 49% 46% 46% 41% 91% 95% 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* Denver United States $3 $25.00 $2 $15.00 $1 $5.00 $ q q q q q * Includes Under Construction Spaces 2017 CoStar Group, Inc. CoStar Office Statistics 17

23 Denver Mid-Year 2017 Leasing Activity Select Top Oce Leases Based on Leased Square Footage For Deals Signed in 2017 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company th St* CBD 333,929 1st Encana Oil & Gas Inc. JLL JLL S Willow Dr Denver Tech Center 257,744 1st Charter Communications N/A Colliers International th St CBD 90,217 1st Vertafore CBRE CBRE S Willow Dr* Denver Tech Center 72,598 1st United States of America N/A Cushman & Wakeeld S Quebec St Greenwood Village 62,123 1st Air Methods Corporation N/A Cushman & Wakeeld th St CBD 51,377 2nd Marketo CBRE JLL S Syracuse Way Greenwood Village 47,761 2nd N/A N/A Colliers International W Colfax Ave CBD 46,125 2nd City and County of Denver N/A JLL th St Boulder 45,598 1st Zayo Group N/A The Macerich Company Wewatta St Platte River 44,416 1st Delloite N/A Cushman & Wakeeld Lawrence St CBD 44,078 2nd Jagged Peak Energy N/A Newmark Knight Frank Wazee St LoDo 42,635 2nd CTRL Collective N/A Newmark Knight Frank S Willow Dr Denver Tech Center 41,958 2nd CSG Systems N/A Colliers International Platte St Platte River 40,489 1st BP Lower 48 Cushman & Wakeeld CBRE California St CBD 38,356 2nd Ibotta JLL Cushman & Wakeeld th St CBD 38,231 2nd Evolve Vacation Network N/A JLL Church Ranch Way Northwest Denver 33,729 2nd N/A N/A CBRE Walnut St Boulder 32,773 2nd Google CBRE JLL Station St Lone Tree 31,397 1st Shea Homes N/A Newmark Knight Frank Sunset St* Boulder County 31,183 1st Pharmerica N/A Magi RE Services Circle Point Rd Northwest Denver 29,731 2nd Swisslog Healthcare Solutions JLL Cushman & Wakeeld Arista Pl Broomeld County 27,310 2nd Spaces JLL JLL E Nichols Ave* Panorama/Highland Park 25,944 1st Cisco Systems N/A Transwestern S Syracuse St Denver Tech Center 24,992 2nd Spectrum Retirement Communities N/A CBRE Denver West Pky West Denver 24,129 1st N/A N/A Cushman & Wakeeld Cole Blvd West Denver 23,600 1st N/A N/A CBRE Greenwood Plaza Blvd* Greenwood Village 23,459 1st Virtela Communications Inc Direct Deal Newmark Knight Frank S Fiddlers Green Cir Greenwood Village 22,546 2nd Enquire Solutions Cushman & Wakeeld JLL S Colorado Blvd* Colorado Blvd/I-25 22,161 2nd Amec Foster Wheeler N/A Lincoln Property Company S Ulster St Denver Tech Center 21,572 1st AssuredPartners Colorado N/A CBRE Ward Rd* Northwest Denver 21,278 2nd Sonsio Inc. N/A Bartell and Company Real Estate E Commons Ave Arapahoe Rd 20,624 1st SelectQuote JLL JLL W Toller Dr* Southwest Denver 20,593 1st Carollo Engineers N/A N/A S Quebec St Greenwood Village 20,152 2nd N/A N/A Cushman & Wakeeld Broadway South Midtown 19,974 1st N/A N/A CBRE th St CBD 19,809 2nd SRS N/A JLL th St CBD 19,706 1st RockPile Energy Services N/A Cushman & Wakeeld Walnut St Boulder 19,692 1st Invited Home N/A Gibbons White, Inc th St CBD 19,316 1st N/A N/A JLL DTC Pky* Denver Tech Center 18,692 1st Fresenius Medical Care N/A CBRE * Renewal 18 CoStar Office Statistics 2017 CoStar Group, Inc.

24 Sales Activity Mid-Year 2017 Denver The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 8.0% Cap Rate Price/SF $ % $580 Cap Rate Percentage 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% $530 $480 $430 $380 $330 Dollars/SF 0.0% q q q $280 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 April March 2017 $1,000 Sales Volume Price/SF $250 Bldg Size # RBA $ Volume Price/SF Cap Rate Millions of Sales Volume Dollars $900 $800 $700 $600 $500 $400 $300 $200 $200 $150 $100 $50 Price/SF < 50,000 SF 289 3,300,710 $490,383,876 $ % 50K-249K SF 250K-499K SF 40 4,181,397 $664,886,530 $ % 7 2,569,681 $563,150,000 $ % $100 $ q q q q $0 >500K SF 2 1,181,072 $189,800,000 $ % Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Office Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Office Building Sales of 15,000 SF and Larger $320 Denver US 9.0% Denver US Dollars per SF $300 $280 $260 $240 $220 $200 $180 Cap Rate Percentage 8.0% 7.0% 6.0% 5.0% 4.0% $160 $ % $120 Source: CoStar COMPS q q q q 2.0% Source: CoStar COMPS q q q q 2017 CoStar Group, Inc. CoStar Office Statistics 19

25 20 CoStar Office Statistics 2017 CoStar Group, Inc. Denver Mid-Year 2017 Sales Activity

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