The CoStar Office Report. Y e a r - E n d Syracuse Office Market

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1 The CoStar Office Report Y e a r - E n d

2 Year-End 2015 Syracuse 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 Deliveries Figures at a Glance Figures at a Glance by Class & Market Historical Figures at a Glance Leasing Activity Analysis Select Top Lease Transactions Analysis of Individual CoStar Submarket Clusters Binghamton Market Greater Syracuse Market Madison County Market NE Outer Onondaga County Market Oswego County Market SE Outer Onondaga County Market Syracuse CBD Market W Outer Onondaga County Market Watertown Market 2016 CoStar Group, Inc. The CoStar Office Report A

3 Syracuse Year-End 2015 Methodology The CoStar Office Report, unless specifically stated otherwise, calculates office statistics using CoStar Group s entire database of existing and under construction office buildings in each metropolitan area. Included are office, office condominium, office loft, office medical, all classes and all sizes, and both multi-tenant and single-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 80.7 billion square feet of coverage in 3.5 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 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 Office Report 2016 CoStar Group, Inc.

4 Year-End 2015 Syracuse 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 Office Report C

5 Syracuse Year-End 2015 tenant needs. (See also: Tenancy). Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, or restaurant, usually on the ground floor. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly. Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Suburban: The Suburban and Central Business District (CBD) designations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD) Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied. Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC. Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied. D The CoStar Office Report 2016 CoStar Group, Inc.

6 Overview Year-End 2015 Syracuse Syracuse s Decreases to 8.1% Net Absorption Positive 62,060 SF in the Quarter The Syracuse Office market ended the fourth quarter 2015 with a vacancy rate of 8.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 62,060 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 57,412 square feet. Rental rates ended the fourth quarter at $13.72, a decrease over the previous quarter. Absorption Net absorption for the overall Syracuse office market was positive 62,060 square feet in the fourth quarter That compares to positive 84,207 square feet in the third quarter 2015, positive 162,061 square feet in the second quarter 2015, and positive 15,645 square feet in the first quarter Tenants moving into large blocks of space in 2015 include: Sutherland Global Services moving into 57,000 square feet at 441 S Salina St; MVP Health Plan moving into 28,000 square feet at 333 W Washington St; and Seneca Data moving into 17,495 square feet at 6040 Tarbell Rd. The Class-A office market recorded net absorption of positive 4,410 square feet in the fourth quarter 2015, compared to positive 8,546 square feet in the third quarter 2015, positive 15,226 in the second quarter 2015, and negative (10,932) in the first quarter The Class-B office market recorded net absorption of positive 50,342 square feet in the fourth quarter 2015, compared to positive 54,448 square feet in the third quarter 2015, positive 93,064 in the second quarter 2015, and positive 28,576 in the first quarter The Class-C office market recorded net absorption of positive 7,308 square feet in the fourth quarter 2015 compared to positive 21,213 square feet in the third quarter 2015, positive 53,771 in the second quarter 2015, and negative (1,999) in the first quarter The office vacancy rate in the Syracuse market area decreased to 8.1% at the end of the fourth quarter The vacancy rate was 8.5% at the end of the third quarter 2015, 8.8% at the end of the second quarter 2015, and 9.2% at the end of the first quarter Class-A projects reported a vacancy rate of 1% at the end of the fourth quarter 2015, 10.2% at the end of the third quarter 2015, 10.4% at the end of the second quarter 2015, and 10.9% at the end of the first quarter Class-B projects reported a vacancy rate of 8.5% at the end of the fourth quarter 2015, 9.1% at the end of the third quarter 2015, 9.4% at the end of the second quarter 2015, and 9.7% at the end of the first quarter Class-C projects reported a vacancy rate of 6.4% at the end of the fourth quarter 2015, 6.5% at the end of third quarter 2015, 6.7% at the end of the second quarter 2015, and 7.5% at the end of the first quarter Largest Lease Signings The largest lease signings occurring in 2015 included: the 57,000-square-foot lease signed by Sutherland Global Services at 441 S Salina St in the Syracuse CBD market; the Rates by Class A B C Total Market 16% 14% 12% Rate 10% 8% 6% 4% 2% 0% q q q q q q q q q 2016 CoStar Group, Inc. The CoStar Office Report 1

7 Syracuse Year-End 2015 Overview 28,000-square-foot deal signed by MVP Health Plan at 333 W Washington St in the Syracuse CBD market; and the 17,495- square-foot lease signed by Seneca Data at 6040 Tarbell Rd in the SE Outer Onondaga County market. Sublease The amount of vacant sublease space in the Syracuse market decreased to 57,412 square feet by the end of the fourth quarter 2015, from 69,438 square feet at the end of the third quarter There was 77,438 square feet vacant at the end of the second quarter 2015 and 88,009 square feet at the end of the first quarter Syracuse s Class-A projects reported vacant sublease space of 34,517 square feet at the end of second through fourth quarters of 2015, from the 45,088 square feet vacant at the end of the first quarter Class-B projects reported vacant sublease space of 22,895 square feet at the end of the fourth quarter 2015, down from the 32,895 square feet reported at the end of the third quarter At the end of the first and second quarters of 2015 there were 40,895 square feet vacant. Class-C projects reported 2,026 square feet vacant sublease space during the reporting period. Rental Rates The average quoted asking rental rate for available office space, all classes, was $13.72 per square foot per year at the end of the fourth quarter 2015 in the Syracuse market area. This represented a 3.2% decrease in quoted rental rates from the end of the third quarter 2015, when rents were reported at $14.18 per square foot. The average quoted rate within the Class-A sector was $16.39 at the end of the fourth quarter 2015, while Class-B rates stood at $13.68, and Class-C rates at $ At the end of the third quarter 2015, Class-A rates were $15.69 per square foot, Class-B rates were $14.75, and Class-C rates were $ U.S. Comparison Past 10 Quarters Rate 14.0% 12.0% 1% 8.0% 6.0% Syracuse United States Deliveries and Construction During the fourth quarter 2015, no new space was completed in the Syracuse market area. This compares to one building totaling 42,000 square feet completed in the second quarter 2015, and 9,546 square feet in one building completed in the first quarter Some of the notable 2015 deliveries include: 706 N Clinton St, a 42,000-square-foot facility that delivered in second quarter 2015 and is now 57% occupied, and 510 Kirkpatrick, a 9,546- square-foot building that delivered in first quarter 2015 and is now 100% occupied. Inventory Total office inventory in the Syracuse market area amounted to 35,351,813 square feet in 2,058 buildings as of the end of the fourth quarter The Class-A office sector consisted of 3,082,882 square feet in 19 projects. There were 1,059 Class-B buildings totaling 23,081,718 square feet, and the Class-C sector consisted of 9,187,213 square feet in 980 buildings. Within the Office market there were 62 owner-occupied buildings accounting for 1,053,863 square feet of office space. Sales Activity Tallying office building sales of 10,000 square feet or larger, Syracuse office sales figures fell during the fourth quarter 2015 in terms of dollar volume compared to the third quarter In the third quarter, 20 office properties sold with a total volume of $78,250,000. The properties totaled 1,159,917 square feet for a price per square foot of $69. During the fourth quarter, one property sold with a total sales volume of $2,800, ,150 square feet were traded with a price per square foot of $ In 2015, 1,566,674 square feet of office space traded in 20 deals for an average price per square foot of $58 or a total volume of $88,450,000. The average cap rate for the year is 9.7% Total 2014 office transactions traded with a total volume of $31,820,000 with 22 market deals. The price per square foot averaged $28 with 1,255,318 square feet of space sold. The average cap rate was 10.5%. The largest confirmed deals of 2015 include: 3101 Shippers Rd in Vestal, a 57,000 square foot medical office building that sold on 8/12/2015 for $22,000,000 or $83.90 per square foot; 231 and Walton Street sold together on 8/13/2015 for $3,100,000 or $ per square foot; and E Genesee St, a 31,000 medical office building sold for $1,525,000 on 6/27/ % 2.0% Reports compiled by: Jeannine Dudzinski, CoStar Research Manager % q 2 The CoStar Office Report 2016 CoStar Group, Inc.

8 Markets Year-End 2015 Syracuse 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 Binghamton Greater Syracuse Madison County NE Outer Onondaga County Oswego County SE Outer Onondaga County Syracuse CBD W Outer Onondaga County Watertown 2016 CoStar Group, Inc. The CoStar Office Report 3

9 Syracuse Year-End 2015 Inventory & development 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 Oswego County % 7,143 0 Binghamton % 15,826 0 Watertown % 13,658 0 Madison County % 9,480 0 Greater Syracuse % 18,164 0 NE Outer Onondaga County % 11,927 0 SE Outer Onondaga County % 16,999 0 Syracuse CBD % 74,880 0 W Outer Onondaga County % 6,807 0 Totals % 17,178 0 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2011 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver Leased Un-Leased 0 Preleased Un-Leased 0 0 Millions of SF Thousands of SF T q q 4 The CoStar Office Report 2016 CoStar Group, Inc.

10 Inventory & development Year-End 2015 Syracuse Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction Construction Starts 6 6 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 51,546 33, % $0 9,546 42,000 50,000 SF - 99,999 SF % $ ,000 SF - 249,999 SF % $ ,000 SF - 499,999 SF % $0 0 0 >= 500,000 SF % $0 0 0 Recent Development by Tenancy Comparison Based on RBA Developed for Single & Multi Tenant Use Based on Total RBA 2015 Deliveries No Properties Under Construction By Class By Space Type 19% 26% 9% 22% 81% 65% 78% Multi Single Class A Class B Class C Multi Single 2016 CoStar Group, Inc. The CoStar Office Report 5

11 Syracuse Year-End 2015 Inventory & development 6 The CoStar Office Report 2016 CoStar Group, Inc.

12 Figures at a Glance Year-End 2015 Syracuse Class A Market Statistics Year-End 2015 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Binghamton 2 109, % 5, $16.00 Greater Syracuse % $0 Madison County % $0 NE Outer Onondaga County % $0 Oswego County % $0 SE Outer Onondaga County ,303 73,050 73, % $19.08 Syracuse CBD 7 2,019, , , % 11, $15.67 W Outer Onondaga County % $0 Watertown % $0 Totals 19 3,082, , ,610 1% 17, $16.39 Class B Market Statistics Year-End 2015 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Binghamton 271 4,893, , , % (27,044) 0 0 $12.39 Greater Syracuse 166 4,335, , , % 109,267 51,546 0 $13.68 Madison County ,598 6,000 6, % 3, $11.60 NE Outer Onondaga County 150 2,490, , , % 20, $15.19 Oswego County ,829 12,250 12, % 5, $11.77 SE Outer Onondaga County 188 3,801, , , % 28, $14.23 Syracuse CBD 66 5,043, , , % 95, $12.68 W Outer Onondaga County ,498 70,536 70, % (9,212) 0 0 $17.85 Watertown 62 1,113,772 22,368 22, % $18.96 Totals 1,059 23,081,718 1,948,077 1,970, % 226,430 51,546 0 $13.68 Class C Market Statistics Year-End 2015 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Binghamton 190 2,324, , , % (945) 0 0 $8.57 Greater Syracuse 160 1,585,824 52,624 52, % 12, $12.07 Madison County ,737 13,813 13, % 10, $11.03 NE Outer Onondaga County , , , % 11, $15.27 Oswego County ,341 31,079 31, % 3, $7.80 SE Outer Onondaga County ,253 36,645 36, % 28, $9.48 Syracuse CBD ,948 89,784 89, % 19, $15 W Outer Onondaga County ,216 3,700 3, % 8, $9.07 Watertown 106 1,180,838 26,626 26, % (12,589) 0 0 $15.23 Totals 980 9,187, , , % 80, $11.12 Total Office Market Statistics Year-End 2015 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Binghamton 463 7,327, , , % (22,589) 0 0 $11.15 Greater Syracuse 326 5,921, , , % 122,197 51,546 0 $13.40 Madison County ,335 19,813 19, % 13, $11.15 NE Outer Onondaga County 289 3,446, , , % 31, $15.21 Oswego County ,170 43,329 43, % 9, $10.47 SE Outer Onondaga County 336 5,711, , , % 57, $14.57 Syracuse CBD 105 7,862,379 1,137,290 1,173, % 126, $13.49 W Outer Onondaga County 162 1,102,714 74,236 74, % (709) 0 0 $16.22 Watertown 168 2,294,610 48,994 48, % (12,589) 0 0 $17.95 Totals 2,058 35,351,813 2,809,835 2,867, % 323,973 51,546 0 $ CoStar Group, Inc. The CoStar Office Report 7

13 Syracuse Year-End 2015 Figures at a Glance 8 The CoStar Office Report 2016 CoStar Group, Inc.

14 Leasing Activity Year-End 2015 Syracuse Historical Rental Rates Based on Full-Service Equivalent Rental Rates A B C Total Market $25.00 $20 $15.00 $10 $5.00 $ 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 Syracuse United States Syracuse United States 2% 4% 20% 16% 11% 48% 36% 98% 96% 69% 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* Syracuse United States $25.00 $20 $15.00 $10 $5.00 $ q q q q q q * Includes Under Construction Spaces 2016 CoStar Group, Inc. The CoStar Office Report 9

15 Syracuse Year-End 2015 Leasing Activity Select Top O ce Leases Based on Leased Square Footage For Deals Signed in 2015 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company S Salina St Syracuse CBD 57,000 2nd Sutherland Global Services N/A Flaum Management W Washington St Syracuse CBD 28,000 3rd MVP Health Plan N/A N/A S Warren St Syracuse CBD 22,000 2nd N/A N/A COR Brokerage Inc Tarbell Rd SE Outer Onondaga County 17,495 1st Seneca Data N/A Pemco Group Leasing Widewaters Pky SE Outer Onondaga County 9,098 1st N/A N/A JF Real Estate, Inc W Washington St Syracuse CBD 7,725 2nd Terakeet N/A The Pioneer Companies Salina Meadows Pky NE Outer Onondaga County 6,142 2nd Alion N/A John Lynch Co Henry Clay Blvd NE Outer Onondaga County 5,454 3rd Artistic Design Dance Studio N/A Anderson Barney RE Mgmt Washington St Je erson County 5,339 2nd N/A N/A Rothschild/Breuer Associates S Warren St Syracuse CBD 4,900 3rd N/A N/A NMF Properties Main St Broome County 4,500 4th Women s OBGYN: Dr. Carol Miller N/A Southern Tier Spine And Medical Widewaters Pky SE Outer Onondaga County 4,122 1st N/A N/A JF Real Estate, Inc E Genesee St Syracuse CBD 4,100 3rd Centerstate Corp for Econ Opp N/A Mark Swan S Salina St Syracuse CBD 4,000 2nd N/A N/A JF Real Estate, Inc Water St Broome County 4,000 2nd Performance Bridge N/A Farthing Rebecca A Salina Meadows Pky NE Outer Onondaga County 3,977 1st N/A N/A JF Real Estate, Inc Northern Concourse NE Outer Onondaga County 3,942 3rd Syracuse Orthopedic Specialists N/A Pemco Group Leasing W First St Oswego County 3,300 3rd Lighthouse Coworks N/A Anthony M Pauldine Montgomery St Syracuse CBD 3,246 1st N/A N/A Pemco Group Leasing 20 1 Adler Dr SE Outer Onondaga County 3,107 4th N/A N/A Oliva Real Estate Company Widewaters Pky SE Outer Onondaga County 3,054 1st N/A N/A JF Real Estate, Inc Spencer St Greater Syracuse 3,000 3rd Delmonico Insurance Agency N/A Allegiance Montreal LLC Campuswood Dr SE Outer Onondaga County 2,826 1st Advoco The Icon Companies N/A Collier St Broome County 2,600 3rd Loughran, Mucci and Grace LLP N/A Kradjian Properties Harrison St Syracuse CBD 2,500 4th N/A N/A JF Real Estate, Inc Plain eld Rd NE Outer Onondaga County 2,345 1st N/A N/A John Lynch Co Campuswood Dr SE Outer Onondaga County 2,061 2nd Pearl Metric N/A Anderson Barney RE Mgmt Fly Rd SE Outer Onondaga County 2,013 3rd N/A N/A Oliva Real Estate Company Kasson Rd W Outer Onondaga County 2,000 3rd N/A N/A Welch Sheila C N Franklin St Greater Syracuse 1,904 2nd N/A N/A Sutton Real Estate Company, LLC Campuswood Dr SE Outer Onondaga County 1,802 3rd Sirchia N/A Anderson Barney RE Mgmt Buckley Rd NE Outer Onondaga County 1,788 4th Blue Field Industries N/A VIP Structures, Inc W Washington St Syracuse CBD 1,712 2nd Gil Bane Construction N/A The Pioneer Companies W Taft Rd NE Outer Onondaga County 1,700 3rd N/A N/A Grimsley Agency Of Ny Llc 35 6 Euclid Ave Cortland County 1,660 2nd N/A N/A David Yaman Realty Services Fly Rd SE Outer Onondaga County 1,615 2nd Transformative Services LLC N/A Oliva Real Estate Company Morgan Rd NE Outer Onondaga County 1,600 3rd DDS N/A Pyramid Brokerage Company 38 6 Euclid Ave Cortland County 1,495 2nd N/A N/A David Yaman Realty Services Irving Ave Greater Syracuse 1,400 3rd Syracuse University N/A The Pioneer Companies Plain eld Rd NE Outer Onondaga County 1,371 4th Car Freshner Company N/A John Lynch Co. * Renewal 10 The CoStar Office Report 2016 CoStar Group, Inc.

16 Deliveries, Absorption & B i n g h a m t o n M a r k e t Market Highlights Class A, B & C Year-End 2015 Syracuse Delivered SF Absorption SF 1% 9.0% 8.0% (50) (00) (50) 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% % q q q q q q q q q q q q q q q q Percent Vacant Vacant Space Quoted Rental Rates 0.80 Direct SF Sublet SF $ $ Dollars/SF/Year $12.00 $10 $8.00 $ $ $ $0 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 463 7,327, , % 23, $ q 464 7,411, , % $ q 465 7,438, , % (7,937) $ q 466 7,458, , % (38,598) $ q 466 7,458, , % 32, $ q 466 7,458, , % 3, $ q 466 7,458, , % 21, $ q 466 7,458, , % (81,423) 1 57, $ q 465 7,401, , % (49,431) ,000 $ q 466 7,497, , % (95,386) ,000 $ q 466 7,497, , % (27,381) ,000 $ q 466 7,497, , % (50,537) $ q 466 7,497, , % 23, $ q 466 7,497, , % (1,866) $ q 466 7,497, , % 97, $ q 466 7,497, , % (43,575) 1 15, $ CoStar Group, Inc. The CoStar Office Report 11

17 Syracuse Year-End 2015 Deliveries, Absorption & G r e a t e r S y r a c u s e M a r k e t Market Highlights Class A, B & C (10) (20) (30) (40) Delivered SF Absorption SF 7.0% 6.0% 2.0% 1.0% % q q q q q q q q q q q q q q q q 5.0% 4.0% 3.0% Percent Vacant Vacant Space Quoted Rental Rates Direct SF Sublet SF $15.50 $15.00 $ Dollars/SF/Year $14.00 $13.50 $13.00 $12.50 $ $ $11.00 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 326 5,921, , % 26, $ q 326 5,921, , % 34, $ q 326 5,921, , % 29, , $ q 325 5,879, , % 31, , ,000 $ q 324 5,870, , % 27, ,546 $ q 324 5,870, , % 2, ,546 $ q 324 5,870, , % 3, ,546 $ q 324 5,870, , % 5, ,000 $ q 324 5,870, , % (3,292) $ q 324 5,870, , % (400) $ q 324 5,870, , % (27,105) $ q 324 5,870, , % 56, $ q 324 5,870, , % (8,326) $ q 324 5,870, , % 33, $ q 324 5,870, , % 13, $ q 324 5,870, , % (34,402) $ The CoStar Office Report 2016 CoStar Group, Inc.

18 Deliveries, Absorption & M a d i s o n C o u n t y M a r k e t Market Highlights Class A, B & C Year-End 2015 Syracuse 15 Delivered SF Absorption SF 6.0% % % 3.0% 2.0% Percent Vacant (05) 1.0% (10) q q q q q q q q q q q q q q q q % Vacant Space Quoted Rental Rates 5 Direct SF Sublet SF $ $ Dollars/SF/Year $10 $8.00 $6.00 $ $ $0 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q ,335 19, % 2, $ q ,335 22, % 4, $ q ,335 26, % 4, $ q ,335 30, % 3, $ q ,335 33, % 6, $ q ,335 39, % 3, $ q ,335 43, % (3,700) $ q ,335 40, % 1, $ q ,335 41, % (7,582) $ q ,335 34, % (6,000) $ q ,335 28, % $ q ,335 28, % (800) $ q ,335 28, % 10, $ q ,335 38, % (3,700) $ q ,335 35, % $ q ,335 35, % (7,000) $ CoStar Group, Inc. The CoStar Office Report 13

19 Syracuse Year-End 2015 N E O u t e r O n o n d a g a C o u n t y M a r k e t Market Highlights Class A, B & C Deliveries, Absorption & 50 Delivered SF Absorption SF 14.5% (10) (20) 14.0% 13.5% 13.0% 12.5% 12.0% 11.5% Percent Vacant (30) q q q q q q q q q q q q q q q q 11.0% Vacant Space Quoted Rental Rates Direct SF Sublet SF $15.30 $15.20 $ $ Dollars/SF/Year $14.90 $14.80 $14.70 $14.60 $14.50 $14.40 $ $14.20 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 289 3,446, , % (8,212) $ q 289 3,446, , % 21, $ q 289 3,446, , % 14, $ q 289 3,446, , % 3, $ q 289 3,446, , % 9, , $ q 288 3,438, , % 7, ,800 $ q 288 3,438, , % (7,886) ,800 $ q 288 3,438, , % 11, ,800 $ q 288 3,438, , % 14, $ q 288 3,438, , % (16,788) $ q 288 3,438, , % (18,578) $ q 288 3,438, , % 17, , $ q 285 3,417, , % (15,681) ,400 $ q 285 3,417, , % 40, ,400 $ q 285 3,417, , % 2, ,400 $ q 285 3,417, , % (15,159) ,400 $ The CoStar Office Report 2016 CoStar Group, Inc.

20 Deliveries, Absorption & O s w e g o C o u n t y M a r k e t Market Highlights Class A, B & C Year-End 2015 Syracuse (02) (04) (06) (08) Delivered SF Absorption SF 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% Percent Vacant (10) q q q q q q q q q q q q q q q q % Vacant Space Quoted Rental Rates 6 Direct SF Sublet SF $ $ Dollars/SF/Year $8.00 $6.00 $ $ $0 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q ,170 43, % 8, $ q ,170 51, % $ q ,170 51, % $ q ,170 52, % $ q ,170 52, % 2, $ q ,170 54, % (700) $ q ,170 53, % $ q ,170 53, % (1,658) $ q ,170 52, % 1, $ q ,170 53, % 2, $ q ,170 56, % 2, $ q ,170 58, % (4,368) $ q ,170 54, % (100) $ q ,170 54, % (7,477) $ q ,170 46, % (4,785) $ q ,170 41, % 1, $ CoStar Group, Inc. The CoStar Office Report 15

21 Syracuse Year-End 2015 S E O u t e r O n o n d a g a C o u n t y M a r k e t Market Highlights Class A, B & C Deliveries, Absorption & Delivered SF Absorption SF 1% 9.0% 8.0% (20) (40) (60) (80) 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% % q q q q q q q q q q q q q q q q Percent Vacant Vacant Space Quoted Rental Rates 0.50 Direct SF Sublet SF $ $ Dollars/SF/Year $14.00 $13.50 $ $ $12.00 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 336 5,711, , % 18, $ q 336 5,711, , % 18, $ q 336 5,711, , % 32, $ q 336 5,711, , % (11,586) $ q 336 5,711, , % 26, $ q 336 5,711, , % (55,840) 1 7, $ q 335 5,704, , % (10,904) ,000 $ q 335 5,704, , % (25,277) ,000 $ q 335 5,704, , % 45, ,000 $ q 336 5,718, , % (15,148) $ q 336 5,718, , % 33, $ q 336 5,718, , % (3,095) $ q 336 5,718, , % 99, $ q 336 5,718, , % (20,713) $ q 336 5,718, , % (39,009) $ q 336 5,718, , % (7,074) $ The CoStar Office Report 2016 CoStar Group, Inc.

22 Deliveries, Absorption & S y r a c u s e C B D M a r k e t Market Highlights Class A, B & C Year-End 2015 Syracuse (50) (00) (50) Delivered SF Absorption SF 18.5% 18.0% 17.5% 14.5% 14.0% 13.5% 13.0% q q q q q q q q q q q q q q q q 17.0% 16.5% 16.0% 15.5% 15.0% Percent Vacant Vacant Space Quoted Rental Rates Direct SF Sublet SF $14.80 $14.60 $ Dollars/SF/Year $14.20 $14.00 $13.80 $13.60 $13.40 $ $ $12.80 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 105 7,862,379 1,173, % 8, $ q 105 7,862,379 1,182, % 37, $ q 105 7,862,379 1,219, % 48, $ q 105 7,862,379 1,268, % 31, $ q 105 7,862,379 1,299, % 20, $ q 105 7,862,379 1,320, % (13,325) $ q 105 7,862,379 1,306, % 28, $ q 105 7,862,379 1,335, % (42,192) $ q 106 7,959,081 1,389, % (118,752) $ q 106 7,959,081 1,270, % 70, $ q 106 7,959,081 1,341, % 102, , $ q 105 7,922,081 1,406, % 10, ,000 $ q 105 7,922,081 1,417, % (23,916) ,000 $ q 105 7,922,081 1,394, % (83,717) ,000 $ q 105 7,922,081 1,310, % (12,383) ,000 $ q 105 7,922,081 1,297, % $ CoStar Group, Inc. The CoStar Office Report 17

23 Syracuse Year-End 2015 W O u t e r O n o n d a g a C o u n t y M a r k e t Market Highlights Class A, B & C Deliveries, Absorption & Delivered SF Absorption SF 8.0% 7.0% 6.0% (10) (20) (30) (40) 2.0% 1.0% % q q q q q q q q q q q q q q q q 5.0% 4.0% 3.0% Percent Vacant Vacant Space Quoted Rental Rates Direct SF Sublet SF Dollars/SF/Year $18.00 $16.00 $14.00 $12.00 $10 $8.00 $ $ $ $0 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 162 1,102,714 74, % 3, $ q 162 1,102,714 77, % (33,976) $ q 162 1,102,714 43, % 33, $ q 162 1,102,714 77, % (3,596) $ q 162 1,102,714 73, % 8, $ q 162 1,102,714 82, % (31,064) $ q 162 1,102,714 51, % 1, $ q 162 1,102,714 52, % $ q 162 1,102,714 52, % 4, $ q 162 1,102,714 57, % (6,771) $ q 162 1,102,714 50, % (374) $ q 162 1,102,714 49, % (573) $ q 162 1,102,714 49, % 14, $ q 162 1,102,714 64, % (4,800) $ q 162 1,102,714 59, % (13,177) $ q 162 1,102,714 46, % 21, $ The CoStar Office Report 2016 CoStar Group, Inc.

24 Deliveries, Absorption & W a t e r t o w n M a r k e t Market Highlights Class A, B & C Year-End 2015 Syracuse 40 Delivered SF Absorption SF 2.5% (10) (20) 2.0% 1.5% 1.0% 0.5% Percent Vacant (30) q q q q q q q q q q q q q q q q % Vacant Space Quoted Rental Rates 6 Direct SF Sublet SF $ $ Dollars/SF/Year $15.00 $10 $ $0 Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates q 168 2,294,610 48, % (20,900) $ q 168 2,294,610 28, % 1, $ q 168 2,294,610 29, % 7, $ q 168 2,294,610 36, % $ q 168 2,294,610 36, % (2,695) $ q 168 2,294,610 33, % 3, $ q 168 2,294,610 36, % 2, $ q 168 2,294,610 39, % (3,146) $ q 168 2,294,610 35, % $ q 169 2,297,610 38, % 3, $ q 169 2,297,610 41, % 8, $ q 169 2,297,610 49, % $ q 169 2,297,610 49, % (2,336) $ q 169 2,297,610 47, % (12,819) $ q 169 2,297,610 34, % 1, , $ q 168 2,295,097 33, % 25, , ,513 $ CoStar Group, Inc. The CoStar Office Report 19

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