Pittsburgh Industrial Market Timeline

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1 INDUSTRIAL

2 INDUSTRIAL Page 30

3 Pittsburgh Industrial Market Timeline 2015, 2016, EXPANSION 2012, 2013 RECOVERY HYPERSUPPLY RECESSION

4 Industrial Class A Local Markets by Vacancy TOP THREE BOTTOM THREE Los Angeles, CA 2.0% Naples, FL 2.2% Boise, ID 2.5% Pittsburgh, PA 3.5% Raleigh, NC 13.3% Phoenix, AZ 13.8% Washington, DC 15.7% Local Market Class A 3.5% (9 th out of 62)

5 Industrial Cap Rate Trends East Region SOURCE: Real Estate Research Corporation Real Estate Report, 3Q,

6 General Industrial Market Distribution / Warehouse Market U.S. Industrial Market vacancy currently stands at an all time low of 5.8%. National industrial rental rates have increased 4.9% per year for the past five years. Net absorption for industrial space has increased for 24 consecutive quarters.

7 General Industrial Market Distribution / Warehouse Market JLL s Q3 Industrial Investment Outlook cites the Pittsburgh industrial market as a rising market. The Southwestern Pennsylvania Commission projects a 40 % increase in regional freight trafficking by E commerce and traditional regional transport are currently the primary drivers for distribution/ warehouse space. Amazon in Findlay Township? Where Amazon goes, others follow.

8 General Industrial Market Distribution / Warehouse Market The planned Shell Cracker Plant could have a substantial impact on the market. There is a lack of large, modern distribution/ warehouse space (and pad sites) in the market. Several large tenants (over 300k SF) were lost to the market, due to the lack of suitable existing space or pad sites.

9 RETAIL

10 RETAIL Page 26

11 Pittsburgh Retail Market Timeline 2015, 2016, 2017 EXPANSION 2012, 2013, 2014 RECOVERY HYPERSUPPLY RECESSION

12 Retail Local Markets by Vacancy TOP THREE BOTTOM THREE Denver, CO 2.5% Dallas, TX 3.0% Washington, DC 3.6% Pittsburgh, PA 4.75% Syracuse, NY 13.75% Tulsa, OK 14.5% Birmingham, AL 18.2% Local Market 4.75% (11 th out of 62)

13 Class A Community Center Cap Rate Trends National Pittsburgh % 7.25% % 7.25% National Average Pittsburgh Average SOURCE: Integra Realty Resources Pittsburgh, 2017

14 Major Ongoing Projects McCandless South Strabane Upper St. Clair Proposed Market South Fayette Ross Township

15 HOSPITALITY Integra Realty Resources, Inc. irr.com 39

16 HOSPITALITY Page 34

17 Comparative Regional Hospitality Trends Occupancy Average Daily Rate Segment Pittsburgh, PA 59.0% 65.0% 67.4% $ $ $ Charlotte, NC SC 72.2% 70.7% 70.2% $ $ $93.31 Cincinnati, OH KY IN 64.5% 63.3% 62.2% $ $98.63 $93.11 Columbus, OH 66.0% 64.9% 64.7% $ $99.25 $94.48 Indianapolis, IN 66.1% 65.4% 65.2% $ $ $94.37 Kansas City, MO KS 64.8% 65.2% 64.3% $99.54 $95.21 $90.52 Raleigh Durham Chapel Hill, NC 61.3% 63.0% 62.1% $ $ $99.00 Source: Hotel Review, Smith Travel Research, Integra Realty Resources Pittsburgh In 2015 and 2016, occupancy rates in the Pittsburgh regional hospitality market declined; most metro areas saw increased occupancy. ADR is substantially higher than peer cities. Gas drilling and extraction activity caused a surge in the regional supply between Sharp decline in gas related activity and increase in hotel room supply resulted in a decline occupancy over the last two years.

18 Western Pennsylvania Rig Count vs. Hotel Occupancy Hotel Occupancy Rig Count % % % % % % 8 Source: Hotel Review, Smith Travel Research, Integra Realty Resources Pittsburgh, Baker Hughes

19 Hospitality Market Pittsburgh CBD Year RNA RNS Occupancy ADR RevPar ,481, , % $ $ ,489, , % $ $ ,491, , % $ $ ,491,390 1,020, % $ $ ,500,540 1,037, % $ $ ,681,572 1,105, % $ $ Source: Hotel Review, Smith Travel Research, Integra Realty Resources Pittsburgh Hotel Monaco and Homewood Suites opened in Hilton Garden and Embassy Suites opened in Room nights sold (RNS) has continued to increase with a new high of million RNS sold in However, the occupancy rate slid measurably for the first time since the recession, falling in 2016 to 65.7%. RevPar, which had been growing since the recession, fell by 10% between

20 Future Supply Urban Pittsburgh New Hotels (467 rooms) % increase in RNA

21 Future Supply Urban Pittsburgh 2018 CBD, Strip, North Side (722 rooms) % Increase in RNA THE ANDREW

22 Hospitality Capitalization Rate Trends IRR research reveals that cap rate compression has leveled off during % of markets expect to see hospitality cap rates remain steady through 2017, while only 15% of markets are forecasting a further decrease.

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