2018: The Year of Office Sales

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1 Research & Forecast Report RENO OFFICE Q : The Year of Office Sales >> Multiple significant office sales over 10,000 square feet >> Large blocks of space returned to the market increasing vacancy to 11.8 percent and a negative net absorption of 79,018 square feet >> Average asking rental rates increased dramatically over 2018 While 2018 was a strong year for the Reno office market, the return of large blocks of space ended the year on a negative note with negative net absorption of 79,018 square feet. As a result, vacancy pushed up to 11.8 percent from 11.0 percent in the third quarter. This was, however, lower than year end 2017 where it ended at 12.1 percent. The amount of negative net absorption was in large part due to big blocks of space that were returned to the market, including AT&T vacating 86,471 square feet at 645 E Plumb Lane and CAEK returning 11,834 square feet at 100 N Arlington Avenue. While not in our office statistics, Wells Fargo also vacated their 100,212 square foot call center facility at 2445 Vassar Street, a light industrial property near the airport, in the fourth quarter. Historical Vacancy Rates and Asking Lease Rates Market Indicators Unemployment Rate Nevada 10-Year Nominal Interest Rate National Consumer Confidence % Market Indicators Relative to prior period Q Q1 2019* Previous Quarter Current Quarter Vacancy Rate 11.0% 11.8% Asking Rent (PSF, FS*) $1.71 $1.79 Net Absorption (SF) 35,382 (79,018) Previous Quarter Current Quarter Class A $1.92 $1.96 Class B $1.65 $1.69 Class C $1.56 $1.71 Vacancy Net Absorption Completions Rental Rate *Projected Summary Statistics Q Reno Market Overall Asking Rents Per Square Foot (FS*) Vacancy Rate Asking Rental Rate Full service rental rates increased from $1.71 per square foot in Q to $1.79 per square foot in Q The vacancy rate has increased from 11.0 percent last quarter to 11.8 percent this quarter. *Full Service (FS)

2 The return of large blocks of space may alleviate the tight availability for large office users looking for additional options or to enter our market. Unfortunately, much of the space given back is outdated and outside of desired areas that tenants are currently looking for. There is still a void of large blocks of Class A space, however, land prices and construction costs are expensive and rents are not to the levels needed to make office development projects pencil. One bright spot of the year end statistics is average asking rental rates continued to increase, starting the year at $1.67 and ending at $1.79 per square foot per month full service, pushing rents closer to where they are needed for new construction. Historical Net Absorption vs. Completions Absorption Significant leases continued in the fourth quarter, despite the negative statistics, proving there is not a lack of deal velocity but rather large givebacks of space. In fact, almost all submarkets had significant leases inked in the fourth quarter. Net Absorption New Completions The Meadowood submarket had a number of large leases, including the Prominence HealthFirst lease at 699 Sierra Rose Drive. The group will occupy the former Urology of Nevada office consisting of 7,872 square feet for their Vera Health program Sierra Center Parkway had two leases: 11,582 square feet to NDX nsequence and 7,219 square feet to Professional Billing Services. In May of 2018, The Lansing Companies LLC purchased 5190 Neil Road and has since completed many lease transactions, including Aerion Corporation expanding and renewing their lease to 17,776 square feet in the building. Meadowood was the only submarket to post positive net absorption at 20,698 square feet and had the vacancy rate decrease from last quarter to 10.0 percent. In the Downtown submarket, Dickinson Wright renewed its 11,800 square foot lease at 100 West Liberty Street. Although Downtown has the highest increased rental rates that average $2.06 per square foot per month full service, the vacancy rate has increased from 11.0 percent the previous quarter to 13.6 percent with negative net absorption closing the year at 32,995 square feet. Several new vacancies contributed to the negative net absorption including 12,630 square feet at 200 S Virginia Street, 15,017 square feet at 100 N Arlington Avenue, which included the give back by CAEK mentioned above, and 5,932 square feet at 1 California Avenue. Class A office in Downtown Reno is averaging $2.13 per square foot per month and currently 16.1 percent vacant. The Central/Airport submarket was impacted negatively due to the 86,471 square foot vacancy at 645 E Plumb Lane. AT&T had occupied the entire building since the 1960 s but downsized and subsequently relocated to 15,000 square feet at Corporate Pointe in the Meadowood submarket, leaving the overall vacancy rate for the Central/Airport submarket at 16.3 percent. This vacancy leaves the overall vacancy rate at 16.3 percent for the submarket. The asking rate averages $1.38 per square foot per month full service which has steadily increased over Smaller offices between 1,000-2,000 square feet continue to lease in high numbers in the Central/Airport area. Leasing Rates by Submarket Total Vacancy vs. Direct and Sublease Vacancy Direct Vacancy Sublease Vacancy Total Vacancy 2 Reno Research & Forecast Report Q Office Colliers International

3 Normally a very active submarket, South Meadows remained rather static posting 3,408 square feet of negative absorption and a total vacancy rate of 8.6 percent. One notable lease included 6,087 square feet located at 985 Damonte Ranch Parkway to the Nevada State Board of Pharmacy who will be relocating in January of Several small vacancies came on the market throughout the quarter as well. Sales Sales remained very strong through the fourth quarter and this year ended with more transactions over 10,000 square feet than in recent history Delucchi Lane, also known as Meadow Wood Crown Plaza, sold to Dakeson Management LLC in December for $7,300,000 which was $93.35 per square foot. The property had been owned by the original developer since 1989, becoming a value-add investment for the new owner who plans to upgrade the property. The property is a value-add investment and the new owner is planning to upgrade the property. James R Demartini Trust purchased 29,264 square feet at S Los Altos Parkway in November for $9,200,000 or $ per square foot. Informatively, the sale did not include 5961 S Los Altos Parkway. CoPart previously occupied 29,264 square feet at 9895 Double R Boulevard but closed their Reno data center to relocate to SWITCH Tahoe Reno in McCarran, Nevada. They sold their building to Jensen Properties LLC, an owner-user who plans to occupy the entire property, for $3,400,000 or $ per square foot Double R Boulevard was sold as an investment to Marie-Victoire Non-Marital Trust, George et al for $3,925,000, or $ per square foot, in which it was 100 percent occupied at the time of sale Plumas Street sold for $3,500,000, or $ per square foot, to Davis Family Trust as an investment and was also 100 percent occupied at time of sale. It is interesting that we see sales range from value-add, investor, and owner-user transactions all creating a very strong sales market. Construction New construction has been talked about throughout the market but nothing has come to fruition. We anticipate the next area to see a new office building will be Rancharrah. The developer of the office and retail project at the roundabout is reported to be close to his required pre-leasing threshold. There are rumors of potential projects in South Meadows, as well as near Meadowood Mall, but there have not been any signs of dirt movement or marketing. Construction of a 54,000 square foot four-story Class A office building will tentatively begin in 2019 on Terminal Way near the airport with preleasing options available. We anticipate McKenzie s Class A building at 5520 Kietzke Lane will finally be delivered to the market in the first quarter of Significant Sale Activity 1575 Delucchi Lane 78,204 SF - $7,300,000 $93.35 PSF Sale Date: 12/12/18 Sold To: Dakeson Management LLC Type: Office South Los Altos Parkway 29,264 SF - $9,200,000 $ PSF Sale Date: 11/1/18 Sold To: James R Demartini Trust Type: Professional 9895 Double R Boulevard 25,108 SF - $3,400,000 $ PSF Sale Date: 11/20/18 Sold To: Jensen Properties LLC Type: Office 3 Reno Research & Forecast Report Q Office Colliers International

4 395 Significant Sale Activity DOWNTOWN SPARKS South Los Altos Parkway Sparks, NV ,264 SF - $9,200,000 $ PSF 6160 Plumas Street Reno, 80 NV ,564 SF - $3,500,000 $ PSF WEST RENO CENTRAL/ AIRPORT 1575 Delucchi Lane Reno, NV ,204 SF - $7,300,000 $93.35 PSF MEADOWOOD 9785 Gateway Drive Reno, NV ,964 SF - $3,925,000 $ PSF SOUTH RENO 9895 Double R Boulevard Reno, NV ,108 SF - $3,400,000 $ PSF 395 Significant Lease Activity PROPERTY ADDRESS SIZE TENANT TYPE 5190 Neil Road, Suites 500, 540, 550 & 570, Reno, NV ,776 Aerion Expansion & Renewal 1625 East Prater Way, Suite 102, Sparks, NV ,700 Sierra Nevada Corporation New 100 West Liberty Street, Suite 940, Reno, NV ,800 Dickson Wright Renewal 6980 Sierra Center Parkway, Suite E, Reno, NV ,582 NDX nsequence New 699 Sierra Rose Drive, Suite A & B, Reno, NV ,872 Prominence HealthFirst New 6980 Sierra Center Parkway, Suite D, Reno, NV ,219 Professional Billing Services New Professional Circle, Suite 125, Reno, NV ,584 Grand Rounds New 985 Damonte Ranch Parkway, Suite 206, Reno, NV ,087 Nevada State Board of Pharmacy New 4 Reno Research & Forecast Report Q Office Colliers International

5 Market Comparisons - Reno Office Market CLASS BLDGS RBA DIRECT VACANT SF DIRECT SUBLEASE VACANT SF SUBLEASE VACANT SF PRIOR QUARTER NET ABSORPTION CURRENT QTR SF NET ABSORPTION YTD SF COMPLETIONS CURRENT QTR SF UNDER CONSTRUCTION SF AVG ASKING RENTAL DOWNTOWN SUBMARKET A 4 540,478 87, % - 0.0% 87, % 14.4% (9,512) $2.13 B ,765 74, % % 75, % 9.4% (22,083) (16,500) - - $1.89 C ,265 13, % - 0.0% 13, % 6.5% (1,400) 13, $2.16 Total 31 1,300, , % % 176, % 11.0% (32,995) (2,547) - - $2.06 SOUTH MEADOWS SUBMARKET A 36 1,224,357 97, % 12, % 110, % 8.9% (1,457) 43, $1.89 B 9 252,410 16, % - 0.0% 16, % 5.8% (1,951) (12,731) - - $1.70 C % Total 45 1,476, , % 12, % 126, % 8.4% (3,408) 31, $1.80 MEADOWOOD SUBMARKET A 44 1,888, , % 51, % 194, % 10.2% (1,068) 6,055-40,826 $1.92 B ,735 40, % - 0.0% 40, % 13.8% 21,766 23, $1.30 C % Total 63 2,337, , % 51, % 234, % 10.9% 20,698 29,572-40,826 $1.61 CENTRAL/AIRPORT SUBMARKET A 4 106,933 17, % - 0.0% 17, % 18.1% 2,084 3, $1.55 B , , % 35, % 182, % 10.7% (75,763) (53,669) - - $1.47 C , , % 4, % 105, % 17.3% 11,236 (1,395) - - $1.13 Total 67 1,871, , % 40, % 305, % 13.8% (62,443) (51,617) - - $1.38 SPARKS SUBMARKET A 1 32, % % 0.0% B 2 32, % - 0.0% - 0.0% 0.0% C 1 14,432 3, % - 0.0% 3, % 21.0% (647) (760) - - $1.25 Total 4 79,932 3, % - 0.0% 3, % 3.8% (647) (760) - - $1.25 WEST RENO SUBMARKET A % B 3 43, % - 0.0% - 0.0% 0.0% C 6 91,975 4, % 1, % 5, % 5.9% (223) 6, $1.43 Total 9 135,077 4, % - 0.0% 5, % 4.0% (223) 6, $1.43 Office Market Totals DOWNTOWN A 4 540,478 87, % - 0.0% 87, % 14.4% (9,512) $2.13 B ,765 74, % % 75, % 9.4% (22,083) (16,500) - - $1.89 C ,265 13, % - 0.0% 13, % 6.5% (1,400) 13, $2.16 Total 31 1,300, , % % 176, % 11.0% (32,995) (2,547) - - $2.06 SUBURBAN A 85 3,252, , % 63, % 322, % 9.9% (441) 15,358-40,826 $1.79 B 62 1,772, , % 35, % 238, % 10.3% (55,948) (29,947) - - $1.49 C , , % 6, % 114, % 16.2% 10,366 13, $1.27 Total 188 5,901, , % 105, % 675, % 11.0% (46,023) (1,433) - 40,826 $1.52 OVERALL MARKET A 89 3,792, , % 63, % 409, % 10.5% (9,953) 16,117-40,826 $1.96 B 78 2,341, , % 36, % 314, % 10.1% (78,031) (46,447) - - $1.69 C 52 1,068, , % 6, % 128, % 14.4% 8,966 26, $1.71 Total 219 7,202, , % 106, % 852, % 11.0% (79,018) (3,980) - 40,826 $1.79 QUARTERLY COMPARISON AND S Q ,202, , % 106, % 852, % 11.0% (79,018) (3,980) - 40,826 $1.79 Q ,202, , % 108, % 792, % 11.5% 35,382 75,038 21,575 40,826 $1.71 Q ,202, , % 61, % 845, % 12.3% 63,786 49, $1.70 Q ,202, , % 63, % 882, % 12.1% (13,792) (13,792) - - $1.67 Q ,202, , % 69, % 868, % 11.8% (17,608) 61, $1.67 SBA 504 Loan Rate Source: NSDC 5 Reno Research & Forecast Report Q Office Colliers International

6 69 countries $2.7 billion in annual revenue* 2.0 billion square feet under management 15,400 professionals and staff COLLIERS INTERNATIONAL RENO 5520 Kietzke Lane Suite 300 Reno, Nevada USA MARKET CONTACTS: Melissa Molyneaux, SIOR, CCIM Executive Managing Director & Senior Vice President Reno Fay O Neil Research Analyst $2.7 billion in annual revenue* $116 billion in total transaction value *All statistics are for 2017, are in U.S. dollars and include affiliates About Colliers International Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world s most respected institutional real estate investors. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row. Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years. Colliers.com/reno Copyright 2019 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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