The Office Market Feels The Heat in Q2

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1 Research & Forecast Report RENO OFFICE Q The Office Market Feels The Heat in Q2 >>All major office submarkets have decreased vacancy and positive absorption this quarter >>The overall vacancy decreased to 12.3% Market Indicators Unemployment Rate Northern Nevada >>Full Service rents continue to rise The weather was not the only thing heating up in Reno this quarter as the Northern Nevada Office Market flourished. Nearly all of the major submarkets for the office market posted decreased vacancy rates and positive absorption in the second quarter. The activity that had been floating around since the beginning of the year finally landed with many significant leases being signed. In addition, the momentum of large building sales, those over 10,000 square feet, continued with some sizable sale transactions. The market continues to remain very busy for both leasing and sales activities and is expected to continue the momentum into the fall and winter months. The overall market statistics improved drastically from an overall vacancy rate of 14.7 percent in the first quarter, dropping to 12.3 percent in the second quarter. This quarter also registered 51,475 square feet of positive absorption, making up for the loss earlier this year and rounding out the grand total to 41,007 square feet for the year-to-date. The average asking rent rate posted at $1.65 per 10-Year Nominal Interest Rate % Market Indicators Relative to prior period Q Q3 2017* Previous Quarter Current Quarter Vacancy Rate 13.1% 12.3% Asking Rent (PSF, FS*) $1.61 $1.65 (10,468) 51,475 15,316 - Previous Quarter Current Quarter Class A $1.81 $1.84 Class B $1.71 $1.71 Class C $1.30 $1.39 Vacancy Net Absorption Completions Rental Rate *Projected Summary Statistics Q Reno Market Historical Vacancy Rates and Asking Lease Rates National Consumer Confidence Net Absorption (SF) New Completions (SF) Overall Asking Rents Per Square Foot (FS*) As vacancy decreased for the quarter, as expected, we saw the average asking full service rental rates rise. Due to a change in reporting standards, variations in the total building base during the first quarter 2017 are not reflective of actual changes in the market. *Full Service (FS)

2 square foot per month full service, however, it is worth noting that this figure includes all property classes that list full service rates and does not include numerous properties that do not post asking rates, modified gross rates, triple net rates or flat rates. Nevertheless, with the rent increasing from $1.61 last quarter to $1.65 this quarter, it is evident that rents are on the rise. Absorption Downtown was the submarket winner this quarter with an outstanding positive net absorption and decreased vacancy from 13.9 percent to 12.6 percent. The submarket registered almost 30,000 square feet of positive absorption this quarter. There was a lot of exciting announcements in downtown with SWITCH occupying 14,000 square feet of office in the old post office building at 50 S Virginia Street, topping off the excitement from West Elm on the main level and the successful Basement project in the lower level. All three Class A buildings, 100 W Liberty Street, 50 W Liberty Street and 200 S Virginia Street, had positive absorption for the quarter. Unfortunately, 5,000 square feet was given back at 100 N Arlington Avenue where Reno Collective will vacate, relocating to the Old Grannies Studio building at 1515 Plumas Street. South Meadows also experienced an exceptional quarter with 27,000 square feet of positive absorption, bringing the total positive absorption to 34,000 square feet for the year. Elemental LED, a manufacturer of lighting solutions, was recruited to the area by the Economic Development Authority of Western Nevada (EDAWN). The group leased 17,000 square feet at 885 Trademark Drive, as well as an industrial building across the street for their U.S. manufacturing and R&D operations, making a big presence in Northern Nevada. Guild Mortgage leased 12,500 square feet at Professional Circle bringing this property to 100 percent occupancy. Spine Nevada brought 9480 Double Diamond Parkway to 100 percent occupancy by leasing the 16,000 square feet of remaining space. Unfortunately, 9670 Gateway Drive had 15,000 square feet come available after the Nevada State Contractor s Board relocated to Nev Dex, which is in the Meadowood Submarket, leaving some new vacancy in the South Meadows Submarket. The vacated space is well positioned to lease up quickly as it is fully built-out and ready for another user. Historical Net Absorption vs. Completions* Net Absorption New Completions Leasing Rates by Submarket* Total Vacancy vs Direct and Sublease Vacancy* The Meadowood Submarket was about to bounce back this quarter, despite having a rough start. This submarket posted a positive absorption of 20,878 square feet for the quarter bringing the yearto-date total to negative 8,500 square feet. R&R back-filled the recently vacated 10,721 square foot top floor of 6160 Plumas Street, making the building now fully occupied with the owner staying in the lower level. While we typically celebrate large leases in most of the major submarkets, it is worth noting activity of all sizes in all submarkets. Meadow Wood Crown Plaza at 1575 Delucchi Lane has been extremely successful leasing over 6,000 square feet this quarter, leaving this property with only three suites available for the first time in recent years. The first floor of the medical office building at 850 Direct Vacancy Sublease Vacancy Total Vacancy *Due to a change in reporting standards, variations in the total building base during the first quarter 2017 are not reflective of actual changes in the market. 2 Reno Research & Forecast Report Q Office Colliers International

3 Mill Street, that is located across the street from Renown, was leased to Well Care who occupy 7,100 square feet. In the Airport Submarket, 604 W Moana Lane was finally leased to a division of the University of Nevada Reno (UNR) after being a large vacancy in that submarket for quite a long time. The 13,380 square foot building is now fully leased. Landlords should be rejoicing in the spur of activity and those who have vacancy should start to see more activity in their buildings as spaces become harder and harder to come by. Vacancy Rates The quarter also posted numerous significant sales, mostly due to their size of over 10,000 square feet but also for their cap rates which continue to decrease posting strong sale prices. Most notably, the 84,151 square foot US Bank building in Downtown at 1 E Liberty Street (actual address is 300 S Virginia St) sold in May for $18,300,000 which is $ PSF. The building was originally acquired as a value-add property, but the owner was able to increase the property to 96.4 percent occupancy and add a Starbucks on the parking deck. Sales The 37,410 square foot Lakeridge Office at 6005 Plumas Street sold for $6,900,000, or $ PSF, in June. The building is a three story, Class A property and had an asking price of $7,920,000. The advertised NOI was $522,245, meaning the cap rate on the actual sales price was 7.6 percent. 1 East Liberty Street 84,151 sf - $18,300,000 $ psf Sale Date: 5/17/17 Sold To: One East Liberty C2K 6005 Plumas Street 37,410 sf - $6,900,000 $ psf Sale Date: 6/28/17 Sold To: First American Exchange Also closing in June was the 16,467 square foot building at 175 Salomon Circle in Sparks that was purchased for $2,900,000 ($176 PSF) and a 7.7 percent cap rate. In addition, Double R Boulevard sold for $193 PSF with the current owner remaining in a small portion of the building. It looks like the previous owners of 1040 Victorian Avenue in Sparks, also known as Bourbon Square, could not make their plans for the office conversion come together and sold the property for $31 PSF to Smooth Bourbon, rumored to be Marnell who owns the Nugget. Originally built in 1982, the three-story, 111,372 square foot former casino was cleared out by the previous owner. Construction The demand for Class A product remains prominent, especially in Downtown Reno and Meadowood. In addition, there is a lack of large blocks of office space making transactions for users over 20,000 square feet hard to come by. Because of this, we do anticipate additional construction to occur. McKenzie Properties has broken ground on the first speculative office building since 2008 at the roundabout at Kietzke Lane and Neil Road in the heart of the Meadowood submarket. The 40,000 square foot building is already reported to be half leased. We are particularly excited about this building as the Colliers Reno office will relocate there next spring. It is anticipated that more construction will follow most likely at the Rancharrah site where additional office product is very much anticipated Double R Boulevard 15,542 sf - $3,000,000 $ psf Sale Date: 5/15/17 Sold To: Double R Boulevard LLC 3 Reno Research & Forecast Report Q Office Colliers International

4 395 Significant Sale Activity DOWNTOWN SPARKS 175 Salomon Circle Sparks, NV 16,467 SF - $2,900,000 $ PSF 80 WEST RENO CENTRAL/ AIRPORT 180East Liberty Street Reno, NV 84,151 SF - $18,300,00 $ PSF 6005 Plumas Street Reno, NV 37,410 SF - $6,900,000 $ PSF MEADOWOOD Double R Boulevard Reno, NV 15,542 SF - $3,000,000 $ PSF SOUTH RENO 395 Significant Lease Activity PROPERTY ADDRESS SIZE TENANT TYPE 885 Trademark Drive 16,697 Elemental LED New 9480 Double Diamond Parkway 16,611 Spine Nevada New 50 S Virginia Street 14,000 SWITCH New Professional Circle 12,823 Guild Mortgage New 6160 Plumas Street 10,721 R&R Holdings New 604 W Moana Lane 10,484 Nevada System of Higher Education New 5390 Kietzke Lane 10,421 Unknown New 850 Mill Street 7,055 Well Care 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 A 4 540,478 65, % - 0.0% 65, % 14.1% 23,328 36, $1.98 B ,765 65, % - 0.0% 65, % 19.3% 7,662 4, $1.88 C ,265 33, % - 0.0% 33, % 4.5% (2,238) (8,859) - - $1.63 Total 31 1,300, , % - 0.0% 163, % 13.9% 28,752 32, $1.83 SOUTH MEADOWS SUBMARKET A 36 1,224, , % 2, % 139, % 15.1% 27,750 38, $1.81 B 9 252,410 16, % - 0.0% 16, % 4.2% (1,074) (4,230) - - $1.68 C % Total 45 1,476, , % 2, % 155, % 12.5% 26,676 34, $1.74 MEADOWOOD SUBMARKET A 44 1,888, , % 15, % 165, % 11.1% (3,473) (17,942) - - $1.84 B ,735 90, % - 0.0% 90, % 24.6% 24,351 9, $1.45 C % Total 63 2,337, , % 15, % 256, % 13.8% 20,878 (8,490) - - $1.64 CENTRAL/AIRPORT SUBMARKET A 3 106,933 29, % - 0.0% 29, % 10.3% -11,450 (8,413) - - $1.45 B , , % 13, % 139, % 18.1% -15,142-5, $1.49 C , , % - 0.0% 123, % 17.7% 5,000 (2,016) - - $1.15 Total 66 1,871, , % 13, % 291, % 17.6% -21,592 (16,291) - - $1.37 SPARKS SUBMARKET A 1 32, % % 0.0% B 2 32, % - 0.0% - 0.0% 0.0% C 1 14, % - 0.0% % 32.7% $0.85 Total 4 79, % - 0.0% % 10.0% $0.85 WEST RENO SUBMARKET A % B 3 43, % - 0.0% - 0.0% 0.0% C 6 88,197 18, % - 0.0% 18, % 29.1% -3,239 (504) - - $1.48 Total 9 131,299 18, % - 0.0% 18, % 19.2% -3,239 (504) - - $1.48 DOWNTOWN SUBMARKET A 4 540,478 65, % - 0.0% 65, % 14.1% 23,328 36, $1.98 B ,765 65, % - 0.0% 65, % 19.3% 7,662 4, $1.88 C ,265 33, % - 0.0% 33, % 4.5% (2,238) (8,859) - - $1.63 Total 31 1,300, , % - 0.0% 163, % 13.9% 28,752 32, $1.83 SUBURBAN A 84 3,252, , % 18, % 333, % 12.6% 12,827 11, $1.70 B 62 1,772, , % 13, % 246, % 16.7% 8,135 (640) - - $1.54 C , , % - 0.0% 142, % 19.2% 1,761 (2,520) - - $1.16 Total 187 5,897, , % 31, % 723, % 14.8% 22,723 8, $1.47 MARKET A 88 3,792, , % 18, % 399, % 12.8% 36,155 48, $1.84 B 78 2,341, , % 13, % 312, % 17.3% 15,797 4, $1.71 C 52 1,064, , % - 0.0% 175, % 15.4% (477) (11,379) - - $1.39 Total 218 7,198, , % 31, % 886, % 14.7% 51,475 41, $1.65 QUARTERLY COMPARISON AND S Q ,198, , % 31, % 886, % 14.7% 51,475 41, $1.65 *Q ,188, , % 54, % 938, % 14.7% (10,468) (10,468) 15,316 - $1.61 Q ,026, , % 65, % 1,030, % 14.5% 10,097 69, $1.44 Q ,026, , % 57, % 1,016, % 15.2% 28,258 59, $1.45 Q ,967, , % 71, % 1,061, % 15.9% 8,372 30, $1.44 Q ,932, , % 103, % 1,102, % 16.1% 22,610 22, $1.42 Q ,078,032 1,021, % 116, % 1,138, % 16.0% 34, , $1.42 *Due to a change in reporting standards, variations in the total building base during the first quarter 2017 are not reflective of actual changes in the market Source: NSDC 5 Reno Research & Forecast Report Q Office Colliers International

6 396 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 36 EMEA: 111 ANZ: 43 $2.6 billion in annual revenue* COLLIERS INTERNATIONAL RENO 100 West Liberty Street Suite 740 Reno, Nevada USA MARKET CONTACTS: Melissa Molyneaux, SIOR, CCIM Executive Managing Director & Senior Vice President Reno Fay O Neil Research Analyst billion square feet under management 15,000 professionals and staff *All statistics are for 2016 and include affiliates About Colliers International Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 12 consecutive years, more than any other real estate services firm. For the latest news from Colliers, visit Colliers.com or follow us on Twitter and LinkedIn. colliers.com/reno Copyright 2017 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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