National Presence. Local Focus

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1 Metropolitan DC Market Overview 4Q 214 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 41.9 million square feet of rentable office space located in the District of Columbia, Northern Virginia, and Suburban Maryland. The total vacancy rate increased to 15.8% in the fourth quarter, up from 15.4% at the end of the previous quarter. The market recorded approximately 93,584 square feet of net absorption in the fourth quarter, a notable improvement from the -47, square feet absorbed in the third quarter. Leasing activity decreased with 4.8 million square feet in transactions signed during the fourth quarter. The largest lease executed was a renewal signed by law firm Finnegan for 252, square feet in Washington, DC. Three buildings completed construction in the fourth quarter ( DC, 1 VA, 2 MD), totaling 718,317 square feet and 47% leased. There were twenty sale transactions in the fourth quarter, comprising of 4.9 million rentable square feet and totaling $2.2 billion. The market totaled 15 million square feet in sales transactions worth $6.2 billion in 214. Average asking rental rates ticked down $.14 to $35.45 per square foot, Full Service. From November 213 to November 214 employment in the DC Metropolitan area had a net increase of 18,9 jobs representing.6% growth, while the unemployment rate decreased to 4.5%. Direct Vacancy Total Vacancy Total Net Absorption Leasing Activity DC 1.% 1.6% 343,999 SF 9.1 M SF VA 16.2% 17.1% -164,76 SF 9.7 M SF MD 16.2% 16.9% -199,559 SF 4.1 M SF Metro Area 14.9% 15.8% -19,636 SF 22.9 M SF Arrows reflect differences from 3Q 214 Arrows reflect differences from YTD 4Q 213 totals Outlook As slow economic and employment growth continues to impact the Washington, DC region, the commercial real estate market is expected to remain relatively flat entering 215. The private sector should continue to drive employment; while the federal government continues to downsize its workforce. Early renewals are expected to dominate the larger lease transactions, as private sector tenants leverage the current market conditions. The GSA should continue to execute renewals as well, however, their primary focus will be on consolidating and downsizing federal office space requirements when possible. To maintain or increase competitiveness in this tenant s market, aggressive landlords will continue to renovate and upgrade amenities to their buildings. As the GSA and the private sector (as seen with the larger DC law firms) continue to reduce space requirements, vacancy is expected to tick upward, while net absorption is expected to decrease. While the construction pipeline remains limited, there will be a modest uptick in inventory with six new buildings, totaling 687, square feet, scheduled to deliver during the first half of 215. Sales velocity is expected to decline as there are approximately nine buildings currently under contract. With the recent success of CityCenter, look for other developments including; The Wharf, Reston Town Center, and Pike & Rose attempt to capitalize on tenants seeking higher-end space and millennials (25% of the workforce) who desire a Live, Work, Play environment. 11 Constitution Avenue Suite 325 East Washington, DC Wilson Boulevard Suite 2 Arlington, VA

2 Suburban Maryland 4Q 214 Market Summary The Suburban Maryland office market, which encompasses Montgomery and Prince George s Counties, totals approximately 86.9 million square feet of office space in 889 office buildings 25, square feet and greater. On the heels of the third quarter s relatively disappointing -27,21 square feet net absorption, the Suburban Maryland office market bounced back into positive absorption in the fourth quarter 214 with 621,847 square feet absorbed. This is the highest quarterly net absorption figure in Suburban Maryland since fourth quarter 212 when it was 9,533 square feet. However, paired with the negative absorption in the previous quarters, that brings the year to date total to -199,559 square feet. Direct Vacancy Total Vacancy Net Absorption 4Q 14 3Q 14 4Q % 16.6% 15.% 16.9% 17.3% 15.7% 621,847 SF -27,21 SF 137,41 SF There were two deliveries during the fourth quarter 214, one being Carr Properties speculative project at 45 East West Highway which delivered approximately 226,352 square feet of Class A space to the Bethesda/Chevy Chase market. The nine story property delivered with nearly 28, square feet of space pre-leased to RapidAdvance, which was the top lease of the fourth quarter. Total vacancy fell this quarter to 16.9%, despite the vacancy provided by new deliveries. Direct vacancy was recorded at 16.2%, which is also an improvement from the third quarter when it was 16.6%. However, by comparison this is an increase from the fourth quarter 213 when the direct vacancy rate was 15.% and total vacancy was 15.7%. The total average rental rates fell $.1 from $25.59 Full Service in the third quarter to $25.49 Full Service in the fourth quarter. Prince George s County received even less attention this quarter than usual, with just one of the top leases falling in its jurisdiction. The tenth largest lease of the quarter was signed in Lanham as State Farm Insurance leased 12,39 square feet of space in 461 Forbes Boulevard. Leasing Activity Under Construction 698,318 sf 672,65 sf 2.1 m sf 655,694 sf 841,446 sf 1.2 m SF Deliveries 396,352 SF SF SF Rental Rates $25.49 FS $25.59 FS $25.83 FS Percent Pre-Leased 5% 28% 58% 11 Constitution Avenue Suite 325 East Washington, DC Wilson Boulevard Suite 2 Arlington, VA

3 Suburban Maryland Quarterly overview 4th Quarter 214 Vacancy Rate The direct vacancy rate in the fourth quarter decreased to 16.2%, down from 16.6% in the previous quarter. Total vacancy also decreased in the fourth quarter to 16.9%, down from 17.3% in the third quarter. This is the lowest the total vacancy rate has been since fourth quarter 213 when it was recorded at 15.7% Deliveries vs. Under Construction With a number of tenants vacating space in an effort to consolidate in the Suburban Maryland office market, the slight fluctuation in vacancy rates has been expected. Existing tenants continued to maintain their space and renew at their current location, or reduce their footprint and move up in quality..5. Deliveries Under Construction Absorption and Gross Leasing 2 Vacancy Rate by Building Class 17.% 18.1% 2 Total net absorption for office space in Suburban Maryland was recorded at 621,847 square feet in the fourth quarter, a substantial improvement from the -1,432 square feet absorbed in the third quarter. This is also an improvement from the 452,661 square feet recorded earlier in the second quarter. This brings the year to date absorption total to -199,559 square feet (%) of Building Class Vacant Contributing to the majority of net absorption this quarter was the 392,784-square-foot move in by the National Institute of Allergy & Infectious Diseases (NIAID) at 561 Fishers Lane, in the Rockville submarket. 4 A B C 4 In the fourth quarter 214, total leasing activity was 698,318 square feet, a modest rise from the third quarter when the total leasing activity was 672,65 square feet. However, this is a substantial decrease from the fourth quarter 213 when the total leasing activity was 2,165,111 square feet. The total average asking rental rate was recorded at $25.49 Full Service for the Suburban Maryland office market, down $.1 from the previous quarter. However, this is a $.34 drop from fourth quarter 213 when it was $25.83 Full Service. Montgomery County accounted for nine of the top ten leases while Prince George s County brought in the tenth largest lease of the quarter. Deliveries Net Absorption Vacancy Rate Delivery Net Absorption

4 Suburban Maryland Quarterly Overview 4th Quarter 214 Construction At the conclusion of the fourth quarter 214, six office buildings, totaling 556,694 square feet, were under construction in the Suburban Maryland office market. These buildings were collectively 5% pre-leased. Carr Properties speculative project at 45 East West Highway delivered 226,352 square feet of Class A space in the Bethesda/Chevy Chase submarket during the fourth quarter, while 118 Grand Park Avenue, the Pike & Rose project delivered 17, square feet of space in the North Bethesda/Potomac submarket. 49 Sandy Spring Road, the Starpoint Plaza, a 25,239 square foot Class B building is currently under construction set to deliver in first quarter 215 in North Silver Spring. 78 Harkins Road, the Department of Housing and Community Development building, is set to deliver 11, square feet of office space in first quarter Parklawn Drive will be delivering 1, square feet of office space in Rockville second quarter Observation Drive in Germantown will be delivering 8, square feet of Class B office medical space in third quarter Colesville Road, Ellsworth Place Office Tower, is currently under construction in Silver Spring. 21,6 square feet of Class A office space will be delivering in fourth quarter Park Potomac Avenue, Building D, will be delivering 129,855 square feet of Class A space to the Rockville submarket in first quarter 216. Outlook We expect that the trend of consolidation will continue in the near future, however long term we believe tenants will slowly gain more confidence in the market through 216 and begin to lease more office space. We expect renovations of existing Class B and C space to encourage tenant moves, as adding amenities to buildings will better cater to the modern tenant s needs. Vacancy rates are expected to rise through the next 24 months as more deliveries are made with much less pre-leasing than we are used to in the market. Building owners are likely to continue meeting the pressure of the market as tenants will continue to seek quality space in transit-oriented locations and look to landlords for tenant improvement packages they deem appropriate. For More Information, Please Contact: Merrill Turnbull Brent Prossner John Olson Adriana Biberaj

5 SUBURBAN MARYLAND TOP LEASES 4Q 214 In the fourth quarter 214, nine of the top ten leases were executed in Montgomery County, with six of the top leases being renewals. The largest lease of the fourth quarter was signed by RapidAdvance for 27,564 square feet of new space at the recently delivered 45 East West Highway, in the Bethesda/Chevy Chase submarket. While the government has participated largely in recent quarters with top leases, it was the private sector in the fourth quarter that made up the majority of the top leases, with the exception of the National Institutes of Health Federal Credit Union (NIHFCU). The NIHFCU signed the third largest lease of the quarter, renewing 22,575 square feet of space at 111 Rockville Pike, the in Rockville submarket. Shady Grove Fertility had the second largest lease of the quarter, signing for 23,358 square feet of new space at 96 Blackwell, in the North Rockville submarket. Prince George s County had the smallest of the top leases this quarter as State Farm Insurance leased 12,39 square feet of space at 461 Forbes Boulevard, in the Lanham Submarket. The Suburban Maryland market totaled 4.1 million square feet of leasing activity in EAST WEST HWY. 96 BLACKWELL 111 ROCKVILLE PKE. 962 WAYNE AVE WISCONSIN AVE. Tenant: RapidAdvance Size: 27,564 SF New Bethesda/Chevy Chase Tenant: Shady Grove Fertility Size: 23,358 SF New North Rockville Tenant: NIH Federal Credit Union Size: 22,575 SF Renewal Rockville Tenant: Technology Service Co. Tenant: MedStar Washington Hospital Size: 22,526 SF Center Renewal Silver Spring Size: 22,5 SF Renewal Bethesda/Chevy Chase 1375 PICCARD DR CALHOUN PL WASHINGTONIAN BLVD PICCARD DR. 461 FORBES BLVD. Tenant: ZeniMax Media Size: 2,226 SF Relet North Rockville Tenant: Motorla Size: 15, SF Renewal North Rockville Tenant: United Communications Group Size: 13,893 SF Renewal North Rockville Tenant: Montgomery Hospice Size: 13,683 SF Renewal North Rockville Tenant: State Farm Insurance Size: 12,39 SF Relet Lanham

6 Bethesda/Chevy Chase Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: 82,32 SF/YR DELIVERIES: 81,749 SF/YR INVENTORY: 11.1 MILLION SF DIRECT VACANCY: 9.8 % TOTAL VACANCY: 11. % YTD 214 ABSORPTION: 4,315 SF UNDER CONSTRUCTION: SF YTD DELIVERIES: 226,352 SF (FULL SERVICE) 25: $29.11 PSF 214: $35.69 PSF Total leasing activity was 92,39 square feet, a slight decrease from third quarter when total leasing activity was recorded at 124,76 square feet. The Class A total vacancy rate is 11.1%, up from 8.2% in the third quarter. The Class A average rental rate decreased slightly from $39.43 Full Service in the third quarter to $39.37 Full Service. The Class B total vacancy rate rose to 11.4% from third quarter s 11.3%, with a decrease in the average rental rate from $33.49 Full Service to $33.13 Full Service. Carr Properties speculative project at 45 East West Highway delivered 226,352 square feet of Class A space to the market this quarter, with 198,788 square feet vacant and available.

7 Bethesda/Chevy Chase 4th Quarter 214 Leases At A Glance 7315 WISCONSIN AVE. Tenant: Size: Rate: Term: Esc: TI: Comments: Space Partnership International 3,365 SF Relet $38. FS 6 Months 3.% $4./SF 6 Months Free Rent Tenant: Size: Rate: Term: Esc: TI: Comments: 72 WISCONSIN AVE. Food Partners 1,83 SF Relet $36. FS 64.8 Months 2.5% Turnkey 5 Months Free Rent

8 North Bethesda/Potomac Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: -1,216 SF/YR DELIVERIES: 98,256 SF/YR INVENTORY: 1.8 MILLION SF DIRECT VACANCY: 19.7 % TOTAL VACANCY: 2.1 % YTD 214 ABSORPTION: -199,17 SF UNDER CONSTRUCTION: SF YTD DELIVERIES: 17, SF (FULL SERVICE) 25: $28.18 PSF 214: $29.5 PSF Total leasing activity was slightly lower than the 99,553 square feet in the third quarter, as it recorded 84,86 square feet in the fourth quarter. The Class A total vacancy rate dropped to 21.4% from third quarter s 22.7%, with a slight rental rate decrease from $31.49 Full Service to $31.11 Full Service. The Class B total vacancy rate rose to 19.6% this quarter from 18.1% in the third quarter, as rental rates decreased by $.4 from $25.89 Full Service to $25.49 Full Service. 118 Grand Park Avenue, the Pike and Rose project, delivered 17, square feet of Class A space to the North Bethesda/Potomac submarket in the fourth quarter, with 39,822 square feet vacant and available for lease.

9 North Bethesda/Potomac 4th Quarter 214 Leases At A Glance Tenant: Size: Rate: Term: Esc: TI: Comments: 63 EXECUTIVE BLVD. American Institute of Research 29,249 SF Relet $28. FS 132 Months 2.25% $65./SF 12 Months Free Rent Tenant: Size: Rate: Term: Esc: TI: 691 ROCKLEDGE DR. Executive Information Systems 8,995 SF Renewal $34. FS 36 Months 2.5% As-Is

10 Rockville Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: 18,366 SF/YR DELIVERIES: 161,594 SF/YR INVENTORY: 9.3 MILLION SF DIRECT VACANCY: 13.4 % TOTAL VACANCY: 13.5 % YTD 214 ABSORPTION: 365,932 SF UNDER CONSTRUCTION: 229,855 SF YTD DELIVERIES: 515,717 SF (FULL SERVICE) 25: $26.41 PSF 214: $3.8 PSF Total leasing activity decreased slightly from 75,716 square feet in the third quarter to a 21,716 square feet in the fourth quarter. Total net absorption made a significant jump from -131,666 square feet in the third quarter to 424,425 square feet in the fourth quarter. Total vacancy in the Class A office market fell to 18.7% in the fourth quarter from 28.% and also experienced a slight decrease in total average asking rental rate from $31.85 Full Service to $31.78 Full Service. Total vacancy in the Class B office market dropped to 1.1% in the fourth quarter from 1.7% while total average asking rental rates rose from $27.73 Full Service to $28.12 Full Service.

11 Rockville 4th Quarter 214 Leases At A Glance Tenant: Size: Rate: Term: Esc: TI: Comments: 977 MEDICAL CENTER DR. Advanced Weight Loss Surgery 3,752 SF Renewal $29. NNN 12 Months 2.25% $65./PSF 8 Months Free Rent Tenant: Size: Rate: Term: Esc: TI: Comments: 152 SHADY GROVE RD. Patient Pharmacy 1,5 SF New $32.5 Net of Char 126 Months 3.% Turnkey 6 Months Free Rent

12 North Rockville Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: 79,48 SF/YR DELIVERIES: 181,139 SF/YR INVENTORY: 13.2 MILLION SF DIRECT VACANCY: 15.8 % TOTAL VACANCY: 17.7 % YTD 214 ABSORPTION: -152,71 SF UNDER CONSTRUCTION: SF YTD DELIVERIES: 111,476 SF (FULL SERVICE) 25: $25.98 PSF 214: $25.99 PSF Total leasing activity rose to 153,287 square feet in the fourth quarter from 148,461 square feet in the third quarter. The total vacancy remained flat at 17.7%, while direct vacancy experienced a slight increase moving from 15.7% in the third quarter to 15.8%. The Class A average asking rental rates experienced a decrease as prices dropped from $28.87 Full Service in the third quarter to $28.29 Full Service in the fourth quarter. The Class B average asking rental rates experienced a slight decrease from $23.56 Full Service in the third quarter to $23.43 Full Service in the fourth quarter.

13 North Rockville 4th Quarter 214 Leases At A Glance Tenant: Size: Rate: Term: Esc: TI: Comments: 22 RESEARCH BLVD. NeoImmune Tech 1,638 SF New $29.5 FS 37 Months 3.% As-Is 1 Month Free Rent

14 Gaithersburg/Germantown Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: 37,117 SF/YR DELIVERIES: 57,692 SF/YR INVENTORY: 9.5 MILLION SF DIRECT VACANCY: 11.9 % TOTAL VACANCY: 12.5 % YTD 214 ABSORPTION: 3,651 SF UNDER CONSTRUCTION: 8, SF YTD DELIVERIES: SF (FULL SERVICE) 25: $21.74 PSF 214: $23.67 PSF Total leasing activity fell from third quarter s 6,865 square feet to 34,882 square feet in the fourth quarter. This is a major decrease from the 21,159 square feet leased in the fourth quarter 213. Total vacancy dropped from 12.7% in the third quarter to 12.5% in the fourth quarter, while direct vacancy fell slightly from 12.1% to 11.9%. The Class A total vacancy rate fell to 15.8% in the fourth quarter from 16.4% in the third quarter. Total average asking rental rates saw a slight increase from $25.54 Full Service in the third quarter to $25.56 Full Service. The Class B total vacancy rate increased from 1.5% in the third quarter to 1.9% and experienced a rise in total average asking rental rate to $22.21 Full Service from $22.7 Full Service.

15 Gaithersburg/Germantown 4th Quarter 214 Leases At A Glance Tenant: Size: Rate: Term: Esc: TI: Comments: GERMANTOWN RD. Germantown Pharmacy 1,48 SF New $25. FS 111 Months 3.% Turnkey 3 Months Free Rent

16 Silver Spring Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: -19,57 SF/YR DELIVERIES: 5, SF/YR INVENTORY: 6.4 MILLION SF DIRECT VACANCY: 8.9 % TOTAL VACANCY: 9.5 % YTD 214 ABSORPTION: 99,478 SF UNDER CONSTRUCTION: 21,6 SF YTD DELIVERIES: SF (FULL SERVICE) 25: $23.21 PSF 214: $27.55 PSF Total leasing activity for the fourth quarter was 118,145 square feet, a relative increase from the 49,929 square feet leased in the third quarter. The total vacancy rate showed a slight decrease as it went from 1.5% in the third quarter to 9.5% in the fourth quarter, with 8.9% attributed to direct space. The Class A total vacancy rate fell to 9.7% from 9.9% in the third quarter, with a forty four cent decrease in average asking rental rate from $29.87 Full Service to $29.43 Full Service. The Class B total vacancy rate dropped from the third quarter s 8.9% to 6.5%, as the average asking rental rate also decreased from $23.7 Full Service to $23.63 Full Service.

17 Silver Spring 4th Quarter 214 Year to Date Leases Tenant: Size: Rate: Term: Esc: TI: 838 COLESVILLE RD. Potomac Massage Training Institute 9,865 Relet $26.5 FS 12 Months 2.5% $12./PSF Tenant: Size: Rate: Term: Esc: TI: Comments: 1151 GEORGIA AVE. Farmers Insurance 944 SF New $24. FS 12 Months 5.% As-Is 4 Months Free Rent

18 Prince George s County Industrial Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: 91,35 SF/YR DELIVERIES: 194,425 SF/YR INVENTORY: 19.5 MILLION SF DIRECT VACANCY: 12. % TOTAL VACANCY: 12.7 % YTD 214 ABSORPTION: -244,245 SF UNDER CONSTRUCTION: 968,237 SF YTD DELIVERIES: SF (TRIPLE NET) 25: $6.1 PSF 214: $5.98 PSF Total leasing activity experienced a dramatic increase in the fourth quarter at 439,3 square feet in comparison to third quarter when it was 9,434 square feet. Total net absorption saw an improvement in the fourth quarter as it rose to 149,85 square feet from -158,49 square feet in the third quarter. The total average asking rental rates decreased from the third quarter s $6.7 Triple Net to $5.98 Triple Net. The Class A total vacancy rate dropped to 18.9% in the fourth quarter from 2.% in the third quarter. Total average asking rental rates increased from $6.36 Triple Net in the third quarter to $6.68 Triple Net in the fourth quarter.

19 Greenbelt/College Park Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: -2,33 SF/YR DELIVERIES: 77,187 SF/YR INVENTORY: 7.4 MILLION SF DIRECT VACANCY: 23.8 % TOTAL VACANCY: 24.1 % YTD 214 ABSORPTION: 26,51 SF UNDER CONSTRUCTION: SF YTD DELIVERIES: SF (FULL SERVICE) 25: $2.7 PSF 214: $2.93 PSF Total leasing activity was recorded at 5,137 square feet this quarter, an impressive increase from 28,11 square feet in the third quarter. The total vacancy rate dropped slightly from 24.4% in the third quarter to 24.1%, with 23.8% being attributed to direct space. Average rental rates fell seven cents from the third quarter to $2.93 Full Service. The total vacancy in the Class A market fell from 2.1% in the third quarter to 19.5%, as the total average rental rates saw $.14 decrease from $21.9 Full Service to $21.76 Full Service.

20 Landover/Largo/Capitl Heights Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: -24,218 SF/YR DELIVERIES: 11,293 SF/YR INVENTORY: 3.1 MILLION SF DIRECT VACANCY: 24.1 % TOTAL VACANCY: 24.6 % YTD 214 ABSORPTION: -48,3 SF UNDER CONSTRUCTION: SF YTD DELIVERIES: SF (FULL SERVICE) 25: $21.8 PSF 214: $19.6 PSF Total vacancy increased notably from 23.9% in the third quarter to 24.6% in the fourth quarter. Total net absorption was -22,24 square feet in the fourth quarter, a decrease from this time last year when it was recorded at -15,621 square feet. The total average asking rental rates decreased from third quarter s $19.19 Full Service to $19.6 Full Service, twenty eight cents lower than fourth quarter 213 when it was $19.34 Full Service. The total average rental rate in the Class A market witnessed a $.5 increase from the previous quarter as it went from $17.71 Full Service to $17.76 Full Service.

21 National Harbor/Oxon Hill Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: 11,459 SF/YR DELIVERIES: 21,29 SF/YR INVENTORY: 999,355 SF DIRECT VACANCY: 17.2% TOTAL VACANCY: 18.9% YTD 214 ABSORPTION: 7,79 SF UNDER CONSTRUCTION: SF YTD DELIVERIES: SF (FULL SERVICE) 25: $18.91 PSF 214: $22.85 PSF Total leasing activity fell from 7,527 square feet in the third quarter to 7,2 square feet in the fourth quarter. This is also a slight decrease from this time last year when total leasing activity was 7,935 square feet. Total net absorption decreased dramatically from 1,8 square feet in the third quarter to -8,4 square feet. The Class A total vacancy rate rose from the third quarter s 18.6% to 21.9%, with a slight rental rate decrease from $23.79 Full Service to $23.78 Full Service. The Class B total vacancy rate dropped from 19.4% in the third quarter to 17.7%, as rental rates decreased from $22.71 Full Service to $22.7 Full Service.

22 Beltsville/Calverton Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: -23,757 SF/YR DELIVERIES: SF/YR INVENTORY: 1.5 MILLION SF DIRECT VACANCY: 34.6 % TOTAL VACANCY: 35.5 % YTD 214 ABSORPTION: -23,659 SF UNDER CONSTRUCTION: SF YTD DELIVERIES: SF (FULL SERVICE) 25: $18.45 PSF 214: $2.86 PSF Total leasing activity fell drastically from the third quarter s 17,446 square feet to 1,661 square feet in the fourth quarter. This is also a large decrease from this time last year when leasing activity was recorded at 25,632 square feet. The Class A market average asking rental rate rose from $21.56 Full Service in the third quarter to $21.61 Full Service. Total vacancy in the Class B market fell from 22.1% in the third quarter to 21.9% in the fourth quarter, and also experienced a slight increase in total average asking rental rate from $17.7 Full Service to $17.99 Full Service. Total net absorption for the fourth quarter was -3,496 square feet, a major difference from this time last year when net absorption was recorded at 37,78 square feet.

23 Baltimore/Washington Corridor Industrial Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: 484,22 SF/YR DELIVERIES: 492,87 SF/YR INVENTORY: 46.7 MILLION SF DIRECT VACANCY: 1.5% TOTAL VACANCY: 1.5% YTD 214 ABSORPTION: 756,499 SF UNDER CONSTRUCTION: 1,173,69 SF YTD DELIVERIES: 831,617 SF (TRIPLE NET) 25: $4.82 PSF 214: $5.9 PSF Total vacancy experienced a decline from 11.7% in the third quarter to 1.5% in the fourth quarter. Total leasing activity saw a dramatic decrease from the third quarter s 672,626 square feet as it fell to 299,642 square feet in the fourth quarter. This is also a significant decrease from fourth quarter 213 when net absorption was recorded at 2,271,49 square feet. The Class A total vacancy rate rose slightly from 14.5% in the third quarter to 14.6% in the fourth quarter, and witnessed a $.1 increase in asking rental rate from $5.52 Triple Net to $5.53 Triple Net. The Class B total vacancy rate rose to 1.2% from 1.% in the third quarter, while the average asking rental rate rose from $5.1 Triple Net to $5.1 Triple Net.

24 Columbia South Market Spotlight 4Q YEAR AVERAGES (25-214) TOTAL ABSORPTION: 262,799 SF/YR DELIVERIES: 314,977 SF/YR INVENTORY: 8.9 MILLION SF DIRECT VACANCY: 11.5 % TOTAL VACANCY: 13. % YTD 214 ABSORPTION: 351,975 SF UNDER CONSTRUCTION: 15, SF YTD DELIVERIES: SF (FULL SERVICE) 25: $21.28 PSF 214: $23.25 PSF Total vacancy rate fell from 14.3% in the third quarter to 13.% in the fourth quarter, with 11.5% attributed to direct vacant space. Total net absorption rose significantly from -57,726 square feet in the third quarter to 123,828 square feet in the fourth quarter. This was also a major improvement from this time last year when net absorption was recorded at -42,97 square feet. The total average asking rental rate decreased seventy cents from the third quarter, going from $23.95 Full Service to $23.25 Full Service in the fourth quarter.

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