3 RD QUARTER 2015 RICHMOND INDUSTRIAL MARKET REPORT

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1 3 RD QUARTER FORECAST As the U.S. economy continued to show positive economic growth through the third quarter, the Richmond, VA Industrial market saw demand for warehouse and flex properties increase as well. While rental rates remained stagnant in the third quarter, positive absorption pushed vacancy to the lowest Richmond has seen since The Flex market displayed the greatest promise in the third quarter, which can be attributed to increasing rental rates and demand. Flex tenants and owners in the Richmond market consist of traditional and non-traditional occupants. Typically, traditional flex users consist of light manufacturing and distribution businesses. Commonwealth Commercial is seeing traditional office users attracted towards Flex properties due to cheaper rents and strategic locations along major transportation corridors. This trend is spurred by entrepreneurial business growth in Richmond. 8.0% VACANCY 281,000 SF UNDER CONSTRUCTION 103,399 SF NET ABSORPTION $4.22 PSF AVERAGE RENTAL RATES Commonwealth Commercial expects speculative industrial construction to become more appealing to developers due to the lack of modern distribution and manufacturing space MAIN OFFICE ADDRESS: 4198 Cox Road, Suite 200 Glen Allen, VA MAILING ADDRESS: P.O. Box Richmond, VA OFFICE LOCATIONS: Richmond Hampton Roads Nashville Jacksonville Greensboro Tampa

2 available in Richmond, VA. We also believe rents of existing industrial properties will increase through the end of the year and through The Richmond, VA Industrial market ended the third quarter with a vacancy rate of 8.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 103,399 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 99,383 square feet. Rental rates ended the third quarter at $4.22, a decrease over the previous quarter. There was 281,000 square feet still under construction at the end of the quarter. ABSORPTION Net absorption for the overall Richmond, VA Industrial market was positive 103,399 square feet in the third quarter. That compares to positive 176,398 square feet in the second quarter, positive 534,676 square feet in the first quarter, and positive 1,282,794 square feet in the fourth quarter Tenants moving out of large blocks of space in include: Gulf Packaging moving out of 88,000 square feet at 1200 Dinwiddie Ave, Handcraft Cleaners & Launderers Inc. moving out of 87,951 square feet at Handcraft Building located in Scotts Addition, and Saddle Creek Corporation Inc. moving out of 50,545 square feet at Eastport IV. Tenants moving into large blocks of space in include: Advance Trailer Systems, Inc. moving into 93,500 square feet at Interport Business Center - Building A, Anord Critical Power moving into 88,555 square feet at 7001 Technology Blvd, and Virginia Department of Game & Inland Fisheries moving into 52,296 square feet at Villa Park III. The Flex building market recorded net absorption of positive 35,787 square feet in the third quarter, compared to positive 39,905 square feet in the second quarter, positive 91,925 in the first quarter, and positive 119,078 in the fourth quarter The Warehouse building market recorded net absorption of positive 67,612 square feet in the third quarter compared to positive 136,493 square feet in the second quarter, positive 442,751 in the first quarter, and positive 1,163,716 in the fourth quarter VACANCY The Industrial vacancy rate in the Richmond, VA market area decreased to 8.0% at the end of the third quarter. The vacancy rate was 8.1% at the end of the second quarter, 8.3% at the end of the first quarter, and 8.4% at the end of the fourth quarter 2014.

3 Flex projects reported a vacancy rate of 12.2% at the end of the third quarter, 12.5% at the end of the second quarter, 12.7% at the end of the first quarter, and 13.5% at the end of the fourth quarter Warehouse projects reported a vacancy rate of 7.6% at the end of the third quarter, 7.6% at the end of second quarter, 7.8% at the end of the first quarter, and 7.8% at the end of the fourth quarter LARGEST LEASE SIGNINGS The largest lease signings occurring in included: the 219,981-square-foot lease signed by Stalwart Films, LLC at 4300 Carolina Ave in the Northeast market; the 139,800-square-foot deal signed by Direct Mail Solutions, Inc. at 4915 Norman Rd in the Southeast market; and the 110,000-square-foot lease signed by Staples Contract & Commercial, Inc. at Eastgate Warehouse in the Southeast market. SUBLEASE VACANCY The amount of vacant sublease space in the Richmond, VA market increased to 99,383 square feet by the end of the third quarter, from 78,184 square feet at the end of the second quarter. There was 57,578 square feet vacant at the end of the first quarter and 57,578 square feet at the end of the fourth quarter Richmond, VA s Flex projects reported vacant sublease space of 23,963 square feet at the end of third quarter, up from the 11,164 square feet reported at the end of the second quarter. There were 10,058 square feet of sublease space vacant at the end of the first quarter, and 10,058 square feet at the end of the fourth quarter Warehouse projects reported increased vacant sublease space from the second quarter to the third quarter. Sublease vacancy went from 67,020 square feet to 75,420 square feet during that time. There was 47,520 square feet at the end of the first quarter, and 47,520 square feet at the end of the fourth quarter RENTAL RATES The average quoted asking rental rate for available Industrial space was $4.22 per square foot per year at the end of the third quarter in the Richmond, VA market area. This represented a 0.5% decrease in quoted rental rates from the end of the second quarter, when rents were reported at $4.24 per square foot. The average quoted rate within the Flex sector was $8.68 per square foot at the end of the third quarter, while Warehouse rates stood at $3.62. At the end of the second quarter, Flex rates were $8.48 per square foot, and Warehouse rates were $3.64. DELIVERIES AND CONSTRUCTION During the third quarter, no new space was completed in the Richmond, VA market area. This compares to two buildings totaling 28,000 square feet that were completed in the second quarter, two buildings totaling 379,660 square feet completed in the first quarter, and 1,001,792 square feet in two buildings completed in the fourth quarter 2014.

4 There were 281,000 square feet of Industrial space under construction at the end of the third quarter. Some of the notable deliveries include: Republic National Distributing Company, a 250,000-square-foot facility that delivered in first quarter and is now 100% occupied, and Eastport VIII, a 129,660-square-foot building that delivered in first quarter and is now 31% occupied. The largest projects underway at the end of third quarter were Stone Brewing - Phase 1, a 200,000-square-foot building with 100% of its space pre-leased, and Airport St, a 41,000-square-foot facility that is 100% pre-leased. INVENTORY Total Industrial inventory in the Richmond, VA market area amounted to 120,517,509 square feet in 3,201 buildings as of the end of the third quarter. The Flex sector consisted of 11,520,890 square feet in 533 projects. The Warehouse sector consisted of 108,996,619 square feet in 2,668 buildings. Within the Industrial market there were 437 owneroccupied buildings accounting for 32,136,221 square feet of Industrial space. SALES Tallying industrial building sales of 15,000 square feet or larger, Richmond, VA industrial sales figures rose during the second quarter in terms of dollar volume compared to the first quarter of. In the second quarter, six industrial transactions closed with a total volume of $10,985,000. The six buildings totaled 333,320 square feet and the average price per square foot equated to $32.96 per square foot. That compares to four transactions totaling $6,570,000 in the first quarter. The total square footage was 155,000 for an average price per square foot of $ Total year-to-date industrial building sales activity in is down compared to the previous year. In the first six months of, the market saw 10 industrial sales transactions with a total volume of $17,555,000. The price per square foot has averaged $35.95 this year. In the first six months of 2014, the market posted 13 transactions with a total volume of $26,746,009. The price per square foot averaged $ Cap rates have been higher in, averaging 7.08%, compared to the first six months of last year when they averaged 5.55%.

5 SELECT TOP YEAR-TO-DATE DELIVERIES Property Name Sub- Market RBA Occupied Quoted Rate Ground Break Date Delivery Date Developer Republic National Distributing Company Northwest 250, % N/A 3rd Quarter st Quarter Eastport VIII Southeast 129,660 0% $5.25 2nd Quarter 1st Quarter Clayco Inc. Liberty Property Trust 9825 Atlee Commons Drive - Phase I Northeast 23,400 69% $7.50 1st Quarter 2nd Quarter Ronald Hickmon Lawing Drive Southwest 4,600 0% Negotiable 4th Quarter nd Quarter Debarah Hughes SELECT TOP UNDER CONSTRUCTION PROPERTIES Property Name Sub- Market RBA Occupied Quoted Rate Grnd Brk Date Deliv Date Developer Stone Brewing - Phase I Southeast 63,000 88% $ nd Quarter st Quarter EDA Airport Street Dinwiddie 41, % N/A 1st Quarter st Quarter 2016 Elite Contracting Group Deergrove Road Southwest 24, % N/A 2nd Quarter 4th Quarter ATB, LLC. Groome Transportation Northwest 16, % N/A 3rd Quarter 1st Quarter 2016 Groome Transportation

6 The information and details contained herein have been obtained from third-party sources believed to be reliable; however, Commonwealth Commercial has not independently verified its accuracy. Commonwealth Commercial makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and fitness for a particular purpose. Interested parties should perform their own due diligence regarding the accuracy of the information. The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice. Third-party data sources: CoStar Group, Inc., Moody s Economy. com, Nielsen/Claritas, Real Capital Analytics, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, U.S. Census Bureau, Greater Richmond Partnership, U.S. Department of Commerce. The Commonwealth Commercial Industrial Market Report compiles relevant market data by using a third-party database for the proprietary analysis of specific industrial properties above 10,000 SF in the Richmond Metropolitan Area. Industrial Team Mark Claud T E Russell Wyatt T E Fred Plaisted T E Ben Bruni T E Middleton Smith T E

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