A tight Columbia market may lead to office transformation

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1 Research & Forecast Report COLUMBIA, SC OFFICE Q A tight Columbia market may lead to office transformation Crystal Baker Research Coordinator South Carolina Key Takeaways > > The Columbia office market posted a high absorption this quarter, mainly within the CBD office market. > > Overall weighted asking rental rates are expected to be lower due to the lower quality of the remaining availabilities. > > Office buildings are evolving to keep up with coworking trends, technological advancements and healthy lifestyles. Market Indicators Relative to prior period VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE** Q Q Coworking, technology and healthy initiatives drive office transformation Office properties are evolving throughout primary U.S. markets due to coworking space popularity, enhanced technology and healthconscious initiatives; all three trends are interwoven with one another and are transforming the nature of the traditional office building. Coworking is defined as a group of people (often from various companies) using a shared workspace. The popularity of this modern way of working is increasing exponentially. Not only does coworking allow start-ups and small businesses to work in open, contemporary spaces with amenities they may otherwise be unable to afford, it also provides larger companies the opportunity to test the waters in a new market by using swing space or a small satellite office prior to making a long-term commitment in a new location. In addition, office owners are able to upgrade and fully lease the remaining spaces in their buildings through the coworking model. Coworking spaces will differ from market to market, but will likely have the following similarities: high-end finishes, collaboration space and amenities; advanced technology, with the ability to work remotely; and 24-hour access to accommodate varying work hours. Not only is workspace evolving, new forms of technology, such as driverless vehicles, may transform office buildings on a larger scale and sooner than expected. While this trend is still in the testing phases and it is undeterminable when it will turn from future hype to a real-world everyday application, if it continues Note: Construction is the change in Under Construction. *Projected **Rental rates for current quarter are for CBD. Rent forecast is for metro-wide rents. Summary Statistics Q Columbia Office Market Market CBD Suburban Vacancy Rate 10.86% 9.55% 11.58% Change From Q (basis points) Absorption (Thousand Square Feet) New Construction (Thousand Square Feet) Under Construction (Thousand Square Feet) *Note: New construction is buildings delivered , ,000 Asking Rents Full-Service Per Square Foot Per Year Market CBD Suburban Overall $15.97 $20.49 $14.75 Change From Q % +1.94% -2.64% Class A $20.82 $22.04 $19.27 Change From Q % -2.86% -1.03%

2 as is expected in fair-weather areas, office building owners will need to plan ahead to successfully adapt to it. According to Forbes, Uber bought 24,000 SUVs from Volvo to form a fleet of driverless vehicles that could hit the roads as early as Due to driverless transportation and the future of less all day parking needs, office building owners may eventually transform excess garage space into mixed-use environments. This mixed-use model will increase building foot traffic and add various everyday conveniences while remaining lucrative to the garage owner. In addition to the changes of coworking and technological advancements, employees are now more focused on healthy work lifestyles. Millennial employees constituted 35% of the workforce in 2017, which means there is roughly one Millennial out of every three employees. They are technologically, environmentally and health conscious. Many of the future office market changes will reflect Millennial values. Office properties are trending to be more flexible, with options for tenants such as: pet-friendly office buildings, garden areas and indoor/outdoor working centers, onsite fitness centers, convenient bicycle racks, fresh markets onsite, and chef-inspired fast casual dining options nearby, to name a few. Many of these amenities may eventually be created within the aforementioned converted garage space, thereby repurposing office building garages. Office space throughout the U.S. is evolving to include coworking space options, enhanced technology leading to the development of excess garage space into mixed-use possibilities and health-geared office buildings. While some conversions are currently happening, others may be trends which will eventually reach the Columbia market and change the nature of Columbia office buildings. Market Conditions The competitive Columbia office market has million square feet within eight submarkets. Currently, 30,000 square feet of suburban office space is under construction. The overall quarterly market absorption was 137,511 square feet during the third quarter of The majority of absorption was within the central business district; 66,510 square feet was located within three buildings: the First Base Building; 1600 Williams Street and Main Street. The Columbia market vacancy rate dropped considerably during the third quarter to 10.86%, down 86 basis points from last quarter and 12.06% lower than it was one year ago. The overall average market full-service rental was $15.97 per square foot during the third quarter of 2018, which is 2.50% lower than the second quarter of 2018 and may be due to the lower quality of the remaining available space. down from 10.12% during the second quarter to 9.54% this quarter due to 38,264 square feet of Class A office space absorption. The overall CBD submarket absorbed an astounding 102,695 square feet of office space this quarter. The average weighted rental rate rose from $20.49 per square foot during the second quarter of this year to $20.52 per square foot this quarter. However, Class A weighted rental rates dropped slightly from $22.32 per square foot during the second quarter of 2018 to $22.04 per square foot during the third quarter of Because rental rates are weighted based on the available remaining space, unless high quality space becomes available, the rental rates will likely continue to be lower in the coming quarters. Suburban The Columbia suburban market consists of 225 buildings totaling million square feet, and there is currently a 30,000-squarefoot office building under construction in the Cayce/West Columbia submarket. The suburban submarket vacancy rate fell from 11.92% during the second quarter of 2018 to 11.58% during the third quarter, and the overall market absorption was 35,947 square feet. Class A office buildings within the suburban submarkets posted an absorption of 38,252 square feet this quarter, and the vacancy rate dropped to 6.55% during the third quarter from 8.48% last quarter. The average weighted rental rates within the suburban submarkets averaged $14.75 per square foot, and Class A suburban rental rates rose from $19.03 per square foot last quarter to $19.27 per square foot this quarter for the remaining available suburban office space Lady Street Columbia, SC Columbia Business District (CBD) The Columbia Central Business District has 97 buildings totaling 5.69 million square feet within the market. The vacancy rate within the CBD dropped from 11.34% during the second quarter of 2018 to 9.54% this quarter; likewise, Class A vacancy is also lower, Source: Colliers International 2 South Carolina Research & Forecast Report Q Columbia Office Colliers International

3 Significant Transactions According to CoStar, the third quarter of 2018 began with 26 sale transactions, including two portfolio sales: Synergy Business Park in Columbia sold for $24.25 million and 201 and 203 West Main Street in Lexington was purchased for $2.7 million. There were also 47 leases signed in Columbia from July through September of 2018, most of which ranged between 2,000 and 4,000 square feet. The two largest leases this quarter were both by tenants who wish to remain undisclosed: an 18,200-square-foot office tenant at 1001 Pinnacle Point Drive; and a 12,000-square-foot office sublessor at 1 Harbison Way. Sales > > A 7,400-square-foot medical office building located at 3630 Sunset Boulevard in West Columbia was purchased by CNA Development, LLC for $1.32 million. > > A 36,377-square-foot, Class B office building located at 6941 Trenholm Road in Columbia was purchased by Olmstead US LLC for $1.29 million. Construction Pipeline Commercial Real Estate Growth Cycle: Where the market stands and where it is going NEW CONSTRUCTION RENTAL RATE EMPLOYMENT OCCUPANCY PHASE 4: RECESSION PHASE 1: RECOVERY COMMERCIAL REAL ESTATE GROWTH CYCLE PHASE 2: EXPANSION PHASE 3: HYPERSUPPLY The Columbia Central Business District has no construction underway; however, there is one building within the Cayce/West Columbia submarket currently under construction. Under Construction > > A 30,000-square-foot West Columbia office building located at 100 Corporate Boulevard is under construction and, according to CoStar, is expected to deliver during November of Office-Using Employment Office-using employment are those jobs related to the professional and business services, financial activities and information sectors. According to the most recent July 2018 data from the Bureau of Labor Statistics, Columbia office-using employment totals 86,200 this quarter, which is 700 additional office-using jobs than this time last year. Total non-farm employment during the third quarter of 2018 was 402,500 within the Columbia Metro Statistical Area (MSA) and there have been 2,100 non-farm employment jobs added in the past 12 months. As of July, 2018, the unemployment rate in Columbia was 3.4%; that is the lowest it has been in over 10 years. Columbia, MSA Demographics Source: ESRI POPULATION 2023: 888,511 (ESRI Forecast) 2018: 840,419 (ESRI Estimate) 2010: 767,598 (Census) AGE (2018 ESRI Estimate) 25-34:119,759 (14.2%) 35-54: 210,945 (25.1%) 55-64: 108,414 (12.9%) 65+: 123,542 (14.7%) HOUSEHOLD INCOME Average: 2023: $84,646 (ESRI Forecast) 2018: $74,573 (ESRI Estimate) In January 2018, Colliers International benchmarked its office data set for South Carolina. The new standard includes: all office buildings 10,000 square feet or larger, except medical office and government-owned buildings; all single tenant office buildings; buildings in an expanded geography; data for all quarters beginning in Q4 2008; and excluding office condominiums. In addition, the submarkets are separated by class levels A, B and C (A being the highest quality space and C being of lesser quality), and are also divided into 2 divisions: Central Business District (CBD) and Suburban. The Central Business District submarket consists of a highly-populated business area with infrastructure and an office building/high-rise environment, which is often accompanied by heavy daytime foot traffic. A Suburban submarket is an area or town existing as a mixed-use community within commuting distance of a larger city. Due to the adjustments of the building inventory, comparison of data included in previously published market reports should be avoided. 3 South Carolina Research & Forecast Report Q Columbia Office Colliers International

4 Market Forecast The Columbia office market remains tight, with few quality spaces available to lease; this will cause the weighted market rental rate average to decline until the remaining spaces are updated or upgraded space becomes available. In addition to general suite upgrades, Columbia will begin to see office building transformations, which are beginning to occur in primary markets throughout the U.S. In order to keep up with coworking trends and technological advancements, parking garage space may eventually be developed into a mixed-use areas if the driverless car trend becomes an everyday reality. Also, office buildings will be geared toward healthy initiatives by creating more outdoor work spaces, pet-friendly environments, fast casual eating options, coffee shops or juice bars, onsite shopping, and flexible building access to accommodate the varying work schedules of Millennial employees. With no significant new construction planned for the Columbia office market and owners hesitant to build due to the rise of construction costs, the conversion of remaining building areas may be the newest trend to look for within Columbia office buildings. Office-Using Employment Columbia, MSAs Office-Using Jobs Added Over 12 Months 3,000 2,000 1, ,000-2,000-3,000-4,000 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Jobs Added Mar-16 Jul-16 Nov-16 Mar-17 Total Employment Source: Bureau of Labor Statistics, Colliers International Jul-17 Nov-17 Mar-18 Jul Total Non-Farm Employment (Thousands) 1600 Williams Street Columbia, SC Columbia Office Market Vacancy Rate Trends 12.77% 12.35% 11.77% 11.74% 11.71% 10.86% Source: CoStar 1280 Assembly Street Columbia, SC Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Converse Building 250 Berryhill Road Columbia, SC Source: Colliers International Source: Costar 4 South Carolina Research & Forecast Report Q Columbia Office Colliers International

5 Q Office Market Summary Statistics MARKET CAYCE/WEST COLUMBIA BUILDINGS INVENTORY DIRECT VACANT SUBLEASE VACANT TOTAL VACANT TOTAL VACANCY RATE (%) NET ABSORPTION AVERAGE ASKING RENTAL RATE (SF/YR) Class A 4 665, % - - Class B 4 117, Class C ,498 65,924-65, % -1,300 $11.49 Cayce/West Columbia Total 27 1,554,110 65,924-65, % -1,300 $11.49 EAST COLUMBIA Class A Class B 2 52,176 12,364-12, % -7,464 $19.79 Class C ,664 8,942-8, % -4,495 $15.39 East Columbia Total ,840 21,306-21, % -11,959 $17.94 FOREST ACRES Class A Class B 5 305,840 27,908-27, % 1,848 $16.01 Class C , , , % -27,775 $15.07 Forest Acres Total 27 1,136, , , % -25,927 $15.29 IRMO/CHAPIN Class A Class B 3 77, % - - Class C ,613 2,000-2, % -1,000 $12.60 Irmo/Chapin Total ,622 2,000-2, % -1,000 $12.60 LEXINGTON Class A 3 167,028 9,771-9, % - - Class B 8 170,040 49,094-49, % - $13.05 Class C 8 125, % - - Lexington Total ,432 58,865-58, % - $13.05 NORTHEAST COLUMBIA Class A ,787 80,557 11,406 91, % -24,947 $19.13 Class B 18 1,801, , , % -7,378 $16.51 Class C , , , % -10,681 $12.28 Northeast Columbia Total 44 2,914, ,235 11, , % -43,006 $15.37 ST. ANDREWS Class A 7 513,032 28,355-28, % 63,199 $20.00 Class B 24 1,624,850 85,705-85, % 29,690 $15.84 Class C 38 1,427, , , % 26,250 $13.42 St. Andrews Total 69 3,565, , , % 119,139 $14.25 SUBURBAN SUBMARKETS Class A 25 1,985, ,683 11, , % 38,252 $19.27 Class B 64 4,149, , , % 16,696 $15.90 Class C 136 4,357, , , % -19,001 $13.19 Suburban Submarkets Total ,493,221 1,203,206 11,406 1,214, % 35,947 $14.75 COLUMBIA CBD SUBMARKET Class A 13 2,305, ,925 13, , % 38,264 $22.04 Class B 25 1,787, , , % 46,999 $19.58 Class C 59 1,600, , , % 17,432 $18.15 CBD Submarket Total 97 5,694, ,064 13, , % 102,695 $20.52 OVERALL MARKET Class A 38 4,291, ,608 24, , % 76,516 $20.82 Class B 89 5,937, , , % 63,695 $16.43 Class C 195 5,958, , , % -1,569 $13.75 Market Totals ,187,496 1,733,270 24,408 1,757, % 138,642 $15.97 Source: Colliers International, CoStar 5 South Carolina Research & Forecast Report Q Columbia Office Colliers International

6 400 offices in 69 countries on 6 continents $2.7 billion in annual revenue 2 billion square feet under management 15,400 professionals and staff FOR MORE INFORMATION David C. Lockwood, III, CCIM, SIOR, CRE Executive Vice President and Chief Operating Officer South Carolina Liz H. McCary Vice President, Marketing South Carolina Crystal Baker Research Coordinator South Carolina Colliers International South Carolina 1301 Gervais Street, Suite 600 Columbia, South Carolina www2.colliers.com 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 12,000 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 $20 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 a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years. For the latest news from Colliers, visit Colliers.com or follow us on and LinkedIn. www2.colliers.com Copyright 2018 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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