Sublease Occupied 11.33% Available Sublease Vacant 5.57% Available Occupied Direct 18.86% Availability Rate Breakdown Silicon Valley - All Products

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2 SILICON VALLEY All Product - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,417,305 8,102,417 7,259,705 42,779, % 13.77% 172,298 42,951,725 4Q ,937,825 8,199,629 7,427,206 44,564, % 14.35% 166,125 44,730,785 3Q ,102,832 8,623,224 7,775,563 46,501, % 14.97% 95,899 46,597,518 2Q ,950,937 7,939,980 8,888,264 48,779, % 15.70% 151,284 48,930,465 1Q ,722,857 8,178,618 10,911,156 52,812, % 16.95% 338,180 53,150,811 4Q ,836,264 7,845,525 10,677,610 53,359, % 17.12% 381,553 53,740,952 3Q ,374,241 7,704,312 10,699,925 55,778, % 17.88% 648,971 56,427,449 2Q ,814,021 7,937,194 12,043,046 57,794, % 18.53% 483,066 58,277,327 Space Silicon Valley All Products 0.40% 11.33% 5.57% 18.86% 63.83% 2 Availability Rate Breakdown Silicon Valley - All Products 15.0% 1 5.0% 311,922, ,925, ,639, ,545, ,717, ,717, ,591, ,591,758 57,794,261 55,778,478 53,359,399 52,812,631 48,779,181 46,501,619 44,564,660 42,779,427 8,252,614 7,000,185 6,178,005 6,268,523 6,291,635 5,671,291 6,757,143 5,707,425 1,387,382 1,830,383 2,840,355 3,009,046 1,140,236 1,276,266 2,545,078 1,156,236 1,529, , , ,076 (188,642) (234,665) 346, , , ,658 80, , Cover image: City Hall rotunda - courtesy of the City of San Jose COLLIERS INTERNATIONAL

3 SILICON VALLEY R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,022,992 3,943,949 5,252,730 28,219, % 17.85% 68,431 28,288,102 4Q ,531,877 4,044,503 5,630,772 29,207, % 18.48% 68,431 29,275,583 3Q ,831,765 4,819,521 5,527,993 30,179, % 19.08% 0 30,179,279 2Q ,860,747 4,208,702 5,963,679 31,033, % 19.62% 67,500 31,100,628 1Q ,605,527 4,127,046 6,962,229 32,694, % 20.55% 67,500 32,762,302 4Q ,434,519 4,148,026 7,111,804 33,694, % 21.16% 0 33,694,349 3Q ,106,924 3,790,969 7,321,520 35,219, % 22.12% 281,854 35,501,267 2Q ,639,089 3,873,267 8,228,246 35,740, % 22.45% 328,477 36,069,079 Space Silicon Valley R&D 25.0% % 1 5.0% 0.24% 11.80% 6.77% 13.94% Silicon Valley R&D 67.25% $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $ ,206, ,207, ,237, ,135, ,159, ,159, ,046, ,066,778 35,740,602 35,219,413 33,694,349 32,694,802 31,033,128 30,179,279 29,207,152 28,219,671 3,639,156 3,220,858 3,084,639 3,293,708 2,662,523 2,490,468 2,783,023 3,127, , ,301 1,612,555 1,741, , , , , , , , ,046 (1,101,874) (83,931) (292,388) 350, , , $0.86 $0.82 $0.89 $0.79 $0.87 $0.98 $1.05 $ *Average Starting Rental Rates are Triple (NNN). COLLIERS INTERNATIONAL 2

4 SILICON VALLEY Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,769,290 1,936,755 1,404,231 8,110, % 14.02% 62,982 8,173,258 4Q ,173,900 1,992,849 1,342,706 8,509, % 14.71% 51,748 8,561,203 3Q ,275,594 1,538,025 1,757,240 8,570, % 14.82% 44,115 8,614,974 2Q ,747,330 1,483,536 2,033,006 9,263, % 16.02% 42,000 9,305,872 1Q ,297,308 1,550,653 2,233,841 10,081, % 17.48% 167,921 10,249,723 4Q ,769,949 1,223,286 2,031,728 10,024, % 17.39% 164,519 10,189,482 3Q ,089,927 1,179,469 2,037,722 10,307, % 17.88% 182,596 10,489,714 2Q ,450,787 1,114,635 2,208,040 10,773, % 18.68% 12,223 10,785,685 Space Silicon Valley Office 0.77% 12.66% 4.52% 23.70% 58.35% Silicon Valley Office 2 $ $ $1.75 $1.50 Avg. Starting Rate: 57,668,926 57,658,210 57,658,210 57,666,623 57,837,196 57,837,196 57,837,196 57,837,196 10,773,462 10,307,118 10,024,963 10,081,802 9,263,872 8,570,859 8,509,455 8,110,276 2,083,063 1,741,255 1,513,816 1,382,738 1,806,523 1,910,302 2,003,076 1,444, , , , , , , , , , , ,929 55, , ,623 7, , , , $1.76 $1.98 $1.93 $1.90 $2.11 $2.08 $2.05 $ *Average Starting Rental Rates are Full Service (FS). 3 COLLIERS INTERNATIONAL

5 SILICON VALLEY Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,243,103 1,063, ,845 3,710, % 6.63% 40,885 3,751,454 4Q ,504, , ,512 3,787, % 6.76% 45,946 3,833,002 3Q ,807,449 1,100, ,624 4,227, % 7.55% 51,784 4,279,105 2Q ,036,490 1,023, ,537 4,570, % 8.16% 41,784 4,612,615 1Q ,314,754 1,281, ,777 5,216, % 9.31% 102,759 5,319,398 4Q ,084,329 1,330, ,048 4,996, % 8.92% 217,034 5,213,824 3Q ,530,934 1,565, ,101 5,645, % 10.08% 184,521 5,830,266 2Q ,566,867 1,318, ,879 5,456, % 9.75% 142,366 5,599,074 Space Silicon Valley Industrial 28.35% 1.09% 9.37% 1.40% 59.79% 1 1 Silicon Valley Industrial $0.74 $0.72 $0.70 $0.68 $0.66 $0.64 $0.62 $0.60 $0.58 $0.56 $0.54 Avg. Starting Rate: 55,939,252 56,017,636 56,017,636 56,017,636 55,995,136 55,995,136 55,982,486 55,962,486 5,456,708 5,645,745 4,996,790 5,216,639 4,570,831 4,227,321 3,787,056 3,710,569 1,320, ,898 1,134, ,718 1,151, , , , , , , , , , ,932 17, ,849 (314,446) 301,419 (9,151) 256,887 (266,735) 226,082 (250,660) , $0.71 $0.60 $0.60 $0.72 $0.72 $0.64 $0.66 $0.72 *Average Starting Rental Rates are Triple (NNN) COLLIERS INTERNATIONAL 4

6 SILICON VALLEY Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,381,920 1,158, ,899 2,738, % 7.07% 0 2,738,911 4Q ,727,276 1,192, ,216 3,060, % 7.90% 0 3,060,997 3Q ,188,024 1,165, ,706 3,524, % 9.10% 0 3,524,160 2Q ,306,370 1,223, ,042 3,911, % 10.10% 0 3,911,350 1Q ,505,268 1,219,811 1,094,309 4,819, % 12.45% 0 4,819,388 4Q ,547,467 1,143, ,030 4,643, % 11.99% 0 4,643,297 3Q ,646,456 1,168, ,582 4,606, % 11.80% 0 4,606,202 2Q ,157,278 1,630,330 1,035,881 5,823, % 14.89% 0 5,823,489 Space 42.28% Silicon Valley Warehouse 5.25% 2.01% 50.46% Silicon Valley Warehouse $0.50 $0.40 $0.30 $0.20 $0.10 $ ,107,728 39,042,208 38,725,298 38,725,298 38,725,298 38,725,298 38,725,298 38,725,298 5,823,489 4,606,202 4,643,297 4,819,388 3,911,350 3,524,160 3,060,997 2,738,911 1,210,041 1,130, , , , , , ,137 (330,761) 781,471 52, , ,173 (175,176) 635, ,199 70, ,317 (359,503) (53,506) 217,301 (89,622) 405, ,799 $0.36 $0.32 $0.35 $0.35 $0.39 $0.39 $0.38 $ *Average Starting Rental Rates are Triple (NNN). 5 COLLIERS INTERNATIONAL

7 SAN JOSE R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,831,688 1,056,237 1,617,752 9,505, % 20.11% 0 9,505,677 4Q ,958,993 1,377,870 1,908,035 10,244, % 21.67% 0 10,244,898 3Q ,880,987 1,733,260 2,086,221 10,700, % 22.64% 0 10,700,468 2Q ,536,647 1,344,277 2,144,216 10,025, % 21.21% 67,500 10,092,640 1Q ,627,135 1,486,604 2,908,119 11,021, % 23.32% 67,500 11,089,358 4Q ,816,870 1,325,083 2,773,968 10,915, % 23.09% 0 10,915,921 3Q ,590,138 1,088,351 2,604,123 11,282, % 23.89% 188,854 11,471,466 2Q ,307, ,085 2,809,957 10,885, % 23.05% 190,282 11,075,536 Space San Jose R&D 71.87% Sublease Occupied 7.29% 9.73% 11.11% San Jose R&D 3 $0.90 $ % $ $0.84 $ % $0.80 $ $ % $0.74 $0.72 $ ,226,974 47,226,974 47,268,376 47,268,376 47,268,376 47,268,376 47,268,376 47,268,376 10,885,254 11,282,612 10,915,921 11,021,858 10,025,140 10,700,468 10,244,898 9,505, , ,289 1,103, , , , , , ,791 (93,283) 668, ,229 (22,619) (304,265) 230, , ,605 (293,328) 224,139 (281,042) (474,622) (355,635) 353, , , $0.77 $0.77 $0.79 $0.78 $0.83 $0.88 $0.89 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 6

8 SUNNYVALE R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,391, , ,797 3,490, % 14.76% 0 3,490,745 4Q ,233, , ,164 3,345, % 14.16% 0 3,345,605 3Q ,284, , ,621 3,714, % 15.72% 0 3,714,207 2Q ,366, , ,722 3,736, % 15.81% 0 3,736,664 1Q ,515,608 1,112, ,360 4,088, % 16.62% 0 4,088,982 4Q ,783, , ,294 4,207, % 17.08% 0 4,207,868 3Q ,080, , ,136 4,464, % 18.13% 0 4,464,209 2Q ,763, , ,097 4,477, % 18.24% 0 4,477,601 Space Sunnyvale R&D Sublease Occupied 6.22% 5.17% 20.09% Sunnyvale R&D 68.52% $0.70 $1.00 $0.95 $0.90 $0.85 $0.80 $ ,549,864 24,625,944 24,641,264 24,605,264 23,629,094 23,629,094 23,629,094 23,649,094 4,477,601 4,464,209 4,207,868 4,088,982 3,736,664 3,714,207 3,345,605 3,490, , , , , , , , , ,408 (178,430) 220, ,289 37,957 98, ,402 (240,447) 356,131 (63,376) 158,189 71,203 21,706 (155,555) 307,036 (132,180) 0 76, $0.81 $0.85 $0.88 $0.85 $0.83 $0.94 $0.96 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 7 COLLIERS INTERNATIONAL

9 SANTA CLARA R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,185, , ,358 3,155, % 14.46% 0 3,155,420 4Q ,353, , ,245 3,424, % 15.70% 0 3,424,960 3Q ,464, , ,023 3,558, % 16.31% 0 3,558,075 2Q ,296, ,022 1,071,398 4,589, % 21.03% 0 4,589,069 1Q ,586, ,335 1,131,265 5,021, % 23.01% 0 5,021,140 4Q ,564, ,250 1,185,342 5,162, % 23.66% 0 5,162,645 3Q ,726, ,104 1,201,092 5,201, % 23.84% 0 5,201,911 2Q ,360, ,709 1,638,520 5,292, % 24.26% 0 5,292,331 Space Santa Clara R&D % 8.29% 12.72% Santa Clara R&D 69.27% $ % $ $ % $ $ % $0.20 $ ,816,896 21,816,896 21,816,896 21,816,896 21,816,896 21,816,896 21,816,896 21,816,896 5,292,331 5,201,911 5,162,645 5,021,140 4,589,069 3,558,075 3,424,960 3,155, , , , , , , , , ,889 82, , , , , , , ,208 (28,526) (95,057) 94, , , , ,170 $0.83 $0.80 $0.86 $0.89 $0.91 $0.99 $1.01 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 8

10 FREMONT R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,263, , ,192 4,432, % 23.77% 0 4,432,083 4Q ,379, ,587 1,073,160 4,919, % 26.38% 0 4,919,765 3Q ,393, , ,699 5,079, % 27.24% 0 5,079,269 2Q ,519, , ,002 4,880, % 26.17% 0 4,880,149 1Q ,604, , ,782 4,978, % 26.70% 0 4,978,537 4Q ,820, , ,215 4,966, % 26.63% 0 4,966,458 3Q ,821, , ,371 5,096, % 27.33% 0 5,096,785 2Q ,030, , ,006 5,303, % 28.44% 0 5,303,960 Space Fremont R&D % 4.13% 9.27% Fremont R&D 73.64% $ % $ $ % $0.78 $ $ % $0.72 $ ,649,034 18,649,034 18,649,034 18,649,034 18,649,034 18,649,034 18,649,034 18,649,034 5,303,960 5,096,785 4,966,458 4,978,537 4,880,149 5,079,269 4,919,765 4,432, , , , , , , , ,791 (101,335) 120,163 47, ,286 (114,160) 149,783 20,617 94,148 (177,421) 116,678 (33,298) 9,880 (83,730) 62,491 (546,315) 198,618 $0.81 $0.83 $0.77 $0.75 $0.76 $0.76 $0.77 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 9 COLLIERS INTERNATIONAL

11 MOUNTAIN VIEW R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , , ,298 1,973, % 14.11% 0 1,973,104 4Q , , ,286 1,529, % 10.94% 0 1,529,935 3Q , , ,296 1,702, % 12.19% 0 1,702,576 2Q ,081, , ,638 1,871, % 13.39% 0 1,871,503 1Q ,268, , ,687 2,060, % 14.75% 0 2,060,688 4Q ,364, , ,838 2,546, % 18.23% 0 2,546,459 3Q ,499, , ,719 2,975, % 21.12% 0 2,975,926 2Q ,789, , ,685 3,303, % 23.32% 45,195 3,348,289 Space Mountain View R&D 15.23% 40.31% 35.72% 8.74% 25.0% % 1 5.0% Mountain View R&D $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $ ,166,687 14,091,321 13,972,280 13,972,280 13,972,280 13,972,280 13,984,930 13,984,930 3,303,094 2,975,926 2,546,459 2,060,688 1,871,503 1,702,576 1,529,935 1,973, , , , , , , , ,891 13, , , , , , ,807 95,006 (109,051) 260, ,170 42,064 47,426 (34,660) 11,051 (465,277) 0 45, $1.08 $1.15 $1.25 $1.13 $1.07 $1.19 $1.32 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 10

12 SAN JOSE Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,006, , ,046 2,969, % 13.09% 9,340 2,978,539 4Q ,445, , ,273 3,540, % 15.61% 2,580 3,542,679 3Q ,629, , ,209 3,842, % 16.94% 2,580 3,845,310 2Q ,885, , ,875 3,896, % 17.18% 2,580 3,899,009 1Q ,948, , ,751 3,917, % 17.35% 98,000 4,015,417 4Q ,109, , ,923 3,874, % 17.16% 100,580 3,974,599 3Q ,138, , ,112 3,826, % 16.95% 110,023 3,936,743 2Q ,172, , ,913 3,840, % 17.00% 12,223 3,852,587 Space San Jose Office 18.05% 0.31% 12.43% 1.84% 67.37% San Jose Office 2 $ $ $ $ $1.75 $1.70 $1.65 $ ,591,671 22,580,955 22,580,955 22,580,955 22,678,955 22,678,955 22,678,955 22,678,955 3,840,364 3,826,720 3,874,019 3,917,417 3,896,429 3,842,730 3,540,099 2,969, , , , , , ,700 1,054, , ,385 56,859 55, , , , , ,173 75,351 (49,096) (94,850) 55,403 49,394 (212,586) 427, , , $1.72 $1.79 $1.82 $1.81 $1.84 $1.87 $1.89 $ *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. 11 COLLIERS INTERNATIONAL

13 SANTA CLARA Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , , ,218 1,416, % 15.49% 0 1,416,208 4Q , , ,326 1,298, % 14.20% 0 1,298,211 3Q ,228 96, ,236 1,283, % 14.04% 0 1,283,882 2Q , , ,181 1,671, % 18.29% 0 1,671,997 1Q ,039, , ,031 1,836, % 20.08% 0 1,836,186 4Q ,150, , ,680 1,985, % 21.71% 0 1,985,142 3Q ,351, , ,963 2,357, % 25.79% 0 2,357,933 2Q ,437, , ,318 2,323, % 25.42% 0 2,323,939 Space Santa Clara Office % % 1 5.0% 12.10% 11.07% 9.02% Santa Clara Office 67.81% $1.95 $1.90 $1.85 $1.80 $1.75 $1.70 $1.65 $1.60 9,142,278 9,142,278 9,142,278 9,142,278 9,142,278 9,142,278 9,142,278 9,142,278 2,323,939 2,357,933 1,985,142 1,836,186 1,671,997 1,283,882 1,298,211 1,416, , , , , , , , , ,559 34, , ,877 71, ,352 24,793 (77,941) 135,383 (142,299) 293, ,657 40, ,875 (21,774) (100,187) $1.72 $1.78 $1.89 $1.85 $1.88 $1.77 $1.73 $ *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 12

14 PALO ALTO Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , , , , % 13.53% 34, ,661 4Q , , , , % 12.49% 0 753,542 3Q , , , , % 12.93% 0 779,806 2Q , , , , % 14.37% 0 866,822 1Q , , ,389 1,101, % 18.27% 0 1,101,849 4Q , , ,631 1,085, % 17.99% 0 1,085,270 3Q , , ,495 1,019, % 16.91% 0 1,019,745 2Q , , ,836 1,348, % 22.36% 0 1,348,883 Space Palo Alto Office 25.0% 4.05% 33.80% 31.85% Palo Alto Office 28.34% 1.96% $ % 1 5.0% $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 6,032,163 6,032,163 6,032,163 6,032,163 6,032,163 6,032,163 6,032,163 6,032,163 1,348,883 1,019,745 1,085,270 1,101, , , , , , ,392 88, , , , , ,667 54, ,250 (36,078) 45, , , ,886 (35,861) (74,244) 313,229 (110,346) (35,202) 128, ,695 69,726 (113,091) $3.27 $2.81 $3.07 $2.30 $3.32 $2.90 $2.92 $ *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. 13 COLLIERS INTERNATIONAL

15 CUPERTINO Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , ,512 28, , % 9.10% 0 291,255 4Q , ,124 20, , % 9.93% 0 317,720 3Q ,440 71,225 13, , % 5.02% 0 160,710 2Q ,002 80,788 2, , % 7.29% 0 233,243 1Q ,990 16, , , % 12.10% 0 387,376 4Q ,838 13, , , % 13.97% 0 457,047 3Q ,684 16, , , % 14.22% 0 465,162 2Q ,072 10, , , % 15.46% 0 505,979 Space Cupertino Office 26.62% 9.69% 63.69% Cupertino Office 1 $ $ $ $2.20 $2.10 $2.00 $1.90 3,271,802 3,271,802 3,271,802 3,200,215 3,200,215 3,200,215 3,200,215 3,200, , , , , , , , , , ,995 76,067 57,489 83, ,463 71,829 60,134 (112,396) 45,818 54,368 50,191 12,044 81,410 11,811 7, , ,041 31,646 44, ,065 76,030 (127,874) 35,596 $2.12 $2.17 $2.47 $2.44 $2.37 $2.42 $2.42 $ *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 14

16 SUNNYVALE Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , ,916 96, , % 17.04% 0 927,464 4Q , ,758 96, , % 15.69% 0 854,083 3Q ,800 80, , , % 17.22% 0 937,280 2Q , , , , % 15.45% 0 841,027 1Q , , , , % 18.28% 0 994,961 4Q , , , , % 17.63% 0 959,838 3Q , , , , % 17.45% 0 949,704 2Q , , ,996 1,034, % 19.01% 0 1,034,874 Space Sunnyvale Office 1.04% 9.38% 51.85% 37.73% Sunnyvale Office 2 $ $ $ $ $1.75 $1.70 $1.65 $1.60 5,443,105 5,443,105 5,443,105 5,443,105 5,443,105 5,443,105 5,443,105 5,443,105 1,034, , , , , , , , , ,853 78,415 64, , , ,282 40, ,439 53,603 47,517 51, ,797 (157,325) 99,626 20, ,989 58,841 56,726 (51,591) 79,211 (285,677) (140,592) (9,099) $1.71 $1.79 $1.83 $1.89 $1.91 $1.91 $1.91 $ *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. 15 COLLIERS INTERNATIONAL

17 SAN JOSE Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , ,496 86,890 1,267, % 5.56% 0 1,267,762 4Q ,127, , ,757 1,561, % 6.84% 0 1,561,008 3Q ,254, , ,142 1,893, % 8.30% 0 1,893,667 2Q ,254, , ,397 1,805, % 7.91% 0 1,805,875 1Q ,310, , ,897 2,137, % 9.36% 0 2,137,846 4Q ,231, , ,083 2,094, % 9.17% 114,275 2,209,165 3Q ,280, , ,102 2,260, % 9.89% 114,275 2,374,428 2Q ,242, , ,565 2,051, % 9.01% 0 2,051,736 Space 62.74% San Jose Industrial % 1.38% 30.41% San Jose Industrial $0.58 $0.68 $0.67 $0.66 $0.65 $0.64 $0.63 $0.62 $0.61 $0.60 $ ,765,570 22,843,954 22,843,954 22,843,954 22,821,454 22,821,454 22,821,454 22,821,454 2,051,736 2,260,153 2,094,890 2,137,846 1,805,875 1,893,667 1,561,008 1,267, , , , , , , , ,081 (18,438) 67, , ,531 36,962 (48,354) 174, ,108 (102,734) (210,711) 110,258 38, ,282 (373,869) 108, ,868 $0.61 $0.62 $0.63 $0.67 $0.67 $0.64 $0.63 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 16

18 SANTA CLARA Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , ,175 61, , % 4.69% 0 518,115 4Q , ,455 57, , % 4.81% 0 531,020 3Q , ,168 88, , % 6.11% 0 674,653 2Q , ,880 62, , % 6.63% 0 731,942 1Q , ,941 16, , % 7.61% 0 839,626 4Q , ,102 16, , % 7.42% 0 819,138 3Q , ,622 18, , % 7.64% 0 843,000 2Q , ,060 18, , % 7.33% 0 809,562 Space Santa Clara Industrial 6.13% 5.79% 21.07% 67.01% 9.0% 7.0% 5.0% 3.0% 1.0% Santa Clara Industrial $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $ ,040,384 11,040,384 11,040,384 11,040,384 11,040,384 11,040,384 11,040,384 11,040, , , , , , , , , , , , , , , , ,719 56,110 (20,328) 220,080 47,127 (20,573) 46, ,056 2,414 (10,698) (83,032) 13,409 11,394 (34,939) 9, ,411 (22,981) $0.63 $0.69 $0.71 $0.68 $0.68 $0.53 $0.55 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 17 COLLIERS INTERNATIONAL

19 FREMONT Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , ,257 68, , % 7.19% 3, ,199 4Q , ,996 72, , % 8.00% 6, ,293 3Q , ,730 84, , % 8.54% 0 713,185 2Q , ,520 84, , % 9.93% 0 828,618 1Q , , , , % 11.06% 60, ,854 4Q , , , , % 9.87% 60, ,548 3Q , , ,359 1,050, % 12.59% 70,246 1,121,042 2Q , , , , % 11.54% 70,246 1,033,727 Space Fremont Industrial 0.50% Sublease Occupied 11.41% 69.48% % Fremont Industrial $0.52 $0.70 $0.68 $0.66 $0.64 $0.62 $0.60 $0.58 $0.56 $0.54 8,347,412 8,347,412 8,347,412 8,347,412 8,347,412 8,347,412 8,347,412 8,347, ,481 1,050, , , , , , , ,245 40, ,519 44, , , ,039 64, ,293 (66,694) (9,537) 1, ,537 28, ,111 (136,303) 270,919 (98,903) 39,381 (59,984) 85,581 70,803 17,403 29, , $0.69 $0.66 $0.61 $0.58 $0.60 $0.61 $0.62 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 18

20 SUNNYVALE Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,358 65,079 7, , % 8.46% 0 283,461 4Q ,347 32,735 32, , % 9.01% 0 303,721 3Q ,339 4, , % 6.67% 0 224,764 2Q ,556 15,400 4, , % 7.41% 0 249,534 1Q ,388 44,640 30, , % 8.02% 0 270,189 4Q ,436 67,779 30, , % 9.36% 0 315,376 3Q ,755 46,179 4, , % 6.60% 0 222,512 2Q ,178 45,667 4, , % 7.43% 72, ,543 Space Sunnyvale Industrial Sublease Occupied 2.48% 22.96% 74.56% 1 Sunnyvale Industrial $ $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 3,369,093 3,369,093 3,369,093 3,369,093 3,369,093 3,369,093 3,369,093 3,349, , , , , , , , ,461 89,442 57,131 20,348 44,520 37,536 11,103 15,242 28,884 78,938 19,377 (41,281) 24,728 (56,700) 1,945 (8,008) (8,396) 72,120 16,431 (92,864) 22,315 (64,902) (2,480) (73,382) (5,622) $0.77 $0.78 $0.81 $0.88 $0.88 $0.90 $0.89 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 19 COLLIERS INTERNATIONAL

21 MOUNTAIN VIEW Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,499 87,427 5, , % 5.43% 0 143,926 4Q ,499 87,427 5, , % 5.43% 0 143,926 3Q ,298 12,374 9,634 56, % 2.11% 0 56,306 2Q ,281 31,377 25,653 99, % 3.73% 0 99,311 1Q ,090 31,377 10, , % 5.57% 0 148,467 4Q ,830 5,632 7, , % 5.09% 0 135,462 3Q ,511 8,999 2, , % 7.82% 0 208,310 2Q ,929 11, , % 7.41% 0 197,322 Space Mountain View Industrial 35.78% 3.47% 60.74% 9.0% 7.0% Mountain View Industrial 5.0% $ % $0.95 $ % $0.75 $1.25 $1.15 Avg. Asking Rate*: 2,663,885 2,663,885 2,663,885 2,663,885 2,663,885 2,663,885 2,651,235 2,651, , , , ,467 99,311 56,306 87, ,926 32,601 18,504 67,683 15,740 80,163 18,959 27,230 5,660 (41,309) 5,812 28, ,537 (6,121) (1,221) (18,813) 1,692 (11,488) 48,131 12,740 40,984 (31,997) (33,532) (66,033) $0.98 $1.15 $1.17 $1.20 $1.19 $1.20 $1.22 $ *Average Asking Rental Rates are Triple (NNN) COLLIERS INTERNATIONAL 20

22 SAN JOSE Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , ,603 61,740 1,044, % 6.43% 0 1,044,576 4Q , , ,273, % 7.84% 0 1,273,224 3Q , ,893 39,240 1,554, % 9.56% 0 1,712,335 2Q ,050, ,505 45,876 1,712, % 10.54% 0 2,307,719 1Q ,009, , ,715 2,307, % 14.20% 0 1,869,972 4Q ,097, , ,094 1,869, % 11.51% 0 2,040,350 3Q ,151, , ,174 2,040, % 12.32% 0 2,702,228 2Q ,283, , ,658 2,702, % 16.31% 0 2,692,285 Space San Jose Warehouse % 48.75% 45.34% San Jose Warehouse $0.40 $0.39 $0.38 $0.37 $0.36 $0.35 $0.34 $0.33 $0.32 $ ,566,941 16,566,941 16,250,031 16,250,031 16,250,031 16,250,031 16,250,031 16,250,031 2,702,228 2,040,350 1,869,972 2,307,719 1,712,335 1,554,253 1,273,224 1,044, , , , , , , , ,474 (245,449) 347,740 39,736 46,502 (13,267) 63, , ,606 (98,541) 452,688 59,526 (297,097) (21,084) 144, , ,194 $0.35 $0.34 $0.35 $0.35 $0.38 $0.38 $0.39 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 21 COLLIERS INTERNATIONAL

23 FREMONT Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , ,495 54, , % 8.85% 0 674,971 4Q , ,495 54, , % 9.73% 0 742,246 3Q , ,207 54, , % 11.84% 0 903,098 2Q , ,235 54, , % 10.18% 0 776,680 1Q , , , , % 11.67% 0 890,555 4Q , , , , % 12.38% 0 944,120 3Q , , ,158 1,050, % 13.77% 0 1,050,134 2Q , ,331 18,716 1,103, % 14.47% 0 1,103,431 Space Fremont Warehouse % 33.60% 58.30% Fremont Warehouse $0.37 $0.36 $0.35 $0.34 $0.33 $0.32 $0.42 $0.41 $0.40 $0.39 $0.38 7,628,159 7,628,159 7,628,159 7,628,159 7,628,159 7,628,159 7,628,159 7,628,159 1,103,431 1,050, , , , , , , , ,383 75, , ,395 15,956 69,912 67,275 (29,314) 221,699 (2,264) 72,442 50,000 (255,120) 52,034 67,275 (91,180) 70,517 (34,816) 97, ,205 (273,724) 52,034 67,275 $0.41 $0.37 $0.35 $0.37 $0.38 $0.39 $0.37 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 22

24 MILPITAS Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , , , % 9.12% 0 449,574 4Q , ,800 31, , % 9.33% 0 460,116 3Q , , , % 10.20% 0 502,845 2Q , , , % 12.54% 0 618,161 1Q , , , % 12.50% 0 616,271 4Q , , , % 13.38% 0 659,376 3Q , , , % 9.10% 0 448,753 2Q , , , % 17.94% 0 884,419 Space Milpitas Warehouse 57.17% 42.83% Milpitas Warehouse 2 $ $ $ $ $ $0.20 $0.15 $0.10 $0.05 $0.00 2Q05 3Q05 4Q005 1Q06 2Q06 3Q06 4Q06 1Q07 4,928,948 4,928,948 4,928,948 4,928,948 4,928,948 4,928,948 4,928,948 4,928, , , , , , , , , , ,869 16,042 52,164 39,600 88, ,747 16,324 (113,551) 161,366 (15,951) 26,842 (60,537) 72, ,396 (1,746) 62, ,366 (242,249) 26,842 (22,209) (84,030) (66,529) (31,734) $0.35 $0.39 $0.39 $0.40 $0.35 $0.32 $0.33 $ *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 23 COLLIERS INTERNATIONAL

25 SANTA CLARA Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q , ,000 99, % 3.08% 0 99,456 4Q , ,000 99, % 3.08% 0 99,456 3Q ,456 10,000 55, , % 3.39% 0 109,456 2Q , ,170 55, , % 7.22% 0 233,249 1Q , , , , % 14.79% 0 477,656 4Q , , , , % 17.38% 0 561,242 3Q , , , , % 15.26% 0 492,898 2Q , , , , % 14.96% 0 483,218 Space Santa Clara Warehouse 44.70% 55.30% Santa Clara Warehouse 2 $ $ $ $ $0.30 $0.20 $0.10 $0.00 Avg. Asking Rate*: 3,229,532 3,229,532 3,229,532 3,229,532 3,229,532 3,229,532 3,229,532 3,229, , , , , , ,456 99,456 99,456 70,392 40,240 52,982 91, , , , ,472 40, , ,977 23, ,480 0 (904) (9,680) (107,444) 56, , , ,480 0 $0.43 $0.47 $0.48 $0.45 $0.60 $0.61 $0.54 $ *Average Asking Rental Rates are Triple (NNN). COLLIERS INTERNATIONAL 24

26 GILROY Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q ,701 53, , % 9.12% 0 293,901 4Q ,765 53, , % 10.45% 0 336,965 3Q , , % 8.80% 0 283,765 2Q , , % 8.47% 0 273,005 1Q , , % 8.84% 0 285,005 4Q , , % 8.84% 0 285,005 3Q , , % 9.34% 0 301,005 2Q , , , % 8.90% 0 286,931 Space Gilroy Warehouse 18.10% Sublease Occupied 81.90% 1 Gilroy Warehouse $ $0.50 $0.48 $0.46 $0.44 $0.42 $0.40 $0.38 Avg. Asking Rate*: 3,224,101 3,224,101 3,224,101 3,224,101 3,224,101 3,224,101 3,224,101 3,224, , , , , , , , , ,020 45,446 16, ,064 (70,225) (14,074) 16, ,064 91,795 (14,074) 16, (53,200) 43,064 $0.50 $0.48 $0.48 $0.48 $0.48 $0.43 $0.43 $ *Average Asking Rental Rates are Triple (NNN). 25 COLLIERS INTERNATIONAL

27 colliers international FIRST Quarter market Statistics Silicon Valley General Terms Vacant or occupied space that is offered for lease, sublease or sale (to an owner occupant). Build-to-Suit: A developable parcel that an owner will improve to suit the needs of a particular tenant. Construction does not begin until a tenant has committed to the property. Building Base: Total square footage developed. Colliers tracks office buildings from 3,000 square feet, R&D from 5,000 square feet, industrial buildings from 7,500 square feet, and warehouse buildings from 10,000 square feet. CBD: Central Business District, generally the downtown area of a major city. Construction which is completed during the period. Direct Space: Space available through a landlord/owner. Effective net absorption is a Colliers measurement of the net change in available space during a given period of time after adjustments for space taken off the market. Effective net absorption utilizes the same formula to measure change of occupancy as net absorption except that it treats any newly available space, whether available direct or for sublease, as if it is coming onto the market vacant. The total square footage sold (to owner/occupants) or leased during a given time period. The net change in occupied space during a given period of time. PSF: Per square foot. PSF/MO: Per square foot per month. SF: Square foot or square feet. Silicon Valley: Colliers International defines Silicon Valley as all of Santa Clara County plus Fremont, for the purposes of its market reports. Speculative Construction that will commence without any prior commitment from a tenant. Sublease Space: Space available through a sublessor to a Fourth party. T.I.s: Tenant Improvements are a dollar amount offered by the lessor generally for the construction or modification of the premises. Total : The sum of available direct and available sublease space. Vacancy: Percentage of vacant inventory available including both vacant direct, and vacant sublease space. Product Classification Class A Office: Modern, steel-framed low, mid or high-rise structures used exclusively for office tenants. Class B Office: Wood and steel mix framed low to mid-rise structures and older brick or concrete structures used predominately for office. Industrial/Light Industrial: Buildings with drive-in and/or dock-high truck capabilities, clear heights of less than 20 feet and parking ratios of 2.0/1000 or less. Research and Development (R&D): One to three story structures with extensive glass, heavy office buildout and 3.5/1,000 parking ratio. Buildings may include high-end production facilities, laboratory space and grade level truck doors. Warehouse/Distribution: Buildings with a minimum 20-foot clear height, dock-high truck loading and parking ratios of 2.0/1000 or less. Rental Terms CAM: Common area maintenance charge. Generally used in Industrial and NNN leases where the tenant pays a share of the costs associated with the maintenance of the common areas. Full Service: Rental type generally used in office product where the landlord s rental rate contains all costs associated with occupying the premises inclusive of taxes, insurance, maintenance, janitorial, and utilities. Industrial : Rental type generally used in industrial product where the landlord s rental rate contains all costs associated with occupying the premises inclusive of taxes, insurance, and maintenance. Rental Rates: All rental rates for office space are calculated on a Full Service basis unless otherwise noted. All rental rates for R&D, industrial and warehouse space are calculated on a NNN basis unless otherwise noted. Triple (NNN): Rental type where the tenant pays rent to the landlord and additionally assumes all costs regarding the operation, taxes and maintenance of the premises and building. Understanding Absorption C olliers uses several measurements to track market conditions and deal flow. While related, the formulas to arrive at these measurements differ. Using the results of the most recent quarter, here is how Colliers measures change in availability, net absorption and effective net absorption. Change in This measurement is simply the difference between the amounts of space available at the end of one period to the next. The table below shows that total available space decreased by 1,785,233 square feet in the year s Fourth quarter. Note that change in availability includes adjustments for space that is taken off the market. Space taken off the market is not a factor in net absorption measurements. Total end of 4Q06 44,564,660 Plus: Vacant & occupied space that came available 4Q06 5,094,682 4Q06 + Newly in 1Q07 = 49,659,342 Less: 1Q07 Absorption -5,707,425 Less: 1Q07 Taken off the Market -1,172,490 Total end of 1Q07 42,779,427 absorption measures the change in occupied space from one period to the next. In this measurement, it is important to distinguish that a building may be available, but not vacant (often the case in a sublease situation, for example). Therefore, occupancy is not reduced (negative net absorption) until the space is vacated, and sometimes that does not happen until the space is leased, creating a net absorption wash for the deal and for that particular period. Vacant space that came available 1Q07-2,000,619 Previously available space that was vacated in 1Q07-2,550,570 1Q07 Total Vacant Added (occupancy loss) -4,551,189 1Q07 Absorption (occupancy gain) 5,707,425 1Q07 Absorption (change in occupancy) 1,156,236 In 2003, Colliers created a measurement of effective net absorption. Effective net absorption uses the same formula as the net absorption formula, except that it treats any space that comes available as if it is vacant, whether it is or it isn t. The purpose of the measurement is to get a better real time gauge of occupancy flow in and out of the market, acknowledging that space that is available for lease is likely to be vacated shortly and underutilized presently. Vacant space that came available 1Q07-2,000,619 Occupied space that came available 1Q07-3,094,063 1Q07 Total Added -5,094,682 1Q07 Absorption 5,707,425 1Q07 Absorption 612,743 Disclaimer: Colliers International is pleased to be able to provide the market information contained herein, and in so doing believes its validity. However, we cannot guarantee its accuracy or take responsibility for its use. Colliers International 26

28 INTERNATIONAL INTERNATIONAL INTERNATIONAL 101 AMERICAN CANYON FOSTER CITY REDWOOD CITY INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL R EGIONAL O FFICES San Jose/Silicon Valley 450 West Santa Clara Street San Jose, CA (408) SANTA ROSA COLLIERS NAPA VACAVILLE Oakland/East Bay 1999 Harrison St., #1750 Oakland, CA (510) Pleasanton/East Bay 5050 Hopyard Rd., #180 Pleasanton, CA (925) Gilroy/South County 8070 Santa Teresa Blvd. #220 Gilroy, CA 9502 (408) Palo Alto/Peninsula Two Palo Alto Square, # El Camino Real Palo Alto, CA (650) San Francisco Peninsula Metro Center Tower 950 Tower Lane, #1725 Foster City, CA (650) COLLIERS SAN FRANCISCO RICHMOND 80 COLLIERS 1 SAN MATEO VALLEJO BENICIA 780 MARTINEZ COLLIERS BERKELY OAKLAND COLLIERS FAIRFIELD 12 COLLIERS PITTSBURG ANTIOCH CONCORD 680 COLLIERS BRENTWOOD WALNUT CREEK SAN RAMON SAN LEANDRO DUBLIN 580 HAYWARD PLEASANTON UNION CITY DANVILLE LIVERMORE FREMONT 84 NEWARK MILPITAS PALO 101 ALTO 237 COLLIERS MT. VIEW 280 SUNNYVALE 85 SANTA CLARA SAN JOSE LOS GATOS 4 CAMPBELL 17 SANTA CRUZ COLLIERS 101 MORGAN HILL COLLIERS 580 GILROY TRACY COLLIERS 99 STOCKTON MANTECA Additional Colliers International offices located in Reno and Las Vegas, Nevada. Colliers International Member firms located throughout the U.S. and abroad Fairfield/North Bay 360 Campus Lane, #101 Fairfield, California (707) Santa Rosa/North Bay 600 Bicentennial Wy., Suite 200 Santa Rosa, CA (707) Walnut Creek/East Bay 1850 Mt. Diablo Blvd., #200 Walnut Creek, CA (925) Central Valley/Stockton 3414 Brookside Road, #300 Stockton, CA (209) COLLIERS INTERNATIONAL