A Strong Finish. DOWNTOWN CHICAGO OFFICE Fourth Quarter Research & Forecast Report

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1 Research & Forecast Report DOWNTOWN CHICAGO OFFICE Fourth Quarter 2015 A Strong Finish Robert Patterson Research Analyst Downtown Chicago 2015 was an extremely strong year for commercial real estate in Chicago s CBD, as the year closed with vacancy at its lowest rate since 2008, average direct asking rents pushing towards all-time highs, and a record year of foreign direct investment into the market as well as a record year for investment sales activity within the CBD. The fourth quarter was a microcosm of the year as a whole, as the CBD posted positive demand which triggered a decrease in the aggregate vacancy rate and an increase in gross rent per square foot. Trends Overall, the CBD remains a landlord s market as rent continues to increase across all building classes and fewer concessions are granted. Limited availability of quality high-rise space coupled with continued corporate migration into the CBD has solidified an advantageous environment for landlords; however, tenants in a position to open negotiations with landlords in 2017 will be looking at a more tenant favorable market as approximately 2.3 million square feet are delivered in early As this space is delivered to the market, landlords will seek to avoid losing tenants to the new developments, which will likely increase concessions granted to tenants. Market Indicators Q Q CURRENT VACANCY 12.6% 12.2% 11.5% QTR ABSORPTION 695, , ,725 YTD ABSORPTION 1,112, ,004 1,515,729 RENTAL RATE $35.02 $36.16 $36.92 Leasing activity remained strong during the fourth quarter, led by CNA Financial announcing its intent to anchor John Buck s new West Loop development at 151 N. Franklin Street when construction is completed in The landlords of the two developments set to deliver in 2017 have secured their anchor tenants and are beginning to compete for mid-sized firms, while the John Buck Company will look to attract at least one more anchor tenant for its development at 151 N. Franklin. Landlords of existing assets continue to adapt their buildings to appeal to the amenity-rich demands of tenants in today s market. On the investment sales front, 2015 was a record year for total sales volume within the CBD, with the sale of the Willis Tower for $1.3 billion and the fourth quarter sale of the Aon Center for $712 million leading the way. Investors see value in Chicago s assets as they offer a significant discount in pricing relative to comparative properties on the coasts and believe Chicago s diverse economy and talented workforce make for strong investments. As rental rates within the CBD continue to climb, tenants are becoming more open to looking for nontraditional, repurposed spaces in emerging markets outside of the CBD, such as the Fulton Market area, as they see the opportunity for unique space with reduced rents within these submarkets.

2 Outlook Looking ahead to 2016, fundamentals suggest that both tenants and landlords feel confident in the future despite the risks increased local property taxes and recent global economic volatility pose to Chicago s market. The continued corporate migration into the CBD will be a key factor for the market moving forward as over three million square feet of A-plus product is slated for delivery over the next two years. Many tenants are actively working to downsize their space in order to reduce costs, so the continued migration into the CBD will be vital in order for demand to keep up with available space. Additionally, landlords ability to avoid shadow space and backfill spaces of tenants departing for the new developments will illustrate the true strength of the market. Square Footage Net Absorption & Vacancy Chicago CBD Office Market 2,000, % 1,500,000 1,000, ,000 0 (500,000) (1,000,000) (1,500,000) (2,000,000) 15.3% 15.2% 1,232, % 13.8% 13.6% 678, ,200 45,593 (1,614,937) Absorption Vacancy 1,515, % 1,112, % 12.6% 12.0% 11.5% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Vacancy Statistical Highlights The CBD experienced a strong ending to 2015 as the fourth quarter posted 921,725 square feet of positive net absorption, the most net absorption of any quarter in All asset classes within the CBD experienced positive net absorption, as Class A led the way with 519,916 square feet, followed by Class B with 286,242 square feet. Asking Gross Rental Rates Chicago CBD Office Market $50.00 $45.00 $40.00 $35.00 The average direct asking rental rate in the CBD currently resides at $36.92 per square foot, an increase from $36.16 per square foot in the third quarter. The average overall asking rental rate increased by 5.43 percent from one year prior. $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 The CBD s overall vacancy decreased by 70 basis points over the past year, falling from 12.3 percent to 11.5 percent. Vacancy decreased by at least 50 basis points across all assets classes, with Class A leading the way with an 80 basis point decrease during the fourth quarter. $ Class A Class B Class C Average Submarket Vacancy Rates Chicago CBD Office Market 20.0% Vacancy (%) 15.0% 10.0% 14.4% 13.2% 11.0% 15.8% 14.9% 15.1% 14.6% 13.7% 13.5% 10.3% 8.3% 7.6% 12.6% 11.6% 11.4% 5.0% 0.0% Central Loop East Loop North Michigan Ave. River North West Loop Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

3 Large Blocks of Availability After offering 34 large blocks of available space in the fourth quarter of 2014, large block availability has continued to decrease over the past year. Contiguous blocks of space available on a direct basis decreased by three during the fourth quarter of 2015, bringing the total available to 26 such blocks. Large block composition currently resides at 21 Class A blocks and five Class B blocks. The largest block of available space in the CBD exists at 125 S. Clark Street in the Central Loop. The building previously served as the headquarters for Chicago Public Schools and is now finishing up a massive renovation to make it suitable for tenant use. The next two largest blocks of space available are located at 515 N. State Street and 311 W. Monroe Street. While 515 N. State is undergoing extensive renovations in order to attract new tenants, 311 W. Monroe offers a unique repurposing opportunity as it is a 387,790 square-foot Class B property that is 66.3 percent vacant. The number of high-rise view spaces that are available in top-tier assets has diminished significantly, leaving tenants in the market for such space with limited options involving extremely costly rental rates. Class A Large Blocks Chicago CBD Office Market 23 large direct blocks of CBD Class A space consisting of 3,718,055 square feet 10 large blocks of West Loop Class A space consisting of 1,511,856 square feet Large Block Availabilities Chicago CBD Office Market 100,000+ square feet BUILDING CLASS SIZE (SF) FLOOR TYPE CENTRAL LOOP 125 S. Clark Street B 450, New/Direct 203 N. LaSalle Street A 292, Direct 131 S. Dearborn Street A 202, Direct/Sublet 10 S. Dearborn Street A 166, Direct 222 N. LaSalle Street A 165, Direct 175 W. Jackson Boulevard A 134, Direct 131 S. Dearborn Street A 128, Direct 1 S. Dearborn Street A 106, Direct 131 S. Dearborn Street A 104, Direct EAST LOOP 233 N. Michigan Avenue A 144, Direct 200 E. Randolph Street A 131, Direct 200 E. Randolph Street A 119, Direct 303 E. Wacker Street A 113, Direct 401 S. State Street B 110, Direct NORTH MICHIGAN AVENUE 515 N. State Street A 396, Direct/Sublet RIVER NORTH 350 N. Orleans Street B 218, Direct 600 W. Chicago Avenue B 117,101 2nd Direct WEST LOOP 311 W. Monroe Street B 387, Direct 300 S. Riverside Plaza A 265, Direct 227 W. Monroe Street A 167, Direct 300 S. Riverside Plaza A 158, Direct 500 W. Madison Street A 155, Direct 222 W. Adams Street A 154, Direct 550 W. Jackson Boulevard A 130, Direct 444 W. Lake Street A 130, New/Direct 30 S. Wacker Drive A 129, Direct 111 S. Wacker Drive A 112, Direct 150 N. Riverside Plaza A 109, New/Direct 4 large blocks of West Loop High Rise Class A space consisting of 581,229 square feet 3 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

4 Lease and Sale Highlights 2015 ended with another strong quarter of leasing activity, as the CBD posted 11 lease transactions of 40,000 square feet or greater. Additionally, the fourth quarter included the largest leasing transaction of the year as CNA Financial announced that it will leave its longtime headquarters at 333 S. Wabash Avenue for 275,000 square feet in the new development at 151 N. Franklin Street upon its completion in The new developments at 150 N. Riverside Plaza and 444 W. Lake Street continued to attract quality tenants as Navigant Consulting signed a lease to occupy 110,000 square feet at 150 N. Riverside and Harrison Street Real Estate Capital leased 40,254 square feet at 444 W. Lake Street. Amidst the flurry of leasing activity at the new developments during the fourth quarter, the Central Loop s ability to retain desirable technology companies did not go unnoticed as Sprout Social renewed its lease for 64,000 square feet at 131 S. Dearborn Street and GrubHub expanded by 57,000 square feet at 111 W. Washington Street. Large Deal Activity Chicago CBD Office Market (Transactions 50,000 SF+) 2,000,000 1,500,000 1,000, , , ,347,669 As of 4Q As of 3Q As of 4Q SF of Transactions 7 974,000 # of Transactions Investment sales activity remained extremely active during the fourth quarter as five properties closed and two more were placed under contract. The largest closed sales transaction during the quarter was the sale of 200 E. Randolph for $712 million ($ per square foot) to New York based 601W Cos. The market remains incredibly hot for sellers, and there is little reason to suspect investment sales activity will slow during the first quarter of 2016 as new sellers look to take advantage of current market conditions. Construction Sales Activity Chicago CBD Office Market Number of Sales Several high-profile projects are underway in Chicago s CBD. The Hines development located at 444 W. Lake Street is currently under construction and has recently secured tenancy from Harrison Street Real Estate Capital and Balyasny Asset Management in addition to its anchor tenants McDermott Will & Emery, DLA Piper, Servcorp, Morton Salt, and Mead Johnson Nutrition. The building, which will amount to 1,073,100 square feet, will be delivered in early Another office project set to deliver in a similar time frame is John O Donnell s tower at 150 N. Riverside Plaza which has recently secured tenancy from Navigant Consulting, in addition to anchor tenants William Blair & Co., Hyatt Corporation, The Pritzker Group, and Polsinelli P.C. Mr. O Donnell has also secured Wanxiang America Real Estate Group, a Chinese investor, to help finance the project, which will total approximately 1,229,064 square feet. During the fourth quarter, a third new development made a massive step towards breaking ground as developer John Buck Company landed CNA Financial Corporation to join law firm Hinshaw & Culbertson as anchor tenants in its new development at 151 N. Franklin Street. The development s timeline took an unexpected hit earlier in 2015 when law firm Freeborn & Peters decided to renew its current lease at 311 S. Wacker Drive after previously signing a letter of intent to occupy space at the new development. However, CNA s lease to occupy 275,000 square feet in the building gives the property enough preleased space to begin construction in early The building is expected to deliver 807,130 square feet to the market in 2018 and will look to land another large anchor tenant in Square Footage Class A Class B Class C New Construction Chicago CBD Office Market 4,000,000 3,652,913 3,500,000 3,000,000 2,500,000 1,892,460 1,897,981 2,000,000 1,504,364 1,500, ,710 1,000, , , , , YTD 4 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

5 Significant Lease and Sale Activity Chicago CBD Office Leasing Activity 4Q 2015 TENANT BUILDING SUBMKT CLASS SIZE (SF) DEAL TYPE CNA Financial 151 N. Franklin Street A WL 275,000 New Mayer Brown 71 S. Wacker Drive A WL 265,000 Renewal/ Contraction WeWork 125 S. Clark Street B CL 112,000 New Navigant Consulting 150 N. Riverside Plaza A WL 110,000 New MSDSonline 222 W. Merchandise Mart B RN 91,000 Sublease/ New Sprout Social 131 S. Dearborn Street A CL 64,000 Renewal GrubHub 111 W. Washington Street B CL 57,000 Expansion W. Merchandise Mart B RN 42,000 Expansion Harrison Street Real Estate Capital 444 W. Lake Street A WL 40,254 New Avant 222 N. Lasalle Street A CL 40,000 Expansion Balyasny Asset Management 444 W. Lake Street A WL 40,000 New Clark Hill 130 E. Randolph Street A EL 34,965 Expansion Chicago CBD Office Investment Sales 4Q 2015 STATUS ADDRESS SUBMKT CLASS SIZE (SF) SALE PRICE PRICE/SF SELLER BUYER Sold 200 E. Randolph Street EL A 2,700, ,000,000 $ Piedmont REIT 601W Companies Sold 111 W. Monroe Street CL B 1,200, ,350,000 $ CommonWealth Partners, CalPERS Sold 333 W. Wacker Drive WL A 867, ,000,000 $ Sumitomo Life, GM Investment Management, & Hines US Core Office Fund CL = Central Loop EL = East Loop NMA = North Michigan Avenue RN = River North WL = West Loop FS = For Sale UC = Under Contract Samsung Life Insurance PNC Realty Investors Sold 200 W. Adams Street WL B 677, ,250,000 $ Sterling Equities Gerding Edlen Sold 123 W. Madison Street CL B 89,694 10,062,500 $ Cagan Management GK Development UC 333 S. Wabash Avenue EL A 1,100,000 TBD TBD CNA Financial Corp John Buck Company UC 1 N. Dearborn Street CL B 881, ,000,000 $ Chetrit Group Beacon Capital Partners FS 330 N. Wabash Avenue RN A 1,141,760 TBD TBD Riverview Realty Trust TBD FS 440 S. LaSalle Street CL A 1,019,325 TBD TBD TIER Reit TBD FS 181 W. Madison Street CL A 936,683 TBD TBD CBRE Global Investors TBD FS 20 N. Wacker Drive WL B 915,164 TBD TBD Berkley Properties TBD FS 225 W. Randolph Street WL B 849,252 TBD TBD Kushner Cos. TBD FS 435 N. Michigan Avenue NMA B 737,375 TBD TBD Tribune Media Company TBD FS 100 N. LaSalle Street CL B 163,708 TBD TBD Hearn Co. TBD 5 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

6 Central Loop The second largest submarket in the Chicago CBD, the Central Loop is best known for its LaSalle Street corridor and its historic distinction as Chicago s core financial district. Although this distinction has dissipated some during the last decade, the submarket still remains home to several of the city s largest financial institutions, banks and professional services firms. As suggested by its name, the Central Loop resides in the heart of the CBD. The submarket is bordered by the Chicago River on the north, Van Buren Street on the south and Wells Street and State Street on the west and east, respectively. Market Indicators Q Q CURRENT VACANCY 13.2% 11.7% 11.0% QTR ABSORPTION 242,934 70, ,888 YTD ABSORPTION 519, , ,937 WACKER RENTAL RATE $35.11 $35.98 $36.69 WELLS LAKE RANDOLPH CENTRAL LOOP WASHINGTON MADISON MONROE LA SALLE CLARK DEARBORN STATE JACKSON Submarket Highlights & Forecast The Central Loop finished 2015 by posting its seventh consecutive quarter of positive net absorption, causing vacancy within the submarket to dip 70 basis points to 11.0 percent, its lowest mark since The Central Loop s future success will depend upon its ability to retain tenants attracted to the new developments in competing submarkets, particularly the West Loop, as professional services firms traditionally occupying space in the Central Loop are attracted to the new Class A plus supply that is set to hit the market in The Central Loop will remain extremely tight until the new supply is delivered in 2017, at which point the submarket is likely to shift from a landlord favorable market to a tenant favorable market as landlords in the Central Loop will increase concessions in order to retain tenants and backfill space vacated by tenants migrating to new developments. VAN BUREN

7 Statistical Highlights Class A vacancy within the Central Loop fell below ten percent for the first time since 2011, landing at 9.9 percent, as Class B vacancy decreased by 40 basis points for total of 11.7 percent. The average direct asking rental rate in the submarket currently resides at $36.69 per foot gross, up considerably from $35.98 per square foot posted in the third quarter. The Central Loop has now experienced eight consecutive quarters of increasing rental rates, as gross rent is up $6.02 per square foot since the first quarter of Class A absorption rebounded significantly in the Central Loop during the fourth quarter, rising to 199,357 square feet of positive absorption after experiencing 72,923 square feet of negative net absorption during the third quarter. Large Blocks of Availability There are seven large blocks of contiguous and direct space containing at least 100,000 square feet in the submarket. Construction No new construction was delivered to the Central Loop during the fourth quarter, and there are no office developments currently planned. 125 S. Clark Street currently has a 450,000-square-foot contiguous block of space available, which is the largest block of available contiguous space in the CBD. The property is currently undergoing a full-scale renovation and recently signed WeWork to occupy 112,000 square feet when the renovation is completed. Square Footage Net Absorption & Vacancy Central Loop Office Market 1,000, , % 14.4% 14.2% 14.5% 14.4% 600, % 519, , ,000 67,570 35, ,000 (111,365) (108,010) -400, , ,000 (847,732) -1,000, Absorption Vacancy $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $ Class A Class B Class C Average 777, % 2015 Asking Gross Rental Rates Central Loop Office Market Large Block Availabilities Central Loop Office Market 100,000+ square feet BUILDING CLASS SIZE (SF) FLOOR TYPE 125 S. Clark Street B 450, New/Direct 203 N. LaSalle Street A 292, Direct 131 S. Dearborn Street A 202, Direct/Sublet 10 S. Dearborn Street A 166, Direct 222 N. LaSalle Street A 165, Direct 175 W. Jackson Boulevard A 134, Direct 131 S. Dearborn Street A 128, Direct 1 S. Dearborn Street A 106, Direct 131 S. Dearborn Street A 104, Direct 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2015 Vacancy 7 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

8 Lease and Sale Highlights 125 S. Clark Street Large block leasing activity remained lukewarm in the submarket during the fourth quarter with three lease transactions greater than 50,000 square feet completed. The largest lease signing in the Central Loop during the quarter was WeWork s deal to occupy 112,000 square feet in the recently renovated 125 S. Clark Street. Additionally, the Central Loop illustrated its ability to retain non-traditional tenants as Sprout Social, a Social Media Management company founded in 2010, renewed its lease for 64,000 square feet at the Citadel Center. Investment sales activity remained active in the submarket with two properties trading as 111 W. Monroe Street sold to Samsung Life Insurance for $315.4 million ($262/SF) and 123 W. Madison Street sold to GK Development for $10.1 million ($112/SF). Additionally, 1 N. Dearborn Street was put under contract to sell for roughly $202.0 million ($229/SF) during the fourth quarter while 181 W. Madison Street and 100 N. LaSalle Street each remained on the market in the hottest investment sales cycle Chicago has seen in recent memory. Significant Lease and Sale Activity Central Loop Office Leasing Activity 4Q 2015 TENANT BUILDING CLASS SIZE (SF) DEAL TYPE WeWork 125 S. Clark Street B 112,000 New Sprout Social 131 S. Dearborn Street A 64,000 Renewal Grubhub 111 W. Washington Street B 57,000 Expansion Central Loop Office Investment Sales Activity 4Q 2015 STATUS ADDRESS CLASS SIZE (SF) SALE PRICE PRICE/SF SELLER BUYER Sold 111 W. Monroe Street B 80,228 SF $314,350,000 $262 Commonwealth Partners, CalPERS Samsung Life Insurance Sold 123 W. Madison Street C 80,451 SF 10,062,500 $112 Cagan Management GK Development UC 1 N. Dearborn Street B 881,679 SF $202,000,000 $229 Chetrit Group Beacon Capital Partners FS 181 W. Madison Street A 936,683 SF TBD TBD CBRE Global Investors TBD FS 100 N. LaSalle Street B 163,708 SF TBD TBD Hearn Co. TBD UC = Under Contract FS = For Sale 8 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

9 East Loop The East Loop possesses a dynamic inventory base that includes office towers interspersed amongst residential condominium buildings. With Millennium Park, the city s largest public space, serving as the submarket s focal point, the East Loop offers a unique office environment that is conducive to the work-life balance often desired by the tenants that office there. Although the East Loop s distinct culture continues to remain attractive to more eclectic office tenants such as advertising firms, not-for-profit organizations, and educational institutions, recently, landlords of the submarket have been successful in retaining and attracting traditional office space users by offering more affordable space options relative to those available in the Central and West Loop. The submarket is bordered by the Chicago River on the north, Van Buren Street on the South, Lake Michigan on the east, and State Street on the west. Market Indicators Q Q CURRENT VACANCY % 13.7% QTR ABSORPTION (59,154) 163, ,662 YTD ABSORPTION (15,811) 172, ,461 RENTAL RATE $31.67 $32.71 $33.37 LAKE RANDOLPH WASHINGTON MADISON MONROE STATE WABASH MICHIGAN WACKER SOUTH WATER STETSON EAST LOOP 41 M I L L E N N I U M P A R K HARBOR Submarket Highlights & Forecast The East Loop showed marked improvement for the second consecutive quarter, posting a decrease in vacancy, an increase in direct asking rent and the most positive net absorption it has experienced since After lagging behind other submarkets in the CBD for several years after the recession, the East Loop submarket is now showing consistent signs that it s on the path to recovery despite its peripheral location to public transportation hubs such as Union and Ogilvie Stations. CNA Financial s fourth quarter deal to move to John Buck s development in the West Loop poses a serious threat to the health of the East Loop moving forward as CNA will leave 750,000 square feet of vacant space in 333 S. Wabash Avenue when it moves out of the building in The new landlord s ability to fill the shadow space created by CNA s announced departure will prove pivotal for the submarket. JACKSON VAN BUREN G R A N T P A R K KE SHORE DRIVE Looking ahead, the East Loop will continue to provide a cheaper alternative to the extremely expensive rental rates seen in the River North, the Central Loop, and the West Loop. The submarket will rely on firms looking to save money on real estate costs while remaining in high-quality office space, such as Kraft-Heinz electing to move to 200 E. Randolph Street.

10 Statistical Highlights Vacancy decreased by 70 basis points during the fourth quarter of 2015, ending at 13.7 percent. Despite its solid fourth quarter absorption figures, the East Loop currently has the highest vacancy rate of any submarket throughout the CBD. The East Loop experienced a significant rebound over the second half of 2015, posting 370,026 square feet of positive net absorption after reporting merely 9,435 square feet of positive net absorption over the first two quarters of the year. Large Blocks of Availability The number of available large, contiguous blocks of space available on a direct basis decreased by one block during the fourth quarter, leaving five such blocks available for large users. Construction No new construction was delivered to the East Loop during the fourth quarter. There are no office developments currently planned in the submarket. Square Footage 600, % 17.0% 379, , % 16.0% 15.5% 15.2% 14.9% 15.1% 200, ,793 91,170 69,409 88, % 14.0% % (59,154) -200, % -400, % -600, % -800, % -1,000, % -1,200,000 (1,100,968) 0.0% $50.00 $45.00 $40.00 $35.00 $30.00 Net Absorption & Vacancy East Loop Office Market Absorption Vacancy Asking Gross Rental Rates East Loop Office Market Vacancy $25.00 $20.00 $15.00 $10.00 $5.00 $ Class A Class B Class C Average Large Block Availabilities East Loop Office Market 100,000+ square feet BUILDING CLASS SIZE (SF) FLOOR TYPE 233 N. Michigan Avenue A 144, Direct 200 E. Randolph Street A 131, Direct 200 E. Randolph Street A 119, Direct 303 E. Wacker Street A 113, Direct 401 S. State Street B 110, Direct 10 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

11 Lease and Sale Highlights 200 E. Randolph Street Clark Hill s 34,965-square-foot expansion at 130 E. Randolph Street was the largest lease transaction that occurred within the East Loop submarket during the fourth quarter. Leasing activity in the submarket slowed during the fourth quarter after its most active quarter of leasing activity of the year in the third quarter with large transactions including Kraft Heinz s move to the Aon center and WeWork s new lease at 332 S. Michigan Avenue. Investment sales activity within the submarket remained extremely active during the fourth quarter with the sale of 200 E. Randolph Street being the second most expensive sale of 2015 in the CBD and the most expensive sale ever recorded in the East Loop. Significant Lease and Sale Activity East Loop Office Leasing Activity 4Q 2015 TENANT BUILDING CLASS SIZE (SF) DEAL TYPE Clark Hill 130 E. Randolph Street A 34,965 Expansion East Loop Office Investment Sales Activity 4Q 2015 STATUS ADDRESS CLASS SIZE (SF) SALE PRICE PRICE/SF SELLER BUYER Sold 200 E. Randolph Street A 2,700,000 $712,000,000 $264 Piedmont REIT 601W Cos. UC 333 S. Wabash Avenue A 1,125,708 TBD TBD CNA Financial Corporation John Buck Company UC = Under Contract 11 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

12 North Michigan Avenue The North Michigan Avenue submarket possesses a unique building composition made up of hotels, retail space, office buildings, medical facilities and residential properties. This, along with its peripheral location, makes it an appealing home for less traditional office tenants. The submarket s small office tenant base is composed of primarily advertising firms, media agencies and a growing number of medical office users that desire close proximity to the large hospitals in the area. The submarket is bordered by Oak Street on the north, the Chicago River on the south, State Street on the west and Lake Michigan on the east. STATE PEARSON OAK DELAWARE WABASH CHESTNUT RUSH MICHIGAN T H E M A G N I F I C E N T M I L E WACKER ST. CLAIR MIES VAN DER ROHE NORTH CITY FRONT PLAZA DRIVE FAIRBANKS DE WITT PARK CHICAGO NORTH MICHIGAN AVENUE NEW McCLURG NORTH WATER LAKE SHO RE DRIVE Market Indicators Q Q CURRENT VACANCY 14.6% 13.8% 13.5% QTR ABSORPTION 141,388 (9,925) 41,309 YTD ABSORPTION (148,336) 115, ,746 RENTAL RATE $32.72 $34.25 $35.11 Submarket Highlights & Forecast North Michigan Avenue remains one of the lowest performing submarkets in the CBD despite posting a decrease in vacancy, increase in direct asking rates and an increase in positive net absorption during the fourth quarter. Due to its peripheral location and boutique office user base, the submarket has historically experienced low leasing volume, relative to the other submarkets in the CBD. This presents unique challenges for North Michigan Avenue landlords, as they attempt to backfill the submarket s existing vacancies. North Michigan Avenue will continue to recover more slowly than other CBD markets due to an inability to attract more traditional office users because of its distance from key train stations. It is crucial that the submarket s strong medical presence remains robust to aid in recovery.

13 Statistical Highlights During the fourth quarter, net absorption totaled 41,309 square feet, indicating a solid finish to the year. Vacancy in the submarket decreased by 30 basis points during the fourth quarter, ending at 13.5 percent. Over the past year, vacancy in North Michigan Avenue has decreased from 14.6 percent to the current rate of 13.5 percent. The average gross asking direct rental rate increased substantially during the fourth quarter, ending at $35.11 per square foot gross, up from $34.25 per square foot in the prior quarter. Class A properties are currently reporting an average rental rate of $39.89 per square foot, up from $35.82 per square foot one year prior. Class B properties reported a slight quarterly increase to $30.69 per square foot gross, up from $30.65 per square foot gross at the end of the third quarter. Large Blocks of Availability Square Footage Net Absorption & Vacancy N Michigan Ave Office Market 300, , , , , , , , % 15.3% 15.2% 12.5% 3,188 (69,116) (332,974) (396,399) Absorption Vacancy 247, % 15.8% 16.0% 156, % 14.0% 13.5% 12.0% 10.0% 8.0% (148,336) 6.0% 4.0% 2.0% 0.0% Asking Gross Rental Rates N Michigan Ave Office Market Vacancy The number of large, contiguous blocks of space available on a direct basis remained unchanged during the quarter and resides at one such block. $50.00 $45.00 $40.00 The largest block of available space in the submarket is located 515 N. State Street and totals 396,273 square feet. $35.00 $30.00 $25.00 Construction $20.00 $15.00 No new construction was delivered to the North Michigan Avenue submarket during the fourth quarter. There are no office developments anticipated in the submarket in the near future. $10.00 $5.00 $ Large Block Availabilities N Michigan Ave Office Market 100,000+ square feet BUILDING CLASS SIZE (SF) FLOOR TYPE 515 N. State Street A 396, Direct/Sublet 13 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

14 Lease and Sale Highlights Tribune Tower There were no significant lease transactions in the North Michigan Avenue submarket during the fourth quarter. Investment sales activity was also sluggish in the submarket during the quarter with no transactions closed and one property put on the market as the Tribune Media Company announced that the Tribune Tower at 435 N. Michigan Avenue is on the market. Significant Lease and Sale Activity North Michigan Avenue Office Leasing Activity 3Q 2015 TENANT BUILDING CLASS SIZE (SF) DEAL TYPE NO SIGNIFICANT LEASE TRANSACTIONS North Michigan Avenue Office Investment Sales Activity 4Q 2015 STATUS ADDRESS CLASS SIZE (SF) SALE PRICE PRICE/SF SELLER BUYER FS 435 N. Michigan Avenue B 737,375 TBD TBD Tribune Media Company TBD FS = For Sale 14 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

15 River North River North continues to be one of the fastest growing submarkets in the CBD. The result of new office development, a booming residential community and most recently, an infiltration of technology companies, River North has transformed from a once fairly undeveloped area consisting of warehouses and loft properties into a lively and dynamic office environment. River North now contains a mix of office options ranging from Class B and C loft-style properties to its newest Class A trophy office towers. The range in office space options captures the interest of both traditional and unconventional office users leading to its low vacancy rate. The submarket s boundaries include Oak Street on the north, the Chicago River on the south and west and State Street on the east. Market Indicators Q Q CURRENT VACANCY 8.3% 8.3% 7.6% QTR ABSORPTION 33,265 78, ,222 YTD ABSORPTION 307,048-9, ,704 OAK OAK RENTAL RATE $35.28 $35.59 $37.45 WALTON WALTON LOCUST ND IE OHIO HUBBARD LARRABEE FULTON KINGSBURY HUDSON SEDGWICK ORLEANS CHESTNUT INSTITUTE PL. FRANKLIN CHICAGO RIVER NORTH WELLS LA SALLE OHIO ILLINOIS HUBBARD KINZIE CLARK SUPERIOR HURON ERIE ONTARIO GRAND WACKER DEARBORN STATE P Submarket Highlights & Forecast Vacancy decreased across all classes in River North for the third consecutive quarter, falling 70 basis points to 7.6 percent, the lowest vacancy rate the submarket has ever experienced. During the fourth quarter, River North again proved its ability to attract and retain technology firms that were responsible for a significant amount of the positive net absorption seen throughout 2015 as VelocityEHS subleased 91,000 square feet at the Merchandise Mart. River North is expected to remain the strongest submarket in the CBD through 2016 as space remains extremely limited despite having the highest rents in the city. The most significant challenge to River North s status as the strongest submarket in the CBD will come from the West Loop submarket as tenants are attracted to the three new properties expected in 2017 and 2018.

16 Statistical Highlights River North posted positive net absorption of 111,222 square feet in the fourth quarter after experiencing 78,679 square feet of absorption during the third quarter. The average asking rental rate in the submarket increased significantly during the fourth quarter, ending at $37.45 per square foot gross, up from $35.59 in the previous quarter. Asking rental rates in River North remain the highest throughout the CBD and have increased by 6.2 percent over the past year. The average asking rent in River North s Class A properties increased by $0.55 per square foot gross during the fourth quarter, remaining the most expensive asset class within the CBD at $48.10 per square foot gross. Additionally, Class B rent per square foot gross was up $1.30 to $37.10 and Class C rent increased $0.75 per square foot gross to $ River North s Class A vacancy is lowest of any submarket in the city at 4.8 percent, indicating the relentless demand for high-quality office space in the market. Large Blocks of Availability Square Footage 1,600,000 1,400,000 1,200,000 1,000, , , , ,000 0 $50.00 $45.00 $40.00 $35.00 $30.00 Net Absorption & Vacancy River North Office Market 1,454, % 12.7% 11.6% 10.9% 10.3% 8.3% 7.6% 342, , , ,416 93, , Absorption Vacancy Asking Gross Rental Rates River North Office Market 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Vacancy The number of available large, contiguous blocks of space available on a direct basis currently resides at two blocks. The largest block of space is located at 600 W. Chicago Avenue and consists of 231,294 square feet. $25.00 $20.00 $15.00 $10.00 $5.00 Due to consistently high demand from traditional office space tenants as well as the emerging tech industry, River North currently has the fewest numbers of large contiguous blocks available within the CBD. $ Class A Class B Class C Average Construction No new construction was delivered to River North during the fourth quarter. There are no office developments currently planned in the submarket. Large Block Availabilities River North Office Market 100,000+ square feet BUILDING CLASS SIZE (SF) FLOOR TYPE 350 N. Orleans Street B 218, Direct 600 W. Chicago Avenue B 117,101 2nd Direct 16 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

17 Lease and Sale Highlights Merchandise Mart Leasing activity in the River North submarket slowed during the fourth quarter after experiencing successive quarters with lease transactions of over 105,000 square feet. Investment sales activity slowed within River North during the fourth quarter as no buildings were traded despite the record year for investment sales throughout the CBD. Significant Lease and Sale Activity River North Office Leasing Activity 4Q 2015 TENANT BUILDING CLASS SIZE (SF) DEAL TYPE VelocityEHS 222 Merchandise Mart Plaza B 91,000 Sublease/New Lease Merchandise Mart Plaza B 42,000 Expansion River North Office Investment Sales Activity 4Q 2015 STATUS ADDRESS CLASS SIZE (SF) SALE PRICE PRICE/SF SELLER BUYER FS 330 N. Wabash Avenue A 1,141,760 TBD TBD Riverview Realty Trust TBD FS = For Sale 17 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

18 West Loop The West Loop s reputation as the CBD s leading submarket is the result of it possessing the largest office inventory of any submarket, its proximity to public transit and tenant desire for the image associated with being located on or near Wacker Drive, an address that has a long-standing positive reputation for office tenants. Further contributing to the submarket s growth was the development boom experienced over the past decade which added several highly-efficient, state-of-the-art trophy towers to building inventory. The West Loop is bordered on the north by Kinzie Street, on the south by Van Buren Street, by Halsted Street on the west and Wells street on the east. Market Indicators Q Q CURRENT VACANCY 12.4% 12.0% 11.4% QTR ABSORPTION 294, , ,644 YTD ABSORPTION 493,244 (178,763) 99,881 KINZIE RENTAL RATE $37.58 $38.83 $ HALSTED 94 FULTON WEST LOOP MADISON LAKE RANDOLPH WASHINGTON MADISON Submarket Highlights & Forecast The West Loop continued to garner momentum during the fourth quarter as it experienced decreasing vacancy, increasing rental rates, and the two largest leasing transactions of the quarter. As the new developments at 444 W. Lake Street and 150 N. Riverside continue to rise, so too does the West Loop s status. The two developments are both over sixty percent preleased and project to be over ninety percent leased when they are delivered, indicating the incessant demand for high-quality space in the West Loop. DESPLAINES JEFFERSON CLINTON CANAL MONROE ADAMS WACKER FRANKLIN WELLS With vacancy rates at pre-recession levels and rental rates at all-time highs, the West Loop submarket remains among the healthiest in the CBD and projects to remain so for the foreseeable future. JACKSON VAN BUREN

19 Statistical Highlights West Loop vacancy decreased to 11.4 percent during the fourth quarter, down from 12.0 percent during the prior quarter. The current vacancy in the West Loop is down 100 basis points from that reported one year prior. Class A direct asking rents per square foot increased by $0.49 to $42.21 dollars per square foot gross during the quarter. Class A rents increased by $1.48 during 2015, as Class A vacancy decreased by 120 basis points over the past three quarters to its current rate of 10.6 percent. The West Loop reported positive 278,644 square feet of net absorption in the fourth quarter. Both Class A and B properties experienced positive demand, reporting positive 246,105 square feet and positive 27,733 square feet of net absorption, respectively. Large Blocks of Availability There are currently 11 large, contiguous blocks of space available on a direct basis in the West Loop. The West Loop currently has two properties under construction which are contributing to the large block availability in the submarket. Construction No new construction was delivered to the West Loop during the fourth quarter. However, Hines is under construction on a new 45-story, 1,073,100-squarefoot office tower at 444 W. Lake Street. The building is currently over 60 percent preleased with tenants including McDermott Will & Emery, DLA Piper, Mead Johnson Nutrition, and Balyasny Asset Management. The other office tower under construction in the West Loop is a 54-story, 1,229,064-square-foot development located at 150 N. Riverside Plaza. 150 N. Riverside is being developed by John O Donnell and is also over 60 percent preleased with tenants including William Blair & Co, Hyatt Corporation, Navigant Consulting, the Pritzker Organization and Polsinelli PC. Both buildings are slated for delivery in early A third office tower is being developed by the John Buck Company at 151 N. Riverside and is set to begin construction in the near future. The 35-story, 820,000-square-foot tower will be called the CNA Center after CNA Financial secured naming rights to the building as part of its fourth quarter deal to occupy 275,000 square feet in the building upon its completion. The 151 N. Franklin Street development is set for delivery in 2018 and is actively seeking tenants to join anchor tenants CNA Financial and law firm Hinshaw and Culbertson in the building. Square Footage Net Absorption & Vacancy West Loop Office Market 1,200,000 1,000, , , , ,000 0 (200,000) (400,000) (600,000) (800,000) (1,000,000) 16.3% 16.2% 933, % 599, % 12.6% 493, % 11.4% 191,358 55,773 99,881 (724,453) Absorption Vacancy Asking Gross Rental Rates West Loop Office Market $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $ Class A Class B Class C Average Large Block Availabilities West Loop Office Market 100,000+ square feet BUILDING CLASS SIZE (SF) FLOOR TYPE 311 W. Monroe Street B 387, Direct 300 S. Riverside Plaza A 265, Direct 227 W. Monroe Street A 167, Direct 300 S. Riverside Plaza A 158, Direct 500 W. Madison Street A 155, Direct 222 W. Adams Street A 154, Direct 550 W. Jackson Boulevard A 130, Direct 444 W. Lake Street A 130, New/Direct 30 S. Wacker Drive A 129, Direct 111 S. Wacker Drive A 112, Direct 150 N. Riverside Plaza A 109, New/Direct 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2015 Vacancy 19 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

20 Lease and Sale Highlights The largest lease transaction during the fourth quarter involved CNA Financial agreeing to occupy 275,000 square feet at The John Buck Company s development at 151 N. Franklin Street. Additionally, Mayer Brown signed a lease to contract its space and renew at 71 S. Wacker, making the West Loop home to the two largest leasing transactions throughout the CBD during the fourth quarter. 151 N. Franklin Street Investment sales activity closed out a record year in the West Loop with two transactions officially closed and two more listed for sale. The two properties combined to result in $488.3 million worth of property sold in the West Loop during the fourth quarter. Significant Lease and Sale Activity West Loop Office Leasing Activity 4Q 2015 TENANT BUILDING CLASS SIZE (SF) DEAL TYPE CNA Financial 151 N. Franklin Street A 275,000 New Lease Mayer Brown 71 S. Wacker Drive A 265,000 Renewal/ Contraction Navigant Consulting 150 N. Riverside Plaza A 110,000 New Lease Harrison Street Real Estate Capital 444 W. Lake Street A 40,254 New Lease Balyasny Asset Management 444 W. Lake Street A 40,000 New West Loop Office Investment Sales Activity 4Q 2015 STATUS ADDRESS CLASS SIZE (SF) SALE PRICE PRICE/SF SELLER BUYER Sold 200 W Adams Street B 677,222 $168,250,000 $248 Sterling Equities Gerding Edlen Sold 333 W. Wacker Drive A 867,821 $320,000,000 $369 Sumitomo Life, GM Investment PNC Realty Advisors Management, Hines US Office Fund FS 20 N. Wacker Drive B 915,164 TBD TBD Berkley Properties TBD FS 225 W. Randolph Street B 849,252 TBD TBD Kushner Cos. TBD FS = For Sale 20 Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

21 Fourth Quarter 2015 Office Market Statistics Local Standards (includes competitive owner-occupied properties) CLASS BLDGS TOTAL DIRECT INVENTORY SF VACANCY SF SUBLEASE VACANCY SF TOTAL VACANCY SF DIRECT SUBLEASE VACANCY VACANCY % % TOTAL VACANCY % CENTRAL LOOP DIRECT NET ABSORPTION (SF) SUBLET NET ABSORPTION (SF) TOTAL NET ABSORPTION (SF) YTD NET ABSORPTION (SF) ASKING GROSS DIRECT RENT PER SF Class A 17 15,983,421 1,588,379 40,757 1,629, % 0.3% 10.2% 174,357 25, , ,158 $41.20 Class B 30 18,360,308 1,961, ,809 2,141, % 1.0% 11.7% 124,161 (42,086) 82, ,545 $33.24 Class C 19 3,314, ,418 3, , % 0.1% 10.9% -2,244 4,700 2,456 40,234 $26.25 Subtotal 66 37,657,868 3,906, ,293 4,132, % 0.6% 11.0% 296,274 (12,386) 283, ,937 $36.69 EAST LOOP Class A 4 6,785, , , % 0.0% 14.0% 34,145 3,693 37, ,360 $39.76 Class B 16 12,389,878 1,876,106 12,533 1,888, % 0.1% 15.2% 87,208 2,326 89, ,726 $32.33 Class C 36 6,967, ,318 25, , % 0.4% 10.5% 90,569 (11,279) 79,290 (24,625) $28.88 Subtotal 56 26,143,236 3,532,776 38,222 3,570, % 0.1% 13.7% 211,922 (5,260) 206, ,461 $33.37 NORTH MICHIGAN AVENUE Class A 9 9,371, ,133 3, , % 0.0% 14.7% 21, , ,217 $39.89 Class B 19 6,154, ,086 37, , % 0.6% 13.3% 41,272 (28,600) 12,672 46,094 $30.69 Class C 12 1,694, ,749 4, , % 0.3% 9.4% 7, ,405 10,435 $26.38 Subtotal 40 17,220,186 1,901,968 45,081 1,947, % 0.3% 13.5% 70,279 (28,970) 41, ,746 $35.11 RIVER NORTH Class A 5 3,869, ,267 4, , % 0.1% 4.8% 15, ,384 69,906 $48.10 Class B 24 9,298, ,272 54, , % 0.6% 8.0% (6,451) 80,679 74,228 (11,698) $37.10 Class C 21 2,055, ,163 15, , % 0.7% 11.3% 23,610 (2,000) 21,610 43,496 $27.69 Subtotal 50 15,224,007 1,081,702 74,593 1,156, % 0.5% 7.6% 32,543 78, , ,704 $37.45 WEST LOOP Class A 31 27,439,176 2,715, ,463 2,897, % 0.7% 10.6% 239,323 6, , ,889 $42.21 Class B 25 16,491,209 1,956, ,036 2,314, % 2.2% 14.0% 75,249 (47,516) 27,733 (135,354) $35.63 Class C 31 4,144, ,765 4, , % 0.1% 6.5% -6,841 11,647 4,806 10,346 $26.88 Subtotal 87 48,074,682 4,937, ,671 5,480, % 1.1% 11.4% 307,731 (29,087) 278,644 99,881 $39.11 TOTAL CHICAGO CBD Class A 66 63,449,796 6,399, ,212 6,630, % 0.4% 10.9% 484,441 35, , ,530 $41.59 Class B ,693,977 7,258, ,152 7,901, % 1.0% 12.6% 321,439-35, , ,313 $33.91 Class C ,176,206 1,702,413 53,496 1,755, % 0.3% 9.7% 112,869 2, ,567 79,886 $27.94 Subtotal ,319,979 15,360, ,860 16,287, % 0.7% 11.5% 918,749 2, ,725 1,515,729 $36.92 QUARTERLY COMPARISONS Q ,539,682 15,360, ,860 16,287, % 0.7% 11.5% 918,749 2, ,725 1,515,729 $36.92 Q ,539,682 16,279, ,836 17,209, % 0.7% 12.2% 611,383-58, , ,004 $36.16 Q ,539,682 16,851, ,054 17,761, % 0.6% 12.5% 620,411-84, ,923 80,659 $35.76 Q ,539,682 17,471, ,806 18,297, % 0.6% 12.9% -503,084 56, , ,264 $35.51 Q ,539,682 16,968, ,391 17,851, % 0.6% 12.6% 641,333 54, ,943 1,112,083 $ Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International

22 Fourth Quarter 2015 Office Market Statistics Colliers International Standards (includes all owner-occupied properties) CLASS BLDGS TOTAL DIRECT INVENTORY SF VACANCY SF SUBLEASE VACANCY SF TOTAL VACANCY SF DIRECT SUBLEASE VACANCY VACANCY % % TOTAL VACANCY % CENTRAL LOOP DIRECT NET ABSORPTION (SF) SUBLET NET ABSORPTION (SF) TOTAL NET ABSORPTION (SF) YTD NET ABSORPTION (SF) ASKING GROSS DIRECT RENT PER SF Class A 17 15,983,421 1,588,379 40,757 1,629, % 0.3% 10.2% 174,357 25, , ,262 $41.20 Class B 39 22,890,994 1,981, ,809 2,162, % 0.8% 9.4% 121,860-42,086 79, ,606 $33.24 Class C 37 5,060, ,982 4, , % 0.1% 19.7% 8,835 4,700 13,535 6,535 $26.25 Subtotal 93 43,934,716 4,560, ,293 4,787, % 0.5% 10.9% 305,052-12, , ,403 $36.69 EAST LOOP Class A 4 6,785, , , % 0.0% 14.0% 34,145 3,693 37, ,360 $39.76 Class B 19 12,512,484 1,876,106 12,533 1,888, % 0.1% 15.1% 87,208 2,326 89, ,726 $32.33 Class C 51 7,479, ,390 25, , % 0.3% 11.0% 84,837-11,279 73,558-19,889 $28.88 Subtotal 74 26,777,313 3,620,848 38,222 3,659, % 0.1% 13.7% 206,190 (5,260) 200, ,197 $33.37 NORTH MICHIGAN AVENUE Class A 9 8,463, ,887 3, , % 0.0% 7.1% 18, ,216 86,072 $39.89 Class B 28 7,800, ,483 37, , % 0.5% 10.6% 38,775 (28,600) 10,175 48,608 $30.69 Class C 25 2,637, ,138 4, , % 0.2% 18.8% 13,572 2,524 16,096 23,102 $26.38 Subtotal 62 18,902,599 1,881,045 45,081 1,924, % 0.2% 10.2% 70,563-26,076 44, ,782 $35.11 RIVER NORTH Class A 6 5,011, ,493 4, , % 0.1% 4.4% 18, ,400 84,051 $48.10 Class B 50 10,407, ,388 56, , % 0.5% 8.0% -8,695 78,594 69,899-34,980 $37.10 Class C 74 3,627, ,385 23, , % 0.7% 9.6% 8,355 2,347 10, $27.69 Subtotal ,046,889 1,314,266 84,971 1,399, % 0.4% 7.3% 18,060 80,941 99,001 49,195 $37.45 WEST LOOP Class A 33 28,091,676 2,715, ,463 2,897, % 0.6% 10.3% 247,115 6, , ,681 $42.21 Class B 31 18,092,017 1,966, ,036 2,324, % 2.0% 12.8% 75,249-47,516 27, ,530 $35.63 Class C 53 4,985, ,962 4, , % 0.1% 7.0% -16,489 14,944-1,545-5,916 $26.88 Subtotal ,168,962 5,028, ,671 5,572, % 1.1% 10.9% 305,875 (25,790) 280, ,235 $39.11 TOTAL CHICAGO CBD Class A 69 64,336,332 6,070, ,212 6,301, % 0.4% 9.8% 492,233 35, , ,426 $41.59 Class B ,703,716 7,383, ,237 8,028, % 0.9% 11.2% 314,397-37, , ,430 $33.91 Class C ,790,431 2,949,857 62,789 3,012, % 0.3% 12.7% 99,110 13, ,346 3,956 $27.94 Subtotal ,830,479 17,850, ,133 18,770, % 0.6% 11.7% 566,033-88, ,296 68,798 $36.54 QUARTERLY COMPARISONS Q ,830,479 16,404, ,238 17,342, % 0.6% 10.9% 905,740 11, ,169 1,496,812 $36.54 Q ,830,479 17,309, ,667 18,259, % 0.6% 11.4% 579,426 (68,581) 510, ,643 $36.05 Q ,830,479 17,850, ,133 18,770, % 0.6% 11.7% 566,033 (88,737) 477,296 68,798 $35.70 Q ,830,479 18,416, ,396 19,247, % 0.5% 12.0% -461,786 53, , ,498 $35.84 Q ,830,479 17,954, ,684 18,839, % 0.6% 11.8% 134,813 59, , ,463 $ Research & Forecast Report Fourth Quarter 2015 Downtown Chicago / Office Colliers International