CoStar Retail Statistics. F i r s t Q u a r t e r National Retail Market

Transcription

1 CoStar Retail Statistics F i r s t Q u a r t e r

2 First Quarter 2018 National Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview Inventory & Development Analysis Inventory & Development Analysis Select Top Deliveries Select Top Under Construction Properties Figures at a Glance by Building Type & Submarket Historical Figures at a Glance Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions 2018 CoStar Group, Inc. CoStar Retail Statistics A

3 National First Quarter 2018 Methodology The CoStar Retail Statistics calculates Retail statistics using CoStar Group's base of existing, under construction and under renovation Retail buildings in each given metropolitan area. All Retail building types are included, including Community Center, Freestanding Retail, Neighborhood Center, Power Center, Regional Mall, Specialty Center and Unanchored Strip Center, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's global database includes approximately 95.6 billion square feet of coverage in 4.4 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates. CoStar regularly opens new markets to expand its geographic coverage which results in varying start dates for historical data. Due to differences in market start dates and a desire to show as long a historical timeframe as possible, only the following markets are included in the historical charts within this report: Atlanta, Austin, Baltimore, Boston, Broward County, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, Dallas/Ft Worth, Dayton, Denver, Detroit, East Bay/Oakland, Houston, Indianapolis, Inland Empire (California), Jacksonville (Florida), Kansas City, Long Island (New York), Los Angeles, Memphis, Miami-Dade County, Nashville, Northern New Jersey, Orange (California), Orlando, Palm Beach County, Philadelphia, Phoenix, Pittsburgh, Raleigh/Durham, Sacramento, San Diego, San Francisco, Seattle/Puget Sound, South Bay/San Jose, St. Louis, Tampa/ St Petersburg, Washington, and Westchester/So Connecticut. When ever possible all markets are included to provide as broad as possible national coverage. The Market Highlights and Overview narrative includes all markets. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2018 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided as is and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CoStar Group, Inc L ST NW Washington, DC (800) NASDAQ: CSGP B CoStar Retail Statistics 2018 CoStar Group, Inc.

4 First Quarter 2018 National Terms & Definitions Anchor Tenant: A large national or regional retailer that serves as a primary draw for a shopping center; a store strategically located in a retail property in order to enhance, bring attention to, or increase traffic at the property. Sometimes called a destination tenant, usually these tenants lease at least 25,000 SF. Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). Community Center: A shopping center development that has a total square footage between 100, ,000 SF. Generally will have 2-3 large anchored tenants, but not department store anchors. Community Center typically offers a wider range of apparel and other soft goods than the Neighborhood Center. Among the more common anchors are supermarkets and super drugstores. Community Center tenants sometime contain retailers selling such items as apparel, home improvement/furnishings, toys, electronics or sporting goods. The center is usually configured as a strip, in a straight line, or an L or U shape. Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries) Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Delivery Date: The date a building completes construction and receives a certificate of occupancy. Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Freestanding Retail: Single tenant building with a retail tenant. Examples include video stores, fast food restaurant, etc. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance. General Retail: Typically are single tenant freestanding generalpurpose commercial buildings with parking. Many single retail buildings fall into this use code, especially when they don t meet any of the more detailed use code descriptions. Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. Lifestyle Center: An upscale, specialty retail, main street concept shopping center. An open center, usually without anchors, about 300,000 SF GLA or larger, located near affluent neighborhoods, includes upscale retail, trendy restaurants and entertainment retail. Nicely landscaped with convenient parking located close to the stores. Mall: The combined retail center types of Lifestyle Center, Regional Mall and Super Regional Mall. Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy). Neighborhood Center: Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neighborhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet. Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Outlet Center: Usually located in a rural or occasionally in a tourist location, an Outlet Center consists of manufacturer s outlet stores selling their own brands at a discount. 50, ,000 SF. An Outlet Center does not have to be anchored. A strip configuration is most common, although some are enclosed malls and others can be arranged in a village cluster. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Power Center: The center typically consists of several freestanding (unconnected) anchors and only a minimum amount of small specialty tenants. 250, ,000 SF. A Power Center is dominated by several large anchors, including discount department stores, offprice stores, warehouse clubs, or "category killers," i.e., stores that offer tremendous selection in a particular merchandise category at low prices. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate 2018 CoStar Group, Inc. CoStar Retail Statistics C

5 National First Quarter 2018 of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Regional Mall: Provides shopping goods, general merchandise, apparel, and furniture, and home furnishings in full depth and variety. It is built around the full-line department store with a minimum GLA of 100,000 square feet, as the major drawing power. For even greater comparative shopping, two, three, or more department stores may be included. In theory a regional center has a GLA of 400,000 square feet, and may range from 300,000 to more than 1,000,000 square feet. Regional centers in excess of 750,000 square feet GLA with three or more department stores are considered Super Regional. (See also: Super Regional Mall). Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Shopping Center: The combined retail center types of Community Center, Neighborhood Center and Strip Center. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Specialty Center: The combined retail center types of Airport Retail, Outlet Center and Theme/Festival Center. Sports & Entertainment: A facility suited for recreational activities, including: Amusement Facility, Aquatic Facility/Swimming Pool, Bowling Alley, Casino/Gaming Facility, Equestrian Center/Stable, Fitness, Court and Spa Facility, Golf Related, Racetrack, Skating Rink, Ski Resort, Sports Arena/Stadium, and Theatre/Performing Art Facility. Strip Center: A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in a straight line, or have an "L" or "U" shape. Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Super Regional Mall: Similar to a regional mall, but because of its larger size, a super regional mall has more anchors, a deeper selection of merchandise, and draws from a larger population base. As with regional malls, the typical configuration is as an enclosed mall, frequently with multiple levels (See also: Regional Mall). Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Theme/Festival Center: These centers typically employ a unifying theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise. Sometimes the biggest appeal of these centers is to tourists; they can be anchored by restaurants and entertainment facilities. These centers, generally located in urban areas, tend to be adapted from older, sometimes historic, buildings, and can be part of mixed-use projects. 80, ,000 SF. Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC. Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied. D CoStar Retail Statistics 2018 CoStar Group, Inc.

6 Overview First Quarter 2018 National U.S. s Vacancy Stays at 4.5% Net Absorption Positive 17,526,569 SF in the Quarter The U.S. retail market did not experience much change in market conditions in the first quarter The vacancy rate went from 4.5% in the previous quarter to 4.5% in the current Net absorption was positive 17,526,569 square feet, and vacant sublease space increased by 306,224 square feet. Quoted rental rates increased from fourth quarter 2017 levels, ending at $16.49 per square foot per year. A total of 1,114 retail buildings with 17,207,880 square feet of retail space were delivered to the market in the quarter, with 76,785,078 Net Absorption Retail net absorption was slightly positive in U.S. first quarter 2018, with positive 17,526,569 square feet absorbed in the In fourth quarter 2017, net absorption was positive 36,285,820 square feet, while in third quarter 2017, absorption came in at positive 16,903,380 square feet. In second quarter 2017, positive 21,049,474 square feet was absorbed in the market. Vacancy U.S. s retail vacancy rate changed in the first quarter 2018, ending the quarter at 4.5%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 4.6% in the second quarter 2017, to 4.6% at the end of the third quarter 2017, 4.5% at the end of the fourth quarter 2017, to 4.5% in the current The amount of vacant sublease space in the U.S. market has trended down over the past four quarters. At the end of the second quarter 2017, there were 18,331,467 square feet of vacant sublease space. Currently, there are 17,411,606 square feet vacant in the market. Rental Rates Average quoted asking rental rates in the U.S. retail market are up over previous quarter levels, and up from their levels four quarters ago. Quoted rents ended the first quarter 2018 at $16.49 per square foot per year. That compares to $16.23 per square foot in the fourth quarter 2017, and $15.84 per square foot at the end of the second quarter This represents a 1.6% increase in rental rates in the current quarter, and a 3.94% increase from four quarters ago. Inventory & Construction During the first quarter 2018, 1,114 buildings totaling 17,207,880 square feet were completed in the U.S. retail market. Over the past four quarters, a total of 83,400,515 square feet of retail space has been built in U.S.. In addition to the current quarter, 1,194 buildings with 21,709,180 square feet were completed in fourth quarter 2017, 1,215 buildings totaling 20,661,134 square feet completed in third quarter 2017, and 23,822,321 square feet in 1,359 buildings completed in second quarter There were 76,785,078 square feet of retail space under construction at the end of the first quarter Some of the notable 2018 deliveries include: Aventura Mall Expansion, a 315,000-square-foot facility that delivered in first quarter 2018 and is now 100% occupied in the North Bay/Santa Rosa market, and 500 N Us-77 Hwy, a 311,247- square-foot building that delivered in first quarter 2018 in the Vacancy Rates by Building Type* Power Center Specialty Center General Retail Shopping Center Mall Total Market 12.0% 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% q q q q q q q q q q q q 2018 * Select markets included in this historical chart - see Methodology page CoStar Group, Inc. CoStar Retail Statistics 1

7 National First Quarter 2018 Overview Miami-Dade County and is now 100% occupied. Total retail inventory in the U.S. market area amounted to 14,073,783,577 square feet in 1,240,789 buildings and centers as of the end of the first quarter Sales Activity Tallying retail building sales of 15,000 square feet or larger, U.S. retail sales figures rose during the fourth quarter 2017 in terms of dollar volume compared to the third quarter of In the fourth quarter, 779 retail transactions closed with a total volume of $6,932,217,827. The 779 buildings totaled 47,253,823 square feet and the average price per square foot equated to $ per square foot. That compares to 683 transactions totaling $6,580,509,891 in the third quarter The total square footage in the third quarter was 45,496,200 square feet for an average price per square foot of $ Total retail center sales activity in 2017 was down compared to In the twelve months of 2017, the market saw 2,935 retail sales transactions with a total volume of $27,327,318,642. The price per square foot averaged $ In the same twelve months of 2016, the market posted 3,234 transactions with a total volume of $32,460,377,664. The price per square foot averaged $ Cap rates have been higher in 2017, averaging 7.12% compared to the same period in 2016 when they averaged 7.08%. One of the largest transactions that has occurred within the last 4 quarters in the U.S. market is the sale of E Orchard Rd in the Denver market. This 610,448square foot retail center sold for $141,995,000, or $ per square foot. The property sold on 3/20/2018. Albany/Schenectady/Troy The vacancy rate remained unchanged in Albany/ Schenectady/Troy in the first With 70,105 square feet in deliveries, and positive 110,706 square feet in net absorption, the vacancy rate held at 2.5%, the same rate reported in the U.S. Vacancy Comparison* Past 7 Quarters Price in Dollars per Unit $17.40 $17.20 $17.00 $16.80 $16.60 $16.40 $16.20 $16.00 $15.80 $15.60 $15.40 $15.20 Average Rental Rate Vacancy Rate q q % 4.8% 4.8% 4.7% 4.7% 4.6% 4.6% 4.5% 4.5% 4.4% Vacancy Rate Percentage previous The market had 546,236 square feet under construction at the end of the quarter, and rental rates stood at $13.72 per square foot. Albuquerque The Albuquerque retail market ended the quarter with a vacancy rate of 4.7%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (76,400) square feet. Vacant sublease space decreased to 37,145 square feet. Rental rates ended the first quarter at $14.22, no change over the previous A total of two buildings with 12,143 square feet of space delivered to the market, with 100,833 Anchorage The Anchorage retail market ended the quarter with a vacancy rate of 2.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 19,616 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the first quarter at $21.38, an increase over the previous A total of one building with 8,244 square feet of space delivered to the market, with 5,100 Asheville The Asheville retail market ended the quarter with a vacancy rate of 1.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 44,391 square feet. Vacant sublease space decreased to 2,500 square feet. Rental rates ended the first quarter at $15.22, a decrease over the previous A total of two buildings with 12,365 square feet of space delivered to the market, with 8,000 square feet still under construction at the end of the Atlanta The Atlanta retail market ended the quarter with a vacancy rate of 5.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,265,315 square feet. Vacant sublease space decreased to 358,807 square feet. Rental rates ended the first quarter at $14.34, an increase over the previous A total of 27 buildings with 858,829 square feet of space delivered to the market, with 1,539,492 Augusta/Richmond County The vacancy rate remained unchanged in Augusta/ Richmond County in the first With 41,045 square feet in deliveries, and positive 53,649 square feet in net absorption, the vacancy rate held at 7.5%, the same rate reported in the previous The market had 152,883 square feet under construction at the end of the quarter, and rental rates stood at $10.75 per square foot. * Select marke ts included in this chart - see Methodology page. 2 CoStar Retail Statistics 2018 CoStar Group, Inc.

8 Overview First Quarter 2018 National Austin The Austin retail market ended the quarter with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 260,164 square feet. Vacant sublease space increased to 161,318 square feet. Rental rates ended the first quarter at $22.14, an increase over the previous A total of 13 buildings with 420,702 square feet of space delivered to the market, with 741,686 square feet still under construction at the end of the Bakersfield The vacancy rate remained unchanged in Bakersfield in the first With 25,732 square feet in deliveries, and positive 19,383 square feet in net absorption, the vacancy rate held at 6.0%, the same rate reported in the previous The market had 114,389 square feet under construction at the end of the quarter, and rental rates stood at $13.75 per square foot. Baltimore The Baltimore retail market ended the quarter with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (151,521) square feet. Vacant sublease space increased to 151,238 square feet. Rental rates ended the first quarter at $19.39, an increase over the previous A total of eight buildings with 67,200 square feet of space delivered to the market, with 553,290 square feet still under construction at the end of the Baton Rouge The Baton Rouge retail market ended the quarter with a vacancy rate of 4.5%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (97,862) square feet. Vacant sublease space stayed the same at 15,250 square feet. Rental rates ended the first quarter at $13.57, a decrease over the previous A total of four buildings with 28,600 square feet of space delivered to the market, with 463,952 square feet still under construction at the end of the Beaumont/Port Arthur The Beaumont/Port Arthur retail market ended the quarter with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (127,570) square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the first quarter at $10.57, an increase over the previous A total of two buildings with 18,400 square feet of space delivered to the market, with 44,000 square feet still under construction at the end of the Birmingham The Birmingham retail market ended the quarter with a Absorption & Deliveries* Past 7 Quarters Net Absorption Deliveries * Select markets included in this chart - see Methodology page q q 2018 vacancy rate of 5.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 263,093 square feet. Vacant sublease space increased to 63,059 square feet. Rental rates ended the first quarter at $10.13, an increase over the previous A total of five buildings with 96,534 square feet of space delivered to the market, with 217,350 Boise City/Nampa The vacancy rate remained unchanged in Boise City/ Nampa in the first With 19,168 square feet in deliveries, and negative (10,305) square feet in net absorption, the vacancy rate held at 4.9%, the same rate reported in the previous The market had 14,128 square feet under construction at the end of the quarter, and rental rates stood at $12.70 per square foot. Boston The Boston retail market ended the quarter with a vacancy rate of 3.0%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (297,204) square feet. Vacant sublease space increased to 139,872 square feet. Rental rates ended the first quarter at $19.17, an increase over the previous A total of 20 buildings with 174,463 square feet of space delivered to the market, with 2,106,197 Bremerton/Silverdale The Bremerton/Silverdale retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of positive 95,252 square feet caused the vacancy rate to down from 6.9%to 6.1% in the Rental rates stood at $ CoStar Group, Inc. CoStar Retail Statistics 3

9 National First Quarter 2018 Overview Broward County The Broward County retail market ended the quarter with a vacancy rate of 3.4%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (30,629) square feet. Vacant sublease space increased to 43,713 square feet. Rental rates ended the first quarter at $23.47, an increase over the previous A total of 17 buildings with 170,219 square feet of space delivered to the market, with 965,055 Brownsville/Harlingen The Brownsville/Harlingen retail market ended the quarter with a vacancy rate of 4.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 31,121 square feet. Vacant sublease space stayed the same at 11,710 square feet. Rental rates ended the first quarter at $13.90, an increase over the previous A total of four buildings with 59,046 square feet of space delivered to the market, with 72,650 square feet still under construction at the end of the Buffalo/Niagara Falls The Buffalo/Niagara Falls retail market ended the quarter with a vacancy rate of 3.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 167,239 square feet. Vacant sublease space decreased to 54,834 square feet. Rental rates ended the first quarter at $11.00, an increase over the previous A total of one building with 8,360 square feet of space delivered to the market, with 115,000 square feet still under construction at the end of the Charleston WV The Charleston WV retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of negative (4,595) square feet caused the vacancy rate to unchanged from 2.4%to 2.4% in the Rental rates stood at $ Charleston/N Charleston The Charleston/N Charleston retail market ended the quarter with a vacancy rate of 2.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 211,877 square feet. Vacant sublease space decreased to 4,950 square feet. Rental rates ended the first quarter at $23.52, an increase over the previous A total of six buildings with 126,781 square feet of space delivered to the market, with 524,582 square feet still under construction at the end of the Charlotte The vacancy rate remained unchanged in Charlotte in the first With 542,168 square feet in deliveries, and positive 411,582 square feet in net absorption, the vacancy rate held at 4.3%, the same rate reported in the previous The market had 1,583,132 square feet under construction at the end of the quarter, and rental rates stood at $14.27 per square foot. Chattanooga The Chattanooga retail market ended the quarter with a vacancy rate of 4.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 159,697 square feet. Vacant sublease space stayed the same at 6,500 square feet. Rental rates ended the first quarter at $10.66, a decrease over the previous A total of one building with 4,968 square feet of space delivered to the market, with 106,342 square feet still under construction at the end of the Chicago The Chicago retail market ended the quarter with a vacancy rate of 6.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 831,858 square feet. Vacant sublease space decreased to 1,400,888 square feet. Rental rates ended the first quarter at $15.84, an increase over the previous A total of 24 buildings with 187,270 square feet of space delivered to the market, with 2,437,468 square feet still under construction at the end of the Cincinnati The Cincinnati retail market ended the quarter with a vacancy rate of 4.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 316,653 square feet. Vacant sublease space decreased to 69,318 square feet. Rental rates ended the first quarter at $12.13, an increase over the previous A total of 11 buildings with 63,762 square feet of space delivered to the market, with 476,543 Cleveland The vacancy rate remained unchanged in Cleveland in the first With 141,916 square feet in deliveries, and positive 312,033 square feet in net absorption, the vacancy rate held at 5.0%, the same rate reported in the previous The market had 1,446,763 square feet under construction at the end of the quarter, and rental rates stood at $10.27 per square foot. Colorado Springs The Colorado Springs retail market ended the quarter with a vacancy rate of 5.5%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (145,681) square feet. Vacant sublease space increased to 77,352 square feet. Rental rates ended the first quarter at $13.73, an increase over the previous A total of five buildings with 27,930 square feet of space delivered to the market, with 160,106 4 CoStar Retail Statistics 2018 CoStar Group, Inc.

10 Overview First Quarter 2018 National Columbia The Columbia retail market ended the quarter with a vacancy rate of 5.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 249,822 square feet. Vacant sublease space decreased to 35,368 square feet. Rental rates ended the first quarter at $12.12, an increase over the previous A total of eight buildings with 114,045 square feet of space delivered to the market, with 143,251 square feet still under construction at the end of the Columbus The Columbus retail market ended the quarter with a vacancy rate of 3.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 259,806 square feet. Vacant sublease space decreased to 68,824 square feet. Rental rates ended the first quarter at $12.41, an increase over the previous A total of eight buildings with 143,218 square feet of space delivered to the market, with 130,767 square feet still under construction at the end of the Columbus GA The Columbus GA retail market ended the quarter with a vacancy rate of 5.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 57,381 square feet. Vacant sublease space increased to 68,426 square feet. Rental rates ended the first quarter at $13.87, a decrease over the previous A total of two buildings with 16,800 square feet of space delivered to the market, with 82,591 Corpus Christi The vacancy rate remained unchanged in Corpus Christi in the first With 343,519 square feet in deliveries, and positive 331,572 square feet in net absorption, the vacancy rate held at 3.3%, the same rate reported in the previous The market had 260,468 square feet under construction at the end of the quarter, and rental rates stood at $12.58 per square foot. Dallas/Ft Worth The Dallas/Ft Worth retail market ended the quarter with a vacancy rate of 4.8%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 625,772 square feet. Vacant sublease space increased to 463,961 square feet. Rental rates ended the first quarter at $16.01, a decrease over the previous A total of 79 buildings with 1,728,627 square feet of space delivered to the market, with 2,981,249 square feet still under construction at the end of the Davenport/Moline/Rock Island With no new retail space being delivered to the market, and negative (156,974) square feet of net absorption, Davenport/Moline/Rock Island s vacancy rate went from 4.5% to 5.1% in the Rental rates went from $10.65 to $10.65 during that time. At the end of the quarter, there was 87,550 square feet underway for future delivery. Dayton The Dayton retail market ended the quarter with a vacancy rate of 5.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 369,271 square feet. Vacant sublease space decreased to 40,889 square feet. Rental rates ended the first quarter at $10.73, a decrease over the previous A total of three buildings with 20,634 square feet of space delivered to the market, with 77,654 square feet still under construction at the end of the Deltona/Daytona Beach The Deltona/Daytona Beach retail market ended the quarter with a vacancy rate of 4.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 58,251 square feet. Vacant sublease space decreased to 7,792 square feet. Rental rates ended the first quarter at $13.39, a decrease over the previous A total of three buildings with 8,400 square feet of space delivered to the market, with 342,749 square feet still under construction at the end of the Denver The vacancy rate remained unchanged in Denver in the first With 241,746 square feet in deliveries, and positive 134,393 square feet in net absorption, the vacancy rate held at 4.5%, the same rate reported in the previous The market had 1,935,193 square feet under construction at the end of the quarter, and rental rates stood at $18.12 per square foot. Des Moines The Des Moines retail market ended the quarter with a vacancy rate of 2.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 129,986 square feet. Vacant sublease space increased to 39,242 square feet. Rental rates ended the first quarter at $13.51, an increase over the previous A total of six buildings with 96,812 square feet of space delivered to the market, with 162,025 Detroit The Detroit retail market ended the quarter with a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 787,819 square feet. Vacant sublease space decreased to 521,308 square feet. Rental rates ended the first quarter at $13.05, an increase over the previous A total of 21 buildings with 132,019 square feet of space delivered to the market, with 1,189,962 square feet still under construction at the end of the 2018 CoStar Group, Inc. CoStar Retail Statistics 5

11 National First Quarter 2018 Overview Duluth The Duluth retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of negative (918) square feet caused the vacancy rate to unchanged from 2.1%to 2.1% in the Rental rates stood at $ East Bay/Oakland The East Bay/Oakland retail market ended the quarter with a vacancy rate of 3.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 187,496 square feet. Vacant sublease space increased to 164,883 square feet. Rental rates ended the first quarter at $26.09, an increase over the previous A total of six buildings with 130,012 square feet of space delivered to the market, with 646,554 square feet still under construction at the end of the El Paso The El Paso retail market ended the quarter with a vacancy rate of 4.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (389,551) square feet. Vacant sublease space decreased to 24,039 square feet. Rental rates ended the first quarter at $15.99, an increase over the previous A total of eight buildings with 77,652 square feet of space delivered to the market, with 844,464 Erie The Erie retail market ended the quarter with a vacancy rate of 2.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 28,482 square feet. Vacant sublease space decreased to 0 square feet. Rental rates ended the first quarter at $10.87, a decrease over the previous A total of two buildings with 22,500 square feet of space delivered to the market, with 12,500 square feet still under construction at the end of the Evansville The Evansville retail market ended the quarter with a vacancy rate of 5.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (146,547) square feet. Vacant sublease space stayed the same at 8,421 square feet. Rental rates ended the first quarter at $10.02, an increase over the previous A total of two buildings with 53,709 square feet of space delivered to the market, with 60,480 square feet still under construction at the end of the Fayetteville The Fayetteville retail market ended the quarter with a vacancy rate of 3.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 259,831 square feet. Vacant sublease space decreased to 3,750 square feet. Rental rates ended the first quarter at $12.40, an increase over the previous A total of seven buildings with 39,092 square feet of space delivered to the market, with 47,832 square feet still under construction at the end of the Fayetteville/Springdale/Roge The Fayetteville/Springdale/Roge retail market ended the quarter with a vacancy rate of 3.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 130,249 square feet. Vacant sublease space stayed the same at 3,786 square feet. Rental rates ended the first quarter at $13.24, an increase over the previous A total of nine buildings with 84,068 square feet of space delivered to the market, with 163,048 square feet still under construction at the end of the Fort Smith The Fort Smith retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of positive 35,877 square feet caused the vacancy rate to down from 4.6%to 4.3% in the Rental rates stood at $9.43. Fort Wayne With no new retail space being delivered to the market, and negative (75,496) square feet of net absorption, Fort Wayne s vacancy rate went from 3.7% to 4.0% in the Rental rates went from $10.44 to $10.89 during that time. At the end of the quarter, there was 34,458 square feet underway for future delivery. Fresno The Fresno retail market ended the quarter with a vacancy rate of 6.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 514,741 square feet. Vacant sublease space decreased to 107,077 square feet. Rental rates ended the first quarter at $13.50, a decrease over the previous A total of four buildings with 28,122 square feet of space delivered to the market, with 106,473 square feet still under construction at the end of the Green Bay The Green Bay retail market ended the quarter with a vacancy rate of 4.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 103,461 square feet. Vacant sublease space stayed the same at 5,329 square feet. Rental rates ended the first quarter at $11.03, an increase over the previous A total of one building with 6,626 square feet of space delivered to the market, with 193,000 square feet still under construction at the end of the Greensboro/Winston-Salem The vacancy rate remained unchanged in Greensboro/ 6 CoStar Retail Statistics 2018 CoStar Group, Inc.

12 Overview First Quarter 2018 National Winston-Salem in the first With 378,855 square feet in deliveries, and positive 358,570 square feet in net absorption, the vacancy rate held at 4.9%, the same rate reported in the previous The market had 476,386 square feet under construction at the end of the quarter, and rental rates stood at $11.82 per square foot. Greenville/Spartanburg The Greenville/Spartanburg retail market ended the quarter with a vacancy rate of 4.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 186,663 square feet. Vacant sublease space decreased to 161,312 square feet. Rental rates ended the first quarter at $11.82, an increase over the previous A total of nine buildings with 119,837 square feet of space delivered to the market, with 421,130 square feet still under construction at the end of the Hampton Roads The Hampton Roads retail market ended the quarter with a vacancy rate of 4.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (85,129) square feet. Vacant sublease space increased to 118,346 square feet. Rental rates ended the first quarter at $14.11, an increase over the previous A total of five buildings with 50,349 square feet of space delivered to the market, with 900,570 square feet still under construction at the end of the Hartford The vacancy rate remained unchanged in Hartford in the first With 28,665 square feet in deliveries, and negative (101,450) square feet in net absorption, the vacancy rate held at 3.8%, the same rate reported in the previous The market had 530,849 square feet under construction at the end of the quarter, and rental rates stood at $13.49 per square foot. Hawaii The Hawaii retail market ended the quarter with a vacancy rate of 3.5%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (187,717) square feet. Vacant sublease space decreased to 148,904 square feet. Rental rates ended the first quarter at $33.83, an increase over the previous A total of three buildings with 15,007 square feet of space delivered to the market, with 264,811 Houston The Houston retail market ended the quarter with a vacancy rate of 5.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,367,105 square feet. Vacant sublease space increased to 238,512 square feet. Rental rates ended the first quarter at $17.11, an increase over the previous A total of 57 buildings with 1,021,122 square feet of space delivered to the market, with 3,178,564 Huntington/Ashland The Huntington/Ashland retail market ended the quarter with a vacancy rate of 1.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 50,705 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the first quarter at $8.31, an increase over the previous A total of one building with 9,100 square feet of space delivered to the market, with 10,000 Huntsville With no new retail space being delivered to the market, and positive 60,715 square feet of net absorption, Huntsville s vacancy rate went from 4.6% to 4.4% in the Rental rates went from $14.27 to $14.41 during that time. At the end of the quarter, there was 718,587 square feet underway for future delivery. Indianapolis The Indianapolis retail market ended the quarter with a vacancy rate of 5.1%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 12,453 square feet. Vacant sublease space increased to 184,798 square feet. Rental rates ended the first quarter at $12.53, a decrease over the previous A total of 10 buildings with 123,528 square feet of space delivered to the market, with 564,453 square feet still under construction at the end of the Inland Empire (California) The Inland Empire (California) retail market ended the quarter with a vacancy rate of 7.5%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (177,418) square feet. Vacant sublease space increased to 524,933 square feet. Rental rates ended the first quarter at $17.10, a decrease over the previous A total of 22 buildings with 253,610 square feet of space delivered to the market, with 1,367,420 square feet still under construction at the end of the Jackson The Jackson retail market ended the quarter with a vacancy rate of 5.0%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (259,318) square feet. Vacant sublease space increased to 43,170 square feet. Rental rates ended the first quarter at $12.30, an increase over the previous A total of one building with 40,000 square feet of space delivered to the market, with 155,462 Jacksonville (Florida) The Jacksonville (Florida) retail market ended the quarter with a vacancy rate of 4.1%. The vacancy rate was down 2018 CoStar Group, Inc. CoStar Retail Statistics 7

13 National First Quarter 2018 Overview over the previous quarter, with net absorption totaling positive 367,942 square feet. Vacant sublease space decreased to 137,002 square feet. Rental rates ended the first quarter at $13.59, an increase over the previous A total of nine buildings with 196,710 square feet of space delivered to the market, with 355,043 square feet still under construction at the end of the Kansas City The vacancy rate remained unchanged in Kansas City in the first With 269,879 square feet in deliveries, and positive 294,990 square feet in net absorption, the vacancy rate held at 5.4%, the same rate reported in the previous The market had 335,432 square feet under construction at the end of the quarter, and rental rates stood at $12.77 per square foot. Killeen/Temple/Fort Hood With no new retail space being delivered to the market, and positive 78,211 square feet of net absorption, Killeen/ Temple/Fort Hood s vacancy rate went from 4.6% to 4.2% in the Rental rates went from $15.88 to $14.52 during that time. At the end of the quarter, there was 23,593 square feet underway for future delivery. Kingsport/Bristol/Bristol The Kingsport/Bristol/Bristol retail market ended the quarter with a vacancy rate of 4.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 106,250 square feet. Vacant sublease space decreased to 3,079 square feet. Rental rates ended the first quarter at $7.02, an increase over the previous A total of two buildings with 20,640 square feet of space delivered to the market, with 806,000 square feet still under construction at the end of the Knoxville The Knoxville retail market ended the quarter with a vacancy rate of 4.2%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (314,520) square feet. Vacant sublease space increased to 94,252 square feet. Rental rates ended the first quarter at $13.93, a decrease over the previous A total of six buildings with 103,082 square feet of space delivered to the market, with 463,028 Lafayette The Lafayette retail market ended the quarter with a vacancy rate of 3.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 53,552 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the first quarter at $15.57, a decrease over the previous A total of one building with 9,300 square feet of space delivered to the market, with 54,526 Las Vegas The Las Vegas retail market ended the quarter with a vacancy rate of 6.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (23,997) square feet. Vacant sublease space decreased to 541,141 square feet. Rental rates ended the first quarter at $16.80, an increase over the previous A total of 12 buildings with 147,170 square feet of space delivered to the market, with 555,178 square feet still under construction at the end of the Lexington/Fayette The Lexington/Fayette retail market ended the quarter with a vacancy rate of 4.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 81,179 square feet. Vacant sublease space increased to 13,168 square feet. Rental rates ended the first quarter at $14.79, an increase over the previous A total of two buildings with 33,243 square feet of space delivered to the market, with 66,630 square feet still under construction at the end of the Lincoln The Lincoln retail market ended the quarter with a vacancy rate of 4.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 124,416 square feet. Vacant sublease space decreased to 77,254 square feet. Rental rates ended the first quarter at $13.52, a decrease over the previous A total of three buildings with 17,888 square feet of space delivered to the market, with 48,250 Little Rock/N Little Rock The Little Rock/N Little Rock retail market ended the quarter with a vacancy rate of 4.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 244,623 square feet. Vacant sublease space increased to 62,136 square feet. Rental rates ended the first quarter at $13.22, a decrease over the previous A total of three buildings with 73,315 square feet of space delivered to the market, with 67,002 square feet still under construction at the end of the Long Island (New York) The Long Island (New York) retail market ended the quarter with a vacancy rate of 3.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (219,271) square feet. Vacant sublease space increased 8 CoStar Retail Statistics 2018 CoStar Group, Inc.

14 Overview First Quarter 2018 National to 518,310 square feet. Rental rates ended the first quarter at $35.87, an increase over the previous A total of 13 buildings with 185,601 square feet of space delivered to the market, with 3,344,433 square feet still under construction at the end of the Los Angeles The vacancy rate remained unchanged in Los Angeles in the first With 320,422 square feet in deliveries, and positive 296,762 square feet in net absorption, the vacancy rate held at 3.7%, the same rate reported in the previous The market had 1,898,429 square feet under construction at the end of the quarter, and rental rates stood at $29.95 per square foot. Louisville The Louisville retail market ended the quarter with a vacancy rate of 3.3%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (14,860) square feet. Vacant sublease space decreased to 41,574 square feet. Rental rates ended the first quarter at $12.29, a decrease over the previous A total of five buildings with 68,400 square feet of space delivered to the market, with 459,771 Lubbock The Lubbock retail market ended the quarter with a vacancy rate of 3.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 207,369 square feet. Vacant sublease space decreased to 32,110 square feet. Rental rates ended the first quarter at $13.92, an increase over the previous A total of one building with 15,000 square feet of space delivered to the market, with 93,421 Madison The Madison retail market ended the quarter with a vacancy rate of 3.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 118,697 square feet. Vacant sublease space increased to 9,032 square feet. Rental rates ended the first quarter at $13.34, a decrease over the previous A total of two buildings with 62,340 square feet of space delivered to the market, with 227,636 McAllen/Edinburg/Pharr The McAllen/Edinburg/Pharr retail market ended the quarter with a vacancy rate of 4.7%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 188,691 square feet. Vacant sublease space increased to 115,193 square feet. Rental rates ended the first quarter at $18.08, an increase over the previous A total of 11 buildings with 326,768 square feet of space delivered to the market, with 177,647 square feet still under construction at the end of the Memphis The Memphis retail market ended the quarter with a vacancy rate of 4.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 142,450 square feet. Vacant sublease space increased to 108,977 square feet. Rental rates ended the first quarter at $11.43, an increase over the previous A total of 10 buildings with 102,221 square feet of space delivered to the market, with 215,330 square feet still under construction at the end of the Miami-Dade County The Miami-Dade County retail market ended the quarter with a vacancy rate of 3.7%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 164,617 square feet. Vacant sublease space decreased to 62,745 square feet. Rental rates ended the first quarter at $39.16, an increase over the previous A total of 13 buildings with 471,522 square feet of space delivered to the market, with 2,023,843 Milwaukee The Milwaukee retail market ended the quarter with a vacancy rate of 4.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 424,640 square feet. Vacant sublease space decreased to 308,685 square feet. Rental rates ended the first quarter at $12.17, an increase over the previous A total of six buildings with 137,247 square feet of space delivered to the market, with 632,192 square feet still under construction at the end of the Minneapolis The vacancy rate remained unchanged in Minneapolis in the first With 142,491 square feet in deliveries, and positive 29,635 square feet in net absorption, the vacancy rate held at 3.0%, the same rate reported in the previous The market had 354,632 square feet under construction at the end of the quarter, and rental rates stood at $14.22 per square foot. Mobile The Mobile retail market ended the quarter with a vacancy rate of 5.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 215,583 square feet. Vacant sublease space decreased to 134,285 square feet. Rental rates ended the first quarter at $11.92, an increase over the previous A total of nine buildings with 109,721 square feet of space delivered to the market, with 53,028 Montgomery The Montgomery retail market ended the quarter with a vacancy rate of 6.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (48,272) 2018 CoStar Group, Inc. CoStar Retail Statistics 9

15 National First Quarter 2018 Overview square feet. Vacant sublease space increased to 8,000 square feet. Rental rates ended the first quarter at $8.45, an increase over the previous A total of two buildings with 11,700 square feet of space delivered to the market, with 2,400 square feet still under construction at the end of the Myrtle Beach/Conway The vacancy rate remained unchanged in Myrtle Beach/ Conway in the first With 9,100 square feet in deliveries, and positive 7,984 square feet in net absorption, the vacancy rate held at 4.4%, the same rate reported in the previous The market had 66,200 square feet under construction at the end of the quarter, and rental rates stood at $13.02 per square foot. Nashville The Nashville retail market ended the quarter with a vacancy rate of 3.3%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 35,528 square feet. Vacant sublease space increased to 207,820 square feet. Rental rates ended the first quarter at $17.11, an increase over the previous A total of 16 buildings with 205,845 square feet of space delivered to the market, with 968,502 square feet still under construction at the end of the New Orleans/Metairie/Kenner The New Orleans/Metairie/Kenner retail market ended the quarter with a vacancy rate of 3.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 405,065 square feet. Vacant sublease space increased to 81,323 square feet. Rental rates ended the first quarter at $14.70, an increase over the previous A total of seven buildings with 69,936 square feet of space delivered to the market, with 124,590 square feet still under construction at the end of the New York City The New York City retail market ended the quarter with a vacancy rate of 4.1%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (42,301) square feet. Vacant sublease space increased to 82,420 square feet. Rental rates ended the first quarter at $102.90, an increase over the previous A total of three buildings with 137,025 square feet of space delivered to the market, with 2,577,446 square feet still under construction at the end of the North Bay/Santa Rosa The North Bay/Santa Rosa retail market ended the quarter with a vacancy rate of 3.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 212,169 square feet. Vacant sublease space increased to 238,524 square feet. Rental rates ended the first quarter at $24.44, a decrease over the previous A total of five buildings with 56,969 square feet of space delivered to the market, with 399,101 square feet still under construction at the end of the Northern New Jersey The Northern New Jersey retail market ended the quarter with a vacancy rate of 4.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 906,912 square feet. Vacant sublease space increased to 307,669 square feet. Rental rates ended the first quarter at $21.31, an increase over the previous A total of 21 buildings with 587,544 square feet of space delivered to the market, with 3,568,287 square feet still under construction at the end of the Ocala With no new retail space being delivered to the market, and positive 9,751 square feet of net absorption, Ocala s vacancy rate went from 5.7% to 5.6% in the Rental rates went from $13.74 to $11.89 during that time. At the end of the quarter, there was 15,800 square feet underway for future delivery. Oklahoma City The Oklahoma City retail market ended the quarter with a vacancy rate of 5.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (268,743) square feet. Vacant sublease space increased to 24,836 square feet. Rental rates ended the first quarter at $13.51, an increase over the previous A total of 10 buildings with 93,473 square feet of space delivered to the market, with 702,357 Olympia The Olympia retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of positive 15,586 square feet caused the vacancy rate to down from 3.8%to 3.7% in the Rental rates stood at $ Omaha/Council Bluffs The vacancy rate remained unchanged in Omaha/ Council Bluffs in the first With 33,280 square feet in deliveries, and positive 26,082 square feet in net absorption, the vacancy rate held at 5.8%, the same rate reported in the previous The market had 971,294 square feet under construction at the end of the quarter, and rental rates stood at $13.38 per square foot. Orange County (California) The Orange County (California) retail market ended the quarter with a vacancy rate of 3.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 274,150 square feet. Vacant sublease space decreased 10 CoStar Retail Statistics 2018 CoStar Group, Inc.

16 Overview First Quarter 2018 National to 230,492 square feet. Rental rates ended the first quarter at $25.75, a decrease over the previous A total of one building with 3,405 square feet of space delivered to the market, with 376,077 square feet still under construction at the end of the Orlando The vacancy rate remained unchanged in Orlando in the first With 221,280 square feet in deliveries, and positive 237,927 square feet in net absorption, the vacancy rate held at 4.5%, the same rate reported in the previous The market had 1,263,140 square feet under construction at the end of the quarter, and rental rates stood at $17.60 per square foot. Palm Beach County The Palm Beach County retail market ended the quarter with a vacancy rate of 4.0%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 6,391 square feet. Vacant sublease space decreased to 18,714 square feet. Rental rates ended the first quarter at $24.24, an increase over the previous A total of seven buildings with 47,131 square feet of space delivered to the market, with 548,828 Pensacola The Pensacola retail market ended the quarter with a vacancy rate of 3.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 216,675 square feet. Vacant sublease space decreased to 22,788 square feet. Rental rates ended the first quarter at $12.36, an increase over the previous A total of five buildings with 92,100 square feet of space delivered to the market, with 26,923 square feet still under construction at the end of the Peoria With no new retail space being delivered to the market, and negative (55,067) square feet of net absorption, Peoria s vacancy rate went from 4.6% to 4.8% in the Rental rates went from $9.77 to $9.54 during that time. At the end of the quarter, there was 28,692 square feet underway for future delivery. Philadelphia The Philadelphia retail market ended the quarter with a vacancy rate of 4.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,807,880 square feet. Vacant sublease space decreased to 266,801 square feet. Rental rates ended the first quarter at $14.97, an increase over the previous A total of 31 buildings with 780,803 square feet of space delivered to the market, with 2,034,395 square feet still under construction at the end of the Phoenix The Phoenix retail market ended the quarter with a vacancy rate of 7.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 827,456 square feet. Vacant sublease space decreased to 520,569 square feet. Rental rates ended the first quarter at $15.33, an increase over the previous A total of 21 buildings with 253,885 square feet of space delivered to the market, with 1,206,731 square feet still under construction at the end of the Pittsburgh The vacancy rate remained unchanged in Pittsburgh in the first With 188,733 square feet in deliveries, and positive 252,762 square feet in net absorption, the vacancy rate held at 3.3%, the same rate reported in the previous The market had 233,443 square feet under construction at the end of the quarter, and rental rates stood at $14.39 per square foot. Port St Lucie/Fort Pierce The Port St Lucie/Fort Pierce retail market ended the quarter with a vacancy rate of 5.3%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (34,143) square feet. Vacant sublease space decreased to 11,559 square feet. Rental rates ended the first quarter at $17.30, an increase over the previous A total of five buildings with 28,879 square feet of space delivered to the market, with 86,274 square feet still under construction at the end of the Portland The Portland retail market ended the quarter with a vacancy rate of 3.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 282,839 square feet. Vacant sublease space increased to 210,649 square feet. Rental rates ended the first quarter at $17.28, an increase over the previous A total of eight buildings with 81,836 square feet of space delivered to the market, with 1,088,080 square feet still under construction at the end of the Portland/South Portland The Portland/South Portland retail market ended the quarter with a vacancy rate of 2.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (14,911) square feet. Vacant sublease space decreased to 7,350 square feet. Rental rates ended the first quarter at $14.35, an increase over the previous A total of one building with 7,489 square feet of space delivered to the market, with 522,800 square feet still under construction at the end of the 2018 CoStar Group, Inc. CoStar Retail Statistics 11

17 National First Quarter 2018 Overview Providence The vacancy rate remained unchanged in Providence in the first With 9,978 square feet in deliveries, and negative (11,185) square feet in net absorption, the vacancy rate held at 3.6%, the same rate reported in the previous The market had 110,448 square feet under construction at the end of the quarter, and rental rates stood at $15.86 per square foot. Raleigh/Durham The Raleigh/Durham retail market ended the quarter with a vacancy rate of 3.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 336,978 square feet. Vacant sublease space increased to 64,748 square feet. Rental rates ended the first quarter at $17.29, an increase over the previous A total of seven buildings with 111,881 square feet of space delivered to the market, with 772,688 Reno/Sparks The Reno/Sparks retail market ended the quarter with a vacancy rate of 6.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 81,690 square feet. Vacant sublease space decreased to 46,630 square feet. Rental rates ended the first quarter at $13.74, an increase over the previous A total of six buildings with 16,990 square feet of space delivered to the market, with 31,416 Richmond VA The Richmond VA retail market ended the quarter with a vacancy rate of 5.2%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (139,950) square feet. Vacant sublease space decreased to 241,224 square feet. Rental rates ended the first quarter at $15.37, an increase over the previous A total of seven buildings with 50,535 square feet of space delivered to the market, with 333,016 square feet still under construction at the end of the Roanoke With no new retail space being delivered to the market, and positive 12,836 square feet of net absorption, Roanoke s vacancy rate went from 4.1% to 4.1% in the Rental rates went from $13.19 to $13.25 during that time. At the end of the quarter, there was 23,457 square feet underway for future delivery. Rochester The Rochester retail market ended the quarter with a vacancy rate of 3.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 158,310 square feet. Vacant sublease space increased to 121,713 square feet. Rental rates ended the first quarter at $10.72, a decrease over the previous A total of one building with 7,040 square feet of space delivered to the market, with 58,767 Sacramento The Sacramento retail market ended the quarter with a vacancy rate of 6.7%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 126,159 square feet. Vacant sublease space decreased to 253,494 square feet. Rental rates ended the first quarter at $16.01, an increase over the previous A total of six buildings with 266,330 square feet of space delivered to the market, with 154,185 square feet still under construction at the end of the Salinas With no new retail space being delivered to the market, and negative (44) square feet of net absorption, Salinas s vacancy rate went from 2.0% to 2.0% in the Rental rates went from $19.21 to $19.37 during that time. At the end of the quarter, there was 81,920 square feet underway for future delivery. Salt Lake City The Salt Lake City retail market ended the quarter with a vacancy rate of 5.1%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (526,784) square feet. Vacant sublease space increased to 615,769 square feet. Rental rates ended the first quarter at $15.27, a decrease over the previous A total of eight buildings with 179,723 square feet of space delivered to the market, with 907,536 square feet still under construction at the end of the San Antonio The San Antonio retail market ended the quarter with a vacancy rate of 3.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 193,911 square feet. Vacant sublease space decreased to 61,067 square feet. Rental rates ended the first quarter at $14.54, a decrease over the previous A total of 13 buildings with 109,571 square feet of space delivered to the market, with 1,040,063 San Diego The San Diego retail market ended the quarter with a vacancy rate of 3.6%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (149,493) square feet. Vacant sublease space increased to 225,140 square feet. Rental rates ended the first quarter at $22.56, a decrease over the previous A total of eight buildings with 50,064 square feet of space delivered to the market, with 271,284 square feet still under construction at the end of the 12 CoStar Retail Statistics 2018 CoStar Group, Inc.

18 First Quarter 2018 National San Francisco The San Francisco retail market ended the quarter with a vacancy rate of 2.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (153,451) square feet. Vacant sublease space increased to 72,939 square feet. Rental rates ended the first quarter at $41.16, an increase over the previous A total of two buildings with 97,539 square feet of space delivered to the market, with 155,373 San Luis Obispo/Paso Robles With no new retail space being delivered to the market, and negative (11,841) square feet of net absorption, San Luis Obispo/Paso Robles s vacancy rate went from 3.2% to 3.3% in the Rental rates went from $23.87 to $21.66 during that time. At the end of the quarter, there was 10,113 square feet underway for future delivery. Santa Barbara/Sta Maria/Gole The Santa Barbara/Sta Maria/Gole retail market ended the quarter with a vacancy rate of 2.2%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (26,543) square feet. Vacant sublease space increased to 20,515 square feet. Rental rates ended the first quarter at $26.58, an increase over the previous A total of two buildings with 2,750 square feet of space delivered to the market, with 139,840 square feet still under construction at the end of the Santa Cruz/Watsonville The Santa Cruz/Watsonville retail market ended the quarter with a vacancy rate of 2.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 7,076 square feet. Vacant sublease space decreased to 0 square feet. Rental rates ended the first quarter at $21.81, an increase over the previous A total of one building with 4,965 square feet of space delivered to the market, with 18,562 Savannah The Savannah retail market ended the quarter with a vacancy rate of 3.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 84,962 square feet. Vacant sublease space increased to 6,383 square feet. Rental rates ended the first quarter at $16.69, a decrease over the previous A total of three buildings with 13,635 square feet of space delivered to the market, with 85,451 Seattle/Puget Sound The Seattle/Puget Sound retail market ended the quarter with a vacancy rate of 3.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 289,359 square feet. Vacant sublease space decreased to 205,631 square feet. Rental rates ended the first quarter at $19.93, an increase over the previous A total of four buildings with 12,383 square feet of space delivered to the market, with 996,370 square feet still under construction at the end of the Shreveport/Bossier City With no new retail space being delivered to the market, and positive 50,340 square feet of net absorption, Shreveport/ Bossier City s vacancy rate went from 5.2% to 5.0% in the Rental rates went from $12.33 to $11.31 during that time. At the end of the quarter, there was 43,500 square feet underway for future delivery. South Bay/San Jose The vacancy rate remained unchanged in South Bay/San Jose in the first With 175,799 square feet in deliveries, and positive 176,309 square feet in net absorption, the vacancy rate held at 4.0%, the same rate reported in the previous The market had 891,065 square feet under construction at the end of the quarter, and rental rates stood at $32.89 per square foot. South Bend/Mishawaka With no space currently under construction, South Bend/ Mishawaka absorbed (58,397) square feet of space and delivered 18,200 square feet of space, resulting in a vacancy rate that went from 3.5% to 3.7% over the course of the Rental rates went from $11.57 to $11.48 per square foot. Southwest Florida The Southwest Florida retail market ended the quarter with a vacancy rate of 4.7%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (165,787) square feet. Vacant sublease space decreased to 47,052 square feet. Rental rates ended the first quarter at $17.02, an increase over the previous A total of 12 buildings with 173,084 square feet of space delivered to the market, with 473,241 square feet still under construction at the end of the Spokane With no space currently under construction, Spokane absorbed 206,460 square feet of space and delivered 40,395 square feet of space, resulting in a vacancy rate that went from 4.3% to 3.9% over the course of the Rental rates went from $12.44 to $12.67 per square foot. Springfield The Springfield retail market ended the quarter with a vacancy rate of 3.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 159,272 square feet. Vacant sublease space stayed the same at 1,440 square feet. Rental rates ended the first quarter at $10.16, an 2018 CoStar Group, Inc. CoStar Retail Statistics 13

19 National First Quarter 2018 increase over the previous A total of three buildings with 125,600 square feet of space delivered to the market, with 18,250 square feet still under construction at the end of the St. Louis The St. Louis retail market ended the quarter with a vacancy rate of 5.0%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (417,931) square feet. Vacant sublease space decreased to 103,165 square feet. Rental rates ended the first quarter at $12.39, an increase over the previous A total of eight buildings with 38,983 square feet of space delivered to the market, with 642,309 square feet still under construction at the end of the Stockton/Modesto With no new retail space being delivered to the market, and positive 8,938 square feet of net absorption, Stockton/ Modesto s vacancy rate went from 3.3% to 3.3% in the Rental rates went from $14.73 to $14.59 during that time. At the end of the quarter, there was 42,681 square feet underway for future delivery. Syracuse The vacancy rate remained unchanged in Syracuse in the first With 12,040 square feet in deliveries, and negative (31,719) square feet in net absorption, the vacancy rate held at 3.5%, the same rate reported in the previous The market had 7,020 square feet under construction at the end of the quarter, and rental rates stood at $10.42 per square foot. Tallahassee The Tallahassee retail market ended the quarter with a vacancy rate of 4.3%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (23,234) square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the first quarter at $14.41, an increase over the previous A total of five buildings with 29,000 square feet of space delivered to the market, with 198,903 square feet still under construction at the end of the Tampa/St Petersburg The Tampa/St Petersburg retail market ended the quarter with a vacancy rate of 4.7%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 102,479 square feet. Vacant sublease space increased to 198,500 square feet. Rental rates ended the first quarter at $14.89, a decrease over the previous A total of 31 buildings with 351,544 square feet of space delivered to the market, with 1,801,634 square feet still under construction at the end of the Toledo The Toledo retail market ended the quarter with a vacancy rate of 4.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 152,661 square feet. Vacant sublease space increased to 41,710 square feet. Rental rates ended the first quarter at $8.62, an increase over the previous A total of four buildings with 75,631 square feet of space delivered to the market, with 14,081 square feet still under construction at the end of the Tucson The Tucson retail market ended the quarter with a vacancy rate of 5.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 262,466 square feet. Vacant sublease space decreased to 60,180 square feet. Rental rates ended the first quarter at $15.05, an increase over the previous A total of 14 buildings with 136,028 square feet of space delivered to the market, with 231,984 square feet still under construction at the end of the Tulsa The Tulsa retail market ended the quarter with a vacancy rate of 4.6%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 13,060 square feet. Vacant sublease space decreased to 107,804 square feet. Rental rates ended the first quarter at $10.52, an increase over the previous A total of 16 buildings with 126,549 square feet of space delivered to the market, with 1,158,221 square feet still under construction at the end of the Utica/Rome With no new retail space being delivered to the market, and positive 133,994 square feet of net absorption, Utica/ Rome s vacancy rate went from 3.2% to 2.6% in the Rental rates went from $9.76 to $10.60 during that time. At the end of the quarter, there was 87,000 square feet underway for future delivery. Visalia/Porterville The Visalia/Porterville retail market ended the quarter with a vacancy rate of 4.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (6,440) square feet. Vacant sublease space increased to 34,379 square feet. Rental rates ended the first quarter at $13.02, an increase over the previous A total of two buildings with 19,489 square feet of space delivered to the market, with 2,695 square feet still under construction at the end of the Washington The Washington retail market ended the quarter with a vacancy rate of 4.4%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (493,446) square feet. Vacant sublease space increased to 421,731 square 14 CoStar Retail Statistics 2018 CoStar Group, Inc.

20 First Quarter 2018 National feet. Rental rates ended the first quarter at $24.68, an increase over the previous A total of 12 buildings with 171,208 square feet of space delivered to the market, with 2,299,885 West Michigan The West Michigan retail market ended the quarter with a vacancy rate of 3.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 440,974 square feet. Vacant sublease space increased to 267,232 square feet. Rental rates ended the first quarter at $10.39, an increase over the previous A total of 10 buildings with 134,230 square feet of space delivered to the market, with 339,261 square feet still under construction at the end of the Westchester/So Connecticut The vacancy rate remained unchanged in Westchester/So Connecticut in the first With 230,487 square feet in deliveries, and positive 313,249 square feet in net absorption, the vacancy rate held at 4.4%, the same rate reported in the previous The market had 1,430,140 square feet under construction at the end of the quarter, and rental rates stood at $24.03 per square foot. Wichita The vacancy rate remained unchanged in Wichita in the first With 13,116 square feet in deliveries, and positive 6,639 square feet in net absorption, the vacancy rate held at 5.1%, the same rate reported in the previous The market had 12,270 square feet under construction at the end of the quarter, and rental rates stood at $11.50 per square foot. Wilmington The Wilmington retail market ended the quarter with a vacancy rate of 2.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 140,253 square feet. Vacant sublease space decreased to 38,000 square feet. Rental rates ended the first quarter at $15.70, an increase over the previous A total of seven buildings with 100,456 square feet of space delivered to the market, with 149,825 square feet still under construction at the end of the Yakima With no new retail space being delivered to the market, and positive 235,052 square feet of net absorption, Yakima s vacancy rate went from 4.6% to 2.8% in the Rental rates went from $10.96 to $11.34 during that time. At the end of the quarter, there was 52,182 square feet underway for future delivery. Youngstown/Warren/Boardman The vacancy rate remained unchanged in Youngstown/ Warren/Boardman in the first With 65,660 square feet in deliveries, and positive 68,943 square feet in net absorption, the vacancy rate held at 3.8%, the same rate reported in the previous The market had 46,361 square feet under construction at the end of the quarter, and rental rates stood at $9.19 per square foot CoStar Group, Inc. CoStar Retail Statistics 15

21 National First Quarter 2018 Inventory & development Historical Deliveries - Millions SF Deliveries Average Delivered SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction Square Footage Under Construction Inventory Average Bldg Size Market # Bldgs Total GLA Preleased SF Preleased % All Existing U/C Northern New Jerse y 56 3,568,287 2,815, % 10,049 63,719 Long Island (New York) 103 3,344,433 2,024, % 7,699 32,470 Houston 156 3,178,564 1,874, % 14,894 20,375 Dallas/Ft Worth 143 2,981,249 2,345, % 13,436 20,848 New York City 24 2,577,446 2,307, % 12, ,394 Chicago 97 2,437,468 1,921, % 12,614 25,129 Washington 70 2,299,885 1,690, % 13,155 32,855 Boston 48 2,106,197 1,477, % 12,061 43,879 Philadelphia 78 2,034,395 1,008, % 11,237 26,082 Miami-Dade County 54 2,023,843 1,117, % 12,928 37,479 Denver 75 1,935,193 1,370, % 13,317 25,803 Los Angeles 55 1,898, , % 9,921 34,517 Tampa/St Petersbur g 95 1,801,634 1,473, % 11,823 18,965 Charlotte 58 1,583, , % 11,896 27,295 Atlanta 88 1,539,492 1,073, % 13,494 17,494 Cleveland 36 1,446,763 1,117, % 11,706 40,188 Westchester/So Connecticut 35 1,430,140 1,179, % 10,518 40,861 Inland Empire (California) 50 1,367, , % 11,599 27,348 Orlando 51 1,263, , % 13,970 24,767 Phoenix 93 1,206, , % 15,447 12,976 Detroit 51 1,189, , % 10,137 23,333 Tulsa 28 1,158,221 1,015, % 10,467 41,365 Portland 42 1,088, , % 10,470 25,907 San Antonio 56 1,040, , % 10,067 18,573 Seattle/Puget Sound , , % 11,646 28,468 Omaha/Council Bluffs , , % 11,606 80,941 Nashville , , % 10,965 26,903 Broward Count y , , % 14,478 26,807 Salt Lake City , , % 12,420 37,814 Hampton Roads , , % 13,003 40,935 South Bay/San Jose , , % 11,935 37,128 El Paso , , % 9,692 35,186 Kingsport/Bristol/Bristol 2 806, , % 12, ,000 Raleigh/Durham , , % 12,470 16,440 Austin , , % 11,637 19,518 Huntsville , , % 14,341 59,882 Oklahoma City , , % 9,940 22,657 East Bay/Oakland , , % 9,609 43,104 St. Louis , , % 13,399 35,684 Milwaukee , , % 10,515 35,122 Indianapolis , , % 12,135 20,159 Las Vegas , , % 15,524 17,349 Baltimore , , % 10,995 50,299 Palm Beach County , , % 15,724 16,631 Albany/Schenectady/Tro y , , % 8,788 27,312 United States 2,967 76,785,078 53,786, % 11,343 25, CoStar Retail Statistics 2018 CoStar Group, Inc.

22 Inventory & development First Quarter 2018 National Historical Construction Starts & Deliveries* Square Footage Per Quarter Starting and Completing Construction Construction Starts Deliveries Millions of SF q q q 2018 * Select markets included in this historical chart - see Methodology page. Recent Deliveries by Project Size of Year-to-Date Development Building Size # Bldgs GLA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant < 50,000 SF 1,061 10,027,708 7,138, % $ ,007,564 8,020,144 50,000 SF - 99,999 SF 42 2,837,005 2,272, % $ ,263 2,524, ,000 SF - 249,999 SF 21 3,114,068 2,507, % $ ,072 2,800, ,000 SF - 499,999 SF 3 891, , % $ ,247 >= 500,000 SF 1 520, , % $ ,000 Recent Development by Tenancy Based on GLA Developed for Single & Multi Tenant Use 2018 Deliveries Currently Under Construction Existing Inventory Comparison Based on Total GLA 15% 9% General Retail Shopping Center Mall Power Center 85% 91% Specialty Center Multi Single Multi Single Millions of Square 0Feet1,000 2,000 3,000 4,000 5,000 6,000 7,000 8, CoStar Group, Inc. CoStar Retail Statistics 17

23 National First Quarter 2018 Inventory & development 18 CoStar Retail Statistics 2018 CoStar Group, Inc.

24 Inventory & development First Quarter 2018 National 2018 CoStar Group, Inc. CoStar Retail Statistics 19

25 National First Quarter 2018 Figures at a Glance General Retail Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schen. 10,209 64,864,249 1,118,243 1,118, % 114,298 70, ,536 $14.45 Albuquerque 4,745 31,461, , , % (64,853) 5,543 38,401 $15.34 Anchorage ,032, , , % (15,212) 8,244 5,100 $20.22 Asheville 2,254 19,605, , , % 11,008 12,365 8,000 $16.07 Atlanta 20, ,889,739 5,049,608 5,242, % 307, ,972 1,051,520 $16.21 Augusta/Rich. 3,072 21,005, , , % 44,013 41, ,943 $10.29 Austin 7,482 51,390,229 1,587,482 1,618, % 214, , ,581 $23.48 Bakersfield 2,189 15,497, , , % (43,571) 13,632 58,700 $14.06 Baltimore 11,116 68,566,152 1,644,122 1,661, % 47,435 31, ,110 $20.77 Baton Rouge 2,949 25,658, , , % 25,092 28, ,452 $14.24 Beaumont/Por. 1,583 13,131, , , % (79,060) 18,400 12,000 $9.16 Birmingham 8,058 59,501,016 1,287,830 1,314, % 44,159 88, ,800 $10.27 Boise City/N. 3,264 20,207, , , % (30,459) 19,168 0 $13.90 Boston 25, ,982,846 4,253,807 4,353, % (19,376) 133,582 1,291,935 $19.61 Bremerton/Si ,258, , , % 32, $9.75 Broward Coun. 5,147 42,317, , , % 56,554 98, ,165 $25.83 Brownsville/. 1,397 12,081, , , % 54,931 59,046 72,650 $13.88 Buffalo/Niag. 5,683 45,252,280 1,074,860 1,114, % 61,090 8, ,000 $10.85 Charleston W. 2,667 18,276, , , % 6, $8.76 Charleston/N. 3,883 22,486, , , % 150, , ,351 $31.19 Charlotte 11,540 86,842,466 2,326,510 2,400, % 331, ,365 1,030,079 $15.26 Chattanooga 2,524 19,700, , , % 68,733 4, ,342 $15.15 Chicago 39, ,068,402 13,894,724 14,360, % 103, ,070 1,573,264 $18.06 Cincinnati 10,510 75,427,990 1,548,269 1,580, % 203,038 48, ,159 $12.44 Cleveland 17, ,685,750 3,037,145 3,089, % 189, , ,803 $10.79 Colorado Spr. 2,555 17,641, , , % (58,153) 15,017 53,230 $14.72 Columbia 4,666 30,827,043 1,028,455 1,034, % 150,140 72, ,251 $14.67 Columbus 7,249 54,598,469 1,004,181 1,011, % (47,034) 26, ,867 $16.41 Columbus GA 1,917 15,535, , , % 47,003 16,800 53,691 $14.98 Corpus Chris. 2,243 17,353, , , % 328, , ,468 $11.53 Dallas/Ft Wo. 23, ,092,086 5,213,907 5,348, % 153, ,255 2,204,716 $17.89 Davenport/Mo. 1,596 14,265, , , % (57,116) 0 87,550 $10.86 Dayton 6,200 40,724, , , % (5,466) 20,634 67,454 $11.19 Deltona/Dayt. 2,957 18,665, , , % 15,338 8, ,630 $12.58 Denver 10,540 84,167,617 2,079,355 2,209, % (29,213) 78, ,948 $20.30 Des Moines 2,480 21,684, , , % (14,515) 43, ,952 $15.05 Detroit 25, ,720,134 4,885,296 4,942, % 209, , ,226 $13.75 Duluth 1,951 14,650, , , % $13.35 East Bay/Oak. 10,406 62,349,962 1,129,750 1,170, % 37,131 14,000 46,560 $28.24 El Paso 3,863 24,987, , , % (89,688) 77, ,166 $20.35 Erie 1,557 12,138, , , % (12,484) 22,500 12,500 $14.34 Evansville 1,606 13,552, , , % (3,061) 53,709 60,480 $11.35 Fayetteville 1,579 10,074, , , % 7,950 10,384 33,292 $18.56 Fayetteville. 2,219 19,771, , , % 101,267 70, ,048 $13.53 Fort Smith 1,218 10,421, , , % 31, $9.15 Fort Wayne 1,868 16,537, , , % (42,548) 0 34,458 $10.11 Fresno 5,975 38,229,587 1,194,474 1,214, % 156,230 28,122 70,673 $10.44 Green Bay 2,518 24,745, , , % (23,356) 6, ,000 $ CoStar Retail Statistics 2018 CoStar Group, Inc.

26 Figures at a Glance First Quarter 2018 National General Retail Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/W. 8,193 54,942,821 1,321,494 1,324, % 121, , ,029 $11.60 Greenville/S. 8,514 50,153,332 1,428,543 1,466, % 163,725 74, ,121 $13.39 Hampton Road. 5,937 44,431,977 1,130,213 1,174, % 39,969 18, ,970 $13.85 Hartford 12,985 91,888,988 2,432,070 2,476, % (64,402) 28, ,749 $12.61 Hawaii 3,247 31,189, , , % (19,163) 9,077 59,007 $30.03 Houston 18, ,452,727 5,108,808 5,196, % 677, ,012 2,322,621 $20.00 Huntington/A. 2,749 18,946, , , % 24,885 9,100 10,000 $6.12 Huntsville 1,368 13,223, , , % (5,066) 0 644,287 $14.21 Indianapolis 8,848 67,090,870 1,947,107 1,953, % (51,363) 123, ,253 $14.79 Inland Empir. 10,340 62,641,003 2,333,963 2,475, % (61,939) 36, ,502 $17.15 Jackson 3,056 26,248, , , % 38,309 40, ,462 $10.72 Jacksonville. 6,304 43,010, , , % 172, , ,430 $14.19 Kansas City 10,375 79,354,649 2,447,627 2,549, % 147, , ,060 $12.22 Killeen/Temp. 1,895 12,542, , , % (9,434) 0 12,535 $20.00 Kingsport/Br. 1,479 12,209, , , % 12,634 10,640 6,000 $8.37 Knoxville 3,850 28,547, , , % (36,667) 44, ,343 $16.83 Lafayette 1,213 10,591, , , % (14) 9,300 39,711 $14.76 Las Vegas 3,946 34,747,670 1,274,143 1,393, % (209,430) 55, ,516 $18.60 Lexington/Fa. 2,033 15,939, , , % 54,110 33,243 63,630 $13.84 Lincoln 1,463 11,464, , , % 65,149 17,888 48,250 $13.27 Little Rock/. 4,647 32,409, , , % 408,838 73,315 43,832 $15.08 Long Island. 40, ,606,682 8,157,415 8,257, % (198,980) 185,601 3,072,249 $39.44 Los Angeles 38, ,766,436 6,899,616 7,266, % 64, ,222 1,404,454 $34.56 Louisville 6,516 45,518, , , % (14,145) 46, ,771 $14.36 Lubbock 2,435 17,153, , , % 160,732 15,000 86,421 $15.97 Madison 3,167 28,864, , , % 120,889 62, ,014 $13.79 McAllen/Edin. 2,326 21,742, , , % 44, , ,547 $17.10 Memphis 6,595 44,106,958 1,058,614 1,072, % 80,978 96, ,330 $14.81 Miami-Dade C. 8,090 66,064,926 2,410,195 2,449, % (20,138) 150,122 1,553,414 $41.89 Milwaukee 12,487 95,377,142 2,070,387 2,190, % 229,667 57, ,194 $12.08 Minneapolis 14, ,749,115 2,214,949 2,264, % 126, , ,632 $13.79 Mobile 4,027 26,787, , , % 142, ,721 53,028 $13.01 Montgomery 1,639 13,119, , , % 44,101 11,700 2,400 $9.73 Myrtle Beach. 2,527 17,776, , , % 55,846 9,100 66,200 $13.80 Nashville 9,739 70,618,576 1,434,639 1,531, % 185, , ,562 $20.63 New Orleans/. 7,377 53,553,452 1,091,753 1,132, % 132,372 12,066 96,590 $16.18 New York Cit. 4,453 51,487,689 2,109,358 2,184, % (57,240) 137,025 2,577,446 $ North Bay/Sa. 5,428 35,487, , , % 110,019 39,569 64,701 $22.66 Northern New. 37, ,025,026 9,547,524 9,665, % 314, , ,241 $21.78 Ocala 1,363 11,123, , , % (20,072) 0 15,800 $13.39 Oklahoma Cit. 7,895 54,410,515 1,812,776 1,831, % (7,085) 42, ,309 $14.14 Olympia 932 7,180,934 56,234 56, % 21, $18.09 Omaha/Counci. 4,359 34,561,639 1,098,468 1,195, % 42 33, ,794 $14.88 Orange Count. 6,609 43,934,487 1,095,148 1,126, % 71,444 3,405 96,837 $26.20 Orlando 9,652 76,173,030 2,026,433 2,076, % 112, , ,719 $19.39 Palm Beach C. 3,524 29,984, , , % (69,749) 24, ,791 $36.34 Pensacola 3,131 18,835, , , % 233,483 73,100 26,923 $12.17 Peoria 1,638 16,309, , , % (89,918) 0 28,692 $ CoStar Group, Inc. CoStar Retail Statistics 21

27 National First Quarter 2018 Figures at a Glance General Retail Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 46, ,621,609 9,877,448 9,998, % 599, , ,171 $14.99 Phoenix 8,918 71,919,064 2,831,759 2,977, % 384, , ,272 $18.12 Pittsburgh 13,369 85,105,280 2,468,661 2,475, % 60, , ,443 $13.44 Port St Luci. 1,354 11,733, , , % (869) 12,079 57,574 $17.37 Portland 15, ,947,868 2,036,972 2,156, % 166,198 76, ,984 $17.20 Portland/Sou. 3,762 25,882, , , % 14,746 7, ,800 $14.93 Providence 6,454 37,738, , , % (60,613) 9, ,448 $15.42 Raleigh/Durh. 5,944 37,909, , , % 145, , ,552 $19.24 Reno/Sparks 1,649 13,985, , , % (11,556) 6,160 6,353 $14.89 Richmond VA 5,804 38,258,542 1,079,675 1,079, % (101,517) 25, ,690 $15.73 Roanoke 1,796 15,589, , , % 11, ,457 $13.67 Rochester 5,605 41,152, , , % 8,234 7,040 54,767 $10.45 Sacramento 6,182 43,727,938 1,589,656 1,593, % 64,242 2,240 32,820 $13.84 Salinas 1,508 8,911, , , % 4, ,920 $22.86 Salt Lake Ci. 8,395 70,373,174 1,919,960 2,168, % (164,034) 127, ,013 $15.88 San Antonio 10,608 65,638,874 1,539,754 1,564, % 26, , ,314 $13.92 San Diego 9,510 55,938,935 1,413,329 1,472, % (93,146) 17,080 80,135 $22.28 San Francisc. 9,939 63,736,048 1,744,260 1,812, % (126,450) 97, ,373 $42.51 San Luis Obi. 1,448 8,435, , , % (13,017) 0 10,113 $25.71 Santa Barbar. 1,721 13,621, , , % (44,081) 2,750 4,260 $35.18 Santa Cruz/W. 1,295 7,025, , , % 12,676 4,965 7,674 $23.06 Savannah 2,300 15,740, , , % 51,463 10,250 85,451 $21.15 Seattle/Puge. 11,803 95,585,460 1,682,795 1,733, % 84,778 7, ,226 $21.01 Shreveport/B. 1,770 14,662, , , % 124, ,500 $10.46 South Bay/Sa. 4,868 33,353, , , % 124, , ,715 $35.34 South Bend/M. 3,234 23,490, , , % (522) 18,200 0 $8.72 Southwest Fl. 4,399 32,955, , , % (24,070) 47, ,676 $21.20 Spokane 3,156 23,062, , , % 51,051 12,395 0 $12.73 Springfield 2,169 19,848, , , % 133, ,600 18,250 $8.74 St. Louis 10,386 84,694,149 2,466,863 2,517, % (5,548) 38, ,847 $12.74 Stockton/Mod. 3,616 25,432, , , % (61,652) 0 7,796 $13.58 Syracuse 5,735 44,256, , , % 36,828 12,040 7,020 $10.65 Tallahassee 2,304 14,083, , , % (32,392) 29, ,663 $17.82 Tampa/St Pet. 16, ,457,836 3,446,702 3,513, % (109,474) 224,784 1,567,495 $16.97 Toledo 6,783 48,933,695 1,334,539 1,374, % (5,677) 20,631 14,081 $7.98 Tucson 3,715 19,974, , , % 134, ,738 90,610 $14.86 Tulsa 6,076 43,007,723 1,035,177 1,069, % 94, , ,703 $10.57 Utica/Rome 1,933 15,609, , , % 56, ,000 $12.58 Visalia/Port. 1,753 10,879, , , % 20,259 19,489 0 $12.98 Washington 17, ,586,942 3,420,856 3,524, % (96,986) 51,616 1,518,802 $28.36 West Michiga. 13,167 93,729,982 1,518,511 1,641, % 254, , ,206 $11.81 Westchester/. 17, ,480,529 4,930,935 5,003, % 387, ,487 1,353,140 $26.81 Wichita 3,525 29,847,155 1,303,126 1,308, % 3,675 13,116 0 $12.93 Wilmington 2,760 16,172, , , % 52,971 22, ,825 $18.24 Yakima 1,311 9,565, , , % 217, ,844 $10.22 Youngstown/W. 3,626 23,731, , , % 71,554 65,660 46,361 $8.26 Totals 1,017,101 7,361,667, ,788, ,116, % 8,359,532 10,535,887 51,296,762 $ CoStar Retail Statistics 2018 CoStar Group, Inc.

28 Figures at a Glance First Quarter 2018 National Mall Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schen. 8 6,862, , , % 5, $33.48 Albuquerque 4 3,592, , , % 31, $12.90 Anchorage 4 2,447,149 55,734 55, % $24.00 Asheville 3 1,869,838 15,703 15, % 6, $26.00 Atlanta 39 29,033, , , % 563, ,200 39,061 $15.99 Augusta/Rich. 3 2,428, , , % $0.00 Austin 11 7,056,752 82,728 88, % (2,916) 0 0 $21.56 Bakersfield 3 2,229, , , % 20,975 4,500 0 $10.64 Baltimore 21 16,531, , , % (187,788) 0 0 $25.64 Baton Rouge 6 4,294, , , % (199,343) 0 0 $20.88 Beaumont/Por. 3 2,669,756 80,347 80, % (2,599) 0 0 $15.11 Birmingham 12 7,981,776 1,009,889 1,009, % (9,000) 0 0 $0.00 Boise City/N. 5 2,763, , , % (6,015) 0 0 $15.53 Boston 42 31,652,912 1,048,501 1,055, % (156,337) 32, ,000 $42.00 Bremerton/Si , % $0.00 Broward Coun. 10 8,628, , , % (14,692) 0 333,819 $27.63 Brownsville/. 2 1,411, , % $27.50 Buffalo/Niag. 5 5,770, , , % $10.28 Charleston W ,858 43,046 43, % $30.00 Charleston/N. 3 2,261,871 4,181 4, % 5, $35.88 Charlotte 25 14,424, , , % ,813 $13.70 Chattanooga 4 3,368, , , % (13,547) 0 0 $6.25 Chicago 46 39,480,301 1,589,808 1,670, % 37, ,225 $11.64 Cincinnati 16 12,199, , , % 13, ,000 $22.64 Cleveland 21 18,946,198 1,213,235 1,213, % (5,304) 0 356,270 $8.25 Colorado Spr. 3 2,582,436 64,903 64, % (16,344) 0 0 $5.27 Columbia 5 5,400, , , % 2, $9.52 Columbus 9 9,353, , , % (2,161) 0 0 $8.15 Columbus GA 6 4,448, , , % (19,592) 0 0 $7.70 Corpus Chris. 3 2,580, % 2, $0.00 Dallas/Ft Wo ,178, , , % 81, ,000 $20.76 Davenport/Mo. 2 1,969, , , % (108,195) 0 0 $0.00 Dayton 6 5,543, , , % 74, $16.66 Deltona/Dayt. 2 1,780,238 15,502 15, % (6,430) 0 0 $20.15 Denver 24 20,326, , , % 120,764 74,500 88,341 $26.60 Des Moines 6 5,939,083 45,191 45, % 85,394 53,000 7,500 $9.39 Detroit 26 25,425,316 2,467,350 2,467, % 388,329 5, ,332 $23.27 Duluth 3 1,538, , , % $0.00 East Bay/Oak ,304, , , % (97,971) 0 476,577 $24.20 El Paso 4 3,224, , , % 9, $16.00 Erie 3 2,159,458 76,673 76, % (3,600) 0 0 $16.00 Evansville 2 1,323, , , % (8,648) 0 0 $10.43 Fayetteville 1 1,470,570 1,159 1, % (1,159) 0 0 $ Fayetteville. 2 2,630,642 68,095 68, % 15, $35.00 Fort Smith 1 864,625 5,385 5, % $0.00 Fort Wayne 3 2,468,411 69,066 69, % (39,147) 0 0 $26.00 Fresno 10 5,480, , , % 136, $15.50 Green Bay 4 2,710,142 25,693 25, % 8, $ CoStar Group, Inc. CoStar Retail Statistics 23

29 National First Quarter 2018 Figures at a Glance Mall Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/W. 11 9,144, , , % 103, ,944 0 $13.03 Greenville/S. 4 3,922,825 44,796 44, % 7, $0.00 Hampton Road. 13 8,473, , , % (31,553) 0 80,000 $27.25 Hartford 11 8,292, , , % (74,381) 0 0 $0.00 Hawaii 11 8,677, , , % 31, $87.22 Houston 39 30,910,047 1,282,249 1,291, % 78,510 80, ,906 $10.72 Huntington/A. 4 2,985, % $0.00 Huntsville 2 1,494,232 22,724 22, % 2, $0.00 Indianapolis 15 11,321, , , % (1,913) 0 0 $4.80 Inland Empir ,929,003 1,354,642 1,415, % 24, ,381 $20.18 Jackson 5 4,135, , , % (318,826) 0 0 $26.36 Jacksonville. 10 7,111, , , % 133, ,100 $5.56 Kansas City 18 12,839, , , % (34,265) 0 0 $23.73 Killeen/Temp. 3 1,367,158 47,399 47, % $0.00 Kingsport/Br. 2 1,116,476 5,585 5, % $14.00 Knoxville 6 3,254, , , % 86,893 46,062 8,685 $20.37 Lafayette 3 2,046, % $0.00 Las Vegas 15 9,435, , , % 19, $18.40 Lexington/Fa. 5 2,898, , , % (5,584) 0 0 $17.40 Lincoln 3 1,838,541 37,094 39, % 5, $20.00 Little Rock/. 7 3,045,266 76, , % 15, $21.47 Long Island ,404, , , % (95,407) 0 17,420 $29.45 Los Angeles 54 46,395,492 1,161,627 1,177, % 79, , ,100 $50.97 Louisville 6 5,514, , , % $9.50 Lubbock 2 1,961,765 36,897 36, % $15.05 Madison 4 4,025,398 9,550 9, % (1,800) 0 0 $10.18 McAllen/Edin. 2 2,093, % $0.00 Memphis 9 6,178, , , % (7,187) 0 0 $4.21 Miami-Dade C ,635, , , % 237, , ,000 $94.22 Milwaukee 13 9,192, , , % (18,640) 0 0 $18.84 Minneapolis 19 17,517, , , % 147, ,000 $21.79 Mobile 5 3,544, , , % (25,025) 0 0 $14.98 Montgomery 5 3,186,485 78,787 78, % $0.00 Myrtle Beach. 6 3,625, , , % 6, $0.00 Nashville 12 8,337, , , % (16,875) 0 0 $18.20 New Orleans/. 9 5,961, , , % 4, $0.00 New York Cit , % $0.00 North Bay/Sa. 8 5,153,089 49, , % 1, ,000 $40.21 Northern New ,354, , , % (11,060) 0 2,069,000 $40.00 Ocala 2 1,250, , , % 2, $0.00 Oklahoma Cit. 7 4,157, , , % 11, ,048 $14.65 Olympia 2 1,009,680 30,369 30, % $20.50 Omaha/Counci. 8 5,870, , , % 33, ,500 $15.21 Orange Count ,882, , , % 10, ,000 $20.70 Orlando 23 15,675, , , % 17, ,120 $32.08 Palm Beach C. 16 9,547,282 49,386 49, % (2,293) 0 0 $37.55 Pensacola 2 1,919,365 2,473 2, % $0.00 Peoria 2 1,257,562 2,271 2, % $ CoStar Retail Statistics 2018 CoStar Group, Inc.

30 Figures at a Glance First Quarter 2018 National Mall Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 55 47,000,896 1,479,409 1,482, % (38,254) 0 287,844 $11.35 Phoenix 21 17,185, , , % 13, ,382 $17.22 Pittsburgh 16 15,804, , , % 1, $17.86 Port St Luci , % 4, $16.00 Portland 19 14,826, , , % (31,452) 0 59,128 $23.31 Portland/Sou. 7 3,468, , , % (8,625) 0 0 $19.42 Providence 4 3,613,115 20,381 20, % 6, $0.00 Raleigh/Durh ,745, , , % 32, $27.28 Reno/Sparks 2 1,540,691 99,261 99, % $0.00 Richmond VA 8 7,144, , , % (18,289) 0 0 $18.00 Roanoke 3 2,454, , , % (2,441) 0 0 $11.31 Rochester 8 5,280, , , % 58, $7.54 Sacramento 10 6,371, , , % (15,551) 0 87,640 $18.77 Salinas 2 1,722,111 5,000 5, % (5,000) 0 0 $0.00 Salt Lake Ci ,730, , , % (48,225) 0 0 $22.99 San Antonio 14 11,043,356 53,910 55, % 4, ,520 $22.15 San Diego 14 14,805, , , % 3, $0.00 San Francisc. 5 4,765,679 8,456 8, % 28, $0.00 San Luis Obi % $0.00 Santa Barbar. 3 1,460,414 5,484 5, % (700) 0 0 $66.00 Santa Cruz/W ,225 1,405 1, % 6, $27.00 Savannah 3 2,119,741 10,000 10, % $21.50 Seattle/Puge ,894, , , % 11,409 4,612 21,292 $29.35 Shreveport/B. 4 3,080,604 29,991 29, % (3,500) 0 0 $22.00 South Bay/Sa. 10 9,641,875 1,189,804 1,193, % (36,261) 0 216,855 $28.78 South Bend/M. 3 2,647, , , % $17.86 Southwest Fl. 11 8,117,904 92,485 92, % (36,720) 0 0 $34.15 Spokane 4 3,091, % 7, $28.00 Springfield 2 1,814,352 23,590 23, % 14, $17.75 St. Louis 16 13,166, , , % (45,497) 0 0 $15.09 Stockton/Mod. 8 5,789,071 49,544 49, % 9, ,376 $32.25 Syracuse 6 6,856,905 71,867 80, % 2, $6.79 Tallahassee 3 2,575,842 77,600 77, % $0.00 Tampa/St Pet ,754, , , % 46, ,952 $11.56 Toledo 7 4,466, , , % 15, $18.69 Tucson 6 5,200,367 59,131 59, % 3, $21.00 Tulsa 7 4,241, , , % 71, $5.00 Utica/Rome 1 864, % $0.00 Visalia/Port , , , % 16, $17.29 Washington 51 37,813,945 1,562,636 1,567, % (172,349) 7, ,852 $27.10 West Michiga ,459, , , % 8, $13.08 Westchester/ ,829, , , % 39, $27.92 Wichita 6 4,409, , , % 131, $17.22 Wilmington 2 1,602,717 38,918 38, % $28.00 Yakima 1 802,754 12,869 12, % 8, $0.00 Youngstown/W. 4 3,312,989 47, , % (900) 0 0 $0.00 Totals 1,463 1,154,616,697 44,801,084 46,132, % 1,209,318 1,556,301 8,059,039 $ CoStar Group, Inc. CoStar Retail Statistics 25

31 National First Quarter 2018 Figures at a Glance Power Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schen. 12 5,433,595 69,223 69, % ,700 $19.14 Albuquerque 4 1,740,581 39,274 47, % 2, $17.93 Anchorage 1 464, % $21.96 Asheville 5 1,799,519 2,300 2, % 9, $19.63 Atlanta 68 31,181,102 1,180,747 1,180, % 16, $12.78 Augusta/Rich. 3 1,369,760 98,079 98, % 4, $9.44 Austin 33 15,949, , , % (41,164) 0 0 $23.39 Bakersfield 4 2,141,207 10,000 10, % $39.00 Baltimore 27 12,003, , , % (25,776) 0 0 $23.37 Baton Rouge 4 2,303,139 68,138 68, % (11,729) 0 0 $31.85 Beaumont/Por ,200 29,132 29, % (12,532) 0 0 $19.41 Birmingham 13 5,884, , , % 11, $13.82 Boise City/N. 6 3,234, , , % (8,004) 0 0 $10.21 Boston 43 18,885, , , % 137, $15.94 Bremerton/Si ,053 2,480 2, % $31.13 Broward Coun. 13 5,513, , , % (10,223) 0 17,000 $23.80 Brownsville/. 4 1,049,721 18,031 18, % $18.00 Buffalo/Niag. 9 4,662, , , % 65, $20.40 Charleston W. 4 1,778,794 23,401 23, % (4,700) 0 0 $0.00 Charleston/N. 6 2,570,645 53,939 53, % 40, $21.46 Charlotte 31 13,914, , , % (34,820) 1,200 0 $19.06 Chattanooga 4 1,272,956 78,800 78, % 4, $19.55 Chicago 94 43,118,579 2,592,912 2,802, % 114, ,895 $15.24 Cincinnati 20 8,854, , , % 98, ,500 $12.37 Cleveland 42 21,277,658 1,380,216 1,427, % 2, $14.57 Colorado Spr. 11 5,170, , , % (7,913) 0 0 $14.67 Columbia 7 2,396,615 61,755 61, % 7, $9.29 Columbus 24 11,393, , , % 25, ,900 $8.87 Columbus GA 2 660,354 5,025 5, % 16, $0.00 Corpus Chris , % $0.00 Dallas/Ft Wo ,189,127 1,022,232 1,029, % 107, ,955 54,109 $20.47 Davenport/Mo. 5 1,676,067 43,755 43, % 13, $19.01 Dayton 11 4,320, , , % 154, $12.56 Deltona/Dayt ,784 76,638 76, % (8,859) 0 0 $0.00 Denver 48 20,989, , , % 85,766 76, ,451 $18.10 Des Moines 3 1,109,541 4,884 4, % 25, $13.21 Detroit 53 21,947, , , % 136,063 4,100 0 $16.11 Duluth 1 496, % $0.00 East Bay/Oak. 18 8,207, , , % 73,643 74,170 0 $27.42 El Paso 7 3,127, , , % (240,395) 0 452,500 $20.63 Erie 3 1,492, , , % 3, $7.46 Evansville 3 1,199,151 53,275 53, % $0.00 Fayetteville % $0.00 Fayetteville. 4 1,822,623 37,193 37, % 13, $14.23 Fort Smith 1 417,168 26,939 26, % (18,450) 0 0 $18.46 Fort Wayne 5 2,116,906 47,859 47, % 3, $14.35 Fresno 8 2,984, , , % (9,503) 0 0 $26.34 Green Bay 2 547,539 35,599 35, % (1,009) 0 0 $ CoStar Retail Statistics 2018 CoStar Group, Inc.

32 Figures at a Glance First Quarter 2018 National Power Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/W. 9 3,269,548 49,193 49, % (8,060) 0 0 $27.93 Greenville/S. 11 4,006, , , % 44, $18.65 Hampton Road. 17 7,742, , , % 5, $17.97 Hartford 18 7,231, , , % (7,600) 0 0 $16.00 Hawaii 6 2,177, , , % (6,735) 0 0 $37.71 Houston 62 28,733,510 1,117,465 1,126, % 34,997 3,750 5,456 $15.59 Huntington/A % $0.00 Huntsville 4 1,955, , , % 11, $16.23 Indianapolis 26 12,716, , , % 19, $14.74 Inland Empir ,861,995 1,496,050 1,498, % (150,473) 0 4,000 $19.03 Jackson 4 2,116,177 97, , % (24,568) 0 0 $21.31 Jacksonville. 8 3,600, , , % (102,184) 0 3,520 $21.23 Kansas City 26 11,393, , , % 215,979 95,798 0 $15.96 Killeen/Temp. 4 1,460,682 48,056 48, % $0.00 Kingsport/Br. 5 2,120, % 3, ,000 $18.00 Knoxville 9 4,155, , , % (278,070) 0 0 $13.64 Lafayette 2 781,612 10,000 10, % $35.31 Las Vegas 28 15,341, , , % (67,776) 0 0 $20.42 Lexington/Fa. 4 1,821, , , % (15,855) 0 3,000 $14.56 Lincoln 2 1,241,371 12,240 12, % $13.76 Little Rock/. 6 3,011, , , % 30, $16.33 Long Island ,980, , , % 46, $28.90 Los Angeles 61 27,697, , , % 101,875 2,500 5,400 $23.38 Louisville 7 3,456, , , % (85,463) 22,400 0 $16.06 Lubbock 1 821, % $0.00 Madison 5 1,745,929 6,158 6, % (2,429) 0 0 $14.00 McAllen/Edin. 5 2,355, , , % 172, ,100 0 $28.78 Memphis 16 6,373, , , % 158, $14.34 Miami-Dade C. 9 3,363,733 95,929 95, % (1,870) 0 0 $27.86 Milwaukee 13 4,787, , , % (10,678) 0 0 $6.86 Minneapolis 33 13,416, , , % (70,834) 0 0 $20.73 Mobile 5 2,258,673 90,891 90, % 66, $21.18 Montgomery 4 1,759, , , % (7,062) 0 0 $15.26 Myrtle Beach. 4 1,481, , , % (96,608) 0 0 $30.22 Nashville 17 7,323, , , % (57,553) 0 0 $15.59 New Orleans/. 5 4,169,277 44,906 44, % 8, ,000 $24.73 New York Cit ,713 13,441 13, % 2, $48.83 North Bay/Sa. 7 3,130,819 57,644 57, % 16,782 9,600 0 $0.00 Northern New ,197,215 1,132,148 1,162, % 93, $21.45 Ocala 1 252, , , % $0.00 Oklahoma Cit. 15 6,769, , , % (35,353) 3,000 0 $14.52 Olympia 2 1,221, , , % $14.00 Omaha/Counci. 10 4,208, , , % 38, $15.19 Orange Count ,758, , , % (48,752) 0 0 $22.32 Orlando 28 12,017, , , % 77, $16.84 Palm Beach C. 11 4,035, , , % 38,889 14,040 0 $19.66 Pensacola % $0.00 Peoria 4 2,217,934 90,545 90, % (3,422) 0 0 $ CoStar Group, Inc. CoStar Retail Statistics 27

33 National First Quarter 2018 Figures at a Glance Power Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia ,774,837 2,445,384 2,465, % 352, , ,178 $18.98 Phoenix 58 30,556,107 1,593,217 1,707, % 178,086 50,000 25,640 $18.44 Pittsburgh 34 15,240, , , % 79, $13.91 Port St Luci. 5 1,903,749 27,405 27, % (1,600) 0 0 $26.97 Portland 22 9,786, , , % (17,407) 5,040 0 $20.19 Portland/Sou ,000 4,289 4, % (4,289) 0 0 $0.00 Providence 9 3,955, , , % (1,998) 0 0 $19.07 Raleigh/Durh ,956, , , % (27,070) 0 0 $25.25 Reno/Sparks 9 4,170, , , % 30,238 7,800 0 $9.89 Richmond VA 12 5,236, , , % (24,845) 0 126,409 $24.44 Roanoke 1 436,827 7,901 7, % (5,634) 0 0 $0.00 Rochester 9 4,043, , , % 67, $0.00 Sacramento 30 12,759, , , % (14,479) 228,744 0 $22.04 Salinas 6 2,448,802 50,036 50, % 4, $36.49 Salt Lake Ci. 18 9,071, , , % 25, ,979 $20.09 San Antonio 15 9,712, , , % (6,392) 0 0 $24.44 San Diego 28 12,063, , , % 6,439 30,784 0 $36.10 San Francisc. 6 2,374, , , % (22,288) 0 0 $55.08 San Luis Obi. 5 1,813, , , % 3, $25.07 Santa Barbar. 3 1,235,222 52,186 52, % (1,500) 0 0 $30.00 Santa Cruz/W ,177 1,432 1, % $24.00 Savannah 2 881,659 45,628 45, % (33,228) 0 0 $28.00 Seattle/Puge. 22 9,127, , , % (17,929) 0 164,581 $26.92 Shreveport/B. 3 1,394, , , % (33,620) 0 0 $11.16 South Bay/Sa. 9 4,143, , , % 93,715 7, ,591 $42.06 South Bend/M. 6 2,720, , , % (77,378) 0 0 $16.50 Southwest Fl. 10 3,246, , , % (22,181) 0 0 $19.61 Spokane 3 1,559,471 12,867 12, % 45, $20.91 Springfield 1 372, % $0.00 St. Louis 27 13,152, , , % (32,462) 0 0 $14.50 Stockton/Mod. 7 3,562,324 49,880 49, % (309) 0 0 $18.78 Syracuse 7 3,001, , , % $0.00 Tallahassee 1 459, % 5, $0.00 Tampa/St Pet ,345, , , % 16, ,800 $21.96 Toledo 9 3,368, , , % 42, $15.01 Tucson 8 3,439, , , % (1,748) 2,844 0 $25.27 Tulsa 6 3,145, , , % (10,518) 0 0 $10.06 Utica/Rome 3 1,508, % $0.00 Visalia/Port. 3 1,196,396 55,537 55, % (2,500) 0 0 $17.37 Washington 58 29,502,942 1,148,444 1,196, % (40,286) 19,000 13,650 $23.75 West Michiga. 18 7,730, , , % (581) 0 0 $13.34 Westchester/. 13 6,518, , , % 3, $22.75 Wichita 3 1,092,911 13,313 13, % 3, $19.12 Wilmington 4 1,118,578 35,250 35, % 16, $12.08 Yakima % $0.00 Youngstown/W. 7 3,469, , , % 8, $10.85 Totals 2, ,563,474 41,461,265 42,846, % 1,431,659 1,368,908 3,730,259 $ CoStar Retail Statistics 2018 CoStar Group, Inc.

34 Figures at a Glance First Quarter 2018 National Shopping Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schen ,330, ,083 1,000, % (9,092) 0 0 $11.81 Albuquerque ,583,377 1,551,070 1,565, % (45,738) 6,600 62,432 $13.98 Anchorage 98 5,134,563 80,495 80, % 34, $20.82 Asheville 175 7,821, , , % 17, $14.33 Atlanta 3, ,291,877 11,481,404 11,647, % 381,347 98, ,911 $13.66 Augusta/Rich ,575, ,338 1,004, % 5, ,940 $11.09 Austin ,431,450 2,000,233 2,113, % 89,727 85,450 29,105 $20.90 Bakersfield ,271, ,684 1,020, % 41,979 7,600 55,689 $14.53 Baltimore ,920,953 2,928,851 3,042, % 14,608 36,000 31,180 $17.51 Baton Rouge ,836, , , % 88, ,500 $11.60 Beaumont/Por ,507, , , % (33,379) 0 32,000 $10.83 Birmingham ,071,597 2,477,708 2,514, % 228,854 8,534 42,550 $9.73 Boise City/N ,125, , , % 26, ,128 $12.26 Boston 1,844 91,412,308 4,250,495 4,278, % (226,249) 8, ,262 $17.75 Bremerton/Si ,728, , , % 63, $13.37 Broward Coun. 1,131 49,607,614 2,356,879 2,376, % (52,724) 71, ,071 $21.46 Brownsville/. 77 4,079, , , % (23,810) 0 0 $13.78 Buffalo/Niag ,786,176 1,207,205 1,222, % 41, $11.03 Charleston W. 56 4,179, , , % (6,060) 0 0 $7.27 Charleston/N ,468, , , % 12, ,231 $17.66 Charlotte 1,255 57,419,849 3,858,885 3,880, % 110, , ,240 $13.33 Chattanooga ,981, , , % 100, $8.73 Chicago 4, ,669,824 16,483,356 17,127, % 577,439 7, ,084 $14.55 Cincinnati ,511,261 3,407,071 3,444, % 2,151 14,800 29,884 $11.68 Cleveland 1,523 71,887,989 5,771,213 5,930, % 111,299 4, ,690 $9.39 Colorado Spr ,687,211 1,258,918 1,295, % (62,013) 9, ,876 $14.18 Columbia ,727,938 1,082,568 1,111, % 90,402 41,979 0 $11.48 Columbus ,494,291 2,081,452 2,138, % 283, ,842 5,000 $11.71 Columbus GA 163 8,032, , , % 18, ,900 $14.69 Corpus Chris ,956, , , % 1, $14.26 Dallas/Ft Wo. 3, ,528,313 12,751,355 13,029, % 230, , ,424 $14.91 Davenport/Mo ,463, , , % (5,363) 0 0 $10.17 Dayton ,039,479 1,991,716 1,993, % 145, ,200 $9.82 Deltona/Dayt ,442, , , % 56, ,119 $13.91 Denver 1,442 74,784,204 4,612,807 4,941, % (44,059) 12, ,453 $16.60 Des Moines ,533, , , % 33, ,573 $12.82 Detroit 2,396 94,102,338 8,910,610 9,349, % 53,860 10, ,404 $12.38 Duluth 43 2,185,624 78,451 78, % (1,397) 0 0 $15.83 East Bay/Oak ,150,035 1,995,476 2,078, % 182,730 41, ,417 $24.04 El Paso ,109,853 1,189,129 1,205, % (77,180) 0 88,798 $13.77 Erie 78 4,145, , , % 40, $9.54 Evansville 127 6,483, , , % (134,838) 0 0 $8.23 Fayetteville ,122, , , % 253,040 28,708 14,540 $10.17 Fayetteville ,811, , , % (1,769) 14,000 6,000 $11.82 Fort Smith 86 3,377, , , % 22, $8.63 Fort Wayne 167 8,634, , , % 2, $10.68 Fresno ,355,680 2,375,474 2,462, % 231, ,800 $14.51 Green Bay 166 6,539, , , % 117, $ CoStar Group, Inc. CoStar Retail Statistics 29

35 National First Quarter 2018 Figures at a Glance Shopping Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/W ,512,497 2,899,615 2,918, % 142,109 15, ,357 $11.18 Greenville/S ,966,491 2,032,549 2,106, % (28,829) 45, ,009 $10.69 Hampton Road ,994,968 3,230,649 3,295, % (101,205) 32,000 30,600 $13.44 Hartford ,266,928 2,713,014 2,716, % 44, ,500 $14.26 Hawaii ,027,344 1,011,925 1,025, % (190,769) 5, ,804 $35.82 Houston 3, ,095,170 12,042,573 12,175, % 463, , ,581 $16.55 Huntington/A. 62 4,089, , , % 25, $10.01 Huntsville 170 7,591, , , % 51, ,300 $14.58 Indianapolis ,976,195 3,642,785 3,815, % 26, ,200 $11.65 Inland Empir. 1,850 92,109,168 8,426,197 8,746, % 5, , ,791 $16.83 Jackson ,281, , , % 45, $12.14 Jacksonville ,560,714 2,693,188 2,825, % 164,204 20, ,993 $13.55 Kansas City ,471,633 4,955,298 5,071, % (33,746) 28,600 37,372 $12.51 Killeen/Temp ,302, , , % 87, ,058 $11.00 Kingsport/Br ,678, , , % (42,769) 10,000 0 $7.20 Knoxville ,983, , , % (86,676) 13,020 0 $12.47 Lafayette 77 5,666, , , % 53, ,815 $15.22 Las Vegas 1,027 53,372,452 4,802,962 5,222, % 214,504 92, ,662 $15.90 Lexington/Fa ,850, , , % 48, $14.76 Lincoln 121 5,059, , , % 54, $13.60 Little Rock/ ,272,645 1,229,639 1,265, % (221,603) 0 23,170 $10.30 Long Island. 1,352 54,830,119 3,013,958 3,061, % 28, ,764 $24.84 Los Angeles 4, ,349,828 7,740,167 8,121, % 46,112 10, ,475 $25.47 Louisville ,669,659 1,409,118 1,446, % 82, $11.49 Lubbock 232 7,107, , , % 46, ,000 $11.94 Madison 233 9,803, , , % (8,050) 0 12,622 $13.21 McAllen/Edin ,774, , , % (13,372) 18,360 12,100 $16.36 Memphis ,193,212 2,394,751 2,489, % (89,574) 6,024 0 $11.37 Miami-Dade C. 1,397 47,125,793 1,702,841 1,720, % (50,834) 6,400 20,429 $29.78 Milwaukee ,086,368 3,152,443 3,341, % 224,291 80,000 38,998 $12.61 Minneapolis 1,336 54,733,182 3,289,876 3,424, % (165,786) 12,000 0 $14.01 Mobile ,763, , , % 31, $10.27 Montgomery 172 8,350, , , % (85,311) 0 0 $7.64 Myrtle Beach ,140, , , % 42, $12.13 Nashville ,345,704 1,782,827 1,893, % (72,530) 0 274,940 $13.91 New Orleans/ ,183,665 1,304,164 1,344, % 259,758 57,870 24,000 $13.06 New York Cit. 9 1,644,480 27,061 34, % 12, $0.00 North Bay/Sa ,078,677 1,004,256 1,021, % 77,105 7,800 9,400 $20.72 Northern New. 2, ,072,395 7,639,521 7,795, % 517, , ,046 $20.60 Ocala 152 6,354, , , % 26, $11.29 Oklahoma Cit ,414,649 2,865,290 2,870, % (225,734) 47,563 70,000 $12.63 Olympia 101 4,656, , , % (6,308) 0 0 $17.31 Omaha/Counci ,687,288 1,596,562 1,733, % (46,351) 0 0 $12.18 Orange Count. 1,545 68,963,201 3,121,545 3,206, % 244, ,240 $25.65 Orlando 1,438 68,357,436 4,782,775 4,816, % 50,196 9, ,301 $15.28 Palm Beach C ,753,740 2,153,401 2,163, % 17,946 8, ,037 $19.65 Pensacola 216 9,742, , , % (16,808) 19,000 0 $12.46 Peoria 121 6,158, , , % 38, $ CoStar Retail Statistics 2018 CoStar Group, Inc.

36 Figures at a Glance First Quarter 2018 National Shopping Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 2, ,738,086 12,847,784 12,970, % 867, , ,202 $14.96 Phoenix 1, ,467,862 11,441,820 11,659, % 245,430 35, ,437 $14.33 Pittsburgh ,882,910 1,923,080 1,927, % 110,548 44,000 0 $15.52 Port St Luci ,709, , , % (36,474) 16,800 28,700 $17.21 Portland 1,121 54,246,512 3,013,697 3,096, % 179, ,968 $17.03 Portland/Sou ,654, , , % (16,743) 0 0 $13.52 Providence ,273,162 1,133,236 1,165, % 44, $15.84 Raleigh/Durh ,101,110 1,727,180 1,736, % 186, ,136 $16.04 Reno/Sparks ,400,943 1,147,212 1,187, % 63,008 3,030 25,063 $15.45 Richmond VA ,658,154 2,435,372 2,676, % 4,701 24,835 57,917 $14.94 Roanoke 75 5,633, , , % 9, $14.43 Rochester ,120,054 1,163,708 1,257, % 23, ,000 $11.25 Sacramento 1,144 49,979,661 4,184,394 4,434, % 67,970 35,346 33,725 $16.17 Salinas 73 4,328, , , % 16, $20.10 Salt Lake Ci ,812,617 2,895,359 3,135, % (340,324) 52,616 36,544 $14.22 San Antonio 1,252 46,013,777 2,899,474 2,926, % 149, ,950 $14.48 San Diego 1,324 56,146,162 2,763,018 2,919, % (54,306) 2, ,149 $22.68 San Francisc ,676, , , % (31,690) 0 0 $35.45 San Luis Obi. 85 4,651, , , % $17.74 Santa Barbar ,931, , , % 19, ,580 $21.16 Santa Cruz/W ,406,302 61,288 61, % (11,800) 0 10,888 $19.56 Savannah 248 8,905, , , % 67,149 3,385 0 $13.29 Seattle/Puge. 1,376 58,325,028 3,580,544 3,735, % 211, ,271 $18.75 Shreveport/B ,197, , , % (37,130) 0 0 $11.44 South Bay/Sa ,371,545 1,145,301 1,208, % (6,042) 11, ,904 $31.66 South Bend/M ,753, , , % 19, $9.32 Southwest Fl ,288,328 2,601,107 2,607, % (19,262) 117, ,565 $15.03 Spokane 217 9,738, , , % 102,160 28,000 0 $12.34 Springfield 197 6,380, , , % 11, $11.14 St. Louis 1,153 57,592,479 4,774,783 4,812, % (287,026) 0 148,000 $12.25 Stockton/Mod ,744,772 1,066,180 1,098, % 80, ,509 $14.51 Syracuse ,460,124 1,264,060 1,380, % (71,257) 0 0 $10.35 Tallahassee 201 7,547, , , % 4, ,240 $12.10 Tampa/St Pet. 2,286 93,629,789 6,581,428 6,713, % 148, ,760 74,387 $13.61 Toledo ,712,971 1,331,344 1,333, % 99,677 55,000 0 $8.86 Tucson ,820,526 2,120,108 2,157, % 126,808 6, ,374 $15.01 Tulsa ,618,107 1,886,149 1,891, % (142,690) 0 39,518 $10.98 Utica/Rome 60 4,532, , , % 77, $10.11 Visalia/Port. 82 6,420, , , % (40,974) 0 2,695 $12.41 Washington 1, ,642,248 6,376,552 6,574, % (182,857) 93, ,581 $21.70 West Michiga ,796,839 2,534,998 2,674, % 181, ,055 $9.40 Westchester/. 1,066 52,048,831 3,332,455 3,477, % (130,045) 7,000 77,000 $19.56 Wichita 253 9,875, , , % (131,573) 0 12,270 $9.67 Wilmington 313 9,856, , , % 71,189 77,556 0 $13.53 Yakima 62 2,450, , , % 8, ,338 $13.01 Youngstown/W ,477, , , % (10,561) 0 0 $9.04 Totals 99,064 4,503,833, ,563, ,804, % 6,324,309 3,458,419 11,997,931 $ CoStar Group, Inc. CoStar Retail Statistics 31

37 National First Quarter 2018 Figures at a Glance Specialty Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schen ,630 20,000 20, % $20.15 Albuquerque % $0.00 Anchorage 1 36, % $0.00 Asheville % $0.00 Atlanta 18 4,002,071 85,986 85, % (3,700) 0 0 $8.82 Augusta/Rich ,235 6,000 6, % $13.87 Austin 3 1,198, % $0.00 Bakersfield 2 314, % $0.00 Baltimore 3 540,442 3,258 3, % $18.00 Baton Rouge 1 342, % $0.00 Beaumont/Por. 1 24, % $14.00 Birmingham 3 497, , , % (12,800) 0 0 $11.02 Boise City/N ,538 10,833 10, % 7, $15.00 Boston 10 2,187,997 98,920 98, % (32,402) 0 0 $0.00 Bremerton/Si , % $0.00 Broward Coun. 3 1,085,068 60,254 60, % (9,544) 0 0 $20.00 Brownsville/ % $0.00 Buffalo/Niag ,748 18,473 18, % $0.00 Charleston W % $0.00 Charleston/N ,700 2,312 2, % 2, $32.84 Charlotte 3 801,097 9,517 9, % 4, $39.03 Chattanooga 1 157, % $0.00 Chicago 15 3,322,520 74,317 74, % (612) 0 0 $9.10 Cincinnati 5 1,178,765 29,500 29, % $0.00 Cleveland 6 1,371, , , % 13, $12.40 Colorado Spr ,360 11,926 13, % (1,258) 3,790 0 $23.91 Columbia % $0.00 Columbus 2 443,581 4,030 4, % $10.00 Columbus GA 1 113,428 16,000 16, % (5,500) 0 0 $0.00 Corpus Chris , % $18.00 Dallas/Ft Wo. 15 3,385, , , % 51, ,000 0 $0.00 Davenport/Mo. 1 68, % $0.00 Dayton 1 50, % $0.00 Deltona/Dayt ,819 41,438 41, % 1, $10.41 Denver 4 1,004,261 71,519 71, % 1, ,000 $40.00 Des Moines 1 325,000 23,722 23, % $0.00 Detroit 5 2,136,939 7,979 7, % $8.00 Duluth % $0.00 East Bay/Oak ,019 19,461 19, % (8,037) 0 0 $27.88 El Paso 3 640,828 4,800 4, % 8, $0.00 Erie % $0.00 Evansville % $0.00 Fayetteville % $0.00 Fayetteville , % 1, $0.00 Fort Smith % $0.00 Fort Wayne % $0.00 Fresno 2 341,453 26,892 26, % ,000 $18.94 Green Bay 1 259,496 7,689 7, % 1, $ CoStar Retail Statistics 2018 CoStar Group, Inc.

38 Figures at a Glance First Quarter 2018 National Specialty Center Market Statistics First Quarter 2018 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/W , , % $0.00 Greenville/S , % $0.00 Hampton Road. 4 1,188,657 35,192 35, % 1, ,000 $0.00 Hartford 6 1,319, % ,600 $32.00 Hawaii 5 783,191 23,727 27, % (2,655) 0 0 $40.55 Houston 15 2,360,298 60,511 60, % 112, ,000 $10.82 Huntington/A % $0.00 Huntsville % $0.00 Indianapolis 3 1,385, , , % 20, $22.00 Inland Empir. 15 2,397, , , % 4, ,746 $18.06 Jackson 2 628,193 9,242 9, % $25.90 Jacksonville ,561 54,245 54, % $17.23 Kansas City 3 697, , , % $6.94 Killeen/Temp % $0.00 Kingsport/Br , % 132, $2.14 Knoxville 1 169,260 2,400 2, % $0.00 Lafayette % $0.00 Las Vegas 12 2,959, , , % 18, $18.97 Lexington/Fa. 1 93, % $0.00 Lincoln 1 416,876 20,100 20, % $13.90 Little Rock/ ,000 17,624 17, % 11, $32.00 Long Island. 7 2,323,172 49,886 82, % $31.73 Los Angeles 15 3,056, , , % 4, $14.02 Louisville 4 1,248,534 67,311 67, % 2, ,000 $16.02 Lubbock 2 118,384 6,016 6, % $0.00 Madison 2 816,030 1,703 1, % 10, $40.00 McAllen/Edin ,207 15,000 15, % (15,000) 0 4,000 $0.00 Memphis 5 1,061,926 74,100 74, % $10.00 Miami-Dade C ,805 7,700 7, % $58.00 Milwaukee 3 446,592 92,635 92, % ,000 $15.00 Minneapolis 8 1,825,730 70,893 70, % (8,000) 0 0 $33.00 Mobile 3 675, % $0.00 Montgomery 2 385, , , % $14.52 Myrtle Beach. 3 1,092, % $0.00 Nashville 6 818,054 97,030 97, % (2,884) 0 0 $14.00 New Orleans/ ,460 59,542 59, % $0.00 New York Cit % $0.00 North Bay/Sa. 5 1,333,964 27,242 47, % 6, $24.86 Northern New. 8 2,179, , , % (7,750) 0 0 $13.29 Ocala 1 127, % $0.00 Oklahoma Cit ,337 15,502 15, % (12,567) 0 0 $16.44 Olympia % $0.00 Omaha/Counci , % $0.00 Orange Count. 11 2,334,713 91,101 91, % (3,150) 0 0 $47.62 Orlando 15 3,756,682 70,238 70, % (20,817) 0 0 $17.28 Palm Beach C ,006 24,724 24, % 21, $0.00 Pensacola 1 50, % $0.00 Peoria % $0.00 Existing Inventory Vacancy 2018 CoStar Group, Inc. CoStar Retail Statistics 33

39 National First Quarter 2018 Figures at a Glance Specialty Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 22 5,505, , , % 26, $12.99 Phoenix 11 2,411,840 86,455 86, % 6,375 7,575 0 $16.00 Pittsburgh 1 1,026, % $0.00 Port St Luci % $0.00 Portland 6 1,023,080 49,915 49, % (13,695) 0 0 $18.40 Portland/Sou ,838 5,421 5, % $0.00 Providence % $0.00 Raleigh/Durh. 7 1,309, , , % (824) 0 0 $13.83 Reno/Sparks 1 91, % $0.00 Richmond VA 1 54, % $0.00 Roanoke % $0.00 Rochester % $0.00 Sacramento 6 1,042, , , % 23, $16.57 Salinas 4 419,105 79,067 79, % (20,826) 0 0 $7.67 Salt Lake Ci. 6 1,746,613 18,456 18, % $13.49 San Antonio 5 283,230 37,600 37, % 20, ,279 $14.12 San Diego 14 1,936,989 82,467 83, % (11,549) 0 0 $20.20 San Francisc. 4 1,062,090 24,715 24, % (1,107) 0 0 $0.00 San Luis Obi ,379 9,176 9, % (2,300) 0 0 $16.80 Santa Barbar % $0.00 Santa Cruz/W. 1 86, % $0.00 Savannah 4 983,990 82,927 82, % (422) 0 0 $9.22 Seattle/Puge. 5 1,234,897 11,414 11, % $16.14 Shreveport/B % $0.00 South Bay/Sa. 2 1,072,608 42,000 42, % $0.00 South Bend/M % $0.00 Southwest Fl , , , % (63,554) 7,500 0 $20.98 Spokane % $0.00 Springfield % $0.00 St. Louis 6 1,794, , , % (47,398) 0 17,462 $6.00 Stockton/Mod ,032 58,165 58, % (19,245) 0 0 $12.67 Syracuse % $0.00 Tallahassee % $0.00 Tampa/St Pet. 7 1,180,697 22,621 22, % $20.64 Toledo % $0.00 Tucson 2 520, % $0.00 Tulsa % ,000 $0.00 Utica/Rome % $0.00 Visalia/Port , % $0.00 Washington 14 3,982, , , % (968) 0 0 $21.24 West Michiga. 6 1,392,193 25,344 25, % (2,771) 4,500 0 $11.76 Westchester/. 4 1,425,184 19,298 19, % 13, $24.47 Wichita 2 473, % $0.00 Wilmington % $0.00 Yakima % $0.00 Youngstown/W % $0.00 Totals ,101,711 5,571,003 5,698, % 201, ,365 1,701,087 $ CoStar Retail Statistics 2018 CoStar Group, Inc.

40 Figures at a Glance First Quarter 2018 National Total Retail Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schen. 10,923 95,994,061 2,376,390 2,380, % 110,706 70, ,236 $13.72 Albuquerque 5,779 56,377,366 2,635,366 2,672, % (76,400) 12, ,833 $14.22 Anchorage 1,151 20,114, , , % 19,616 8,244 5,100 $21.38 Asheville 2,593 31,096, , , % 44,391 12,365 8,000 $15.22 Atlanta 27, ,397,814 18,703,275 19,062, % 1,265, ,829 1,539,492 $14.34 Augusta/Rich. 3,594 37,533,487 2,720,424 2,814, % 53,649 41, ,883 $10.75 Austin 9, ,026,565 4,130,667 4,291, % 260, , ,686 $22.14 Bakersfield 2,911 31,454,318 1,868,633 1,899, % 19,383 25, ,389 $13.75 Baltimore 13, ,562,495 5,508,965 5,660, % (151,521) 67, ,290 $19.39 Baton Rouge 3,496 44,434,915 1,990,189 2,005, % (97,862) 28, ,952 $13.57 Beaumont/Por. 1,896 24,198, , , % (127,570) 18,400 44,000 $10.57 Birmingham 9, ,937,107 5,155,172 5,218, % 263,093 96, ,350 $10.13 Boise City/N. 4,195 40,780,502 1,879,788 2,013, % (10,305) 19,168 14,128 $12.70 Boston 28, ,121,543 10,110,145 10,250, % (297,204) 174,463 2,106,197 $19.17 Bremerton/Si. 1,164 13,322, , , % 95, $12.49 Broward Coun. 7, ,152,496 3,638,887 3,682, % (30,629) 170, ,055 $23.47 Brownsville/. 1,552 18,622, , , % 31,121 59,046 72,650 $13.90 Buffalo/Niag. 6,383 76,461,600 2,819,231 2,874, % 167,239 8, ,000 $11.00 Charleston W. 2,839 25,152, , , % (4,595) 0 0 $10.38 Charleston/N. 4,836 44,344,299 1,245,441 1,250, % 211, , ,582 $23.52 Charlotte 14, ,402,316 7,426,247 7,525, % 411, ,168 1,583,132 $14.27 Chattanooga 2,983 35,481,148 1,562,130 1,568, % 159,697 4, ,342 $10.66 Chicago 46, ,659,626 34,635,117 36,036, % 831, ,270 2,437,468 $15.84 Cincinnati 12, ,172,144 6,505,711 6,575, % 316,653 63, ,543 $12.13 Cleveland 20, ,169,126 11,597,058 11,856, % 312, ,916 1,446,763 $10.27 Colorado Spr. 3,612 41,540,002 2,193,287 2,270, % (145,681) 27, ,106 $13.73 Columbia 5,425 54,351,693 2,872,407 2,907, % 249, , ,251 $12.12 Columbus 9, ,282,879 4,215,081 4,283, % 259, , ,767 $12.41 Columbus GA 2,252 28,790,401 1,450,631 1,519, % 57,381 16,800 82,591 $13.87 Corpus Chris. 2,569 27,477, , , % 331, , ,468 $12.58 Dallas/Ft Wo. 31, ,373,965 20,067,722 20,531, % 625,772 1,728,627 2,981,249 $16.01 Davenport/Mo. 1,832 23,443,054 1,199,518 1,202, % (156,974) 0 87,550 $10.65 Dayton 7,028 70,678,895 3,466,848 3,507, % 369,271 20,634 77,654 $10.73 Deltona/Dayt. 3,463 34,317,091 1,552,194 1,559, % 58,251 8, ,749 $13.39 Denver 15, ,272,479 8,553,046 9,066, % 134, ,746 1,935,193 $18.12 Des Moines 2,938 39,592,086 1,039,660 1,078, % 129,986 96, ,025 $13.51 Detroit 30, ,331,788 17,185,822 17,707, % 787, ,019 1,189,962 $13.05 Duluth 2,034 18,871, , , % (918) 0 0 $14.39 East Bay/Oak. 12, ,864,381 3,825,134 3,990, % 187, , ,554 $26.09 El Paso 5,168 50,090,388 2,433,110 2,457, % (389,551) 77, ,464 $15.99 Erie 1,773 19,936, , , % 28,482 22,500 12,500 $10.87 Evansville 1,841 22,558,504 1,294,261 1,302, % (146,547) 53,709 60,480 $10.02 Fayetteville 1,997 21,667, , , % 259,831 39,092 47,832 $12.40 Fayetteville. 2,572 30,297,614 1,144,361 1,148, % 130,249 84, ,048 $13.24 Fort Smith 1,335 15,081, , , % 35, $9.43 Fort Wayne 2,284 29,757,434 1,177,049 1,177, % (75,496) 0 34,458 $10.89 Fresno 7,479 72,392,191 4,369,832 4,476, % 514,741 28, ,473 $13.50 Green Bay 2,816 34,802,435 1,374,866 1,380, % 103,461 6, ,000 $ CoStar Group, Inc. CoStar Retail Statistics 35

41 National First Quarter 2018 Figures at a Glance Total Retail Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/W. 9, ,256,095 5,063,780 5,087, % 358, , ,386 $11.82 Greenville/S. 10,037 87,533,051 3,659,200 3,820, % 186, , ,130 $11.82 Hampton Road. 8, ,831,631 4,967,119 5,085, % (85,129) 50, ,570 $14.11 Hartford 14, ,998,888 5,727,219 5,873, % (101,450) 28, ,849 $13.49 Hawaii 4,062 60,854,467 1,969,026 2,117, % (187,717) 15, ,811 $33.83 Houston 25, ,551,752 19,611,606 19,850, % 1,367,105 1,021,122 3,178,564 $17.11 Huntington/A. 2,879 26,021, , , % 50,705 9,100 10,000 $8.31 Huntsville 1,692 24,265,433 1,061,606 1,063, % 60, ,587 $14.41 Indianapolis 11, ,491,371 6,688,280 6,873, % 12, , ,453 $12.53 Inland Empir. 16, ,938,800 14,053,228 14,578, % (177,418) 253,610 1,367,420 $17.10 Jackson 3,546 43,409,932 2,126,499 2,169, % (259,318) 40, ,462 $12.30 Jacksonville. 8,234 95,119,468 3,807,055 3,944, % 367, , ,043 $13.59 Kansas City 13, ,756,689 8,340,297 8,557, % 294, , ,432 $12.77 Killeen/Temp. 2,193 20,673, , , % 78, ,593 $14.52 Kingsport/Br. 1,685 20,258, , , % 106,250 20, ,000 $7.02 Knoxville 4,636 54,109,923 2,168,266 2,262, % (314,520) 103, ,028 $13.93 Lafayette 1,396 19,086, , , % 53,552 9,300 54,526 $15.57 Las Vegas 7, ,857,037 7,507,077 8,048, % (23,997) 147, ,178 $16.80 Lexington/Fa. 2,470 31,603,018 1,455,691 1,468, % 81,179 33,243 66,630 $14.79 Lincoln 1,751 20,020, , , % 124,416 17,888 48,250 $13.52 Little Rock/. 5,477 54,064,214 2,412,506 2,474, % 244,623 73,315 67,002 $13.22 Long Island. 42, ,144,788 11,801,054 12,319, % (219,271) 185,601 3,344,433 $35.87 Los Angeles 48, ,266,353 16,720,202 17,568, % 296, ,422 1,898,429 $29.95 Louisville 7,755 83,407,859 2,734,490 2,776, % (14,860) 68, ,771 $12.29 Lubbock 2,818 27,163,188 1,022,793 1,054, % 207,369 15,000 93,421 $13.92 Madison 3,633 45,254,950 1,377,317 1,386, % 118,697 62, ,636 $13.34 McAllen/Edin. 2,660 35,861,980 1,585,363 1,700, % 188, , ,647 $18.08 Memphis 8,257 89,914,125 4,213,180 4,322, % 142, , ,330 $11.43 Miami-Dade C. 10, ,855,137 4,897,957 4,960, % 164, ,522 2,023,843 $39.16 Milwaukee 13, ,889,929 6,080,981 6,389, % 424, , ,192 $12.17 Minneapolis 16, ,242,110 6,138,340 6,343, % 29, , ,632 $14.22 Mobile 4,679 45,030,121 2,253,344 2,387, % 215, ,721 53,028 $11.92 Montgomery 2,014 26,801,240 1,826,004 1,834, % (48,272) 11,700 2,400 $8.45 Myrtle Beach. 3,167 33,115,854 1,409,629 1,456, % 7,984 9,100 66,200 $13.02 Nashville 11, ,442,850 3,849,800 4,057, % 35, , ,502 $17.11 New Orleans/. 8,237 85,313,178 2,904,702 2,986, % 405,065 69, ,590 $14.70 New York Cit. 4,468 54,266,882 2,149,860 2,232, % (42,301) 137,025 2,577,446 $ North Bay/Sa. 6,823 66,184,283 1,973,769 2,212, % 212,169 56, ,101 $24.44 Northern New. 40, ,828,142 18,619,106 18,926, % 906, ,544 3,568,287 $21.31 Ocala 1,611 19,108,135 1,078,679 1,078, % 9, ,800 $11.89 Oklahoma Cit. 9,520 94,624,091 5,573,593 5,598, % (268,743) 93, ,357 $13.51 Olympia 1,241 14,068, , , % 15, $16.98 Omaha/Counci. 5,403 62,705,323 3,368,919 3,623, % 26,082 33, ,294 $13.38 Orange Count. 10, ,873,844 5,147,364 5,377, % 274,150 3, ,077 $25.75 Orlando 12, ,980,027 7,757,983 7,854, % 237, ,280 1,263,140 $17.60 Palm Beach C. 5,097 80,145,518 3,163,505 3,182, % 6,391 47, ,828 $24.24 Pensacola 3,538 30,546, ,348 1,003, % 216,675 92,100 26,923 $12.36 Peoria 1,887 25,944,188 1,175,047 1,244, % (55,067) 0 28,692 $ CoStar Retail Statistics 2018 CoStar Group, Inc.

42 Figures at a Glance First Quarter 2018 National Total Retail Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 52, ,641,405 26,751,756 27,018, % 1,807, ,803 2,034,395 $14.97 Phoenix 14, ,540,699 16,738,586 17,259, % 827, ,885 1,206,731 $15.33 Pittsburgh 15, ,059,286 5,017,489 5,039, % 252, , ,443 $14.39 Port St Luci. 1,811 24,325,851 1,280,409 1,291, % (34,143) 28,879 86,274 $17.30 Portland 18, ,830,623 5,833,767 6,044, % 282,839 81,836 1,088,080 $17.28 Portland/Sou. 4,094 38,709,374 1,078,601 1,085, % (14,911) 7, ,800 $14.35 Providence 7,255 61,580,094 2,176,052 2,222, % (11,185) 9, ,448 $15.86 Raleigh/Durh. 8, ,023,638 3,114,796 3,179, % 336, , ,688 $17.29 Reno/Sparks 2,507 34,189,189 2,250,363 2,296, % 81,690 16,990 31,416 $13.74 Richmond VA 7,257 82,351,386 4,006,482 4,247, % (139,950) 50, ,016 $15.37 Roanoke 2,004 24,114, , , % 12, ,457 $13.25 Rochester 6,320 70,596,676 2,332,437 2,454, % 158,310 7,040 58,767 $10.72 Sacramento 9, ,882,172 7,392,178 7,645, % 126, , ,185 $16.01 Salinas 1,848 17,829, , , % (44) 0 81,920 $19.37 Salt Lake Ci. 10, ,734,522 6,214,711 6,830, % (526,784) 179, ,536 $15.27 San Antonio 13, ,691,729 4,905,225 4,966, % 193, ,571 1,040,063 $14.54 San Diego 13, ,890,902 4,817,968 5,043, % (149,493) 50, ,284 $22.56 San Francisc. 10,495 81,614,914 2,232,499 2,305, % (153,451) 97, ,373 $41.16 San Luis Obi. 1,729 15,157, , , % (11,841) 0 10,113 $21.66 Santa Barbar. 2,159 23,248, , , % (26,543) 2, ,840 $26.58 Santa Cruz/W. 1,532 11,540, , , % 7,076 4,965 18,562 $21.81 Savannah 2,764 28,631,700 1,034,444 1,040, % 84,962 13,635 85,451 $16.69 Seattle/Puge. 15, ,167,389 5,671,018 5,876, % 289,359 12, ,370 $19.93 Shreveport/B. 2,101 26,335,529 1,244,234 1,315, % 50, ,500 $11.31 South Bay/Sa. 6,752 80,582,629 3,136,571 3,250, % 176, , ,065 $32.89 South Bend/M. 3,597 37,612,068 1,397,801 1,404, % (58,397) 18,200 0 $11.48 Southwest Fl. 6,062 80,606,913 3,732,948 3,780, % (165,787) 173, ,241 $17.02 Spokane 3,674 37,451,302 1,403,328 1,453, % 206,460 40,395 0 $12.67 Springfield 2,454 28,415,827 1,023,792 1,025, % 159, ,600 18,250 $10.16 St. Louis 12, ,399,189 8,386,741 8,489, % (417,931) 38, ,309 $12.39 Stockton/Mod. 4,867 56,205,345 1,802,697 1,837, % 8, ,681 $14.59 Syracuse 6,327 73,575,385 2,437,563 2,598, % (31,719) 12,040 7,020 $10.42 Tallahassee 2,644 24,666,792 1,053,025 1,053, % (23,234) 29, ,903 $14.41 Tampa/St Pet. 20, ,368,469 11,271,654 11,470, % 102, ,544 1,801,634 $14.89 Toledo 7,655 75,482,043 3,003,387 3,045, % 152,661 75,631 14,081 $8.62 Tucson 5,378 52,955,331 2,918,326 2,978, % 262, , ,984 $15.05 Tulsa 7,358 77,013,596 3,440,310 3,548, % 13, ,549 1,158,221 $10.52 Utica/Rome 2,071 22,514, , , % 133, ,000 $10.60 Visalia/Port. 2,099 19,624, , , % (6,440) 19,489 2,695 $13.02 Washington 22, ,528,221 12,782,649 13,204, % (493,446) 171,208 2,299,885 $24.68 West Michiga. 14, ,108,189 4,862,622 5,129, % 440, , ,261 $10.39 Westchester/. 19, ,302,294 8,794,874 9,018, % 313, ,487 1,430,140 $24.03 Wichita 4,066 45,698,791 2,257,404 2,326, % 6,639 13,116 12,270 $11.50 Wilmington 3,390 28,749, , , % 140, , ,825 $15.70 Yakima 1,443 12,819, , , % 235, ,182 $11.34 Youngstown/W. 4,208 40,991,664 1,462,240 1,551, % 68,943 65,660 46,361 $9.19 Totals 1,240,789 14,073,783, ,185, ,597, % 17,526,569 17,207,880 76,785,078 $ CoStar Group, Inc. CoStar Retail Statistics 37

43 National First Quarter 2018 Figures at a Glance 38 CoStar Retail Statistics 2018 CoStar Group, Inc.

44 Figures at a Glance First Quarter 2018 National 2018 CoStar Group, Inc. CoStar Retail Statistics 39

45 National First Quarter 2018 Leasing Activity Historical Rental Rates* Based on NNN Rental Rates Power Center Specialty Center General Retail Shopping Center Mall Total Market $26.00 $24.00 Dollars/SF/Year $22.00 $20.00 $18.00 $16.00 $ q q q q q q q q q q q q 2018 * Select markets included in this historical chart - see Methodology page. Vacancy by Available Space Type Percent of All Vacant Space in Direct vs. Sublet Vacancy by Building Type Percent of All Vacant Space by Building Type 3% Shopping Center General Retail Mall Power Center 97% Specialty Center Direct Sublet 0% 10% 20% 30% 40% 50% 60% Vacancy Rate By Building Type Based Ratio of Vacant Space to Total GLA by Building Type Future Space Available Space Scheduled to be Available for Occupancy* General Retail Shopping Center 25.0 Mall Power Center Specialty Center Millions of Square 0Feet 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Millions q q q * Includes Under Construction Spaces 40 CoStar Retail Statistics 2018 CoStar Group, Inc.

46 Leasing Activity First Quarter 2018 National Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2018 Building Market SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 SW Q Lake Cook & Waukegan Chicago 135,855 1st The Dump Arcore Real Estate Group Mid-America Real Estate Corp S Lindbergh Blvd St. Louis 120,000 1st Lifetime Athletic N/A Direct Deal Summit Dr Detroit 110,000 1st Tommy s Friedman Integrated Real Estate Sol Friedman Integrated Real Estate Sol E Fairview Ave Boise City/Nampa 109,783 1st Albertson s Market St N/A N/A Broadhollow Rd Long Island (New York) 80,000 1st Floor & Decor Katz & Associates Corporation N/A Figueroa St Los Angeles 78,705 1st Floor & Decor N/A Levy & Co. 7 Macy s Seattle/Puget Sound 77,500 1st Floor & Decor N/A First American Properties Westport Rd Louisville 77,146 1st Kagen Water N/A The McMahan Group rd St Chicago 65,613 1st Amita Health N/A Mid-America Real Estate Corp S Mason Rd Houston 62,189 1st Yi Ci Mart Notus Group LLC Texas Midland Realty 11 Cudahy Plaza Los Angeles 62,068 1st Chuze Fitness N/A Brixmor Property Group 12 Westeld Village Shopping Center Denver 61,680 1st Hobby Lobby N/A SullivanHayes Brokerage Figueroa St Los Angeles 61,215 1st John s Incredible Pizza Co. N/A Levy & Co College Blvd San Diego 58,646 1st Hobby Lobby N/A Cushman & Wakeeld 15 Brook Run Shopping Center Richmond VA 58,473 1st Big Apple World Foods Market N/A Wheeler Real Estate Investment Cottonwood Dr Denver 57,359 1st Gander Outdoors N/A Newmark Knight Frank SHAW Rd Seattle/Puget Sound 56,352 1st Safeway N/A PMF Investments LLC Tuskawilla Rd Orlando 55,821 1st Bells N/A Southern Management and Iris Dr SE Atlanta 55,000 1st Hobby Lobby N/A Tri-Land Holdings, Inc. 20 The City Market - Tyler Blvd Cleveland 54,935 1st Giant Eagle Goodman Real Estate Services Goodman Real Estate Services 21 Hudson Rd - Alamo Drafthouse Cinema Minneapolis 52,275 1st Alamo Cinema Direct Deal Direct Deal Independence Plz Long Island (New York) 52,250 1st Target N/A Kimco Realty Corporation N Clark St* Chicago 50,779 1st LA Fitness N/A N/A Auburn Blvd Sacramento 50,000 1st Studio Movie Grill N/A CBRE 25 Shopper s Fair Plaza* Westchester/So Connecticut 50,000 1st Fallas N/A Charter Realty & Devmnt Corp 26 College Park Center Dallas/Ft Worth 47,290 1st Orsheln Farm & Ranch N/A Woodcrest Capital LLC W 57th St 47,000 1st TJ Maxx RIPCO Real Estate Cushman & Wakeeld Main St Boston 46,000 1st Our Town Publishing N/A N/A 29 The Market Common Bld R-3 Myrtle Beach/Conway 43,765 1st 810 Billiards & Bowling N/A JLL Carson St Los Angeles 43,130 1st 24 Hour Fitness N/A Coreland Companies Grossman Dr Boston 42,973 1st Hobby Lobby N/A Atlantic Retail W North Ave Chicago 42,964 1st Sam s Beauty Supply Escalona Real Estate LLC CBRE 33 Bi-Lo Shopping Center Fayetteville 42,315 1st Surge Trampoline Park N/A Divaris Real Estate, Inc. 34 Town And Country Plaza Tampa/St Petersburg 41,730 1st Big Lots N/A Gator Investments Jamboree Rd Orange County (California) 41,000 1st World Plus Consignment N/A The Irvine Company Retail S Parker Rd Denver 40,674 1st Burlington Coat Factory N/A N/A E Imperial Hwy Orange County (California) 40,536 1st Bob s Discount Furniture N/A CBRE Parkway N* Hartford 40,000 1st Bob s Stores N/A Charter Realty & Devmnt Corp 39 Westgate West South Bay/San Jose 40,000 1st 24 Hour Fitness N/A Cushman & Wakeeld 40 Spring Rock Green Richmond VA 40,000 1st Conn s HomePlus Cushman & Wakeeld Thalhimer Cushman & Wakeeld Thalhimer * Renewal 2018 CoStar Group, Inc. CoStar Retail Statistics 41

47 National First Quarter 2018 Sales Activity The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 6.9% Cap Rate Price/SF $ % 6.7% $540 Cap Rate Percentage 6.6% 6.5% 6.4% 6.3% 6.2% $490 $440 $390 Dollars/SF 6.1% 6.0% $340 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales From Jan Dec $10,000 Sales Volume Price/SF $250 Bldg Size # RBA $ Volume Price/SF Cap Rate $9,000 < 25,000 SF 9,466 72,806,279 $23,967,163,530 $ % Millions of Sales Volume Dollars $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $200 $150 $100 $50 Price/SF 25K-99K SF 100K-249K SF 1,341 64,484,570 $10,404,876,879 $ % ,299,463 $7,570,148,454 $ % $1,000 $0 $0 >250K SF 86 38,179,122 $4,794,372,900 $ % Source: CoStar COMPS Source: CoStar COMPS Historical Price/SF Average Based on Retail Building Sales of 15,000 SF and Larger Historical Cap Rate Average Based on Retail Building Sales of 15,000 SF and Larger $ % $ % Dollars per SF $180 $170 $160 $150 Cap Rate Percentage 7.5% 7.3% 7.1% 6.9% $ % $ % Source: CoStar COMPS Source: CoStar COMPS 42 CoStar Retail Statistics 2018 CoStar Group, Inc.

48 First Quarter 2018 National 2018 CoStar Group, Inc. CoStar Retail Statistics 43 Sales Activity