Vacancy Rates Hit All-Time Low in Northern Nevada

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1 Research & Forecast Report RENO INDUSTRIAL Q Vacancy Rates Hit All-Time Low in Northern Nevada > > Vacancy is at an all-time low for the market at 4.86% > > A strong quarter for gross and net absorption at 1,781,433 and 1,072,965 > > Continued activity from tenants Vacancy Vacancy has hit a record low in the Reno/Sparks market. While all ships have truly risen with the tide, some submarkets are faring better than others on this statistic. West Reno, which is somewhat incongruent in nature and the smallest submarket stands at 0.64 percent vacant. The North Valleys submarket, which has seen a strong majority of the speculative construction through this cycle, currently sits at 3.47 percent vacancy pending new construction arrivals in the near future. The South Reno submarket remains healthy at 3.53 percent vacancy, with a majority of that number in one building. Sparks is also performing well at 4.12 percent and continues to have an array of different sized options available. The Airport submarket has had a handful Market Indicators Unemployment Rate Nevada Market Indicators Relative to prior period Q Q4 2018* Vacancy 4.5% Completions Rental Rate *Projected 10-Year Nominal Interest Rate 3.09 National Consumer Confidence Summary Statistics Historical Vacancy Rates and Asking Lease Rates Q Reno Market Previous Current Vacancy Rate 5.22% 4.86% Asking Rent (P) $0.40 $0.40 () 135,982 1,072,965 Overall Asking Rents Per Square Foot Previous Current Warehouse $0.36 $0.36 Vacancy Rate Asking Rental Rate As vacancy decreases in high demand size ranges, rental rates are slowly starting to increase. Distribution $0.37 $0.37 Flex $0.68 $0.68

2 of complicated vacancies that keeps it sitting a little higher at 6.54 percent. Lastly, the East Reno submarket, comprised of Tahoe Reno Industrial Center and Fernley, has the biggest share of the vacancy at 7.77 percent tied up in a handful of big box options. Historical vs. New Completions Fortunately (or unfortunately), we expect that user interest will continue tightening the market for some time. While there is a handful of new construction projects, most user s options will continue to diminish. Rents Rents have been on a steady rise over the past twenty-four months as demand has outpaced supply. Construction costs have overwhelmed construction of small to mid-range size product, resulting in construction of mainly large, high cube, big box distribution facilities. New Completions Gross and Both gross and net absorption were very healthy this quarter. With only one new construction project coming online as a leased building, the market finally realized strong net absorption for Gross absorption and general tenant demand continues to be strong. Historical Gross Absorption vs. Construction Panattoni delivered a leased asset to the market this quarter. After starting the project speculatively, they signed S&S Activewear for 802,000 square feet in Building D of their North Valley Commerce Center. While there will be a couple more deliveries this year and a handful slated for next year, it does genuinely feel like the pipeline may be slowing slightly, which could put additional pressure on prospective tenants. Land pricing and construction pricing continues to rise. Thankfully for developers, rental rates are following suit. That said, it is a tight game and there are becoming fewer decent land options. Construction Construction costs continue to increase, making it difficult for developers to underwrite new construction. Fully entitled land parcels with manageable development costs seem to be few and far between. The few are trying to push pricing, but developers can only stomach so many costs before they throw their hands up. The City of Reno seems to be throwing their own curve balls in North Valleys. Some of the biggest concerns on their agenda include mitigating storm water runoff, keeping a close eye on inbound effluent into their sewer system, and issues related to rapid growth in this particular submarket. Gross Absorption Historical Vacancy 2 Reno Research & Forecast Report Q Industrial Colliers International

3 Significant Sale Activity Map 395 NORTH VALLEYS 2530 Sutro Street 22,010 - $1,100,000 $49.98 P 1555 Crane Way SPARKS 48,000 - $3,000,000 $62.50 P CENTRAL/WEST RENO AIRPORT I-80 EAST CORRIDOR 155 Glendale Avenue 56,188 - $5,900,000 $ P 1200 Freeport Boulevard 14,000 - $1,820,000 $ P SOUTH RENO Mill Street 16,676 - $1,860,000 $ P Q Significant Lease Activity PROPERTY ADDRESS SIZE TENANT TYPE 9550 North Virginia Street 802,113 S & S Activewear Distribution 2555 USA Parkway 100,000 Zulily Distribution 8040 North Virginia Street 99,640 Smartwarehousing Distribution 6650 Echo Avenue 97,500 Trademark Global Distribution 860 East Glendale Avenue 90,992 Store Supply Warehouse Distribution 3 Reno Research & Forecast Report Q Industrial Colliers International

4 Market Comparisons - Reno INDUSTRIAL MARKET TYPE BLDG INVENTORY DIRECT VACANT DIRECT VACANCY SUBLEASE VACANT SUB VACANCY VACANT VACANCY NET ABSORPTION CURRENT QTR NET ABSORPTION YTD COMPLETIONS UNDER CONSTRUCTION ASKING RENT AIRPORT SUBMARKET Total 141 8,958, , % 126, % 585, % (146,190) (266,371) - - $0.39 CENTRAL & WEST RENO Total 465 1,727,477 11, % - 0.0% 11, % (11,064) 213, $0.43 NORTH VALLEYS Total ,458, , % - 0.0% 675, % 1,007, , , ,368 $0.36 SOUTH RENO Total 166 9,774, , % 114, % 345, % (8,413) 173, $0.42 SPARKS Total ,716,251 1,186, % 15, % 1,201, % 288, , $0.39 I-80 EAST CORRIDOR Total ,713, , % 1,004, % 1,376, % (57,859) (340,097) - 630,240 $0.35 MARKET 1,374 86,348,113 2,935, % 1,260, % 4,196, % 1,072,965 1,483, ,113 1,066,608 $0.40 QUARTERLY COMPARISON AND S Q3-18 1,374 86,348,113 2,935, % 1,260, % 4,196, % 1,072,965 1,483, ,113 1,066,608 $0.40 Q2-18 1,373 85,546,000 3,206, % 1,260, % 4,467, % 135, ,569-1,868,721 $0.40 Q1-18 1,373 85,546,000 3,720, % 882, % 4,603, % 274, , ,493 1,868,721 $0.39 Q4-17 1,372 85,371,507 3,677, % 1,025, % 4,703, % 1,264,402 3,714, ,957 - $0.39 Q3-17 1,370 84,818,550 4,383, % 1,031, % 5,414, % 1,665,230 2,450,027 1,587, ,000 $ Construction Activity DEVELOPER SITE TENANT SQUARE FEET LOCATION DELIVERY TYPE Dermody Properties Logisticenter I-80 Building 4 Vacant 208,000 West Reno Q Spec Dermody Properties Logisticenter I-80 Building 3 Vacant 183,750 West Reno Q Spec Scannell Properties Mustang Industrial Park Lowes 564,000 East Sparks Q BTS Panattoni Longley Commerce Center Vacant 270,975 South Reno Q Spec Conco 245 E. Sydney Drive Vacant 630,240 TRIC Q Spec Dermody Properties LogistiCenter at 395 Phase II Bldg 2 Vacant 436,368 North Valleys Q Spec Panattoni North Valleys Commerce Center Phase II Vacant 802,113 North Valleys Q Spec McKenzie Properties 843 Trademark Drive Elite Spice 174,000 South Reno Q BTS - Garlock Expansion Garlock Printing 74,000 West Reno Q BTS Q&D Spanish Springs Walkenhorst 75,000 Spanish Springs Q BTS Q&D Spanish Springs Clausen Coatings 125,000 Spanish Springs Q BTS Panattoni North Valleys Commerce Center Building C Trademark Global 353,000 North Valleys Q Spec Prologis Sage Point 5 NBF/ Turn ,500 North Valleys Q Spec Dermody Properties Logisticenter I-80 Building 2 Masonite 182,000 West Reno Q Spec Dermody Properties Logisticenter I-80 Building 1 Patagonia 221,000 West Reno Q Spec Montane / Tesla Tesla Building 4 Tesla Motors 30,000 TRIC Q BTS F&P / Tesla Tesla Building 2 Tesla Motors 1,000,000 TRIC Q BTS McKenzie Properties Golden Valley Fulfillment Center ID Tech Camps 61,875 North Valleys Q Spec McKenzie Properties Golden Valley Fulfillment Center Vacant 84,996 North Valleys Q Spec 4 Reno Research & Forecast Report Q Industrial Colliers International

5 69 countries $2.7 billion in annual revenue* 2.0 billion square feet under management 15,400 professionals and staff $2.7 billion in annual revenue* COLLIERS INTERNATIONAL RENO 5520 Kietzke Lane Suite 300 Reno, Nevada USA MARKET CONTACTS: Melissa Molyneaux, SIOR, CCIM Executive Managing Director & Senior Vice President Reno Fay O Neil Research Analyst CONTRIBUTING AUTHORS: Greg Shutt, SIOR, Vice President Reno Chris Fairchild, SIOR, CCIM, Vice President Reno *All statistics are for 2017, are in U.S. dollars and include affiliates About Colliers International Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world s most respected institutional real estate investors. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row. Colliers is led by an experienced leadership team with a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years. Colliers.com/reno Copyright 2018 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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