Office Market Heats Up as Temperatures Cool

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1 Research & Forecast Report RENO OFFICE Q Office Market Heats Up as Temperatures Cool >>Vacancy decreased to 11.8% >>Positive net absorption of 36,041 square feet >>Construction is imminent with limited inventory The office market in Reno continues to tighten with the third quarter posting a positive absorption of 36,041 square feet, rounding out the year-to-date positive absorption at 77,048 square feet. The vacancy rate continues to decline quarter over quarter from 12.3 percent to 11.8 percent, making it the lowest the market has seen post-recession. Construction continues in the Meadowood submarket with McKenzie Properties new office building well underway, along with two other medical office buildings going vertical. We anticipate Charles Schwab will kick off the office construction at Rancharrah with their new building that they will occupy, in addition to having available space. Momentum continued into the third quarter and is anticipated to continue through the end of the year, evident by transactions that are scheduled to pencil in the fourth quarter. Several deals have already been announced, including a 29,490 square foot lease at 885 Trademark Drive to PODS for their contact center. Asking rents held steady this quarter at $1.65 per square foot per month full service; however, with vacancy continuing to decrease it is likely that we will see rents rise. Historical Vacancy Rates and Asking Lease Rates Market Indicators Unemployment Rate Northern Nevada 10-Year Nominal Interest Rate % National Consumer Confidence Market Indicators Relative to prior period Q Q4 2017* Previous Quarter Current Quarter Vacancy Rate 12.3% 11.8% Asking Rent (PSF, FS*) $1.65 $1.65 Net Absorption (SF) 51,475 36, Previous Quarter Current Quarter Class A $1.84 $1.84 Class B $1.71 $1.69 Class C $1.39 $1.41 Vacancy Net Absorption Completions Rental Rate *Projected Summary Statistics Q Reno Market New Completions (SF) Overall Asking Rents Per Square Foot (FS*) Despite vacancy decreasing, overall asking rental rates remain flat. It is important to note that due to a change in reporting standards, variations in the total building base during the first quarter 2017 are not reflective of actual changes in the market. *Full Service (FS)

2 Absorption & Vacancy The Meadowood Submarket continues to tighten as 6140 Plumas Street, which had 21,866 square feet of vacant space, was sold and will be occupied by Ormat Technologies. The sale removed the vacancy and pushed the overall vacancy rate from 11.0 percent to 10.2 percent. In addition to Ormat occupying the entire 26,800 square foot building, the 5,000 square foot law firm, Silverman Kattelman Springgate Chtd, will be relocating so the actual impact on the market is a net 26,866 square feet of positive absorption. As the available options get absorbed, it is extremely constricting for clients to find property options in the Meadowood submarket. Most viable options have multiple offers or are in the final stages of contract, therefore the market anticipates vacancy to continue to decline in this submarket and another influx of positive absorption in the fourth quarter based on in-process deals. This will impact other submarkets as tenants turn to those with available options, most notably South Meadows. South Meadows also remained a top submarket with a dramatic decrease in vacancy from 12.5 percent to 9.8 percent and a positive net absorption of 16,030 square feet. Some significant transactions that did occur this quarter included 730 Sandhill Road, which had two suites that were vacant for some time but finally leased in the third quarter by Tectonics Design Group (who will occupy 5,200 square feet) and Dolce Vita Spa (who will occupy 3,000 square feet). Unfortunately, Apex Performance Solutions announced they are vacating 10,140 square feet. We also anticipate Doctors XL at Professional Circle will downsize in the fourth quarter as their space is currently being marketed. However, Lumos & Associates expanded at 9222 Prototype Drive by 4,000 square feet and now occupy a majority of the building. Finally, Lighthouse Real Estate Solutions will be relocating from Downtown to occupy 8,200 square feet at 9790 Gateway Drive and EP Minerals LLC leased 5,136 square feet at 595 Double Eagle Court. The Downtown submarket continues to remain strong by posting positive net absorption and decreasing the vacancy rate from 12.6 percent to 12.2 percent. With limited space available Downtown and its proximity to plenty of amenities, the asking rate remains one of the highest at $1.83 per square foot per month full service. In the Airport and Central Reno submarket, AT&T announced they will downsize from 82,934 square feet to approximately 20,000 square feet at 645 E Plumb Lane, however this will not hit as vacancy until their lease expires in the fourth quarter of Based on the lack of inventory for large blocks of space, Colliers anticipates the space will be back-filled prior to lease expiration. The building is owned by Majestic Asset Company who is a hands-on owner and has already started building improvements. The building has historically been a single tenant building but the owner is willing to convert to a multitenant option. Historical Net Absorption vs. Completions* Net Absorption New Completions Leasing Rates by Submarket* Total Vacancy vs Direct and Sublease Vacancy* Direct Vacancy Sublease Vacancy Total Vacancy *Due to a change in reporting standards, variations in the total building base during the first quarter 2017 are not reflective of actual changes in the market. 2 Reno Research & Forecast Report Q Office Colliers International

3 Sales The US Bank Centre at 5190 Neil Road hit the market for sale, which is well positioned in the strong performing Meadowood submarket. It is a great value-add opportunity with a 57.0 percent occupancy rate. As mentioned earlier, the vacancy in Class A space in the Meadowood submarket is extremely low and with this property providing high occupancy, once the property is back-filled, it should bring the vacancy in the submarket to historic lows, allowing developers to start construction. Significant Sale Activity 85 Keystone Avenue 13,778 sf - $1,072,500 $77.84 psf Sale Date: 8/15/17 Sold To: Silverhorn Properties Type: Investment Construction Construction is picking up in the office market with the new 40,000 square foot office building being developed by McKenzie Properties at 5520 Kietzke Lane. It is well underway with the sight of cranes and dirt moving, giving the office market something it has not seen in a long time. The building is anticipated to be completed in early There are also a number of medical office buildings under construction in the area, including a urology building next to the new McKenzie Properties building on Kietzke Lane, South of the Neil Road roundabout and an oncology building in Tanamera s Office Park on Longley Lane and Reno Corporate Boulevard. In addition, Charles Schwab acquired a parcel of land within Rancharrah and will be constructing an office building in the near future. 333 Holcomb Avenue 14,017 sf - $2,500,000 $ psf Sale Date: 9/6/17 Sold To: 333 Holcomb Investors Type: Investment 6140 Plumas Street 21,866 sf - $2,906,000 $ psf Sale Date: 9/29/17 Sold To: FUCHS Investments Type: Owner-User 3 Reno Research & Forecast Report Q Office Colliers International

4 395 Significant Sale Activity DOWNTOWN SPARKS 85 Keystone Avenue Reno, NV ,778 SF - $1,072,500 $77.84 PSF 80 WEST RENO CENTRAL/ AIRPORT The 80 Holcomb Professional Center 333 Holcomb Avenue Reno, NV ,017 SF - $2,500,000 $ PSF 6140 Plumas Street Reno, NV ,866 SF - $2,906,000 $ PSF MEADOWOOD SOUTH RENO 395 Significant Lease Activity PROPERTY ADDRESS SIZE TENANT TYPE Virginia Lake Crossing 2195 S Virginia Street 12,500 Reno Land Development (Park Lane Sales Office) New 9790 Gateway Drive 8,241 Lighthouse Real Estate Solutions New 5588 Longley Lane 6,018 DR Horton, Inc New Magnolia Double R 730 Sandhill Road 5,260 Tectonics Design Group New Quail Corners South 689 Sierra Rose Drive 5,224 Nevada Vein and Vascular New 595 Double Eagle Court 5,136 EP Minerals LLC New 4 Reno Research & Forecast Report Q Office Colliers International

5 Market Comparisons - Reno Office Market CLASS BLDGS RBA DIRECT VACANT SF DIRECT SUBLEASE VACANT SF SUBLEASE VACANT SF PRIOR QUARTER NET ABSORPTION CURRENT QTR SF NET ABSORPTION YTD SF COMPLETIONS CURRENT QTR SF UNDER CONSTRUCTION SF AVG ASKING RENTAL DOWNTOWN SUBMARKET A 4 540,478 67, % 3, % 71, % 14.1% -1,542 34, $1.98 B ,765 54, % - 0.0% 54, % 19.3% 8,198 13, $1.83 C ,265 32, % - 0.0% 32, % 4.5% - (8,859) - - $1.68 Total 31 1,300, , % 3, % 159, % 13.9% 6,656 38, $1.83 SOUTH MEADOWS SUBMARKET A 36 1,224, , % 5, % 133, % 15.1% 10,029 48, $1.77 B 9 252,410 10, % - 0.0% 10, % 4.2% 6,001 1, $1.70 C % Total 45 1,476, , % 5, % 144, % 12.5% 16,030 50, $1.74 MEADOWOOD SUBMARKET A 44 1,888, , % 15, % 168, % 11.1% (3,118) (21,046) - - $1.86 B ,735 70, % - 0.0% 70, % 24.6% 20,964 30, $1.43 C % Total 63 2,337, , % 15, % 238, % 13.8% 17,846 9, $1.64 CENTRAL/AIRPORT SUBMARKET A 3 106,933 20, % - 0.0% 20, % 10.3% 9,463 1, $1.45 B , , % 14, % 139, % 18.1% -80,215-86, $1.50 C , , % - 0.0% 133, % 17.7% (6,924) (8,940) - - $1.15 Total 66 1,871, , % 14, % 293, % 17.6% -77,676 (93,967) - - $1.37 SPARKS SUBMARKET A 1 32, % % 0.0% B 2 32, % - 0.0% - 0.0% 0.0% C 1 14,432 3, % - 0.0% 3, % 32.7% -2,596 (2,596) - - $0.85 Total 4 79,932 3, % - 0.0% 3, % 10.0% -2,596 (2,596) - - $0.85 WEST RENO SUBMARKET A % B 3 43, % - 0.0% - 0.0% 0.0% C 6 91,975 11, % - 0.0% 11, % 29.1% 4,914 4, $1.45 Total 9 135,077 11, % - 0.0% 11, % 19.2% 4,914 4, $1.45 Office Market Totals DOWNTOWN A 4 540,478 67, % 3, % 71, % 14.1% -6,452 29, $1.98 B ,765 54, % - 0.0% 54, % 19.3% 10,630 15, $1.83 C ,265 32, % - 0.0% 32, % 4.5% 184 (8,675) - - $1.68 Total 31 1,300, , % 3, % 159, % 13.9% 4,362 36, $1.83 SUBURBAN A 84 3,252, , % 21, % 323, % 12.6% 10,569 22, $1.69 B 62 1,772, , % 14, % 220, % 16.7% 26,823 26, $1.54 C , , % - 0.0% 148, % 19.2% (5,713) (8,233) - - $1.15 Total 187 5,901, , % 36, % 691, % 14.8% 31,679 40, $1.46 OVERALL MARKET A 88 3,792, , % 25, % 394, % 12.8% 4,117 52, $1.84 B 78 2,341, , % 14, % 274, % 17.3% 37,453 41, $1.69 C 52 1,068, , % - 0.0% 181, % 15.4% (5,529) (16,908) - - $1.41 Total 218 7,202, , % 39, % 850, % 12.3% 36,041 77, $1.65 QUARTERLY COMPARISON AND S Q ,202, , % 39, % 850, % 12.3% 36,041 77, $1.65 Q ,198, , % 31, % 886, % 13.1% 51,475 41, $1.65 *Q ,188, , % 54, % 938, % 14.7% (10,468) (10,468) 15,316 - $1.61 Q ,026, , % 65, % 1,030, % 14.5% 10,097 69, $1.44 *Due to a change in reporting standards, variations in the total building base during the first quarter 2017 are not reflective of actual changes in the market Source: NSDC 5 Reno Research & Forecast Report Q Office Colliers International

6 396 offices in 68 countries on 6 continents United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 36 EMEA: 111 ANZ: 43 COLLIERS INTERNATIONAL RENO 100 West Liberty Street Suite 740 Reno, Nevada USA MARKET CONTACTS: Melissa Molyneaux, SIOR, CCIM Executive Managing Director & Senior Vice President Reno Fay O Neil Research Analyst $2.6 billion in annual revenue* 2.0 billion square feet under management 15,000 professionals and staff *All statistics are for 2016 and include affiliates About Colliers International Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that helps clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row. For the latest news from Colliers, visit Colliers.com or follow us on Twitter and LinkedIn. colliers.com/reno Copyright 2017 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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