MARKET WATCH. Market Highlights Office Total Inventory 356,962,777 Total Vacancy Rate 14% Select Sitar Transactions 4Q Economic Indicators

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1 MARKET WATCH Fourth Quarter 2014 Market Highlights Office Total Inventory 356,962,777 Total Vacancy Rate 14% Average Rate $23.84 PSF YTD Net Absorption 3,466,331 SF Industrial Total Inventory 805,369,476 SF Total Vacancy Rate 8.1% Average Rate $6.04 PSF YTD Net Absorption 9,049,928 SF Retail Total Inventory 361,289,429 SF Total Vacancy Rate 5.6% Average Rate $19.94 PSF YTD Net Absorption 2,775,899 SF Economic Indicators Unemployment Rate National 5.60% New Jersey 6.20% Median Existing Home Price National $209,500 Consumer Confidence Index 92.60% 10 Year Treasury Yield 2.17% WTI Crude Oil Price $53.54 Q/Q Q/Q The Northern New Jersey Office and Retail markets continue to show signs of improvement The Northern New Jersey office market ended with an overall vacancy rate of 14% which was relatively flat when compared to the third quarter. On average Class A buildings experienced higher vacancy rates, coming in closer to 16.5% while class B and class C were at 14.3% and 8.6% respectively. Average overall rental rates increased from $23.59 per square foot to $23.84 per square foot. There was a total of seven buildings that were brought to the market totaling 1,002,581 square feet with over 1,125,000 square feet under construction. Some of the larger transactions included Prudential s lease renewal of close to 300,000 square feet at Two and Three Gateway Center in Newark and JP Morgan Chase leasing 226,249 square feet at 30 Hudson Street. Also, notable was AT&T vacating 340 Mount Kemble Avenue in Morristown. The Northern New Jersey retail market ended with a vacancy rate of 5.6%, which was a slight improvement over the third quarter. Average rental rates remained relatively stable at $19.94 verse $19.96 for the third quarter. There were eleven buildings completed in the fourth quarter totaling 241,770 square feet with over 5,000,000 square feet under construction. Some of the more notable transactions of 2014 include Walmart signing a lease for 156,000 square feet at The Court of Hamilton and Bass Pro Shops signing a lease for over 107,000 square feet. Select Sitar Transactions 4Q ,027 SF of industrial space at 112 Melrich Road, South Brunswick from PPF Industrial to Kellogg s. Gregg Nowell represented the tenant. 14,700 sq. ft. retail building at 1901 Route 35, Wall from Brick Realty, LLC to 1901 Route 35 Wall, LLC. Douglas Sitar and Robert JanTausch represented both the seller and the purchaser. Three leases of retail space at 5313 Route 9 North, Howell from AAM Mills LLC to T-Mobile, Haircuttery, and Firehouse Subs. Giorgio Vasilis represented both the landlord and the tenant for Haircuttery and Firehouse Subs, and the landlord for T-Mobile. REAL ESTATE

2 Large Blocks of Absorption Fourth Quarter 2014 Office Charles Kamar & Sons, Inc. 159,141 SF Blackrock Financial Management 67,531 SF Avaya, Inc. 61,676 SF Industrial SHI International Corp. 305,751 SF Falken Tire 219,000 SF Moulton Fulfillment 172,249 SF Retail Walmart 156,000 SF Norstorm Rack 35,250 SF Foodtown 25,250 SF 90 Hudson Street, Jersey City 1 University Square Drive, Princeton 211 Mount Airy Road, Basking Ridge South Washington Park, Piscataway 1 Montgomery Way, Robbinsville 200 Docks Corner Road, South Brunswick 1702 Nottingham Way, Hamilton 231 State Route 35, Eatontown Glenwood Village, Bloomfield FEATURED LISTINGS OFFICE Office Building For Sale or Lease 2121 Route 22 - Bridgewater, NJ RETAIL The Crossroads at Eatontown Route 35 And Route 36 - Eatontown, NJ INDUSTRIAL 10 Acre Industrial Property For sale or lease 117 Harrison Avenue - Roseland, NJ Please contact: Office: Gregg Nowell Cell: Doug Sitar Cell: Please contact: Office: Trista Ricciardelli Cell: Helena Loelius Cell: Please contact: Office: Joe Allegro Cell: Michael Mitschele Cell:

3 Office: Quoted Rates by Submarket Office: Vacancy Rates by Submarket

4 Industrial: Quoted Rates by Submarket Industrial: Vacancy Rates by Submarket

5 Retail: Quoted Rates by Submarket Retail: Vacancy Rates by Submarket

6 About Sitar Realty Company One of the greatest strengths of the Sitar Realty Company is our ability to offer experience and expertise in all forms of real estate brokerage. Among our specialties are office and industrial leasing and sales, property disposition, consulting for acquisitions, investments, joint ventures and asset management. We are active in tenant representation as well as owner representation for exclusive agencies. Our intimate knowledge of the New Jersey real estate market has often meant a shorter lease-up period for exclusive properties. Most of our brokerage activity takes place in the New Jersey and New York metropolitan area and Pennsylvania. Yet, our repeated success with corporations seeking space in other states has assured these firms of the Sitar Realty Company s strong brokerage network throughout the country. Time is critical in today s market. Whether the requirement is 2,000 or 800,000 square feet, Sitar Realty Company s personnel utilize the resources available to fulfill the requirement thoroughly and professionally. From site selection through data analysis, advice, negotiation, and closing, Sitar Realty Company offers a turnkey solution to each transaction. Our goal is to provide the vital services our clients need and expect in an expeditious and comprehensive manner. Sitar Realty Company Services Commercial Brokerage Leasing and Sales Investment Services Property Tax Consulting & Appeals Property Management Services Rent Receiver Services Award-Winning Research Consulting and Advisory IRA Real Estate Residential Division Sitar Realty Company Locations Sitar Realty Company specializes in servicing all real estate markets in New Jersey. The Company is headquartered in Middlesex County, New Jersey with two additional offices located in Monmouth County, New Jersey Oak Tree Road - Iselin, NJ Tel: Fax: Washington Boulevard - Sea Girt, NJ Tel: Fax: Lake Avenue - Asbury Park, NJ Tel: Fax: TCN Worldwide TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. With approximately $20.7 billion in annual transactions and over 80 million square feet of space under management, TCN Worldwide ranks as one of the largest service providers in the industry. Across all property types and service groups, TCN Worldwide s 1,200+ brokers and salespeople have a well-earned reputation for independent thinking and cooperative problem solving in more than 200 markets worldwide. The data collected herein has been derived from Dept. of Labor, Dept. of Commerce, The Federal Reserve, CoStar, Sitar Realty Company, U.S. Census Bureau of Labor Statistics, Port Authority of NY & NJ and NJEDA. Data may not reflect what was previously reported due to new information coming available. The information gathered is deemed reliable, but no warranty or representations are made as to the accuracy thereof and is submitted subject to any errors or omissions. The ideas and opinions expressed in this market report reflect the views of Sitar Realty Company.