Market Report. Washington, DC 3rd Quarter cushmanwakefield.com

Market Report Washington, DC 3rd Quarter 2016 cushmanwakefield.com

Contents DC Metropolitan Area Overview...3 Washington, DC & Map...4-6 Core (CBD/East End)...7-8 Non-Core...9 West End/Georgetown...10 Capitol Hill/NoMa...11 Southwest/Capitol Riverfront...12 Appendix...13 Tables...13-22 Methodology & Definitions...23 About Cushman & Wakefield...24 Cushman & Wakefield 2

Washington, DC Metropolitan Area We have the jobs...now where is the Absorption? The Washington, DC metropolitan region s (DC Metro) economy continued to register a staggering level of job growth through the third quarter of 2016. As of September 2016, year-over-year employment growth remained well above historical averages, with the DC Metro economy creating 85,200 net new nonfarm payrolls. That is the fourth highest job creation figure in the nation after the New York, Dallas and Los Angeles metropolitan regions. On a year-over-year percentage basis, job growth in the DC Metro area is growing faster than in the New York, Los Angeles, Chicago, San Francisco and Boston metropolitan regions. Moreover, officeusing employment has continued to expand, with over 35,000 jobs created in office-using sectors since September of 2015, a level only slightly below the typical combined annual office and nonoffice-using job creation figures in the Washington, DC region. Indeed, one has to look back to mid-2010, prior to the time when devastating effects of sequestration took hold in the region, to find similar levels of office-using job creation. As has been the case throughout 2016, Professional and Business Services employment is leading job growth among all industry sectors, with 29,000 jobs added to payrolls from September 2015 to September 2016. In addition, positive job growth the likes of which the region hasn t seen since early 2011 has been particularly evident in the federal government sector which added nearly 6,400 new payrolls from September 2015 to September 2016. While the narrative about job growth as well as the midterm forecast for continued strong employment growth is compelling, the headline may be that office market statistics are mixed. On the one hand, vacancy appears to have peaked and is slowly declining in the Washington, DC metro jurisdictions: the District of Columbia, Northern Virginia, and Suburban Maryland. Regionally, vacancy was 17.8% at the end of the third quarter of 2016, down ever so slightly from 17.9 % a year ago. But absorption is facing challenges. Current space requirements per each job created in the Washington, DC metro office market are much less than in previous cycles, and that is having an impact on absorption levels. From 2002 to 2008, an average 270 square feet (SF) of office space was absorbed for every office job created regionally; from 2009 through 2016, that figure declined to 60 SF. Furthermore, the contentious election season seems to have put a damper on new leasing activity. Tenants have taken a wait and see approach before executing new leases; that has resulted in activity falling regionally to a year-to-date total of 9.4 million square feet () below the 10-year average of 11.2 typically registered in the first three quarters of a year. The good news is that there are some signs that the pendulum is swinging back from the extreme efficiency demands that caused absorption to shrink in recent quarters, particularly in newer, highquality product in amenitized, transit-served locations. In the urban core markets, two large law firms Venable LLP and Arnold & Porter both exercised expansion rights shortly after or in advance of occupying their newly constructed spaces. There is also evidence that federal contractors are behaving similarly in suburban markets: CSC has opted for another floor at 1775 Tysons Boulevard, adding an additional 30,000 SF to its new Americas headquarters. With continued growth in the economy, the improving (albeit slowly) market conditions continue to keep investors bullish on the outlook for the DC Metro region. Office sales activity surged in the third quarter of 2016 by $2.1 billion, bringing the year-to-date total to $4.9 billion. As has been the case throughout 2016, the core downtown assets that brought downtown pricing to historic highs in 2014 and 2015 remain scarce as longer term holders are keeping these projects off the market. In turn, overall sales volume has declined, with more suburban and value-add projects in the pipeline for sale. WASHINGTON, DC METRO Economic Indicators Q3 15 Q3 16 DC Metro Employment 3.18M 3.26M DC Metro Unemployment 4.3% 3.9% U.S. Unemployment 5.1% 5.0% Market Indicators Q3 15 Q3 16 Overall Vacancy 17.9% 17.8% Net Absorption 289K 544K Under Construction 5.1M 8.4M Deliveries 1.2M 2.5M Average Asking Rent (FS) $35.03 $38.13 Net Absorption/Asking Rent 4Q TRAILING AVERAGE 2.0 1.0 0.0 Washington, DC Metropolitan Area NET ABSORPTION - DELIVERIES - VACANCY 10.0 8.0 6.0 4.0 2.0 0.0-2.0-4.0-6.0 05 06 07 08 09 10 11 12 13 14 15 16 Net Absorption Deliveries Vacancy Rate 12-Month Forecast 12-Month Forecast -1.0 $34.0 2010 2011 2012 2013 2014 2015 2016 Net Absorption, Asking Rent, $ PSF 20% 16% 12% 8% 4% 0% $39.0 $38.5 $38.0 $37.5 $37.0 $36.5 $36.0 $35.5 $35.0 $34.5 Vacancy Rate cushmanwakefield.com 3

Washington, DC Economy Job growth in metropolitan Washington, D.C. remained robust, with the region, adding 85,200 net new jobs in the last 12 months -- more than double the historical average. Locally, the Washington, D.C. market added 14,600 net new jobs since August 2015, of which, 57% were in office-using sectors. The federal government continued its recovery after years of hiring freezes, adding 3,400 net new jobs year-over-year, followed by professional and business services, which added 3,400 net new jobs during the same period. Market Overview Market Indicators 3Q 15 3Q 16 Overall Vacancy 12.0% 11.9% Net Absorption 492k 108k Under Construction 2.4 M 4.2 M Deliveries 478K 284K Average Asking Rent $51.18 $51.93 Overall Net Absorption/Overall Asking Rent District of Columbia, 4Q Trailing Average 12-Month Forecast Despite healthy job growth, the Washington, D.C. office market continued to face headwinds throughout the third quarter of 2016. With only a handful of leases greater than 100,000 square feet (SF), year-to-date new leasing activity closed the third quarter at 3.2 million square feet (), significantly below the 10-year historical average of 4.2. The largest new lease of the quarter was executed by FTI Consulting, which signed a 93,507-SF lease to relocate to 555 12th Street, NW. Federal leasing was active in the third quarter, although primarily as a result of short-term renewals. One notable exception was the lease signed by the General Services Administration (GSA) on behalf of the Bureau of Alcohol, Tobacco, Firearms and Explosives, which committed to take 34,719 SF at 90 K Street, NE, allowing the agency to be closer to its headquarters in NoMa. With compressed leasing activity throughout the year, and with few tenants in growth mode, year-to-date net absorption closed the third quarter of 2016 at 580,677 SF. However, net absorption was not evenly distributed. As tenants have remained focused on a flight-to-quality, the Class C market experienced 251,152 SF of negative absorption year-to-date. The East End has also been impacted by distress in the legal sector and tenants relocations to new and renovated properties in the CBD. Law firm Dentons is the most recent example, vacating 1301 K Street, NW to consolidate operations at 1900 K Street, NW, the former home of firm McKenna Long & Aldridge LLP, which merged with Dentons in June 2015. This move contributed to the 212,701 SF of negative absorption in East End s Class A market. Despite imbalanced net absorption, overall vacancy rates held flat, closing the third quarter at 11.9%. Overall asking rents ended the quarter at $51.93 per square foot, a 1.5% increase year- over- year. Outlook With a handful of large, private-sector leases greater than 100,000 SF expected to be signed in the next three to six months, and November s presidential election, which will spur new federal leasing activity in 2017, the Washington, D.C. market is poised for tightening fundamentals over the next 12 to 18 months. As job growth remains well above historical averages, net new demand is expected to trickle into the market as tenants look to expand in order to accommodate their growing workforce. 12 $53.00 10 $52.00 8 $51.00 6 $50.00 4 2 $49.00 0 $48.00-2 $47.00-4 $46.00 2011 2012 2013 2014 2015 Q3 16 Net Absorption, Asking Rent, $ PSF Overall Vacancy Rate 16% 14% 12% 10% 2011 2012 2013 2014 2015 Q3 16 New Leasing Activity Millions 8 7.3 7 6.8 5.9 6 5.8 5.2 5.2 4.8 5 4.7 4.5 4 3.3 2.9 3 2 1 0 06 07 08 09 10 11 12 13 14 15 YTD'16 Capitol Hill/NoMa East End CBD West End/Georgetown Uptown Southwest Capitol Riverfront Cushman & Wakefield 4

Washington, DC Submarkets UPTOWN NORTHEAST WEST END/ GEORGETOWN CBD 1 EAST END 50 NOMA 29 66 50 CAPITOL HILL 1 395 DISTRICT OF COLUMBIA VIRGINIA 395 SOUTHWEST 1 395 395 CAPITOL RIVERFRONT/ SOUTHEAST 295 cushmanwakefield.com 5

Top Transactions Key Lease Transactions 3Q 2016 PROPERTY SF TENANT TRANSACTION TYPE SUBMARKET 1100 L Street, NW 217,000 GSA Department of Justice Renewal / Relocation East End 555 12th Street, NW 93,507 FTI Consulting Relocation East End 2001 K Street, NW 62,375 Paul, Weiss, Rifkind, Wharton & Garrison LLP Renewal / Expansion CBD 2201 Wisconsin Avenue, NW 45,043 MakeOffices New Lease Uptown 2001 K Street, NW 42,672 Cornerstone Research Relocation CBD Key Sales Transactions 3Q 2016 PROPERTY SF SELLER/BUYER PRICE SUBMARKET 1100 First Street, NE 347,608 Rockefeller Group JV Mitsubishi Estate New York/Unizo $217,500,000 Capitol Hill/NoMa 820 First Street, NE 298,533 Harbor Group International/Unizo $140,500,000 Capitol Hill/NoMa 1 Thomas Circle, NW 238,444 Polinger JV GE Asset Management/LaSalle Investment Management $115,000,000 East End 50 F Street, NW 212,780 Normandy Real Estate Partners/Unizo $109,500,000 Capitol Hill/NoMa Washington, DC Office Market Net Absorption - Deliveries - Vacancy, Third Quarter 2016 Washington, DC Office Market Inventory by Class, Third Quarter 2016 5 16% 400 350 21% 19% 3 1 12% 8% 4% Vacancy Rate 300 250 200 150 100 50 17% 15% 13% 11% 9% 7% Vacancy Rate -1 05 06 07 08 09 10 11 12 13 14 15 16 Net Absorption Deliveries Vacancy Rate 0% 0 Capitol Hill/ NoMa East End CBD West End/ Uptown Southwest Capitol Georgetown Riverfront Class A Class B Class C Vacancy % DC Overall Vacancy 5% Cushman & Wakefield 6

Core (CBD/East End) CBD Market Indicators *Arrows = Current Qtr Trend Vacancy 9.8% Net Absorption 135,900 SF Under Construction 1,227,700 SF Deliveries 717,900 SF Asking Rent $54.10 FS The Washington, D.C. market continued to face headwinds through the third quarter of 2016, particularly as year-to-date new leasing activity remained suppressed down 357 basis points (BP) year over year since third quarter 2015. As a result of few large, near-term lease expirations that have yet to be spoken for through 2018, the bulk of new leasing activity has been driven by small and mid-sized tenants less than 60,000 square feet (SF). Of the total 3.3 million square feet () of year-to-date new leasing activity, the core (CBD and East End) market comprised 65.4%. With the pending law firm leases expected to sign in the CBD, the core market is expected to claim an even higher percentage of leasing activity by year end. The handful of law firm tenants with requirements greater than 100,000 square feet (SF) that are expected to sign leases in the next three to six months will help give a boost to new leasing activity in the four quarter 2016 and first quarter 2017. Net Absorption Deliveries Vacancy (CBD) 1.0 0.5 0.0-0.5-1.0 05 06 07 08 09 10 11 12 13 14 15 16 Net Absorption Deliveries Vacancy Rate 16% 12% 8% 4% 0% Vacancy Rate The largest private-sector lease of the quarter was signed by AARP, which took 105,562 SF of short-term expansion and swing space at 650 Massachusetts Avenue, NW backfilling the space formerly occupied by Blackboard, Inc. which relocated to 1111 19th Street, NW in the CBD. FTI Consulting signed a long-term lease at 555 12th Street, NW, which will relocate the firm from 1101 K Street, NW. Paul, Weiss, Rifkind, Wharton & Garrison signed a renewal and expansion at 2001 K Street, NW, which is the existing portion of the currently-under-construction Alexander Court. Cornerstone Research signed a 42,672-SF lease in anticipation of its relocation to the northern portion of Alexander Court once the project delivers in the first quarter of 2018. Despite banner year-to-date regional job growth in both 2015 and 2016 nearly double the historical average for the Washington, D.C. metropolitan region market absorption trends have yet to catch on. Tenants have continued to increase their densification of employees. New construction options which tenants continue to chase afford them with more efficient floor plates. Combined with peak concession levels, tenants continue to be able to take advantage of minimal move costs in newer, higherquality buildings, for nearly the same net effective rent in a smaller footprints. For some tenants, however, they may find their space needs to be too efficient, requiring expensive (and in some cases non-contiguous) expansions. Other firms, however, have been able to rectify their space requirements prior to build-out. Law firm Venable, for example, has expanded by approximately 40,000 SF prior to relocating at 600 Massachusetts Avenue, NW once that project delivers. The East End closed the third quarter 2016 with negative 97,047 SF of year-to-date net absorption marking the first year since 2013 that the East End has experienced negative absorption. That was primarily the result law firms Miller & Chevalier vacating New Leasing Activity (CBD) 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Q4 Asking Rent (CBD) $70 $65 Full Service PSF $60 $55 $50 $45 $40 $35 2009 2010 2011 2012 2013 2014 2015 2016 Class A Class B, $ PSF cushmanwakefield.com 7

Core (Continued...) East End Market Indicators *Arrows = Current Qtr Trend Vacancy 11.9% Net Absorption (130,400 SF) Under Construction 1,228,090 SF Deliveries 0 SF Asking Rent $56.03 FS 655 15th Street, NW for the newly delivered 900 16th Street, NW in the CBD, and from Dentons having vacated 1301 K Street, NW for 1900 K Street, NW in the CBD following its merger with McKenna Long & Aldridge in 2015. Additional out-of-market vacancies are expected to hit the market over the next 18 to 24 months, particularly from federal government tenants, which are increasingly being priced out of the submarket due to the General Services Administration s (GSA) price cap of $50.00 per square foot (PSF). Overall, tenants remain focused on quality, top-tier assets, and landlords particularly those in the CBD are looking to capitalize on them through the redevelopment of their existing Class B and C assets. JBG has filed for demolition permits of 1920 N Street, NW, which will allow the developer to kick off its proposed Trophy asset known as 1900 N Street, NW. Other development has already started in the CBD. Tishman Speyer has begun site work on the future home of CBS Radio, which will allow the developer to kick-off its 2050 M Street, NW project once the media firm relocates. The developer is also nearing completion of its 900 19th Street, NW renovation, which added additional floors, new systems and amenities, and a glass curtain-wall façade to the previously Class B building. Net Absorption Deliveries Vacancy (East End) 2.0 1.5 1.0 0.5 0.0-0.5-1.0 05 06 07 08 09 10 11 12 13 14 15 16 Net Absorption Deliveries Vacancy Rate New Leasing Activity (East End) 3.50 3.00 2.50 2.00 1.50 16% 12% 8% 4% 0% Vacancy Rate Outlook With the redevelopment boom kicking off in the CBD, the core market is expected to become more bifurcated. Tenants will continue to chase new construction as concessions remain at peak levels, allowing tenants to relocate with minimal-cost moves. For those larger displaced from Class B and C assets slated for redevelopment, tenants face increasingly limited options. That will continue to drive Class B concessions back to near pre-recession levels. Class B concessions have declined by nearly 25.0% since year-end 2015. With a plethora of new options expected to deliver in the core market over the next three years, asking rents will continue to register suppressed growth, while concessions will hold near current levels within the Class A market. Overall, core asking rents have continued to hold steady, posting a 6.6% increase over the last five years and closing the third quarter 2016 at $56.28 PSF. However, with the bulk of law firm consolidations completed, and small and mid-sized tenants continuing to chip away at large blocks of availability, the core market will continue to seeing tightening vacancy. That will eventually lead to declining concessions and increased rent growth. 1.00 0.50 0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Q4 Asking Rent (East End) $65 $60 Full Service PSF $55 $50 $45 $40 $35 2009 2010 2011 2012 2013 2014 2015 2016 Class A Class B, $ PSF Cushman & Wakefield 8

Non-Core Market Indicators *Arrows = Current Qtr Trend Vacancy 13.7% Net Absorption 103,000 SF Under Construction 1,715,500 SF Deliveries 620,900 SF Asking Rent $46.48 FS Although the Washington, DC Metropolitan Region continues to experience unprecedented job growth across most sectors, the leasing market remained fairly stagnant through the first three quarters of 2016. Non-core submarkets accounted for just north of 1 million square feet () of leasing activity at the conclusion of the third quarter, nearly 35% of the gross leasing in the District of Columbia year-to-date. If leasing continues at the pace of the first three quarters of 2016, gross leasing for the combined noncore submarkets will be around 1.4 slightly less than the historical norm of 1.6 million SF per year. Of all the new leases signed in the non-core market in Q3 2016, only two were from truly private-sector (non-government contractor) companies: US Telecom (at 601 New Jersey Avenue, NW in Capitol Hill/NoMa and MakeOffices (at 2201 Wisconsin Avenue, NW in Uptown). Government contractor General Dynamics, signed two separate deals; one at 80 M Street, SE for 14,990 SF and the other at 101 Constitution Avenue, NW for 12,084 SF. The remaining large leases within the non-core markets were for Washington, DC government and GSA. The relative slowdown in leasing activity has resulted in lackluster net absorption in Q3 2016. Non-core submarkets registered 359,100 SF of positive net absorption in the quarter, 48% off the level of absorption in the third quarter of 2015. Although Washington, DC continues to be a small-tenant town, every year the market tends to attract some larger tenants that would normally move the needle on vacancy and absorption in any given market. So far, 2016 has not reflected that experience, especially within the non-core submarkets. A few larger deals over 50,000 SF can have a profound impact for some of the emerging markets like NoMa and Capitol Riverfront/Southwest that have had large blocks of space available after the 2009 influx of new product as well as current spec development. Net Absorption Deliveries Vacancy 3.5 3.0 2.5 THSF 2.0 1.5 1.0 0.5 0.0-0.5 07 08 09 10 11 12 13 14 15 16 Net Absorption Deliveries Vacancy Rate New Leasing Activity 24% 20% 16% 12% 8% 4% 0% 3,000.00 2,500.00 2,000.00 1,500.00 1,000.00 500.00 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Q4 Vacancy Rate Asking Rent $60 $55 Outlook Overall, the diverse tenant base of the non-core market, and new, class A developments particularly those in the emerging markets of Capitol Hill/NoMa, Capitol Riverfront, and Southwest will continue to attract tenants in both the private and public sectors who are seeking non-core pricing in amenity-rich locations. Full Service PSF $50 $45 $40 $35 2009 2010 2011 2012 2013 2014 2015 2016 A B cushmanwakefield.com 9

West End/Georgetown/Uptown West End Market Indicators *Arrows = Current Qtr Trend Vacancy 11.1% Net Absorption 14,800 SF Under Construction 0 SF Deliveries 0 SF Asking Rent $47.13 FS The West End/Georgetown submarket is one of the tightest vacancy submarkets in all of Washington, DC. Vacancy declined 0.3 percentage points over the third quarter of 2016, from 11.4% to 11.1%. Demand was slower than usual, with the submarket registering only 2,255 SF of positive absorption through the first three quarters of 2016 and only 14,800 SF for Q3 2016 alone. The submarket continues to experience less-than-stellar leasing activity. That is not necessarily all bad news: only 489,000 SF of prime space is being offered on the market, and 2300 N Street, NW alone accounts for over half of the available space. That project, in the heart of the West End, was vacated by Pillsbury Winthrop Pittman Shaw when it opted for new development in the CBD, and has been vacant for over two years. The location is currently surrounded by a number of new developments that are helping re-energize the West End, and which will have a profound impact on the market as more residents decide to live in the area. The Uptown submarket has experienced a fair amount of attention from tenants over the last few quarters and has registered over 109,000 SF of positive absorption year-to-date. The demand is in large part due to the delivery of Douglas Development s new project at Manhattan Laundry on Florida Avenue, NW. WeWork preleased over 50,000 SF at the development that ultimately delivered 76% leased in October. The largest deal within the Uptown submarket during Q3 2016 was MakeOffices lease for 45,000 SF at 2201 Wisconsin Avenue, NW. The co-working company continues to expand quickly in the District of Columbia. In the second quarter of 2016, it signed a large lease at the world class development, The Wharf. Vacancy in the Uptown submarket closed Q3 2016 at 19.9%, an increase of 0.5 percentage points from Q2 2016, and a 3.6 percentage point decline from the third quarter of 2015. Net Absorption Deliveries Vacancy (WE/Gtown) 0.5 20% 16% New Leasing Activity (WE/Gtown) 12% 0.0 8% 4% -0.5 0% 05 06 07 08 09 10 11 12 13 14 15 16 Net Absorption Deliveries Vacancy Rate 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Q4 Vacancy Rate Outlook The West End appears to be experiencing a renaissance as several new development projects are set to change the landscape of the commercial market and reinvigorate the area. Of note are: the redevelopment and repurposing of 1255 22nd Street, NW into a multifamily (MF) project; 2501 M Street, NW which is adding 60 Class A MF units and is rumored to have signed Nobu as the high-end retail tenant; EastBanc s projects on Squares 37 and 50 which will bring over 250 MF units, a 21,000 SF library, 10,000 SF of retail space, a fire station, and a squash club. Asking Rent (WE/Gtown) $68 $63 Full Service PSF $58 $53 $48 $43 $38 $33 2009 2010 2011 2012 2013 2014 2015 2016 Class A Class B, $ PSF Cushman & Wakefield 10

Capitol Hill/NoMa Market Indicators *Arrows = Current Qtr Trend Vacancy 12.9% Net Absorption 45,600 SF Under Construction 1,288,100 SF Deliveries 196,700 SF Asking Rent $50.32 FS Capitol Hill/NoMa ended Q3 2016 with only 45,600 SF of positive absorption, well below the average quarterly demand of 117,300 SF. Currently, the submarket is on pace to post the lowest demand figures since 2012, although vacancy actually decreased by 0.4 percentage points over the quarter. Year-over-year, vacancy has increased from 12.2% to 12.9%, due to 660 North Capitol Street, NW delivering with one prelease. This emerging market has traditionally been an option for some lower cost alternatives to the downtown core markets of the CBD and East End, and Capitol Hill/NoMa continues to be a hub for District of Columbia and federal government tenants. The top three largest leases for the quarter were for Washington, DC government tenants, all located in NoMa. The largest private sector lease for the quarter was that of Fox News. The news and television channel renewed for nearly 42,000 SF at the Hall of States building at 400-444 North Capitol Street, NW. Proximity to Capitol Hill continues to play a large factor in tenants decisions, and the renewal solidifies the desire of one of the largest tenants in the market of a long-term deal. Net Absorption Deliveries Vacancy 2.0 1.0 0.0-1.0 05 06 07 08 09 10 11 12 13 14 15 16 Net Absorption Deliveries Vacancy Rate New Leasing Activity 1.40 1.20 24% 20% 16% 12% 8% 4% 0% Vacancy Rate The overall asking rental rate for space in Capitol Hill/NoMa increased by 1.2% over the quarter, from $49.75 per square foot (PSF) on a full service basis to $50.32 PSF. The increase represents a 5.23% increase year-over-year for the entire submarket. The increase is in large part due to large blocks of quality space coming online in the submarket and the delivery of 660 North Capitol Street, NW which is asking rents in the upper $40 s NNN range. Capitol Crossing, one of the largest mixed-use developments in the region, continues to work on the speculative contruction at 200 Massachusetts Avenue, NW. The building is currently six floors above grade and the platform is near completion. 1.00 0.80 0.60 0.40 0.20 0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Q4 Asking Rent Outlook As the election approaches, the Capitol Hill/NoMa market could see decision-making at a standstill, as many of the lobbying, public policy and government affairs offices will wait to see the election results. While there is no true correlation between leasing activity and election cycles, many of the decision makers may view the 2016 election differently than those of the past. A periodic slowdown in leasing activity may occur through November, especially in the small tenant market of Capitol Hill. Full Service PSF $65 $60 $55 $50 $45 $40 $35 2009 2010 2011 2012 2013 2014 2015 2016 Class A Class B, $ PSF cushmanwakefield.com 11

Southwest/Capitol Riverfront Market Indicators *Arrows = Current Qtr Trend Vacancy 13.5% Net Absorption (21,900 SF) Under Construction 427,400 SF Deliveries 341,300 SF Asking Rent $46.48 FS The Capitol Riverfront/Southwest submarket continued to be dominated by deals from federal and District of Columbia government tenants and the contractors that support government agencies located south of the National Mall. Of the largest five direct leases signed in the third quarter of 2016, three were for Washington, DC government offices and totaled 85,300 SF, one was for the GSA (federal government) for 34,100 SF, and one was signed by government contractor General Dynamics for 15,000 SF. The top renewals were those of Alion Science and Technology for 45,000 SF and Booz Allen Hamilton for 30,200 SF. This leasing activity did not really have an impact on absorption. After posting strong demand in the first half of the year, the submarket took a slight step back in Q3 2016, with the combined submarket registering 21,900 SF of negative net absorption for the quarter. Year-to-date absorption still totals 191,800 SF which is relatively flat for the emerging market along the riverfront that historically absorbs 362,000 SF per year. Lackluster absorption numbers have been overshadowed by the development of numerous top-class apartment buildings throughout the Capitol Riverfront submarket. Many developers are marketing land sites as for-rent residential product as the area becomes increasingly more amenitized. Redbrick LMD purchased the former Coast Guard Building at 2100 2nd Street, SW with plans to redevelop the property into apartments. The Coast Guard originally vacated the property to go to their newly developed campus at St. Elizabeths. With repurposing the likely outcome, the property was removed from inventory resulting in a slight uptick in vacancy to 13.5% for the Capitol Riverfront/Southwest submarket. The submarket continues to be unpredictable and activity from the private sector is targeted. Some developments such as 99 M Street, SE and The Wharf have attracted privatesector tenants, but other product in the combined submarket still tends to garner the most attention from government tenants. Net Absorption Deliveries Vacancy 1.5 28% 24% 0.5 8% 4% -0.5 0% 05 06 07 08 09 10 11 12 13 14 15 16 Net Absorption Deliveries Vacancy Rate New Leasing Activity 1.80 1.60 1.40 1.20 20% 16% 12% 1.00 0.80 0.60 0.40 0.20 0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Q4 Vacancy Rate Asking Rent $55 Outlook The combined submarket also continues to be one of the most active development locations across the Washington, DC Metropolitan area. Many developers continue to vie for new land in the submarket to take advantage of the emerging market. Along with multifamily development in the area around Nationals Park and along the Capitol Riverfront, the development of The Wharf and Skanska s 99 M Street, SE is positioned attract new-found activity. Full Service PSF $50 $45 $40 $35 2009 2010 2011 2012 2013 2014 2015 2016 Class A Class B, $ PSF Cushman & Wakefield 12

Appendix Table Summaries Metro Washington Office Market Summary 13 Employment Data 13 Office Availability, Vacancy, and Net Absorption 14 Trailing 12-Month Data 15 Historical Year-End Data 16 Market Statistics by Class 17-18 Survey of New Office Space by Submarket 19-22 Methodology & Definitions 23 Metro Washington Office Market Summary: Third Quarter 2016p Inventory Total Vacant Space Metro Washington Current Employment Data Vacancy Rate Q3 2016 Absorption Year to Date Absorption Washington, DC 108,620,109 12,919,188 11.9% 108,557 580,677 Northern Virginia 130,524,599 27,572,227 21.1% 442,988 442,988 Suburban Maryland 56,596,533 12,005,453 21.2% -7,974 232,508 Regional Totals 295,741,241 52,496,868 17.8% 543,571 1,256,173 Non Farm Employment (Jan-Sep 2015) Non Farm Employment (Jan-Sep 2016p) Jobs Added/ Lost* Percent Change Washington, DC 765,856 776,911 11,055 1.4% Northern Virginia 1,399,311 1,430,522 31,211 2.2% Suburban Maryland 973,522 996,444 22,922 2.4% Regional Totals 3,161,722 3,235,644 73,922 2.3% SOURCE: U.S. Bureau of Labor Statistics (Not seasonally adjusted) * Average per year to date p - preliminary cushmanwakefield.com 13

Appendix Office Availability, Vacancy, and Net Absorption, Third Quarter 2016p Total Inventory New/ Relet Space Vacant Sublet Space Vacant Total Space Vacant Vacancy Rate (%) New/ Relet Space Absorption Sublet Space Absorption Total Absorption CBD 33,482,521 2,912,382 374,515 3,286,897 9.8% 185,471 (49,549) 135,922 East End 37,277,737 4,045,983 404,171 4,450,154 11.9% (65,978) (64,449) (130,427) West End/ Georgetown 5,097,432 488,962 77,817 566,779 11.1% 19,217 (4,463) 14,754 Capitol Hill/NoMa 13,603,173 1,742,191 15,186 1,757,377 12.9% 14,696 30,857 45,553 Southwest 10,931,247 1,413,750 26,890 1,440,640 13.2% (36,874) (15,726) (52,600) Capitol Riverfront/ Southeast 4,074,326 568,660 22,687 591,347 14.5% 21,564 9,097 30,661 Uptown 4,153,673 796,303 29,691 825,994 19.9% 75,339 (10,645) 64,694 TOTAL 108,620,109 11,968,231 950,957 12,919,188 11.9% 213,435 (104,878) 108,557 p - preliminary Cushman & Wakefield 14

Appendix Trailing 12-Month Data Total Inventory Vacancy Rate (%) Total Absorption 4th Qtr 2015 1st Qtr 2016 2nd Qtr 2016 3rd Qtr 2016p 4th Qtr 2015 1st Qtr 2016 2nd Qtr 2016 3rd Qtr 2016p 4th Qtr 2015 1st Qtr 2016 2nd Qtr 2016 3rd Qtr 2016p CBD 33,057,458 33,237,152 33,281,295 33,482,521 9.3% 9.1% 9.8% 9.8% 184,845 179,746 57,046 135,922 East End 37,686,959 37,713,248 37,496,445 37,277,737 12.0% 12.2% 11.6% 11.9% 253,698 (120,212) 153,592 (130,427) West End/ Georgetown 5,097,432 5,097,432 5,097,432 5,097,432 11.2% 10.9% 11.4% 11.1% 11,555 15,803 (28,302) 14,754 Capitol Hill/NoMa 13,249,755 13,406,451 13,603,173 13,603,173 12.2% 13.1% 13.3% 12.9% (134) (136,862) 146,573 45,553 Southwest 10,667,091 10,931,247 10,931,247 10,931,247 10.8% 13.9% 11.9% 13.2% 15,596 (84,932) 147,108 (52,600) Capitol Riverfront/ Southeast 4,674,326 4,674,326 4,674,326 4,074,326 15.4% 13.2% 13.3% 14.5% 23,326 104,401 (6,939) 30,661 Uptown 4,014,207 4,070,754 4,070,754 4,153,673 23.2% 19.6% 19.4% 19.9% 13,085 38,711 6,387 64,694 TOTAL 108,447,228 109,130,610 109,154,672 108,620,109 11.6% 11.8% 11.7% 11.9% 501,971 (3,345) 475,465 108,557 p - preliminary cushmanwakefield.com 15

Appendix Historical Year-End Data Total Inventory Vacancy Rate (%) Total Absorption 2013 2014 2015 2016p 2013 2014 2015 2016p 2013 2014 2015 2016P CBD 33,447,357 33,080,283 33,057,458 33,482,521 14.1% 11.2% 9.3% 9.8% 44,953 721,426 592,303 372,714 East End 36,708,570 36,940,570 37,686,959 37,277,737 13.2% 11.7% 12.0% 11.9% (40,940) 487,410 534,436 (97,047) West End/ Georgetown 5,194,432 5,097,432 5,097,432 5,097,432 9.2% 12.2% 11.2% 11.1% 128,765 (181,106) 54,773 2,255 Capitol Hill/NoMa 13,249,755 13,249,755 13,249,755 13,603,173 15.5% 13.4% 12.2% 12.9% 158,132 153,842 165,215 55,264 Southwest 10,765,786 10,667,091 10,667,091 10,931,247 20.1% 17.2% 10.8% 13.2% (251,582) 232,425 403,406 9,576 Capitol Riverfront/ Southeast 4,674,326 4,674,326 4,674,326 4,074,326 17.1% 18.9% 15.4% 14.5% (20,648) (81,409) 162,242 128,123 Uptown 3,912,915 3,751,857 4,014,207 4,153,673 13.5% 22.6% 23.2% 19.9% (48,155) (370,052) (28,187) 109,792 TOTAL 107,953,141 107,461,314 108,447,228 108,620,109 14.4% 13.0% 11.6% 11.9% (29,475) 962,536 1,884,188 580,677 p - preliminary Cushman & Wakefield 16

Market Statistics Washington, DC 3rd Quarter 2016 Market Statistics Buildings Total Inventory (SF) New/Relet Vacancy (%) Sublet Vacancy (%) Total Vacancy* (%) Net Absorption Current QTR (SF) Under Construction (SF) Average Asking Rent (FS) CBD Class A 51 12,961,984 10.0% 0.9% 10.8% 73,378 1,227,659 $64.27 B 57 10,892,731 7.8% 1.0% 8.8% 53,556 - $48.67 C 77 9,627,806 7.9% 1.7% 9.6% 8,988 - $42.88 TOTAL 182 33,482,521 8.7% 0.6% 9.8% 135,922 1,227,659 $54.10 East End Class A 74 22,299,997 10.4% 1.3% 11.7% (183,206) 1,228,090 $60.52 B 41 8,809,718 13.7% 0.9% 14.6% 162,502 - $56.50 C 43 6,168,022 8.4% 0.7% 9.1% (109,723) - $43.71 TOTAL 158 37,277,737 10.9% 0.6% 11.9% (130,427) 1,228,090 $56.03 West End/Georgetown Class A 7 1,437,437 21.5% 0.8% 22.3% 4,938 - $49.50 B 10 1,938,420 7.5% 3.0% 10.5% (1,701) - $44.13 C 14 1,721,575 2.0% 0.5% 2.4% 11,517 - $40.81 TOTAL 31 5,097,432 9.6% 0.6% 11.1% 14,754 - $44.68 Capitol Hill Class A 23 7,204,305 14.9% 0.1% 15.0% 64,814 1,288,086 $62.19 B 18 5,122,825 10.0% 0.1% 10.1% (21,690) - $47.10 C 11 1,276,043 12.4% 0.0% 12.4% 2,429 - $25.76 TOTAL 19 13,603,173 12.8% 0.6% 12.9% 45,553 1,288,086 $50.32 Southwest Class A 19 8,188,245 11.7% 0.2% 11.9% (50,375) 211,787 $50.72 B 7 1,593,948 19.3% 0.7% 20.0% (738) - $45.60 C 6 1,149,054 12.7% 0.0% 12.7% (1,487) - $46.85 TOTAL 31 10,931,247 12.9% 0.6% 13.2% (52,600) 211,787 $48.14 * Total Vacancy - the vacancy rate is calculated using the combined total of relet, sublet and new vacant space. cushmanwakefield.com 17

Washington, DC Survey of Office Space Under Construction/Under Renovation CBD BUILDING ADDRESS OWNER/DEVELOPER RENTAL RATE STATUS DELIVERY DATE RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED MAJOR TENANTS 2112 Pennsylvania Avenue, NW Skanska USA N/A U/C 1Q18 240,000 125,403 48% Cleary Gottlieb 1100 15th Street, NW (Midtown Center - Fannie Mae) Carr Properties N/A U/R 2Q18 810,000 43,000 95% Fannie Mae 2001 K Street, NW (Alexander Court) Rockrose Development Corporation/Spitzer Enterprises N/A U/C 4Q17 177,659 177,659 0% Cornerstone Research 900 19th Street, NW Tishman Speyer / Oliver T Carr Company $67.00 - $71.00 FS U/R 1Q17 101,816 101,816 0% N/A 2000 K Street, NW Tishman Speyer / Farragut Development Co N/A U/R 2Q17 222,118 222,118 0% N/A Total 1,551,593 669,996 57% East End BUILDING ADDRESS OWNER/DEVELOPER RENTAL RATE STATUS DELIVERY DATE RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED MAJOR TENANTS 655 New York Avenue, NW Douglas Development Corporation $80.00 - $90.00 FS U/C 4Q18 740,804 240,804 67% Advisory Board 1333 H Street, NW TA Realty / Robert C Elder Associate $71.00 - $80.00 FS U/R 4Q16 265,084 70,148 74% N/A 1000 F Street, NW Douglas Development Corporation $55.00-$65.00 NNN U/C 4Q16 86,114 86,114 0% N/A 600 Massachusetts Avenue, NW Gould Property Company Low to Mid $50's NNN U/C 3Q16 401,172 90,228 78% Venable Total 1,493,174 487,294 67% Status Operating Expense and Real Estate Tax Base U/C = Under Construction FS = Full Service NN = Plus Electric & Char U/R = Under Renovation N = Plus Electric NT = Plus Taxes NNN = Net of all Operating Expenses and Taxes cushmanwakefield.com 19

Washington, DC Survey of Office Space Under Construction/Under Renovation Capitol Hill/ NoMa BUILDING ADDRESS OWNER/DEVELOPER RENTAL RATE STATUS DELIVERY DATE RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED MAJOR TENANTS 1140 3rd Street, NE Douglas Development Corporation $56.00 - $61.00 FS U/C 3Q16 174,000 129,698 25% N/A 700 Pennsylvania Avenue, SE Eastbanc / Stanton Development $65.00 - $73.00 FS U/C 2Q17 156,581 156,581 0% N/A 200 Massachusetts Avenue, NW Property Group Partners Withheld U/C 1Q18 425,296 425,296 0% N/A 250 Massachusetts Avenue, NW Property Group Partners Withheld U/C 3Q18 532,209 532,209 0% N/A Total 1,288,086 1,243,784 3% Southwest/Capitol Riverfront/Southeast BUILDING ADDRESS OWNER/DEVELOPER RENTAL RATE STATUS The Wharf Phase 1-800 Maine Avenue, SW DELIVERY DATE RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED MAJOR TENANTS PN Hoffman / Madison Marquette Mid to High $50's FS U/C 3Q17 211,787 148,770 30% APA 99 M Street, SE Skanska Mid to High $50's FS U/C 1Q18 215,616 215,616 0% N/A Total 427,403 364,386 15% Washington, DC Summary RENTABLE BUILDING AREA AVAILABLE SPACE PERCENT PRELEASED 2016 DELIVERIES 926,370 376,188 59% 2017 DELIVERIES 869,961 806,944 7% 2018 DELIVERIES 2,963,925 1,582,328 47% TOTAL CURRENTLY UNDER CONSTRUCTION/RENOVATION Status Operating Expense and Real Estate Tax Base U/C = Under Construction FS = Full Service NN = Plus Electric & Char U/R = Under Renovation N = Plus Electric NT = Plus Taxes NNN = Net of all Operating Expenses and Taxes 4,760,256 2,765,460 42% Cushman & Wakefield 20

Washington, DC Survey of New Office Space 2016 Deliveries BUILDING ADDRESS OWNER/DEVELOPER STATUS RENTAL RATE SUBMARKET RENTABLE BUILDING AREA NEW SPACE AVAILABLE VACANCY RATE (AS OF CURRENT QUARTER)* PERCENT LEASED UPON DELIVERY 1328-1346 Florida Avenue, NW (Manhattan Laundry) Douglas Development Corporation Delivered 3Q16 $61.00 FS Uptown 82,919 16,329 20% 80% 1800 K Street, NW RREEF / Prudential Property Company Delivered 3Q16 $53.00 - $66.00 FS CBD 201,226 173,485 86% 14% 660 N Capitol Street, NW Republic Properties Corporation Delivered 2Q16 $69.00 - $76.00 FS Capitol Hill 196,722 119,801 61% 38% 2001 M Street, NW Brookfield Office Properties Delivered 2Q16 $70.00 - $80.00 FS CBD 261,000 145,681 56% 18% 900 16th Street, NW The JBG Companies Delivered 1Q16 $81.00 - $83.00 FS East End 127,825 28,380 22% 78% 500 D Street,SW (National Square Columbia Funding Corp Delivered 1Q16 $50.00 - $55.00 FS Southwest 341,283 341,283 100% 0% Total 1,210,975 824,959 68% 2015 Deliveries BUILDING ADDRESS OWNER/DEVELOPER STATUS RENTAL RATE SUBMARKET RENTABLE BUILDING AREA NEW SPACE AVAILABLE VACANCY RATE (AS OF CURRENT QUARTER)* PERCENT LEASED UPON DELIVERY 601 Massachusetts Avenue, NW Boston Properties Delivered 3Q15 $53.50 NNN East End 472,754 54,897 12% 84% 900 G Street, NW ASB Real Estate Investments / MRP Realty, Inc Delivered 1Q15 $47.00-$53.00 NNN East End 104,541 14,654 14% 40% Total 577,295 69,551 12% Operating Expense and Real Estate Tax Base *Vacancy rate for new office space- does not include relet or sublet space available FS = Full Service NN = Plus Electric & Char N = Plus Electric NT = Plus Taxes NNN = Net of all Operating Expenses and Taxes cushmanwakefield.com 21

Washington, DC Survey of New Office Space 2014 Deliveries BUILDING ADDRESS OWNER/DEVELOPER STATUS RENTAL RATE SUBMARKET RENTABLE BUILDING AREA NEW SPACE AVAILABLE VACANCY RATE (AS OF CURRENT QUARTER)* PERCENT LEASED UPON DELIVERY 1525 14th Street, NW Furioso Development Delivered 4Q14 N/A Uptown 46,588 0 0% 100% 1728 14th Street, NW Perseus Realty Delivered 3Q14 $46.50 FS Uptown 27,761 0 0% 100% 799 9th Street, NW Brookfield Office Properties Renovation Completed 3Q14 $48.00-$54.00 NNN East End 204,025 36,746 18% 73% 1200 17th Street, NW Akridge Delivered 3Q14 $36.00-$47.00 NNN CBD 168,837 20,948 12% 60% AAMC 655 K Street, NW Hines Delivered 2Q14 Withheld East End 273,454 19,996 7% 79% 600 13th Street, NW Union Investments Renovation Completed 1Q14 $44.00-$48.00 NNN East End 221,659 19,326 9% 85% CityCenter DC North and South Towers 800/850 10th Street, NW Hines Delivered 1Q14 $50.00-$57.00 NNN East End 531,652 1,328 0% 97% Total 1,473,976 98,344 7% 2013 Deliveries BUILDING ADDRESS OWNER/DEVELOPER STATUS RENTAL RATE SUBMARKET RENTABLE BUILDING AREA NEW SPACE AVAILABLE VACANCY RATE (AS OF CURRENT QUARTER)* PERCENT LEASED UPON DELIVERY Three Constitution Square 175 N Street, NE StonebridgeCarras Delivered 4Q13 $30.00's NNN NoMa 363,000 0 0% 0% Sentinel Square Phase II 1050 1st Street, NE Trammell Crow Company Delivered 4Q13 $52.00-$55.00 FS NoMa 289,524 289,524 100% 0% 1700 New York Avenue, NW Carr Properties Delivered 4Q13 $55.00 NNN CBD 121,987 0 0% 78% 440 1st Street, NW First Potomac Realty Trust / The Lenkin Company Management Renovation Completed 3Q13 $53.00-$62.00 FS Capitol Hill 137,495 26,292 19% 14% Wonder Bread Building 641 S Street, NW Douglas Development Corporation Renovation Completed 2Q13 Low-Mid $40's FS Uptown 81,633 0 0% 0% 2055 L Street, NW Angelo Gordon / Monument Realty / Verizon Communications Delivered 1Q13 N/A CBD 126,760 0 0% 74% Arch Square 801-803 7th Street, NW Douglas Development Corporation Delivered 1Q13 N/A East End 25,000 0 0% 76% Total 1,145,399 315,816 28% Operating Expense and Real Estate Tax Base *Vacancy rate for new office space- does not include relet or sublet space available FS = Full Service NN = Plus Electric & Char N = Plus Electric NT = Plus Taxes NNN = Net of all Operating Expenses and Taxes Cushman & Wakefield 22

Methodology & Definitions Methodology Market statistics are calculated from a base building inventory made up of office properties deemed to be competitive in the typical Washington, DC office market. Single-tenant buildings and privately-owned buildings in which the federal government leases space are included. Generally, owneroccupied and federally-owned buildings are not included. Older buildings unfit for occupancy or ones that require substantial renovation before tenancy are generally not included in the competitive inventory. Vacant space is defined as space that is physically vacant and available immediately. Sublet space still occupied by the tenant is not counted as vacant space. Explanation of Terms Total Inventory: The total amount of office space (in buildings greater than 10,000 square feet) that can be rented by a Fourth party. New Space Vacant: First generation, never-occupied office space in newly constructed or substantially renovated buildings, being actively marketed by a landlord. Relet Space Vacant: Secondgeneration, unoccupied office space being actively marketed by a landlord. (Space that is marketed but largely occupied is not counted as vacant space.) Sublet Space Vacant: Secondgeneration, unoccupied space being actively marketed by a tenant. (Sublet space that is marketed but still occupied is not counted as vacant space.) Total Space Vacant: The sum of new, relet, and sublet space that is unoccupied and being actively marketed. Vacancy Rate: The amount of unoccupied space (new, relet, and sublet) expressed as a percentage of total inventory. (Total Space Vacant divided by Total Inventory.) Total Space Available: The total amount of space, both vacant and occupied, being actively marketed for lease by a tenant or landlord. (This includes space that is currently occupied but marketed for future availability.) Availability Rate: The total amount of space being actively marketed for lease (both vacant and occupied) expressed as a percentage of total inventory. (Total Space Available divided by Total Inventory.) Absorption: The net change in occupied space between two points in time. (Total occupied space in the previous quarter minus total occupied space in the current quarter, quoted on a net, not gross, basis.) New/Relet/Sublet Absorption: The net change in occupied new, relet, and sublet space between two quarters. Total Absorption: The net change in total occupied (new, relet, and sublet) space between two quarters. New Leasing Activity: The sum of all square footage underlying any leases between two quarters. This includes pre-leasing activity as well as expansion. It does not include renewals. Disclaimer This report and other research materials may be found on our website at www.cushmanwakefield.com. This is a research document of Cushman & Wakefield in Washington, DC. Questions related to information herein should be directed to the Research Department at +1 202 463 2100. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. cushmanwakefield.com 23

Visit cushmanwakefield.com for more information on the full range of Cushman & Wakefield commercial real estate services or contact: Nathan Edwards Regional Director 2101 L Street, NW, Suite 700 Washington, DC 20037 +1 202 463 2100 Summer Newman Senior Research Analyst 2101 L Street, NW, Suite 700 Washington, DC 20037 +1 202 463 2100 Joseph Wood Research Analyst 2101 L Street, NW, Suite 700 Washington, DC 20037 +1 202 463 2100 About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive Core Services Capital Markets - Debt Placement - Investment Sales - Note Sales - Structured Finance Corporate Services - Facilities Management - Portfolio Administration - Project Management - Strategic Consulting - Transaction Management Project Leasing Project and Development Services Property Management Tenant Representation Practices and Specialties Auction Services Distressed Assets Financial Advisory Food and Beverage Golf and Resort Properties Government Contracting Government Services Healthcare Higher Education Hospitality Law Firm Life Sciences Location Advisory and Incentives Mission Critical Net Lease Not-for-profit Private Client Supply Chain Sustainability Services Real Estate Types Industrial Land Multi-family Office Retail platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. Publication date: 6.2.16 Copyright 2016 Cushman & Wakefield. All rights reserved.