Metro: Columbus. Copyright 2016 Reis, Inc.

Contents Metro Executive Briefing 2 Reis Observer 5 Metro Trend Futures 13 Current Metro Rent Details Rent Growth Comparisons Current Metro Vacancy Details Vacancy Rate Comparisons Metro Inventory Details Inventory Growth Comparisons Construction/Absorption Change Economic and Demographic Trends Metro Area Map Metro Data Metro Class Cut Market Data by Building Class - Class A Properties Market Data by Building Class - Class B/C Properties 14 14 15 15 16 16 17 18 20 21 22 23 Submarket Overview 24 New Construction Listing 26 Construction Deliveries Metro Construction Breakdown Submarket New Construction Project Tally Metro Inventory Details Inventory Growth Rankings Forecast Construction/Absorption Change Occupancy at Completion Stabilization Data Metro Area Map New Construction Listing Sales Trend Activity Map Most Recent Transactions Comparable Group Details Metro Executive Briefing Copyright 2016 Reis, Inc. 14 27 27 27 27 28 28 28 29 29 31 34 35 35 35 36

CustomerID: Metro Executive Briefing Office - 2nd Quarter 2016 Section 1 - Executive Briefing on Metro Conditions Average Asking Rent $18.81 Up 0.7% from Q1 2016. Fastest rate of increase in six quarters. Has risen for eight consecutive quarters. Average Vacancy Rate 17.6% Has been in decline for six consecutive quarters. Lowest level since Q2 2008. Expected to finish 2016 at 17.2%. Market Overview A comprehensive examination of the Columbus office market reveals that the dominant concentrations of competitive office space are located in the Dublin/Hilliard submarket, representing 6.6 million square feet and 20.4% of the metropolitan inventory, followed by Upper Downtown, with a 18.0% share, and Worthington (17.5%). Since the beginning of Q3 2006, the fastest growing area has been the Lower Downtown submarket, adding 845,000 square feet over that period, or 28.9% of total metropolitan office completions. Asking and Effective Rent During the second quarter of 2016, asking rents in the Ohio state capital and most populous city rose by 0.7% to an average of $18.81. The market's run of eight consecutive quarterly gains, which began in Q3 2014, has increased asking rents by a cumulative total of 4.0%. Since the beginning of Q3 2006, the metro as a whole has recorded an annual average increase of 1.1%. Effective rents, which exclude the value of concessions offered to prospective tenants, climbed by 0.8% during the second quarter to an average of $14.99. During the past four quarters, positive movement in asking rent was recorded in nine of the metro's ten submarkets, with only North Central (-0.3%) failing to register an increase. Competitive Inventory, Employment, Absorption Total employment in the Columbus metropolitan area increased by 5,800 jobs during the second quarter, amounting to a growth rate of 0.6%, while in the dominant office-using industries, employment expanded by 2,300. Absorption rates of competitive office space may not immediately reflect quarterly total job gains or losses, but it is prudent to consider longer-term economic and demographic performance as influential upon current occupancy levels. Since the beginning of Q3 2006, the average growth rate for office-using employment in Columbus has been 1.3% per year, representing the average annual addition of 4,500 jobs. The metro experienced absorption of 76,000 square feet during the second quarter. Over the last four quarters, market absorption totaled 598,000 square feet, far exceeding the average annual absorption rate of 92,600 square feet recorded since the beginning of Q3 2006. In a long-term context, the second quarter vacancy rate is 1.0 percentage point lower than the 18.6% average recorded since the beginning of Q3 2006. Outlook Between now and year's end, 171,000 square feet of competitive office stock will be introduced to the metro, and Reis estimates that net total absorption will be positive 255,000 square feet. In response, the vacancy rate will continue to drift downward to finish the year at 17.2%. During 2017 and 2018, developers are expected to deliver a total of 478,000 square feet. Office employment growth at the metro level during 2017 and 2018 is expected to average 1.9% annually, enough to facilitate an absorption rate averaging 504,000 square feet per year. The market vacancy rate will finish 2017 at 16.3% and will fall 0.9 percentage points to 15.4% by year end 2018. Between now and year-end 2016 asking rents are expected to climb 1.3% to a level of $19.05, while effective rents will advance by 1.3% to $15.18. On an annualized basis through 2017 and 2018, asking and effective rents are projected to increase by 2.9% and 3.2%, respectively, to finish 2018 at $20.17 and $16.18. Copyright 2016 Reis, Inc. Page 4

CustomerID: Reis Observer Reis Observer COLUMBUS July 14, 2016 Published July 14, 2016 THE ECONOMY The Columbus economy, growing solidly since the end of the recession, is expected to slow down over the next several months, according to a new economic forecast. Even so, the forecast shows that the central Ohio economy remains among the best in the Midwest, Columbus Business First reported June 1 st. The study was assembled by LaVaughn Henry, vice president and senior regional officer of the Cincinnati office of the Federal Reserve Bank of Cleveland. Henry said Columbus was a strong metro area, but it was going through a period of moderation. Columbus has been running full steam at a high clip for years now, Henry said. Since (the recession ended), it s been the strongest metro area throughout the Midwest and one of the strongest in the nation. This is something of a vote of confidence for Columbus. The latest Current Employment Statistics (CES) data from the U.S. Bureau of Labor Statistics (BLS) show some decent job gains for the Columbus Metropolitan Statistical Area (MSA). For the 12 months ending in April 2016, this source reports that total non-farm employment here has increased by 18,200 (1.8%). Total private employment here increased by 16,100 jobs (1.9%). These are not monumental gains. However, they are more in keeping with a metro that is beginning to gain ground, rather than some of the more tepid performances of the past. Henry notes that the region experienced some slowing in the final months of 2015 and the early months of this year that will bring down the growth rate. Householdbased data from the BLS are generally positive. For the 12 months ending in April, this source reports that the labor force people working or those seeking work increased by nearly 21,000 (2.0%). Employment, which by this measure includes freelancers and those commuting to jobs outside the MSA, is up by about 19,000 (2.0%). Coupled with the extremely low unemployment rate of 3.9%, Columbus has begun 2016 in good form. It should be noted that Reis covers a particular area of Columbus, while other sources treat the area as a large region. While the Federal Reserve s latest report indicates that the jobless rate has increased since last summer, Henry noted that the region continues to have great fundamentals job growth remains above average, the unemployment rate remains the lowest in the state, the labor force is well educated, and the region continues to add people. According to Moody s Economy.com, the Columbus population is forecast to increase by 23,160 (1.1%) in 2016. This source also projects total employment to increase by 26,760 (2.5%). Employment: The BLS reports a seasonally unadjusted unemployment rate of 3.9% in April 2016 for the Columbus MSA, unchanged from one year earlier. Moody s Economy.com reports a first quarter 2016 average household income of $119,527 for Columbus. Average household incomes of $142,467 and $129,141 are reported for the top metros in the nation and Midwest region, respectively. Employment Growth: Employment by Sector: 1 Copyright 2016 Reis, Inc. Page 6

CustomerID: Reis Observer Reis Observer COLUMBUS July 14, 2016 Published July 14, 2016 On a sector-by-sector basis, some have lost jobs, while others are strong. Construction and related trades, which employs 37,700, saw a gain of 3,300 jobs (9.9%), the largest percentage increase recorded in the latest analysis. Manufacturing, still a large sector here with 72,700 employed, gained 1,300 jobs (1.8%). Wholesale Trade lost 900 jobs (2.2%), but Transportation and Warehousing, which employs 47,400, added 800 (1.7%). Retail Trade, a large sector with 101,600 employed, lost 500 employees (0.5%). Leisure and Hospitality, with 104,400 employed, increased by 3,100 jobs (3.1%). On the corporate and white-collar side, the news is good. Professional and Business Services, with 177,100 jobs, gained 1,700 jobs (1.0%). Education and Health Services, which employs 155,200, saw a gain of 3,300 jobs (2.2%). Since Columbus is the state capital, overall government employment is large here at 171,100. State Government employment, at 75,200, is up by 3,000 jobs (4.2%) while total Government employment increased by 2,100 jobs (1.2%). With the employment picture stable, Columbus itself is beginning to see some big real estate transactions take place. Columbus Business First reported April 27 th that Kaufman Development has acquired the International Brotherhood of Electrical Workers offices at 23 W. 2 nd Ave., a two-story house next door, plus a parking lot and vacant land stretching south to Price Avenue in the Short North, giving it 1.6 acres in one of the region s hottest areas for redevelopment. Kaufman Development paid $3.25 million for the portfolio of properties. In another big deal, Columbus Business First reported July 5 th that American Electric Power Company Inc. has sold a retired coal-fired power plant on the banks of the Scioto River to a real estate developer. Commercial Development Co. bought the more than 90-year-old Picway Plant, a 468-acre site outside Lockbourne. In a process that could take up to three years, the buyer plans to environmentally rehab the land near Rickenbacker International Airport and demolish at least some of the structures before prepping the site for redevelopment. OUTLOOK Columbus ended the first quarter of 2016 with a solid jobs picture and a real estate scene that shows every sign of becoming very active very soon. The metro still has a way to go before reaching competitive levels of occupancy in its various property types, but the general atmosphere is positive. 2 Copyright 2016 Reis, Inc. Page 7

CustomerID: Reis Observer Reis Observer COLUMBUS July 14, 2016 Published July 14, 2016 THE REAL ESTATE MARKET OFFICE The 32.2-million-squarefoot Columbus general purpose, multi-tenant office market posted a 17.8% vacancy rate in the first quarter of 2016. This rate was down 40 basis points from the quarter before and down 140 over the year. The rate was 17.9% in January. This market s vacancy rate has hovered dangerously close to the 20.0% mark, actually hitting it in 2013. The respective Class A and B/C vacancy rates for the first quarter were 16.0% and 19.6%. Class A vacancy was down 70 basis points for the quarter and the year. Class B/C vacancy was down 10 basis points for the quarter and down 170 basis points over the year. Cushman & Wakefield reports, After closing 2015 with record breaking statistics, the Columbus market is reflecting a slower start to 2016. The total vacancy rate of 14.2% is basically unchanged from the fourth quarter, however, it is the lowest first quarter rate ever recorded. Reis reports first quarter average asking and effective rents of $18.67 psf and $14.87 psf, up 1.8% and 1.9% year-over-year and 0.3% and 0.4%, respectively, for the quarter. By May, these rates were up to $18.70 psf and $14.90 psf. Class A and Class B/C asking rents were $21.15 psf and $16.20 psf on average, up 0.3% and 0.2% for the quarter, and up 1.3% and 2.2% over 12 months, respectively. Rent gains averaged 1.0% from 2011 to 2015, and posted losses in 2010 and 2009, so the early 2016 increases are an improvement. Reis expects overall asking and effective rents to post increases of 2.1% and 2.4% in 2016, with stronger annual gains to follow. Cushman & Wakefield reports a Class A total asking rent of $22.53 psf, a Class B asking rent of $18.31 psf, and an overall total asking rent of $20.41 psf. The Downtown submarket continues to outperform the suburbs with a low vacancy rate of 12.4%, a full service rental rate high of $22.27 psf, and positive absorption of 35,000 square feet, this source states. Special Real Estate Factors: Office: A building from the 1880s situated in a developing area of downtown has been renovated for offices, amid a tight market for Class A space in and around Columbus central business district. Debbie Rosenfeld and Lee Rosenfeld are marketing 1,500 square feet on the ground floor of 360 E. Long St., with a tin ceiling and exposed-brick interior, Columbus Business First reported July 6 th. The property is situated close to the Columbus College of Art & Design, Columbus State Community College, and residential developments by Edwards Cos. The building was originally a pharmacy and later Inkling Printing for 38 years through 2009. The $300,000 to $400,000 renovation will include a portion on Long Street, which will be split into three retail storefronts. Significant developments are Alliance Data Systems and Nationwide Insurance both expanding and Amazon working on 150,000 square feet in New Albany having completed two of its three buildings this quarter, according to Cushman & Wakefield. Mixed-use developments remain front and center with Crawford and Hoying s Dublin Bridge Park leading the way with 373,000 square feet of office space under construction, plans for Point at Polaris by NP Limited Partnership and Van Trust with 177,000 square feet, and new plans from New Albany Company, Casto, and Daimler Group for 700,000 square feet. 3 Copyright 2016 Reis, Inc. Page 8

CustomerID: Reis Observer Reis Observer COLUMBUS July 14, 2016 Published July 14, 2016 APARTMENT The 134,168-unit metro Columbus apartment market finished the first quarter of 2016 with a 4.9% vacancy rate, down 10 basis points from the prior quarter and down 30 basis points yearover-year. Overall vacancy was 5.0% in May. The Class A vacancy rate was 6.0%, down 10 basis points over the quarter, and the Class B/C rate was 4.2%, unchanged over the quarter. Class A vacancy is down 10 basis points over 12 months, with Class B/C down 30. Construction has been busy so far in 2016. Reis reports over 1,050 units have completed so far in 2016, including nearly 400 completed in June. Another 3,220 are under construction. Net absorption totaled more than 750 units through May. Reis reports first quarter average asking and effective rents of $814 and $770 per month, both up 0.7% over the quarter, and up 3.8% each over 12 months. Asking and effective rents rose to $819 and $775 per month by May. Average annual gains were 3.3% asking and 3.5% effective from 2011 to 2015, so this market has shown some strength on the rental front. Class A asking rents finished the first quarter at $995 per month, up 1.0% for the quarter and up 4.3% year-over-year. Class B/C asking rents finished the first quarter at $692 per month, up 0.4% for the quarter and up 2.2% year-over-year. Reis expects overall asking and effective rents to increase by 3.5% in 2016. Pierce-Eislen reports low, high, and average monthly rates of $375, $1,895, and $755 for one-bedroom apartments. For two-bedroom/two-bath apartments, the low, high, and average rents are $523, $2,555, and $1,031. This source is reporting for the summer of 2016, with 34 properties under construction totaling 5,567 units. According to Rentjungle.com, As of June 2016, average apartment rent within the city of Columbus, OH is $1,044. One-bedroom apartments in Columbus rent for $876 a month on average and two-bedroom apartment rents average $1,064. The average apartment rent over the prior 6 months in Columbus has increased by $46 (4.6%). One-bedroom units have increased by $93 (11.9%) and two-bedroom apartments have increased by $39 (3.8%). Special Real Estate Factors: Continued Apartment: Columbus is home to some of the smallest newly constructed apartments in the country as developers work to squeeze new projects into urban spaces, Columbus Business First stated June 29 th. That s according to a new report by RentCafé that examined U.S. apartment trends in buildings with at least 50 units. It found the average size of new apartments completed this year has fallen to 934 square feet, the smallest on record since 2006 when the average size was 1,015 square feet. In Columbus, which was No. 15 among the top 20 cities with the smallest apartments, studios average 390 square feet, onebedroom units come in at 670 square feet, and two-bedrooms average 996 square feet. Overall, Columbus apartments average 920 square feet for all property types. In Columbus, housing inventory is low and sale prices are high good news for property owners. But the market hasn t been as kind to renters, Columbus Business First noted June 29 th. Since 1980, Columbus has seen a sizable gap growing between growth in rent and incomes, meaning there could be an affordability problem in the market, said Andrew Woo, director of data science at online rental marketplace Apartment List, which published a nationwide study on incomes and rents. 4 Copyright 2016 Reis, Inc. Page 9

CustomerID: Reis Observer Reis Observer COLUMBUS July 14, 2016 Published July 14, 2016 RETAIL The 27.3-million-squarefoot Columbus communityneighborhood shopping center market finished the first quarter of 2016 with a 13.9% vacancy rate, unchanged over the quarter and down 160 basis points over 12 months. The community center rate was 12.9%, the neighborhood center rate was 15.2%. The overall rate was 13.7% in May, according to the latest Reis data. Power center vacancy was 7.6%, up 120 basis points over 12 months. Vacancy remains among the 10 highest markets nationally. Net absorption has posted over 60,000 square feet in 2016 through May. Reis reports Linworth Crossing, a 40,000- square-foot neighborhood center in the Northwest submarket, completed construction in June of 2016. Also completing in June was the 350,000- square-foot Simon-Tanger Outlet. The Shoppes on East Broad, a community center, is under construction for August completion. Reis expects vacancy to finish 2016 at 13.7%. According to Integra Realty Resources, The Columbus retail market continues to have significant leasing and owner acquisition activity, while supply growth remains moderate. As a result, retail occupancy continues to rise. Power center asking rent, at $18.68 psf, is up 1.0% over 12 months. Reis reports average asking and effective community-neighborhood shopping center rents of $13.16 psf and $11.10 psf, down 0.1% and up 0.1% for the quarter, and up 0.7% and 0.9% over 12 months, respectively. Asking and effective rents stood at $13.17 psf and $11.11 psf, respectively, in May. Asking and effective rent gains of 1.7% and 1.9%, respectively, are forecast for 2016 with gradual annual improvements to follow. With limited space availability, accelerated rent growth is expected in the stronger submarkets, Integra Realty Resources notes. Ikea has broken ground for its second store in Ohio, Columbus Business First reported May 26 th. The new Ikea will open in summer 2017. The 355,000- square-foot store is being built on 33 acres at the northeastern corner of Interstate- 71 and Gemini Place in the Polaris Centers of Commerce development, approximately 15 miles north of downtown Columbus. Special Real Estate Factors: Continued Retail: The Columbus retail market, comprised of Franklin County and the surrounding six counties, posted moderate gains during the aftermath of the 2015 shopping season, Colliers stated in its first quarter research report on Columbus retail. During the first quarter of 2016, Columbus recorded 17,107 square feet of positive net absorption, or the net change in occupied square feet, down 32.0% compared to the same quarter last year. Although postholiday spending may have slowed growth this quarter, gains were enough to drive down the overall retail vacancy rate 20 basis points to 6.6% an impressive turnaround from the recession-era high of 13.2%. Asking rental rates saw an uptick during the first quarter due to tightening market conditions. Relative to the previous quarter, anchored strip rates increased 3.0% to $11.47 per-square-foot, and community rates rose 2.0% to $11.48 per-square-foot. The overall weighted asking rent now stands at $11.57 per-square-foot. For strip, neighborhood, community, and bigbox triple net asking rents, Colliers gives respective rates of $11.47 psf, $11.42 psf, $11.48 psf, and $6.12 psf. 5 Copyright 2016 Reis, Inc. Page 10

CustomerID: Reis Observer Reis Observer COLUMBUS July 14, 2016 Published July 14, 2016 TRANSACTION ANALYTICS Office Reis recorded four qualifying office sales in the first quarter of 2016.* The four sales totaled $22.8 million with a mean price of $93 psf and a mean sales price of $5.7 million. The mean cap rate was 8.2%, the 12- month rolling cap rate was 8.4%. For 2015, Reis reports 18 qualifying retail sales for a transaction volume of $99.9 million and an average price of $77 psf. In January of 2016, Riverbend Avenue, at 53,522 square feet, sold for $8.2 million ($154 psf). In March, Goodale Boulevard, with 79,110 square feet, sold for $7.6 million ($52 psf). Apartment Reis reports one qualifying apartment sale for the first quarter of 2016. In January 2016, Hartford on the Lake, with 376 units in Columbus, sold for $7.5 million ($19,867 per unit). The seller was JRH Properties, the buyer was AMG Realty Group. For all of 2015, Reis reports 11 sales for a transaction volume of $135 million ($52,000 per unit). The mean sales price was $12.3 million. Retail Reis recorded five qualifying retail sales in the first quarter of 2016. The five sales totaled $27.8 million with a mean price of $75 psf and a mean sales price of $5.6 million. The mean cap rate was 10.6%, the 12- month rolling cap rate was 8.2%. For 2015, Reis reports 40 qualifying sales for a transaction volume of $215.4 million and an average price of $77 psf. In January of 2016, River Valley Plaza in Lancaster, at 211,800 square feet, sold for $15.6 million ($74 psf). The seller was U.S. Properties Group. The buyer was Hampton Management Incorporated. * Reis Transaction Analytics includes single sale transactions of $2,000,000 and greater, and excludes portfolio sales where pricing 6 Copyright 2016 Reis, Inc. of individual buildings cannot be confirmed. Page 11

CustomerID: Reis Observer Reis Observer COLUMBUS July 14, 2016 Published July 14, 2016 INDUSTRIAL The 112-million-squarefoot Columbus warehouse/distribution market finished the first quarter of 2016 with a vacancy rate of 12.9%, down 40 basis points for the quarter and down 70 over 12 months. The rate was unchanged in May. In 2015, Reis reports the completion of more than 1.2 million square feet of warehouse/distribution space met with nearly 2 million square feet of net absorption. New construction data from Reis show the June 2016 completion of Phase I of the former Oasis Campus redevelopment. At 140,000 square feet, the project is listed as warehouse/distribution. Vacancy is forecast to finish 2016 at 12.7%. Asking and effective rents were up 0.6% in the first quarter to $3.56 psf and $3.23 psf, respectively, and were up 2.0% and 2.2% over 12 months. These rates were up 0.3% in May. Asking and effective rents are anticipated to increase by 3.1% and 3.4% in 2016, with stronger gains to follow. The 13.2-million-square-foot Flex/R&D market experienced a vacancy increase of 10 basis points in the first quarter to 18.4%. The rate is down 50 basis points year-over-year. The rate was 18.7% in May 2016. Net absorption was negative 11,000 square feet in the first quarter followed by negative 45,000 through April and May. No new Flex/R&D space completed in 2015, and none is under construction. First quarter average asking and effective rents, at $5.31 psf and $4.60 psf, were up 0.4% and 0.2% for the quarter, and up 1.9% and 2.0% year-over-year. Asking and effective rents were up 0.4% in April and unchanged in May. Reis expects asking and effective rents to post gains of 2.6% and 2.8% for all of 2016, with increasing gains to follow. Strong elements are fueling the Columbus industrial market now and into the foreseeable future: Business growth in the e-commerce industry, including Amazon, record high auto demand impacting Honda s growth and related local industries, and continued incentives to draw new businesses into the area such as the Japanese company Nippon Rika, Inc, and Italy based Sofidel Group, according to Cushman & Wakefield s first quarter 2016 report. Special Real Estate Factors: Continued Industrial: Brexton LLC will build a five-story headquarters and storage facility along Goodale Boulevard in Grandview, Columbus Business First reported July 1 st. Weeks after having its $9 million relocation project turned down by Grandview s Planning Commission, the development and construction company has earned unanimous approval in its appeal to Grandview City Council. Brexton will construct a five-story building along Goodale Boulevard, on the southern edge of Grandview, to include one level of parking, three levels of its signature high-end selfstorage concept, and a top floor of offices. Business First recorded that Brexton closed a deal to acquire the roughly 1.1-acre site at 1123 W. Goodale Blvd. for $1.26 million. The former ReTagIt second-hand store will be demolished. Vacancy Sector 1Q16 1Q15 Chg Office 17.8% 19.2% -140 bps Apartment 4.9% 5.2% -30 bps Retail 13.9% 15.5% -160 bps Warehouse 12.9% 13.6% -70 bps Flex/R&D 18.4% 18.9% -50 bps Rents Sector 1Q16 1Q15 Chg Office $18.67 psf $18.34 psf 1.8% Apartment $814 month $784 month 3.8% Retail $13.16 psf $13.07 psf 0.7% Warehouse $3.56 psf $3.49 psf 2.0% Flex/R&D $5.31 psf $5.21 psf 1.9% For additional metro and submarket level information on the top 82 markets for the four principal property types, visit www.reis.com or call Reis at: (800) 366-REIS. Unless otherwise indicated, economic and demographic data provided by Moody s Economy.com 7 Copyright 2016 Reis, Inc. Page 12 Publication Date: July 2016 2016 Reis, Inc.

CustomerID: Metro Trend Futures Office - 2nd Quarter 2016 Section 3 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Year Built Rent Before 1970 $17.63 1970-1979 $16.28 1980-1989 $17.42 1990-1999 $19.42 2000-2009 $21.42 After 2009 $23.20 All $18.81 As of 06/30/16 Low 25% Mean Median 75% High $10.00 $15.61 $18.81 $17.95 $21.50 $27.05 Number of Properties 115 105 90 78 67 51 32 21 Low 25% Mean Median 75% High - 1.3% 0.0% 0.8% 0.6% 1.6% 8.8% 262 Number of Properties 109 83 43 5 15 26 16 Under $12.14 $14.27 $16.40 $18.53 $20.66 $22.79 $24.92 $12.13 $14.26 $16.39 $18.52 $20.65 $22.78 $24.91 Over Under 0.0% - 0.1% 1.2% 1.3% 2.5% 2.6% 3.8% 3.9% 5.1% 5.2% 6.4% 6.5% 7.7% 7.8% Over 109 Negative Growth Positive Growth 450 As of 06/30/16 Qtr Ending 06/30/16 Section 4 - Rent Growth Comparisons Quarterly Asking Rent Growth Annualized 2Q16 1Q16 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Columbus 0.7% 0.3% 0.5% 1.8% 1.1% 1.0% 3.1% Midwest 0.8% 0.3% 0.6% 1.0% 1.2% 1.1% 3.0% United States 0.6% 0.9% 0.7% 3.0% 2.7% 2.3% 3.5% Period Ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 12/31/20 Metro Rank Total Metro Ranks Compared to: Metros 2Q16 1Q16 YTD 1 Year 3 Year 5 Year 5 Yr Forecast Midwest 13 3 7 4 1 6 3 4 United States 82 20 57 39 28 36 33 26 % Asking Rent Growth Rate Trends and Forecast 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Columbus Midwest US Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 14

CustomerID: Metro Trend Futures Office - 2nd Quarter 2016 Section 5 - Current Metro Vacancy Details Vacancy Rate By Age Year Built Vac. Rate Before 1970 25.9% 1970-1979 16.5% 1980-1989 22.3% 1990-1999 21.4% 2000-2009 13.0% After 2009 15.8% All 17.6% As of 06/30/16 Number of Properties Vacancy Rate Distribution Low 25% Mean Median 75% High 0.0% 1.5% 17.6% 11.3% 28.8% 96.6% 175 149 61 45 50 29 29 21 Under 5.0% 5.1% 10.1% 15.1% 20.1% 25.1% 30.1% 35.1% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Over As of 06/30/16 Section 6 - Vacancy Rate Comparisons Quarterly Vacancy Rates Annualized 2Q16 1Q16 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Columbus 17.6% 17.8% 17.7% 18.8% 18.9% 19.0% 15.3% Midwest 18.5% 18.6% 18.5% 19.1% 19.3% 19.5% 17.1% United States 16.0% 16.0% 16.0% 16.4% 16.7% 17.0% 15.2% Period Ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 12/31/20 Metro Rank Total Metro Ranks Compared to: Metros 2Q16 1Q16 YTD 1 Year 3 Year 5 Year 5 Yr Forecast Midwest 13 6 6 6 7 7 7 4 United States 82 52 54 53 59 60 58 36 % 20.0 19.0 18.0 17.0 16.0 15.0 14.0 Vacancy Rate Trends and Forecast Columbus Midwest US 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 15

CustomerID: Metro Trend Futures Office - 2nd Quarter 2016 Section 7 - Metro Inventory Details Inventory By Building Age Year Built Percent Before 1970 16.0% 1970-1979 18.0% 1980-1989 27.0% 1990-1999 19.0% 2000-2009 17.0% After 2009 4.0% All 100.0% As of 06/30/16 Office Stock Traits Metro Low Mean Median High Year Built 1910 1981 1985 2015 Size (sq. ft.) 10,000 66,575 38,000 1,000,000 Distance to Highway (miles) 0 0.4 0.2 1.4 Distance to CBD (miles) 0.3 6.8 7.8 12.6 Distance to Landmark (miles) 0.1 3.3 1.5 9.9 As of 06/30/16 Landmark =Scioto River Average Metro Lease Terms CRD % Free Rent (mos) Expenses $ (Commercial) Lease Term (yrs) Leasing Commission % Tenant Improvements $ - 6.5% 3.1 $ 7.70 3.0 5.3% $19.10 As of 06/30/16 Section 8 - Inventory Growth Comparisons Inventory Growth Rates Quarterly Annualized 2Q16 1Q16 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast Columbus 0.0% 0.0% 0.0% 0.6% 0.6% 0.4% 0.9% Midwest 0.0% 0.1% 0.1% 0.2% 0.1% 0.1% 0.9% United States 0.1% 0.1% 0.1% 0.8% 0.6% 0.4% 1.2% Period Ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 12/31/20 Metro Rank Total Metro Ranks Compared to: Metros 2Q16 1Q16 YTD 1 Year 3 Year 5 Year 5 Yr Forecast Midwest 13 10 9 9 5 2 2 7 United States 82 45 47 49 31 26 29 45 % Inventory Growth Comparisons and Forecast 1.0 Columbus 0.5 Midwest US 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 16

CustomerID: Metro Trend Futures Office - 2nd Quarter 2016 Sq Ft Built Section 9 - Construction/Absorption Change Construction and Absorption Quarterly 2Q16 1Q16 YTD Avg Sq Ft Absorbed Con/Abs Ratio Sq Ft Built Sq Ft Absorbed Con/Abs Ratio Sq Ft Built Sq Ft Absorbed Columbus 0 76,000 0.0 0 132,000 0.0 0 104,000 0.0 Midwest 101,000 691,000 0.1 858,000 2,474,000 0.3 479,500 1,582,500 0.3 Con/Abs Ratio Average over period ending: 06/30/16 06/30/16 06/30/16 03/31/16 03/31/16 03/31/16 06/30/16 06/30/16 06/30/16 Sq Ft Built Annualized 1 Year History 3 Year History 5 Year History Sq Ft Absorbed Con/Abs Ratio Sq Ft Built Sq Ft Absorbed Con/Abs Ratio Sq Ft Built Sq Ft Absorbed Columbus 243,000 499,000 0.5 251,000 138,000 1.8 209,000 165,000 1.3 Midwest 2,237,000 4,443,000 0.5 1,844,000 2,290,000 0.8 1,942,000 2,243,000 0.9 Con/Abs Ratio Average over period ending: 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 Sq Ft Built Annualized 5 Year Forecast Sq Ft Absorbed Con/Abs Ratio Columbus 307,000 580,600 0.5 Midwest 6,547,000 9,423,200 0.7 Average over period ending: 12/31/20 12/31/20 12/31/20 Construction/Absorption and Vacancy 20 500,000 15 Square Feet 0-500,000 10 5 Vacancy Rate (%) 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Vacancy Rate Construction Absorption Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 17

CustomerID: Metro Trend Futures Office - 2nd Quarter 2016 Section 10 - Economic and Demographic Trends Columbus Employment Trends and Forecast Percentage Change 3.0% 2.5% 2.0% 1.5% 1.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total Employment Office Employment Provided by Moody's Economy.com, Period ending 12/31/20 Total Employment Growth Trends and Forecast Metro vs. Region & U.S. Percentage Change 2.5% 2.0% 1.5% 1.0% 0.5% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Columbus Midwest US Provided by Moody's Economy.com, Period ending 12/31/20 Columbus Population/Household Growth Trends and Forecast Percentage Change 1.80% 1.60% 1.40% 1.20% 1.00% 0.80% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Population Households Provided by Moody's Economy.com, Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 18

CustomerID: Metro Trend Futures Office - 2nd Quarter 2016 Section 12 - Metro Data Year Qtr Inventory SF/Units Completions Inventory Growth% Vacant Stock Vacancy Rate Vacancy Change(BPS) Occupied Stock Net Absorption Asking Rent Ask Rent % Chg 2011 Y 31,452,000 0-0.3% 5,994,000 19.1% 10 25,458,000-71,000 $17.75 0.1% 2012 Y 31,673,000 294,000 0.7% 5,735,000 18.1% -100 25,938,000 480,000 $18.01 1.5% 2013 Y 31,584,000 0-0.3% 6,342,000 20.1% 200 25,242,000-696,000 $18.13 0.7% 2014 Q3 31,529,000 0 0.0% 5,940,000 18.8% -70 25,589,000 221,000 $18.13 0.2% 2014 Q4 32,038,000 509,000 1.6% 6,185,000 19.3% 50 25,853,000 264,000 $18.28 0.8% 2014 Y 32,038,000 509,000 1.4% 6,185,000 19.3% -80 25,853,000 611,000 $18.28 0.8% 2015 Q1 32,113,000 98,000 0.2% 6,167,000 19.2% -10 25,946,000 93,000 $18.34 0.3% 2015 Q2 32,077,000 0-0.1% 6,115,000 19.1% -10 25,962,000 16,000 $18.44 0.5% 2015 Q3 32,222,000 145,000 0.5% 6,121,000 19.0% -10 26,101,000 139,000 $18.51 0.4% 2015 Q4 32,222,000 0 0.0% 5,870,000 18.2% -80 26,352,000 251,000 $18.61 0.5% 2015 Y 32,222,000 243,000 0.6% 5,870,000 18.2% -110 26,352,000 499,000 $18.61 1.8% 2016 Q1 32,222,000 0 0.0% 5,738,000 17.8% -40 26,484,000 132,000 $18.67 0.3% 2016 Q2 32,222,000 0 0.0% 5,662,000 17.6% -20 26,560,000 76,000 $18.81 0.7% 2016 Y 32,393,000 171,000 0.5% 5,578,000 17.2% -100 26,815,000 463,000 $19.05 2.4% 2017 Y 32,549,000 156,000 0.5% 5,301,000 16.3% -90 27,248,000 433,000 $19.55 2.6% 2018 Y 32,871,000 322,000 1.0% 5,048,000 15.4% -90 27,823,000 575,000 $20.17 3.2% 2019 Y 33,290,000 419,000 1.3% 4,775,000 14.3% -110 28,515,000 692,000 $20.87 3.5% 2020 Y 33,757,000 467,000 1.4% 4,502,000 13.3% -100 29,255,000 740,000 $21.71 4.0% Year Qtr Effective Rent Eff Rent % Cons/Abs Chg Abs/Occ Stock% Population Pop% Chg Employment Emp% Chg Off Emp Off Emp Pct Chg Avg HH Income AHHI% Chg 2011 Y $14.11 0.3% 0.0-0.3% 1,935,940 1.0% 950,400 2.8% 324,338 2.4% $106,742 6.8% 2012 Y $14.32 1.5% 0.6 1.9% 1,957,970 1.1% 978,370 2.9% 335,121 3.3% $112,520 5.4% 2013 Y $14.42 0.7% 0.0-2.8% 1,983,840 1.3% 1,000,430 2.3% 341,570 1.9% $111,522-0.9% 2014 Q3 $14.43 0.3% 0.0 0.9% 2,003,860 0.3% 1,021,200 0.8% 351,100 1.0% $114,694 1.0% 2014 Q4 $14.54 0.8% 1.9 1.0% 2,010,160 0.3% 1,027,470 0.6% 353,215 0.6% $116,046 1.2% 2014 Y $14.54 0.8% 0.8 2.4% 2,010,160 1.3% 1,027,470 2.7% 353,215 3.4% $116,046 4.1% 2015 Q1 $14.59 0.3% 1.1 0.4% 2,016,120 0.3% 1,032,400 0.5% 353,285 0.0% $115,326-0.6% 2015 Q2 $14.67 0.5% 0.0 0.1% 2,021,630 0.3% 1,037,330 0.5% 355,104 0.5% $116,498 1.0% 2015 Q3 $14.73 0.4% 1.0 0.5% 2,027,610 0.3% 1,044,900 0.7% 358,953 1.1% $118,087 1.4% 2015 Q4 $14.81 0.5% 0.0 1.0% 2,033,520 0.3% 1,049,900 0.5% 360,143 0.3% $118,558 0.4% 2015 Y $14.81 1.9% 0.5 1.9% 2,033,520 1.2% 1,049,900 2.2% 360,143 2.0% $118,558 2.2% 2016 Q1 $14.87 0.4% 0.0 0.5% 2,039,350 0.3% 1,055,730 0.6% 359,701-0.1% $119,059 0.4% 2016 Q2 $14.99 0.8% 0.0 0.3% 2,045,120 0.3% 1,061,540 0.6% 361,961 0.6% $119,812 0.6% 2016 Y $15.18 2.5% 0.4 1.7% 2,056,730 1.1% 1,074,540 2.3% 366,563 1.8% $122,487 3.3% 2017 Y $15.62 2.9% 0.4 1.6% 2,080,160 1.1% 1,098,580 2.2% 374,785 2.2% $129,721 5.9% 2018 Y $16.18 3.6% 0.6 2.1% 2,104,040 1.1% 1,116,380 1.6% 380,827 1.6% $136,061 4.9% 2019 Y $16.85 4.1% 0.6 2.4% 2,128,140 1.1% 1,127,940 1.0% 384,566 1.0% $141,094 3.7% 2020 Y $17.59 4.4% 0.6 2.5% 2,152,170 1.1% 1,135,670 0.7% 386,876 0.6% $145,776 3.3% Copyright 2016 Reis, Inc. Page 20

CustomerID: Metro Class Cut Office - 2nd Quarter 2016 Year Quarter Inventory (Sq Ft) Section 13 - Market Data by Building Class - Class A Properties Completions Vac % Vacant Stock Occupied Stock Net Abs Asking Rent($) Rent Change Constr/ Abs Abs/Occ Stock % Gr Rev. Unit ($) 2001 Y 13,070,000 1,346,000 16.3% 2,135,000 10,935,000 161,000 $20.25-5.7% 8.4 1.5 $16.94 2002 Y 13,893,000 823,000 19.8% 2,755,000 11,138,000 203,000 $19.76-2.4% 4.1 1.8 $15.84 2003 Y 13,904,000 354,000 19.1% 2,662,000 11,242,000 104,000 $19.67-0.5% 3.4 0.9 $15.90 2004 Y 14,187,000 438,000 18.5% 2,621,000 11,566,000 324,000 $19.57-0.5% 1.4 2.8 $15.95 2005 Y 14,448,000 261,000 18.1% 2,622,000 11,826,000 260,000 $19.61 0.2% 1.0 2.2 $16.05 2006 Y 14,905,000 509,000 16.2% 2,422,000 12,483,000 657,000 $19.89 1.4% 0.8 5.3 $16.66 2007 Y 14,992,000 150,000 15.0% 2,242,000 12,750,000 267,000 $20.19 1.5% 0.6 2.1 $17.17 2008 Y 14,992,000 0 16.1% 2,411,000 12,581,000-171,000 $20.62 2.1% 0.0-1.4 $17.30 2009 Y 15,043,000 107,000 17.2% 2,594,000 12,449,000-132,000 $20.50-0.6% -0.8-1.1 $16.97 2010 Y 15,163,000 239,000 17.5% 2,660,000 12,503,000 54,000 $20.57 0.3% 4.4 0.4 $16.96 2011 Y 15,163,000 0 17.7% 2,680,000 12,483,000-20,000 $20.46-0.5% 0.0-0.2 $16.84 2012 1 15,303,000 140,000 17.5% 2,679,000 12,624,000 141,000 $20.43-0.1% 1.0 1.1 $16.85 2012 2 15,303,000 0 16.8% 2,571,000 12,732,000 108,000 $20.43 0.0% 0.0 0.8 $17.00 2012 3 15,406,000 103,000 16.7% 2,573,000 12,833,000 101,000 $20.48 0.2% 1.0 0.8 $17.06 2012 4 15,406,000 0 16.2% 2,492,000 12,914,000 81,000 $20.69 1.0% 0.0 0.6 $17.34 2012 Y 15,406,000 243,000 16.2% 2,492,000 12,914,000 431,000 $20.69 1.1% 0.6 3.3 $17.34 2013 1 15,406,000 0 15.8% 2,430,000 12,976,000 62,000 $20.76 0.3% 0.0 0.5 $17.49 2013 2 15,317,000 0 16.0% 2,454,000 12,863,000-113,000 $20.78 0.1% 0.0-0.9 $17.45 2013 3 15,317,000 0 16.4% 2,516,000 12,801,000-62,000 $20.81 0.1% 0.0-0.5 $17.39 2013 4 15,317,000 0 17.3% 2,657,000 12,660,000-141,000 $20.84 0.1% 0.0-1.1 $17.22 2013 Y 15,317,000 0 17.3% 2,657,000 12,660,000-254,000 $20.84 0.7% 0.0-2.0 $17.22 2014 1 15,317,000 0 17.9% 2,735,000 12,582,000-78,000 $20.77-0.3% 0.0-0.6 $17.06 2014 2 15,317,000 0 17.3% 2,652,000 12,665,000 83,000 $20.78 0.0% 0.0 0.7 $17.18 2014 3 15,317,000 0 16.5% 2,526,000 12,791,000 126,000 $20.74-0.2% 0.0 1.0 $17.32 2014 4 15,826,000 509,000 17.1% 2,707,000 13,119,000 328,000 $20.81 0.3% 1.6 2.5 $17.25 2014 Y 15,826,000 509,000 17.1% 2,707,000 13,119,000 459,000 $20.81-0.1% 1.1 3.5 $17.25 2015 1 15,924,000 98,000 16.7% 2,658,000 13,266,000 147,000 $20.87 0.3% 0.7 1.1 $17.39 2015 2 15,924,000 0 17.1% 2,721,000 13,203,000-63,000 $20.97 0.5% 0.0-0.5 $17.39 2015 3 16,069,000 145,000 17.1% 2,754,000 13,315,000 112,000 $21.00 0.1% 1.3 0.8 $17.40 2015 4 16,069,000 0 16.7% 2,686,000 13,383,000 68,000 $21.08 0.4% 0.0 0.5 $17.56 2015 Y 16,069,000 243,000 16.7% 2,686,000 13,383,000 264,000 $21.08 1.3% 0.9 2.0 $17.56 2016 1 16,069,000 0 16.0% 2,579,000 13,490,000 107,000 $21.15 0.3% 0.0 0.8 $17.76 2016 2 16,069,000 0 15.5% 2,495,000 13,574,000 84,000 $21.25 0.5% 0.0 0.6 $17.95 Copyright 2016 Reis, Inc. Page 22

CustomerID: Metro Class Cut Office - 2nd Quarter 2016 Year Quarter Inventory (Sq Ft) Section 14 - Market Data by Building Class - Class B/C Properties Completions Vac % Vacant Stock Occupied Stock Net Abs Asking Rent($) Rent Change Constr/ Abs Abs/Occ Stock % Gr Rev. Unit ($) 2001 Y 16,359,000 325,000 18.5% 3,033,000 13,326,000-1,304,000 $15.01-3.7% -0.2-9.8 $12.23 2002 Y 16,462,000 202,000 23.3% 3,843,000 12,619,000-707,000 $15.08 0.5% -0.3-5.6 $11.56 2003 Y 16,441,000 106,000 23.6% 3,881,000 12,560,000-59,000 $14.70-2.5% -1.8-0.5 $11.23 2004 Y 16,424,000 38,000 21.1% 3,465,000 12,959,000 399,000 $14.47-1.6% 0.1 3.1 $11.42 2005 Y 16,333,000 93,000 20.2% 3,304,000 13,029,000 70,000 $14.64 1.2% 1.3 0.5 $11.68 2006 Y 16,320,000 396,000 20.5% 3,339,000 12,981,000-48,000 $14.74 0.7% -8.2-0.4 $11.72 2007 Y 16,429,000 342,000 20.3% 3,339,000 13,090,000 109,000 $15.02 1.9% 3.1 0.8 $11.97 2008 Y 16,983,000 758,000 20.9% 3,550,000 13,433,000 343,000 $15.29 1.8% 2.2 2.6 $12.09 2009 Y 16,692,000 0 20.3% 3,381,000 13,311,000-122,000 $15.17-0.8% 0.0-0.9 $12.10 2010 Y 16,368,000 0 20.4% 3,342,000 13,026,000-285,000 $15.11-0.4% 0.0-2.2 $12.02 2011 Y 16,289,000 0 20.3% 3,313,000 12,976,000-50,000 $15.23 0.8% 0.0-0.4 $12.13 2012 1 16,289,000 0 20.5% 3,334,000 12,955,000-21,000 $15.22-0.1% 0.0-0.2 $12.10 2012 2 16,216,000 0 20.9% 3,384,000 12,832,000-123,000 $15.26 0.3% 0.0-1.0 $12.08 2012 3 16,216,000 0 20.2% 3,269,000 12,947,000 115,000 $15.25-0.1% 0.0 0.9 $12.18 2012 4 16,267,000 51,000 19.9% 3,245,000 13,022,000 75,000 $15.48 1.5% 0.7 0.6 $12.39 2012 Y 16,267,000 51,000 19.9% 3,245,000 13,022,000 46,000 $15.48 1.6% 1.1 0.4 $12.39 2013 1 16,267,000 0 20.1% 3,264,000 13,003,000-19,000 $15.52 0.3% 0.0-0.1 $12.41 2013 2 16,267,000 0 20.3% 3,307,000 12,960,000-43,000 $15.52 0.0% 0.0-0.3 $12.36 2013 3 16,267,000 0 20.8% 3,386,000 12,881,000-79,000 $15.53 0.1% 0.0-0.6 $12.30 2013 4 16,267,000 0 22.6% 3,684,000 12,583,000-298,000 $15.58 0.3% 0.0-2.4 $12.05 2013 Y 16,267,000 0 22.6% 3,684,000 12,583,000-439,000 $15.58 0.6% 0.0-3.5 $12.05 2014 1 16,267,000 0 21.4% 3,483,000 12,784,000 201,000 $15.59 0.1% 0.0 1.6 $12.25 2014 2 16,212,000 0 21.6% 3,509,000 12,703,000-81,000 $15.54-0.3% 0.0-0.6 $12.18 2014 3 16,212,000 0 21.1% 3,415,000 12,797,000 94,000 $15.66 0.8% 0.0 0.7 $12.36 2014 4 16,212,000 0 21.5% 3,478,000 12,734,000-63,000 $15.81 1.0% 0.0-0.5 $12.42 2014 Y 16,212,000 0 21.5% 3,478,000 12,734,000 151,000 $15.81 1.5% 0.0 1.2 $12.42 2015 1 16,189,000 0 21.7% 3,510,000 12,679,000-55,000 $15.86 0.3% 0.0-0.4 $12.42 2015 2 16,153,000 0 21.0% 3,394,000 12,759,000 80,000 $15.95 0.6% 0.0 0.6 $12.60 2015 3 16,153,000 0 20.8% 3,366,000 12,787,000 28,000 $16.04 0.6% 0.0 0.2 $12.70 2015 4 16,153,000 0 19.7% 3,184,000 12,969,000 182,000 $16.16 0.7% 0.0 1.4 $12.97 2015 Y 16,153,000 0 19.7% 3,184,000 12,969,000 235,000 $16.16 2.2% 0.0 1.8 $12.97 2016 1 16,153,000 0 19.6% 3,158,000 12,995,000 26,000 $16.20 0.2% 0.0 0.2 $13.03 2016 2 16,153,000 0 19.6% 3,165,000 12,988,000-7,000 $16.37 1.0% 0.0-0.1 $13.16 Copyright 2016 Reis, Inc. Page 23

CustomerID: Submarket Overview Office - 2nd Quarter 2016 Section 15 - Submarket Overview Submarket Inventory (Buildings) Inventory (Sq Ft) Asking Rent $ CRD % Vac % Free Rent (mos) Expenses $ (Commercial) Lease Term (yrs) Leasing Commission % Tenant Improvements $ Upper Downtown 78 5,787,000 $19.32-8.2% 12.8% 4.6 $ 9.42 4.2 6.5% $21.41 Lower Downtown 49 4,369,000 $21.72-7.6% 13.9% 4.0 $ 6.70 3.0 4.5% $24.33 Bexley/Whitehall 49 1,438,000 $15.15-7.7% 20.0% 2.7 $ 7.10 2.4 4.4% $ 9.90 North Central 41 2,220,000 $18.52-4.0% 14.6% 1.8 $ 7.81 5.2 5.3% $19.23 Westerville 56 2,375,000 $18.17-3.9% 27.4% 2.7 $ 7.69 2.0 3.4% $18.70 Worthington 91 5,623,000 $17.41-7.4% 19.8% 2.5 $ 6.42 2.7 6.0% $17.50 Upper Arlington 89 1,950,000 $15.82-4.7% 19.0% 2.0 $ 7.24 2.3 4.6% $14.52 Dublin/Hilliard 109 6,570,000 $20.20-5.2% 17.3% 2.8 $ 8.70 2.6 5.2% $17.76 Southwest 23 664,000 $16.29-8.2% 15.7% 3.7 $ 7.40 3.0 5.6% $19.75 Southeast 30 1,226,000 $17.06-8.5% 26.7% 2.1 $ 5.30 2.4 5.5% $23.46 Copyright 2016 Reis, Inc. Page 25

CustomerID: New Construction Listing Office - 2nd Quarter 2016 As of 04-Oct-2016 Section 16 - Construction Deliveries Completed SF SF Under Construction Totals Planned Proposed Totals 2015 YTD 2016 2016 2017 and Later 2015 and Later nd Single Tenant 243,320 0 0 0 0 0 193,758 282,000 719,078 156,000 965,58 Other Office 146,300 463,000 14,200 376,279 999,779 574,400 10,000 584,400 Totals 389,620 463,000 0 0 0 0 207,958 658,279 1,718,857 730,400 975,58 Section 17 - Metro Construction Breakdown Metro Construction by Project Type 2015 and Later Metro Construction by Top Five Submarket Share 2015 and Later 10.3 % 16.8 % 14.2 % 17.3 % 47.3 % 19.1 % 13.0 % 25.1 % Under 50,000 50,000-100,000 100,000-200,000 200,000-500,000 Over 500,000 24.1 % 12.8 % Upper Arlington Westerville Upper Downtown Worthington Southeast Other Submarkets in Metro Includes all recently completed, under construction, planned, and proposed properties from the table above. Note that some verified listings for planned and proposed properties do not yet have a firm completion date. Submarket Section 18 - Submarket New Construction Project Tally 1. Completed 2. Under Construction 3. Planned/Proposed Multi/Single Tenant Other Office Multi/Single Tenant Other Office Multi/Single Tenant Upper Downtown 0 0 0 115,000 190,000 181,000 0 486,000 Lower Downtown 145,000 0 0 0 63,000 125,000 0 333,000 Bexley/Whitehall 0 0 0 0 0 0 10,000 10,000 North Central 0 43,000 0 0 0 79,930 0 122,930 Westerville 0 55,000 0 0 0 201,000 320,000 576,000 Worthington 23,320 0 0 282,000 0 139,000 0 444,320 Upper Arlington 75,000 420,000 0 0 0 0 160,000 655,000 Dublin/Hilliard 0 0 0 78,758 0 175,650 18,000 272,408 Southwest 0 44,000 0 0 0 0 0 44,000 Southeast 0 47,300 0 0 123,279 220,000 48,000 438,579 Non-Submarketed Areas 0 0 0 0 14,200 0 28,400 42,600 Other Office Grand Total Copyright 2016 Reis, Inc. Page 27

CustomerID: New Construction Listing Office - 2nd Quarter 2016 As of 04-Oct-2016 Section 19 - Metro Inventory Details Inventory By Building Age Year Built Percent Before 1970 16.0% 1970-1979 18.0% 1980-1989 27.0% 1990-1999 19.0% 2000-2009 17.0% After 2009 4.0% All 100.0% As of 06/30/16 % Office Inventory Growth Trend and Forecast 1.0 0.5 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Columbus Midwest US Section 20 - Inventory Growth Rankings Forecast Midwest Region Cumulative Inventory Growth Forecast Ranking 2016 and Later National Cumulative Inventory Growth Forecast Ranking 2016 and Later Metro Cumulative Growth Forecast Rank Metro Cumulative Growth Forecast Rank Milwaukee 7.2% 1 Indianapolis 5.2% 5 St. Louis 5.0% 6 Columbus 4.8% 7 Cleveland 4.4% 8 Chicago 4.4% 9 Dayton 2.2% 13 Nashville 17.1% 1 St. Louis 5.0% 43 New York Metro 5.0% 44 Columbus 4.8% 45 Los Angeles 4.7% 46 Memphis 4.6% 47 Westchester 0.0% 82 Sq Ft Built Section 21 - Construction/Absorption Change Construction and Absorption Quarterly 2Q16 1Q16 YTD Avg Sq Ft Absorbed Con/Abs Ratio Sq Ft Built Sq Ft Absorbed Con/Abs Ratio Sq Ft Built Sq Ft Absorbed Columbus 0 76,000 0.0 0 132,000 0.0 0 104,000 0.0 Midwest 101,000 691,000 0.1 858,000 2,474,000 0.3 479,500 1,582,500 0.3 Con/Abs Ratio Average over period ending: 06/30/16 06/30/16 06/30/16 03/31/16 03/31/16 03/31/16 06/30/16 06/30/16 06/30/16 Sq Ft Built Annualized 1 Year History 3 Year History 5 Year History Sq Ft Absorbed Con/Abs Ratio Sq Ft Built Sq Ft Absorbed Con/Abs Ratio Sq Ft Built Sq Ft Absorbed Columbus 243,000 499,000 0.5 251,000 138,000 1.8 209,000 165,000 1.3 Midwest 2,237,000 4,443,000 0.5 1,844,000 2,290,000 0.8 1,942,000 2,243,000 0.9 Con/Abs Ratio Average over period ending: 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 Copyright 2016 Reis, Inc. Page 28

CustomerID: New Construction Listing Office - 2nd Quarter 2016 As of 04-Oct-2016 Section 22 - Occupancy at Completion 100 Occupancy at Completion Comparisons 80 Occupancy (%) 60 40 20 0 2010 2011 2012 2013 2014 2015 2016 Columbus Overall Occupancy Columbus Occupancy at Completion Midwest Occupancy at Completion US Occupancy at Completion Occupancy at Completion Comparisons Properties Built in: 2010 2011 2012 2013 2014 2015 2016 Columbus 55.1% n/a 82.4% n/a 64.8% 76.4% n/a Midwest 74.6% 84.9% 89.0% 100.0% 90.0% 91.9% 76.3% United States 49.7% 72.9% 92.5% 90.3% 79.7% 60.0% 60.6% *Occupation at completion is calculated for all properties completed during each individual calendar year % 60.0 Section 23 - Stabilization Data New Construction Quarters to Stabilization 50.0 Vacancy (%) 40.0 30.0 20.0 10.0 0.0 0 1 2 3 4 5 6 7 8 Quarters After Completion 2010 2011 2012 2013 2014 2015 2016 Long Term Metro Vacancy Average Stabilization Data Construction Year: 2010 2011 2012 2013 2014 2015 2016 YTD No.of Properties Tracked 4 3 4 3 Properties Stabilized 0-4 Quarters After Completion 1 2 2 1 Properties Stabilized 5-8 Quarters After Completion 2 1 0 0 Properties Stabilized 9-12 Quarters After Completion 0 0 0 0 Properties Stabilized 13+ Quarters After Completion 1 0 0 0 Properties That Have Not Yet Stabilized 0 0 2 2 Stabilization is reached when the average vacancy of the properties built in any given year equals or is less than the metro's average overall vacancy for the last five years. "0" in the Quarters After Completion chart above represents the vacancy at completion. Copyright 2016 Reis, Inc. Page 29

CustomerID: New Construction Listing Office - 2nd Quarter 2016 As of 04-Oct-2016 Section 24 - Metro Area Map: Columbus Completed Projects Under Construction Planned/Proposed Copyright 2016 Reis, Inc. Page 30

CustomerID: New Construction Listing Office - 2nd Quarter 2016 As of 04-Oct-2016 Section 25 - New Construction Listing No. Property Name and Address Date As Of Secondary Type County Size (Sq Ft) No. Bldgs Floors Est. Groundbreak Est. Completion Status 1 Submarket: Bexley/Whitehall FORMER OASIS CAMPUS REDEVELOPMENT - MED OFFICE POTH RD @ N HAMILTON RD WHITEHALL, OH 43213 Submarket: Dublin/Hilliard 06-02-2016 Medical Office Franklin 10,000 1 Proposed 2 Hilliard Gateway - Medical Office I 4363 All Seasons Dr Hilliard, OH 43026 10-30-2015 Medical Office Franklin 40,000 1 2 10/2014 Complete 3 PATCH PLAZA PH III COSGRAY RD @ WOODVIEW WAY HILLIARD, OH 43026 09-28-2016 Medical Office FRANKLIN 18,000 1 1 Planned 4 RIVERVIEW STREET MIXED-USE (OFFICE) 17-62 N RIVERVIEW ST DUBLIN, OH 43016 07-06-2016 Office Franklin 35,650 Proposed 5 DUBLIN BRIDGE PARK - BUILDING C2 6640 RIVERSIDE DR DUBLIN, OH 43017 06-07-2016 Office Franklin 78,758 1 5 4/2016 11/2016 Under Constr. 6 COLLEGE BRANCH OFFICE CAMPUS I-270 @ DAVIDSON DR HILLIARD, OH 43206 05-20-2016 Office Franklin 140,000 7 Proposed 7 Submarket: Lower Downtown THE GRANT BONE & JOINT CENTER EXPANSION 303 E TOWN ST COLUMBUS, OH 43215 08-22-2016 Medical Office Franklin 63,000 1 4 7/2016 7/2017 Under Constr. 8 TWO25 (OFFICE) 225 S 3RD ST COLUMBUS, OH 43215 03-25-2016 Office FRANKLIN 125,000 1 17 Proposed 9 250 High St (Office) 250 S High St Columbus, OH 43215 02-05-2016 Office Franklin 145,000 1 12 8/2015 Complete Submarket: North Central 10 NORTH HIGH STREET MIXED USE 900 N HIGH ST COLUMBUS, OH 43215 09-28-2016 Office FRANKLIN 22,230 1 3 Proposed 11 SHORT NORTH PROJECT (OFFICE PORTION) 23 W 2ND AVE COLUMBUS, OH 43201 08-09-2016 Office FRANKLIN 35,700 1 Proposed 12 BORROW PROPERTIES HQ 848 N PEARL ST COLUMBUS, OH 43215 06-24-2016 Office FRANKLIN 22,000 1 5 Proposed 13 MEDICAL PAVILION AT EASTON 3100 STELZER RD COLUMBUS, OH 43219 06-03-2016 Medical Office Franklin 43,000 1 2 7/2015 6/2016 Complete 14 The Joseph 621-629 N High St Columbus, OH 43215 01-15-2015 Office Franklin 55,000 1 6 12/2013 11/2014 Complete Copyright 2016 Reis, Inc. Page 31

CustomerID: New Construction Listing Office - 2nd Quarter 2016 As of 04-Oct-2016 No. Property Name and Address Date As Of Secondary Type County Size (Sq Ft) No. Bldgs Floors Est. Groundbreak Est. Completion Status Submarket: Southeast 15 MOUNT CARMEL GROVE CITY MEDICAL CENTER PH II (MED OFFICE) 5300 N MEADOWS DR GROVE CITY, OH 43123 09-28-2016 Medical Office FRANKLIN 123,279 1 5 11/2018 Under Constr. 16 MILLENIAL TOWER W RICH ST @ S FRONT ST COLUMBUS, OH 43215 07-12-2016 Office FRANKLIN 220,000 1 25 Proposed 17 LONDON GROVEPORT RD @ N MEADOW DR COLUMBUS, OH 43123 06-22-2016 Medical Office Franklin 48,000 2 11/2016 Planned 18 OhioHealth Pickerington Campus 1010 Refugee Rd Pickerington, OH 43147 05-12-2015 Medical Office Fairfield 47,300 1 2 1/2014 5/2015 Complete Submarket: Southwest 19 ALLIED MINERAL PRODUCTS INC 2700 SCIOTO PKWY COLUMBUS, OH 43221 02-02-2016 Office--Owner Occ. Franklin 44,000 1 2 8/2014 9/2015 Complete Submarket: Upper Arlington 20 Grandview Yard Ph II 800 Yard St Grandview Heights, OH 43212 08-16-2016 Office Franklin 75,000 1 3 3/2014 1/2015 Complete 21 22 23 24 THE CARE POINT UPPER ARLINGTON 1800 ZOLLINGER RD COLUMBUS, OH 43221 NATIONWIDE CORPORATE CAMPUS - BUILDING II 1000 YARD ST GRANDVIEW HEIGHTS, OH 43212 NATIONWIDE CORPORATE CAMPUS - BUILDING I 1000 YARD ST GRANDVIEW HEIGHTS, OH 43212 Submarket: Upper Downtown BUGGYWORKS @ 400 W NATIONWIDE 400 W NATIONWIDE BLVD COLUMBUS, OH 43215 08-15-2016 Medical Office Franklin 100,000 1 5 5/2015 7/2016 Complete 06-06-2016 Office--Owner Occ. Franklin 160,000 1 4 Planned 06-06-2016 Office--Owner Occ. Franklin 320,000 1 4 3/2015 6/2016 Complete 08-16-2016 Office Franklin 115,000 1 4 5/2015 10/2016 Under Constr. 25 111 NORTH FRONT STREET 111 N FRONT ST COLUMBUS, OH 43215 06-17-2016 Government Office Franklin 190,000 1 8 5/2016 4/2018 Under Constr. 26 650 WEST NATIONWIDE BOULEVARD 650 W NATIONWIDE BLVD COLUMBUS, OH 43215 05-13-2016 Office Franklin 100,000 1 5 Proposed 27 100 SPRUCE 100 SPRUCE ST COLUMBUS, OH 43215 03-25-2016 Office Franklin 81,000 1 8 Proposed 28 Columbia Gass of Ohio 290 W Nationwide Blvd Columbus, OH 43215 02-29-2016 N/A Franklin 280,000 1 6 2/2013 10/2014 Complete 29 Submarket: Westerville SIGNATURE BUILDING PH VI WALTON PKWY @ NEW ALBANY RD E NEW ALBANY, OH 43054 11-25-2015 Office FRANKLIN 40,000 1 2 Planned Copyright 2016 Reis, Inc. Page 32

CustomerID: New Construction Listing Office - 2nd Quarter 2016 As of 04-Oct-2016 No. Property Name and Address Date As Of Secondary Type County Size (Sq Ft) No. Bldgs Floors Est. Groundbreak Est. Completion Status 30 BIG LOTS CORPORATE OFFICE 4860 E DUBLIN GRANVILLE RD COLUMBUS, OH 43201 08-25-2016 Office--Owner Occ. FRANKLIN 320,000 1 Planned 31 New Albany Center of Technology II 6005 Nacot Pl New Albany, OH 43054 08-16-2016 Office Franklin 67,500 1 1 12/2014 Complete 32 WATERS EDGE PH III 7795 WALTON PKWY NEW ALBANY, OH 43054 05-27-2016 Office Franklin 45,000 1 Proposed 33 34 35 SIGNATURE BUILDING PH IV WALTON PKWY @ NEW ALBANY RD E NEW ALBANY, OH 43054 SIGNATURE BUILDING PH III WALTON PKWY @ NEW ALBANY RD E NEW ALBANY, OH 43054 SIGNATURE BUILDING PH V WALTON PKWY @ NEW ALBANY RD E NEW ALBANY, OH 43054 04-29-2016 Office FRANKLIN 40,000 1 2 Planned 04-29-2016 Office FRANKLIN 38,000 1 2 Planned 04-29-2016 Office FRANKLIN 38,000 1 2 Planned 36 Philip Heit Center for Healthy New Albany 150 W Main St New Albany, OH 43054 02-09-2015 Medical Office Franklin 55,000 2 2 1/2015 Complete Submarket: Worthington 37 8900 LYRA DRIVE 8900 LYRA DR COLUMBUS, OH 43035 09-28-2016 Office DELAWARE 120,000 1 4 6/2016 8/2017 Under Constr. 38 Pointe @ Polaris LYRA DR @ GEMINI PL/FASHION MALL COLUMBUS, OH 43240 09-28-2016 Office Delaware 162,000 1 1 8/2016 Under Constr. 39 Westar V 380 Polaris Pkwy Westerville, OH 43082 08-16-2016 Office Delaware 106,340 1 4 12/2014 Complete 40 Heights at Worthington Square 160 W Wilson Bridge Rd Columbus, OH 43085 08-16-2016 Office Franklin 23,320 1 2 1/2014 3/2015 Complete 41 42 43 44 WESTAR VI POLARIS PKWY @ AFRICA AVE WESTERVILLE, OH 43082 Submarket: Not in a Reis submarket TRIPLE T TRANSPORT OFFICE CAMPUS PH III 433 LEWIS CENTER LEWIS CENTER, OH 43035 TRIPLE T TRANSPORT OFFICE CAMPUS PH II 433 LEWIS CENTER LEWIS CENTER, OH 43035 TRIPLE T TRANSPORT OFFICE CAMPUS PH I 433 LEWIS CENTER LEWIS CENTER, OH 43035 05-27-2016 Office DELAWARE 139,000 1 5 Proposed 04-04-2016 Office--Owner Occ. Delaware 14,200 1 1 Planned 04-04-2016 Office--Owner Occ. Delaware 14,200 1 1 Planned 04-04-2016 Office--Owner Occ. Delaware 14,200 1 1 11/2015 10/2016 Under Constr. Copyright 2016 Reis, Inc. Page 33

CustomerID: 2Q 2016 Metro Statistics Metro Statistics - 12 Month Rolling Mean Median 25th Percentile Mean Median 75th Percentile Cap Rate 3.2% 3.2% 7.2% 8.4% 8.1% 10.0% Size 84,430 84,430 24,064 65,872 53,522 101,536 Sale Price $9,393,200 $9,393,200 $1,676,200 $4,912,950 $3,625,000 $7,550,000 Price/SF $111 $153 $52 $75 $60 $116 Number of Floors 3 3 2 3 2 4 Year Built 1991 1988 1980 1984 1985 1995 Sales Trend Office - 2Q 2016 Submarkets 1. Upper Downtown 2. Lower Downtown 3. Bexley/Whitehall/Gahanna 4. North Central 5. Westerville 6. Worthington 7. Upper Arlington 8. Dublin/Hilliard 9. Southwest 10. Southeast Most Recent Transactions City, State Submarket Year Built Floors Price Per Sq Ft Range Sale Date Reis Sales Comparables Number 1. Columbus, OH Bexley/Whitehall 2006 3 $150 - $199 Q2 2016 1156302 2. Worthington, OH Worthington 1980 2 $250 - $299 Q2 2016 1156664 3. Dublin, OH Dublin/Hilliard 1996 4 $50 - $74 Q2 2016 1142633 4. Columbus, OH Upper Arlington 1986 2 $75 - $99 Q1 2016 1137985 5. Columbus, OH Worthington 1995 1 $125 - $149 Q1 2016 1120663 6. Powell, OH Outside Delineated Submarkets 2000 2 $150 - $199 Q1 2016 1103266 7. Columbus, OH Upper Downtown 1895 4 $50 - $74 Q1 2016 1102590 8. Columbus, OH Upper Downtown 1900 3 $50 - $74 Q1 2016 1094761 9. Columbus, OH Upper Downtown 1927 13 $50 - $74 Q1 2016 1095321 10. New Albany, OH Westerville 2004 3 $25 - $49 Q1 2016 1090989 11. Columbus, OH Worthington 1987 2 $25 - $49 Q1 2016 1094755 12. Columbus, OH Worthington 1983 2 $100 - $124 Q1 2016 1094767 13. Worthington, OH Worthington 1985 1 $25 - $49 Q4 2015 1072210 14. Columbus, OH Lower Downtown 1985 3 $50 - $74 Q4 2015 1078351 15. Columbus, OH Worthington 1968 4 $0 - $24 Q4 2015 1077718 16. Dublin, OH Dublin/Hilliard 1999 4 $75 - $99 Q4 2015 1094762 17. Columbus, OH Upper Downtown 1982 2 $100 - $124 Q4 2015 1077723 18. Dublin, OH Dublin/Hilliard 2007 1 $150 - $199 Q4 2015 1086590 19. Dublin, OH Dublin/Hilliard 1995 1 $150 - $199 Q4 2015 1065046 20. Columbus, OH Worthington 1987 1 $50 - $74 Q4 2015 1064923 For details on the transactions listed above, click on the Sales Comparables number link. For historical transactions or transactions in another Reis market, please go to the Sales Comparables section of the Reis website. www.reis.com Copyright 2016 Reis, Inc. Page 35