SILICON VALLEY All Product - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 27,417,305 8,102,417 7,259,705 42,779,427 9.60% 13.77% 172,298 42,951,725 4Q 2006 28,937,825 8,199,629 7,427,206 44,564,660 10.23% 14.35% 166,125 44,730,785 3Q 2006 30,102,832 8,623,224 7,775,563 46,501,619 10.68% 14.97% 95,899 46,597,518 2Q 2006 31,950,937 7,939,980 8,888,264 48,779,181 11.57% 15.70% 151,284 48,930,465 1Q 2006 33,722,857 8,178,618 10,911,156 52,812,631 12.46% 16.95% 338,180 53,150,811 4Q 2005 34,836,264 7,845,525 10,677,610 53,359,399 13.08% 17.12% 381,553 53,740,952 3Q 2005 37,374,241 7,704,312 10,699,925 55,778,478 14.07% 17.88% 648,971 56,427,449 2Q 2005 37,814,021 7,937,194 12,043,046 57,794,261 14.60% 18.53% 483,066 58,277,327 Space Silicon Valley All Products 0.40% 11.33% 5.57% 18.86% 63.83% 2 Availability Rate Breakdown Silicon Valley - All Products 15.0% 1 5.0% 311,922,457 311,925,319 311,639,090 311,545,135 310,717,038 310,717,038 310,591,758 310,591,758 57,794,261 55,778,478 53,359,399 52,812,631 48,779,181 46,501,619 44,564,660 42,779,427 8,252,614 7,000,185 6,178,005 6,268,523 6,291,635 5,671,291 6,757,143 5,707,425 1,387,382 1,830,383 2,840,355 3,009,046 1,140,236 1,276,266 2,545,078 1,156,236 1,529,314 807,470 819,905 201,076 (188,642) (234,665) 346,353 612,743 0 121,275 311,658 80,000 211,077 0 0 0 1650 1689 1733 1474 1620 1517 1672 1646 774 731 693 512 621 563 542 520 337 319 289 222 295 292 275 261 166 163 166 116 145 136 126 123 77 72 68 44 59 58 57 56 1 Cover image: City Hall rotunda - courtesy of the City of San Jose COLLIERS INTERNATIONAL
SILICON VALLEY R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 19,022,992 3,943,949 5,252,730 28,219,671 13.25% 17.85% 68,431 28,288,102 4Q 2006 19,531,877 4,044,503 5,630,772 29,207,152 13.77% 18.48% 68,431 29,275,583 3Q 2006 19,831,765 4,819,521 5,527,993 30,179,279 14.10% 19.08% 0 30,179,279 2Q 2006 20,860,747 4,208,702 5,963,679 31,033,128 15.17% 19.62% 67,500 31,100,628 1Q 2006 21,605,527 4,127,046 6,962,229 32,694,802 16.09% 20.55% 67,500 32,762,302 4Q 2005 22,434,519 4,148,026 7,111,804 33,694,349 17.16% 21.16% 0 33,694,349 3Q 2005 24,106,924 3,790,969 7,321,520 35,219,413 18.45% 22.12% 281,854 35,501,267 2Q 2005 23,639,089 3,873,267 8,228,246 35,740,602 18.71% 22.45% 328,477 36,069,079 Space Silicon Valley R&D 25.0% 2 15.0% 1 5.0% 0.24% 11.80% 6.77% 13.94% Silicon Valley R&D 67.25% $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 159,206,551 159,207,265 159,237,946 159,135,578 158,159,408 158,159,408 158,046,778 158,066,778 35,740,602 35,219,413 33,694,349 32,694,802 31,033,128 30,179,279 29,207,152 28,219,671 3,639,156 3,220,858 3,084,639 3,293,708 2,662,523 2,490,468 2,783,023 3,127,888 703,566 362,301 1,612,555 1,741,288 136,858 682,754 716,922 544,223 882,417 189,984 726,060 208,046 (1,101,874) (83,931) (292,388) 350,219 0 121,275 311,658 0 0 0 0 0 $0.86 $0.82 $0.89 $0.79 $0.87 $0.98 $1.05 $1.00 377 381 436 378 376 351 377 337 396 377 354 294 318 290 292 278 240 235 215 167 219 216 209 199 133 136 138 101 124 118 108 108 44 41 39 27 34 35 38 37 *Average Starting Rental Rates are Triple (NNN). COLLIERS INTERNATIONAL 2
SILICON VALLEY Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 4,769,290 1,936,755 1,404,231 8,110,276 8.88% 14.02% 62,982 8,173,258 4Q 2006 5,173,900 1,992,849 1,342,706 8,509,455 9.65% 14.71% 51,748 8,561,203 3Q 2006 5,275,594 1,538,025 1,757,240 8,570,859 9.90% 14.82% 44,115 8,614,974 2Q 2006 5,747,330 1,483,536 2,033,006 9,263,872 11.19% 16.02% 42,000 9,305,872 1Q 2006 6,297,308 1,550,653 2,233,841 10,081,802 12.31% 17.48% 167,921 10,249,723 4Q 2005 6,769,949 1,223,286 2,031,728 10,024,963 13.03% 17.39% 164,519 10,189,482 3Q 2005 7,089,927 1,179,469 2,037,722 10,307,118 13.89% 17.88% 182,596 10,489,714 2Q 2005 7,450,787 1,114,635 2,208,040 10,773,462 14.91% 18.68% 12,223 10,785,685 Space Silicon Valley Office 0.77% 12.66% 4.52% 23.70% 58.35% Silicon Valley Office 2 $2.25 1 1 1 1 $2.00 1 $1.75 $1.50 Avg. Starting Rate: 57,668,926 57,658,210 57,658,210 57,666,623 57,837,196 57,837,196 57,837,196 57,837,196 10,773,462 10,307,118 10,024,963 10,081,802 9,263,872 8,570,859 8,509,455 8,110,276 2,083,063 1,741,255 1,513,816 1,382,738 1,806,523 1,910,302 2,003,076 1,444,238 583,092 582,594 632,312 711,326 639,302 639,538 646,775 321,668 312,391 248,615 151,929 55,687 439,044 205,623 7,450 285,385 0 0 0 80,000 170,573 0 0 0 $1.76 $1.98 $1.93 $1.90 $2.11 $2.08 $2.05 $2.18 1014 985 990 841 1002 912 1007 996 208 198 190 123 166 156 149 146 34 28 27 17 28 27 25 26 9 9 10 6 8 8 7 7 13 13 12 8 10 9 9 9 *Average Starting Rental Rates are Full Service (FS). 3 COLLIERS INTERNATIONAL
SILICON VALLEY Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 2,243,103 1,063,621 403,845 3,710,569 4.10% 6.63% 40,885 3,751,454 4Q 2006 2,504,772 969,772 312,512 3,787,056 4.65% 6.76% 45,946 3,833,002 3Q 2006 2,807,449 1,100,248 319,624 4,227,321 5.19% 7.55% 51,784 4,279,105 2Q 2006 3,036,490 1,023,804 510,537 4,570,831 5.52% 8.16% 41,784 4,612,615 1Q 2006 3,314,754 1,281,108 620,777 5,216,639 6.10% 9.31% 102,759 5,319,398 4Q 2005 3,084,329 1,330,413 582,048 4,996,790 5.69% 8.92% 217,034 5,213,824 3Q 2005 3,530,934 1,565,710 549,101 5,645,745 6.48% 10.08% 184,521 5,830,266 2Q 2005 3,566,867 1,318,962 570,879 5,456,708 6.56% 9.75% 142,366 5,599,074 Space Silicon Valley Industrial 28.35% 1.09% 9.37% 1.40% 59.79% 1 1 Silicon Valley Industrial $0.74 $0.72 $0.70 $0.68 $0.66 $0.64 $0.62 $0.60 $0.58 $0.56 $0.54 Avg. Starting Rate: 55,939,252 56,017,636 56,017,636 56,017,636 55,995,136 55,995,136 55,982,486 55,962,486 5,456,708 5,645,745 4,996,790 5,216,639 4,570,831 4,227,321 3,787,056 3,710,569 1,320,354 907,898 1,134,135 859,718 1,151,758 776,477 992,746 774,162 431,485 104,017 542,787 290,965 216,903 129,150 545,932 17,146 263,849 (314,446) 301,419 (9,151) 256,887 (266,735) 226,082 (250,660) 0 0 0 0 40,504 0 0 0 $0.71 $0.60 $0.60 $0.72 $0.72 $0.64 $0.66 $0.72 *Average Starting Rental Rates are Triple (NNN). 258 320 304 252 238 252 287 312 128 121 106 70 109 93 81 75 30 24 21 19 24 23 18 13 6 7 6 4 4 2 3 3 5 6 5 2 4 5 3 4 COLLIERS INTERNATIONAL 4
SILICON VALLEY Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 1,381,920 1,158,092 198,899 2,738,911 3.71% 7.07% 0 2,738,911 4Q 2006 1,727,276 1,192,505 141,216 3,060,997 4.68% 7.90% 0 3,060,997 3Q 2006 2,188,024 1,165,430 170,706 3,524,160 5.85% 9.10% 0 3,524,160 2Q 2006 2,306,370 1,223,938 381,042 3,911,350 6.17% 10.10% 0 3,911,350 1Q 2006 2,505,268 1,219,811 1,094,309 4,819,388 6.95% 12.45% 0 4,819,388 4Q 2005 2,547,467 1,143,800 952,030 4,643,297 7.10% 11.99% 0 4,643,297 3Q 2005 2,646,456 1,168,164 791,582 4,606,202 7.37% 11.80% 0 4,606,202 2Q 2005 3,157,278 1,630,330 1,035,881 5,823,489 8.95% 14.89% 0 5,823,489 Space 42.28% Silicon Valley Warehouse 5.25% 2.01% 50.46% 1 1 1 1 Silicon Valley Warehouse $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 39,107,728 39,042,208 38,725,298 38,725,298 38,725,298 38,725,298 38,725,298 38,725,298 5,823,489 4,606,202 4,643,297 4,819,388 3,911,350 3,524,160 3,060,997 2,738,911 1,210,041 1,130,174 445,415 732,359 670,831 494,044 978,298 361,137 (330,761) 781,471 52,701 265,467 147,173 (175,176) 635,449 273,199 70,657 685,317 (359,503) (53,506) 217,301 (89,622) 405,209 227,799 $0.36 $0.32 $0.35 $0.35 $0.39 $0.39 $0.38 $0.38 1 3 3 3 4 2 1 1 42 35 43 25 28 24 20 21 33 32 26 19 24 26 23 23 18 11 12 5 9 8 8 5 15 12 12 7 11 9 7 6 *Average Starting Rental Rates are Triple (NNN). 5 COLLIERS INTERNATIONAL
SAN JOSE R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 6,831,688 1,056,237 1,617,752 9,505,677 16.41% 20.11% 0 9,505,677 4Q 2006 6,958,993 1,377,870 1,908,035 10,244,898 17.04% 21.67% 0 10,244,898 3Q 2006 6,880,987 1,733,260 2,086,221 10,700,468 17.50% 22.64% 0 10,700,468 2Q 2006 6,536,647 1,344,277 2,144,216 10,025,140 16.90% 21.21% 67,500 10,092,640 1Q 2006 6,627,135 1,486,604 2,908,119 11,021,858 18.17% 23.32% 67,500 11,089,358 4Q 2005 6,816,870 1,325,083 2,773,968 10,915,921 18.68% 23.09% 0 10,915,921 3Q 2005 7,590,138 1,088,351 2,604,123 11,282,612 20.35% 23.89% 188,854 11,471,466 2Q 2005 7,307,212 768,085 2,809,957 10,885,254 19.96% 23.05% 190,282 11,075,536 Space San Jose R&D 71.87% Sublease Occupied 7.29% 9.73% 11.11% San Jose R&D 3 $0.90 $0.88 25.0% $0.86 2 $0.84 $0.82 15.0% $0.80 $0.78 1 $0.76 5.0% $0.74 $0.72 $0.70 47,226,974 47,226,974 47,268,376 47,268,376 47,268,376 47,268,376 47,268,376 47,268,376 10,885,254 11,282,612 10,915,921 11,021,858 10,025,140 10,700,468 10,244,898 9,505,677 850,670 815,289 1,103,050 599,995 736,362 504,545 801,084 923,612 302,791 (93,283) 668,835 163,229 (22,619) (304,265) 230,881 160,668 207,605 (293,328) 224,139 (281,042) (474,622) (355,635) 353,833 430,855 0 0 218,658 0 0 0 0 0 $0.77 $0.77 $0.79 $0.78 $0.83 $0.88 $0.89 $0.87 125 75 133 102 93 87 93 80 94 92 83 72 77 70 69 66 60 55 53 43 45 45 51 47 49 57 56 41 51 52 48 44 14 15 15 11 16 22 20 18 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 6
SUNNYVALE R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 2,391,827 701,121 397,797 3,490,745 10.88% 14.76% 0 3,490,745 4Q 2006 2,233,341 667,100 445,164 3,345,605 10.03% 14.16% 0 3,345,605 3Q 2006 2,284,427 690,159 739,621 3,714,207 10.31% 15.72% 0 3,714,207 2Q 2006 2,366,422 920,520 449,722 3,736,664 10.89% 15.81% 0 3,736,664 1Q 2006 2,515,608 1,112,014 461,360 4,088,982 11.13% 16.62% 0 4,088,982 4Q 2005 2,783,646 743,928 680,294 4,207,868 13.09% 17.08% 0 4,207,868 3Q 2005 3,080,230 604,843 779,136 4,464,209 14.79% 18.13% 0 4,464,209 2Q 2005 2,763,196 781,308 933,097 4,477,601 14.18% 18.24% 0 4,477,601 Space Sunnyvale R&D 2 1 1 1 1 1 Sublease Occupied 6.22% 5.17% 20.09% Sunnyvale R&D 68.52% $0.70 $1.00 $0.95 $0.90 $0.85 $0.80 $0.75 24,549,864 24,625,944 24,641,264 24,605,264 23,629,094 23,629,094 23,629,094 23,649,094 4,477,601 4,464,209 4,207,868 4,088,982 3,736,664 3,714,207 3,345,605 3,490,745 693,797 364,835 532,734 590,845 452,309 386,141 530,748 140,610 238,408 (178,430) 220,612 439,289 37,957 98,228 191,402 (240,447) 356,131 (63,376) 158,189 71,203 21,706 (155,555) 307,036 (132,180) 0 76,080 0 0 0 0 0 0 $0.81 $0.85 $0.88 $0.85 $0.83 $0.94 $0.96 $0.91 46 66 64 60 52 46 43 34 61 63 58 42 44 39 38 42 36 39 30 18 36 34 33 33 14 12 15 10 11 9 10 11 5 4 4 2 3 4 3 3 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 7 COLLIERS INTERNATIONAL
SANTA CLARA R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 2,185,653 401,409 568,358 3,155,420 11.22% 14.46% 0 3,155,420 4Q 2006 2,353,051 348,664 723,245 3,424,960 12.51% 15.70% 0 3,424,960 3Q 2006 2,464,231 303,821 790,023 3,558,075 12.56% 16.31% 0 3,558,075 2Q 2006 3,296,649 221,022 1,071,398 4,589,069 17.16% 21.03% 0 4,589,069 1Q 2006 3,586,540 303,335 1,131,265 5,021,140 18.93% 23.01% 0 5,021,140 4Q 2005 3,564,053 413,250 1,185,342 5,162,645 19.31% 23.66% 0 5,162,645 3Q 2005 3,726,715 274,104 1,201,092 5,201,911 20.27% 23.84% 0 5,201,911 2Q 2005 3,360,102 293,709 1,638,520 5,292,331 20.92% 24.26% 0 5,292,331 Space Santa Clara R&D 3 9.72% 8.29% 12.72% Santa Clara R&D 69.27% $1.20 25.0% $1.00 2 $0.80 15.0% $0.60 1 $0.40 5.0% $0.20 $0.00 21,816,896 21,816,896 21,816,896 21,816,896 21,816,896 21,816,896 21,816,896 21,816,896 5,292,331 5,201,911 5,162,645 5,021,140 4,589,069 3,558,075 3,424,960 3,155,420 715,418 252,582 244,654 452,942 324,980 511,287 433,852 415,494 315,889 82,161 125,162 157,176 150,594 406,648 155,040 156,545 337,208 (28,526) (95,057) 94,502 188,937 481,920 318,618 267,170 $0.83 $0.80 $0.86 $0.89 $0.91 $0.99 $1.01 $1.07 44 40 42 32 42 45 35 33 42 37 29 25 23 18 20 19 29 32 35 30 33 29 27 22 23 23 25 20 20 17 15 12 11 10 9 7 9 4 5 6 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 8
FREMONT R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 3,263,992 410,899 757,192 4,432,083 18.48% 23.77% 0 4,432,083 4Q 2006 3,379,018 467,587 1,073,160 4,919,765 18.94% 26.38% 0 4,919,765 3Q 2006 3,393,841 830,729 854,699 5,079,269 19.21% 27.24% 0 5,079,269 2Q 2006 3,519,422 506,725 854,002 4,880,149 20.08% 26.17% 0 4,880,149 1Q 2006 3,604,106 514,649 859,782 4,978,537 20.19% 26.70% 0 4,978,537 4Q 2005 3,820,396 553,847 592,215 4,966,458 21.53% 26.63% 0 4,966,458 3Q 2005 3,821,262 588,152 687,371 5,096,785 21.72% 27.33% 0 5,096,785 2Q 2005 4,030,071 594,883 679,006 5,303,960 22.94% 28.44% 0 5,303,960 Space Fremont R&D 3 12.96% 4.13% 9.27% Fremont R&D 73.64% $0.84 25.0% $0.82 2 $0.80 15.0% $0.78 $0.76 1 $0.74 5.0% $0.72 $0.70 18,649,034 18,649,034 18,649,034 18,649,034 18,649,034 18,649,034 18,649,034 18,649,034 5,303,960 5,096,785 4,966,458 4,978,537 4,880,149 5,079,269 4,919,765 4,432,083 374,101 699,937 270,826 474,638 405,324 439,050 275,755 609,791 (101,335) 120,163 47,920 312,286 (114,160) 149,783 20,617 94,148 (177,421) 116,678 (33,298) 9,880 (83,730) 62,491 (546,315) 198,618 $0.81 $0.83 $0.77 $0.75 $0.76 $0.76 $0.77 $0.77 82 90 90 86 86 74 69 60 82 80 85 74 74 70 75 66 38 42 40 27 42 45 41 43 15 13 12 8 13 16 15 13 4 2 2 2 2 2 2 1 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 9 COLLIERS INTERNATIONAL
MOUNTAIN VIEW R&D - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 795,371 300,435 877,298 1,973,104 6.92% 14.11% 0 1,973,104 4Q 2006 825,079 313,570 391,286 1,529,935 7.48% 10.94% 0 1,529,935 3Q 2006 973,523 348,757 380,296 1,702,576 8.49% 12.19% 0 1,702,576 2Q 2006 1,081,962 363,903 425,638 1,871,503 9.79% 13.39% 0 1,871,503 1Q 2006 1,268,428 321,573 470,687 2,060,688 11.72% 14.75% 0 2,060,688 4Q 2005 1,364,723 621,898 559,838 2,546,459 13.04% 18.23% 0 2,546,459 3Q 2005 1,499,975 757,232 718,719 2,975,926 14.87% 21.12% 0 2,975,926 2Q 2005 1,789,914 787,495 725,685 3,303,094 16.41% 23.32% 45,195 3,348,289 Space Mountain View R&D 15.23% 40.31% 35.72% 8.74% 25.0% 2 15.0% 1 5.0% Mountain View R&D $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 14,166,687 14,091,321 13,972,280 13,972,280 13,972,280 13,972,280 13,984,930 13,984,930 3,303,094 2,975,926 2,546,459 2,060,688 1,871,503 1,702,576 1,529,935 1,973,104 306,069 417,728 440,578 293,580 297,805 287,107 166,533 158,891 13,766 180,388 253,727 136,129 195,587 162,025 109,807 95,006 (109,051) 260,617 329,170 42,064 47,426 (34,660) 11,051 (465,277) 0 45,195 0 0 0 0 0 0 $1.08 $1.15 $1.25 $1.13 $1.07 $1.19 $1.32 $1.41 23 55 51 42 43 42 38 36 44 35 32 25 27 26 25 27 32 26 22 20 21 19 16 16 7 7 6 3 5 4 4 10 2 2 1 0 0 0 0 0 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 10
SAN JOSE Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 2,006,598 537,555 425,046 2,969,199 9.09% 13.09% 9,340 2,978,539 4Q 2006 2,445,737 676,089 418,273 3,540,099 11.03% 15.61% 2,580 3,542,679 3Q 2006 2,629,409 628,112 585,209 3,842,730 11.88% 16.94% 2,580 3,845,310 2Q 2006 2,885,048 493,506 517,875 3,896,429 13.18% 17.18% 2,580 3,899,009 1Q 2006 2,948,910 496,756 471,751 3,917,417 13.60% 17.35% 98,000 4,015,417 4Q 2005 3,109,922 423,174 340,923 3,874,019 14.28% 17.16% 100,580 3,974,599 3Q 2005 3,138,757 400,851 287,112 3,826,720 14.52% 16.95% 110,023 3,936,743 2Q 2005 3,172,981 368,470 298,913 3,840,364 14.75% 17.00% 12,223 3,852,587 Space San Jose Office 18.05% 0.31% 12.43% 1.84% 67.37% San Jose Office 2 $1.95 1 $1.90 1 1 $1.85 1 $1.80 1 $1.75 $1.70 $1.65 $1.60 22,591,671 22,580,955 22,580,955 22,580,955 22,678,955 22,678,955 22,678,955 22,678,955 3,840,364 3,826,720 3,874,019 3,917,417 3,896,429 3,842,730 3,540,099 2,969,199 566,013 484,846 460,389 416,216 533,911 443,700 1,054,925 842,836 261,385 56,859 55,537 263,797 218,674 123,505 435,384 451,173 75,351 (49,096) (94,850) 55,403 49,394 (212,586) 427,439 450,863 0 0 0 0 98,000 0 0 0 $1.72 $1.79 $1.82 $1.81 $1.84 $1.87 $1.89 $1.91 434 423 433 352 425 389 426 435 108 105 104 76 91 89 83 78 2 3 3 2 4 4 5 3 1 1 1 1 2 2 1 1 2 2 2 2 3 4 2 1 *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. 11 COLLIERS INTERNATIONAL
SANTA CLARA Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 960,282 127,708 328,218 1,416,208 12.22% 15.49% 0 1,416,208 4Q 2006 795,350 130,535 372,326 1,298,211 11.42% 14.20% 0 1,298,211 3Q 2006 830,228 96,418 357,236 1,283,882 11.50% 14.04% 0 1,283,882 2Q 2006 941,049 125,767 605,181 1,671,997 14.56% 18.29% 0 1,671,997 1Q 2006 1,039,805 218,350 578,031 1,836,186 15.91% 20.08% 0 1,836,186 4Q 2005 1,150,354 249,108 585,680 1,985,142 17.31% 21.71% 0 1,985,142 3Q 2005 1,351,482 254,488 751,963 2,357,933 20.90% 25.79% 0 2,357,933 2Q 2005 1,437,296 141,325 745,318 2,323,939 22.34% 25.42% 0 2,323,939 Space Santa Clara Office 3 25.0% 2 15.0% 1 5.0% 12.10% 11.07% 9.02% Santa Clara Office 67.81% $1.95 $1.90 $1.85 $1.80 $1.75 $1.70 $1.65 $1.60 9,142,278 9,142,278 9,142,278 9,142,278 9,142,278 9,142,278 9,142,278 9,142,278 2,323,939 2,357,933 1,985,142 1,836,186 1,671,997 1,283,882 1,298,211 1,416,208 463,539 115,539 488,062 365,545 280,246 441,384 213,391 121,952 221,559 34,284 345,215 192,877 71,089 261,352 24,793 (77,941) 135,383 (142,299) 293,116 131,657 40,687 324,875 (21,774) (100,187) $1.72 $1.78 $1.89 $1.85 $1.88 $1.77 $1.73 $1.88 143 144 148 133 144 110 128 106 30 28 22 10 20 16 14 20 11 12 12 9 10 9 9 10 3 3 3 1 1 2 2 0 5 5 3 3 3 1 1 3 *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 12
PALO ALTO Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 241,055 270,941 304,191 816,187 4.27% 13.53% 34,474 850,661 4Q 2006 266,000 259,276 228,266 753,542 4.46% 12.49% 0 753,542 3Q 2006 243,866 185,177 350,763 779,806 4.95% 12.93% 0 779,806 2Q 2006 321,465 167,913 377,444 866,822 6.49% 14.37% 0 866,822 1Q 2006 490,539 220,921 390,389 1,101,849 9.29% 18.27% 0 1,101,849 4Q 2005 519,018 176,621 389,631 1,085,270 9.77% 17.99% 0 1,085,270 3Q 2005 482,191 154,059 383,495 1,019,745 9.16% 16.91% 0 1,019,745 2Q 2005 571,928 265,119 511,836 1,348,883 11.86% 22.36% 0 1,348,883 Space Palo Alto Office 25.0% 4.05% 33.80% 31.85% Palo Alto Office 28.34% 1.96% $3.50 2 15.0% 1 5.0% $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 6,032,163 6,032,163 6,032,163 6,032,163 6,032,163 6,032,163 6,032,163 6,032,163 1,348,883 1,019,745 1,085,270 1,101,849 866,822 779,806 753,542 816,187 295,302 418,392 88,054 185,276 269,032 316,747 254,155 127,667 54,117 286,250 (36,078) 45,054 132,511 251,337 133,886 (35,861) (74,244) 313,229 (110,346) (35,202) 128,669 192,695 69,726 (113,091) $3.27 $2.81 $3.07 $2.30 $3.32 $2.90 $2.92 $3.09 93 94 94 71 71 66 80 82 34 26 33 14 21 16 15 17 8 4 3 3 3 4 1 3 1 1 1 0 0 0 1 1 0 0 0 0 1 1 1 1 *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. 13 COLLIERS INTERNATIONAL
CUPERTINO Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 77,518 185,512 28,225 291,255 2.42% 9.10% 0 291,255 4Q 2006 102,871 194,124 20,725 317,720 3.21% 9.93% 0 317,720 3Q 2006 76,440 71,225 13,045 160,710 2.39% 5.02% 0 160,710 2Q 2006 150,002 80,788 2,453 233,243 4.69% 7.29% 0 233,243 1Q 2006 159,990 16,940 210,446 387,376 5.98% 12.10% 0 387,376 4Q 2005 232,838 13,429 210,780 457,047 8.07% 13.97% 0 457,047 3Q 2005 256,684 16,942 191,536 465,162 8.80% 14.22% 0 465,162 2Q 2005 300,072 10,227 195,680 505,979 10.13% 15.46% 0 505,979 Space Cupertino Office 26.62% 9.69% 63.69% Cupertino Office 1 $2.50 1 $2.40 1 1 $2.30 1 $2.20 $2.10 $2.00 $1.90 3,271,802 3,271,802 3,271,802 3,200,215 3,200,215 3,200,215 3,200,215 3,200,215 505,979 465,162 457,047 387,376 233,243 160,710 317,720 291,255 133,742 158,995 76,067 57,489 83,991 103,463 71,829 60,134 (112,396) 45,818 54,368 50,191 12,044 81,410 11,811 7,756 101,596 126,041 31,646 44,227 104,065 76,030 (127,874) 35,596 $2.12 $2.17 $2.47 $2.44 $2.37 $2.42 $2.42 $2.37 42 34 32 21 31 21 28 28 5 3 2 1 2 1 4 2 2 2 2 1 1 1 1 1 1 0 0 0 1 0 0 0 1 2 2 1 0 0 1 1 *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 14
SUNNYVALE Office - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 480,885 349,916 96,663 927,464 10.43% 17.04% 0 927,464 4Q 2006 495,662 261,758 96,663 854,083 10.70% 15.69% 0 854,083 3Q 2006 615,800 80,321 241,159 937,280 12.91% 17.22% 0 937,280 2Q 2006 494,236 192,724 154,067 841,027 10.68% 15.45% 0 841,027 1Q 2006 606,732 255,206 133,023 994,961 12.75% 18.28% 0 994,961 4Q 2005 670,574 156,241 133,023 959,838 13.92% 17.63% 0 959,838 3Q 2005 663,279 154,523 131,902 949,704 13.75% 17.45% 0 949,704 2Q 2005 665,690 230,188 138,996 1,034,874 13.76% 19.01% 0 1,034,874 Space Sunnyvale Office 1.04% 9.38% 51.85% 37.73% Sunnyvale Office 2 $1.95 1 $1.90 1 1 $1.85 1 $1.80 1 $1.75 $1.70 $1.65 $1.60 5,443,105 5,443,105 5,443,105 5,443,105 5,443,105 5,443,105 5,443,105 5,443,105 1,034,874 949,704 959,838 994,961 841,027 937,280 854,083 927,464 171,431 143,853 78,415 64,383 152,674 131,889 155,282 40,019 109,439 53,603 47,517 51,524 125,797 (157,325) 99,626 20,443 163,989 58,841 56,726 (51,591) 79,211 (285,677) (140,592) (9,099) $1.71 $1.79 $1.83 $1.89 $1.91 $1.91 $1.91 $1.92 34 47 49 47 48 49 52 50 7 7 6 4 9 7 5 4 5 3 4 2 4 4 4 4 3 3 3 3 1 2 1 2 3 2 2 1 2 3 3 3 *Average Starting Rental Rates are Full Service (FS) and based upon the most recent two quarters of comparable data. 15 COLLIERS INTERNATIONAL
SAN JOSE Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 795,376 385,496 86,890 1,267,762 3.56% 5.56% 0 1,267,762 4Q 2006 1,127,385 303,866 129,757 1,561,008 5.22% 6.84% 0 1,561,008 3Q 2006 1,254,818 516,707 122,142 1,893,667 5.71% 8.30% 0 1,893,667 2Q 2006 1,254,740 376,738 174,397 1,805,875 5.63% 7.91% 0 1,805,875 1Q 2006 1,310,749 590,200 236,897 2,137,846 6.04% 9.36% 0 2,137,846 4Q 2005 1,231,384 643,423 220,083 2,094,890 5.71% 9.17% 114,275 2,209,165 3Q 2005 1,280,495 762,556 217,102 2,260,153 5.90% 9.89% 114,275 2,374,428 2Q 2005 1,242,115 582,056 227,565 2,051,736 5.81% 9.01% 0 2,051,736 Space 62.74% San Jose Industrial 1 1 5.48% 1.38% 30.41% San Jose Industrial $0.58 $0.68 $0.67 $0.66 $0.65 $0.64 $0.63 $0.62 $0.61 $0.60 $0.59 22,765,570 22,843,954 22,843,954 22,843,954 22,821,454 22,821,454 22,821,454 22,821,454 2,051,736 2,260,153 2,094,890 2,137,846 1,805,875 1,893,667 1,561,008 1,267,762 308,554 459,709 426,751 431,662 448,515 326,265 334,313 378,081 (18,438) 67,823 168,550 219,531 36,962 (48,354) 174,234 183,108 (102,734) (210,711) 110,258 38,738 158,282 (373,869) 108,121 100,868 $0.61 $0.62 $0.63 $0.67 $0.67 $0.64 $0.63 $0.65 96 126 121 101 99 112 116 119 47 41 39 26 48 35 29 25 10 8 7 8 7 9 8 5 3 4 3 2 1 0 0 0 2 3 3 1 2 4 2 1 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 16
SANTA CLARA Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 347,167 109,175 61,773 518,115 3.42% 4.69% 0 518,115 4Q 2006 340,015 133,455 57,550 531,020 3.30% 4.81% 0 531,020 3Q 2006 444,203 142,168 88,282 674,653 4.24% 6.11% 0 674,653 2Q 2006 556,195 112,880 62,867 731,942 5.04% 6.63% 0 731,942 1Q 2006 575,095 247,941 16,590 839,626 5.26% 7.61% 0 839,626 4Q 2005 499,446 303,102 16,590 819,138 4.57% 7.42% 0 819,138 3Q 2005 666,488 157,622 18,890 843,000 6.08% 7.64% 0 843,000 2Q 2005 658,612 132,060 18,890 809,562 6.01% 7.33% 0 809,562 Space Santa Clara Industrial 6.13% 5.79% 21.07% 67.01% 9.0% 7.0% 5.0% 3.0% 1.0% Santa Clara Industrial $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 11,040,384 11,040,384 11,040,384 11,040,384 11,040,384 11,040,384 11,040,384 11,040,384 809,562 843,000 819,138 839,626 731,942 674,653 531,020 518,115 267,291 158,024 275,218 220,680 125,050 141,037 243,353 188,719 56,110 (20,328) 220,080 47,127 (20,573) 46,617 130,056 2,414 (10,698) (83,032) 13,409 11,394 (34,939) 9,044 150,411 (22,981) $0.63 $0.69 $0.71 $0.68 $0.68 $0.53 $0.55 $0.73 57 79 71 68 55 52 57 61 25 19 17 11 15 16 12 15 4 4 4 3 4 3 1 0 0 0 1 0 1 1 1 1 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 17 COLLIERS INTERNATIONAL
FREMONT Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 419,093 112,257 68,832 600,182 5.02% 7.19% 3,017 603,199 4Q 2006 304,901 290,996 72,066 667,963 3.69% 8.00% 6,330 674,293 3Q 2006 393,389 235,730 84,066 713,185 4.90% 8.54% 0 713,185 2Q 2006 466,032 278,520 84,066 828,618 5.77% 9.93% 0 828,618 1Q 2006 567,759 186,649 168,471 922,879 6.95% 11.06% 60,975 983,854 4Q 2005 546,206 127,811 149,556 823,573 6.69% 9.87% 60,975 884,548 3Q 2005 608,636 295,801 146,359 1,050,796 7.44% 12.59% 70,246 1,121,042 2Q 2005 579,152 242,002 142,327 963,481 7.08% 11.54% 70,246 1,033,727 Space Fremont Industrial 0.50% Sublease Occupied 11.41% 69.48% 1 1 1 1 18.61% Fremont Industrial $0.52 $0.70 $0.68 $0.66 $0.64 $0.62 $0.60 $0.58 $0.56 $0.54 8,347,412 8,347,412 8,347,412 8,347,412 8,347,412 8,347,412 8,347,412 8,347,412 963,481 1,050,796 823,573 922,879 828,618 713,185 667,963 600,182 417,245 40,568 104,519 44,533 331,035 146,306 265,039 64,958 222,293 (66,694) (9,537) 1,093 147,537 28,010 176,111 (136,303) 270,919 (98,903) 39,381 (59,984) 85,581 70,803 17,403 29,322 0 0 0 0 40,504 0 0 0 $0.69 $0.66 $0.61 $0.58 $0.60 $0.61 $0.62 $0.59 36 43 44 35 30 30 35 34 15 19 16 11 15 13 11 9 6 6 5 4 7 5 3 2 1 1 1 0 0 0 1 1 2 2 1 1 1 1 1 1 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 18
SUNNYVALE Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 211,358 65,079 7,024 283,461 6.31% 8.46% 0 283,461 4Q 2006 238,347 32,735 32,639 303,721 7.07% 9.01% 0 303,721 3Q 2006 220,339 4,425 0 224,764 6.54% 6.67% 0 224,764 2Q 2006 229,556 15,400 4,578 249,534 6.81% 7.41% 0 249,534 1Q 2006 195,388 44,640 30,161 270,189 5.80% 8.02% 0 270,189 4Q 2005 217,436 67,779 30,161 315,376 6.45% 9.36% 0 315,376 3Q 2005 171,755 46,179 4,578 222,512 5.10% 6.60% 0 222,512 2Q 2005 200,178 45,667 4,578 250,423 5.94% 7.43% 72,120 322,543 Space Sunnyvale Industrial Sublease Occupied 2.48% 22.96% 74.56% 1 Sunnyvale Industrial $1.20 1 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 3,369,093 3,369,093 3,369,093 3,369,093 3,369,093 3,369,093 3,369,093 3,349,093 250,423 222,512 315,376 270,189 249,534 224,764 303,721 283,461 89,442 57,131 20,348 44,520 37,536 11,103 15,242 28,884 78,938 19,377 (41,281) 24,728 (56,700) 1,945 (8,008) (8,396) 72,120 16,431 (92,864) 22,315 (64,902) (2,480) (73,382) (5,622) $0.77 $0.78 $0.81 $0.88 $0.88 $0.90 $0.89 $1.01 18 16 17 7 7 4 9 13 7 8 13 9 9 8 11 9 2 1 1 1 2 2 2 2 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 19 COLLIERS INTERNATIONAL
MOUNTAIN VIEW Industrial - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 51,499 87,427 5,000 143,926 2.13% 5.43% 0 143,926 4Q 2006 51,499 87,427 5,000 143,926 2.13% 5.43% 0 143,926 3Q 2006 34,298 12,374 9,634 56,306 1.48% 2.11% 0 56,306 2Q 2006 42,281 31,377 25,653 99,311 1.66% 3.73% 0 99,311 1Q 2006 107,090 31,377 10,000 148,467 4.02% 5.57% 0 148,467 4Q 2005 122,830 5,632 7,000 135,462 4.61% 5.09% 0 135,462 3Q 2005 196,511 8,999 2,800 208,310 7.38% 7.82% 0 208,310 2Q 2005 185,929 11,393 0 197,322 6.98% 7.41% 0 197,322 Space Mountain View Industrial 35.78% 3.47% 60.74% 9.0% 7.0% Mountain View Industrial 5.0% $1.05 3.0% $0.95 $0.85 1.0% $0.75 $1.25 $1.15 Avg. Asking Rate*: 2,663,885 2,663,885 2,663,885 2,663,885 2,663,885 2,663,885 2,651,235 2,651,235 197,322 208,310 135,462 148,467 99,311 56,306 87,500 143,926 32,601 18,504 67,683 15,740 80,163 18,959 27,230 5,660 (41,309) 5,812 28,197 0 55,537 (6,121) (1,221) (18,813) 1,692 (11,488) 48,131 12,740 40,984 (31,997) (33,532) (66,033) $0.98 $1.15 $1.17 $1.20 $1.19 $1.20 $1.22 $1.22 14 17 15 11 13 19 16 18 8 8 3 2 3 0 0 3 1 1 1 1 0 0 1 1 *Average Asking Rental Rates are Triple (NNN) COLLIERS INTERNATIONAL 20
SAN JOSE Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 509,233 473,603 61,740 1,044,576 3.13% 6.43% 0 1,044,576 4Q 2006 733,474 539,750 0 1,273,224 4.51% 7.84% 0 1,273,224 3Q 2006 915,120 599,893 39,240 1,554,253 5.63% 9.56% 0 1,712,335 2Q 2006 1,050,954 615,505 45,876 1,712,335 6.51% 10.54% 0 2,307,719 1Q 2006 1,009,463 732,541 565,715 2,307,719 6.55% 14.20% 0 1,869,972 4Q 2005 1,097,689 428,189 344,094 1,869,972 6.84% 11.51% 0 2,040,350 3Q 2005 1,151,397 458,779 430,174 2,040,350 7.55% 12.32% 0 2,702,228 2Q 2005 1,283,629 890,941 527,658 2,702,228 8.51% 16.31% 0 2,692,285 Space San Jose Warehouse 1 1 1 1 1 5.91% 48.75% 45.34% San Jose Warehouse $0.40 $0.39 $0.38 $0.37 $0.36 $0.35 $0.34 $0.33 $0.32 $0.31 16,566,941 16,566,941 16,250,031 16,250,031 16,250,031 16,250,031 16,250,031 16,250,031 2,702,228 2,040,350 1,869,972 2,307,719 1,712,335 1,554,253 1,273,224 1,044,576 610,988 575,736 269,911 342,851 168,236 265,587 416,849 234,474 (245,449) 347,740 39,736 46,502 (13,267) 63,525 241,789 164,606 (98,541) 452,688 59,526 (297,097) (21,084) 144,339 256,114 149,194 $0.35 $0.34 $0.35 $0.35 $0.38 $0.38 $0.39 $0.39 1 2 2 2 2 1 0 0 21 17 23 12 10 9 8 8 13 13 8 7 13 13 8 7 11 6 6 3 5 4 3 1 5 4 3 2 4 4 4 4 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 21 COLLIERS INTERNATIONAL
FREMONT Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 226,760 393,495 54,716 674,971 2.97% 8.85% 0 674,971 4Q 2006 294,035 393,495 54,716 742,246 3.85% 9.73% 0 742,246 3Q 2006 536,175 312,207 54,716 903,098 7.03% 11.84% 0 903,098 2Q 2006 475,729 246,235 54,716 776,680 6.24% 10.18% 0 776,680 1Q 2006 568,929 166,810 154,816 890,555 7.46% 11.67% 0 890,555 4Q 2005 475,877 234,085 234,158 944,120 6.96% 12.38% 0 944,120 3Q 2005 528,329 323,647 198,158 1,050,134 6.93% 13.77% 0 1,050,134 2Q 2005 721,384 363,331 18,716 1,103,431 9.46% 14.47% 0 1,103,431 Space Fremont Warehouse 1 1 1 1 8.11% 33.60% 58.30% Fremont Warehouse $0.37 $0.36 $0.35 $0.34 $0.33 $0.32 $0.42 $0.41 $0.40 $0.39 $0.38 7,628,159 7,628,159 7,628,159 7,628,159 7,628,159 7,628,159 7,628,159 7,628,159 1,103,431 1,050,134 944,120 890,555 776,680 903,098 742,246 674,971 143,974 261,383 75,300 164,283 256,395 15,956 69,912 67,275 (29,314) 221,699 (2,264) 72,442 50,000 (255,120) 52,034 67,275 (91,180) 70,517 (34,816) 97,068 157,205 (273,724) 52,034 67,275 $0.41 $0.37 $0.35 $0.37 $0.38 $0.39 $0.37 $0.36 0 1 1 0 0 0 0 0 9 8 9 5 8 5 6 6 5 6 6 4 4 5 3 3 4 3 3 1 1 2 1 0 3 3 2 1 2 2 2 2 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. COLLIERS INTERNATIONAL 22
MILPITAS Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 257,040 192,534 0 449,574 5.21% 9.12% 0 449,574 4Q 2006 267,816 160,800 31,500 460,116 6.07% 9.33% 0 460,116 3Q 2006 304,778 198,070 0 502,848 6..18% 10.20% 0 502,845 2Q 2006 414,461 0 203,700 618,161 8.41% 12.54% 0 618,161 1Q 2006 374,243 0 242,028 616,271 7.59% 12.50% 0 616,271 4Q 2005 417,348 0 242,028 659,376 8.47% 13.38% 0 659,376 3Q 2005 417,253 0 31,500 448,753 8.47% 9.10% 0 448,753 2Q 2005 611,219 0 273,200 884,419 12.40% 17.94% 0 884,419 Space Milpitas Warehouse 57.17% 42.83% Milpitas Warehouse 2 $0.45 1 $0.40 1 $0.35 1 $0.30 1 $0.25 1 $0.20 $0.15 $0.10 $0.05 $0.00 2Q05 3Q05 4Q005 1Q06 2Q06 3Q06 4Q06 1Q07 4,928,948 4,928,948 4,928,948 4,928,948 4,928,948 4,928,948 4,928,948 4,928,948 884,419 448,753 659,376 616,271 618,161 502,848 460,116 449,574 100,181 182,869 16,042 52,164 39,600 88,708 274,747 16,324 (113,551) 161,366 (15,951) 26,842 (60,537) 72,384 159,396 (1,746) 62,181 161,366 (242,249) 26,842 (22,209) (84,030) (66,529) (31,734) $0.35 $0.39 $0.39 $0.40 $0.35 $0.32 $0.33 $0.33 6 6 6 4 4 4 2 2 8 4 4 3 2 3 6 7 0 1 1 1 2 1 3 2 3 1 2 1 2 2 0 0 *Average Starting Rental Rates are Triple (NNN) and based upon the most recent two quarters of comparable data. 23 COLLIERS INTERNATIONAL
SANTA CLARA Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 44,456 0 55,000 99,456 3.08% 3.08% 0 99,456 4Q 2006 44,456 0 55,000 99,456 3.08% 3.08% 0 99,456 3Q 2006 44,456 10,000 55,000 109,456 3.08% 3.39% 0 109,456 2Q 2006 68,079 110,170 55,000 233,249 3.81% 7.22% 0 233,249 1Q 2006 243,486 124,170 110,000 477,656 10.95% 14.79% 0 477,656 4Q 2005 207,856 243,386 110,000 561,242 9.84% 17.38% 0 561,242 3Q 2005 169,600 213,298 110,000 492,898 8.66% 15.26% 0 492,898 2Q 2005 169,600 203,618 110,000 483,218 8.66% 14.96% 0 483,218 Space Santa Clara Warehouse 44.70% 55.30% Santa Clara Warehouse 2 $0.70 1 $0.60 1 1 $0.50 1 $0.40 1 $0.30 $0.20 $0.10 $0.00 Avg. Asking Rate*: 3,229,532 3,229,532 3,229,532 3,229,532 3,229,532 3,229,532 3,229,532 3,229,532 483,218 492,898 561,242 477,656 233,249 109,456 99,456 99,456 70,392 40,240 52,982 91,786 206,600 123,793 160,480 0 20,472 40,240 0 56,156 170,977 23,623 160,480 0 (904) (9,680) (107,444) 56,156 182,977 123,793 160,480 0 $0.43 $0.47 $0.48 $0.45 $0.60 $0.61 $0.54 $0.54 0 0 0 1 2 1 1 1 1 0 2 1 2 1 0 0 2 4 3 2 2 2 2 2 2 1 1 0 0 0 0 0 2 2 3 2 1 0 0 0 *Average Asking Rental Rates are Triple (NNN). COLLIERS INTERNATIONAL 24
GILROY Warehouse - First Quarter 2007 Total Current and Vacant Occupied Current Vacancy Availability Under Pending Date Direct Direct Sublease Rate Rate Construction Availability 1Q 2007 240,701 53,200 0 293,901 7.47% 9.12% 0 293,901 4Q 2006 283,765 53,200 0 336,965 8.80% 10.45% 0 336,965 3Q 2006 283,765 0 0 283,765 8.80% 8.80% 0 283,765 2Q 2006 273,005 0 0 273,005 8.47% 8.47% 0 273,005 1Q 2006 285,005 0 0 285,005 8.84% 8.84% 0 285,005 4Q 2005 285,005 0 0 285,005 8.84% 8.84% 0 285,005 3Q 2005 301,005 0 0 301,005 9.34% 9.34% 0 301,005 2Q 2005 272,110 0 14,821 286,931 8.90% 8.90% 0 286,931 Space Gilroy Warehouse 18.10% Sublease Occupied 81.90% 1 Gilroy Warehouse $0.52 1 $0.50 $0.48 $0.46 $0.44 $0.42 $0.40 $0.38 Avg. Asking Rate*: 3,224,101 3,224,101 3,224,101 3,224,101 3,224,101 3,224,101 3,224,101 3,224,101 286,931 301,005 285,005 285,005 273,005 283,765 336,965 293,901 162,020 45,446 16,000 0 0 0 0 43,064 (70,225) (14,074) 16,000 0 0 0 0 43,064 91,795 (14,074) 16,000 0 0 0 (53,200) 43,064 $0.50 $0.48 $0.48 $0.48 $0.48 $0.43 $0.43 $0.43 2 1 1 1 2 3 3 3 3 3 3 3 2 2 3 3 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 *Average Asking Rental Rates are Triple (NNN). 25 COLLIERS INTERNATIONAL
colliers international 2007 - FIRST Quarter market Statistics Silicon Valley General Terms Vacant or occupied space that is offered for lease, sublease or sale (to an owner occupant). Build-to-Suit: A developable parcel that an owner will improve to suit the needs of a particular tenant. Construction does not begin until a tenant has committed to the property. Building Base: Total square footage developed. Colliers tracks office buildings from 3,000 square feet, R&D from 5,000 square feet, industrial buildings from 7,500 square feet, and warehouse buildings from 10,000 square feet. CBD: Central Business District, generally the downtown area of a major city. Construction which is completed during the period. Direct Space: Space available through a landlord/owner. Effective net absorption is a Colliers measurement of the net change in available space during a given period of time after adjustments for space taken off the market. Effective net absorption utilizes the same formula to measure change of occupancy as net absorption except that it treats any newly available space, whether available direct or for sublease, as if it is coming onto the market vacant. The total square footage sold (to owner/occupants) or leased during a given time period. The net change in occupied space during a given period of time. PSF: Per square foot. PSF/MO: Per square foot per month. SF: Square foot or square feet. Silicon Valley: Colliers International defines Silicon Valley as all of Santa Clara County plus Fremont, for the purposes of its market reports. Speculative Construction that will commence without any prior commitment from a tenant. Sublease Space: Space available through a sublessor to a Fourth party. T.I.s: Tenant Improvements are a dollar amount offered by the lessor generally for the construction or modification of the premises. Total : The sum of available direct and available sublease space. Vacancy: Percentage of vacant inventory available including both vacant direct, and vacant sublease space. Product Classification Class A Office: Modern, steel-framed low, mid or high-rise structures used exclusively for office tenants. Class B Office: Wood and steel mix framed low to mid-rise structures and older brick or concrete structures used predominately for office. Industrial/Light Industrial: Buildings with drive-in and/or dock-high truck capabilities, clear heights of less than 20 feet and parking ratios of 2.0/1000 or less. Research and Development (R&D): One to three story structures with extensive glass, heavy office buildout and 3.5/1,000 parking ratio. Buildings may include high-end production facilities, laboratory space and grade level truck doors. Warehouse/Distribution: Buildings with a minimum 20-foot clear height, dock-high truck loading and parking ratios of 2.0/1000 or less. Rental Terms CAM: Common area maintenance charge. Generally used in Industrial and NNN leases where the tenant pays a share of the costs associated with the maintenance of the common areas. Full Service: Rental type generally used in office product where the landlord s rental rate contains all costs associated with occupying the premises inclusive of taxes, insurance, maintenance, janitorial, and utilities. Industrial : Rental type generally used in industrial product where the landlord s rental rate contains all costs associated with occupying the premises inclusive of taxes, insurance, and maintenance. Rental Rates: All rental rates for office space are calculated on a Full Service basis unless otherwise noted. All rental rates for R&D, industrial and warehouse space are calculated on a NNN basis unless otherwise noted. Triple (NNN): Rental type where the tenant pays rent to the landlord and additionally assumes all costs regarding the operation, taxes and maintenance of the premises and building. Understanding Absorption C olliers uses several measurements to track market conditions and deal flow. While related, the formulas to arrive at these measurements differ. Using the results of the most recent quarter, here is how Colliers measures change in availability, net absorption and effective net absorption. Change in This measurement is simply the difference between the amounts of space available at the end of one period to the next. The table below shows that total available space decreased by 1,785,233 square feet in the year s Fourth quarter. Note that change in availability includes adjustments for space that is taken off the market. Space taken off the market is not a factor in net absorption measurements. Total end of 4Q06 44,564,660 Plus: Vacant & occupied space that came available 4Q06 5,094,682 4Q06 + Newly in 1Q07 = 49,659,342 Less: 1Q07 Absorption -5,707,425 Less: 1Q07 Taken off the Market -1,172,490 Total end of 1Q07 42,779,427 absorption measures the change in occupied space from one period to the next. In this measurement, it is important to distinguish that a building may be available, but not vacant (often the case in a sublease situation, for example). Therefore, occupancy is not reduced (negative net absorption) until the space is vacated, and sometimes that does not happen until the space is leased, creating a net absorption wash for the deal and for that particular period. Vacant space that came available 1Q07-2,000,619 Previously available space that was vacated in 1Q07-2,550,570 1Q07 Total Vacant Added (occupancy loss) -4,551,189 1Q07 Absorption (occupancy gain) 5,707,425 1Q07 Absorption (change in occupancy) 1,156,236 In 2003, Colliers created a measurement of effective net absorption. Effective net absorption uses the same formula as the net absorption formula, except that it treats any space that comes available as if it is vacant, whether it is or it isn t. The purpose of the measurement is to get a better real time gauge of occupancy flow in and out of the market, acknowledging that space that is available for lease is likely to be vacated shortly and underutilized presently. Vacant space that came available 1Q07-2,000,619 Occupied space that came available 1Q07-3,094,063 1Q07 Total Added -5,094,682 1Q07 Absorption 5,707,425 1Q07 Absorption 612,743 Disclaimer: Colliers International is pleased to be able to provide the market information contained herein, and in so doing believes its validity. However, we cannot guarantee its accuracy or take responsibility for its use. Colliers International 26
INTERNATIONAL INTERNATIONAL INTERNATIONAL 101 AMERICAN CANYON FOSTER CITY REDWOOD CITY INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL R EGIONAL O FFICES San Jose/Silicon Valley 450 West Santa Clara Street San Jose, CA 95113 (408) 282-3800 101 SANTA ROSA COLLIERS 12 29 121 NAPA VACAVILLE 80 5 99 Oakland/East Bay 1999 Harrison St., #1750 Oakland, CA 94612 (510) 986-6770 Pleasanton/East Bay 5050 Hopyard Rd., #180 Pleasanton, CA 94588 (925) 463-2300 Gilroy/South County 8070 Santa Teresa Blvd. #220 Gilroy, CA 9502 (408) 842-7000 Palo Alto/Peninsula Two Palo Alto Square, #200 3000 El Camino Real Palo Alto, CA 94306 (650) 813-0560 San Francisco Peninsula Metro Center Tower 950 Tower Lane, #1725 Foster City, CA 94404 (650) 638-4300 1 101 COLLIERS 110 580 SAN FRANCISCO 280 1 121 37 280 RICHMOND 80 COLLIERS 1 SAN MATEO 29 29 4 12 80 680 VALLEJO BENICIA 780 MARTINEZ COLLIERS BERKELY 980 13 OAKLAND 580 84 COLLIERS 92 24 FAIRFIELD 12 COLLIERS PITTSBURG ANTIOCH CONCORD 680 COLLIERS BRENTWOOD WALNUT CREEK SAN RAMON SAN LEANDRO DUBLIN 580 HAYWARD PLEASANTON UNION CITY DANVILLE LIVERMORE FREMONT 84 NEWARK 880 680 MILPITAS PALO 101 ALTO 237 COLLIERS MT. VIEW 280 SUNNYVALE 85 SANTA CLARA SAN JOSE LOS GATOS 4 CAMPBELL 17 SANTA CRUZ 680 87 84 1 COLLIERS 101 MORGAN HILL COLLIERS 580 GILROY 4 205 TRACY 580 5 COLLIERS 99 STOCKTON MANTECA Additional Colliers International offices located in Reno and Las Vegas, Nevada. Colliers International Member firms located throughout the U.S. and abroad. 120 33 5 88 4 23 Fairfield/North Bay 360 Campus Lane, #101 Fairfield, California 94534 (707) 863-0188 Santa Rosa/North Bay 600 Bicentennial Wy., Suite 200 Santa Rosa, CA 95403 (707) 535-2980 Walnut Creek/East Bay 1850 Mt. Diablo Blvd., #200 Walnut Creek, CA 94596 (925) 279-0120 Central Valley/Stockton 3414 Brookside Road, #300 Stockton, CA 95219 (209) 475-5100 COLLIERS INTERNATIONAL