OFFICE MARKET REPORT - Hoff & Leigh Commercial Real

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OFFICE MARKET REPORTQ1 2020Colorado Springs, COOUR NETWORK IS YOUR EDGE.PREPARED BYAll information is from sources deemed reliable and is subject to errors,omissions, change of price, rental, prior sale, and withdrawal without notice.Prospect should carefully verify each item of information contained herein.RD TrinidadOwnerHoff & Leigh 1259 Lake Plaza Drive Colorado Springs, CO 80906 719.630.2277

OFFICE MARKET REPORTMarket Key Statistics2Leasing3Rent7Construction10Under Construction Properties12Sales13Sales Past 12 Months14Economy16Market Submarkets18Supply & Demand Trends20Rent & Vacancy22Sale Trends24Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020

Overview12 Mo Deliveries in SF12 Mo Net Absorption in SFVacancy Rate12 Mo Rent Growth34.1 K371 K7.5%5.0%The coronavirus pandemic is having an unprecedentedimpact on the national economy. Jobless claims due toshutdowns are skyrocketing in nearly every metro acrossthe country. The health of commercial real estatefundamentals practically hinges on the mitigation effortsto slow the spread of the virus. We will be updating ouranalysis as more information becomes available. Prior tothe coronavirus outbreak, the metro had strong economicmomentum, and the current report largely reflects theenvironment before the pandemic.The headline numbers in Colorado Springs' office marketcouldn't have been much better before the pandemic. Inparts of 2019, year-over-year rent growth topped the100 largest office markets in the country.Vacancies were sub-10%, and at the lowest level in atleast a decade. Absorption clocked in right around thelong-term average in 2019. Improving fundamentalswere largely due to healthy demand and a virtualabsence of new development: The inventory cumulativelyexpanded by less than 0.5% between 2013 and 2018.While a handful of large deals have played a role, muchof this improvement comes down to generally strongerleasing from smaller tenants at existing buildings.The first 100,000 SF-plus speculative development inover a decade is now underway, and was slated todeliver by the end of 2020. A 113,000 SF office, and twosmaller offices containing about 15,000 SF each areunder construction at the mixed-use Victory Ridgedevelopment. Retail components at the Victory Ridgedevelopment, including a movie theater, are in variousstages of completion.Developers have been wary of testing the waters inColorado Springs throughout this cycle, with regionaldevelopers focusing almost entirely instead on Denverand Boulder. How this delivery fares may act as abarometer on whether or not developers continue withadditional speculative projects over the near-term.Investment activity is expected to slow to a crawl in thecoming quarters due to the financial uncertainty of theeconomy coming to a hard stop.KEY INDICATORSRBAVacancy RateMarket RentAvailability RateNet AbsorptionSFDeliveries SFUnderConstruction4 & 5 Star6,135,46611.6% 26.8212.3%(9,696)0357,9003 Star14,150,5387.7% 23.1310.7%29,8680116,0411 & 2 Star8,627,2784.2% 15.355.5%(1,130)00Market28,913,2827.5% 21.669.5%19,0420473,94112 hWhenVacancy Change (YOY)-1.5%12.0%7.9%16.8%2009 Q47.5%2020 Q2Net Absorption SF371 K197,892193,719720,3842011 Q2(382,921)2009 Q3Deliveries SF34.1 K167,195197,2111,169,7912008 Q202019 Q1Rent Growth5.0%1.9%0.4%8.7%2018 Q4-5.1%2010 Q1Sales Volume 232 M 156.9MN/A 332.1M2014 Q2 35.4M2009 Q3Current QuarterAnnual TrendsCopyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 2

LeasingVacancies have only recently been in a sub-10%environment, and further compressed in 2019. In fact,vacancies reached an all-time low in 19Q4.Similar to what is playing out in the residential and retailsectors, northern Colorado Springs has performedexceptionally well. This portion of the metro boasts closerproximity to Metro Denver's rapidly growing SoutheastCorridor, where a light rail expansion promises longerterm growth. The office vacancy rate in the Northeastsubmarket was at an all-time low of just over 6%entering 2020. Net absorption has been positive in thesubmarket in 11 out of the past 12 quarters.Improved fundamentals are largely the product ofrenewed leasing activity from smaller tenants (less than10,000 SF).A handful of larger new leases have closed in the pastyear or two, and are mostly coming from the expansionof existing companies, as opposed to new entrants to themetro. HDR, an engineering and architectural servicesfirm, signed on for 19,000 SF at 5555 Tech Center Drive,vacating a smaller 12,000 SF space at 2060 BriargateParkway in the process.Other large spaces have been taken off the market fornon-office uses. In March 2018, New Summit CharterSchools leased 7899 Lexington Dr, a 75,000 officebuilding that had been entirely vacant for about fiveyears (the new tenant operates a K-8 school out of thebuilding which opened in Fall 2018).NET ABSORPTION, NET DELIVERIES & VACANCYCopyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 3

LeasingVACANCY RATEAVAILABILITY RATECopyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 4

Leasing12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGSNet Absorption SFBuilding Name/AddressSubmarketBldg SFVacant SF1st Qtr2nd Qtr3rd Qtr4th Qtr12 Month1005 E Woodmen RdNorth140,58300000128,484Patriot ParkSoutheast103,9700103,970000103,970Arrows WestNorthwest184,4240000042,678Newport Business te PlazaNortheast30,843030,84300030,843Woodmen Office Campus IINortheast78,77816,182000029,3451815 Jet Wing DrSoutheast30,5000000028,153Academy PointSoutheast90,76625,80006,5400027,779Garden of the Gods gate Business Campus (1)Northeast115,2604,583000025,604Briargate Business Campus (2)Northeast45,4259,436000025,325525 N Cascade AveGreater CBD22,5000000020,769Centennial Technology Center ANorthwest50,4350000020,26611681 Voyager PkyNortheast25,0006,1001,98500018,9003675 Citadel Dr SSoutheast19,5000000017,999Aerotech Commerce ParkSoutheast38,0004,474000015,823The Pointe Medical CenterNortheast36,0005,520000014,844Subtotal Primary maining Colorado Springs tal Colorado Springs yrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 5

LeasingTOP OFFICE LEASES PAST 12 MONTHSBuilding Name/AddressSubmarketLeased SFQtr Tenant NameTenant Rep Company Leasing Rep CompanyPatriot ParkSoutheast103,970Q4 19 --1225 Aeroplaza DrSoutheast61,617Q4 19 Goodrich CorporationCushman & Wakefield NAI Highland Commerc Union Medical Campus *North50,254Q4 19 Optumcare Colorado LLC-Cushman & WakefieldNorthCreek Office Complex *Northwest45,348Q1 20 Firstsource Solutions Ltd.Colliers InternationalTranswestern Real Est Newport Business ParkSoutheast30,654Q4 19 --CBREPalmer Center *CBD28,374Q3 19 BombBomb LLCCORE Commercial Cushman & Wakefield101 W Costilla StCBD24,966Q1 20 --NAI Highland Commerc Premier Health PlazaNorth24,200Q3 19 --Cascade Commercial Centennial Technology Center A *Northwest23,845Q4 19 Kidde Portable EquipmentCushman & Wakefield NAI Highland Commerc Patriot Park *Southeast19,776Q4 19 Orbital Sciences Corporati JLLCushman & WakefieldVictory RidgeNortheast18,089Q1 20 Progressive Insurance-CBREDevryNortheast17,785Q4 19 Keller Williams-Westward PropertiesUnion Medical Campus *North16,151Q4 19 Optumcare Colorado LLC-Cushman & WakefieldPatriot ParkSoutheast15,491Q1 20 Jacobs Technology Inc.-Cushman & WakefieldDavid C Cook BuildingNortheast14,528Q2 19 --Cameron Butcher Com Palmer CenterCBD13,800Q1 20 Northwestern Mutual Life I --Briargate Business CampusNortheast13,096Q1 20 --CBREGateway Business Park (por)Southeast13,090Q3 19 Rincon Research Corp.-CORE Commercial Bro Pueblo Bank & Trust *Greater CBD12,015Q3 19 U.S. Department of Home --Bancorp PlazaCBD11,093Q1 20 3 East Comedy Club-Fountain Colony, LLCOne Commerce CenterNorthwest9,503Q3 19 --Newmark Knight FrankPalmer Center *CBD9,102Q2 19 Lewis Roca Rothgerber C Savills-The Aleut CenterNorthwest8,795Q4 19 -Front Range Commerci Aerotech Commerce ParkSoutheast8,670Q3 19 Keystone Achievements, Inc Cushman & Wakefield Cushman & Wakefield3370 S Chelton LoopSoutheast8,668Q3 19 --NAI Highland Commerc Oracle BldgNortheast8,554Q3 19 Media News Group, Inc.Cresa-1130 N Circle DrSoutheast7,917Q3 19 --Fountain Colony, LLCAerotech Commerce ParkSoutheast7,616Q2 19 SAIC-Cushman & WakefieldAcademy PointSoutheast7,333Q3 19 --Newmark Knight FrankOne Gateway PlazaSoutheast6,964Q3 19 L3Harris Technologies, Inc--Briargate Business CampusNortheast6,779Q4 19 Colorado Springs Demoto -CBRECentennial Technology Center ANorthwest6,769Q4 19 --NAI Highland Commerc Chapel Hills AtriumNortheast6,283Q1 20 Team Select Home CareJLLCushman & WakefieldKirkpatrick Bank Building *CBD6,200Q1 20 Olive Real Estate Group--Patriot ParkSoutheast6,047Q2 19 SAIC-Cushman & Wakefield3710 Sinton RdNorth5,999Q3 19 --Cameron Butcher Com NorthCreek Office ComplexNorthwest5,576Q4 19 --Transwestern Real Est David C Cook BuildingNortheast5,470Q3 19 --Cameron Butcher Com CBA BuildingNortheast5,190Q4 19 --NAI Highland Commerc Plaza Of The RockiesCBD5,165Q1 20 --Newmark Knight Frank-Cushman & Wakefield*RenewalCopyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 6

RentDue to an abrupt change in market conditions due to thecoronavirus outbreak, leasing activity, and rentalobservations by extension, are likely to be minimal in thenear term. Additionally, uncertainty surrounding financialmarkets are likely to keep many landlords, tenants, andlenders on the sidelines until the virus is contained andstay-at-home orders are lifted. That being said, tenantswith a longer-term view could capitalize on belowmarket rents if landlords are willing to make concessionsas they contend with weaker demand.Colorado Springs offers a substantial discount on rentsrelative to Denver. At about 22/SF, rents are roughly25% below the metro benchmark.As vacancies fell to new lows in 2018, rents gained evenmore traction. Office rents grew at a scorching rate onthe order of nearly 10% in 2018, second only to SanJose nationally out of the 100 largest office markets. Butlike broader Colorado, rent gains noticeably cooled off in2019.While development ramped up in Denver and Boulder(which have firmly moved into the late expansion phase),fundamentals in Colorado Springs were more indicativeof a market in the early recovery phase.MARKET RENT GROWTH (YOY)Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 7

RentMARKET RENT PER SQUARE FOOT4 & 5 STAR EXPENSES PER SF (ANNUAL)Market / ClusterColorado SpringsUtilitiesCleaningInsuranceTaxesOtherTotal 0.60 1.09 0.17 3.10 4.35 9.31CBD 0.73 1.50 0.20 3.34 5.67 11.44North 0.78 1.38 0.22 2.04 4.71 9.13Northeast 0.56 0.98 0.15 3.91 4.05 9.65Northwest 0.65 1.15 0.18 1.33 4.07 7.38Southeast 0.60 1.06 0.16 1.99 4.59 8.40Southwest 0.55 0.97 0.15 2.15 3.85 7.67Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.3 STAR EXPENSES PER SF (ANNUAL)Market / ClusterColorado SpringsUtilitiesCleaningInsuranceTaxesOtherTotal 0.43 0.83 0.12 2.20 3.29 6.87CBD 0.50 1.11 0.14 2.14 4.19 8.08Greater CBD 0.40 0.77 0.11 2.14 2.87 6.29North 0.42 0.81 0.12 1.95 3.34 6.64Northeast 0.42 0.81 0.12 2.29 3.37 7.01Northwest 0.46 0.88 0.13 2.02 3.16 6.65Southeast 0.41 0.79 0.11 2.29 3.37 6.97Southwest 0.39 0.75 0.11 2.09 2.84 6.18Teller County 0.40 0.77 0.11 2.82 2.92 7.02Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 8

Rent1 & 2 STAR EXPENSES PER SF (ANNUAL)Market / ClusterColorado SpringsUtilitiesCleaningInsuranceTaxesOtherTotal 0.40 0.65 0.11 1.85 2.56 5.57CBD 0.43 0.81 0.12 2.18 3.18 6.72Greater CBD 0.40 0.64 0.11 1.90 2.53 5.58North 0.40 0.64 0.11 1.83 2.29 5.27Northeast 0.40 0.64 0.11 1.75 2.35 5.25Northwest 0.40 0.63 0.11 1.70 2.50 5.34Southeast 0.40 0.64 0.11 1.64 2.79 5.58Southwest 0.39 0.62 0.11 1.83 2.45 5.40Teller County 0.39 0.63 0.11 2.80 2.49 6.42Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 9

ConstructionThe Colorado Governor's stay-at-home order considersjobs in the construction industry as “essential or critical”,which would allow developers to move forward withprojects if they choose. Deteriorating economicconditions could keep upcoming groundbreakings onhold, and projects slated to deliver in 2020 must grapplewith the uncertainty of demand. Given the remarkablefluidity of the coronavirus outbreak, it is not out of therealm of possibility that construction jobs could eventuallylose their essential business designation.The two biggest projects underway, ENT Credit Union'snew headquarters and Victory Ridge, are not slated todeliver until late 2020-21, at which point the economywill likely begin its recovery phase.ENT Credit Union's headquarters is under construction innorthern Colorado Springs. The 324,000 SF buildingbroke ground in the second half of 2019 and is slated todeliver in 2021.Plans for Victory Ridge call for up to 1.6 million SF ofcommercial space, along with 500 residential units andother civic uses. Victory Ridge also has several smalleroffice projects under 20,000 SF in the pipeline.DELIVERIES & DEMOLITIONSCopyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 10

ConstructionSUBMARKET CONSTRUCTIONUnder Construction InventoryAverage Building SizeNo.SubmarketBldgsSF (000)Pre-Leased SF (000)Pre-Leased %RankAll ExistingUnder rth1300%213,8532,84023CBD0----30,356--4Greater ---15,815--7Southwest0----8,821--8Teller pyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 11

Under Construction PropertiesPropertiesSquare FeetPercent of InventoryPreleased5473,9411.6%72.7%UNDER CONSTRUCTION PROPERTIESUNDER CONSTRUCTIONProperty Name/AddressRatingBldg SFStoriesStartComplete1Ent Credit Union Headqu 1180 Interquest Pky324,0005Nov-2019Mar-20212Victory Ridge10855 Hidden Pool Heights113,2014Oct-2015Nov-20203Victory Ridge - Bldg 21828 Spring Water Pt16,9502Feb-2018Dec-20204Victory Ridge - Bldg 31808 Spring Water 17 Austin Bluffs PkyCopyrighted report licensed to Hoff & Leigh, Inc. - 689708.Developer/OwnerLa Plata CommunitiesEnt Credit UnionWestside Investment Partners, Inc.Westside Investment Partners, Inc.Westside Investment Partners, Inc.Westside Investment Partners, Inc.Westside Investment Partners, Inc.Northstar Commercial Partners-4/7/2020Page 12

SalesColorado Springs is having another year of active officeinvestment: Dollar sales volume eclipsed 200 million forthe third consecutive year in 2019. However, like manyColorado markets, pricing and cap rates remained fairlyflat.The headline trade of 2019 was locally-based FlywheelCapital’s acquisition of two office buildings in theCresterra office park from Crescent Real Estate forapproximately 19.9 million ( 160/SF) in November. Thebuildings totaled 192,000 SF of RBA and were fullyoccupied by tenants including Northrup Grumman, SAIC,Sierra Nevada, and the Army National Guard.In August, TEK Experts closed on of the biggest officedeals in the market. The locally-based buyer acquired1005 East Woodmen Road from Houston-based RealmRealty for 16 million ( 114/SF). TEK Experts plan tooccupy the 140,000 SF building as their newheadquarters.Last year, sales volume clocked in at one of its highestmarks of this cycle, with over 250 million in sales. Over160 deals closed, about 40 more than any other year onrecord. A massive portfolio sale in 18Q4 representedalmost half of the year's sales volume.In November of 2018, Fort Worth, TX-based GoffCapital Partners acquired 13 buildings containing afraction over one million SF combined from Wayne, PAbased Patriot Equities. Goff paid 125.3 million( 123/SF) for the properties at an 8.5% pro forma caprate.SALES VOLUME & MARKET SALE PRICE PER SFCopyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 13

Sales Past 12 MonthsSale ComparablesAvg. Cap RateAvg. Price/SFAvg. Vacancy At Sale1118.0% 13412.8%SALE COMPARABLE LOCATIONSSALE COMPARABLES SUMMARY STATISTICSSales AttributesLowAverageMedianHigh 100,000 2,686,974 1,157,500 19,850,000 14 134 134 1,0195.2%8.0%8.1%12.3%Time Since Sale in Months0.65.85.312.0Property AttributesLowAverageMedianHighBuilding SF57218,9669,000140,5831224Typical Floor SF5729,2714,82859,970Vacancy Rate At Sale0%12.8%0%100%1880197419822020Sale PricePrice Per SFCap RateStoriesYear BuiltStar Rating2.4Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 14

Sales Past 12 MonthsRECENT SIGNIFICANT SALESPropertyProperty Name - Address1Northrop Grumman3535 Northrop Grumman Pt21005 E Woodmen Rd3Briargate Medical Center595 Chapel Hills Dr4The Presidio1155 Kelly Johnson Blvd5One Commerce Center7222 Commerce Center Dr6Patriot Park V745 Space Center Dr7Promontory - Building A2446 Research Pky8Newport Centre One1670 N Newport Rd9Centennial Technology 4920 Centennial Blvd10Centennial Technology 4820 Centennial Blvd11Woodmen Office Campu 7450 Campus Dr12Corporate Centre6760 Corporate Dr13Boeing440 N Wooten Rd14Victory Ridge - Bldg 31808 Spring Water Pt15Boeing320 Wooten Rd165385 Mark Dabling Blvd17480 Wooten Rd18Railroad Station V545 E Pikes Peak Ave19Cheyenne Mountain West2860 S Circle Dr20Lockheed Martin460 Wooten RdSaleRatingYr BuiltBldg SFVacancySale DatePricePrice/SFCap Rate-2007124,3050%11/25/2019 19,850,000 160--1982140,58391.4%8/16/2019 16,000,000 114--199958,7657.1%11/20/2019 13,300,000 226--198880,8012.5%7/31/2019 12,297,900 1528.3%-198479,02120.5%1/6/2020 10,570,000 1348.5%-200651,7700%4/16/2019 9,150,000 177--200723,1060%8/19/2019 8,735,000 378--198667,6400%11/25/2019 8,450,000 125--199959,9700%2/5/2020 8,179,126 136--199950,4350%2/5/2020 6,820,874 135--199678,77820.5%12/20/2019 6,300,000 80--198445,1574.3%2/13/2020 6,250,000 138--200137,5000%11/7/2019 6,243,232 166--202016,950100%11/13/2019 5,450,000 322--200130,2360%11/7/2019 5,154,526 170--199830,7590%6/12/2019 5,000,000 1637.7%-200131,3340%11/7/2019 4,378,463 140--198323,9880%4/25/2019 4,000,000 167--197282,5900%8/6/2019 3,475,000 426.2%-200124,2100%11/7/2019 3,391,902 140-Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 15

EconomyEmployment growth in Colorado Springs outperformedthe national benchmark for a seventh straight year in2019. And at the end of 19Q4 jobs in the metro areawere growing at nearly twice the rate of the nationalaverage. Professional and Business Services, Educationand Health Services, and Natural Resources, Mining andConstruction were the fastest growing industries for jobs.Colorado Springs’ population growth was about 1.3% in2019, down from the roughly 2% gains from 2016-18.From 2011-2015, the population grew in the 1.2% to1.5% range.Unlike Boulder and Denver, affordability has not been amajor concern in Colorado Springs for much of thiscycle. According to the Federal Housing Finance Agency,housing prices did not grow at a 5% rate until 2015,whereas they were growing at a 10% annual rate inBoulder and Denver by 2013. However, prices havesurged in Colorado Springs lately—annual price growthwas around 10% in 2017-18, and 2019 is likely to postrobust gains.Average asking apartment rents are a sizablediscount—more than 30%—from those in Denver, andBoulder, and 20% below the national average.The Colorado Springs economy has long been tied to theUS military—the metro is home to the U.S. Air ForceAcademy, Peterson Air Force Base, Schriever Air ForceBase, and the North American Aerospace DefenseCommand (NORAD), which is housed at Peterson AirForce Base. Fort Carson, an Army base, is also themetro’s largest employer. Together they account for overone-third of Colorado Springs' economic activity.COLORADO SPRINGS EMPLOYMENT BY INDUSTRY IN THOUSANDSCurrent JobsCurrent Growth10 Yr Historical5 Yr ForecastNAICS g120.50.88%0.07%0.69%1.14%-1.11%-0.56%Trade, Transportation and 0.62%-0.02%2.03%0.93%0.31%-0.03%Financial rnment541.22.48%0.72%1.35%0.07%0.87%0.55%Natural Resources, Mining and cation and Health ional and Business tion61.0-0.42%1.14%-1.86%0.41%-0.03%0.15%Retail TradeLeisure and r Services181.51.29%1.16%2.07%1.15%0.16%-0.11%Total ce: Oxford EconomicsLQ Location QuotientCopyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 16

EconomyYEAR OVER YEAR JOB GROWTHSource: Oxford EconomicsDEMOGRAPHIC TRENDSCurrent LevelDemographic CategoryCurrent Change10-Year ChangeForecast Change (5 ds277,009122,607,4611.3%0.5%1.5%0.7%1.3%0.6%Median Household Income 70,953 64,5954.0%3.3%2.8%2.6%2.9%2.9%Labor %3.5%-1.0%-0.3%-0.6%-0.6%--UnemploymentSource: Oxford EconomicsPOPULATION GROWTHLABOR FORCE GROWTHINCOME GROWTHSource: Oxford EconomicsCopyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 17

SubmarketsCOLORADO SPRINGS SUBMARKETSCopyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 18

SubmarketsSUBMARKET INVENTORYInventoryNo.Submarket12 Month DeliveriesUnder ConstructionBldgsSF (000)% MarketRankBldgsSF (000)PercentRankBldgsSF r ller County784121.4%8000%-0---SUBMARKET RENTMarket RentNo.12 Month Market RentQTD Annualized Market RentSubmarketPer SFRankGrowthRankGrowthRank1CBD 25.4014.6%8-3.6%32Greater CBD 19.9245.3%3-8.6%73North 18.1585.2%4-7.6%64Northeast 24.1824.8%6-5.5%45Northwest 21.2636.3%1-3.1%16Southeast 18.6764.6%7-5.9%57Southwest 18.5175.4%2-8.7%88Teller County 19.6554.8%5-3.1%2SUBMARKET VACANCY & NET ABSORPTIONVacancyNo.Submarket12 Month Net AbsorptionSFPercentRankSF% of InvRankConstruct. Ratio1CBD196,8695.6%424,0020.7%4-2Greater 8Teller County21,9225.3%3(10,228)-2.5%6-Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 19

Supply & Demand TrendsOVERALL SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction .0%(318,207)-1.1%-4 & 5 STAR SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction pyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 20

Supply & Demand Trends3 STAR SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction 0,568580,0614.4%48,5520.4%11.91 & 2 STAR SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction 0.4%(194,905)-2.2%-Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 21

Rent & VacancyOVERALL RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2024 21.681230.6%1.5%2,369,5157.9%-0.1%2023 21.571220.4%0.9%2,375,2188.0%0%2022 21.49121-0.1%0.6%2,371,3218.0%0%2021 21.52122-0.4%0.7%2,356,0398.0%0.1%2020 21.611221.1%1.1%2,282,2207.9%-0.5%YTD 21.661221.4%1.4%2,164,2737.5%-0.9%2019 21.371215.1%0%2,413,2518.3%-0.9%2018 20.341158.7%-4.8%2,667,5109.2%-1.1%2017 18.721065.3%-12.4%2,983,01910.3%0%2016 17.771001.9%-16.8%2,996,29210.3%-0.5%2015 17.45993.1%-18.4%3,146,51710.9%-1.1%2014 16.92961.5%-20.8%3,454,19811.9%0.3%2013 16.66941.2%-22.0%3,369,22011.6%-1.4%2012 16.46930.2%-23.0%3,779,51513.1%-0.6%2011 16.4293-2.5%-23.1%3,935,92413.7%-1.4%2010 16.85950%-21.2%4,330,05715.0%-1.8%2009 16.8495-4.8%-21.2%4,831,55516.8%0.9%2008 17.691001.0%-17.2%4,521,37615.9%3.7%4 & 5 STAR RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2024 26.551280.3%-0.2%821,55611.7%-0.2%2023 26.461280.1%-0.6%814,59311.9%-0.1%2022 26.43127-0.4%-0.7%804,06212.0%-0.3%2021 26.52128-0.6%-0.3%807,92612.3%0.4%2020 26.691290.3%0.3%732,20611.9%-1.6%YTD 26.821290.8%0.8%714,74211.6%-1.9%2019 26.611283.6%0%831,04113.5%0.1%2018 25.6812410.0%-3.5%821,59613.4%0.1%2017 23.341127.4%-12.3%818,01213.4%4.4%2016 21.731050.7%-18.3%546,5938.9%-1.6%2015 21.571042.0%-18.9%647,28310.6%-1.4%2014 21.151024.7%-20.5%731,72312.0%0.8%2013 20.1997-0.8%-24.1%684,10311.2%-2.8%2012 20.35984.2%-23.5%852,80914.0%0%2011 19.5494-2.7%-26.6%853,70114.0%-6.5%2010 20.08971.1%-24.5%1,246,56620.5%1.7%2009 19.8696-4.3%-25.4%1,141,33718.7%3.3%2008 20.751005.0%-22.0%905,44515.4%7.6%Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 22

Rent & Vacancy3 STAR RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2024 23.181210.6%1.9%1,157,0218.1%-0.1%2023 23.051200.4%1.3%1,166,1568.2%0%2022 22.96119-0.1%1.0%1,171,5088.2%0.1%2021 22.99120-0.4%1.1%1,160,9888.1%-0.2%2020 23.081201.5%1.5%1,185,6548.3%0.5%YTD 23.131201.7%1.7%1,082,9207.7%-0.2%2019 22.751186.7%0%1,110,8847.9%-1.0%2018 21.321119.8%-6.3%1,264,7768.9%-2.3%2017 19.411014.2%-14.7%1,597,45411.2%-0.9%2016 18.62970.9%-18.1%1,723,75812.1%0.3%2015 18.45963.4%-18.9%1,681,66511.9%-1.1%2014 17.8493-0.4%-21.6%1,838,36113.0%0.7%2013 17.92932.2%-21.2%1,738,68712.3%-1.0%2012 17.5391-2.6%-22.9%1,873,83713.3%-1.7%2011 18.0194-1.9%-20.8%2,103,71015.0%0.3%2010 18.35950.7%-19.3%2,055,09714.7%-2.5%2009 18.2195-5.3%-19.9%2,388,60817.1%0%2008 19.231000.8%-15.4%2,367,63917.1%3.3%1 & 2 STAR RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2024 15.551210.8%2.6%390,9384.6%0%2023 15.421200.6%1.8%394,4694.6%0%2022 15.331190.1%1.2%395,7514.6%0.1%2021 15.32119-0.2%1.1%387,1254.5%0.3%2020 15.341191.3%1.3%364,3604.2%-1.2%YTD 15.351201.3%1.3%366,6114.2%-1.2%2019 15.151183.0%0%471,3265.5%-1.3%2018 14.721154.4%-2.9%581,1386.7%0.2%2017 14.091105.2%-7.0%567,5536.6%-1.8%2016 13.401045.7%-11.6%725,9418.4%-1.0%2015 12.68993.8%-16.3%817,5699.4%-0.7%2014 12.21952.3%-19.4%884,11410.1%-0.7%2013 11.93931.4%-21.2%946,43010.8%-1.2%2012 11.77922.7%-22.3%1,052,86912.0%0.8%2011 11.4689-3.9%-24.4%978,51311.2%-0.6%2010 11.9393-2.9%-21.3%1,028,39411.8%-3.1%2009 12.2996-4.3%-18.9%1,301,61014.8%0.6%2008 12.84100-2.8%-15.2%1,248,29214.2%1.9%Copyrighted report licensed to Hoff & Leigh, Inc. - 689708.4/7/2020Page 23

Sale TrendsOVERALL SALESCompleted Transactions (1)Market Pricing Trends (2)YearDeal

1005 E Woodmen Rd North 140,583 0 0 0 0 0 128,484 Patriot Park Southeast 103,970 0 103,970 0 0 0 103,970 . Aerotech Commerce Park Southeast 7,616 Q2 19 SAIC - Cushman & Wakefield Academy Point Southeast 7,333 Q3 19 - - Newmark Knight Frank One Gateway P

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