Construction Continues as Market Shows Signs of a Slowdown

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1 Research & Forecast Report DALLAS/FORT WORTH OFFICE 216 Construction Continues as Market Shows Signs of a Slowdown Mike Otillio Director of Market Research Kari Beets Research Associate Cranes are flying over the - area, as more square feet of office space is under construction than any time since 1999, when the dot-com boom was just beginning. Job growth continues to climb, supporting the demand for new office space. -Fort Worth has added 39,8 jobs so far in 216, with most gains coming in financial activities and education and health services. In response to the influx of new jobs, - is now the top U.S. metro in terms of annual new-home starts, overtaking Houston which continues to struggle as oil prices remain low. Growth in the half of the metroplex remains constrained by its reliance on energy and manufacturing. New construction is primarily in the eastern half of the DFW area with only 3 of 53 total buildings under construction in the loop around. The pace of growth in the real estate market has been slowing for the past few quarters, with average rents continuing upward at a slower rate and vacancy levels hovering up and down several tenths from 15% the last few quarters. The Federal Reserve s Beige Book also noted concerns about the job market, as several sectors observed skills shortages. The construction boom in DFW has been measured growth currently more than 65% of projects under construction are pre-leased, and many more have strong activity from potential tenants. Lenders are still cautious in approving debt, especially for construction loans. While the market may be slowing, caution by both developers and lenders will allow it to continue on a steady path upward. A Look Ahead > Slowdown in rental rate growth will continue, as vacancy rates have flattened out and demand is slower than in 215. > Almost 3.4 million square feet is expected to deliver in the second half of 216, of which 65% is preleased. Deliveries in the Uptown/Turtle Creek submarket are expected to add 872, square feet, while Far North will add almost 1.2 million square feet to its inventory. > The delivery of the almost-full McKinney & Olive in August will create large vacancies in the submarket as downtown law firms move into new Uptown space. This trend will create opportunities for value-add plays in the Downtown market as buildings will require renovations and new leasing strategies to compete with Uptown. Market Indicators Relative to prior period NET ABSORPTION UNDER CONSTRUCTION RENTAL RATE *Projected Summary Statistics DFW Office Market DFW Market DFW Class A DFW Class B 15.4% 16.5% 15.2% Change from prior Quarter.1%.2% -.2% Absorption (Thousand Square Feet) New Supply (Thousand Square Feet) Under Construction (Thousand Square Feet) Asking Rents Per Square Foot Per Year Annual Change Quarterly Change ,945 1, nd Qtr. Forecast* Average $24.2 $28.11 $2.31 Change from prior Quarter.4%.7%.6% Year-Over-Year Change 6.8% 6.8% 6.4%

2 Market Highlights > Economic activity continues to expand in the metroplex, especially in where the Federal Reserve noted an annual 4.1% increase in jobs in May, while experienced a gain of.6%. s economic forecast should improve as the energy sector continues to rebound. > vacancy in the market continues steady at 15.4%, only a.1% increase from the prior quarter, as average rents increase at a slowing rate. > Construction continues to increase above the levels in the boom, but still well below the 16 million square feet under construction in the late 199s. Most developers have waited for a large tenant to break ground, but there are nearly 2 million square feet in large spec office projects currently under construction. in the - market continued its gradual rise, increasing from 15.3% in Q1 to 15.4% in 216 and up.5% from Q Class A vacancy increased.2% from 16.3% to 16.5%, while Class B vacancy decreased.2%. The Lewisville/Denton and North submarkets tied for the lowest overall vacancy rate at 8.4%. Northeast had the highest vacancy rate of 31.5% due to large vacancies in Fossil Creek Business Park and the FAA Headquarters. continued to have the lowest Class A vacancy rate of any market with more than 1 buildings at 8.4%, but this was a.5% increase over the prior quarter. New Supply, Absorption & Square Feet 7,5, 5,, 2,5, New Supply Absorption Absorption & Demand Net absorption continued at a slower pace than in 215, with 532,66 square feet absorbed in 216 for a total of 1,53,8 absorbed year-to-date. This is over 2.8 million less than absorbed through 215. Class A absorption was 6% of the Q1 216 rate at 22,563 square feet. However, absorption should pick up at the end of the year as several large projects are delivered. Far North absorbed 877,272, the highest of any submarket in the metroplex, which included Pizza Hut s move-in to their headquarters expansion and 38, square feet of sublease space. Las Colinas had the lowest level at negative 416,395 square feet, 28, of which was NEC Corporation s vacating the Apex at Los Colinas after Mercer s purchase. Rental s Rental rates continued their gradual climb in the second quarter, topping $24 for the average gross rate for the first time. However, the increase in rental rate has slowed the average rate grew only.42% from Q1 to 216. Class A rental rates grew to $28.11 on average, while Class B rates rose $. to $2.31. For Class A product, Uptown/Turtle Creek continues to command premium rates of $39.21 on average, boosted by rates near $5 gross at 1717 McKinney, McKinney & Olive, and other new projects. After falling slightly in Q1 216, Class A rates rose again to an average of $37.3 P. 25% 2% 15% 1% 5% % Job Growth & Unemployment (not seasonly adjusted) Unemployment 5/15 5/16 DFW 4.% 3.5% Texas 4.3% 4.2% U.S. 5.3% 4.5% Job Growth Annual Change # of Jobs Added DFW 3.7% 5.3K Texas 1.5% 171.8K U.S. 1.6% 2,324.K Class A Office Rents & 19% 18% 17% 16% 15% 14% Class A, B & C Office Absorption 4,5, 4,, 3,5, 3,, 2,5, 2,, 1,5, 1,, 5, , Class A Class A Rental Class A Class B Class C $29 $28 $27 $26 $25 $24 $23 $22 $21 $2 2 / Research & Forecast Report 216 Office Colliers International

3 / Downtown & Suburban Office Market Summary EXISTING PROPERTIES NET ABSORPTION CONSTRUCTION RENT Submarket Bldgs Inventory Direct Sublease Vacant Current Prior Qtr Current Qtr New Supply Under Construction Average (FS) DOWNTOWN AND SUBURBAN MARKETS Class A Suburban Suburban DFW Market Class B Suburban Suburban DFW Market Class C Suburban Suburban DFW Market All Classes Suburban Suburban DFW Market 25 22,964, %.9% 5,545, % 23.7% (113,645) (5,27) 342,879 $ ,914, %.6% 858, % 13.7% (48,249) (89,524) 28,489 $ ,34, %.9% 16,226, % 14.9% 32,37 1,4,982 1,979,1 9,95,99 $ ,266, %.1% 58, 13.6% 13.6% 8,87 67,948 91, ,584 $ ,485, %.8% 23,29, % 16.3% 22,563 63,136 2,7,748 1,36,942 $ ,99, %.1% 1,338, % 21.7% (11,874) (25) $ ,959,789 8.%.% 316,873 8.% 7.6% (14,62) (42,794) $ ,25 5,82, %.3% 18,779,65 15.% 15.2% 27, , ,738 8,519 $ ,389, %.5% 2,315, % 16.5% 75,882 15,978 57,1 95,97 $2.34 2, ,531, %.3% 22,75, % 15.4% 32,24 585,932 4,85 97,616 $ ,144, %.4% 283,919 9.% 9.6% 16,835 (7,986) $ , %.% 38, 5.2% 5.5% 2, 8,278 $ ,189, %.% 2,6, % 11.% (14,666) (69,881) $ ,554, %.% 37, % 7.9% (,3) (66,351) $ ,83 27,619, %.1% 2,819,38 1.2% 1.2% (8,143) (135,94) $ ,28, %.7% 7,167, % 21.9% (18,684) (58,461) 342,879 $ ,64, %.3% 1,213, % 1.9% (6,311) (4,4) 28,489 $ ,52 251,611, %.5% 37,132, % 14.7% 557,998 1,578,54 2,334,838 9,98,59 $ ,21, %.3% 3,266, % 14.3% 143,657 17, ,76 4,681 $ , ,635, %.5% 48,779, % 15.3% 532,66 1,53,8 2,483,598 1,944,558 $24.2 QUARTERLY AND ANNUAL HISTORICAL COMPARISONS 216 4, ,635, %.5% 48,779, % 15.3% 532,66 1,53,8 2,483,598 1,944,558 $ Q1 4, ,846, %.6% 48,522, % 15.% 52,468 52,468 1,694,895 1,734,495 $ Q4 4, ,152, %.6% 47,355, % 15.1% 1,31,7 6,5,318 6,793,268 9,627,41 $ Q3 4, ,782, %.6% 47,287, % 14.9% 1,284,475 5,21,618 5,423,64 7,187,44 $ , ,752, %.7% 46,543, % 15.3% 1,738,271 3,926,143 3,394,167 7,86,163 $ ,6 36,31, %.7% 48,841, % 15.9% 774,878 2,173,266 1,68,6 6,445,89 $ ,81 33,186, %.7% 5,168, % 16.4% (82,959) 286, ,62 3,22,188 $ ,52 31,542, %.5% 5,675, % 16.8% 751,475 1,164,395 1,184,211 2,42,888 $ / Research & Forecast Report 216 Office Colliers International

4 / Office Submarket Summary EXISTING PROPERTIES NET ABSORPTION CONSTRUCTION RENT Colliers Markets Bldgs Inventory Direct Sublease Vacant Current Prior Qtr Current Qtr New Supply Under Construction Average (FS) Class A Central Expressway 22 7,51, %.2% 1,68, % 14.8% (26,149) 267,754 $ ,964, %.9% 5,545, % 23.7% (113,645) (5,27) 342,879 $ East 2 14, % 1.% 23, % 16.5% 1,496 $ Far North ,116, %.6% 3,727,5.%.5% 576,34 743,716 91,532 5,167,948 $ Fort Worth 17 5,914, %.6% 858, % 13.7% (48,249) (89,524) 28,489 $ 29.2 Las Colinas 76 18,649, % 2.2% 3,152, % 14.% (541,453) (3,662) 466, ,42 $ LBJ 37 1,678, %.7% 2,56, % 24.9% 94, ,244 $ Lewisville / Denton 6 474, %.% 22, % 1.8% 8,964 8,964 $ Mid-Cities 39 7,826,56.2% 1.4% 1,65, % 16.% 183,337 64,34 198, $ 26.6 North 2 511, %.% 119, %.% 14,282 14,282 N/A Northeast 2 43, %.% 339, % 3.% (8,631) (8,631) $ ,177, %.5% 352, % 7.9% (23,681) (44,531) 186,257 $ 37.3 North US 75 Corridor 59 13,68,2 2.5%.4% 2,731, % 2.2% (,511) (226,348) 62, , $ 26.3 South 2 3,351,3 3.5%.2% 1, % 3.2% 74,436 62,297 91, ,584 $ Southwest 3 34,1 5.1%.% 15,5 5.1% 5.1% $ Stemmons 1 3,684, %.% 616,1 16.7% 17.3% 21,543 21,637 63, $ 19.9 Uptown / Turtle Creek 42 1,168, %.3% 893,32 8.8% 9.1% 28,534 4,14 1,936,383 $ DFW Market ,485, %.8% 23,29, % 16.3% 22,563 63,136 2,7,748 1,36,942 $ Class B Central Expressway 84 5,924, %.3% 52, % 9.9% 67,548 19,418 35, $ ,99, %.1% 1,338, % 21.7% (11,874) (25) $ East 19 7,27, %.2% 1,69, % 8.9% (422,234) (443,177) 99,5 $ 2.4 Far North ,253, %.2% 2,975, % 15.2% 35,94 (4,962) 87,62 281,678 $ Fort Worth 42 3,959,789 8.%.% 316,873 8.% 7.6% (14,62) (42,794) $ Las Colinas 23 18,25, %.1% 2,495, % 14.3% 114, ,839 58, $ 2.77 LBJ 13 1,995, %.5% 2,599, % 23.5% (14,746) (53,849) $ 17.8 Lewisville / Denton 187 7,874, % 1.2% 726, % 9.7% 44,51 151,669 86,981 42,737 $ Mid-Cities ,414,.1%.4% 2,295,71.5%.6% 46,83 157,834 85,977 98,441 $ North 65 3,137,26 4.8%.9% 179, % 6.9% 49,378 15,58 57,1 82,195 $ Northeast 49 3,37, %.6% 996, % 33.3% 15,468 (4,19) $ , %.% 82,98 9.6% 11.3% 15,9 11,5 $ North US 75 Corridor 346 2,49, %.1% 3,79, % 15.5% 98, ,133 6, ,968 $ South 199 8,214, %.3% 1,139, % 14.% 11,36 4,417,92 $ 21.1 Southwest 87 2,971, %.% 391,7 13.2% 13.6%,543 6,28 35,195 $ Stemmons 1 8,144, %.7% 2,315, % 28.6% 17,296 17,34 $ Uptown / Turtle Creek 45 2,669, %.1% 226, % 8.% (13,693) 4,474 $ DFW Market 2, ,531, %.3% 22,75, % 15.4% 32,24 585,932 4,85 97,616 $ / Research & Forecast Report 216 Office Colliers International

5 / Office Submarket Summary EXISTING PROPERTIES NET ABSORPTION CONSTRUCTION RENT Colliers Markets Bldgs Inventory Direct Sublease Vacant Current Prior Qtr Current Qtr New Supply Under Construction Average (FS) Class C Central Expressway ,26 1.8%.2% 18, % 4.3% 22,358 19,728 $ ,144, %.4% 283,919 9.% 9.6% 16,835 (7,986) $ East 2,698, %.% 21, % 8.6% 21,831 17,856 $ 14.9 Far North 45 1,88,83 2.3%.% 25,16 2.3% 1.9% (4,936) (3,178) $ Fort Worth 23 73, %.% 38, 5.2% 5.5% 2, 8,278 $ Las Colinas 21 1,72, %.% 113,4 1.5% 11.6% 1,891 7,111 $ 13.1 LBJ 3 625, %.% 152, % 24.8% 2,834 1,236 $ Lewisville / Denton 76 1,916, %.%, % 6.4% 2,363 (378) $ Mid-Cities 23 4,788, %.% 656, % 14.2% 21,61 1,666 $ North ,9 9.6%.% 51, % 5.% (24,69) (26,99) Northeast 39 1,3, %.% 66, % 6.5% (1,71) (4,338) $ , %.% 62, % 17.1% (2,78) (35,993) North US 75 Corridor 11 1,976, %.% 173,47 8.8% 11.1% 45,72 57,152 $ South 143 3,2,4 8.4%.% 252,76 8.4% 8.8% 13,449 (35,23) $ Southwest 62 1,218, %.% 6,24 1.4% 11.5% 13,498 13,351 $ Stemmons 61 2,11, %.% 438, % 14.6% (144,533) (157,3) $ Uptown / Turtle Creek , %.% 28, % 5.3% (3,495) () DFW Market 1,83 27,619, %.1% 2,819,38 1.2% 1.2% (8,143) (135,94) $ 16.3 All Classes Central Expressway ,941, %.2% 1,67, %.% 63, ,9 35, $ ,28, %.7% 7,167, % 21.9% (18,684) (58,461) 342,879 $ East 3 1,18,97.8%.1% 1,33,87.9% 8.9% (4,43) (423,825) 99,5 $ Far North ,459,87.1%.4% 6,728,216.6% 13.4% 877, , ,594 5,449,626 $ Fort Worth 82 1,64, %.3% 1,213, % 1.9% (6,311) (4,4) 28,489 $ Las Colinas ,927,83 14.% 1.1% 5,76, % 14.1% (416,395) 5, , ,42 $ LBJ ,299, %.6% 5,3, % 24.2% 82,23 16,631 $ 2.98 Lewisville / Denton 269 1,266, %.9% 867, % 8.8% 48, ,559 86,981 42,737 $ Mid-Cities ,29,198.3%.6% 4,16,864.9% 13.7% 251,21 232,84 85, ,441 $ North 96 4,181, %.7% 35, % 9.% 38,97 92,872 57,1 82,195 $ Northeast 9 4,445, %.4% 1,42, % 31.7% 5,766 (16,988) $ ,396, %.4% 497, % 9.% (11,332) (69,) 186,257 $ North US 75 Corridor 56 35,534, %.2% 5,985, % 16.9% 131, , ,67 822,968 $ South ,585, %.2% 1,513, % 1.5% 98,921 31,691 91,648 33,486 $ Southwest 152 4,494,7 11.9%.% 533, %.4% 26,41 19,379 35,195 $ Stemmons ,841, 23.9%.4% 3,37, % 23.6% (15,694) (118,641) 63, $ Uptown / Turtle Creek 19 13,314, %.3% 1,148, % 8.7% 11, ,458 1,936,383 $ 38.2 DFW Market 4, ,635, %.5% 48,779, % 15.3% 532,66 1,53,8 2,483,598 1,944,558 $ 24.2 NOTE: Statistical set consists of office properties 1, and up, including owner-occupied properties; and excluding medical office and properties where the government is 1% owner and occupier. While CoStar attempts to provide the most accurate data at the end of every quarter, revisions are made throughout the year accounting for discrepancies in past reporting. Sources: CoStar Property, Colliers Research 5 / Research & Forecast Report 216 Office Colliers International

6 Leasing Activity Leasing activity for the prior months ending June 3, 216 totaled 2.9 million. Year-to-date 8.5 million square feet has been leased and the average lease was 4,42 square feet. 216 Top Office Lease Transactions BUILDING NAME/ADDRESS SUBMARKET TENANT LEASE DATE Cypress Waters Blvd DFW Freeport/Coppell 225, Signet Jewelers Apr Pky Quorum/Bent Tree 2, Fannie Mae May N Westridge Cir Office Ctr/West LBJ Ext 11, Molina Healthcare Jun Regent Blvd DFW Freeport/Coppell 1,52 Atos SE Jun Dominion Dr Upper Tollway/West Plano 92,25 CompuCom Systems Inc. Apr Regent Blvd DFW Freeport/Coppell 76,742 First American Title Insurance Company Jun Main St 57,634 Compass Professional Health Services /Life Accent May Bent Branch Dr DFW Freeport/Coppell 53,547 Pacific Union Financial Apr W Plano Pky Plano 52,46 Fresenius Medical Care Jun N State Highway 161 Office Ctr/West LBJ Ext 5,76 DealerSocket Apr-16 Sales Activity Investment activity picked up slightly in 216 with 2 property sales over 1, square feet sold this quarter, but the average sales price dropped to $5 per square foot compared to $136 per square foot in Q The average cap rate rose slightly to 7.6%. 216 Significant Sales Transactions (1, or greater) BUILDING NAME SUBMARKET RBA () YEAR BUILT BUYER SELLER SALE PRICE $/ DATE SOLD The Geico Building Far North 244, JP Realty Partners Government Employees Insurance Co. $11,, $45 6/28/216 Bluffview Towers Campbell Creek Business Park North US 75 Corridor 296, Buchanan Street Partners CDI East $28,5, $146 5/2/ , Foundry Commercial / ICM Granite Properties $28,, $89 6/15/216 KPMG Plaza at Hall Arts 5, 215 Unknown Hall Financial Group $225,, $45 5/17/216 Westway One Las Colinas 165, Whitestone REIT Wells Real Estate Funds $21,638, $13 6/1/216 One Glen Lakes Central Expressway 17, 1981 Cawley Management, LLC Eland Energy Inc $17,5, $13 2/29/216 Las Colinas Commons Las Colinas 239, /81 David Tessel Behringer $14,362,74 $6 2/2/ Stemmons Fwy Stemmons 7, Good Signature Management Tri Tower Financial Group $4,331, $34 2/4/216 6 / Research & Forecast Report 216 Office Colliers International

7 Quoted gross rental rates for existing top performing office buildings BUILDING NAME ADDRESS SUBMARKET RBA () YEAR BUILT % LEASED AVAIL. RENT ($/) OWNER +E BUILDINGS KPMG Plaza at Hall Arts 2323 Ross Ave 459, %,23 $48. +E 2323 Ross Holdings, LLC Victory Plaza West 39 Olive St Uptown/Turtle Creek 116, % 52,525 $42. +E Victory Plaza Bldgs 1919 McKinney 1919 McKinney Ave Uptown/Turtle Creek 118, % 42,674 $38. +E Ecom Real Estate Mgmt, Inc. Victory Plaza East 33 Olive St Uptown/Turtle Creek 11, 26 93% 13,784 $37. +E Estein & Associates USA Veritex Bank Plaza 8214 Westchester Dr 96, % 6,47 $36. +E Cardinal Capital Partners, Inc. International Plaza III Pky Far North 354, % 82,924 $35. +E Lincoln Property Company NNN BUILDINGS Texas Capital Bank Building 2 McKinney Ave Uptown/Turtle Creek 447, % 2,539 $4.5 NNN Lincoln Property Company 17Seventeen McKinney 1717 McKinney Ave Uptown/Turtle Creek 361, % 25,71 $4. NNN Granite Properties, Inc. 21 McKinney 21 McKinney Ave Uptown/Turtle Creek 36, % 39,155 $4. NNN New York State Common Retirement Fund The Star 1 Cowboys Way Far North 397, % 36,552 $37. NNN City of Frisco Rosewood Court 211 Cedar Springs Rd Uptown/Turtle Creek 45, % 54,18 $36.5 NNN Rosewood Property Company Frost Tower 295 N Harwood St Uptown/Turtle Creek 167, % 9,75 $36. NNN Harwood International 216 HIGHLIGHTS TOTAL OFFICE INVENTORY 14.5M 317.6M 149.5M 27.6M TOTAL INVENTORY BY CLASS CLASS A: 44% CLASS B: 47% CLASS C: 9% TOTAL: 1.9M SUBMARKET FAR NORTH DALLAS UPTOWN/TURTLE CREEK LAS COLINAS NORTH US 75 CORRIDOR SOUTH FORT WORTH 5.5M 1.9M 976K 823K 33K UNDER CONSTRUCTION 4.% ANNUALLY CURRENT 15.4% 533K NET ABSORPTION MULTI-TENANT OFFICE BUILDINGS BY SIZE 25K-5K 5K-1K 1K-25K 25K-5K 5K-1M 1 MILLION+ NUMBER OF BUILDINGS TOTAL SQUARE FEET M 15.4% M 19.8% M 19.1% M 19.1% M 22.3% M 25.2% 7 / Research & Forecast Report 216 Office Colliers International

8 38 OFFICE SUBMARKET MAP LLT NORTHWEST FORT WORTH SOUTHWEST FORT WORTH ALLIANCE / FOSSIL CREEK 14 35W 35W 183 FW 5 35W B 2 35W NORTHEAST FORT WORTH WEST LAKE / GRAPEVINE SOUTHEAST FORT WORTH DENTON HURST / EULESS / BEDFORD ARLINGTON 287B LLT 35E LEWISVILLE DFW / FREEPORT COPPELL OFFICE CTR WEST LBJ EXT URBAN CENTER WINGREN SOUTH IRVING GRAND PRAIRIE FRISCO THE COLONY DNT DNT UPPER TOLLWAY PLANO QUORUM BENT TREE DNT WEST LBJ 4 35E PRESTON CENTER DNT STEMMONS FREEWAY 16 SOUTHWEST DALLAS 7 UPTOWN / TURTLE CREEK DALLAS 35E EAST LBJ PLANO 19 RICHARDSON CENTRAL EXPWY WHITE ROCK 635 ALLEN / McKINNEY MESQUITE FORNEY TERRELL 13 GARLAND ROCKWALL SOUTHEAST DALLAS Central Expressway 1 North 155 Bldgs 13.9m 11.5% Vac UC = None $ P 96 Bldgs 4.2m 8.4% Vac UC = 82.2K $ P 2 11 Northeast 16 Bldgs 32.2m 22.3% Vac UC = 342.9K $ P 9 Bldgs 4.4m 31.5% Vac UC = None $ P 3 East 3 Bldgs 1.1m.9% Vac UC = 99.5K $ P 56 Bldgs 5.4m 9.2% Vac UC = 186.3K $ P 4 Far North 13 North US 75 Corridor 578 Bldgs 53.5m.6% Vac UC = 5,45K $ P 56 Bldgs 35.5m 16.8% Vac UC = 823K $ P 5 14 South 82 Bldgs 1.6m 11.4% Vac UC = 28.5K $ P 362 Bldgs 14.6m 1.4% Vac UC = 33.5K $ P 6 Las Colinas 15 Southwest 327 Bldgs 37.9m 15.2% Vac UC = 976.4K $ P 152 Bldgs 4.5m 11.9% Vac UC = 35.2K $ P 7 LBJ 16 Stemmons 197 Bldgs 22.3m 23.8% Vac UC = None $ 2.98 P 171 Bldgs 13.8m 24.3% Vac UC = 63K $ P 8 Denton / Lewisville 17 Uptown / Turtle Creek 269 Bldgs 1.3m 8.4% Vac UC = 42.7K $ P 19 Bldgs 13.3m 8.6% Vac UC = 1,936K $ 38.2 P 9 Mid-Cities Market 688 Bldgs 31m.9% Vac UC = 296.4K $ P 4,256 Bldgs 317.6m 15.4% Vac UC = 1,945K $ 24.2 P RESEARCHERS: MIKE OTILLIO Director of Research DIRECT mike.otillo@colliers.com KARI BEETS Research Associate DIRECT kari.beets@colliers.com Copyright Colliers International. The information contained herein has been obtained from sources deemed reliable. While every While every reasonable reasonable effort has effort been has made been to made ensure to ensure its accuracy, its accuracy, we cannot we cannot guarantee guarantee it. No responsibility it. No responsibility is assumed is assumed for any for inaccuracies. any inaccuracies. Readers Readers are encouraged are encouraged to consult to consult their professional their professional advisors advisors prior prior to acting to acting on any on of any the of material the material contained contained this in report. this report. Colliers International Market 1717 Address, McKinney Suite Avenue, # Suite 9, Address, Texas 7522 Suite # colliers.com/<<market>> colliers.com/texas/dallas 8 North American Research & Forecast Report Q4 214 Office Market Outlook Colliers International