3Q 2017 - Miami Occupier and Pricing Trends

SUBURBAN HIGHLIGHTS (CONTINUED) Executed transactions during 2017 has so far topped 1.5 million SF where 75.0% occurred in Class A buildings. Over 448,000 SF were executed during third quarter where the greater part of leasing activity stemmed from government, finance/banking and real estate tenants. Among existing Class A users (2,500 SF+), government, finance/banking and real estate-related Suburban tenants occupied nearly 1.2 million SF at third quarter. Most or 70.0% were users in financial services. As for upcoming demand (including Amazon’s 500,000 SF requirement), tenants touring totaled 1.5 million SF in the Suburbs at third quarter. The bulk of tours consisted of large, 20,000+ SF requirements. This will present a near-term challenge as large blocks of contiguous Class A and Class B Suburban space remained scarce. The largest tours by square footage were led by industries in Retail (500,000 SF represented by the Amazon requirement), Finance (290,000 SF), Media & and Entertainment and healthcare (131,500 SF).

SUBURBAN DIRECT VACANCY (%) 2007-3Q 2017

SUBURBAN Direct Vacancy (%), 2007-3Q 2017

Percent

10.0 15.0 20.0 25.0

0.0 5.0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Class A Class B

Class A

Class B

SUBURBAN AVERAGE DIRECT RENTAL RATES, 2007-3Q 2017

SUBURBAN EXECUTED LEASES 3Q 2017 % Of Total By Employment Industry

SUBURBAN Executed Leases, 3Q 2017 % of Total By Employment Industry

SUBURBAN Average Direct Rental Rates, 2007-3Q 2017

Quoted Rate PSF Quoted Rate PSF

5% 4%

$10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00

6%

Government Financial Services Real Estate Manufacturing Law Firm Healthcare Leisure & Hospitality Business Services

31%

10%

$0.00 $5.00

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Class A

Class B

Class A Class B

12%

Average asking rates for both classes of space continued to post record highs. For the Class A set, the annual trend continued from 2015 to the present ($35.51 PF to $37.39 PSF), while Class B assets posted peak average quotes both currently ($29.50 PSF) and at year-end 2016 ($28.98 PSF).

17%

16%

Government

Real Estate

Law Firm

Lesiure & Hospitality

Financial Services

Manufacturing

Healthcare

Business Services

Cushman & Wakefield of Florida, Inc. / 25