3Q 2017 - Miami Occupier and Pricing Trends

ECONOMIC HIGHLIGHTS There was no discernible overall effect on the September 2017 U.S. unemployment rate (4.2% - a new 10-year low) when Hurricane Irma made landfall in Florida which caused severe damage, primarily in the Keys, southwest Florida and other parts of the Southeast. Miami ranked among the top ten “ Major American Cities of the Future 2017-18 ” Foreign Direct Investment, Financial Times of London Miami International Airport was named “ Best Freighter Hub ” in the world. Freighters World Conference 2017, Air Cargo News September 2017’s job report saw year-over-year drops in unemployment for both Florida (3.8% from 4.9%) and Miami (4.6% - from 5.7%). Statewide, however, private- sector businesses were severely impacted by the storm as indicated by the reduction of job numbers solely for the month of September. In Miami, losses over the month were among the largest reported since mid-2008 for Professional and Business Services, while Information and Financial Services remained mostly unchanged.

Major Office-Using Employment Industries Miami Forecasted Growth 2016-2024

14.2% PBS

1.6% Information 6.6% Financial Activities

Miami’s top three fastest-growing industries forecasted for the 2016-2024 period were:

Construction 17.7%% Education and Health Services 17.0% Professional and Business Services (PBS) 14.2%

Source: Florida Department of Economic Opportunity

Miami’s upcoming occupier demand, by way of current tenants touring the market, paralleled forecasted office-using industry growth. A snapshot of the 2.3 million SF of tenant requirements revealed a diversified list of companies where the great majority fall within the following employment sectors:

Florida Population and Jobs Expect Robust Growth

MIAMI OVERVIEW Retail Trade Media & Entertainment Healthcare Law Services

798,500 SF Miami Tenant Tours

Banking/Finance

Banking / Finance 798,500 SF

Unusual for Miami, 54.0% of current tours comprised requirements of 75,000+ SF - with three firms well above the 100,000 SF mark.

540,000 SF

TOP 3

Florida will remain one of the nation’s top three states

288,000 SF

131,500 SF

1 + 2016-2024

Look to Florida gaining another

Million Jobs

156,000 SF

Cushman & Wakefield of Florida, Inc. / 3