3Q 2017 - Miami Occupier and Pricing Trends

For purposes of this report, statistics reflect an exclusive set of competitive office buildings. As such, no relevant comparison can be made to other Cushman & Wakefield statistical reports.

YTD Completions

Under Construction

Existing Inventory SF

Direct Vacant SF

Direct Vacancy % Sublease SF

Total Vacancy SF

Total Vacancy %

YTD Net Absorption

Average Direct RR PSF Quoted

MARKET STATISTICS 3Q 2017 CBD Brickell Class A 0 0 4,662,867 427,144 Brickell Class B 0 0 1,921,881 322,903 Totals 0 0 6,584,748 750,047 Downtown Class A 0 318,000 4,796,516 926,769 Downtown Class B 0 0 1,932,997 427,220 Totals 0 318,000 6,729,513 1,353,989 CBD Total Market CBD Class A 0 318,000 9,459,383 1,353,913 CBD Class B 0 0 3,854,878 750,123 Totals 0 318,000 13,314,261 2,104,036 Suburban Aventura Class A 0 74,336 762,524 48,692 Aventura Class B 0 0 212,500 10,135 Totals 0 74,336 975,024 58,827 Coconut Grove Class A 0 95,000 547,332 33,610 Coconut Grove Class B 0 0 336,982 9,238 Totals 0 95,000 884,314 42,848 Coral Gables Class A 0 132,381 3,584,140 312,556 Coral Gables Class B 0 0 1,880,786 240,838 Totals 0 132,381 5,464,926 553,394 Kendall/South Dade 0 0 781,829 91,371 Kendall/ South Dade 0 0 1,476,320 187,479 Totals 0 0 2,258,149 278,850 Miami Airport Class A 246,085 150,000 5,075,813 507,924 Miami Airport Class B 0 0 3,736,733 520,411 Totals 246,085 150,000 8,812,546 1,028,335 Miami Beach Class A 0 0 760,303 70,838 Miami Beach Class B 0 0 916,426 108,000 Totals 0 0 1,676,729 178,838 Miami Lakes Class A 0 0 314,647 67,096 Miami Lakes Class B 0 0 553,896 139,401 Totals 0 0 868,543 206,497 Suburban Total Market Suburban Class A 246,085 451,717 11,826,588 1,132,087 Suburban Class B 0 0 9,113,643 1,215,502 Totals 246,085 451,717 20,940,231 2,347,589 MIAMI-DADE OVERALL Overall Class A 246,085 769,717 21,285,971 2,486,000 Overall Class B 0 0 12,968,521 1,965,625 Totals 246,085 769,717 34,254,492 4,451,625

9.2% 16.8% 11.4% 19.3% 22.1% 20.1% 14.3% 19.5% 15.8% 6.1% 2.7% 4.8% 8.7% 12.8% 10.1% 11.7% 12.7% 12.3% 10.0% 13.9% 11.7% 9.3% 11.8% 10.7% 21.3% 25.2% 23.8% 6.4% 4.8% 6.0% 9.6% 13.3% 11.2% 11.7% 15.2% 13.0%

61,601 22,069 83,670 16,696

488,745 344,972 833,717 943,465 427,620 1,371,085 1,432,210 772,592 2,204,802

10.5% 17.9% 12.7% 19.7% 22.1% 20.4%

119,184 -10,487 108,697 -66,848 -47,092 -113,940 52,336 -57,579 -5,243 -2,446 -3,100 -5,546 13,333 14,749 28,082 143,486 -52,133 91,353 31,296 8,636 39,932 73,271 -14,993 58,278 -35,453 -20,448 -55,901 18,300

$52.45 $35.70 $45.04 $44.83 $27.98 $39.37 $47.01 $31.06 $41.22 $48.40 $40.55 $46.21 $39.67 $33.70 $36.12 $40.54 $35.73 $38.66 $40.68 $26.69 $31.39 $34.11 $27.46 $30.64 $48.65 $39.76 $42.95 $24.20 $21.26 $22.29 $37.39 $29.50 $33.35 $42.56 $30.10 $37.05

400

17,096

78,297 22,469 100,766

15.1%

20.0% 16.6%

0 0 0 0 0 0

48,692

6.4% 4.8% 6.0% 6.1% 2.7% 4.8% 8.9% 12.8% 10.3% 11.7% 12.9% 12.5% 10.6% 13.9% 12.0% 9.3% 12.3% 11.0% 21.3% 25.2% 23.8% 9.9% 13.4% 11.4% 12.2% 15.4% 13.4%

10,135

58,827 33,610

9,238

42,848 320,373 240,838 561,211 191,053 282,424 536,914 520,411 1,057,325 70,838 112,922 183,760 67,096 139,401 206,497 1,168,894 1,223,998 2,392,892 2,601,104 1,996,590 4,597,694 91,371

7,817

0

7,817

0

3,574 3,574

28,990

0

28,990

0

4,922 4,922

0 0 0

-8,424 9,876

36,807

241,787 -75,713 166,074 294,123 -133,292 160,831

8,496

45,303

115,104 30,965 146,069

Cushman & Wakefield of Florida, Inc. / 6

Survey includes select competitive office buildings for lease comprising 30,000+ SF, excluding medical, government, owner-occupied and most office condo product.