3Q 2017 - Miami Occupier and Pricing Trends

CBD HIGHLIGHTS Most of Miami’s new inventory over the last decade was built in the CBD, increasing Class A stock by 27.0%. The next delivery of new supply (318,000 SF) was expected by year-end 2017 in the Downtown submarket. New occupancy gains since the 2010-2011 deliveries dramatically reduced the record high annual average Class A vacancy rate of 24.0% by nearly 10.0 percentage points to the current 14.3%. Leading CBD positive absorption levels, both year-to-date and in 2016, was Brickell’s Class A segment. Among Class B buildings, negative absorption over the last seven quarters and comparatively lower leasing volumes pushed vacancy to 19.5% - up from the 15.0% ranges posted during 2014 and 2015. Third quarter transactions were dominated by CBD backbone occupiers: Business Services, Financial Services and Law Firms. The largest volume (66.0%) of CBD transactions on a square footage basis were executed within the Downtown submarket where the largest leases (20,000+ SF) were also signed.

31.0% Class A Stock Increase 2007-2017 24.2% 14.3% Class A Vacancy rate Down 9.9% Points from 2011-2017

YTD Completions

Under Construction

Existing Inventory SF

Direct Vacancy %

Total Vacancy %

YTD Net Absorption

Average Direct RR PSF Quoted

CBD Class A CBD Class B

0 0

318,000

9,459,383 3,854,878

14.3% 15.1% 52,336 19.5% 20.0% -57,579

$47.01

52,336 SF YTD New Occupancy

0

$31.06

Totals

0

318,000 13,314,261

15.8% 16.6% -5,243

$41.22

Class A

CBD - DIRECT VACANCY (%) 2007-3Q 2017

Percent Perc nt

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

CLASS A BUILDINGS Dominating Tenants

Class A CBD HIGHLIGHTS 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2007 2008 2009 2010

Financial & Legal

3.2MSF 80% CBD Class A users Largest SF Footprint Occupying 1,000 SF +

Financial & Legal

2011

2012

2013

2014

2015

2016

2017

Class B Class A Class B

Legal

Cushman & Wakefield of Florida, Inc. / 7