Denver Market Overview 4Q2017

DENVER WEST

Class A Rates

$22.68 FSG

Class A Vacancy % 13.3% Class B Rates Class B Vacancy % 13.7% Total Inventory

$19.08 FSG

UNION SQUARE OVERVIEW MARKET INDICATORS

4,882,707

UNION SQUARE

4Q 15

4Q 16

4Q 17

Class A Rates

$24.74 FSG

Inventory SF

2,585,169 2,609,156 2,614,830

Class A Vacancy % 19.1% Class B Rates Class B Vacancy % 10.1% Total Inventory

$20.28 FSG

SF Under Construction

0

0

0

2,614,830 SF

Direct Vacancy

10.1% 12.9% 12.9%

Overall Vacancy

11.1% 13.4% 13.4%

SOUTHWEST DENVER

Net Absorption SF YTD Average Direct Rent All Classes FSG

66,912

-59,194

61,143

Class A Rates

$24.72 FSG

Class A Vacancy % 8.5% Class B Rates Class B Vacancy % 22.3% Total Inventory

$20.31

$22.91

$22.94

$19.67 FSG

Class A FSG

$21.63

$23.77

$25.10

10,069,609 SF

Class B FSG

$20.54 $21.37

$20.28

NORTHWEST

Class A Rates

$26.93 FSG

Class A Vacancy % 11.6% Class B Rates Class B Vacancy % 12.7% Total Inventory

$21.72 FSG

13,924,616 SF