Engage in Tampa Bay Q319

TAMPA'S CBD HAS NO EXISTING LARGE BLOCKS OF SPACE

CURRENT SITUATION

Major Leases Building

Tenant

SF

Deal Type

100 North Tampa

Holland & Knight

63,514 Renewal

MAJOR CURRENT AVAILABILITIES 30,000+ SF Spaces Class A • Wells Fargo Center 39,046 15th & 16th Floor

501 East Kennedy

WeWork

61,805 New

Tampa City Center

Morgan & Morgan

60,052 Renewal

SunTrust Financial Centre

Industrious

20,026 Expansion

Association to Advance Collegiate Schools of Business

One Harbour Place

CBD Charts 22,883 Renewal

Class A Direct Vacancy and Rental Rates

Major Sales Quarter Sold Building

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

10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

Buyer

Seller

Price

Price PSF Cap Rate

4Q18

Tampa City Center

The Shidler Group

Banyan Street Capital

$110,000,000 $145.23

7.2%

0.0% 2.0% 4.0% 6.0% 8.0%

3Q17

Fifth Third Center

Farley White Interests Bridge Investments

$52,500,000 $187.00

6.0%

$0.00 $5.00

4Q16

Park Tower

Feldman Equities

Sterling Equities

$79,750,000 $168.75

7.1%

2009 2010 2011 2012 2013 2014 201 2016 2 17 2018 20 9 Q3

3Q15

SunTrust Financial

Highwoods Properties The Brookdale Group

$124,000,000 $235.62 Class A Direct Vacancy Rate

6.5%

Class A Direct Gross Asking Rental Rate

CBD Charts

Class A Leasing Activity and Absorption

Class A Direct Vacancy and Rental Rates

-200,000 -100,000 0 100,000 200,000 300,000 400,000 500,000

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

10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

0.0% 2.0% 4.0% 6.0% 8.0%

$0.00 $5.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q3

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q3

Leasing Activity

Direct Net Absorption

Class A Direct Gross Asking Rental Rate

Class A Direct Vacancy Rate

18 Cushman & Wakefield