Q4 2020 Erhardt Land Report

Q1 21

ENGAGE IN TAMPA BAY

ENGAGE IN TAMPA BAY

Q1 21

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TABLEOF CONTENTS

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Leading global corporations & small businesses know that Tampa Bay is the perfect place to locate or grow their business. • Access to a rich and diverse talent pipeline • Stable pro-business leadership and favorable corporate tax environment • No personal income tax , low cost of living, and an excellent quality of life makes recruiting easy • Non-stop air service to more than 90 domestic and international destinations • 35 million consumers within an 8-hour drive • Closest deep-water port to the Panama Canal and post-Panamax ready • Located on the I-4 warehouse, distribution and logistics corridor

- TampaEDC 2021

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Millennials are choosing to make Tampa Bay their home.

Tampa Bay named a top metro for growth in million-dollar businesses. - LendingTree

It is a place where our people are happy living and working where most only vacation. Tampa Bay is defined by three cities – Tampa, St. Petersburg and Clearwater, with each city contributing to the area’s tropical landscape and dynamic living environment From a business perspective, highlights of the Tampa Bay market include Tampa CBD, Westshore, St. Petersburg CBD, Ybor City, the I-75 Corridor, and Gateway. All of these submarkets provide a short commute time, active business climate, wonderful quality of life, talented professionals, low cost of living, and low labor cost. Last but not least, the weather is beautiful all year round!

of millennials occupy white collar jobs. Hillsborough County boasts a higher percentage of college graduates than competing markets in the South. 45.3%

FLORIDA # 2 RANKED

#2 Tampa ranks

BEST STATE FOR BUSINESS according to Chief Executive Magazine

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USA Today and 10Best

Nearly a quarter of all adults living in Hillsborough County are between 18-34 years of age. - Tampa EDC

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why TAMPA BAY?

LABOR POOL & TALENT • Tampa is the third fastest growing city in Florida -U.S. Census Bureau • $595 million in capital investment, 2,620 job created in 2020 - TampaEDC.com • 20-35 year olds comprise 25% of total population and is expected to grow by another 10% in five years - Alteryx, 2021 • 64% of the total workforce is white collar and the average household income is $78,400

BUSINESS ENVIRONMENT • Best Small Business Cities - Tampa-St. Petersburg - No. 19 Biz2Credit • #6 most cost-friendly U.S. Business location Tampa EDC • 2nd highest Best ranked city in Florida for Young Professionals - Niche 2020 • Pro-Business local and state government officials

AFFORDABILITY & HOUSING • Tampa has the lowest housing cost among Florida major metros. TampaEDC.com • Favorable tax climate; no personal income tax • Tampa’s cost of living ranks below the national average by 9% as of year-end 2020. Tampa EDC Cost of Living Index 4Q20 | TampaEDC.com • The cost-of-living in Tampa Bay is half that of San Francisco or Manhattan Tampa Bay Technology Forum | tbtf.org

WORK/LIFE BALANCE • 361 Days of Sunshine each Year

• 35 miles of Beaches • Professional Sporting Events Including The Lightning, Rays, & Buccaneers • World class fishing/boating • Tampa is a top Beer City in America TampaEDC.com

Millennial Matter, TampaEDC.com

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FINANCIAL & PROFESSIONAL SERVICES Many leading national

LIFE SCIENCES & HEALTHCARE

Tampa Bay has gained global recogination as a growing hub for the life sciences industry. MANUFACTURING The region has the second largest base of manufacturing employment in Florida. HIGHER EDUCATION Tampa Bay is home to nearly 80 colleges, universities and tech schools.

corporations in banking, finance, and insurance reside in Tampa Bay which helped employment in the sector grow by 14% in the last 5 years. DEFENSE & SECURITY Tampa Bay’s $14 billion military industry supplies talent to area companies and is one of the largest veteran workforces in the nation. DISTRIBUTION & LOGISTICS More than nearly 35 million consumers live within an 8-hour drive of Tampa Bay. Ranked by CompTIA as one of the top cities for tech jobs in the nation, Tampa creates more tech jobs than other major cities in Florida. INFORMATION TECHNOLOGY

The dynamic workforce in Tampa Bay as well as strong pipeline of talent out of Florida's universities provide companies in the region with the resources needed to expand.

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SNAPSHOT tampa bay msa

The Tampa-St. Petersburg- Clearwater (MSA) on Florida’s West Coast is composed of Hillsborough, Pinellas, Pasco, and Hernando counties. The region contains the third and fourth largest cities in the state, Tampa and St. Petersburg. With over 3.0 million people, Tampa Bay is the third largest MSA in the Southeast.

Hernando

Pasco

Pinellas

Hillsborough

Average Income: $78,400

COMPANIES EXPANDING AND RELOCATING HERE ENJOY:

Population Growth (2011-2020): 13.8%

• No personal income tax • Young, talented and educated labor force • Stable, pro-business elected leadership • A cost of living that is consistently, and significantly, lower than the national average • An unbeatable quality of life • A diverse population that is expected to grow more than double the national average over the next 5 years

Labor Force: 1.6 million

White Collar Jobs: 64.4%

Residential: 1.5 million

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DRIVERS economic

Tampa / St. Petersburg’s growing consumer market and easy connections to South Florida and markets to the north, easily make the Tampa/St. Petersburg region one of the more diverse and dynamic areas of the country. It is home to many leading logistics, financial activities and business services firms. Tourism is also playing an increasingly important part in the region’s economy, growing significantly over the past ten years. The combination of Port Tampa Bay, Tampa International Airport (TIA), CSX rail, and major highways has positioned Tampa as the market of choice for major distributors such as Amazon and Coca-Cola Refreshments. Port Tampa Bay

and TIA combined contribute $22.5 billion annually to the local economy and support approximately 160,000 jobs. Cushman &Wakefield Research

Tourism

Global Headquarters

International Airports

Ports

MacDill Air Force Base

Professional Sports

Higher Education

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TRANSPORTATION tampa bay

Tampa Bay MSA’s transportation system anticipates continuous improvements to accommodate the area’s growth. • Hillsborough County recently approved a 1.5% addition to the State’s sales tax rate bringing it to 8.2% total. The additional revenue is earmarked for infrastructure improvements within the County, individual cities, and school board. • 2 Phase streetcar extension planned for completion by January 2024, will connect downtown Tampa to the Heights along with system modernization of the exisitng vehicles, track and stations. • Pasco County’s S.R. 54 (east/west) has been widened to four and six lanes and is now connected to a new interchange at I-75. • U.S. Highway 41, a major north/south thoroughfare in Pasco County, is also undergoing widening of its highly traveled lanes. • The Suncoast Parkway has recently seen completion into mid-Hernando County extending the Veteran’s Expressway further north in the MSA, creating an improved north/south route for Hillsborough, Pasco and Hernando County communities.

Road Widening Underway

2 International Airports

3 Interstates

7th Largest Seaport in the U.S.

CSX Advanced Intermodal Terminal

2 Toll Roads

Tampa International Airport

Tampa International Airport (TPA) has experienced tremendous growth over the past ten years. It is the 31st busiest airport by passenger movements in North America. The Airport was midway through a 3 Phase $690 million expansion, which is now delayed.

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Q1 2021 OFFICE MARKET tampa bay

MARKET DEMAND New leasing demand in the first quarter, including both Hillsborough and Pinellas counties, was over double the level from the fourth quarter of 2020, up 126% but down 68% compared to the level of activity in the first quarter of last year. While the strongest quarter for activity since the second quarter of 2020, the 567,000 sf in total leasing volume for the first three months was off by 31% from the five-year average for first quarter activity. Class A assets had the most leasing activity, accounting for 55% of all deals compared to 38% in Class B assets. Absorption trended downward in the first three months on additions to sublease space in suburban submarkets. Class A inventory/assets in the Tampa CBD recorded the largest amount of positive absorption during the quarter with 27,900 sf. Suburban submarkets accounted for -371,000 sf in negative absorption. MARKET PRICING Overall asking rents increased 2.8% YOY to $27.62 per square foot (psf) full service. For Class A assets, rents decreased marginally, falling by $0.22 YOY to $30.14 psf, the 4th quarter in a row where Tampa Bay rents were over $30.00 psf. Class A rents in the Tampa CBD rose by 5.8% in the last 12 months. For Class B, overall rental rates gained, up by 2.8% YOY to $24.41 psf.

474 TOTAL BUILDINGS

43.6 Million SF TOTAL INVENTORY

567,000 SF YTD LEASING ACTIVITY

MARKET SUPPLY Overall vacancy ended the first quarter at 14.6%, an increase of 200 bps when compared to the same period one year ago. Class A vacancy rose by 400 bps YOY to 14.7% with space in Class B falling by 80 bps to 15.2%. Several large blocks of vacant sublease space came to the market in the first quarter and was the main driver for the increase in Class A vacancy. Approximately 1.0 million square feet (msf) was under construction, all in Hillsborough County and with over 60% being built in suburban submarkets. Another 570,000 square feet (sf) delivered in 2020 in the County with sizable vacancies. In the Central Business District (CBD), the largest speculative project was Strategic Property Trust’s 1001 Water Street tower, with 375,000 sf. There was no new office inventory under construction in Pinellas County.

of office space leased in the past five years 13.7M SF over

CLICK FOR FULL MARKETBEAT REPORT AND STATISTICS

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Development Timeline

DEVELOPMENT TIMELINE DE tampa bay DEVELOPMENT TIMELINE tampa bay

ONE-OFFS

THE LOFT AT MIDTOWN

CORPORATE CENTER V

USF RESEARCH PARK

INDEPENDENCE PARK II

SIZE: 72,387 SF SUBMARKET: WESTSHORE

RENAISSANCE CENTER VII

MIDTOWN WEST WEST TOWER

CENTRO YBOR REDEVELOPMENT

SIZE: 120,000 SF SUBMARKET: NORTHEAST COMPLETION: Q421

SIZE: 115,000 SF SUBMARKET: NORTHWEST

CYPRESS CENTER IV

SIZE: 152,000 SF SUBMARKET: WESTSHORE M I DTOWN TAMPA

MIDTOWN THREE

SPARKMAN WHARF

THE OFFICES AT ORANGE STATION

1001 WATER STREET

EISENHOWER II

09/23/2016

SIZE: 380,000 SF WATER STREET OFFICE SUBMARKET: TAMPA CBD

SIZE: 150,000 SF SUBMARKET: TAMPA CBD

LAUREL STREET

SIZE: ±400,000 SF SUBMARKET: WESTSHORE

SIZE: 100,000 SF SUBMARKET: ST. PETE CBD

HEIGHTS UNION

Frontage Road

A-301

Limited Schematic Design

PERSPECTIVE

SKYCENTER ONE

MIDTOWN TWO

400 CHANNELSIDE

HIGHWOODS BAY CENTER II

SIZE: 300,000 SF 2 BUILDINGS SUBMARKET: TAMPA CBD

WEST VIEW CORPORATE CENTER

SIZE: 270,000 SF SUBMARKET: WESTSHORE

SIZE: ±200,000 SF SUBMARKET: WESTSHORE

SIZE: 500,000 SF WATER STREET OFFICE SUBMARKET: TAMPA CBD

ESTIMATED COMPLETION 2021

COMPLETION 2020 ED

FUTURE

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©2020 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.

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SUBMARKET SPOTLIGHT

Q1 21

56

54

581

597

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NORTH PINELLAS

Tampa CBD Inventory: 6.5M SF Class A Vacancy: 13.7% Class A Asking Rents: $33.54 Westshore Inventory: 12.7M SF Class A Vacancy: 13.8% Class A Asking Rents: $31.85 Ybor City Inventory: 193,000 SF Overall Vacancy: 10.9% Class A Asking Rents: $28.00 I-75 Corridor Inventory: 7.7M SF Class A Vacancy: 18.2% Class A Asking Rents: $23.57 St. Petersburg CBD Inventory: 2.0M SF Class A Vacancy: 9.0% Class A Asking Rents: $30.30 Gateway Inventory: 4.5M SF Class A Vacancy: 14.9% Class A Asking Rents: $23.56

Ehrlich Rd

301

593

TOLL 589

580

COUNTRYSIDE

275

NORTHWEST

I-75 CORRIDOR

41

4 4

92

Clearwater Exec. Airport

Old Tampa Bay

WESTSHORE

Tampa International Airport

301

4

YBOR CITY

CLEARWATER DOWNTOWN

75

TOLL 618

275

19

60

Port Tampa Bay

BAYSIDE

41

St. Petersburg International Airport

HYDE PARK

TAMPA CBD

GATEWAY / MID-PINELLAS

41

SOUTHWEST

MacDill AFB

699

SOUTH ST. PETERSBURG

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I-375

ST. PETERSBURG DOWNTOWN

I-175

Port of St. Petersburg

Tampa Bay

674

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593

COUNTRYSIDE

Clearwater Exec. Airport

Old Tampa Bay

WE

CLEARWATER DOWNTOWN

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BAYSIDE

St. Petersburg International Airport

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GATEWAY / MID-PINELLAS

301

TOLL 589

TAMPA CBD SUBMARKET SPOTLIGHT

Q1 21

580

275

NORTHWEST

I-75 CORRIDOR

41

4 4

92

ESTSHORE

Tampa International Airport

301

4

YBOR CITY

6.5MSF Inventory $33.54 Direct Asking Rent | Class A Direct Vacancy | Class A 13.7%

75

TOLL 618

275

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Port Tampa Bay

41

HYDE PARK

TAMPA CBD

41

SOUTHWEST

MacDill AFB

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TAMPA'S CBD HAS MORE CONSTRUCTION ACTIVITY THAN IN THE PREVIOUS 20 YEARS

CURRENT SITUATION

Office Market Breakdown

Major Leases Quarter Leased Building Name

Leased SF 105,684

Tenant Name

Deal Type

Class A, 4,387,855

1Q2021

2002 N Tampa Street

Pfizer

Direct Direct

2Q2020 2004 N Tampa Street

White & Case

39,458 19,878 16,560 16,331 16,218

2Q2020 501 E Kennedy Boulevard Attorney General

Renewal Renewal

3Q2020 201 N Franklin Street 2Q2020 100 S Ashley Drive 2Q2020 401 E Jackson Street 4Q2020 100 N Tampa Street

The University Club Wicker Smith O'Hara

Direct

JLL

Sublease Renewal Renewal

Class C, 501,866

Shook Hardy & Bacon LLP 14,079

3Q2020 101 E Kennedy Boulevard Quarles & Brady

13,843 12,856

Class B, 1,653,810

2Q2020 101 E Kennedy Boulevard UBS

Direct

1Q2021

100 N Tampa Street

JPMorgan Chase Bank

11,196

Renewal

Overall Leasing Activity and Absorption

600,000

Overall Leasing Activity and Absorption Overall Leasing Activity and Absorption

Overall Direct Vacancy and Rental Rates Overall Direct Vacancy and Rental Rates

(200,000) (200,000) (100,000) (100,000) (200,000) 100,000 (100,000) 200,000 100,000 200,00 3 300,000 200,000 4 400,000 300,000 500,000 500,000 400,000 6 600,000 500,000 0 0

$10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00

0.0% 2.0% 4.0% 6.0% 8.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 10.0% 12.0% 14.0% 16.0% 18.0%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD

$0.00 $5.00 $0.00 $5.00

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21

Direct Gross Asking Rental Rate Direct Gross Asking Rental Rate

Direct Vacancy Rate Direct Vacancy Rate

Leasing Activity

Direct Net Absorption

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Leasing Activity Leasing Activity

Direct Net Absorption Direct Net Absorption

TAMPA CBD Downtown Tampa offers an inspiring culture of museums, diverse cuisines and memorable dining experiences, world-class arts venues, lush city parks, and waterfront public spaces including our amazing Riverwalk. With an array of outdoor activities and frequent community events occurring throughout the year, Downtown Tampa has quickly become the hottest place to live in the southeast! Companies are attracted to downtown Tampa as a result of its impressive urban setting, which inspires business excellence and drives success. Tampa itself is a magnet for the young and educated. According to U.S. Census data, Hillsborough County’s millennial population is growing 13 percent faster than the nation as a whole, which is no surprise because of Tampa’s ideal location, high quality of life and reasonable cost of living. Boasting 18 high-rise office buildings with 8.8 million square feet of business space, Downtown Tampa is the ideal location for any business. ( tampasdowntown.com)

Tampa Riverwalk An active 2.6-mile-long (4.2 km) open space and pedestrian trail development along the Hillsborough River through downtown Tampa. Portions run alongside the Tampa Arts District and extends from near the Channelside District west to the Tampa Convention Center and north to Water Works Park in Tampa Heights

Total Submarket Population: 9,990

Office Inventory (Class A): 4.4M SF

Hotel / Lodging: 11 Establishments

Residential: 8,014 Housing Units

Food / Beverages: 166 Establishments

Direct Avg. Rental Rate (Class A): $36.57

There’s a heavy focus on creating engaging experiences and storefronts, making the neighborhood a place where people want to be —whether they’re residents, local employees or Lightning fans coming to a game. That’s what’s going to make or break this neighborhood in terms of its success,” Vinik said on the overall walkability of the district. “We must be brilliant at that.” - Jeff Vinik, Tampa Bay Lightning owner and backer of a $3 billion real estate development in downtown Tampa (bizjournals.com)

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• Tampa Convention Center • The Riverwalk with restaurants and meeting spots such as Sail Pavilion, Ulele and Armature Works • Amalie Arena, home to NHL’s Tampa Bay Lightning and over 150 special events each year • David A. Straz Jr. Center for the Performing Arts • Tampa Bay Historic Center • Florida Aquarium • Glazer Children’s Museum • Tampa Museum of Art • Florida Museum of Photographic Arts • Henry B. Plant Museum TAMPA CBD

• University of Tampa • Sparkman Wharf • Channelside Cruise Ship Port • Pirate Water Taxi • Teco Line Street Car System

• Numerous Gasparilla events, including the Pirate Invasion, Parade, Music Festival, Art Festival and International Film Festival • Parks & Recreations facilities including Curtis Hixon Park, Waterworks Park, Julia B Lane Park and Cotanchobee Fort Brooke Park

Food & Beverages Hotels & Lodging Arts & Entertainment Residential

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Total Business Population: 54,695

Major Employers in Tampa CBD • Morgan & Morgan • Frontier Communications (former Verizon) • Deloitte • Teco Energy • Ernst & Young • Sykes Enterprises • Truist/SunTrust • PNC • Bank of America • Industrious

Gasparilla ARGH! Every winter, the legendary pirate Jose Gaspar and his buccaneers return to invade the City of Tampa. The Mayor is forced to surrender the Key to the City into the hands of the Captain of Ye Mystic Krewe of Gasparilla. The jolly Krewe launches their victory celebration in the Parade of the Pirates down Bayshore Boulevard, the 3rd largest parade in the U.S. The people of Tampa come together for an unforgettable pirate- themed celebration, including a music festival, children’s parade, 5K Marathon and much more.

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WATER STREET — TAMPA’S DOWNTOWN WATERFRONT DISTRICT

SPP’S ESTIMATED $2 TO $3 BILLION MIXED USE DEVELOPMENT INCLUDES: • Office buildings totaling approximately 1.5 - 1.8M SF ranging from 20,000 - 25,000 SF per floor – 1001 Water Street ±375,000 RSF and 20 Stories, 9 Outdoor Terraces and 12,000 SF Retail Space – 400 Channelside ±500,000 RSF and 19 Stories, 27,000 SF Rooftop Space and 110,000 SF Retail Space – The Offices at Sparkman Wharf ±150,000 RSF and 80,000 SF Retail Space - restaurants started construction on the office portion in later 2018 and is delivered in 2020 • Additional 330,000 SF in medical office and research space with the USF Morsani College of Medicine and Heart Health Institute. • Over 3,500 residential condominiums and apartments • Over 1.5M SF of international brands and world-class cuisine, to charming boutiques and local fare offering a myriad shopping, dining and outdoor activities. • The Tampa EDITION will offer a boutique, individualized hotel experience. Newly renovated 719-key Tampa Marriott Water Street hotel and future 5 Star JW Marriott with 650-keys and 70,000 sf of meeting space • First WELL Certified District in the Country ( waterstreettampa.com )

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TOUR THE 6TH FLOOR

HEIGHTS UNION - CONSTRUCTION COMPLETE • Two Office Buildings: 100,000 SF Available – West Building – East Building • The Pearl Apartments—314 Luxury Rental Units • Ground Level Retail—28,873 SF • Urban Inner City Development • The Heights Public Market (Armature Works)—73,000 open market that includes 14 walk-up food vendors, two chef-driven restaurants, a courtyard, a roof top bar and 11,000 SF event space • 2-Acre green space offering public boat slips, paddle boards, kayaks and other water-craft for rent • Access to Tampa’s Riverwalk, providing connectivity from The Heights to Downtown Tampa • Julian B. Lane Riverview Park ($35 million renovation): The 23-acre park sits just across the river from Tampa’s blossoming downtown.

Armature Works Heights Public Market

SF

Julian B. Lane Park

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NORTH PINELLAS

593

COUNTRYSIDE

Clearwater Exec. Airport

CLEARWATER DOWNTOWN

19

BAYSIDE

S In A

WESTSHORE welcome to 22 Cushman & Wakefield

GATEWAY / MID-PINELLAS

699

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WESTSHORE SUBMARKET SPOTLIGHT

Q1 21

Ehrlich Rd

301

TOLL 589

580

275

NORTHWEST

I-75 CORRIDOR

41

4 4

75 $31.85 Direct Asking Rent | Class A Direct Vacancy | Class A 13.8% 12.7MSF Inventory

92

Old Tampa Bay

WESTSHORE

Tampa International Airport

301

4

YBOR CITY

TOLL 618

275

60

Port Tampa Bay

41

St. Petersburg nternational Airport

HYDE PARK

TAMPA CBD

S

41

SOUTHWEST

MacDill AFB

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TAMPA'S PREEMINENT SUBMARKET WITH A VARIETY OF SPACE OPTIONS

Westshore Office Market Breakdown

Major Leases Quarter Leased Building Name

Leased SF

Deal Type Direct

Tenant Name

Class C, 1,008,678

3Q2020 1401 North Westshore Boulevard

Heritage Insurance

76,732

3Q2020 3111 W Dr Martin Luther King Boulevard Matrix Healthcare Services

48,650 Renewal

2Q2020 2502 N Rocky Point Drive

USI Insurance

41,421 39,852

Renewal Renewal

1Q2021

2701 North Rocky Point Drive

Quiet Professionals

2Q2020 1411 North Westshore Boulevard

Arizona College of Nursing

22,448 Direct

Class B, 4,586,924

Class A, 7,116,587

1Q2021

2203 N Lois Avenue

IRS

21,376

Renewal

3Q2020 1410 N Westshore Boulevard

Old Republic Title Burgess & Niple

20,394 Renewal

1Q2021

1511 N Westshore Blvd.

18,678

Direct

Sedgewick Claims Management Services

2Q2020 3030 North Rocky Point Drive West

17,322

Renewal

3Q2020 3001 North Rocky Point Drive East

Regus

17,300

Renewal

Direct Vacancy and Rental Rates

Overall Leasing Activity and Absorption r l in tivit r tio

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

10.0% 12.0% 14.0% 16.0% 18.0%

(400,000) (200,000) 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 (4 0, 0) (2 0, 0) 0 2 0, 0 4 0, 0 6 0, 0 8 0, 0 1, 0, 0 1,2 0, 0 1,4 0, 0 1,6 0, 0

0.0% 2.0% 4.0% 6.0% 8.0%

$0.00 $5.00

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 20 1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YT

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21

Direct Gross Asking Rental Rate

Direct Vacancy Rate

Leasing Activity Direct Net Absorption Leasing Activity irect Net Absorption

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HOME TO 3.0 M RESIDENTS, TAMPA BAY IS ONE OF AMERICA'S FASTEST GROWING REGIONS

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WESTSHORE Tampa’s Westshore district is the center of activity not only in the Tampa Bay region, but also on Florida’s west coast. Located at the intersection of several major highways and an interstate, it’s easy to see how it has become Florida’s largest office community comprised of 4,000 businesses with nearly 94,000 employees. But it doesn’t stop there, Westshore has evolved – it’s not just 9 to 5 anymore. The Westshore district is now home to a vibrant 24/7 community and boasts some of Tampa’s finest restaurants, world- class shopping, extraordinary hotels and vibrant residential neighborhoods. And if that wasn’t enough, the award-winning Tampa International Airport is just minutes away. Tampa has invested heavily in doubling the capacity of all three major bridges connecting Hillsborough and Pinellas Counties, providing seamless access between the two counties with Westshore being the heart of all the connectivity. The phrase “location, location, location” rings true in Westshore. ( choosewestshore.com )

Total Submarket Population: 69,333

Office Inventory (Class A): 7.1M SF

Hotel / Lodging: 41 Establishments

Residential: 31,901 Housing Units

Food / Beverages: 312 Establishments

Direct Avg. Rental Rate (Class A): $36.52

“Westshore has more of a business oriented feel with a lot of upscale trendy restaurants and social scene. I can work, socialize and mingle with other young professionals. Its a good fit for me.” - Craig M., (city-data.com)

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Total Business Population: 105,575

Major Employers in Westshore • New York Life Insurance • PricewaterhouseCoopers (PwC)

• Capital One • Chase Bank • Amgen • Bloomin’ Brands (Outback Steakhouse HQ) • Bristol-Meyers Squibb

Food & Beverages Hotels & Lodging Arts & Entertainment Residential WESTSHORE

• Superior transportation infrastructure – 3 major highways and two HART public transit centers • 30-minute drive to 75% of Tampa Bay area residential neighborhoods • Tampa International Airport is located within 5 to 7 minutes from any Westshore Business District location • Upscale shopping includes Westshore Plaza and International Plaza / Bay Street • 40+ hotels and over 300 restaurants are in Westshore • 10-minute drive to the Tampa CBD and Tampa's Convention Center • Raymond James Stadium, home of NFL’s Tampa Bay Buccaneers • George M. Steinbrenner Field, home of MLB’s NY Yankees spring training facility

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TAMPA INTERNATIONAL AIRPORT EXPANSION

PHASE 3 PANDEMIC DELAYS The $690 million project for 16 additional gates for flights, initially slated to deliver in 2024, now pushed back four years. Work continues on the airport’s Phase 2 projects that are part of its $2 billion, master-planned expansion, including the 270,000-square-foot SkyCenter One office building. READ FULL ARTICLE HERE

OVERVIEW • Phase 1 of the TIA expansion, completed in 2018, addressed immediate needs to de-congest the curbsides, roads and Main Terminal. • Phase 2, which broke ground in 2019, includes a curbside expansion and 35-acre commercial development around the Rental Car Center. The commercial development area will feature an office building, convenience store with gas station, hotel. • Phase 3 includes the construction of a new Airside D with 16 gates capable of handling both domestic and international flights.

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OFFICE MIDTOWN NORTH ±400,000 RSF

OFFICE THE LOFT AT MIDTOWN 49,327 RSF of Office Est. Delivery Q1 2021

OFFICE MIDTOWN SOUTH ±200,000 RSF

GROUND FLOOR RETAIL Est. Delivery: Q1 2021

HOTEL ALOFT &

275

DOG PARK

ELEMENT HOTELS Est. Delivery: Q1 2021

PARKING STRUCTURE Est. Delivery: Q1 2021

3-ACRE MIDTOWN LAKE

RESIDENTIAL NOVEL BY CRESCENT COMMUNITIES Est. Delivery: Q1 2021

WATERCOURSE

GROCER WHOLE FOODS MARKET Est. Delivery: Q1 2021

OFFICE MIDTOWNWEST ±152,000 RSF Est. Delivery: Q2 2021

W Cypress St

Dale Mabry Highway

MIDTOWN TAMPA • On 23 Acres in Westshore, Midtown Tampa is the first mixed-use project of its kind in Tampa • This $500M project will deliver 1.8 million SF of retail, residential, office, entertainment and hospitality • Office – 822,000 SF – The Loft at Midtown ±72,387 RSF and 3 stories – Midtown West ±152,000 RSF and 8 stories – Midtown South ±200,000 RSF and 10 stories – Midtown North ±400,000 RSF and 13 stories connected parking garage • Whole Foods Market will be taking 48,000 SF and opening in 2021

Office: 822,000 SF Retail: 220,000 SF Multifamily: 390 Units

The Loft at Midtown to be Tampa Bay’s first post-COVID office building prioritizing health, and wellness, of its tenants with innovative features such as touch- free features, a design with physical distancing in mind and access to tenant-exclusive outdoor spacing. Click Here to Read More

Boutique Hotel: 235 Keys

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YBOR CITY welcome to 30 Cushman & Wakefield

YBOR CITY is known as Tampa’s National Historic Landmark District. In the 1880s Ybor City was a melting pot of immigrants from Spain, Cuba, Germany and Italy and home to some of the world’s most famous cigar factories. Today, several structures in the historic district are listed in the National Register of Historic Places. Evoking the history of Ybor City, the classic brick streets and historic facades blend into a distinct sense of culture that enlivens your environment while preserving a rich history of diversity, community and industry.

While it respects its history, Ybor is all about looking forward. There is so much more to explore in Ybor—a lively nightlife, a thriving influx of growing small businesses, eclectic retail stores, a growing number of new residential units and an abundance of diverse and locally-owned restaurants and eateries.

More than a century later and Ybor City continues to be the dynamic, energetic melting pot of Tampa Bay. ( yborcityonline.com )

Office Inventory: 193,000 SF

Total Submarket Population: 3,218

Hotel / Lodging: 2 Establishments

Residential: 1,426 Housing Units

Food / Beverages: 17 Establishments

Direct Ave Rental Rate: N/A

“This is a time of strong growth for Ashley Furniture, and we’re proud to partner with the city of Tampa, Hillsborough County and the Ybor City business community to build our future in this exciting and historic location.” –ToddWanek, president and CEO of Ashley Furniture Industries

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In 2008, 7th Avenue, was recognized as one of the “10 Great Streets in America” by the American Planning Association

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Food & Beverages Hotels & Lodging Arts & Entertainment Residential

Masonite

YBOR CITY

• The Ritz Ybor performance venue • Ybor City Museum • The Historic Columbia Restaurant • Cigar Industry Historic Tours • Tampa Bay Brewing Company • Cigar City Cider & Mead • Centro Ybor Shopping Center • Tampa Bay Brew Bus • Vibrant nightclub scene, including Prana, the Orpheum, Empire & Crowbar

Total Business Population: 11,138

Major Employers in Ybor City • Kforce • Kitedesk • Ashcomm* (Ashley Furniture Industries: E-Commerce HQ) • Masonite

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NORTH PINELLAS

593

COUNTRYSIDE

Clearwater Exec. Airport

Old Tampa Bay

W

CLEARWATER DOWNTOWN

19

BAYSIDE

699 I-75 CORRIDOR welcome to the 34 Cushman & Wakefield

St. Petersburg International Airport

GATEWAY / MID-PINELLAS

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I-75 CORRIDOR SUBMARKET SPOTLIGHT

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Q1 21

54

581

597

75

Ehrlich Rd

301

7.7MSF Inventory $23.57 Direct Asking Rent | Class A Direct Vacancy | Class A 18.2%

TOLL 589

580

275

NORTHWEST

I-75 CORRIDOR

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4 4

92

WESTSHORE

Tampa International Airport

301

4

YBOR CITY

75

TOLL 618

275

60

Port Tampa Bay

41

HYDE PARK

TAMPA CBD

41

SOUTHWEST

MacDill AFB

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THE I-75 CORRIDOR IS A KEY MARKET FOR CAMPUS-STYLE CORPORATE TENANTS

CURRENT SITUATION

Office Market Breakdown

Class C, 548,090

Class A, 1,461,477

Major Leases Quarter Leased Building Name

Tenant Name

Leased SF Deal Type

Class A, 4,148,334

Class B, 3,021,081

1Q2021

6302 Corporate Center

Career Source

11,181

New New

4Q2020 Netpark at Tampa Bay

Infosys

20,460

Class C, 62,111

Class A Class B Class C

Class B, 494,014

Overall Direct Vacancy and Rental Rates

Overall Leasing Activity and Absorption

$18.00 $19.00 $20.00 $21.00 $22.00 $23.00 $24.00 $25.00

25.0%

1,000,000

Overall Leasing Activity and Absorption

800,0

1,000,000

20.0%

800,000

600,000

15.0%

600,000

400,000

400,000

10.0%

200,000

200,000

0

5.0%

0

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2011 2012 2013 14 2015 2016 2017 20 8 2019 020 2021 YTD

(200,00 )

(200,000)

0.0%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21

(400,000)

(400,000)

Leasing Activity Direct Net Absorption Leasing Activity Direct Net Absorption

Direct Gross Asking Rental Rate

Direct Vacancy Rate

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I-75 CORRIDOR Hillsborough County’s I-75 corridor is widely regarded as one of the most prestigious office submarkets in Tampa Bay. The submarket is located in the eastern portion of the County with superior access to Tampa Bay’s major roadways, such as the Selmon Crosstown Expressway, Interstates 75, 275 and 4, US Highway 301, and State Road 60. The submarket’s accessibility and affordability has attracted high profile companies such as Johnson & Johnson, Chase, CitiCorp, Progressive Energy, Coca-Cola, Spectrum, and USAA, which all have large operation centers in the submarket. One reason the area is attractive is because it provides a cost- effective alternative to Tampa’s CBD and Westshore submarkets. It also has significant land that allows for secure multi-building campus style office parks. Its strategic location provides a bridge to the I-4 Corridor and major markets in Central Florida.

Total Submarket Population: 66,764

Office Inventory (Class A): 4.1M SF

Hotel / Lodging: 106 Establishments

Residential: 242,763 Households

Food / Beverages: 1,010 Establishments

Direct Ave Rental Rate (Class A): $25.55

“Tampa has been a great market for us, and we are thrilled to be expanding our presence in the region.” -Yvette Segura, USAA vice president and general manager in Tampa

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I-75 CORRIDOR

Total Business Population: 231,173

Major Employers in the I-75 Corridor • Syniverse • MetLife • USAA • Depository Trust Clearing Corp. • Johnson & Johnson • CitiCorp

Food & Beverages Hotels & Lodging Arts & Entertainment Residential

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University of South Florida 4202 E Fowler Ave, Tampa, FL 33620

2021 ENROLLMENT: 50,000 The University of South Florida is classified as Doctoral Universities: Highest Research Activity by the Carnegie Classification of Institutions of Higher Education. #4 Among all U.S. universities, public or private, in the THE Golden Age Universities ranking (compares performance of institutions founded between 1945 and 1967) Times Higher Education (THE), 2020 USF also ranked #27 in the world in the same rankings for the most improved of any university in the U.S.

#6 & 8 Among Public U.S. Universities & Among All U.S. Universities Best Universities for Reducing Inequalities Times Higher Education (THE), 2020

#30 Among public U.S. institutions in the World University Ranking Times Higher Education (THE), 2021

#37 Among public institutions in the U.S.

#48 Among public institutions in the Rankings of National Universities Washington Monthly, 2020

Academic Ranking of World Universities (ARWU), 2020

usf.edu

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GATEWAY / MID-

699

S ST. PE

ST. PETERSBURG welcome to 40 Cushman & Wakefield

PARK

TAMPA CBD

-PINELLAS

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SOUTHWEST ST PETER BURG CBD SUBMARKET SPOTLIGHT MacDill AFB

Q1 21

SOUTH ETERSBURG

2.0MSF Inventory $30.30 Direct Asking Rent | Class A Direct Vacancy | Class A 9.0%

19

I-375

ST. PETERSBURG DOWNTOWN

I-175

Port of St. Petersburg

Tampa Bay

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Office Market Breakdown

Class C 270,727

Major Leases Quarter Leased Building Name

Class A, 1,461,477

Leased SF

Tenant Name

Deal Type

1Q2021

100 Carillon Parkway

General Dynamics

77,955

New

Baypoint Commerce Center/805 Executive Center Drive W CrossBorder Solutions

Class C, 62,111

1Q2021

31,322

Sublease

1Q2021

15950 Bay Vista Drive

Vology

11,046

Sublease

Class B, 494,014

Overall Leasing Activity and Absorption Overall Leasing Activity and Absorption

Overall Direct Vacancy and Rental Rates

-100,000 -50,000 0 50,000 100,000 150,000 200,000 250,000 300,000 -100,000 -50,000 0 50,000 100,000 150,000 200,000 250,000 300,000

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

10.0% 12.0% 14.0% 16.0% 18.0%

0.0% 2.0% 4.0% 6.0% 8.0%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD

$0.00 $5.00

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21

Direct Net Asking Rental Rate

Direct Vacancy Rate

Leasing Activity

Direct Net Absorption

Leasing Activity

Direct Net Absorption

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ST. PETERSBURG Established companies as well as agile ones in the tech sector choose to locate in St. Petersburg, one of the top four high-tech employment centers in the nation, because of the ever-expanding, highly skilled workforce. The influx of data analytics professionals, programmers, and fintech employees combined with the city’s strong emphasis on STEM education and infrastructure advancements fosters an environment where businesses can thrive. St. Pete is the perfect place to live, work and play with a bustling downtown, waterfront activities and multiple recreational options. ( discoverdowntown.com )

Office Inventory (Class A): 1.5M SF

Total Submarket Population: 8,060

Hotel / Lodging: 25 Establishments

Residential: 6,779 Housing Units

Direct Average Rental Rate (Class A): $31.22

Food / Beverages: 101 Establishments

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Food & Beverages Hotels & Lodging Arts & Entertainment Residential

ST. PETERSBURG

• The Coliseum Ballroom and Event • Jannus Live, World-Famous Live Music Venue and St. Pete Landmark • Chihuly Collection and Morean Arts Center • Salvador Dali Museum • The James Museum of Western and Wildlife Art • St. Petersburg Marina - The largest marina in the state with more than 600 rental boat slips • Albert Whitted Airport

• Tropicana Field, home to Major League Baseball’s Tampa Bay Rays • Mahaffey Theater / Duke Energy Center for the Arts and Concert Hall • Tampa Bay Rowdies, professional soccer team • Firestone Grand Prix Indie Car Series • The New St. Pete Pier, the city’s newest waterfront park • Beach Drive, home to unique local shops, delicious dining options for every taste and fun bars • Sunken Gardens, botanical gardens

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Major Employers in St. Petersburg

• Tampa Bay Times • iQor* (Global HQ) • Kobie Marketing • Duke Energy

• Enstar • Morgan Stanley • UBS • Community Health Systems

Total Business Population: 16,406

St. Petersburg ranked No. 6 “Most Underated City in the US” “This city absolutely has all the chill you could ask for. Close to all of the tourist fun without being touristy, it has a booming arts district, beautiful beaches and parks, incredible bars and restaurants, and a generally cool vibe.” - BuzzFeed

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ORANGE STATION | AT THE EDGE | ST. PETE

MIXED-USE DEVELOPMENT IN THE EDGE DISTRICT, DOWNTOWN ST. PETERSBURG BREAKING GROUND SUMMER 2021 | ESTIMATED DELIVERY SPRING 2023 • The first new Class A office opportunity in downtown St. Petersburg in three decades. Located at 1301 Central Avenue, St. Petersburg

• Office space totalling approximately 100,000 SF and 9 stories, 12,000 SF per floor some with balconies. • 22,000 sf of ground floor retail surrounds an animated pedestrian plaza including multiple dining options with outdoor café seating to enjoy the Florida climate. • 86 residential units, 56 luxury condos offering the best of downtown urban living will overlook Central Avenue. Another residential building includes 30 rental apartments priced for the downtown workforce, 149 private parking spaces. • On-site reserved and unreserved parking available for lease in the structured garage at a ratio of 3.35/1000 for office tenants as well as public parking for tenant clients, customers, visitors and dedicated parking for residents​. ​Bicycle and skateboard parking. • officesatorangestation.com

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ST. PETERSBURG DEVELOPMENT

The new St. Pete Pier is on 26 beautiful acres on the city’s

picturesque waterfront of Tampa Bay with the vibrant greenery of downtown St. Petersburg’s parks, creating the ultimate place to stroll, bike, dine, drink, shop, swim, take in a concert and more.

stpetepier.org

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GATEWAY welcome to 48 Cushman & Wakefield

COUNTRYSIDE

NORTHWEST

41

Clearwater Exec. Airport

Old Tampa Bay

WESTSHORE GATEWAY SUBMARKET SPOTLIGHT Tampa International Airport

Q1 21

CLEARWATER DOWNTOWN

TOLL 618

275

19

BAYSIDE

St. Petersburg International Airport

HYDE PARK

TA C

SOUTHWEST 4.5M F Inventory $23.56 Direct Asking Rent | Class A Direct Vacancy | Class A 14.9% MacDill AFB

GATEWAY / MID-PINELLAS

699

SOUTH ST. PETERSBURG

19

I-375

ST. PETERSBURG DOWNTOWN

I-175

Port of St. Petersburg

Tampa Bay

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LIMITED LARGE BLOCK OF SPACE IN THE SUBMARKET

CURRENT SITUATION

Gateway Office Market Breakdown Gateway Office Market Breakdown

Class C 270,727

Major Leases Quarter Leased Building Name

Leased SF

Tenant Name

Deal Type

Class A, 2,209,027 Class A, 2,209,027

2Q2019 Arrow Point Plaza

Galen College of Nursing

69,138 Renewal

Class B, 2,047,672 Class B, 2,047,672

1Q2020 570 Carillon

Zelis Healthcare

55,000 New

2Q2019 Arrow Point Plaza

Galen College of Nursing

26,026 Expansion

Class A Class B Class C Class C Class l ss

Overall Leasing Activity and Absorption r ll i ti i i

Overall Direct Vacancy and Rental Rates

-200,000 -100,000 0 100,000 200,000 300,000 400,000 500,000 600,000 -2 0, 0 -1 0, 0 0 1 0, 0 2 0, 0 3 0, 0 4 0, 0 500,000 6 0, 00

$30.00

25.0%

$25.00

20.0%

$20.00

15.0%

$15.00

10.0%

$10.00

5.0%

$5.00

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 20 1 2012 20

0.0%

$0.00

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21

Leasing Activity L asi Activit

Direct Net Absorption i

Direct Net Asking Rental Rate

Direct Vacancy Rate

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GATEWAY Points of Interest • St Pete-Clearwater International Airport • Feather Sound Country Club • Weedon Island Preserve • Derby Lane St. Petersburg • Mangrove Bay and Cypress Links Golf • Big Storm Brewing Company • Early Bird Dinner Theatre • TopGolf • Murielle Winery

Total Business Population: 11,138

Major Employers in Gateway • Raymond James Financial • Transamerica • FIS

• Franklin Templeton • Catalina Marketing • St. Anthony’s Health • PODS • Progressive Insurance • Jabil

Office Inventory (Class A): 2.2M SF

Total Submarket Population: 252,022

Hotel / Lodging: 98 Establishments

Residential: 113,519 Housing Units

Food / Beverages: 630 Establishments

Direct Ave Rental Rate (Class A): $25.62

The Gateway area lies at the crossroads of Tampa Bay in north St. Petersburg. It is home to the region’s top employers including Raymond James Financial, Home Shopping Network, and Jabil. The Gateway area supports more than 2,700 businesses and 60,000 employees.

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TAMPA BAY IS READY FOR YOU!

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recovery readiness & THE SAFE SIX As areas stabilize from the COVID-19 pandemic and stay-at-home restrictions are lifted, organizations will begin to bring workers back into the physical workplace. It’s already begun in some parts of the world. In fact, as of April 2020, we have helped move our own employees, and those of our clients, back into more than 800 million square feet of properties globally. The “Recovery Readiness: A How-to Guide for Reopening your Workplace,” outlines some of the best thinking and practices that our more than 53,000 professionals have compiled across the globe and also includes insights from key partners. The recommended practices and protocols already have been implemented at locations across the globe with tremendous success.

GLOBAL OFFICE IMPACT STUDY & RECOVERY TIMING C&W RESOURCE

IN THIS STUDY: • We examine both the aggregate cyclical and structural impacts on the office sector’s fundamentals. • We present three forecast scenarios that illustrate probable and/or possible recovery timing based on the information at hand today.

CLICK TO DOWNLOAD FULL STUDY

FOR RECOVERY READINESS RESOURCES AND TO DOWNLOAD THE GUIDE CLICK HERE: https://www.cushmanwakefield.com/en/insights/ covid-19/recovery-readiness-a-how-to-guide-for-re- opening-your-workplace

CUSHMAN & WAKEFIELD RESEARCH

This study is the first in a four-part series that provides a new perspective on COVID-19’s effects on the commercial real estate industry and the future of the office. Beginning with this global impact study, the series explores the cyclical and structural changes impacting the global office market as well as the implications for the timing of a recovery. In part two, we do a thorough review of academic literature and industry studies, examining the benefits of office and working from home (WFH) focused on several key areas including productivity, culture, branding, employee engagement and creativity. In part three, the series will shift to perspectives on finding the optimal model that incorporates flexibility and a future workplace ecosystem made up of the office, work from home and places to create greater employee satisfaction, productivity and profitability. Finally, in the last part of the series, we will explore the future beyond 2020. By focusing on the aspects that influence the built environment—including the economy, geo-demographics, technology, societal shifts and the political landscape—we strive to answer how changing behavior patterns will affect decision making. INTRODUCTION COVID-19 is disrupting the economy, accelerating shifts and creating structural changes that will persist for years to come. The pandemic has created several forces that directly impact the office sector’s fundamentals. Some of the impacts are cyclical—for example, the COVID-19 recession will result in office-using job losses, higher vacancy, and will place downward pressure on rental rates. Other impacts are structural, such as a greater share of employees who will regularly work from home (WFH). In this study, we examine both the aggregate cyclical and structural impacts on the office sector’s fundamentals, and we present three forecast scenarios that illustrate probable and/or possible outcomes based on the information at hand today. Lastly, our study makes predictions only at the regional level; we acknowledge that not every city will follow the same path as laid out in our aggregated findings. Further, although we believe the range of scenarios is wide enough to capture possible and probable outcomes and that assumptions we make are well reasoned based on the data available today, we acknowledge the unprecedented level of uncertainty in today’s outlook. GLOBAL OFFICE IMPACT STUDY & RECOVERY TIMING September 2020 TABLE OF CONTENTS KEY FINDINGS .................................................................................................................................. 2 5-YEAR OFFICE OUTLOOK BY REGION ........................................................................................... 3 STUDY OVERVIEW ........................................................................................................................... 4 ASIA PACIFIC ................................................................................................................................... 6 GREATER CHINA ............................................................................................................................ 10 EUROPE ......................................................................................................................................... 14 UNITED STATES .............................................................................................................................. 18 CANADA ........................................................................................................................................ 22 BIBLIOGRAPHY .............................................................................................................................. 26 APPENDIX A: ECONOMIC SCENARIO ASSUMPTIONS .................................................................... 29 APPENDIX B: MODELING ASSUMPTIONS ....................................................................................... 31

HELPING YOUR EMPLOYEES ADJUST TO A NEW NORMAL https://www.cushmanwakefield.com/ en/netherlands/six-feet-office

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NEW PERSPECTIVE: FROM PANDEMIC TO PERFORMANCE

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