Submarket Snapshot_4Q2023_Office_Interactive

OFFICE 4Q23 SUBMARKET SNAPSHOT RiNo

MARKET

4Q 2023

3Q 2023

4Q 2022

CARA STAMP Research Manager Tel: +1 303 218 3258 cara.stamp@cushwake.com MINH NGO Research Analyst Tel: +1 303 312 4293 Minh.ngo@cushwake.com

Inventory (SF)

2,334,454

2,334,454

2,103,229

Under Construction (SF)

733,882

711,561

642,786

Direct Vacancy (all Classes)

34.7%

33.6%

25.5%

Direct Vacancy – Class A

42.7%

42.5%

28.2%

Direct Vacancy – Class B

14.4%

13.4%

22.4%

Sublease Availability

222,965

203,664

337,007

Avg. Direct FSG Asking Rate (all Classes)

$47.15

$49.50

$49.68

Avg. Direct FSG Asking Rate – Class A

$48.06

$50.57

$50.66

Avg. Direct FSG Asking Rate – Class B

$41.69

$41.13

$40.60

Net Absorption – Current Qtr. (SF)

-15,922

33,235

26,397

A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com. ©2023 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. cushmanwakefield.com

Net Absorption – YTD (SF)

-37,947

-22,025

-32,414

Leasing Activity – Current Qtr. (SF)

239,005

35,170

108,982

Leasing Activity – YTD (SF)

371,950

132,945

374,657

RENTAL RATE VS. VACANCY RATE

HISTORICAL SUBLEASE AVAILABILITY

40.0%

$51.00

$49.00

35.0%

300,000

$47.00

30.0%

$45.00

200,000

25.0%

$43.00

$41.00

20.0%

$39.00

100,000

15.0%

$37.00

10.0%

$35.00

0

Direct Avg. Asking Rate (FSG)

Direct Vacancy Rate