2014 Q1 Market Update

Source: Reis.com 1

Quarterly Market Comparison Report

2014 Blue Book

Source: Reis.com 2

TRENDS OF Q1 2014 ............................................................................................................................ 2 OFFICE ................................................................................................................................................. 2

RETAIL .................................................................................................................................................. 2

MULTI-FAMILY ..................................................................................................................................... 2

INDUSTRIAL-WAREHOUSE................................................................................................................... 2

INDUSTRIAL-FLEX ................................................................................................................................ 2

TABLE OF CONTENTS

Source: Reis.com 3

OFFICE

Vacancy

Market with the highest vacancy rate: Toledo, OH 30.3

Market with the lowest vacancy rate: Queens, NY 7.8

Market with the greatest % increase in vacancy rate: Huntsville, AL 25.5%

Market with the greatest % decrease in vacancy rate: Eugene, OR -26.0%

Asking Rent

Market with the highest asking rent: New York, NY $60.21

Market with the lowest asking rent: Youngstown, OH $10.79

Market with the greatest % increase in asking rent: San Jose, CA 5.9%

Market with the greatest % decrease in asking rent: Savannah, GA -3.2%

RETAIL

Vacancy

Market with the highest vacancy rate: Longview, TX 28.2

Market with the lowest vacancy rate: San Francisco, CA 3.4

Market with the greatest % increase in vacancy rate: Spokane, WA 36.1

Market with the greatest % decrease in vacancy rate: San Jose, CA -22%

Asking Rent

Market with the highest asking rent: Westchester, NY $36.50

Market with the lowest asking rent: Longview, TX $9.76

Market with the greatest % increase in asking rent: Long Island, NY 3.20%

Market with the greatest % decrease in asking rent: Kennewick-Richland-Pasco -1.20%

MULTI-FAMILY

Vacancy

Market with the highest vacancy rate: Sierra Vista-Douglas, AZ 15.2

Market with the lowest vacancy rate: Ames, IA 1.1

Market with the greatest % increase in vacancy rate: San Luis Obispo, CA 128.6%

Market with the greatest % decrease in vacancy rate: Florence, AL -45.8%

Asking Rent Market with the highest asking rent: New York, NY $3,187

Market with the lowest asking rent: Mansfield, OH $440

Market with the greatest % increase in asking rent: Naples, FL 7.6%

Market with the greatest % decrease in asking rent: Sierra Vista-Douglas, AZ -2.0%

TRENDS OF Q1 2014

Source: Reis.com 4

WAREHOUSE

Vacancy

Market with the highest vacancy rate: Phoenix, AZ 16.9

Market with the lowest vacancy rate: San Antonio, TX 5.7

Market with the greatest % increase in vacancy rate: Suburban, VA 10.8%

Market with the greatest % decrease in vacancy rate: San Antonio, TX -18.6%

Asking Rent Market with the highest asking rent: Suburban, VA $8.52

Market with the lowest asking rent: Memphis, TN $2.52

Market with the greatest % increase in asking rent: Houston, TX 3.9%

Market with the greatest % decrease in asking rent: Richmond, VA -0.8%

FLEX

Vacancy

Market with the highest vacancy rate: Columbus, OH 21.6

Market with the lowest vacancy rate: Los Angeles, CA 4.9

Market with the greatest % increase in vacancy rate: Nashville, TN 15.1%

Market with the greatest % decrease in vacancy rate: San Francisco, CA -33.7%

Asking Rent Market with the highest asking rent: San Francisco, CA $14.06

Market with the lowest asking rent: Columbus, OH $5.03

Market with the greatest % increase in asking rent: Houston, TX 2.3%

Market with the greatest % decrease in asking rent: Pittsburgh, PA -0.8%

TRENDS OF Q1 2014

Source: Reis.com 5

OFFICE

OFFICE

Source: Reis.com 6

OFFICE

Metro Vacancy Q1 2013

Vacancy Q1 2014

% Change Asking Rent

Q1 2013 Asking Rent

Q1 2014 % Change

United States 17.0 16.8 -1.2% $28.66 $29.28 2.2%

Midwest Region 19.6 19.6 0.0% $22.34 $22.53 0.9%

Northeast Region 14.3 14.2 -0.7% $39.10 $40.22 2.9%

South Atlantic Region 16.9 16.9 0.0% $26.47 $26.72 0.9%

Southwest Region 18.0 17.7 -1.7% $21.96 $22.58 2.8%

West Region 17.7 17.1 -3.4% $27.99 $28.71 2.6%

Southwest Region Vacancy

19.4 19.4

18.6

18.0

17.7

16.5

17.0

17.5

18.0

18.5

19.0

19.5

20.0

2010 2011 2012 2013 2014

16.4

16.7 16.7

16.9 16.9

16.0

16.2

16.4

16.6

16.8

17.0

2010 2011 2012 2013 2014

South Atlantic Region Vacancy

18.2

18.6

18.1

17.7

17.1

16.0

16.5

17.0

17.5

18.0

18.5

19.0

2010 2011 2012 2013 2014

Western Region Vacancy

14.8 14.8 14.7

14.3 14.2

13.8

14.0

14.2

14.4

14.6

14.8

15.0

2010 2011 2012 2013 2014

Northeast Region Vacancy

19.6

20.1

19.8

19.6 19.6

19.2

19.4

19.6

19.8

20.0

20.2

2010 2011 2012 2013 2014

Midwest Region Vacancy

17.3

17.6

17.3

17.0

16.8

16.4

16.6

16.8

17.0

17.2

17.4

17.6

17.8

2010 2011 2012 2013 2014

United States Vacancy

Source: Reis.com 7

OFFICE

Metro State Vacancy Q1 2013

Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Anchorage AK 11.6 10.9 -6.0% $25.93 $25.75 -0.7%

Birmingham AL 12.7 13.8 8.7% $19.09 $19.15 0.3%

Huntsville AL 14.1 17.7 25.5% $16.53 $16.50 -0.2%

Mobile AL 19.3 19.3 0.0% $16.46 $16.58 0.7%

Montgomery AL 19.9 18.5 -7.0% $16.43 $16.48 0.3%

Little Rock AR 12.3 11.7 -4.9% $15.74 $15.83 0.6%

Phoenix AZ 26.0 25.1 -3.5% $22.40 $22.77 1.7%

Tucson AZ 15.8 16.7 5.7% $21.38 $21.43 0.2%

Bakersfield CA 11.1 11.5 3.6% $19.44 $19.57 0.7%

Carmel/Monterey CA 13.6 14.1 3.7% $22.90 $22.89 0.0%

Chico CA 17.1 13.8 -19.3% $15.70 $15.49 -1.3%

Fresno CA 20.2 20.5 1.5% $20.02 $20.17 0.7%

Los Angeles CA 15.7 15.3 -2.5% $32.59 $33.27 2.1%

Modesto CA 21.9 23.9 9.1% $17.47 $16.98 -2.8%

Oakland-East Bay CA 18.3 18.1 -1.1% $26.21 $26.57 1.4%

Orange County CA 17.7 16.8 -5.1% $27.21 $28.10 3.3%

Redding CA 17.4 16.9 -2.9% $15.09 $15.00 -0.6%

Sacramento CA 21.4 20.8 -2.8% $23.66 $23.80 0.6%

San Bernardino/Riverside CA 24.0 23.5 -2.1% $21.31 $21.37 0.3%

San Diego CA 16.4 16.3 -0.6% $28.42 $29.01 2.1%

San Francisco CA 13.5 12.8 -5.2% $42.62 $44.68 4.8%

San Jose CA 19.1 18.0 -5.8% $30.96 $32.80 5.9%

San Luis Obispo CA 12.5 11.8 -5.6% $17.82 $17.89 0.4%

Santa Barbara CA 9.1 9.0 -1.1% $25.09 $25.23 0.6%

Santa Cruz-Watsonville CA 15.6 15.4 -1.3% $20.42 $20.05 -1.8%

Santa Rosa CA 29.1 27.3 -6.2% $21.04 $21.04 0.0%

Stockton CA 31.2 29.8 -4.5% $17.46 $17.56 0.6%

Vallejo-Fairfield CA 28.0 27.5 -1.8% $22.72 $22.56 -0.7%

Ventura County CA 16.5 18.6 12.7% $24.20 $24.42 0.9%

Visalia CA 16.3 15.4 -5.5% $15.24 $15.02 -1.4%

Boulder CO 14.3 13.5 -5.6% $19.35 $19.34 -0.1%

Colorado Springs CO 19.8 18.2 -8.1% $16.43 $16.59 1.0%

Denver CO 18.0 17.1 -5.0% $21.95 $22.36 1.9%

Fort Collins CO 18.2 17.4 -4.4% $18.86 $18.86 0.0%

Fairfield County CT 20.8 22.2 6.7% $34.74 $34.85 0.3%

Hartford CT 21.1 20.2 -4.3% $21.19 $21.45 1.2%

New Haven CT 17.5 17.4 -0.6% $20.74 $20.84 0.5%

District of Columbia DC 9.5 9.7 2.1% $50.19 $50.58 0.8%

Source: Reis.com 8

OFFICE


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Wilmington DE 23.7 23.5 -0.8% $22.42 $22.43 0.0%

Daytona Beach FL 22.7 21.6 -4.8% $14.73 $14.71 -0.1%

Fort Lauderdale FL 20.1 19.5 -3.0% $25.44 $25.69 1.0%

Fort Myers FL 22.9 23.4 2.2% $16.82 $16.76 -0.4%

Fort Pierce FL 22.7 23.5 3.5% $17.09 $16.94 -0.9%

Fort Walton Beach FL 15.4 15.2 -1.3% $14.34 $14.24 -0.7%

Gainesville FL 15.9 16.6 4.4% $14.88 $14.85 -0.2%

Jacksonville FL 20.5 21.1 2.9% $18.44 $18.49 0.3%

Lakeland FL 20.5 21.3 3.9% $16.06 $15.96 -0.6%

Melbourne FL 14.1 16.5 17.0% $17.88 $17.98 0.6%

Miami FL 17.0 16.6 -2.4% $30.32 $30.66 1.1%

Naples FL 15.2 15.0 -1.3% $24.02 $24.21 0.8%

Orlando FL 18.8 18.2 -3.2% $21.31 $21.48 0.8%

Palm Beach FL 20.0 18.0 -10.0% $28.30 $28.54 0.8%

Pensacola FL 15.8 15.9 0.6% $17.64 $17.73 0.5%

Sarasota FL 20.1 21.0 4.5% $19.95 $19.97 0.1%

Tallahassee FL 14.9 15.1 1.3% $19.32 $19.25 -0.4%

Tampa-St. Petersburg FL 21.4 21.4 0.0% $21.18 $21.51 1.6%

Atlanta GA 20.6 19.8 -3.9% $21.60 $21.82 1.0%

Augusta GA 16.5 17.3 4.8% $16.39 $16.41 0.1%

Columbus GA 16.3 15.1 -7.4% $13.71 $13.65 -0.4%

Macon GA 20.8 23.2 11.5% $14.33 $14.32 -0.1%

Savannah GA 15.5 16.5 6.5% $19.78 $19.14 -3.2%

Honolulu HI 12.7 12.2 -3.9% $32.42 $32.10 -1.0%

Des Moines IA 16.6 15.0 -9.6% $15.29 $15.31 0.1%

Boise ID 17.4 17.6 1.1% $17.31 $17.47 0.9%

Chicago IL 18.5 18.7 1.1% $27.91 $28.29 1.4%

Davenport-Moline IL 21.6 21.5 -0.5% $13.33 $13.31 -0.2%

Peoria IL 16.6 15.5 -6.6% $13.50 $13.39 -0.8%

Rockford IL 21.9 23.7 8.2% $14.69 $14.52 -1.2%

Bloomington IN 11.5 9.3 -19.1% $13.46 $13.42 -0.3%

Elkhart IN 21.8 21.4 -1.8% $11.61 $11.59 -0.2%

Evansville IN 15.1 14.3 -5.3% $13.09 $13.08 -0.1%

Fort Wayne IN 24.9 26.3 5.6% $13.45 $13.36 -0.7%

Indianapolis IN 20.1 19.9 -1.0% $17.82 $17.94 0.7%

Wichita KS 16.4 17.6 7.3% $14.35 $14.35 0.0%

Lexington KY 15.3 16.5 7.8% $17.06 $17.12 0.4%

Louisville KY 15.7 15.6 -0.6% $16.28 $16.50 1.4%

Source: Reis.com 9

OFFICE


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Baton Rouge LA 18.7 19.1 2.1% $18.53 $18.53 0.0%

Lafayette LA 15.4 14.9 -3.2% $15.24 $15.23 -0.1%

New Orleans LA 12.7 13.0 2.4% $18.26 $18.45 1.0%

Shreveport LA 14.4 15.8 9.7% $15.35 $15.29 -0.4%

Boston MA 14.1 13.5 -4.3% $36.71 $37.82 3.0%

Springfield MA 13.3 11.8 -11.3% $15.04 $15.14 0.7%

Worcester MA 17.9 16.8 -6.1% $20.47 $20.64 0.8%

Baltimore MD 17.0 16.6 -2.4% $23.40 $23.55 0.6%

Suburban Maryland MD 14.9 15.7 5.4% $28.16 $28.41 0.9%

Portland ME 15.8 14.4 -8.9% $15.92 $15.94 0.1%

Detroit MI 26.3 25.6 -2.7% $18.95 $18.99 0.2%

Flint MI 24.0 23.4 -2.5% $14.21 $14.08 -0.9%

Grand Rapids MI 26.8 24.3 -9.3% $13.84 $13.86 0.1%

Lansing MI 21.6 20.7 -4.2% $15.26 $15.24 -0.1%

Minneapolis MN 17.8 17.2 -3.4% $22.24 $22.44 0.9%

Kansas City MO 17.3 16.7 -3.5% $19.20 $19.41 1.1%

Springfield MO 18.1 14.6 -34.8% $14.85 $14.82 -19.3%

St. Louis MO 18.8 18.0 -4.3% $20.57 $20.66 0.4%

Biloxi-Gulfport MS 18.9 18.8 -0.5% $15.75 $15.57 -1.1%

Jackson MS 16.3 16.2 -0.6% $16.76 $16.80 0.2%

Asheville NC 13.9 13.2 -5.0% $17.78 $17.68 -0.6%

Charlotte NC 17.5 17.6 0.6% $21.76 $22.06 1.4%

Fayetteville NC 19.4 19.3 -0.5% $17.66 $17.44 -1.2%

Greensboro/Winston-Salem NC 21.6 21.6 0.0% $16.33 $16.54 1.3%

Raleigh-Durham NC 15.2 15.1 -0.7% $20.33 $20.54 1.0%

Wilmington NC 17.3 17.9 3.5% $17.58 $17.72 0.8%

Fargo ND 11.0 12.2 10.9% $15.78 $15.69 -0.6%

Lincoln NE 15.1 15.1 0.0% $15.27 $15.28 0.1%

Omaha NE 15.8 15.2 -3.8% $17.23 $17.37 0.8%

Manchester-Nashua NH 17.2 17.8 3.5% $14.90 $14.91 0.1%

Atlantic-Cape May NJ 17.5 15.6 -10.9% $21.08 $21.04 -0.2%

Central New Jersey NJ 22.4 21.8 -2.7% $23.85 $24.11 1.1%

Northern New Jersey NJ 19.1 18.4 -3.7% $27.71 $27.96 0.9%

Albuquerque NM 18.6 17.9 -3.8% $16.20 $16.30 0.6%

Las Vegas NV 26.2 26.1 -0.4% $23.85 $23.73 -0.5%

Reno NV 24.3 23.1 -4.9% $19.59 $19.50 -0.5%

Albany NY 15.7 14.2 -9.6% $17.11 $17.22 0.6%

Brooklyn NY 9.1 9.4 3.3% $34.83 $35.26 1.2%

Source: Reis.com 10

OFFICE


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Buffalo NY 14.8 16.3 10.1% $17.01 $17.00 -0.1%

Long Island NY 13.7 13.6 -0.7% $26.80 $26.78 -0.1%

New York NY 9.8 9.9 1.0% $60.21 $62.30 3.5%

Queens NY 6.9 7.8 13.0% $27.62 $27.73 0.4%

Rochester NY 16.5 17.4 5.5% $16.36 $16.38 0.1%

Syracuse NY 15.2 15.1 -0.7% $15.99 $16.06 0.4%

Westchester NY 19.1 19.0 -0.5% $28.51 $28.56 0.2%

Akron OH 20.5 19.3 -5.9% $16.81 $16.66 -0.9%

Canton OH 16.3 16.8 3.1% $12.93 $12.84 -0.7%

Cincinnati OH 20.2 20.6 2.0% $18.70 $18.79 0.5%

Cleveland OH 21.6 23.3 7.9% $18.68 $18.75 0.4%

Columbus OH 18.0 19.7 9.4% $18.07 $18.11 0.2%

Dayton OH 26.6 26.7 0.4% $14.59 $14.69 0.7%

Toledo OH 30.3 30.3 0.0% $14.59 $14.54 -0.3%

Youngstown OH 20.9 20.2 -3.3% $10.90 $10.79 -1.0%

Oklahoma City OK 16.8 16.5 -1.8% $14.95 $15.15 1.3%

Tulsa OK 17.3 17.1 -1.2% $14.72 $14.75 0.2%

Eugene OR 12.7 9.4 -26.0% $17.85 $17.62 -1.3%

Medford/Klamath Falls OR 16.7 16.1 -3.6% $17.14 $16.93 -1.2%

Portland OR 14.8 13.7 -7.4% $21.76 $22.05 1.3%

Salem OR 14.9 15.4 3.4% $18.09 $18.12 0.2%

Allentown PA 19.2 17.9 -6.8% $17.15 $17.26 0.6%

Harrisburg PA 17.0 16.4 -3.5% $16.48 $16.34 -0.8%

Lancaster PA 17.0 16.6 -2.4% $15.71 $15.71 0.0%

Philadelphia PA 14.5 13.8 -4.8% $24.71 $24.94 0.9%

Pittsburgh PA 15.6 16.3 4.5% $21.03 $21.24 1.0%

Scranton/Wilkes-Barre PA 19.9 17.5 -12.1% $13.44 $13.49 0.4%

Providence RI 16.0 15.8 -1.3% $20.58 $20.48 -0.5%

Charleston SC 16.6 15.0 -9.6% $21.35 $21.42 0.3%

Columbia SC 18.5 18.0 -2.7% $15.98 $16.02 0.3%

Greenville SC 19.8 19.2 -3.0% $16.73 $17.01 1.7%

Myrtle Beach SC 19.0 18.5 -2.6% $14.64 $14.29 -2.4%

Sioux Falls SD 11.9 12.7 6.7% $14.46 $14.45 -0.1%

Chattanooga TN 16.6 16.9 1.8% $14.75 $14.79 0.3%

Knoxville TN 15.0 14.5 -3.3% $15.95 $16.02 0.4%

Memphis TN 24.3 23.7 -2.5% $18.28 $18.40 0.7%

Nashville TN 13.1 13.7 4.6% $20.33 $20.45 0.6%

Abilene TX 14.8 14.7 -0.7% $11.10 $10.96 -1.3%

Source: Reis.com 11

OFFICE


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Amarillo TX 11.9 11.1 -6.7% $12.21 $12.21 0.0%

Austin TX 17.1 15.8 -7.6% $26.30 $26.77 1.8%

Beaumont TX 16.7 16.4 -1.8% $15.03 $15.01 -0.1%

Brownsville-Harlingen TX 28.1 27.6 -1.8% $14.82 $14.83 0.1%

College Station-Bryan TX 17.9 17.4 -2.8% $16.57 $16.72 0.9%

Corpus Christi TX 14.4 14.9 3.5% $13.89 $13.94 0.4%

Dallas TX 23.3 22.9 -1.7% $20.08 $20.81 3.6%

El Paso TX 10.3 10.6 2.9% $15.41 $15.31 -0.6%

Fort Worth TX 16.7 16.1 -3.6% $19.52 $19.81 1.5%

Houston TX 14.1 14.3 1.4% $25.35 $26.13 3.1%

Killeen-Fort Hood TX 13.3 12.4 -6.8% $14.30 $14.14 -1.1%

Longview TX 19.2 19.1 -0.5% $12.76 $12.76 0.0%

Lubbock TX 15.6 15.3 -1.9% $13.58 $13.58 0.0%

McAllen TX 20.4 21.5 5.4% $18.73 $18.56 -0.9%

Odessa-Midland TX 12.5 11.2 -10.4% $12.81 $12.88 0.5%

San Antonio TX 18.4 17.8 -3.3% $20.15 $20.31 0.8%

Sherman-Denison TX 12.2 13.2 8.2% $13.68 $13.72 0.3%

Tyler TX 13.6 16.5 21.3% $14.67 $14.66 -0.1%

Waco TX 16.7 17.2 3.0% $14.60 $14.59 -0.1%

Wichita Falls TX 13.2 13.1 -0.8% $12.68 $12.74 0.5%

Provo-Orem UT 20.0 20.2 1.0% $16.71 $16.77 0.4%

Salt Lake City UT 17.6 17.8 1.1% $18.35 $18.54 1.0%

Charlottesville VA 19.3 19.2 -0.5% $18.82 $18.85 0.2%

Lynchburg VA 15.2 17.1 12.5% $16.02 $15.94 -0.5%

Norfolk/Hampton Roads VA 15.3 16.0 4.6% $19.09 $19.24 0.8%

Richmond VA 14.8 14.8 0.0% $18.45 $18.64 1.0%

Roanoke VA 14.9 15.7 5.4% $17.33 $17.26 -0.4%

Suburban Virginia VA 16.3 17.1 4.9% $32.01 $32.21 0.6%

Bellingham WA 15.8 15.3 -3.2% $15.80 $15.71 -0.6%

Bremerton-Silverdale WA 19.0 18.8 -1.1% $17.92 $17.85 -0.4%

Kennewick-Richland-Pasco WA 21.5 21.6 0.5% $16.87 $16.66 -1.2%

Olympia WA 19.8 18.4 -7.1% $16.36 $16.15 -1.3%

Seattle WA 14.1 13.7 -2.8% $29.52 $30.38 2.9%

Spokane WA 13.0 12.8 -1.5% $17.13 $17.08 -0.3%

Tacoma WA 16.7 17.2 3.0% $20.21 $20.25 0.2%

Appleton-Oshkosh WI 27.9 26.8 -3.9% $14.76 $14.64 -0.8%

Madison WI 16.7 15.6 -6.6% $19.32 $19.22 -0.5%

Milwaukee WI 19.5 18.9 -3.1% $19.05 $19.17 0.6%

Source: Reis.com 12

RETAIL

RETAIL

Source: Reis.com 13

RETAIL


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

United States 10.6 10.4 -1.9% $19.14 $19.42 1.5%

Midwest Region 12.5 12.9 3.2% $15.96 $16.17 1.3%


South Atlantic Region 10.9 10.4 -4.6% $18.15 $18.38 1.3%


West Region 9.1 8.6 -5.5% $23.31 $23.64 1.4%



Western Region Vacancy Northeast Region Vacancy



13.2 13.2

12.9

12.4

11.9

11.0

11.5

12.0

12.5

13.0

13.5

2010 2011 2012 2013 2014

10.6

10.9

11.1

10.9

10.4

10.0

10.2

10.4

10.6

10.8

11.0

11.2

2010 2011 2012 2013 2014

9.0

9.4 9.3

9.1

8.6

8.2

8.4

8.6

8.8

9.0

9.2

9.4

9.6

2010 2011 2012 2013 2014

9.0 9.0 9.0

8.9

8.8

8.7

8.8

8.8

8.9

8.9

9.0

9.0

9.1

2010 2011 2012 2013 2014

13.2 13.1

12.9

12.5

12.9

12.0

12.2

12.4

12.6

12.8

13.0

13.2

13.4

2010 2011 2012 2013 2014

10.8

10.9 10.9

10.6

10.4

10.0

10.2

10.4

10.6

10.8

11.0

2010 2011 2012 2013 2014

Source: Reis.com 14

RETAIL


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Anchorage AK 8.2 8.5 3.7% $19.60 $19.82 1.1%

Birmingham AL 15.4 14.2 -7.8% $14.66 $14.91 1.7%

Huntsville AL 13.8 13.8 0.0% $14.41 $14.69 1.9%

Mobile AL 11.8 11.0 -6.8% $12.90 $13.07 1.3%

Montgomery AL 17.4 16.4 -5.7% $11.08 $11.14 0.5%

Little Rock AR 12.6 11.9 -5.6% $12.63 $12.77 1.1%

Phoenix AZ 11.3 10.5 -7.1% $18.84 $19.14 1.6%

Tucson AZ 9.8 9.8 0.0% $16.85 $16.90 0.3%

Bakersfield CA 10.0 9.6 -4.0% $21.00 $20.84 -0.8%

Carmel/Monterey CA 12.5 11.0 -12.0% $21.36 $21.44 0.4%

Chico CA 10.4 10.7 2.9% $14.01 $14.25 1.7%

Fresno CA 10.7 11.0 2.8% $17.23 $17.17 -0.3%

Hanford-Corcoran CA 11.9 11.9 0.0% $12.60 $12.80 1.6%

Los Angeles CA 6.1 6.0 -1.6% $29.33 $29.77 1.5%

Merced CA 8.7 8.2 -5.7% $15.30 $15.52 1.4%

Modesto CA 12.0 13.3 10.8% $17.97 $18.10 0.7%


Orange County CA 5.5 5.3 -3.6% $31.03 $31.32 0.9%

Redding CA 13.0 13.0 0.0% $15.64 $15.54 -0.6%

Sacramento CA 12.9 11.6 -10.1% $21.82 $22.13 1.4%


San Diego CA 6.4 6.2 -3.1% $28.63 $29.05 1.5%

San Francisco CA 3.6 3.4 -5.6% $32.99 $33.51 1.6%

San Jose CA 5.9 4.6 -22.0% $30.99 $31.38 1.3%

San Luis Obispo CA 9.3 9.6 3.2% $20.93 $20.93 0.0%

Santa Barbara CA 7.7 8.8 14.3% $25.26 $25.53 1.1%

Santa Cruz-Watsonville CA 8.2 8.9 8.5% $20.95 $20.92 -0.1%

Santa Rosa CA 10.5 9.6 -8.6% $25.23 $25.56 1.3%

Stockton CA 8.3 9.8 18.1% $19.23 $19.41 0.9%

Vallejo-Fairfield CA 8.7 8.1 -6.9% $20.07 $19.89 -0.9%

Ventura County CA 9.1 8.6 -5.5% $28.70 $28.95 0.9%

Visalia CA 6.6 7.8 18.2% $17.17 $17.18 0.1%

Boulder CO 12.2 12.0 -1.6% $17.84 $18.14 1.7%

Colorado Springs CO 15.7 15.6 -0.6% $13.86 $14.03 1.2%

Denver CO 11.7 10.9 -6.8% $16.89 $17.35 2.7%

Fort Collins CO 11.1 11.1 0.0% $16.01 $16.25 1.5%

Fairfield County CT 4.0 4.0 0.0% $27.98 $28.53 2.0%

Hartford CT 9.8 9.7 -1.0% $17.45 $17.83 2.2%

Source: Reis.com 15

RETAIL


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

New Haven CT 12.6 13.3 5.6% $16.33 $16.79 2.8%

Wilmington DE 8.4 8.6 2.4% $21.08 $21.31 1.1%

Daytona Beach FL 15.6 15.1 -3.2% $15.51 $15.65 0.9%


Fort Myers FL 13.9 13.7 -1.4% $15.64 $15.76 0.8%

Fort Pierce FL 12.7 13.6 7.1% $16.83 $16.79 -0.2%

Fort Walton Beach FL 9.6 9.1 -5.2% $15.04 $15.38 2.3%

Gainesville FL 13.6 15.4 13.2% $16.92 $16.93 0.1%

Jacksonville FL 13.2 12.9 -2.3% $15.26 $15.26 0.0%

Lakeland FL 14.0 12.8 -8.6% $13.88 $13.82 -0.4%

Melbourne FL 16.2 16.1 -0.6% $14.45 $14.48 0.2%

Miami FL 7.2 7.1 -1.4% $24.24 $24.73 2.0%

Naples FL 11.2 10.0 -10.7% $21.28 $21.51 1.1%

Orlando FL 13.6 12.3 -9.6% $17.51 $17.91 2.3%

Palm Beach FL 11.9 11.3 -5.0% $21.63 $21.69 0.3%

Pensacola FL 12.5 13.4 7.2% $13.18 $13.24 0.5%

Sarasota FL 13.7 13.2 -3.6% $15.44 $15.54 0.6%

Tallahassee FL 13.1 12.3 -6.1% $15.31 $15.24 -0.5%

Tampa-St. Petersburg FL 12.0 11.0 -8.3% $14.27 $14.45 1.3%

Albany GA 11.1 10.9 -1.8% $10.71 $10.72 0.1%

Athens GA 7.3 8.2 12.3% $18.28 $18.49 1.1%

Atlanta GA 14.2 13.4 -5.6% $17.29 $17.44 0.9%

Augusta GA 12.6 12.3 -2.4% $13.22 $13.41 1.4%

Columbus GA 13.0 12.2 -6.2% $13.88 $14.11 1.7%

Macon GA 19.0 18.4 -3.2% $12.13 $12.05 -0.7%

Savannah GA 15.3 14.3 -6.5% $22.03 $21.85 -0.8%

Honolulu HI 6.2 6.9 11.3% $33.45 $33.86 1.2%

Des Moines IA 11.8 12.2 3.4% $12.56 $12.75 1.5%

Boise ID 18.0 18.2 1.1% $14.57 $14.45 -0.8%

Chicago IL 11.1 13.0 17.1% $19.11 $19.38 1.4%

Davenport-Moline IL 12.4 12.1 -2.4% $12.90 $12.88 -0.2%

Peoria IL 11.9 10.5 -11.8% $13.52 $13.70 1.3%

Rockford IL 10.4 10.8 3.8% $10.03 $10.06 0.3%

Bloomington IN 10.2 10.0 -2.0% $14.69 $14.61 -0.5%

Elkhart IN 14.5 13.0 -10.3% $10.46 $10.54 0.8%

Evansville IN 17.0 16.3 -4.1% $10.65 $10.78 1.2%

Fort Wayne IN 15.5 15.7 1.3% $11.04 $10.96 -0.7%

Gary-Hammond IN 14.1 13.6 -3.5% $13.15 $13.26 0.8%

Source: Reis.com 16

RETAIL


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Indianapolis IN 15.0 15.1 0.7% $14.52 $14.75 1.6%

Kokomo IN 16.1 16.1 0.0% $13.46 $13.57 0.8%

Wichita KS 12.6 14.0 11.1% $12.15 $12.08 -0.6%

Lexington KY 8.7 8.5 -2.3% $13.88 $14.17 2.1%

Louisville KY 10.2 9.6 -5.9% $15.80 $15.99 1.2%

Baton Rouge LA 19.2 17.9 -6.8% $12.93 $12.85 -0.6%

New Orleans LA 11.7 11.6 -0.9% $15.07 $15.15 0.5%

Boston MA 6.6 6.6 0.0% $21.89 $22.46 2.6%

Springfield MA 11.2 11.3 0.9% $15.01 $15.06 0.3%

Worcester MA 7.8 8.6 10.3% $19.49 $19.72 1.2%

Baltimore MD 6.9 6.7 -2.9% $21.40 $21.81 1.9%

Suburban Maryland MD 9.1 8.4 -7.7% $25.26 $25.60 1.3%

Portland ME 11.4 11.6 1.8% $16.49 $16.36 -0.8%

Ann Arbor MI 11.2 9.8 -12.5% $15.74 $15.92 1.1%

Detroit MI 11.6 11.6 0.0% $16.93 $17.18 1.5%

Flint MI 23.2 23.6 1.7% $17.08 $17.09 0.1%

Grand Rapids MI 17.9 17.6 -1.7% $11.43 $11.30 -1.1%

Lansing MI 16.9 16.8 -0.6% $10.82 $10.91 0.8%

Minneapolis MN 11.3 11.5 1.8% $17.75 $18.07 1.8%

Kansas City MO 11.5 11.3 -1.7% $14.08 $14.19 0.8%

Springfield MO 13.3 13.9 4.5% $10.48 $10.50 0.2%

St. Louis MO 12.5 11.9 -4.8% $14.65 $14.86 1.4%

Biloxi-Gulfport MS 16.4 16.6 1.2% $12.42 $12.50 0.6%

Hattiesburg MS 12.2 11.4 -6.6% $11.27 $11.24 -0.3%

Jackson MS 16.0 15.9 -0.6% $14.48 $14.48 0.0%

Asheville NC 14.2 13.2 -7.0% $14.57 $14.58 0.1%

Charlotte NC 9.9 10.3 4.0% $17.91 $18.05 0.8%

Fayetteville NC 15.6 15.8 1.3% $11.41 $11.47 0.5%

Greensboro/Winston-Salem NC 11.6 11.6 0.0% $14.09 $14.33 1.7%

Hickory-Morganton NC 19.3 20.2 4.7% $13.96 $13.92 -0.3%

Raleigh-Durham NC 9.3 9.3 0.0% $17.84 $17.99 0.8%

Wilmington NC 16.2 16.6 2.5% $15.69 $15.72 0.2%

Fargo ND 13.4 12.5 -6.7% $11.63 $11.76 1.1%

Lincoln NE 12.0 12.7 5.8% $13.08 $13.00 -0.6%

Omaha NE 8.9 8.6 -3.4% $13.72 $13.71 -0.1%

Manchester-Nashua NH 6.8 8.6 26.5% $16.58 $16.97 2.4%

Atlantic-Cape May NJ 9.3 8.2 -11.8% $16.85 $16.86 0.1%


Source: Reis.com 17

RETAIL


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change


Albuquerque NM 11.7 12.1 3.4% $14.44 $14.55 0.8%

Las Vegas NV 12.9 12.0 -7.0% $20.92 $21.36 2.1%

Reno NV 12.5 12.9 3.2% $20.13 $20.27 0.7%

Albany NY 8.9 7.6 -14.6% $15.37 $15.30 -0.5%

Buffalo NY 14.0 14.5 3.6% $12.00 $12.11 0.9%

Long Island NY 5.5 5.5 0.0% $25.61 $26.44 3.2%

Rochester NY 12.9 12.3 -4.7% $12.97 $13.14 1.3%

Syracuse NY 15.3 14.5 -5.2% $12.62 $12.52 -0.8%

Westchester NY 8.5 8.3 -2.4% $35.83 $36.50 1.9%

Akron OH 15.6 15.4 -1.3% $12.87 $12.73 -1.1%

Canton OH 16.2 16.9 4.3% $13.76 $13.68 -0.6%

Cincinnati OH 13.7 12.5 -8.8% $14.75 $15.01 1.8%

Cleveland OH 15.0 14.9 -0.7% $14.92 $15.10 1.2%

Columbus OH 15.5 16.1 3.9% $12.69 $12.93 1.9%

Dayton OH 16.3 15.9 -2.5% $10.56 $10.69 1.2%

Toledo OH 23.0 21.5 -6.5% $11.77 $11.68 -0.8%

Youngstown OH 14.7 15.8 7.5% $11.62 $11.78 1.4%

Oklahoma City OK 14.1 13.6 -3.5% $11.41 $11.60 1.7%

Tulsa OK 16.7 16.6 -0.6% $11.23 $11.26 0.3%

Portland OR 8.5 7.7 -9.4% $20.24 $20.26 0.1%

Salem OR 11.0 11.7 6.4% $16.07 $16.09 0.1%

Allentown PA 11.2 13.0 16.1% $18.16 $18.44 1.5%

Harrisburg PA 12.6 13.2 4.8% $14.66 $14.58 -0.5%

Lancaster PA 9.6 10.8 12.5% $15.63 $15.68 0.3%

Philadelphia PA 9.5 9.4 -1.1% $19.84 $19.99 0.8%

Pittsburgh PA 8.0 7.9 -1.3% $16.36 $16.52 1.0%

Scranton/Wilkes-Barre PA 15.5 15.9 2.6% $14.58 $14.70 0.8%

Providence RI 13.2 12.5 -5.3% $20.91 $20.99 0.4%

Charleston SC 11.2 10.8 -3.6% $13.50 $13.76 1.9%

Columbia SC 11.0 11.0 0.0% $12.26 $12.39 1.1%

Greenville SC 13.9 14.0 0.7% $11.77 $11.87 0.8%

Myrtle Beach SC 15.4 15.0 -2.6% $15.05 $15.04 -0.1%

Sioux Falls SD 10.9 9.9 -9.2% $11.44 $11.51 0.6%

Chattanooga TN 14.6 15.1 3.4% $12.36 $12.56 1.6%

Knoxville TN 11.6 11.2 -3.4% $13.92 $14.10 1.3%

Memphis TN 12.6 11.8 -6.3% $13.50 $13.63 1.0%

Nashville TN 8.5 7.9 -7.1% $15.35 $15.59 1.6%

Source: Reis.com 18

RETAIL


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Abilene TX 21.3 21.6 1.4% $11.43 $11.57 1.2%

Amarillo TX 12.3 11.5 -6.5% $10.29 $10.42 1.3%

Austin TX 6.9 6.3 -8.7% $20.30 $20.90 3.0%

Beaumont TX 12.8 12.2 -4.7% $12.54 $12.50 -0.3%

Brownsville-Harlingen TX 12.9 12.6 -2.3% $12.89 $12.97 0.6%

College Station-Bryan TX 18.4 17.3 -6.0% $15.14 $15.30 1.1%

Corpus Christi TX 12.5 12.1 -3.2% $15.19 $15.20 0.1%

Dallas TX 13.6 12.9 -5.1% $16.61 $16.92 1.9%

El Paso TX 9.5 9.3 -2.1% $14.29 $14.30 0.1%

Fort Worth TX 12.4 12.3 -0.8% $14.39 $14.55 1.1%

Houston TX 12.3 11.8 -4.1% $16.21 $16.65 2.7%

Killeen-Fort Hood TX 14.3 15.6 9.1% $14.09 $13.99 -0.7%

Longview TX 27.0 28.2 4.4% $9.85 $9.76 -0.9%

Lubbock TX 10.6 10.4 -1.9% $10.87 $11.00 1.2%

McAllen TX 12.2 12.7 4.1% $16.78 $16.93 0.9%

Odessa-Midland TX 10.5 10.4 -1.0% $10.75 $10.86 1.0%

San Angelo TX 13.8 15.6 13.0% $12.24 $12.37 1.1%

San Antonio TX 11.6 11.0 -5.2% $14.97 $15.09 0.8%

Tyler TX 12.4 12.1 -2.4% $11.50 $11.52 0.2%

Waco TX 14.8 15.5 4.7% $12.42 $12.54 1.0%

Wichita Falls TX 23.8 22.9 -3.8% $14.17 $14.28 0.8%

Provo-Orem UT 12.0 11.9 -0.8% $19.14 $19.33 1.0%

Salt Lake City UT 12.5 12.1 -3.2% $16.07 $15.94 -0.8%

Lynchburg VA 16.2 15.7 -3.1% $12.28 $12.43 1.2%

Norfolk/Hampton Roads VA 10.1 9.3 -7.9% $15.02 $15.12 0.7%

Richmond VA 10.0 9.9 -1.0% $15.95 $16.15 1.3%

Roanoke VA 16.3 16.1 -1.2% $12.64 $12.58 -0.5%

Suburban Virginia VA 6.9 5.9 -14.5% $27.73 $27.93 0.7%

Bellingham WA 12.6 13.3 5.6% $15.98 $15.92 -0.4%

Bremerton-Silverdale WA 24.0 23.7 -1.3% $15.44 $15.35 -0.6%

Kennewick-Richland-Pasco WA 15.9 15.0 -5.7% $14.47 $14.30 -1.2%

Olympia WA 17.4 17.4 0.0% $18.41 $18.53 0.7%

Seattle WA 7.0 7.3 4.3% $22.98 $23.49 2.2%

Spokane WA 7.2 9.8 36.1% $16.92 $16.85 -0.4%

Tacoma WA 12.0 12.5 4.2% $18.82 $19.14 1.7%

Appleton-Oshkosh WI 16.0 16.6 3.8% $10.59 $10.66 0.7%

Madison WI 13.5 14.9 10.4% $14.28 $14.48 1.4%

Milwaukee WI 12.7 12.5 -1.6% $15.08 $15.09 0.1%

Source: Reis.com 19

MULTI-FAMILY

MULTI-FAMILY

Source: Reis.com 20

MULTI-FAMILY


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

United States 4.4 4.0 -9.1% $1,104 $1,138 3.1%

Midwest Region 4.1 3.8 -7.3% $887 $910 2.6%

Northeast Region 3.3 3.3 0.0% $1,590 $1,642 3.3%

South Atlantic Region 5.1 4.7 -7.8% $992 $1,019 2.7%

Southwest Region 5.7 5.1 -10.5% $824 $853 3.5%

West Region 3.7 3.4 -8.1% $1,252 $1,294 3.4%






11.2

8.5

6.7 5.7

5.1

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2010 2011 2012 2013 2014

7.0

5.4

4.3 3.7 3.4

0.0

2.0

4.0

6.0

8.0

2010 2011 2012 2013 2014

9.2

7.1

5.8 5.1

4.7

0.0

2.0

4.0

6.0

8.0

10.0

2010 2011 2012 2013 2014

5.1

4.2

3.4 3.3 3.3

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2010 2011 2012 2013 2014

7.7

6.0

4.8 4.1 3.8

0.0

2.0

4.0

6.0

8.0

10.0

2010 2011 2012 2013 2014

8.0

6.2

5.0 4.4

4.0

0.0

2.0

4.0

6.0

8.0

10.0

2010 2011 2012 2013 2014

Source: Reis.com 21

MULTI-FAMILY


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Anchorage AK 2.3 2.6 13.0% $1,089 $1,102 1.2%

Auburn AL 4.4 3.8 -13.6% $673 $683 1.5%

Birmingham AL 5.9 5.7 -3.4% $759 $782 3.0%

Decatur AL 5.7 5.4 -5.3% $454 $465 2.4%

Dothan AL 4.3 4.9 14.0% $548 $550 0.4%

Florence AL 5.9 3.2 -45.8% $480 $487 1.5%

Huntsville AL 6.0 6.1 1.7% $632 $652 3.2%

Mobile AL 6.6 5.8 -12.1% $644 $654 1.6%

Montgomery AL 5.8 4.2 -27.6% $710 $721 1.5%

Tuscaloosa AL 4.7 3.5 -25.5% $733 $744 1.5%

Fayetteville AR 5.1 4.7 -7.8% $570 $581 1.9%

Fort Smith AR 5.5 3.8 -30.9% $455 $462 1.5%

Little Rock AR 6.3 7.0 11.1% $688 $699 1.6%

Texarkana AR 9.7 8.3 -14.4% $600 $609 1.5%

Flagstaff AZ 6.2 5.2 -16.1% $970 $1,034 6.6%

Phoenix AZ 5.6 5.0 -10.7% $785 $809 3.1%

Sierra Vista-Douglas AZ 15.3 15.2 -0.7% $696 $682 -2.0%

Tucson AZ 5.8 6.0 3.4% $683 $700 2.5%

Yuma AZ 4.0 7.2 80.0% $694 $695 0.1%

Bakersfield CA 3.0 3.2 6.7% $868 $891 2.6%

Carmel/Monterey CA 2.3 2.5 8.7% $1,163 $1,199 3.1%

Chico CA 3.0 2.2 -26.7% $879 $906 3.1%

El Centro CA 3.1 2.8 -9.7% $767 $781 1.8%

Fresno CA 3.0 2.8 -6.7% $833 $842 1.1%

Hanford-Corcoran CA 2.9 3.9 34.5% $748 $750 0.3%

Los Angeles CA 3.3 3.0 -9.1% $1,465 $1,499 2.3%

Merced CA 3.5 2.9 -17.1% $714 $734 2.8%

Modesto CA 3.2 2.7 -15.6% $845 $856 1.3%

Oakland-East Bay CA 2.9 2.7 -6.9% $1,439 $1,508 4.8%

Orange County CA 3.4 2.8 -17.6% $1,604 $1,639 2.2%

Redding CA 2.9 2.4 -17.2% $767 $775 1.0%

Sacramento CA 3.8 2.8 -26.3% $961 $983 2.3%

San Bernardino/Riverside CA 3.8 2.6 -31.6% $1,084 $1,104 1.8%

San Diego CA 2.4 2.6 8.3% $1,410 $1,452 3.0%

San Francisco CA 3.2 2.9 -9.4% $2,049 $2,171 6.0%

San Jose CA 2.6 2.5 -3.8% $1,677 $1,780 6.1%

San Luis Obispo CA 1.4 3.2 128.6% $954 $980 2.7%

Santa Barbara CA 2.5 2.4 -4.0% $1,275 $1,309 2.7%

Santa Cruz-Watsonville CA 3.6 2.6 -27.8% $1,555 $1,595 2.6%

Santa Rosa CA 2.3 2.3 0.0% $1,258 $1,295 2.9%

Stockton CA 3.3 2.7 -18.2% $912 $935 2.5%

Vallejo-Fairfield CA 2.3 2.3 0.0% $1,157 $1,186 2.5%

Ventura County CA 3.0 2.7 -10.0% $1,453 $1,493 2.8%

Visalia CA 4.1 3.1 -24.4% $794 $790 -0.5%

Yuba CA 3.8 3.6 -5.3% $725 $725 0.0%

Boulder CO 4.5 4.4 -2.2% $999 $1,048 4.9%

Colorado Springs CO 4.3 4.2 -2.3% $747 $767 2.7%

Denver CO 3.9 3.6 -7.7% $963 $1,007 4.6%

Fort Collins CO 3.1 2.4 -22.6% $901 $935 3.8%

Greeley CO 4.8 3.4 -29.2% $727 $749 3.0%

Pueblo CO 8.5 7.4 -12.9% $638 $646 1.3%

Fairfield County CT 5.1 5.1 0.0% $1,888 $1,919 1.6%

Source: Reis.com 22

MULTI-FAMILY


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Hartford CT 3.1 2.7 -12.9% $1,032 $1,051 1.8%

New Haven CT 2.5 2.3 -8.0% $1,149 $1,179 2.6%

District of Columbia DC 4.2 5.1 21.4% $1,517 $1,548 2.0%

Wilmington DE 3.7 2.8 -24.3% $961 $984 2.4%

Daytona Beach FL 6.4 4.7 -26.6% $762 $774 1.6%

Fort Lauderdale FL 4.0 4.0 0.0% $1,162 $1,194 2.8%

Fort Myers FL 5.8 4.5 -22.4% $801 $825 3.0%

Fort Pierce FL 3.8 3.5 -7.9% $845 $867 2.6%

Fort Walton Beach FL 10.1 7.6 -24.8% $787 $799 1.5%

Gainesville FL 4.5 3.4 -24.4% $806 $821 1.9%

Jacksonville FL 6.8 6.3 -7.4% $823 $847 2.9%

Lakeland FL 5.5 4.5 -18.2% $746 $768 2.9%

Melbourne FL 4.5 2.9 -35.6% $756 $777 2.8%

Miami FL 4.0 3.8 -5.0% $1,132 $1,176 3.9%

Naples FL 3.8 3.0 -21.1% $976 $1,050 7.6%

Ocala FL 8.4 7.4 -11.9% $717 $730 1.8%

Orlando FL 5.4 4.8 -11.1% $911 $938 3.0%

Palm Beach FL 4.9 5.2 6.1% $1,167 $1,221 4.6%

Panama City FL 6.3 5.6 -11.1% $804 $810 0.7%

Pensacola FL 5.6 4.8 -14.3% $704 $716 1.7%

Sarasota FL 4.5 3.4 -24.4% $924 $954 3.2%

Tallahassee FL 5.5 5.0 -9.1% $836 $862 3.1%

Tampa-St. Petersburg FL 5.3 4.5 -15.1% $879 $900 2.4%

Albany GA 7.2 8.3 15.3% $536 $541 0.9%

Athens GA 8.4 6.3 -25.0% $674 $688 2.1%

Atlanta GA 6.6 5.6 -15.2% $878 $907 3.3%

Augusta GA 9.1 8.4 -7.7% $658 $667 1.4%

Columbus GA 6.1 6.0 -1.6% $743 $763 2.7%

Dalton GA 7.5 7.3 -2.7% $595 $605 1.7%

Gainesville GA 7.9 7.3 -7.6% $742 $737 -0.7%

Macon GA 7.6 6.7 -11.8% $656 $654 -0.3%

Savannah GA 5.7 5.9 3.5% $745 $771 3.5%

Valdosta GA 7.2 7.6 5.6% $657 $664 1.1%

Honolulu HI 2.4 2.3 -4.2% $1,356 $1,386 2.2%

Ames IA 1.4 1.1 -21.4% $767 $792 3.3%

Cedar Rapids IA 5.7 5.4 -5.3% $615 $629 2.3%

Des Moines IA 2.6 2.7 3.8% $749 $771 2.9%

Iowa City IA 1.8 3.0 66.7% $838 $850 1.4%

Sioux City IA 4.2 2.7 -35.7% $708 $722 2.0%

Boise ID 4.5 2.6 -42.2% $733 $751 2.5%

Champaign IL 5.3 5.0 -5.7% $714 $723 1.3%

Chicago IL 3.7 3.6 -2.7% $1,121 $1,157 3.2%

Davenport-Moline IL 4.7 5.0 6.4% $660 $663 0.5%

Peoria IL 4.9 6.0 22.4% $642 $654 1.9%

Rockford IL 6.8 7.1 4.4% $661 $665 0.6%

Springfield IL 5.4 6.0 11.1% $664 $673 1.4%

Bloomington IN 2.5 3.2 28.0% $736 $741 0.7%

Elkhart IN 9.3 8.1 -12.9% $694 $708 2.0%

Evansville IN 6.5 6.9 6.2% $598 $614 2.7%

Fort Wayne IN 5.3 4.8 -9.4% $549 $560 2.0%

Gary-Hammond IN 3.5 4.3 22.9% $796 $802 0.8%

Indianapolis IN 6.1 6.1 0.0% $722 $742 2.8%

Source: Reis.com 23

MULTI-FAMILY


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Kokomo IN 5.1 5.2 2.0% $561 $571 1.8%

Lafayette IN 8.8 7.9 -10.2% $731 $747 2.2%

Muncie IN 6.1 6.2 1.6% $659 $664 0.8%

South Bend IN 8.9 7.1 -20.2% $700 $718 2.6%

Terre Haute IN 6.4 6.3 -1.6% $673 $679 0.9%

Lawrence KS 4.9 3.9 -20.4% $707 $725 2.5%

Topeka KS 7.5 6.4 -14.7% $611 $619 1.3%

Wichita KS 4.6 3.8 -17.4% $545 $562 3.1%

Bowling Green KY 4.4 5.4 22.7% $625 $630 0.8%

Lexington KY 5.2 5.6 7.7% $681 $689 1.2%

Louisville KY 4.6 4.9 6.5% $691 $707 2.3%

Alexandria LA 3.4 6.8 100.0% $634 $646 1.9%

Baton Rouge LA 4.7 4.2 -10.6% $770 $778 1.0%

Houma LA 4.0 3.8 -5.0% $818 $829 1.3%

Lafayette LA 6.5 5.3 -18.5% $804 $827 2.9%

Lake Charles LA 9.0 7.4 -17.8% $738 $755 2.3%

Monroe LA 5.3 5.3 0.0% $630 $643 2.1%

New Orleans LA 6.6 6.0 -9.1% $897 $911 1.6%

Shreveport LA 6.9 6.0 -13.0% $741 $751 1.3%

Boston MA 3.8 3.9 2.6% $1,834 $1,898 3.5%

Springfield MA 2.2 2.7 22.7% $950 $964 1.5%

Worcester MA 3.4 3.5 2.9% $1,146 $1,164 1.6%

Baltimore MD 3.8 3.5 -7.9% $1,076 $1,105 2.7%

Hagerstown MD 6.6 5.4 -18.2% $841 $853 1.4%

Salisbury MD 4.9 4.2 -14.3% $899 $915 1.8%

Suburban Maryland MD 4.0 3.8 -5.0% $1,375 $1,395 1.5%

Portland ME 3.0 3.5 16.7% $1,058 $1,065 0.7%

Detroit MI 4.2 3.4 -19.0% $871 $884 1.5%

Flint MI 4.8 3.6 -25.0% $564 $572 1.4%

Grand Rapids MI 2.7 2.5 -7.4% $686 $699 1.9%

Jackson MI 6.7 5.1 -23.9% $642 $647 0.8%

Kalamazoo MI 6.7 5.6 -16.4% $660 $674 2.1%

Lansing MI 3.0 2.9 -3.3% $735 $753 2.4%

Saginaw MI 6.5 7.0 7.7% $626 $628 0.3%

Duluth MN 2.5 2.6 4.0% $851 $861 1.2%

Minneapolis MN 2.4 2.8 16.7% $1,020 $1,062 4.1%

Rochester MN 5.5 4.4 -20.0% $895 $911 1.8%

St. Cloud MN 5.7 4.9 -14.0% $724 $738 1.9%

Columbia MO 2.9 2.9 0.0% $735 $747 1.6%

Kansas City MO 4.8 4.3 -10.4% $740 $760 2.7%

Springfield MO 4.7 3.9 -17.0% $551 $559 1.5%

St. Louis MO 5.3 4.5 -15.1% $764 $778 1.8%

Biloxi-Gulfport MS 9.0 7.3 -18.9% $753 $753 0.0%

Hattiesburg MS 3.3 3.0 -9.1% $659 $667 1.2%

Jackson MS 6.8 5.8 -14.7% $710 $721 1.5%

Asheville NC 8.3 5.5 -33.7% $852 $872 2.3%

Charlotte NC 4.8 4.4 -8.3% $855 $877 2.6%

Fayetteville NC 8.7 10.4 19.5% $698 $722 3.4%

Greensboro/Winston-Salem NC 6.5 5.5 -15.4% $687 $700 1.9%

Greenville NC 6.7 4.5 -32.8% $672 $675 0.4%

Hickory-Morganton NC 6.8 5.6 -17.6% $628 $635 1.1%

Jacksonville NC 18.5 11.2 -39.5% $842 $852 1.2%

Source: Reis.com 24

MULTI-FAMILY


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Raleigh-Durham NC 4.0 3.9 -2.5% $862 $887 2.9%

Rocky Mount NC 6.6 5.4 -18.2% $561 $566 0.9%

Wilmington NC 4.5 3.8 -15.6% $742 $763 2.8%

Fargo ND 2.4 1.9 -20.8% $705 $724 2.7%

Lincoln NE 2.5 2.7 8.0% $700 $718 2.6%

Omaha NE 3.2 3.2 0.0% $737 $761 3.3%

Manchester-Nashua NH 3.7 2.8 -24.3% $1,135 $1,158 2.0%

Portsmouth NH 3.4 2.4 -29.4% $1,029 $1,040 1.1%

Atlantic-Cape May NJ 5.2 7.1 36.5% $977 $989 1.2%

Central New Jersey NJ 2.9 2.8 -3.4% $1,214 $1,236 1.8%

Northern New Jersey NJ 3.7 3.8 2.7% $1,590 $1,626 2.3%

Vineland NJ 5.2 4.6 -11.5% $854 $867 1.5%

Albuquerque NM 4.1 3.7 -9.8% $742 $758 2.2%

Las Cruces NM 5.1 8.4 64.7% $688 $693 0.7%

Carson City NV 7.5 5.3 -29.3% $702 $700 -0.3%

Las Vegas NV 6.5 5.7 -12.3% $841 $859 2.1%

Reno NV 4.8 3.4 -29.2% $875 $896 2.4%

Albany NY 4.1 3.7 -9.8% $952 $975 2.4%

Binghamton NY 3.6 3.9 8.3% $723 $732 1.2%

Buffalo NY 2.9 3.1 6.9% $767 $788 2.7%

Dutchess NY 3.8 3.8 0.0% $1,162 $1,194 2.8%

Ithaca NY 1.8 2.9 61.1% $1,174 $1,192 1.5%

Long Island NY 3.5 3.1 -11.4% $1,640 $1,655 0.9%

New York NY 2.0 2.8 40.0% $3,054 $3,187 4.4%

Rochester NY 3.4 3.1 -8.8% $817 $836 2.3%

Syracuse NY 2.7 3.0 11.1% $732 $745 1.8%

Utica NY 4.1 2.4 -41.5% $661 $675 2.1%

Westchester NY 3.4 3.1 -8.8% $1,947 $1,976 1.5%

Akron OH 3.3 2.5 -24.2% $706 $725 2.7%

Canton OH 2.3 2.5 8.7% $585 $596 1.9%

Cincinnati OH 3.8 3.2 -15.8% $750 $769 2.5%

Cleveland OH 3.4 3.0 -11.8% $767 $778 1.4%

Columbus OH 4.9 4.4 -10.2% $729 $746 2.3%

Dayton OH 5.4 5.4 0.0% $657 $666 1.4%

Mansfield OH 9.5 7.8 -17.9% $436 $440 0.9%

Toledo OH 6.1 4.9 -19.7% $603 $617 2.3%

Youngstown OH 7.4 6.1 -17.6% $510 $517 1.4%

Lawton OK 14.8 13.6 -8.1% $613 $617 0.7%

Oklahoma City OK 5.9 5.2 -11.9% $588 $600 2.0%

Stillwater OK 4.7 3.6 -23.4% $575 $587 2.1%

Tulsa OK 6.1 5.9 -3.3% $609 $622 2.1%

Albany-Lebanon OR 4.8 4.1 -14.6% $730 $747 2.3%

Bend OR 3.5 2.9 -17.1% $700 $727 3.9%

Eugene OR 2.5 2.8 12.0% $747 $767 2.7%

Medford/Klamath Falls OR 2.7 2.1 -22.2% $639 $649 1.6%

Portland OR 3.4 3.0 -11.8% $899 $933 3.8%

Salem OR 2.5 2.7 8.0% $670 $685 2.2%

Allentown PA 3.1 2.7 -12.9% $910 $930 2.2%

Erie PA 3.2 3.4 6.2% $691 $701 1.4%

Harrisburg PA 2.6 3.1 19.2% $820 $831 1.3%

Lancaster PA 2.4 2.7 12.5% $899 $910 1.2%

Philadelphia PA 3.5 3.2 -8.6% $1,092 $1,123 2.8%

Source: Reis.com 25

MULTI-FAMILY


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Pittsburgh PA 3.1 3.0 -3.2% $888 $904 1.8%

Reading PA 4.2 3.4 -19.0% $937 $947 1.1%

Scranton/Wilkes-Barre PA 2.8 2.7 -3.6% $897 $925 3.1%

State College PA 1.2 1.8 50.0% $998 $1,009 1.1%

York PA 4.7 3.7 -21.3% $879 $886 0.8%

Providence RI 3.2 2.6 -18.8% $1,255 $1,282 2.2%

Charleston SC 4.7 5.0 6.4% $817 $860 5.3%

Columbia SC 7.0 6.2 -11.4% $747 $760 1.7%

Greenville SC 4.3 4.5 4.7% $679 $701 3.2%

Myrtle Beach SC 5.7 6.1 7.0% $754 $772 2.4%

Rapid City SD 5.3 3.9 -26.4% $762 $771 1.2%

Sioux Falls SD 3.2 2.8 -12.5% $731 $746 2.1%

Chattanooga TN 3.9 4.4 12.8% $671 $679 1.2%

Clarksville TN 13.3 9.5 -28.6% $722 $731 1.2%

Jackson TN 8.5 7.9 -7.1% $701 $702 0.1%

Johnson City TN 7.3 7.6 4.1% $618 $626 1.3%

Knoxville TN 5.7 4.4 -22.8% $621 $634 2.1%

Memphis TN 8.8 8.5 -3.4% $717 $731 2.0%

Nashville TN 4.3 4.0 -7.0% $809 $841 4.0%

Abilene TX 4.1 4.6 12.2% $650 $658 1.2%

Amarillo TX 6.1 7.9 29.5% $647 $673 4.0%

Austin TX 4.1 4.4 7.3% $948 $986 4.0%

Beaumont TX 5.7 5.4 -5.3% $767 $773 0.8%

Brownsville-Harlingen TX 5.6 4.7 -16.1% $619 $627 1.3%

College Station-Bryan TX 3.9 5.0 28.2% $747 $757 1.3%

Corpus Christi TX 3.1 3.3 6.5% $755 $782 3.6%

Dallas TX 5.2 4.7 -9.6% $879 $911 3.6%

El Paso TX 6.4 6.6 3.1% $711 $728 2.4%

Fort Worth TX 5.3 4.5 -15.1% $765 $789 3.1%

Houston TX 6.8 5.5 -19.1% $848 $879 3.7%

Killeen-Fort Hood TX 6.0 6.6 10.0% $670 $677 1.0%

Laredo TX 3.3 5.8 75.8% $747 $759 1.6%

Longview TX 5.4 5.9 9.3% $673 $670 -0.4%

Lubbock TX 6.3 6.3 0.0% $708 $721 1.8%

McAllen TX 3.1 2.5 -19.4% $671 $684 1.9%

Odessa-Midland TX 2.7 3.9 44.4% $1,032 $1,079 4.6%

San Angelo TX 2.4 2.7 12.5% $606 $617 1.8%

San Antonio TX 5.6 5.6 0.0% $764 $791 3.5%

Sherman-Denison TX 5.2 6.9 32.7% $614 $626 2.0%

Tyler TX 4.8 5.3 10.4% $761 $779 2.4%

Victoria TX 7.3 6.9 -5.5% $710 $729 2.7%

Waco TX 3.8 4.1 7.9% $655 $671 2.4%

Wichita Falls TX 8.1 8.8 8.6% $639 $645 0.9%

Provo-Orem UT 3.5 5.1 45.7% $796 $812 2.0%

Salt Lake City UT 3.9 3.5 -10.3% $794 $814 2.5%

Blacksburg VA 3.1 2.9 -6.5% $894 $907 1.5%

Charlottesville VA 5.4 5.2 -3.7% $1,000 $1,036 3.6%

Lynchburg VA 4.9 3.0 -38.8% $709 $713 0.6%

Norfolk/Hampton Roads VA 4.3 4.4 2.3% $925 $938 1.4%

Richmond VA 5.1 4.5 -11.8% $828 $849 2.5%

Roanoke VA 4.1 3.5 -14.6% $700 $711 1.6%

Suburban Virginia VA 3.4 4.1 20.6% $1,581 $1,613 2.0%

Source: Reis.com 26

MULTI-FAMILY


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Bellingham WA 2.1 2.2 4.8% $783 $800 2.2%

Bremerton-Silverdale WA 6.5 5.2 -20.0% $909 $931 2.4%

Kennewick-Richland-Pasco WA 3.3 4.0 21.2% $805 $815 1.2%

Olympia WA 3.5 2.8 -20.0% $869 $890 2.4%

Seattle WA 4.0 4.1 2.5% $1,141 $1,209 6.0%

Spokane WA 3.6 2.8 -22.2% $679 $688 1.3%

Tacoma WA 4.3 3.8 -11.6% $802 $823 2.6%

Appleton-Oshkosh WI 1.9 2.5 31.6% $660 $671 1.7%

Green Bay WI 4.0 3.2 -20.0% $642 $658 2.5%

Janesville WI 8.0 5.8 -27.5% $667 $674 1.0%

La Crosse WI 3.2 2.9 -9.4% $665 $689 3.6%

Madison WI 2.4 3.1 29.2% $869 $910 4.7%

Milwaukee WI 3.7 3.4 -8.1% $882 $894 1.4%

Charleston WV 5.5 5.4 -1.8% $747 $747 0.0%

Huntington WV 4.7 3.1 -34.0% $669 $677 1.2%

Source: Reis.com 27

INDUSTRIAL-WAREHOUSE


Source: Reis.com 28



Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

United States 11.9 11.5 -3.4% $4.72 $4.80 1.7%

Midwest Region 12.9 12.5 -3.1% $4.06 $4.12 1.5%


South Atlantic Region 13.0 12.6 -3.1% $4.43 $4.49 1.4%


West Region 10.7 10.3 -3.7% $5.51 $5.61 1.8%






14.4 13.6

12.6 11.3

10.5

0.0

5.0

10.0

15.0

20.0

2010 2011 2012 2013 2014

14.1

14.7

13.9

13.0

12.6

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

2010 2011 2012 2013 2014

12.5 12.7 11.9

10.7 10.3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2010 2011 2012 2013 2014

12.5 12.7

12.0

11.1

10.6

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

2010 2011 2012 2013 2014

14.7 14.8

14.0

12.9

12.5

11.0

12.0

13.0

14.0

15.0

2010 2011 2012 2013 2014

13.6 13.8 13.0

11.9 11.5

0.0

5.0

10.0

15.0

2010 2011 2012 2013 2014

Source: Reis.com 29



Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Phoenix AZ 16.5 16.9 2.4% $5.30 $5.40 1.9%

Los Angeles CA 7.7 7.2 -6.5% $6.08 $6.22 2.3%


Orange County CA 9.0 8.3 -7.8% $6.20 $6.27 1.1%

Sacramento CA 15.4 14.3 -7.1% $4.18 $4.25 1.7%

San Bernardino/Riverside CA 10.8 11.1 2.8% $4.25 $4.39 3.3%

San Diego CA 11.7 10.6 -9.4% $7.54 $7.59 0.7%

San Francisco CA 9.7 8.2 -15.5% $8.43 $8.52 1.1%

San Jose CA 13.4 13.9 3.7% $6.90 $6.92 0.3%

Denver CO 10.5 9.7 -7.6% $4.57 $4.67 2.2%

Fort Lauderdale FL 10.2 10.4 2.0% $6.09 $6.15 1.0%

Jacksonville FL 16.4 15.9 -3.0% $3.59 $3.62 0.8%

Miami FL 8.1 7.9 -2.5% $6.54 $6.62 1.2%

Orlando FL 15.2 14.9 -2.0% $4.48 $4.55 1.6%

Palm Beach FL 9.5 9.3 -2.1% $5.86 $5.90 0.7%


Atlanta GA 14.8 14.1 -4.7% $3.51 $3.62 3.1%

Chicago IL 14.7 14.0 -4.8% $4.41 $4.53 2.7%

Indianapolis IN 11.0 10.8 -1.8% $3.87 $3.88 0.3%

Boston MA 11.2 10.7 -4.5% $6.28 $6.33 0.8%

Baltimore MD 11.1 10.1 -9.0% $5.09 $5.16 1.4%


Detroit MI 14.0 13.2 -5.7% $3.76 $3.79 0.8%

Minneapolis MN 11.6 11.5 -0.9% $5.73 $5.76 0.5%

Kansas City MO 10.6 11.3 6.6% $2.96 $3.05 3.0%

St. Louis MO 13.5 13.1 -3.0% $3.70 $3.75 1.4%

Charlotte NC 11.4 11.2 -1.8% $4.04 $4.07 0.7%

Raleigh-Durham NC 15.2 15.4 1.3% $4.94 $4.96 0.4%



Long Island NY 12.1 12.1 0.0% $6.64 $6.73 1.4%

Cincinnati OH 11.5 11.7 1.7% $3.15 $3.17 0.6%

Cleveland OH 9.8 9.6 -2.0% $4.04 $4.10 1.5%

Columbus OH 13.9 13.8 -0.7% $3.35 $3.39 1.2%

Portland OR 14.3 14.0 -2.1% $5.44 $5.52 1.5%

Philadelphia PA 10.3 9.4 -8.7% $4.33 $4.42 2.1%

Pittsburgh PA 10.1 10.1 0.0% $4.34 $4.34 0.0%

Memphis TN 16.5 16.4 -0.6% $2.46 $2.52 2.4%

Nashville TN 16.9 16.5 -2.4% $3.44 $3.47 0.9%

Austin TX 11.8 12.3 4.2% $6.50 $6.55 0.8%

Dallas TX 13.4 12.6 -6.0% $3.98 $4.08 2.5%

Fort Worth TX 12.6 10.8 -14.3% $3.79 $3.88 2.4%

Houston TX 8.9 8.5 -4.5% $4.59 $4.77 3.9%

San Antonio TX 7.0 5.7 -18.6% $4.72 $4.80 1.7%

Richmond VA 12.8 13.6 6.2% $3.89 $3.86 -0.8%

Suburban Virginia VA 6.5 7.2 10.8% $8.50 $8.53 0.4%

Seattle WA 9.6 8.7 -9.4% $6.48 $6.57 1.4%

Source: Reis.com 30

INDUSTRIAL-FLEX

INDUSTRIAL-FLEX

Source: Reis.com 31

INDUSTRIAL-FLEX


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

United States 17.0 16.8 -1.2% $28.66 $29.28 0.7%

Midwest Region 19.6 19.6 0.0% $22.34 $22.53 0.4%


South Atlantic Region 16.9 16.9 0.0% $26.47 $26.72 0.3%


West Region 17.7 17.1 -3.4% $27.99 $28.71 0.5%






13.4 13.9 12.8

11.7

10.4

0.0

5.0

10.0

15.0

2010 2011 2012 2013 2014

14.0

15.2

14.7

13.8

13.5

12.5

13.0

13.5

14.0

14.5

15.0

15.5

2010 2011 2012 2013 2014

14.5 14.8

13.9

13.1

12.4

11.0

12.0

13.0

14.0

15.0

2010 2011 2012 2013 2014

14.6 15.9

14.6 13.4 12.7

0.0

5.0

10.0

15.0

20.0

2010 2011 2012 2013 2014

18.5

19.1

18.5

17.2 17.0

15.516.016.517.017.518.018.519.019.5

2010 2011 2012 2013 2014

15.0

15.8

15.0

13.9

13.4

12.0

13.0

14.0

15.0

16.0

2010 2011 2012 2013 2014

Source: Reis.com 32

INDUSTRIAL-FLEX


Vacancy Q1 2014


Q1 2013 Asking Rent

Q1 2014 % Change

Phoenix AZ 22.8 20.9 -8.3% $10.02 $10.16 1.4%

Los Angeles CA 5.2 4.9 -5.8% $11.04 $11.14 0.9%


Orange County CA 6.3 5.6 -11.1% $10.09 $10.21 1.2%

Sacramento CA 21.3 20.8 -2.3% $8.03 $8.06 0.4%


San Diego CA 15.5 14.1 -9.0% $11.56 $11.73 1.5%

San Francisco CA 9.5 6.3 -33.7% $13.84 $14.06 1.6%

San Jose CA 17.2 17.3 0.6% $13.73 $13.85 0.9%

Denver CO 13.4 12.9 -3.7% $7.52 $7.59 0.9%


Jacksonville FL 11.2 11.3 0.9% $7.46 $7.46 0.0%

Miami FL 7.5 6.5 -13.3% $10.45 $10.52 0.7%

Orlando FL 11.4 10.9 -4.4% $7.27 $7.35 1.1%

Palm Beach FL 17.1 17.5 2.3% $9.79 $9.83 0.4%


Atlanta GA 18.7 18.7 0.0% $5.93 $5.97 0.7%

Chicago IL 16.8 17.4 3.6% $7.57 $7.59 0.3%

Indianapolis IN 19.3 19.1 -1.0% $6.72 $6.73 0.1%

Boston MA 15.9 14.4 -9.4% $12.00 $12.11 0.9%

Baltimore MD 15.3 14.9 -2.6% $8.94 $9.00 0.7%


Detroit MI 19.2 18.3 -4.7% $6.44 $6.52 1.2%

Minneapolis MN 15.3 14.8 -3.3% $7.74 $7.78 0.5%

Kansas City MO 16.3 18.0 10.4% $6.74 $6.74 0.0%

St. Louis MO 17.9 14.6 -18.4% $6.97 $7.09 1.7%

Charlotte NC 19.8 17.5 -11.6% $7.23 $7.32 1.2%

Raleigh-Durham NC 9.8 8.8 -10.2% $9.89 $9.98 0.9%

Central New Jersey NJ 10.3 10.3 0.0% $8.65 $8.69 0.5%


Long Island NY 12.5 12.3 -1.6% $9.07 $9.16 1.0%

Cincinnati OH 14.6 15.1 3.4% $5.97 $6.00 0.5%

Cleveland OH 17.4 17.0 -2.3% $7.10 $7.14 0.6%

Columbus OH 20.3 21.6 6.4% $5.01 $5.03 0.4%

Portland OR 8.2 8.7 6.1% $8.79 $8.83 0.5%

Philadelphia PA 11.2 11.1 -0.9% $7.07 $7.13 0.8%

Pittsburgh PA 18.9 20.9 10.6% $7.74 $7.68 -0.8%

Memphis TN 15.2 14.6 -3.9% $5.45 $5.50 0.9%

Nashville TN 7.3 8.4 15.1% $7.29 $7.26 -0.4%

Austin TX 13.4 12.1 -9.7% $8.80 $8.91 1.2%

Dallas TX 12.0 10.6 -11.7% $6.41 $6.48 1.1%

Fort Worth TX 9.8 10.1 3.1% $6.67 $6.71 0.6%

Houston TX 11.9 9.7 -18.5% $6.81 $6.97 2.3%

San Antonio TX 9.5 8.8 -7.4% $7.79 $7.85 0.8%

Richmond VA 15.2 15.3 0.7% $7.44 $7.43 -0.1%

Suburban Virginia VA 15.0 14.8 -1.3% $11.66 $11.69 0.3%

Seattle WA 12.0 10.4 -13.3% $9.99 $10.13 1.4%

Source: Reis.com 33

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Documents

2014 Q1 Market Update