CoStar Office Report...Georgetown/Uptown Market Greater Fairfax County Market I-270 Corridor Market Leesburg/Route 7 Corridor Market Manassas/Route 29/I-66 Market N Prince Georges

Washington, D.C. Retail MarketF I R S T Q U A R T E R 2 0 1 0

The CoStarRetail Report

Washington, D.C. Retail Market

©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT A

FIRST QUARTER 2010 – WASHINGTON, D.C.

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A

Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B

Terms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C

Market Highlights & Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Construction Activity MapInventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

Figures at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Figures at a Glance by Building Type & MarketFigures at a Glance by Building Type & SubmarketHistorical Figures at a Glance

Leasing Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Leasing Activity MapLeasing Activity AnalysisSelect Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Sales Activity AnalysisSelect Top Sales TransactionsSelect Same Building SalesSelect Land Sales

Analysis of Individual CoStar Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Alexandria/I-395 Area MarketBethesda/Chevy Chase MarketCapitol Hill Area MarketDowntown DC MarketDulles Corridor MarketE Prince Georges County MarketEast Falls Church MarketFrederick MarketGeorgetown/Uptown MarketGreater Fairfax County MarketI-270 Corridor MarketLeesburg/Route 7 Corridor MarketManassas/Route 29/I-66 MarketN Prince Georges County MarketNortheast/Southeast MarketR-B Corridor MarketS Prince Georges County MarketSE Fairfax County MarketSE Montgomery County MarketWinchester County MarketWoodbridge/I-95 Corridor Market


B THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

WASHINGTON, D.C. – FIRST QUARTER 2010


©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT C


Methodology

The CoStar Retail Report calculates Retail statistics using CoStar Group's base of existing, under construction and under renovation Retail buildings in each given metropolitan area. All Retail building types are included, including Community Center, Freestanding Retail, Neighborhood Center, Power Center, Regional Mall, Specialty Center and Unanchored Strip Center, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 69.1 billion square feet of coverage in 2.8 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates.

© Copyright 2010 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

CoStar Group, Inc.

2 Bethesda Metro Center • Bethesda, MD USA 20814 • (800) 204-5960 • www.costar.com • NASDAQ: CSGP

For information on subscribing to CoStar’s other products and services, please contact us at

1-877-7COSTAR, or visit our web site at www.costar.com


B THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.



©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT C


Terms & DefinitionsAnchor Tenant: A large national or regional retailer that serves as a primary draw for a shopping center; a store strategically located in a retail property in order to enhance, bring attention to, or increase traffic at the property. Sometimes called a “destination” tenant, usually these tenants lease at least 25,000 SF.

Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.

Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date.

Buyer: The individual, group, company, or entity that has pur-chased a commercial real estate asset.

Cap Rate: Short for capitalization rate. The Cap Rate is a calcula-tion that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).

Community Center: A shopping center development that has a total square footage between 100,000 – 350,000 SF. Generally will have 2-3 large anchored tenants, but not department store anchors. Community Center typically offers a wider range of apparel and other soft goods than the Neighborhood Center. Among the more common anchors are supermarkets and super drugstores. Community Center tenants sometime contain retail-ers selling such items as apparel, home improvement/furnishings, toys, electronics or sporting goods. The center is usually config-ured as a strip, in a straight line, or an “L” or “U” shape.

Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)

Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property.

Delivery Date: The date a building completes construction and receives a certificate of occupancy.

Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepre-neurial efforts.

Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.

Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.

Freestanding Retail: Single tenant building with a retail tenant. Examples include video stores, fast food restaurant, etc.

Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance.

General Retail: Typically are single tenant freestanding general-purpose commercial buildings with parking. Many single retail buildings fall into this use code, especially when they don’t meet any of the more detailed use code descriptions.

Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.

Landlord Rep: (Landlord Representative) In a typical lease trans-

action between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep.

Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.

Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.

Lifestyle Center: An upscale, specialty retail, main street concept shopping center. An open center, usually without anchors, about 300,000 SF GLA or larger, located near affluent neighborhoods, includes upscale retail, trendy restaurants and entertainment retail. Nicely landscaped with convenient parking located close to the stores.

Mall: The combined retail center types of Lifestyle Center, Regional Mall and Super Regional Mall.

Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundar-ies of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)

Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy).

Neighborhood Center: Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neigh-borhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet.

Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.

New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.

Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.

Outlet Center: Usually located in a rural or occasionally in a tour-ist location, an Outlet Center consists of manufacturer’s outlet stores selling their own brands at a discount. 50,000 – 500,000 SF. An Outlet Center does not have to be anchored. A strip con-figuration is most common, although some are enclosed malls and others can be arranged in a village cluster.

Owner: The company, entity, or individual that holds title on a given building or property.

Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.

Power Center: The center typically consists of several freestand-ing (unconnected) anchors and only a minimum amount of small specialty tenants. 250,000 – 600,000 SF. A Power Center is dom-inated by several large anchors, including discount department stores, off-price stores, warehouse clubs, or "category killers," i.e.,


D THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

WASHINGTON, D.C. – FIRST QUARTER 2010 FIRST QUARTER 2010 – WASHINGTON, D.C.


©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 1

stores that offer tremendous selection in a particular merchandise category at low prices.

Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date.

Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).

Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease.

RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)

Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of eco-nomic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)

Regional Mall: Provides shopping goods, general merchandise, apparel, and furniture, and home furnishings in full depth and variety. It is built around the full-line department store with a minimum GLA of 100,000 square feet, as the major drawing power. For even greater comparative shopping, two, three, or more department stores may be included. In theory a regional center has a GLA of 400,000 square feet, and may range from 300,000 to more than 1,000,000 square feet. Regional centers in excess of 750,000 square feet GLA with three or more depart-ment stores are considered Super Regional. (See also: Super Regional Mall).

Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.

Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hall-ways, main lobbies, bathrooms, and telephone closets.

Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.

Sales Price: The total dollar amount paid for a particular property at a particular point in time.

Sales Volume: The sum of sales prices for a given group of build-ings in a given time period.

Seller: The individual, group, company, or entity that sells a par-ticular commercial real estate asset.

SF: Abbreviation for Square Feet.

Shopping Center: The combined retail center types of Community Center, Neighborhood Center and Strip Center.

Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

Specialty Center: The combined retail center types of Airport Retail, Outlet Center and Theme/Festival Center.

Sports & Entertainment: A facility suited for recreational activi-ties, including: Amusement Facility, Aquatic Facility/Swimming Pool, Bowling Alley, Casino/Gaming Facility, Equestrian Center/Stable, Fitness, Court and Spa Facility, Golf Related, Racetrack, Skating Rink, Ski Resort, Sports Arena/Stadium, and Theatre/Performing Art Facility.

Strip Center: A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may con-nect the storefronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in

a straight line, or have an "L" or "U" shape.

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.

Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).

Super Regional Mall: Similar to a regional mall, but because of its larger size, a super regional mall has more anchors, a deeper selec-tion of merchandise, and draws from a larger population base. As with regional malls, the typical configuration is as an enclosed mall, frequently with multiple levels (See also: Regional Mall).

Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)

Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.

Theme/Festival Center: These centers typically employ a unify-ing theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise. Sometimes the biggest appeal of these centers is to tourists; they can be anchored by restaurants and entertainment facilities. These centers, generally located in urban areas, tend to be adapted from older, sometimes historic, buildings, and can be part of mixed-use projects. 80,000 – 250,000 SF.

Under Construction: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construc-tion and until it receives a certificate of occupancy.

Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.

Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not avail-able. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be con-sidered vacant space.

Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.

Year Built: The year in which a building completed construction and was issued a certificate of occupancy.

YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through what-ever time period is being studied.


D THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

WASHINGTON, D.C. – FIRST QUARTER 2010 FIRST QUARTER 2010 – WASHINGTON, D.C.



OVERVIEW

Washington’s Vacancy Remains at 5.4% Net Absorption Positive 467,773 SF in the Quarter

The Washington retail market did not experience much change in market conditions in the first quarter 2010. The vacancy rate remained constant over the quarter

at 5.4%. Net absorption was positive 467,773 square feet, and vacant sublease space decreased by 31,753 square feet. Quoted rental rates decreased from fourth quarter 2009 levels, ending at $23.85 per square foot per year. A total of 15 retail buildings with 570,029 square feet of retail space were delivered to the market during the quarter, with 2,075,470 square feet still under construction at the end of the quarter.

Net AbsorptionRetail net absorption was positive 467,773 square feet

absorbed during the quarter. In fourth quarter 2009, net absorp-tion was positive 601,002 square feet, while in third quarter 2009, absorption came in at negative (532,352) square feet. In second quarter 2009, positive 238,251 square feet was absorbed in the market.

Tenants moving out of large blocks of space in 2010 include: Walmart moving out of 116,085 square feet at Promenade at Manassas; Food Lion moving out of 44,715 square feet from Manaport Shopping Center and Loews Cineplex vacating 44,715 square feet at Westfields.

Tenants moving into large blocks of space in 2010 include: Martin’s moving into 38,738 square feet at Winchester Gateway A-1, 2, 3, 4, & 5; and HH Gregg moving into 35,944 square feet at The Crossroads Center and Ashley Furniture moving into 29,974 square feet at Dulles Town Crossing.

VacancyWashington’s retail vacancy rate changed in the first quarter

2010, ending the quarter at 5.4%. Over the past four quarters, has held virtually unchanged at 5.4%.

The amount of vacant sublease space in the Washington market has trended down over the past four quarters. At the end of the second quarter 2009, there was 592,921 square feet of vacant sublease space. Currently, there is 425,474 square feet vacant in the market.

Largest Lease SigningsThe largest lease signings occurring in 2010 included: the

35,683-square-foot-lease signed by Nordstrom Rack at 12179 Fair Lakes Promenade Dr; the 33,913-square-foot-deal signed by HH Gregg at Winchester Station; and the 32,652-square-foot-lease signed by My Beauty at 8511 Landover Rd.

Rental RatesAverage quoted asking rental rates in the Washington retail

market are down over previous quarter levels, and down from their levels four quarters ago. Quoted rents ended the first quar-ter 2010 at $23.85 per square foot per year. That compares to $23.87 per square foot in the fourth quarter 2009, and $25.08 per square foot at the end of the second quarter 2009. This rep-resents a 0.1% decrease in rental rates in the current quarter, and a 5.16% decrease from four quarters ago.

Inventory & ConstructionDuring the first quarter 2010, 15 buildings totaling 570,029

Vacancy Rates by Building Type 2006-2010

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 7 Quarters Past 7 Quarters

Source: CoStar Property• Source: CoStar Property•

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2 THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.


Washington, D.C. Retail MarketFIRST QUARTER 2010 – WASHINGTON, D.C.



OVERVIEW

square feet were completed in the Washington retail market. Over the past four quarters, a total of 2,217,983 square feet of retail space has been built in Washington. In addition to the current quarter, seven buildings with 668,345 square feet were completed in fourth quarter 2009, eight buildings totaling 283,319 square feet completed in third quarter 2009, and 696,290 square feet in 18 buildings completed in second quarter 2009.

There were 2,075,470 square feet of retail space under con-struction at the end of the first quarter 2010.

Some of the notable 2010 deliveries include: 1606 Village Market Blvd SE, a 95,958-square-foot facility that delivered in first quarter 2010 and is now 61% occupied, and 1601 Village Market Blvd, a 72,648-square-foot building that delivered in first quarter 2010 and is now 68% occupied.

Total retail inventory in the Washington market area amounted to 208,781,097 square feet in 13,121 buildings and 1253 centers as of the end of the first quarter 2010.

Shopping CenterThe Shopping Center market in Washington currently con-

sists of 1162 projects with 81,662,729 square feet of retail space in 2,205 buildings. In this report the Shopping Center market is comprised of all Community Center, Neighborhood Center, and Strip Centers.

After absorbing negative (218,761) square feet and deliv-ering no new space in the current quarter, the Shopping Center sector saw the vacancy rate increase from 7.6% at the end of the fourth quarter 2009 to 7.9% this quarter.

Over the past four quarters, the Shopping Center vacancy rate was 7.3% at the end of the second quarter 2009, 7.9% at the end of the third quarter 2009, 7.6% at the end of the fourth quarter 2009, and 7.9% at the end of the current quarter.

Rental rates ended the first quarter 2010 at $22.12 per square foot, up from the $21.96 at the end of fourth quarter 2009. However, they are down from the first quarter of 2010

when they measured $22.73 per square foot.Net absorption in the Shopping Center sector has totaled

(144,956) square feet over the past four quarters. In addition to the negative (218,761) square feet absorbed this quarter, positive 517,736 square feet was absorbed in the fourth quarter 2009, negative (408,162) square feet was absorbed in the third quarter 2009, and negative (35,769) square feet was absorbed in the sec-ond quarter 2009.

Power CentersThe Power Center average vacancy rate was 3.1% in the first

quarter 2010. With positive 166,947 square feet of net absorp-tion and no new deliveries, the vacancy rate went fell from 4.0% at the end of last quarter to 3.1% at the end of the first quarter.

In the fourth quarter 2009, Power Centers absorbed nega-tive (146,132) square feet, while delivering no new space. This resulted in the vacancy rate increasing from 3.2% to 4.0% over the course of the quarter. Rental started the quarter at $25.47 per square foot and ended the quarter at $24.86 per square foot.

A year ago, in first quarter 2009, the vacancy rate was 3.9%. Over the past four quarters, Power Centers have absorbed a cumulative 140,464 square feet of space while having not new space added to the market. Vacant sublease space has fallen from 60,630 square feet to 30,630 square feet over the time period, while rental rates have slipped from $25.07 to $24.52 per square foot.

At the end of the first quarter 2010, there were 13,238 square feet under construction in the Washington market. The total stock of Power Center space in Washington currently sits at 17,585,530 square feet in 36 centers comprised of 186 buildings.

A total of 13,238 square feet of space was under construc-tion at the end of the first quarter 2010.

General Retail PropertiesThe General Retail sector of the market, which includes

all freestanding retail buildings, except those contained within a center, reported a vacancy rate of 4.3% at the end of first quarter 2010. There was a total of 3,247,645 square feet vacant at that time. The General Retail sector in Washington currently has an average rental rate of $25.73 per square foot per year. There was 160,442 square feet of space under construction, with 85,037 square feet delivering during the first quarter. In all, there are a total of 10,480 buildings with 75,410,090 square feet of General Retail space in Washington.

Specialty CentersThere are currently 11 Specialty Centers in the Washington

market, making up 1,590,633 square feet of retail space. In this report the Specialty Center market is comprised of Outlet Center, Airport Retail and Theme/Festival Centers.

Specialty Centers in the Washington market absorbed nega-tive (3,398) square feet during the first 2010. The vacancy rate





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OVERVIEW

currently stood at 1.6%, and rental rates average $35.00 per square foot.

MallsMalls recorded net absorption of positive 322,931 square feet

in the first quarter 2010. Despite positive demand, the 484,992 square feet that delivered in the quarter caused the vacancy rate to increase from 2.9% a quarter ago to 3.4%. Rental rates rose from $25.28 per square foot to $27.52 per square foot during that time. In this report the Mall market is comprised of 44 Lifestyle Center, Regional Mall and Super Regional Malls.

Sales ActivityTallying retail building sales of 15,000 square feet or larger,

Washington retail sales figures fell during the fourth quarter 2009 in terms of dollar volume compared to the third quarter of 2009.

In the fourth quarter, five retail transactions closed with a total volume of $26,670,000. The five buildings totaled 253,345 square feet with the average price equaling $105.27 per square foot. That compares to nine transactions totaling $73,669,605 in the third quarter 2009. The total square footage in the third quarter was 608,711 square feet for an average price per square foot of $121.03.

Total retail center sales activity in 2009 was down compared to 2008. In the twelve months of 2009, the market saw 26 retail sales transactions with a total volume of $237,293,605. The price per square foot averaged $132.40. In the same twelve months of 2008, the market posted 49 transactions with a total volume of $330,640,130. The price per square foot averaged $116.90.

Cap rates have been higher in 2009, averaging 7.82% com-pared to the same period in 2008 when they averaged 7.44%.

One of the largest transactions that occurred within the last four quarters in the Washington market is the sale of 270 Center in Gaithersburg. This 232,717-square-foot retail center sold for $65,000,000, or $279.31 per square foot. The property sold on 4/6/2009, at a 7.56% cap rate.

Reports compiled by: Robert Hartley CoStar Senior Research Manager.





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CoStar Markets & Submarkets

In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are then divided into Markets, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

MARKETS

Markets Submarkets

Alexandria/I-395 Area Crystal City Eisenhower Ave Corridor I-395 Corridor Old Town AlexandriaPentagon City

Bethesda/Chevy Chase Bethesda/Chevy Chase

Capitol Hill Area Capitol Hill Southwest Capitol Riverfront NoMa

Downtown DC CBD East End West End

Dulles Corridor Great Falls Herndon Reston Route 28 Corridor NorthRoute 28 Corridor South

E Prince Georges County Bowie Greater Upper Marlboro

East Falls Church N Arlington/E FallsChurch

Frederick Frederick

Georgetown/Uptown Georgetown Uptown

Greater Fairfax County Annandale Fairfax Center Fairfax City Falls ChurchMcLean Merrifield Oakton Tysons CornerVienna

I-270 Corridor Gaithersburg Germantown I-270 Corridor North North Bethesda/PotomacNorth Rockville Rockville

Leesburg/Route 7 Corridor Leesburg/West Loudoun Route 7 Corridor

Manassas/Route 29/I-66 Manassas Route 29/I-66 Corridor

N Prince Georges County Beltsville/Calverton College Park Greenbelt Landover/Largo/Captl HtsLanham Laurel

Northeast/Southeast Northeast Southeast

R-B Corridor Ballston Clarendon/Courthouse Rosslyn Virginia Square

S Prince Georges County Branch Avenue Corridor Pennsylvania Ave Corridor NatHbr/OxnHill/FtWash

SE Fairfax County Huntington/Mt Vernon Springfield/Burke

SE Montgomery County Kensington/Wheaton North Silver Spring/Rt 29 Silver Spring

Woodbridge/I-95 Corridor Woodbridge/I-95 Corridor

Winchester County Winchester County






Construction Highlights in Select CoStar MarketsColor Coded by Under Construction Square Footage as a Percentage of Existing Inventory

INVENTORY & DEVELOPMENT

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Historical Deliveries 1982 - 2010

Source: CoStar Property® * Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction Square Footage

# Bldgs Preleased SF Preleased % All Existing U/C

E Prince Georges County 1 445,001 65.0% 28,589 684,617

I-270 Corridor 4 402,700 84.6% 26,219 119,000

Alexandria/I-395 Area 2 437,871 93.2% 16,836 234,916

Frederick 2 76,506 62.5% 14,900 61,182

N Prince Georges County 3 77,685 84.7% 14,086 30,559

Dulles Corridor 3 40,850 52.2% 26,750 26,085

Leesburg/Route 7 Corridor 2 37,837 82.3% 15,770 22,982

SE Montgomery County 3 13,947 34.3% 16,617 13,571

Bethesda/Chevy Chase 1 31,000 100.0% 13,951 31,000

Greater Fairfax County 1 17,706 100.0% 22,292 17,706

All Other 3 13,664 78.8% 12,213 5,780

Totals 25 1,594,767 76.8% 15,912 83,019


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2006 Preleased & Un-Leased SF in Properties Scheduled to Deliver

Source: CoStar Property® Source: CoStar Property®

40,712

31,000

17,706

Market

Under Construction Inventory Average Bldg Size

Total GLA

17,341

684,617

2,075,470

476,000

469,833

122,365

91,676

78,256

45,964

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4.3

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1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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Deliveries Average Delivered SF

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Recent Deliveries by Project Size of Year-to-Date DevelopmentBuilding Size # Bldgs GLA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 7 63,841 39,729 62.2% $34.34 0 63,841

50,000 SF - 99,999 SF 8 506,188 351,763 69.5% $0.00 0 506,188

100,000 SF - 249,999 SF 0 0 0 0.0% $0.00 0 0

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 0 0 0 0.0% $0.00 0 0


Recent Development by Tenancy Existing Inventory ComparisonBased on GLA Developed for Single & Multi Tenant Use Based on Total GLA

2010 Deliveries


Currently Under Construction

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General Retail Market Statistics First Quarter 2010

YTD Net YTD Under Quoted

Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Alexandria/I-395 Area 640 4,706,167 157,883 160,883 3.4% (10,793) 0 0 $31.21

Bethesda/Chevy Chase 276 2,697,454 53,423 57,023 2.1% 1,870 9,600 31,000 $31.65

Capitol Hill Area 621 2,691,124 116,816 117,216 4.4% (18,335) 0 0 $33.39

Downtown DC 266 1,840,922 151,701 153,501 8.3% (5,803) 0 0 $47.59

Dulles Corridor 362 4,495,550 41,696 41,696 0.9% 20,702 0 10,000 $30.89

E Prince Georges County 141 1,396,183 32,085 32,785 2.3% 4,493 0 0 $18.53

East Falls Church 110 875,498 8,748 11,548 1.3% 8,080 0 0 $37.38

Frederick 600 4,538,096 366,911 369,111 8.1% (1,657) 0 0 $13.61

Georgetown/Uptown 1,701 8,056,686 368,140 368,324 4.6% 6,030 0 17,341 $43.26

Greater Fairfax County 762 7,235,875 204,539 280,578 3.9% 29,910 0 17,706 $23.79

I-270 Corridor 527 4,971,285 229,086 251,682 5.1% 41,496 59,090 20,000 $22.07

Leesburg/Route 7 Corridor 297 1,672,177 105,063 109,313 6.5% 10,742 0 14,707 $21.59

Manassas/Route 29/I-66 409 3,672,499 180,010 180,010 4.9% 32,242 0 0 $20.02

N Prince Georges County 1,061 6,164,323 237,316 237,316 3.8% (5,134) 4,347 8,976 $18.08

Northeast/Southeast 772 2,928,913 145,365 147,309 5.0% 8,352 12,000 0 $21.37

R-B Corridor 108 1,372,266 43,023 43,023 3.1% (9,851) 0 0 $30.13

S Prince Georges County 478 3,465,212 235,595 235,595 6.8% 39,272 0 0 $19.87

SE Fairfax County 210 2,266,778 56,482 56,482 2.5% 41,291 0 0 $25.06

SE Montgomery County 639 5,430,543 141,041 141,041 2.6% 8,757 0 40,712 $22.90

Winchester County 222 2,166,830 192,658 192,658 8.9% (6,464) 0 0 $11.04

Woodbridge/I-95 Corridor 278 2,765,709 53,603 60,551 2.2% 4,854 0 0 $27.05

Totals 10,480 75,410,090 3,121,184 3,247,645 4.3% 200,054 85,037 160,442 $25.73


Mall Market Statistics First Quarter 2010


Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Alexandria/I-395 Area 2 1,874,245 22,345 22,345 1.2% 0 0 0 $0.00

Bethesda/Chevy Chase 1 332,764 2,028 2,028 0.6% 0 0 0 $0.00

Capitol Hill Area 0 0 0 0 0.0% 0 0 0 $0.00

Downtown DC 0 0 0 0 0.0% 0 0 0 $0.00

Dulles Corridor 3 2,144,396 10,558 14,004 0.7% 0 0 0 $0.00

E Prince Georges County 1 935,693 0 0 0.0% 0 0 684,617 $0.00

East Falls Church 0 0 0 0 0.0% 0 0 0 $0.00

Frederick 2 911,260 21,703 21,703 2.4% (5,779) 0 0 $0.00

Georgetown/Uptown 2 1,060,454 232,450 232,450 21.9% 13,346 0 0 $53.03

Greater Fairfax County 5 5,681,509 52,671 55,920 1.0% 2,481 0 0 $43.17

I-270 Corridor 7 4,701,335 81,388 123,783 2.6% (33,167) 0 230,000 $18.96

Leesburg/Route 7 Corridor 2 844,398 193,295 193,295 22.9% 315,953 484,992 0 $39.51

Manassas/Route 29/I-66 1 824,893 0 0 0.0% 0 0 0 $0.00

N Prince Georges County 5 3,354,835 302,789 302,789 9.0% 15,430 0 0 $12.50

Northeast/Southeast 0 0 0 0 0.0% 0 0 0 $0.00

R-B Corridor 2 948,730 12,000 12,000 1.3% 0 0 0 $16.00



SE Montgomery County 2 3,122,637 4,503 4,503 0.1% (22) 0 0 $25.18

Winchester County 1 442,822 0 0 0.0% 0 0 0 $0.00

Woodbridge/I-95 Corridor 2 1,934,330 0 9,783 0.5% 0 0 0 $11.62

Totals 44 32,532,115 1,036,756 1,095,629 3.4% 322,931 484,992 914,617 $27.52


Existing Inventory Vacancy


FIGURES AT A GLANCE






Power Center Market Statistics First Quarter 2010



Alexandria/I-395 Area 5 2,323,956 11,925 11,925 0.5% 69,856 0 13,238 $33.18

Bethesda/Chevy Chase 0 0 0 0 0.0% 0 0 0 $0.00

Capitol Hill Area 0 0 0 0 0.0% 0 0 0 $0.00

Downtown DC 0 0 0 0 0.0% 0 0 0 $0.00

Dulles Corridor 5 2,507,864 87,406 118,036 4.7% 79,406 0 0 $23.68

E Prince Georges County 3 1,502,989 22,245 22,245 1.5% 0 0 0 $27.16


Frederick 1 462,860 2,136 2,136 0.5% 0 0 0 $35.00

Georgetown/Uptown 0 0 0 0 0.0% 0 0 0 $0.00

Greater Fairfax County 2 1,186,459 0 0 0.0% 0 0 0 $30.00

I-270 Corridor 3 2,228,865 0 0 0.0% 0 0 0 $27.50

Leesburg/Route 7 Corridor 2 714,921 5,062 5,062 0.7% 800 0 0 $22.00

Manassas/Route 29/I-66 6 3,178,249 327,115 327,115 10.3% 22,269 0 0 $21.53

N Prince Georges County 3 925,243 5,000 5,000 0.5% 0 0 0 $25.00


R-B Corridor 0 0 0 0 0.0% 0 0 0 $0.00

S Prince Georges County 1 540,000 5,900 5,900 1.1% (5,900) 0 0 $30.00

SE Fairfax County 1 566,000 18,300 18,300 3.2% 0 0 0 $0.00

SE Montgomery County 1 402,912 0 0 0.0% 0 0 0 $0.00

Winchester County 1 418,649 4,000 4,000 1.0% 0 0 0 $18.00

Woodbridge/I-95 Corridor 2 626,563 18,427 18,427 2.9% 516 0 0 $19.99

Totals 36 17,585,530 507,516 538,146 3.1% 166,947 0 13,238 $24.52


Shopping Center Market Statistics First Quarter 2010



Alexandria/I-395 Area 40 3,090,317 134,461 137,661 4.5% (7,826) 0 456,595 $35.10

Bethesda/Chevy Chase 13 1,155,005 42,886 42,886 3.7% 1,491 0 0 $34.93

Capitol Hill Area 8 427,760 11,250 11,250 2.6% 750 0 0 $0.00

Downtown DC 3 286,801 8,400 8,400 2.9% 0 0 0 $50.00

Dulles Corridor 88 7,866,755 613,358 615,358 7.8% (90,766) 0 68,256 $27.95

E Prince Georges County 25 2,629,215 327,476 327,476 12.5% 24,756 0 0 $19.32

East Falls Church 18 415,534 16,700 16,700 4.0% (683) 0 0 $31.91

Frederick 60 5,024,297 300,970 309,649 6.2% (16,039) 0 122,365 $17.49

Georgetown/Uptown 30 847,609 61,775 61,775 7.3% 1,427 0 0 $28.60

Greater Fairfax County 124 8,611,404 603,106 693,750 8.1% (45,083) 0 0 $29.23

I-270 Corridor 127 9,740,272 795,396 819,371 8.4% 14,202 0 226,000 $27.46

Leesburg/Route 7 Corridor 39 3,207,637 287,743 327,306 10.2% (11,637) 0 31,257 $21.95

Manassas/Route 29/I-66 57 3,941,141 314,384 318,650 8.1% 32,309 0 0 $22.92

N Prince Georges County 156 9,021,885 759,679 794,952 8.8% 1,515 0 82,700 $18.73

Northeast/Southeast 36 2,006,096 90,710 90,710 4.5% (44,370) 0 0 $21.54

R-B Corridor 8 222,087 2,001 2,001 0.9% 0 0 0 $0.00


SE Fairfax County 73 6,130,559 306,752 307,402 5.0% (43,133) 0 0 $27.03

SE Montgomery County 88 4,603,487 219,716 219,716 4.8% (41,247) 0 0 $27.43


Woodbridge/I-95 Corridor 58 6,002,574 693,622 693,622 11.6% (13,837) 0 0 $16.65

Totals 1,162 81,662,729 6,243,782 6,452,032 7.9% (218,761) 0 987,173 $22.12




FIGURES AT A GLANCE






Specialty Center Market Statistics First Quarter 2010



Alexandria/I-395 Area 2 245,200 0 0 0.0% 0 0 0 $0.00

Bethesda/Chevy Chase 0 0 0 0 0.0% 0 0 0 $0.00

Capitol Hill Area 1 40,100 0 0 0.0% 0 0 0 $0.00

Downtown DC 1 101,140 0 0 0.0% 0 0 0 $0.00

Dulles Corridor 1 52,000 0 0 0.0% 0 0 0 $0.00

E Prince Georges County 1 139,889 0 0 0.0% 0 0 0 $0.00


Frederick 0 0 0 0 0.0% 0 0 0 $0.00

Georgetown/Uptown 2 414,644 22,771 24,031 5.8% (3,373) 0 0 $35.00

Greater Fairfax County 0 0 0 0 0.0% 0 0 0 $0.00

I-270 Corridor 1 94,000 725 725 0.8% (25) 0 0 $0.00

Leesburg/Route 7 Corridor 1 483,700 0 0 0.0% 0 0 0 $0.00

Manassas/Route 29/I-66 1 19,960 0 0 0.0% 0 0 0 $0.00

N Prince Georges County 0 0 0 0 0.0% 0 0 0 $0.00


R-B Corridor 0 0 0 0 0.0% 0 0 0 $0.00

S Prince Georges County 0 0 0 0 0.0% 0 0 0 $0.00

SE Fairfax County 0 0 0 0 0.0% 0 0 0 $0.00

SE Montgomery County 0 0 0 0 0.0% 0 0 0 $0.00

Winchester County 0 0 0 0 0.0% 0 0 0 $0.00

Woodbridge/I-95 Corridor 0 0 0 0 0.0% 0 0 0 $0.00

Totals 11 1,590,633 23,496 24,756 1.6% (3,398) 0 0 $35.00


Total Retail Market Statistics First Quarter 2010



Alexandria/I-395 Area 727 12,239,885 326,614 332,814 2.7% 51,237 0 469,833 $32.49

Bethesda/Chevy Chase 300 4,185,223 98,337 101,937 2.4% 3,361 9,600 31,000 $32.30

Capitol Hill Area 630 3,158,984 128,066 128,466 4.1% (17,585) 0 0 $33.39

Downtown DC 270 2,228,863 160,101 161,901 7.3% (5,803) 0 0 $47.76

Dulles Corridor 638 17,066,565 753,018 789,094 4.6% 9,342 0 78,256 $26.75

E Prince Georges County 231 6,603,969 381,806 382,506 5.8% 29,249 0 684,617 $20.26

East Falls Church 131 1,291,032 25,448 28,248 2.2% 7,397 0 0 $34.19

Frederick 734 10,936,513 691,720 702,599 6.4% (23,475) 0 122,365 $16.01

Georgetown/Uptown 1,753 10,379,393 685,136 686,580 6.6% 17,430 0 17,341 $44.63

Greater Fairfax County 1,019 22,715,247 860,316 1,030,248 4.5% (12,692) 0 17,706 $27.89

I-270 Corridor 829 21,735,757 1,106,595 1,195,561 5.5% 22,506 59,090 476,000 $25.08

Leesburg/Route 7 Corridor 439 6,922,833 591,163 634,976 9.2% 315,858 484,992 45,964 $23.55

Manassas/Route 29/I-66 578 11,636,742 821,509 825,775 7.1% 86,820 0 0 $22.08

N Prince Georges County 1,382 19,466,286 1,304,784 1,340,057 6.9% 11,811 4,347 91,676 $17.70

Northeast/Southeast 817 4,935,009 236,075 238,019 4.8% (36,018) 12,000 0 $21.47

R-B Corridor 121 2,543,083 57,024 57,024 2.2% (9,851) 0 0 $22.52



SE Montgomery County 816 13,559,579 365,260 365,260 2.7% (32,512) 0 40,712 $25.27


Woodbridge/I-95 Corridor 435 11,329,176 765,652 782,383 6.9% (8,467) 0 0 $18.42

Totals 13,121 208,781,097 10,932,734 11,358,208 5.4% 467,773 570,029 2,075,470 $23.85




FIGURES AT A GLANCE






FIGURES AT A GLANCE

General Retail Submarket Statistics First Quarter 2010



Annandale 52 500,478 5,947 5,947 1.2% 500 0 0 $26.40

Ballston 20 767,923 5,800 5,800 0.8% (2,200) 0 0 $38.76

Beltsville/Calvert 67 418,809 79,273 79,273 18.9% 0 0 0 $12.84

Bethesda/Chevy 276 2,697,454 53,423 57,023 2.1% 1,870 9,600 31,000 $31.65

Bowie 96 970,265 9,940 10,640 1.1% 4,493 0 0 $15.17

Branch Avenue C 182 1,855,028 160,629 160,629 8.7% 22,572 0 0 $19.28

Capitol Hill 532 1,957,065 86,576 86,576 4.4% (15,758) 0 0 $32.56

Capitol Riverfron 35 451,356 0 0 0.0% 0 0 0 $37.62

CBD 59 278,559 20,445 20,845 7.5% (11,000) 0 0 $49.57

Clarendon/Court 55 319,022 30,977 30,977 9.7% (9,100) 0 0 $11.00

College Park 488 2,804,677 105,548 105,548 3.8% 1,112 4,347 8,976 $27.43

Crystal City 33 117,753 4,530 4,530 3.8% 0 0 0 $32.46

East End 191 1,250,297 129,436 130,836 10.5% 5,197 0 0 $45.42

Eisenhower Ave 19 518,493 29,550 29,550 5.7% 0 0 0 $37.55

Fairfax Center 15 208,146 4,945 4,945 2.4% 748 0 0 $0.00

Fairfax City 184 1,662,676 39,664 39,664 2.4% (11,975) 0 0 $28.20

Falls Church 197 1,929,625 52,715 52,715 2.7% 3,348 0 0 $24.76

Frederick 600 4,538,096 366,911 369,111 8.1% (1,657) 0 0 $13.61

Gaithersburg 207 1,693,965 74,745 74,745 4.4% (2,820) 0 0 $19.81

Georgetown 325 1,372,655 62,891 62,891 4.6% (7,838) 0 0 $56.35

Germantown 64 467,962 9,837 9,837 2.1% 0 0 20,000 $25.24

Great Falls 28 146,850 4,200 4,200 2.9% 800 0 0 $0.00

Greater Upper M 45 425,918 22,145 22,145 5.2% 0 0 0 $57.69

Greenbelt 17 150,307 0 0 0.0% 0 0 0 $0.00

Herndon 80 463,767 13,783 13,783 3.0% 17,707 0 0 $33.90

Huntington/Mt V 99 962,428 19,307 19,307 2.0% 33,727 0 0 $19.21

I-270 Corridor N 16 110,804 18,301 25,897 23.4% 5,635 4,135 0 $17.04

I-395 Corridor 163 2,250,821 60,411 60,411 2.7% (14,402) 0 0 $26.45

Kensington/Whe 239 1,648,274 83,404 83,404 5.1% (15,618) 0 0 $22.67

Landover/Largo/ 223 1,313,047 15,389 15,389 1.2% (11,000) 0 0 $11.57

Lanham 81 432,181 3,000 3,000 0.7% 3,900 0 0 $28.98

Laurel 185 1,045,302 34,106 34,106 3.3% 854 0 0 $10.73

Leesburg/West L 274 1,481,578 68,343 72,593 4.9% 10,742 0 14,707 $21.60








FIGURES AT A GLANCE

General Retail Submarket Statistics First Quarter 2010



Manassas 285 2,226,136 137,771 137,771 6.2% 522 0 0 $18.97

McLean 47 289,725 6,800 6,800 2.3% 0 0 0 $44.34

Merrifield 77 658,871 19,041 19,041 2.9% 0 0 0 $16.75

N Arlington/E Fa 110 875,498 8,748 11,548 1.3% 8,080 0 0 $37.38

NatHbr/OxnHill/ 123 758,324 24,697 24,697 3.3% 12,100 0 0 $37.64

NoMa 53 276,213 30,240 30,640 11.1% (2,577) 0 0 $33.25

North Bethesda/ 38 396,013 9,380 9,380 2.4% (7,700) 0 0 $24.00

North Rockville 73 902,563 37,960 37,960 4.2% 5,751 0 0 $24.10

North Silver Sprin 116 935,773 4,190 4,190 0.4% 11,040 0 40,712 $26.06

Northeast 508 1,977,410 72,592 74,536 3.8% 5,798 0 0 $19.60

Oakton 5 60,299 0 0 0.0% 0 0 0 $0.00

Old Town Alexa 425 1,819,100 63,392 66,392 3.6% 3,609 0 0 $33.44

Pennsylvania Av 173 851,860 50,269 50,269 5.9% 4,600 0 0 $16.78

Pentagon City 0 0 0 0 0.0% 0 0 0 $0.00

Reston 50 545,930 8,125 8,125 1.5% 4,995 0 0 $24.99

Rockville 129 1,399,978 78,863 93,863 6.7% 40,630 54,955 0 $23.17

Rosslyn 6 90,887 0 0 0.0% 0 0 0 $0.00

Route 28 Corrido 108 2,154,838 12,288 12,288 0.6% 500 0 10,000 $27.18

Route 28 Corrido 96 1,184,165 3,300 3,300 0.3% (3,300) 0 0 $35.00

Route 29/I-66 C 124 1,446,363 42,239 42,239 2.9% 31,720 0 0 $22.54

Route 7 Corridor 23 190,599 36,720 36,720 19.3% 0 0 0 $21.55

Silver Spring 284 2,846,496 53,447 53,447 1.9% 13,335 0 0 $21.74

Southeast 264 951,503 72,773 72,773 7.6% 2,554 12,000 0 $25.00

Southwest 1 6,490 0 0 0.0% 0 0 0 $0.00

Springfield/Burke 111 1,304,350 37,175 37,175 2.9% 7,564 0 0 $40.15

Tysons Corner 89 1,374,004 52,009 128,048 9.3% 35,428 0 0 $15.98

Uptown 1,376 6,684,031 305,249 305,433 4.6% 13,868 0 17,341 $40.60

Vienna 96 552,051 23,418 23,418 4.2% 1,861 0 17,706 $26.59

Virginia Square 27 194,434 6,246 6,246 3.2% 1,449 0 0 $35.00

West End 16 312,066 1,820 1,820 0.6% 0 0 0 $49.56

Winchester Coun 222 2,166,830 192,658 192,658 8.9% (6,464) 0 0 $11.04

Woodbridge/I-9 278 2,765,709 53,603 60,551 2.2% 4,854 0 0 $27.05

Totals 10,480 75,410,090 3,121,184 3,247,645 4.3% 200,054 85,037 160,442 $25.73 Source: CoStar Property®







FIGURES AT A GLANCE

Mall Submarket Statistics First Quarter 2010



Annandale 0 0 0 0 0.0% 0 0 0 $0.00

Ballston 1 578,000 12,000 12,000 2.1% 0 0 0 $16.00

Beltsville/Calvert 0 0 0 0 0.0% 0 0 0 $0.00

Bethesda/Chevy 1 332,764 2,028 2,028 0.6% 0 0 0 $0.00

Bowie 1 935,693 0 0 0.0% 0 0 684,617 $0.00

Branch Avenue C 2 1,312,769 50,506 50,506 3.8% 14,600 0 0 $32.08

Capitol Hill 0 0 0 0 0.0% 0 0 0 $0.00

Capitol Riverfron 0 0 0 0 0.0% 0 0 0 $0.00

CBD 0 0 0 0 0.0% 0 0 0 $0.00

Clarendon/Court 1 370,730 0 0 0.0% 0 0 0 $0.00

College Park 3 1,307,036 51,368 51,368 3.9% 3,659 0 0 $0.00

Crystal City 0 0 0 0 0.0% 0 0 0 $0.00

East End 0 0 0 0 0.0% 0 0 0 $0.00

Eisenhower Ave 0 0 0 0 0.0% 0 0 0 $0.00

Fairfax Center 2 2,011,688 11,090 14,339 0.7% 2,481 0 0 $43.17

Fairfax City 0 0 0 0 0.0% 0 0 0 $0.00

Falls Church 1 606,747 37,933 37,933 6.3% 0 0 0 $0.00

Frederick 2 911,260 21,703 21,703 2.4% (5,779) 0 0 $0.00

Gaithersburg 1 1,037,897 66,206 66,206 6.4% (33,167) 0 0 $0.00

Georgetown 1 345,454 167,866 167,866 48.6% 0 0 0 $26.10

Germantown 0 0 0 0 0.0% 0 0 0 $0.00

Great Falls 0 0 0 0 0.0% 0 0 0 $0.00

Greater Upper M 0 0 0 0 0.0% 0 0 0 $0.00

Greenbelt 0 854,563 202,025 202,025 23.6% 0 0 0 $12.41

Herndon 0 0 0 0 0.0% 0 0 0 $0.00

Huntington/Mt V 0 0 0 0 0.0% 0 0 0 $0.00

I-270 Corridor N 0 0 0 0 0.0% 0 0 0 $0.00

I-395 Corridor 1 880,000 22,345 22,345 2.5% 0 0 0 $0.00

Kensington/Whe 1 1,646,503 0 0 0.0% 0 0 0 $18.00

Landover/Largo/ 1 504,167 49,396 49,396 9.8% 11,771 0 0 $13.00

Lanham 0 0 0 0 0.0% 0 0 0 $0.00

Laurel 1 689,069 0 0 0.0% 0 0 0 $0.00

Leesburg/West L 2 844,398 193,295 193,295 22.9% 315,953 484,992 0 $39.51








FIGURES AT A GLANCE

Mall Submarket Statistics First Quarter 2010



Manassas 0 0 0 0 0.0% 0 0 0 $0.00

McLean 0 0 0 0 0.0% 0 0 0 $0.00

Merrifield 0 0 0 0 0.0% 0 0 0 $0.00

N Arlington/E Fa 0 0 0 0 0.0% 0 0 0 $0.00

NatHbr/OxnHill/ 1 81,676 12,060 12,060 14.8% 0 0 0 $0.00

NoMa 0 0 0 0 0.0% 0 0 0 $0.00

North Bethesda/ 3 2,088,377 11,328 13,723 0.7% 0 0 230,000 $0.00

North Rockville 1 1,322,075 2,351 2,351 0.2% 0 0 0 $35.70

North Silver Sprin 0 0 0 0 0.0% 0 0 0 $0.00

Northeast 0 0 0 0 0.0% 0 0 0 $0.00

Oakton 0 0 0 0 0.0% 0 0 0 $0.00

Old Town Alexa 0 0 0 0 0.0% 0 0 0 $0.00

Pennsylvania Av 1 474,379 32,513 32,513 6.9% (10,893) 0 0 $0.00

Pentagon City 1 994,245 0 0 0.0% 0 0 0 $0.00

Reston 2 806,205 10,558 10,558 1.3% 0 0 0 $0.00

Rockville 2 252,986 1,503 41,503 16.4% 0 0 0 $15.50

Rosslyn 0 0 0 0 0.0% 0 0 0 $0.00

Route 28 Corrido 1 1,338,191 0 3,446 0.3% 0 0 0 $0.00

Route 28 Corrido 0 0 0 0 0.0% 0 0 0 $0.00

Route 29/I-66 C 1 824,893 0 0 0.0% 0 0 0 $0.00

Route 7 Corridor 0 0 0 0 0.0% 0 0 0 $0.00

Silver Spring 1 1,476,134 4,503 4,503 0.3% (22) 0 0 $42.79

Southeast 0 0 0 0 0.0% 0 0 0 $0.00

Southwest 0 0 0 0 0.0% 0 0 0 $0.00

Springfield/Burke 2 1,548,990 5,947 5,947 0.4% 10,982 0 0 $30.00

Tysons Corner 2 3,063,074 3,648 3,648 0.1% 0 0 0 $0.00

Uptown 1 715,000 64,584 64,584 9.0% 13,346 0 0 $65.00

Vienna 0 0 0 0 0.0% 0 0 0 $0.00

Virginia Square 0 0 0 0 0.0% 0 0 0 $0.00

West End 0 0 0 0 0.0% 0 0 0 $0.00

Winchester Coun 1 442,822 0 0 0.0% 0 0 0 $0.00

Woodbridge/I-9 2 1,934,330 0 9,783 0.5% 0 0 0 $11.62

Totals 44 32,532,115 1,036,756 1,095,629 3.4% 322,931 484,992 914,617 $27.52 Source: CoStar Property®







FIGURES AT A GLANCE

Power Center Submarket Statistics First Quarter 2010



Annandale 0 0 0 0 0.0% 0 0 0 $0.00

Ballston 0 0 0 0 0.0% 0 0 0 $0.00


Bethesda/Chevy 0 0 0 0 0.0% 0 0 0 $0.00

Bowie 3 1,502,989 22,245 22,245 1.5% 0 0 0 $27.16

Branch Avenue C 1 540,000 5,900 5,900 1.1% (5,900) 0 0 $30.00

Capitol Hill 0 0 0 0 0.0% 0 0 0 $0.00


CBD 0 0 0 0 0.0% 0 0 0 $0.00

Clarendon/Court 0 0 0 0 0.0% 0 0 0 $0.00

College Park 1 84,491 0 0 0.0% 0 0 0 $0.00

Crystal City 1 874,240 0 0 0.0% 0 0 0 $0.00

East End 0 0 0 0 0.0% 0 0 0 $0.00

Eisenhower Ave 0 0 0 0 0.0% 0 0 0 $0.00

Fairfax Center 2 1,186,459 0 0 0.0% 0 0 0 $30.00

Fairfax City 0 0 0 0 0.0% 0 0 0 $0.00

Falls Church 0 0 0 0 0.0% 0 0 0 $0.00

Frederick 1 462,860 2,136 2,136 0.5% 0 0 0 $35.00

Gaithersburg 0 0 0 0 0.0% 0 0 0 $0.00

Georgetown 0 0 0 0 0.0% 0 0 0 $0.00

Germantown 1 1,292,082 0 0 0.0% 0 0 0 $27.50

Great Falls 0 0 0 0 0.0% 0 0 0 $0.00

Greater Upper M 0 0 0 0 0.0% 0 0 0 $0.00

Greenbelt 0 0 0 0 0.0% 0 0 0 $0.00

Herndon 0 0 0 0 0.0% 0 0 0 $0.00

Huntington/Mt V 1 566,000 18,300 18,300 3.2% 0 0 0 $0.00

I-270 Corridor N 0 0 0 0 0.0% 0 0 0 $0.00

I-395 Corridor 3 1,119,249 8,025 8,025 0.7% 35,944 0 13,238 $35.00

Kensington/Whe 0 0 0 0 0.0% 0 0 0 $0.00

Landover/Largo/ 0 0 0 0 0.0% 0 0 0 $0.00

Lanham 1 378,165 0 0 0.0% 0 0 0 $25.00

Laurel 1 462,587 5,000 5,000 1.1% 0 0 0 $0.00

Leesburg/West L 2 714,921 5,062 5,062 0.7% 800 0 0 $22.00








FIGURES AT A GLANCE

Power Center Submarket Statistics First Quarter 2010



Manassas 0 0 0 0 0.0% 0 0 0 $0.00

McLean 0 0 0 0 0.0% 0 0 0 $0.00

Merrifield 0 0 0 0 0.0% 0 0 0 $0.00

N Arlington/E Fa 0 0 0 0 0.0% 0 0 0 $0.00

NatHbr/OxnHill/ 0 0 0 0 0.0% 0 0 0 $0.00

NoMa 0 0 0 0 0.0% 0 0 0 $0.00

North Bethesda/ 0 0 0 0 0.0% 0 0 0 $0.00

North Rockville 1 260,393 0 0 0.0% 0 0 0 $0.00

North Silver Sprin 1 402,912 0 0 0.0% 0 0 0 $0.00

Northeast 0 0 0 0 0.0% 0 0 0 $0.00

Oakton 0 0 0 0 0.0% 0 0 0 $0.00

Old Town Alexa 0 0 0 0 0.0% 0 0 0 $0.00

Pennsylvania Av 0 0 0 0 0.0% 0 0 0 $0.00

Pentagon City 1 330,467 3,900 3,900 1.2% 33,912 0 0 $33.00

Reston 0 0 0 0 0.0% 0 0 0 $0.00

Rockville 1 676,390 0 0 0.0% 0 0 0 $0.00

Rosslyn 0 0 0 0 0.0% 0 0 0 $0.00

Route 28 Corrido 4 2,141,757 85,806 116,436 5.4% 75,006 0 0 $23.68

Route 28 Corrido 1 366,107 1,600 1,600 0.4% 4,400 0 0 $0.00

Route 29/I-66 C 6 3,178,249 327,115 327,115 10.3% 22,269 0 0 $21.53

Route 7 Corridor 0 0 0 0 0.0% 0 0 0 $0.00

Silver Spring 0 0 0 0 0.0% 0 0 0 $0.00

Southeast 0 0 0 0 0.0% 0 0 0 $0.00

Southwest 0 0 0 0 0.0% 0 0 0 $0.00

Springfield/Burke 0 0 0 0 0.0% 0 0 0 $0.00

Tysons Corner 0 0 0 0 0.0% 0 0 0 $0.00

Uptown 0 0 0 0 0.0% 0 0 0 $0.00

Vienna 0 0 0 0 0.0% 0 0 0 $0.00

Virginia Square 0 0 0 0 0.0% 0 0 0 $0.00

West End 0 0 0 0 0.0% 0 0 0 $0.00

Winchester Coun 1 418,649 4,000 4,000 1.0% 0 0 0 $18.00

Woodbridge/I-9 2 626,563 18,427 18,427 2.9% 516 0 0 $19.99

Totals 36 17,585,530 507,516 538,146 3.1% 166,947 0 13,238 $24.52 Source: CoStar Property®







FIGURES AT A GLANCE

Shopping Center Submarket Statistics First Quarter 2010



Annandale 17 1,038,893 50,141 50,141 4.8% (25,594) 0 0 $30.23

Ballston 1 49,442 0 0 0.0% 0 0 0 $0.00

Beltsville/Calvert 12 355,035 10,839 12,552 3.5% (5,472) 0 0 $21.01

Bethesda/Chevy 13 1,155,005 42,886 42,886 3.7% 1,491 0 0 $34.93

Bowie 20 2,018,650 282,727 282,727 14.0% 32,956 0 0 $20.50

Branch Avenue C 39 1,260,636 152,227 152,227 12.1% 2,820 0 0 $17.46

Capitol Hill 4 54,568 11,250 11,250 20.6% 750 0 0 $0.00


CBD 0 0 0 0 0.0% 0 0 0 $0.00

Clarendon/Court 6 155,103 2,001 2,001 1.3% 0 0 0 $0.00

College Park 69 2,992,825 221,223 226,223 7.6% (6,230) 0 36,000 $28.76

Crystal City 3 304,884 0 0 0.0% 0 0 0 $0.00

East End 3 286,801 8,400 8,400 2.9% 0 0 0 $50.00

Eisenhower Ave 0 0 0 0 0.0% 0 0 0 $0.00

Fairfax Center 9 1,202,815 202,559 202,559 16.8% (12,916) 0 0 $28.73

Fairfax City 26 2,305,500 129,554 220,198 9.6% (9,199) 0 0 $26.62

Falls Church 21 1,261,295 63,912 63,912 5.1% (3,267) 0 0 $27.15

Frederick 60 5,024,297 300,970 309,649 6.2% (16,039) 0 122,365 $17.49

Gaithersburg 38 3,209,331 261,618 282,998 8.8% 9,408 0 0 $24.55

Georgetown 3 17,230 0 0 0.0% 0 0 0 $0.00

Germantown 14 1,253,232 94,836 94,836 7.6% (28,472) 0 0 $32.35

Great Falls 5 246,381 11,864 11,864 4.8% 2,772 0 0 $28.00

Greater Upper M 5 610,565 44,749 44,749 7.3% (8,200) 0 0 $12.16

Greenbelt 4 646,938 18,533 18,533 2.9% 11,316 0 0 $29.43

Herndon 13 1,058,079 112,343 112,343 10.6% (9,808) 0 0 $27.91

Huntington/Mt V 28 1,412,104 73,553 73,553 5.2% (7,357) 0 0 $26.43

I-270 Corridor N 3 165,423 18,257 20,852 12.6% (2,430) 0 0 $25.64

I-395 Corridor 31 2,267,176 131,114 134,314 5.9% (6,955) 0 456,595 $35.10

Kensington/Whe 33 1,705,319 83,147 83,147 4.9% (22,963) 0 0 $28.42

Landover/Largo/ 35 1,867,572 121,565 121,565 6.5% (15,243) 0 46,700 $13.14

Lanham 10 700,359 169,304 169,304 24.2% 16,167 0 0 $18.26

Laurel 26 2,459,156 218,215 246,775 10.0% 977 0 0 $19.90

Leesburg/West L 31 2,174,790 193,155 232,718 10.7% (7,001) 0 31,257 $21.93








FIGURES AT A GLANCE

Shopping Center Submarket Statistics First Quarter 2010



Manassas 35 1,768,308 149,103 149,103 8.4% 5,503 0 0 $20.15

McLean 12 519,543 26,511 26,511 5.1% 870 0 0 $44.30

Merrifield 12 782,060 33,247 33,247 4.3% 3,583 0 0 $25.00

N Arlington/E Fa 18 415,534 16,700 16,700 4.0% (683) 0 0 $31.91

NatHbr/OxnHill/ 22 1,863,735 148,144 148,144 7.9% (6,800) 0 0 $17.14

NoMa 2 356,422 0 0 0.0% 0 0 0 $0.00

North Bethesda/ 22 1,975,491 147,633 147,633 7.5% 96,694 0 0 $37.25

North Rockville 11 698,340 23,183 23,183 3.3% 800 0 0 $20.71

North Silver Sprin 29 1,925,700 108,540 108,540 5.6% (15,684) 0 0 $27.08

Northeast 19 1,311,615 68,212 68,212 5.2% (41,790) 0 0 $19.39

Oakton 3 181,932 5,268 5,268 2.9% 2,616 0 0 $26.00

Old Town Alexa 4 122,257 0 0 0.0% 0 0 0 $0.00

Pennsylvania Av 26 2,000,300 208,598 208,598 10.4% 31,293 0 0 $18.83

Pentagon City 2 396,000 3,347 3,347 0.8% (871) 0 0 $0.00

Reston 8 924,814 38,126 38,126 4.1% (1,240) 0 0 $30.59

Rockville 39 2,438,455 249,869 249,869 10.2% (61,798) 0 226,000 $23.43

Rosslyn 1 17,542 0 0 0.0% 0 0 0 $0.00

Route 28 Corrido 35 2,369,733 284,034 284,034 12.0% (78,704) 0 68,256 $28.77

Route 28 Corrido 27 3,267,748 166,991 168,991 5.2% (3,786) 0 0 $24.27

Route 29/I-66 C 22 2,172,833 165,281 169,547 7.8% 26,806 0 0 $25.82

Route 7 Corridor 8 1,032,847 94,588 94,588 9.2% (4,636) 0 0 $26.00

Silver Spring 26 972,468 28,029 28,029 2.9% (2,600) 0 0 $26.08

Southeast 17 694,481 22,498 22,498 3.2% (2,580) 0 0 $26.74

Southwest 0 0 0 0 0.0% 0 0 0 $0.00

Springfield/Burke 45 4,718,455 233,199 233,849 5.0% (35,776) 0 0 $28.31

Tysons Corner 12 629,354 61,310 61,310 9.7% 0 0 0 $50.00

Uptown 27 830,379 61,775 61,775 7.4% 1,427 0 0 $28.60

Vienna 12 690,012 30,604 30,604 4.4% (1,176) 0 0 $34.51

Virginia Square 0 0 0 0 0.0% 0 0 0 $0.00

West End 0 0 0 0 0.0% 0 0 0 $0.00

Winchester Coun 24 1,307,623 144,428 144,428 11.0% (7,903) 0 0 $11.82

Woodbridge/I-9 58 6,002,574 693,622 693,622 11.6% (13,837) 0 0 $16.65

Totals 1,162 81,662,729 6,243,782 6,452,032 7.9% (218,761) 0 987,173 $22.12 Source: CoStar Property®







FIGURES AT A GLANCE

Specialty Center Submarket Statistics First Quarter 2010



Annandale 0 0 0 0 0.0% 0 0 0 $0.00

Ballston 0 0 0 0 0.0% 0 0 0 $0.00


Bethesda/Chevy 0 0 0 0 0.0% 0 0 0 $0.00

Bowie 1 139,889 0 0 0.0% 0 0 0 $0.00

Branch Avenue C 0 0 0 0 0.0% 0 0 0 $0.00

Capitol Hill 1 40,100 0 0 0.0% 0 0 0 $0.00


CBD 0 0 0 0 0.0% 0 0 0 $0.00

Clarendon/Court 0 0 0 0 0.0% 0 0 0 $0.00

College Park 0 0 0 0 0.0% 0 0 0 $0.00

Crystal City 1 31,200 0 0 0.0% 0 0 0 $0.00

East End 1 101,140 0 0 0.0% 0 0 0 $0.00

Eisenhower Ave 0 0 0 0 0.0% 0 0 0 $0.00

Fairfax Center 0 0 0 0 0.0% 0 0 0 $0.00

Fairfax City 0 0 0 0 0.0% 0 0 0 $0.00

Falls Church 0 0 0 0 0.0% 0 0 0 $0.00

Frederick 0 0 0 0 0.0% 0 0 0 $0.00

Gaithersburg 0 0 0 0 0.0% 0 0 0 $0.00

Georgetown 1 120,709 22,771 24,031 19.9% (3,373) 0 0 $0.00

Germantown 0 0 0 0 0.0% 0 0 0 $0.00

Great Falls 0 0 0 0 0.0% 0 0 0 $0.00

Greater Upper M 0 0 0 0 0.0% 0 0 0 $0.00

Greenbelt 0 0 0 0 0.0% 0 0 0 $0.00

Herndon 0 0 0 0 0.0% 0 0 0 $0.00

Huntington/Mt V 0 0 0 0 0.0% 0 0 0 $0.00

I-270 Corridor N 0 0 0 0 0.0% 0 0 0 $0.00

I-395 Corridor 1 214,000 0 0 0.0% 0 0 0 $0.00

Kensington/Whe 0 0 0 0 0.0% 0 0 0 $0.00

Landover/Largo/ 0 0 0 0 0.0% 0 0 0 $0.00

Lanham 0 0 0 0 0.0% 0 0 0 $0.00

Laurel 0 0 0 0 0.0% 0 0 0 $0.00

Leesburg/West L 1 483,700 0 0 0.0% 0 0 0 $0.00








FIGURES AT A GLANCE

Specialty Center Submarket Statistics First Quarter 2010



Manassas 1 19,960 0 0 0.0% 0 0 0 $0.00

McLean 0 0 0 0 0.0% 0 0 0 $0.00

Merrifield 0 0 0 0 0.0% 0 0 0 $0.00

N Arlington/E Fa 0 0 0 0 0.0% 0 0 0 $0.00

NatHbr/OxnHill/ 0 0 0 0 0.0% 0 0 0 $0.00

NoMa 0 0 0 0 0.0% 0 0 0 $0.00

North Bethesda/ 0 0 0 0 0.0% 0 0 0 $0.00

North Rockville 0 0 0 0 0.0% 0 0 0 $0.00

North Silver Sprin 0 0 0 0 0.0% 0 0 0 $0.00

Northeast 0 0 0 0 0.0% 0 0 0 $0.00

Oakton 0 0 0 0 0.0% 0 0 0 $0.00

Old Town Alexa 0 0 0 0 0.0% 0 0 0 $0.00

Pennsylvania Av 0 0 0 0 0.0% 0 0 0 $0.00

Pentagon City 0 0 0 0 0.0% 0 0 0 $0.00

Reston 0 0 0 0 0.0% 0 0 0 $0.00

Rockville 1 94,000 725 725 0.8% (25) 0 0 $0.00

Rosslyn 0 0 0 0 0.0% 0 0 0 $0.00

Route 28 Corrido 1 52,000 0 0 0.0% 0 0 0 $0.00

Route 28 Corrido 0 0 0 0 0.0% 0 0 0 $0.00

Route 29/I-66 C 0 0 0 0 0.0% 0 0 0 $0.00

Route 7 Corridor 0 0 0 0 0.0% 0 0 0 $0.00

Silver Spring 0 0 0 0 0.0% 0 0 0 $0.00

Southeast 0 0 0 0 0.0% 0 0 0 $0.00

Southwest 0 0 0 0 0.0% 0 0 0 $0.00

Springfield/Burke 0 0 0 0 0.0% 0 0 0 $0.00

Tysons Corner 0 0 0 0 0.0% 0 0 0 $0.00

Uptown 1 293,935 0 0 0.0% 0 0 0 $35.00

Vienna 0 0 0 0 0.0% 0 0 0 $0.00

Virginia Square 0 0 0 0 0.0% 0 0 0 $0.00

West End 0 0 0 0 0.0% 0 0 0 $0.00

Winchester Coun 0 0 0 0 0.0% 0 0 0 $0.00

Woodbridge/I-9 0 0 0 0 0.0% 0 0 0 $0.00

Totals 11 1,590,633 23,496 24,756 1.6% (3,398) 0 0 $35.00 Source: CoStar Property®







FIGURES AT A GLANCE

Total Retail Submarket Statistics First Quarter 2010



Annandale 76 1,539,371 56,088 56,088 3.6% (25,094) 0 0 $29.81

Ballston 22 1,395,365 17,800 17,800 1.3% (2,200) 0 0 $23.42

Beltsville/Calvert 84 773,844 90,112 91,825 11.9% (5,472) 0 0 $14.92

Bethesda/Chevy 300 4,185,223 98,337 101,937 2.4% 3,361 9,600 31,000 $32.30

Bowie 176 5,567,486 314,912 315,612 5.7% 37,449 0 684,617 $20.29

Branch Avenue C 245 4,968,433 369,262 369,262 7.4% 34,092 0 0 $18.48

Capitol Hill 537 2,051,733 97,826 97,826 4.8% (15,008) 0 0 $32.56


CBD 59 278,559 20,445 20,845 7.5% (11,000) 0 0 $49.57

Clarendon/Court 65 844,855 32,978 32,978 3.9% (9,100) 0 0 $11.00

College Park 607 7,189,029 378,139 383,139 5.3% (1,459) 4,347 44,976 $28.04

Crystal City 47 1,328,077 4,530 4,530 0.3% 0 0 0 $32.46

East End 195 1,638,238 137,836 139,236 8.5% 5,197 0 0 $46.05

Eisenhower Ave 19 518,493 29,550 29,550 5.7% 0 0 0 $37.55

Fairfax Center 57 4,609,108 218,594 221,843 4.8% (9,687) 0 0 $29.68

Fairfax City 238 3,968,176 169,218 259,862 6.5% (21,174) 0 0 $27.30

Falls Church 238 3,797,667 154,560 154,560 4.1% 81 0 0 $26.02

Frederick 734 10,936,513 691,720 702,599 6.4% (23,475) 0 122,365 $16.01

Gaithersburg 288 5,941,193 402,569 423,949 7.1% (26,579) 0 0 $22.37

Georgetown 346 1,856,048 253,528 254,788 13.7% (11,211) 0 0 $45.15

Germantown 118 3,013,276 104,673 104,673 3.5% (28,472) 0 20,000 $29.89

Great Falls 46 393,231 16,064 16,064 4.1% 3,572 0 0 $28.00

Greater Upper M 55 1,036,483 66,894 66,894 6.5% (8,200) 0 0 $19.95

Greenbelt 39 1,651,808 220,558 220,558 13.4% 11,316 0 0 $13.46

Herndon 110 1,521,846 126,126 126,126 8.3% 7,899 0 0 $32.01

Huntington/Mt V 148 2,940,532 111,160 111,160 3.8% 26,370 0 0 $24.05

I-270 Corridor N 21 276,227 36,558 46,749 16.9% 3,205 4,135 0 $19.59

I-395 Corridor 228 6,731,246 221,895 225,095 3.3% 14,587 0 469,833 $31.05

Kensington/Whe 313 5,000,096 166,551 166,551 3.3% (38,581) 0 0 $24.25

Landover/Largo/ 295 3,684,786 186,350 186,350 5.1% (14,472) 0 46,700 $12.94

Lanham 103 1,510,705 172,304 172,304 11.4% 20,067 0 0 $20.16

Laurel 254 4,656,114 257,321 285,881 6.1% 1,831 0 0 $17.26

Leesburg/West L 386 5,699,387 459,855 503,668 8.8% 320,494 484,992 45,964 $23.71








FIGURES AT A GLANCE

Total Retail Submarket Statistics First Quarter 2010



Manassas 365 4,014,404 286,874 286,874 7.1% 6,025 0 0 $19.79

McLean 66 809,268 33,311 33,311 4.1% 870 0 0 $44.33

Merrifield 103 1,440,931 52,288 52,288 3.6% 3,583 0 0 $22.28

N Arlington/E Fa 131 1,291,032 25,448 28,248 2.2% 7,397 0 0 $34.19

NatHbr/OxnHill/ 176 2,703,735 184,901 184,901 6.8% 5,300 0 0 $17.80

NoMa 55 632,635 30,240 30,640 4.8% (2,577) 0 0 $33.25

North Bethesda/ 78 4,459,881 168,341 170,736 3.8% 88,994 0 230,000 $36.02

North Rockville 112 3,183,371 63,494 63,494 2.0% 6,551 0 0 $24.22

North Silver Sprin 178 3,264,385 112,730 112,730 3.5% (4,644) 0 40,712 $26.80

Northeast 531 3,289,025 140,804 142,748 4.3% (35,992) 0 0 $19.48

Oakton 10 242,231 5,268 5,268 2.2% 2,616 0 0 $26.00

Old Town Alexa 429 1,941,357 63,392 66,392 3.4% 3,609 0 0 $33.44

Pennsylvania Av 237 3,326,539 291,380 291,380 8.8% 25,000 0 0 $18.06

Pentagon City 4 1,720,712 7,247 7,247 0.4% 33,041 0 0 $33.00

Reston 95 2,276,949 56,809 56,809 2.5% 3,755 0 0 $29.59

Rockville 212 4,861,809 330,960 385,960 7.9% (21,193) 54,955 226,000 $22.01

Rosslyn 7 108,429 0 0 0.0% 0 0 0 $0.00

Route 28 Corrido 210 8,056,519 382,128 416,204 5.2% (3,198) 0 78,256 $26.01

Route 28 Corrido 177 4,818,020 171,891 173,891 3.6% (2,686) 0 0 $24.90

Route 29/I-66 C 213 7,622,338 534,635 538,901 7.1% 80,795 0 0 $23.82

Route 7 Corridor 53 1,223,446 131,308 131,308 10.7% (4,636) 0 0 $21.74

Silver Spring 325 5,295,098 85,979 85,979 1.6% 10,713 0 0 $25.68

Southeast 286 1,645,984 95,271 95,271 5.8% (26) 12,000 0 $25.93

Southwest 1 6,490 0 0 0.0% 0 0 0 $0.00

Springfield/Burke 193 7,571,795 276,321 276,971 3.7% (17,230) 0 0 $31.51

Tysons Corner 111 5,066,432 116,967 193,006 3.8% 35,428 0 0 $18.61

Uptown 1,407 8,523,345 431,608 431,792 5.1% 28,641 0 17,341 $44.51

Vienna 120 1,242,063 54,022 54,022 4.3% 685 0 17,706 $33.18

Virginia Square 27 194,434 6,246 6,246 3.2% 1,449 0 0 $35.00

West End 16 312,066 1,820 1,820 0.6% 0 0 0 $49.56

Winchester Coun 272 4,335,924 341,086 341,086 7.9% (14,367) 0 0 $11.54

Woodbridge/I-9 435 11,329,176 765,652 782,383 6.9% (8,467) 0 0 $18.42

Totals 13,121 208,781,097 10,932,734 11,358,208 5.4% 467,773 570,029 2,075,470 $23.85 Source: CoStar Property®







FIGURES AT A GLANCE

General Retail Market Statistics First Quarter 2010

Net Quoted

Period # Blds Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates

2010 1q 10,480 75,410,090 3,121,184 3,247,645 4.3% 200,054 5 85,037 12 160,442 $25.73 2009 4q 10,475 75,325,053 3,231,508 3,362,662 4.5% 113,139 2 151,087 14 198,797 $26.31 2009 3q 10,473 75,173,966 3,192,216 3,324,714 4.4% (144,000) 6 224,104 10 280,149 $27.05 2009 2q 10,469 74,956,327 2,797,470 2,963,075 4.0% 132,120 9 248,537 13 478,576 $27.59 2009 1q 10,461 74,711,547 2,694,520 2,850,415 3.8% (227,609) 8 93,014 21 696,113 $28.15 2008 4q 10,456 74,624,218 2,482,157 2,535,477 3.4% (37,794) 4 142,469 20 574,506 $29.52 2008 3q 10,453 74,502,840 2,335,373 2,376,305 3.2% 349,820 6 161,699 21 676,775 $31.15 2008 2q 10,449 74,351,336 2,552,715 2,574,621 3.5% 260,596 5 60,814 21 770,747 $31.76 2008 1q 10,445 74,301,296 2,763,771 2,785,177 3.7% 127,965 16 278,245 19 774,640 $31.07 2007 4q 10,431 74,031,907 2,630,815 2,643,753 3.6% 39,616 13 211,207 31 734,351 $29.72 2007 3q 10,418 73,820,700 2,426,007 2,472,162 3.3% 362,763 8 110,567 38 852,667 $30.67 2007 2q 10,412 73,715,512 2,651,256 2,729,737 3.7% 374,890 13 206,723 32 723,964 $31.44 2007 1q 10,402 73,552,663 2,880,930 2,941,778 4.0% 187,399 14 289,959 38 849,302 $31.43 2006 4q 10,390 73,347,643 2,869,341 2,924,157 4.0% 164,556 5 31,200 40 962,848 $30.22 2006 3q 10,388 73,342,859 3,040,977 3,083,929 4.2% 263,682 9 393,026 33 850,891 $28.57 2006 2q 10,379 72,949,833 2,933,152 2,954,585 4.1% 245,020 5 149,722 26 853,736 $28.34


Mall Market Statistics First Quarter 2010

Net Quoted

Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates

2010 1q 44 32,532,115 1,036,756 1,095,629 3.4% 322,931 10 484,992 2 914,617 $27.52 2009 4q 44 32,047,123 874,695 933,568 2.9% 120,159 2 201,500 12 1,399,609 $25.28 2009 3q 42 31,845,623 771,495 852,227 2.7% 27,979 0 0 13 916,492 $24.89 2009 2q 42 31,845,623 774,827 880,206 2.8% 17,288 0 0 13 916,492 $24.48 2009 1q 42 31,845,623 696,255 897,494 2.8% (59,995) 0 0 13 916,492 $20.07 2008 4q 42 31,845,623 686,857 837,499 2.6% 53,175 1 179,821 0 0 $20.88 2008 3q 42 31,665,802 562,606 710,853 2.2% (1,548) 0 0 1 179,821 $22.08 2008 2q 42 31,665,802 550,658 709,305 2.2% 177,171 1 138,000 1 179,821 $22.93 2008 1q 41 31,527,802 584,288 748,476 2.4% 665,536 2 715,000 2 317,821 $25.52 2007 4q 40 30,812,802 455,238 699,012 2.3% 46,944 1 12,630 3 853,000 $30.68 2007 3q 40 30,800,172 466,364 733,326 2.4% 192,539 1 180,000 4 865,630 $32.19 2007 2q 39 30,620,172 447,766 745,865 2.4% (46,591) 2 82,767 4 907,630 $30.93 2007 1q 39 30,537,405 478,338 616,507 2.0% 23,657 1 134,000 5 815,397 $31.76 2006 4q 39 30,403,405 443,007 506,164 1.7% (2,166) 0 0 4 396,767 $31.32 2006 3q 39 30,403,405 444,287 503,998 1.7% (34,241) 0 0 4 396,767 $18.99 2006 2q 39 30,403,405 440,017 469,757 1.5% 173,409 2 77,729 2 314,000 $18.92


Power Center Market Statistics First Quarter 2010

Net Quoted


2010 1q 36 17,585,530 507,516 538,146 3.1% 166,947 0 0 1 13,238 $24.52 2009 4q 36 17,585,530 674,463 705,093 4.0% (146,132) 0 0 0 0 $24.86 2009 3q 36 17,585,530 528,331 558,961 3.2% (6,223) 0 0 0 0 $25.47 2009 2q 36 17,585,530 522,108 552,738 3.1% 125,872 0 0 0 0 $25.77 2009 1q 36 17,585,530 617,980 678,610 3.9% (118,692) 0 0 0 0 $25.07 2008 4q 36 17,585,530 527,269 559,918 3.2% 68,962 4 37,579 0 0 $26.29 2008 3q 36 17,547,951 558,652 591,301 3.4% 231,787 1 316,572 4 37,579 $25.22 2008 2q 36 17,231,379 475,886 506,516 2.9% 140,203 3 271,760 2 323,589 $27.37 2008 1q 36 16,959,619 344,329 374,959 2.2% 132,735 2 203,083 4 588,332 $27.57 2007 4q 35 16,756,536 304,611 304,611 1.8% 241,981 1 300,000 6 791,415 $28.42 2007 3q 35 16,456,536 246,592 246,592 1.5% 19,641 0 0 6 1,087,235 $28.36 2007 2q 35 16,456,536 266,233 266,233 1.6% 84,826 0 0 4 819,655 $30.15 2007 1q 35 16,456,536 335,219 351,059 2.1% (26,712) 0 0 2 384,491 $26.83 2006 4q 35 16,456,536 308,507 324,347 2.0% 41,961 0 0 2 384,491 $29.22 2006 3q 35 16,456,536 363,023 366,308 2.2% 832,500 2 808,305 2 384,491 $23.77 2006 2q 34 15,648,231 390,503 390,503 2.5% 32,282 0 0 3 892,796 $25.62


UC Inventory

Existing Inventory Vacancy Deliveries UC Inventory


Existing Inventory Vacancy Deliveries






FIGURES AT A GLANCE

Shopping Center Market Statistics First Quarter 2010

Net Quoted


2010 1q 1,162 81,662,729 6,243,782 6,452,032 7.9% (218,761) 0 0 10 987,173 $22.12 2009 4q 1,162 81,662,729 5,997,961 6,233,271 7.6% 517,736 3 315,758 7 882,917 $21.96 2009 3q 1,159 81,346,971 6,174,541 6,435,249 7.9% (408,162) 2 59,215 10 1,198,675 $22.47 2009 2q 1,159 81,287,756 5,681,823 5,967,872 7.3% (35,769) 9 447,753 10 1,205,190 $23.38 2009 1q 1,154 80,840,003 5,336,740 5,484,350 6.8% (570,109) 6 289,586 17 976,348 $22.73 2008 4q 1,149 80,550,417 4,465,354 4,624,655 5.7% (2,851) 6 276,869 19 1,030,693 $22.90 2008 3q 1,147 80,273,548 4,304,219 4,344,935 5.4% 232,415 4 126,412 23 1,073,423 $23.32 2008 2q 1,145 80,147,136 4,383,146 4,450,938 5.6% (113,653) 10 260,711 24 1,073,509 $23.35 2008 1q 1,141 79,886,425 3,960,220 4,076,574 5.1% (445,392) 7 219,051 22 1,072,754 $22.54 2007 4q 1,135 79,667,374 3,298,507 3,412,131 4.3% 407,353 12 455,654 22 1,113,031 $25.81 2007 3q 1,129 79,211,720 3,260,171 3,363,830 4.2% 294,800 7 230,429 27 1,437,862 $25.30 2007 2q 1,126 78,981,291 3,253,092 3,428,201 4.3% 352,974 10 566,058 29 1,433,890 $24.59 2007 1q 1,120 78,415,233 2,978,718 3,215,117 4.1% 275,555 16 639,109 28 1,689,725 $23.63 2006 4q 1,116 77,776,124 2,694,865 2,851,563 3.7% 461,143 9 499,740 36 2,121,773 $23.49 2006 3q 1,114 77,276,384 2,682,423 2,812,966 3.6% 939,689 26 554,979 42 2,525,937 $23.08 2006 2q 1,105 76,721,405 3,074,691 3,197,676 4.2% (460,517) 4 34,474 53 2,425,791 $21.79


Specialty Center Market Statistics First Quarter 2010

Net Quoted


2010 1q 11 1,590,633 23,496 24,756 1.6% (3,398) 0 0 0 0 $35.00 2009 4q 11 1,590,633 20,098 21,358 1.3% (3,900) 0 0 0 0 $35.00 2009 3q 11 1,590,633 16,198 17,458 1.1% (1,946) 0 0 0 0 $40.33 2009 2q 11 1,590,633 10,254 15,512 1.0% (1,260) 0 0 0 0 $40.33 2009 1q 11 1,590,633 10,254 14,252 0.9% 10,548 0 0 0 0 $40.33 2008 4q 11 1,590,633 24,800 24,800 1.6% (4,344) 0 0 0 0 $40.33 2008 3q 11 1,590,633 20,456 20,456 1.3% (13,518) 0 0 0 0 $39.96 2008 2q 11 1,590,633 6,938 6,938 0.4% 1,532 0 0 0 0 $39.96 2008 1q 11 1,590,633 8,470 8,470 0.5% 0 0 0 0 0 $23.35 2007 4q 11 1,590,633 8,470 8,470 0.5% 3,527 0 0 0 0 $23.35 2007 3q 11 1,590,633 11,997 11,997 0.8% 10,437 0 0 0 0 $25.91 2007 2q 11 1,590,633 22,434 22,434 1.4% 0 0 0 0 0 $23.83 2007 1q 11 1,590,633 22,434 22,434 1.4% (2,027) 0 0 0 0 $23.83 2006 4q 11 1,590,633 20,407 20,407 1.3% 0 0 0 0 0 $23.83 2006 3q 11 1,590,633 20,407 20,407 1.3% (6,260) 0 0 0 0 $32.28 2006 2q 11 1,590,633 14,147 14,147 0.9% 1,000 0 0 0 0 $32.28


Total Retail Market Statistics First Quarter 2010

Net Quoted

Period # Blds Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates

2010 1q 13,121 208,781,097 10,932,734 11,358,208 5.4% 467,773 15 570,029 25 2,075,470 $23.85 2009 4q 13,106 208,211,068 10,798,725 11,255,952 5.4% 601,002 7 668,345 33 2,481,323 $23.87 2009 3q 13,099 207,542,723 10,682,781 11,188,609 5.4% (532,352) 8 283,319 33 2,395,316 $24.37 2009 2q 13,093 207,265,869 9,786,482 10,379,403 5.0% 238,251 18 696,290 36 2,600,258 $25.08 2009 1q 13,076 206,573,336 9,355,749 9,925,121 4.8% (965,857) 14 382,600 51 2,588,953 $24.46 2008 4q 13,065 206,196,421 8,186,437 8,582,349 4.2% 77,148 15 636,738 39 1,605,199 $25.08 2008 3q 13,051 205,580,774 7,781,306 8,043,850 3.9% 798,956 11 604,683 49 1,967,598 $25.96 2008 2q 13,042 204,986,286 7,969,343 8,248,318 4.0% 465,849 19 731,285 48 2,347,666 $26.28 2008 1q 13,024 204,265,775 7,661,078 7,993,656 3.9% 480,844 27 1,415,379 47 2,753,547 $25.52 2007 4q 12,999 202,859,252 6,697,641 7,067,977 3.5% 739,421 27 979,491 62 3,491,797 $27.69 2007 3q 12,972 201,879,761 6,411,131 6,827,907 3.4% 880,180 16 520,996 75 4,243,394 $27.79 2007 2q 12,958 201,364,144 6,640,781 7,192,470 3.6% 766,099 25 855,548 69 3,885,139 $27.31 2007 1q 12,936 200,552,470 6,695,639 7,146,895 3.6% 457,872 31 1,063,068 73 3,738,915 $26.54 2006 4q 12,907 199,574,341 6,336,127 6,626,638 3.3% 665,494 14 530,940 82 3,865,879 $26.33 2006 3q 12,896 199,069,817 6,551,117 6,787,608 3.4% 1,995,370 37 1,756,310 81 4,158,086 $24.19 2006 2q 12,859 197,313,507 6,852,510 7,026,668 3.6% (8,806) 11 261,925 84 4,486,323 $23.47


UC Inventory



Existing Inventory Vacancy Deliveries






LEASING ACTIVITY

Leasing Highlights in Select CoStar MarketsColor Coded by Vacancy Rate

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Historical Rental RatesBased on NNN Rental Rates


Vacancy by Available Space Type Vacancy by Building TypePercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type


GLA By Building Type Future Space AvailableRatio of Total GLA by Building Type Space Scheduled to be Available for Occupancy*

Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®

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Dollar

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0 10 20 30 40 50 60 70 80 90

Specialty Center

Power Center

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Millions of Square Feet

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Direct Sublet 0% 10% 20% 30% 40% 50% 60%

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LEASING ACTIVITY






LEASING ACTIVITY


* Renewal

Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 12179 Fair Lakes Promenade Dr Fairfax Center 35,683 1st Nordstrom Rack N/A The Rappaport Companies

2 Winchester Station Winchester County 33,913 1st HH Gregg H & R Retail, Inc. Segall Group

3 8511 Landover Rd Landover/Largo/Captl Hts 32,652 1st My Beauty Direct Deal NAI The Michael Companies, Inc.

4 Penn Branch Center* Southeast 30,000 1st DC Department of Motor Vehicles Direct Deal Direct Deal

5 12179 Fair Lakes Promenade Dr Fairfax Center 24,603 1st hhgregg N/A The Rappaport Companies

6 Glenridge Center College Park 12,500 1st Gallo Clothing N/A H & R Retail, Inc.

7 8590 Leesburg Pike Tysons Corner 10,000 1st England Furniture Long & Foster Real Estate, Inc. Transwestern

8 3903 Fair Ridge Dr Fairfax Center 9,199 1st Harris Teeter Offices N/A Atlantic Realty Companies

9 Congressional Plaza Rockville 9,000 1st Matchbox N/A Federal Realty Investment Trust

10 Pikeside Plaza* Berkeley County 8,500 1st Dollar General N/A N/A

11 Idylwood Plaza Tysons Corner 8,116 1st Bassett Furniture Direct Deal CB Richard Ellis

12 3041 Golansky Blvd Woodbridge/I-95 Corridor 7,200 1st Morgan’s Sports Bar and Lounge Direct Deal R.L. Travers & Associates, Inc.

13 13814 Outlet Dr North Silver Spring/Rt 29 7,020 1st Rainbow N/A Saul Centers, Inc.

14 The Shoppes At arts district College Park 7,000 1st Yes! Organic Market N/A StreetSense

15 1605 Village Market Blvd SE Leesburg/West Loudoun 6,500 1st Travinia Italian Kitchen N/A KLNB Retail

16 Former Trover Bookstore Capitol Hill 6,399 1st sweetgreen Direct Deal StreetSense

17 Bull Run Plaza Route 29/I-66 Corridor 6,030 1st Regency Beauty Academy N/A The Rappaport Companies

18 1609 Village Market Blvd SE Leesburg/West Loudoun 5,770 1st Eggspectations N/A KLNB Retail

19 2130 N Glebe Rd N Arlington/E FallsChurch 5,748 1st Potomac Cross Fit Buck & Associates NAI KLNB

20 Cascades Marketplace Route 28 Corridor North 5,722 1st GOLD’S GYM N/A Edens & Avant, Inc.

21 Cloppers Mill Village Center* Germantown 5,561 1st Glory Days Grill N/A Regency Centers

22 1612 Village Market Blvd SE Leesburg/West Loudoun 5,305 1st Sleepy’s N/A KLNB Retail

23 1317 Connecticut Ave NW CBD 5,200 1st BLT Burger Transwestern Transwestern

24 8511 Landover Rd Landover/Largo/Captl Hts 5,172 1st New Nation Investments Direct Deal NAI The Michael Companies, Inc.

25 Bull Run Plaza Route 29/I-66 Corridor 5,118 1st Rainbow Apparel N/A The Rappaport Companies

26 4120 Merchants Plz Woodbridge/I-95 Corridor 5,000 1st Select Realty Select Realty Saul Centers, Inc.

27 Davis Ford Crossing Manassas 4,832 1st Buffalo Wing Factory N/A The Rappaport Companies

28 Atlas Walk At Gateway Route 29/I-66 Corridor 4,789 1st Jos A. Bank StreetSense The Peterson Companies LC

29 3222 M St NW Georgetown 4,593 1st Simply Soles Direct Deal Georgetown Park Partners LLC

30 Burtonsville Town Square - Building C North Silver Spring/Rt 29 4,500 1st Montgomery County Liquor Direct Deal BMC Property Group

31 Building 2 Silver Spring 4,455 1st Blue Sky Films Direct Deal Commercial & Investment Realty Asso

32 Gaitherstowne Plaza Gaithersburg 4,259 1st Super Clean Laundromat N/A Kimco Realty Corporation

33 Penn Mar Shopping Center Pennsylvania Ave Corridor 4,000 1st Weight Watchers N/A The Rappaport Companies

34 Loehmann’s Plaza Merrifield 3,916 1st Window and Door Showplace N/A Federal Realty Investment Trust

35 8801 Annapolis Rd Lanham 3,833 1st Mr. Automotive N/A M. Leo Storch Management Corporatio

36 Courthouse Plaza* Fairfax City 3,600 1st McDonald’s Direct Deal Combined Properties, Inc.

37 8344 Leesburg Pike Tysons Corner 3,504 1st Evolution Audio/Video Millennium Realty Advisors LLC AREA Properties LLC

38 West Fairfax* Fairfax City 3,500 1st Boston Market Direct Deal Forrest Higginbotham

39 43A S Market St Frederick 3,500 1st Classic Electric Tattoo Warner Commercial Real Estate Warner Commercial Real Estate

40 Broadlands Village Center Route 28 Corridor North 3,294 1st Parallel Wine Bistro N/A Saul Centers, Inc.

Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2010






SALES ACTIVITY

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales From Jan. 2009 - Dec. 2009

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 25,000 SF 162 845,399 268,144,573$ 317.18$ 8.43%

25K-99K SF 16 706,541 99,057,323$ 140.20$ 8.23%

100K-249K SF 4 723,283 91,967,282$ 127.15$ 7.56%

>250K SF 1 264,199 31,800,000$ 120.36$ 8.00%

Source: CoStar COMPS® Source: CoStar COMPS®

U.S. Price/SF Comparison U.S. Cap Rate ComparisonBased on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales of 15,000 SF and Larger

Source: CoStar COMPS® Source: CoStar COMPS®

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SALES ACTIVITY

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Washington, D.C. Retail MarketMARKET HIGHLIGHTS – CLASS “A, B & C”

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SALES ACTIVITY

Select Land Sales Based on Commercially Zoned Land Sales Occurring From Jan. 2009 - March 2010

8101-8105 Loisdale Rd, Lorton 6217-6239 Baltimore Ave, Riverdale Token Forest Dr, Manassas

Sale Price: $4,599,000 Sale Price: $4,025,000 Sale Price: $3,000,000Acres: 2.11 Acres: 1.10 Acres: 2.54Price/SF: $49.95 Price/SF: $84.32 Price/SF: $27.11Closing Date: 06/01/2009 Closing Date: 11/24/2009 Closing Date: 06/01/2009Zoning: C8 Zoning: MUTC Zoning: RPCIntended Use: Retail Intended Use: Bank Intended Use: Drug StoreBuyer: Hunter Plaza LLC Buyer: Kreitz Corporation Buyer: Area Development Group, Inc.Seller: E V Hunter Trust Seller: Riverdale One LLC Seller: Estate of Cecil D. Hylton

Russell Branch Pky, Ashburn 9725 Liberia Ave, Manassas 6228 Hoadly Rd, Manassas

Sale Price: $1,975,000 Sale Price: $1,700,000 Sale Price: $1,600,000Acres: 10.46 Acres: 0.58 Acres: 1.43Price/SF: $4.33 Price/SF: $67.48 Price/SF: $25.70Closing Date: 06/30/2009 Closing Date: 11/23/2009 Closing Date: 05/14/2009Zoning: PD-OP Zoning: B2 Zoning: B-1, CountyIntended Use: Retail Intended Use: Car Wash Intended Use: RetailBuyer: Business Bank Buyer: Soap & Suds, Inc. Buyer: Hi-mart Shopping CenterSeller: Inabinett James J Jr Seller: Aksoylu Properties LLC Seller: Venture Two LLC









A L E X A N D R I A / I - 3 9 5 A R E A M A R K E T

Deliveries, Absorption & Vacancy Historical Analysis, All Classes


Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 727 12,239,885 332,814 2.7% 51,237 0 0 2 469,833 $32.49

2009 4q 727 12,239,885 384,051 3.1% 134,513 1 141,087 1 456,595 $33.52

2009 3q 726 12,098,798 377,477 3.1% 2,540 0 0 2 597,682 $32.64

2009 2q 726 12,098,798 380,017 3.1% (16,521) 0 0 2 597,682 $33.90

2009 1q 726 12,098,798 363,496 3.0% 16,116 0 0 1 141,087 $32.67

2008 4q 726 12,098,798 379,612 3.1% (92,408) 0 0 0 0 $31.00

2008 3q 726 12,098,798 287,204 2.4% (44,231) 0 0 0 0 $32.06

2008 2q 726 12,098,798 242,973 2.0% 27,893 0 0 0 0 $32.22

2008 1q 727 12,109,572 281,640 2.3% 83,894 1 3,927 0 0 $31.45

2007 4q 726 12,105,645 361,607 3.0% 34,382 0 0 1 3,927 $30.15

2007 3q 726 12,105,645 395,989 3.3% 146,431 1 5,800 1 3,927 $28.62

2007 2q 725 12,099,845 536,620 4.4% (184,448) 2 22,219 2 9,727 $27.52

2007 1q 723 12,077,626 329,953 2.7% (22,817) 0 0 4 31,946 $28.13

2006 4q 723 12,077,626 307,136 2.5% 6,955 0 0 3 26,146 $27.79

2006 3q 723 12,077,626 314,091 2.6% 43,792 0 0 2 10,827 $28.01

2006 2q 723 12,077,626 357,883 3.0% 51,426 0 0 0 0 $27.29


UC InventoryDelivered InventoryExisting Inventory Vacancy

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2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

0.5%

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2.5%

3.0%

3.5%

4.0%

4.5%

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Perce

nt V

acant

Delivered SF Absorption SF Vacancy

$31.50

$32.00

$32.50

$33.00

$33.50

$34.00

$34.50

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.29

0.30

0.31

0.32

0.33

0.34

0.35

0.36

0.37

0.38

0.39

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







B E T H E S D A / C H E V Y C H A S E M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 300 4,185,223 101,937 2.4% 3,361 1 9,600 1 31,000 $32.30

2009 4q 299 4,175,623 95,698 2.3% 17,887 0 0 2 40,600 $32.41

2009 3q 299 4,175,623 113,585 2.7% 9,276 0 0 2 40,600 $34.67

2009 2q 299 4,175,623 122,861 2.9% 317,393 1 305,000 2 40,600 $34.75

2009 1q 298 3,870,623 135,254 3.5% (12,149) 0 0 2 314,600 $39.43

2008 4q 300 3,873,008 125,490 3.2% (9,745) 0 0 1 305,000 $40.23

2008 3q 300 3,873,008 115,745 3.0% 40,745 1 3,800 1 305,000 $40.81

2008 2q 299 3,869,208 152,690 3.9% (2,870) 1 13,523 2 308,800 $40.68

2008 1q 298 3,855,685 136,297 3.5% (13,070) 1 5,000 2 318,523 $44.43

2007 4q 297 3,850,685 118,227 3.1% (10,891) 0 0 3 323,523 $44.30

2007 3q 297 3,850,685 107,336 2.8% 51,612 1 70,980 3 323,523 $43.05

2007 2q 297 3,781,388 89,651 2.4% 986 0 0 3 389,503 $43.49

2007 1q 297 3,781,388 90,637 2.4% 21,339 0 0 3 389,503 $42.14

2006 4q 297 3,781,388 111,976 3.0% 3,620 1 1,000 3 389,503 $45.05

2006 3q 297 3,781,364 115,572 3.1% 24,417 0 0 4 390,503 $47.10

2006 2q 297 3,781,364 139,989 3.7% 140,538 2 117,885 4 390,503 $47.10



(0.050)

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0.250

0.300

0.350

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

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2.0%

2.5%

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3.5%

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4.5%

Perce

nt V

acant


$0.00

$5.00

$10.00

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$25.00

$30.00

$35.00

$40.00

$45.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







C A P I T O L H I L L A R E A M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 630 3,158,984 128,466 4.1% (17,585) 0 0 0 0 $33.39

2009 4q 630 3,158,984 110,881 3.5% 4,975 0 0 0 0 $31.46

2009 3q 630 3,158,984 115,856 3.7% 4,921 0 0 0 0 $33.51

2009 2q 630 3,158,984 120,777 3.8% (11,445) 0 0 0 0 $34.90

2009 1q 630 3,158,984 109,332 3.5% (4,435) 1 2,752 0 0 $33.78

2008 4q 629 3,156,232 102,145 3.2% (6,000) 0 0 1 2,752 $34.12

2008 3q 629 3,156,232 96,145 3.0% 450 0 0 1 2,752 $35.46

2008 2q 630 3,156,233 96,596 3.1% 32,987 0 0 0 0 $34.38

2008 1q 630 3,156,233 129,583 4.1% 59,868 0 0 0 0 $34.72

2007 4q 630 3,156,233 189,451 6.0% 67,251 1 51,591 0 0 $31.03

2007 3q 629 3,104,642 205,111 6.6% 12,212 0 0 1 51,591 $32.76

2007 2q 629 3,104,642 217,323 7.0% 5,350 1 7,500 1 51,591 $27.74

2007 1q 631 3,141,016 259,047 8.2% (46,564) 0 0 2 59,091 $27.88

2006 4q 631 3,141,016 212,483 6.8% 1,658 0 0 1 7,500 $29.52

2006 3q 631 3,141,016 214,141 6.8% (8,585) 0 0 1 7,500 $30.05

2006 2q 631 3,141,016 205,556 6.5% 19,724 0 0 1 7,500 $27.13



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

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6.0%

7.0%

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Perce

nt V

acant


$29.00

$30.00

$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.10

0.10

0.11

0.11

0.12

0.12

0.13

0.13

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







D O W N T O W N D C M A R K E TMARKET HIGHLIGHTS – CLASS “A, B & C”






2009 4q 270 2,228,863 156,098 7.0% 2,261 0 0 0 0 $48.13

2009 3q 270 2,228,863 158,359 7.1% 6,152 0 0 0 0 $48.60

2009 2q 270 2,228,863 164,511 7.4% 81,949 1 53,000 0 0 $46.89

2009 1q 269 2,175,863 193,460 8.9% (997) 0 0 1 53,000 $45.69

2008 4q 269 2,175,863 192,463 8.8% (5,302) 0 0 1 53,000 $42.35

2008 3q 269 2,175,863 187,161 8.6% 107,208 1 116,083 1 53,000 $40.95

2008 2q 268 2,059,780 178,286 8.7% 11,149 0 0 2 169,083 $40.95

2008 1q 268 2,059,780 189,435 9.2% (10,702) 0 0 2 169,083 $40.89

2007 4q 269 2,066,436 185,389 9.0% (19,553) 0 0 2 169,083 $42.35

2007 3q 269 2,066,436 165,836 8.0% 12,288 0 0 2 169,083 $42.70

2007 2q 269 2,066,436 178,124 8.6% (26,888) 0 0 2 169,083 $39.62

2007 1q 269 2,066,436 151,236 7.3% (12,611) 0 0 2 169,083 $43.55

2006 4q 269 2,066,436 138,625 6.7% 32,598 1 5,100 2 169,083 $37.95

2006 3q 268 2,061,336 166,123 8.1% 7,361 0 0 3 174,183 $38.14

2006 2q 268 2,061,336 173,484 8.4% (34,421) 1 11,712 3 174,183 $37.61



(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

0.140

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

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10.0%

Perce

nt V

acant


$44.00

$44.50

$45.00

$45.50

$46.00

$46.50

$47.00

$47.50

$48.00

$48.50

$49.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

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0.15

0.20

0.25

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







D U L L E S C O R R I D O R M A R K E TMARKET HIGHLIGHTS – CLASS “A, B & C”






2009 4q 638 17,066,565 798,436 4.7% 23,362 0 0 1 10,000 $25.61

2009 3q 638 17,066,565 821,798 4.8% (68,583) 0 0 1 10,000 $26.14

2009 2q 638 17,066,565 753,215 4.4% 4,825 0 0 0 0 $26.16

2009 1q 638 17,066,565 758,040 4.4% (120,182) 0 0 0 0 $25.90

2008 4q 638 17,066,565 637,858 3.7% 110,584 2 103,515 0 0 $26.65

2008 3q 636 16,963,050 644,927 3.8% 28,125 1 3,579 2 103,515 $26.56

2008 2q 635 16,959,471 669,473 3.9% 69,548 1 5,900 3 107,094 $26.98

2008 1q 634 16,953,571 733,121 4.3% (194,631) 3 50,658 3 109,479 $25.11

2007 4q 631 16,902,913 487,832 2.9% 229,861 2 303,300 4 56,558 $27.16

2007 3q 629 16,599,613 414,393 2.5% 7,684 1 4,829 5 353,958 $29.83

2007 2q 628 16,594,784 417,248 2.5% 186,965 4 222,655 3 308,129 $30.98

2007 1q 624 16,372,129 381,558 2.3% 165,740 7 188,279 6 527,484 $31.87

2006 4q 617 16,183,850 359,019 2.2% 80,855 2 93,726 11 696,934 $27.58

2006 3q 615 16,090,124 346,148 2.2% (2,607) 8 95,579 12 775,660 $26.59

2006 2q 607 15,994,545 247,962 1.6% 28,973 0 0 14 351,327 $30.00



(0.300)

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0.000

0.100

0.200

0.300

0.400

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

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Perce

nt V

acant


$25.00

$25.20

$25.40

$25.60

$25.80

$26.00

$26.20

$26.40

$26.60

$26.80

$27.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.10

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0.60

0.70

0.80

0.90

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







E P R I N C E G E O R G E S C O U N T Y M A R K E T






2009 4q 231 6,603,969 411,755 6.2% 38,455 0 0 1 684,617 $21.14

2009 3q 231 6,603,969 450,210 6.8% (38,863) 0 0 0 0 $22.38

2009 2q 231 6,603,969 411,347 6.2% (7,486) 0 0 0 0 $18.39

2009 1q 231 6,603,969 403,861 6.1% (43,692) 0 0 0 0 $21.68

2008 4q 231 6,603,969 360,169 5.5% 55,505 0 0 0 0 $22.80

2008 3q 231 6,603,969 415,674 6.3% (53,917) 1 3,600 0 0 $22.50

2008 2q 230 6,600,369 358,157 5.4% (30,631) 0 0 1 3,600 $22.97

2008 1q 230 6,600,369 327,526 5.0% (193,888) 0 0 1 3,600 $21.61

2007 4q 230 6,600,369 133,638 2.0% 60,501 2 25,772 1 3,600 $26.23

2007 3q 228 6,574,597 168,367 2.6% 70,620 1 60,000 3 29,372 $26.18

2007 2q 227 6,514,597 178,987 2.7% 107,434 2 100,000 3 85,772 $26.53

2007 1q 225 6,414,597 186,421 2.9% 6,023 0 0 4 182,540 $26.06

2006 4q 225 6,414,597 192,444 3.0% (41,827) 0 0 3 160,000 $23.19

2006 3q 225 6,414,597 150,617 2.3% 585,739 2 435,630 1 65,000 $24.20

2006 2q 223 5,978,967 300,726 5.0% 5,279 0 0 3 500,630 $24.91



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2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

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Perce

nt V

acant


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2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.34

0.36

0.38

0.40

0.42

0.44

0.46

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







E A S T F A L L S C H U R C H M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 131 1,291,032 28,248 2.2% 7,397 0 0 0 0 $34.19

2009 4q 131 1,291,032 35,645 2.8% (2,437) 0 0 0 0 $34.39

2009 3q 131 1,291,032 33,208 2.6% (5,873) 0 0 0 0 $35.82

2009 2q 131 1,291,032 27,335 2.1% (6,160) 0 0 0 0 $36.08

2009 1q 131 1,291,032 21,175 1.6% (3,996) 0 0 0 0 $36.09

2008 4q 131 1,291,032 17,179 1.3% (2,204) 0 0 0 0 $37.98

2008 3q 131 1,291,032 14,975 1.2% (5) 0 0 0 0 $41.77

2008 2q 131 1,291,032 14,970 1.2% (8,600) 0 0 0 0 $41.77

2008 1q 131 1,291,032 6,370 0.5% 10,730 0 0 0 0 $37.75

2007 4q 131 1,291,032 17,100 1.3% 3,701 0 0 0 0 $37.75

2007 3q 131 1,291,032 20,801 1.6% (365) 0 0 0 0 $35.43

2007 2q 131 1,291,032 20,436 1.6% 16,700 0 0 0 0 $31.48

2007 1q 131 1,291,032 37,136 2.9% 11,805 1 12,605 0 0 $32.19

2006 4q 130 1,278,427 36,336 2.8% 9,164 0 0 1 12,605 $32.19

2006 3q 130 1,278,427 45,500 3.6% 262,660 1 302,760 1 12,605 $30.00

2006 2q 129 975,667 5,400 0.6% 1,239 0 0 2 315,365 $30.00



(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

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Perce

nt V

acant


$33.00

$33.50

$34.00

$34.50

$35.00

$35.50

$36.00

$36.50

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.01

0.01

0.02

0.02

0.03

0.03

0.04

0.04

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







F R E D E R I C K M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 734 10,936,513 702,599 6.4% (23,475) 0 0 2 122,365 $16.01

2009 4q 734 10,936,513 679,124 6.2% 50,591 0 0 2 122,365 $15.61

2009 3q 734 10,936,513 729,715 6.7% (44,996) 0 0 2 122,365 $16.32

2009 2q 734 10,936,513 684,719 6.3% (33,443) 1 8,000 2 122,365 $15.64

2009 1q 733 10,928,513 643,276 5.9% 12,901 1 106,986 3 130,365 $15.86

2008 4q 732 10,821,527 549,191 5.1% 64,860 0 0 2 114,986 $15.73

2008 3q 732 10,821,527 614,051 5.7% 112,883 0 0 2 114,986 $16.38

2008 2q 732 10,821,527 726,934 6.7% 60,197 0 0 1 106,986 $16.64

2008 1q 732 10,821,527 787,131 7.3% 1,662 1 25,500 1 106,986 $17.20

2007 4q 731 10,796,027 763,293 7.1% (156,362) 1 2,700 1 25,500 $18.22

2007 3q 730 10,793,327 604,231 5.6% 50,695 0 0 2 28,200 $18.21

2007 2q 730 10,793,327 654,926 6.1% (52,196) 5 20,772 2 28,200 $18.22

2007 1q 725 10,772,555 581,958 5.4% 94,359 3 93,600 6 23,472 $18.54

2006 4q 723 10,708,383 612,145 5.7% (153,447) 0 0 8 114,372 $17.78

2006 3q 723 10,708,383 458,698 4.3% 229,996 2 26,075 3 93,600 $16.66

2006 2q 721 10,682,308 662,619 6.2% (284,169) 1 2,634 3 116,075 $19.54



(0.200)

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0.050

0.100

0.150

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

1.0%

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Perce

nt V

acant


$15.20

$15.40

$15.60

$15.80

$16.00

$16.20

$16.40

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.54

0.56

0.58

0.60

0.62

0.64

0.66

0.68

0.70

0.72

0.74

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







G E O R G E T O W N / U P T O W N M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 1,753 10,379,393 686,580 6.6% 17,430 0 0 3 17,341 $44.63

2009 4q 1,753 10,379,393 704,010 6.8% 6,400 0 0 3 17,341 $44.83

2009 3q 1,753 10,379,393 710,410 6.8% (136,496) 1 6,104 2 7,160 $46.42

2009 2q 1,752 10,373,289 567,810 5.5% 49,718 2 113,000 2 9,587 $48.26

2009 1q 1,750 10,260,289 504,528 4.9% (46,413) 0 0 4 122,587 $44.44

2008 4q 1,751 10,263,589 461,415 4.5% 66,115 0 0 2 113,000 $43.94

2008 3q 1,751 10,263,589 527,530 5.1% 52,296 0 0 2 113,000 $44.24

2008 2q 1,751 10,263,589 579,826 5.6% 52,879 0 0 2 113,000 $44.88

2008 1q 1,751 10,263,589 632,705 6.2% 728,199 4 760,789 2 113,000 $44.34

2007 4q 1,747 9,502,800 600,115 6.3% (7,010) 0 0 6 873,789 $40.98

2007 3q 1,747 9,502,800 593,105 6.2% 39,915 1 3,581 6 873,789 $40.07

2007 2q 1,746 9,499,219 629,439 6.6% (8,096) 1 20,850 6 866,370 $41.52

2007 1q 1,745 9,478,369 600,493 6.3% 55,118 2 16,488 6 712,220 $42.80

2006 4q 1,743 9,461,881 639,123 6.8% 30,851 0 0 6 185,127 $41.53

2006 3q 1,744 9,468,996 677,089 7.2% 53,163 0 0 6 185,127 $35.44

2006 2q 1,744 9,468,996 730,252 7.7% (3,919) 0 0 3 66,639 $35.46



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

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0.700

0.800

0.900

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Perce

nt V

acant


$42.00

$43.00

$44.00

$45.00

$46.00

$47.00

$48.00

$49.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

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ear

0.00

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0.80

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







G R E A T E R F A I R F A X C O U N T Y M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 1,019 22,715,247 1,030,248 4.5% (12,692) 0 0 1 17,706 $27.89

2009 4q 1,019 22,715,247 1,017,556 4.5% 70,773 1 140,139 0 0 $28.57

2009 3q 1,018 22,575,108 948,190 4.2% (51,788) 0 0 1 140,139 $29.42

2009 2q 1,018 22,575,108 896,402 4.0% (8,302) 2 68,252 1 140,139 $28.96

2009 1q 1,016 22,506,856 819,848 3.6% (160,625) 0 0 3 208,391 $29.33

2008 4q 1,016 22,506,856 659,223 2.9% (117,812) 0 0 3 208,391 $30.36

2008 3q 1,016 22,506,856 541,411 2.4% 52,110 0 0 2 68,252 $31.48

2008 2q 1,016 22,506,856 593,521 2.6% 27,514 1 1,091 1 5,376 $31.67

2008 1q 1,015 22,505,765 619,944 2.8% (19,200) 2 29,725 2 6,467 $30.76

2007 4q 1,013 22,476,040 571,019 2.5% 38,397 0 0 3 30,816 $32.40

2007 3q 1,013 22,476,040 609,416 2.7% 14,521 2 22,973 2 29,725 $34.38

2007 2q 1,011 22,453,067 600,964 2.7% 90,826 2 124,660 4 52,698 $32.55

2007 1q 1,009 22,328,407 567,130 2.5% (40,230) 1 167,798 5 153,358 $33.71

2006 4q 1,008 22,160,609 359,102 1.6% 101,149 2 20,083 4 313,231 $33.70

2006 3q 1,006 22,140,526 440,168 2.0% 32,701 2 25,312 6 333,314 $32.90

2006 2q 1,004 22,115,214 447,557 2.0% (116,512) 0 0 6 170,055 $32.15



(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Perce

nt V

acant


$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

$30.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







I - 2 7 0 C O R R I D O R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 829 21,735,757 1,195,561 5.5% 22,506 2 59,090 4 476,000 $25.08

2009 4q 827 21,676,667 1,158,977 5.3% 116,279 2 157,500 5 515,090 $24.82

2009 3q 825 21,519,167 1,117,756 5.2% (59,225) 0 0 6 668,455 $25.64

2009 2q 826 21,521,232 1,060,596 4.9% (181,710) 0 0 5 662,455 $26.42

2009 1q 826 21,521,232 878,886 4.1% 19,940 1 1,370 4 442,455 $26.40

2008 4q 825 21,519,862 897,456 4.2% (132,080) 0 0 3 150,325 $27.45

2008 3q 825 21,519,862 765,376 3.6% (62,443) 1 14,137 2 56,325 $27.04

2008 2q 824 21,505,725 688,796 3.2% (10,529) 0 0 3 70,462 $27.50

2008 1q 824 21,505,725 678,267 3.2% (197,959) 0 0 2 69,092 $26.18

2007 4q 825 21,507,925 482,508 2.2% 21,650 1 12,484 1 14,137 $30.61

2007 3q 824 21,495,441 491,674 2.3% 238,000 1 180,000 2 26,621 $30.48

2007 2q 823 21,315,441 549,674 2.6% 122,735 1 22,005 3 206,621 $30.38

2007 1q 822 21,293,436 650,404 3.1% (58,229) 3 22,697 3 216,142 $28.83

2006 4q 820 21,326,250 624,989 2.9% 28,282 2 45,000 5 224,702 $24.92

2006 3q 818 21,281,250 608,271 2.9% 48,711 2 27,807 7 269,702 $24.19

2006 2q 816 21,253,443 629,175 3.0% 6,874 1 3,410 7 289,812 $24.49



(0.250)

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Perce

nt V

acant


$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







L E E S B U R G / R O U T E 7 C O R R I D O R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 439 6,922,833 634,976 9.2% 315,858 10 484,992 2 45,964 $23.55

2009 4q 429 6,437,841 465,842 7.2% 265,572 3 229,619 12 530,956 $22.98

2009 3q 426 6,208,222 501,795 8.1% (42,302) 1 14,000 14 745,868 $24.66

2009 2q 425 6,194,222 445,493 7.2% (73,809) 2 63,456 15 759,868 $26.59

2009 1q 423 6,130,766 308,228 5.0% (73,264) 0 0 17 823,324 $29.03

2008 4q 423 6,130,766 234,964 3.8% 177,983 4 247,269 2 63,456 $32.28

2008 3q 419 5,883,497 165,678 2.8% (4,340) 1 20,500 6 310,725 $33.05

2008 2q 418 5,862,997 140,838 2.4% 18,448 2 7,786 6 307,570 $33.52

2008 1q 416 5,855,211 151,500 2.6% 146,598 2 122,192 7 275,555 $32.61

2007 4q 414 5,733,019 175,906 3.1% 2,722 5 34,629 9 397,747 $35.24

2007 3q 409 5,698,390 143,999 2.5% 29,973 2 10,168 13 429,276 $35.71

2007 2q 407 5,688,222 163,804 2.9% 64,561 4 93,489 14 426,604 $35.30

2007 1q 403 5,594,733 134,876 2.4% 209,807 3 206,710 11 294,902 $35.23

2006 4q 400 5,388,023 137,973 2.6% 54,875 1 1,485 11 348,299 $35.33

2006 3q 399 5,386,538 191,363 3.6% 213,816 11 226,958 10 339,062 $29.72

2006 2q 388 5,159,580 178,221 3.5% 60,429 3 92,877 16 455,653 $28.01



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

0.600

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Perce

nt V

acant


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







M A N A S S A S / R O U T E 2 9 / I - 6 6 M A R K E T






2009 4q 578 11,636,742 912,595 7.8% (10,688) 0 0 0 0 $22.69

2009 3q 578 11,636,742 901,907 7.8% 108,770 4 225,215 0 0 $25.62

2009 2q 575 11,415,927 789,862 6.9% 57,781 6 38,890 4 225,215 $23.68

2009 1q 569 11,377,037 808,753 7.1% (6,982) 4 113,020 10 264,105 $23.64

2008 4q 565 11,264,017 688,751 6.1% 51,772 3 30,562 13 371,125 $25.58

2008 3q 562 11,233,455 709,961 6.3% 315,657 5 442,984 15 399,487 $23.86

2008 2q 557 10,790,471 582,634 5.4% 158,642 7 309,939 14 777,639 $25.09

2008 1q 550 10,480,532 431,337 4.1% 157,349 2 150,592 13 912,923 $24.94

2007 4q 548 10,329,940 438,094 4.2% 252,209 7 390,194 11 871,103 $27.62

2007 3q 541 9,939,746 300,109 3.0% (23,735) 1 4,125 12 1,124,938 $30.52

2007 2q 540 9,935,621 272,249 2.7% 148,121 1 68,275 11 861,483 $31.46

2007 1q 539 9,867,346 352,095 3.6% (187,188) 3 17,680 7 450,521 $28.11

2006 4q 536 9,849,666 147,227 1.5% 228,913 1 175,000 9 464,076 $27.43

2006 3q 535 9,674,666 201,140 2.1% 465,674 1 385,056 8 607,632 $25.90

2006 2q 534 9,289,610 281,758 3.0% 56,970 0 0 5 665,011 $23.93



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Perce

nt V

acant


$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.70

0.75

0.80

0.85

0.90

0.95

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







N P R I N C E G E O R G E S C O U N T Y M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 1,382 19,466,286 1,340,057 6.9% 11,811 1 4,347 3 91,676 $17.70

2009 4q 1,381 19,461,939 1,347,521 6.9% 8,320 0 0 2 51,047 $16.97

2009 3q 1,381 19,461,939 1,355,841 7.0% 30,719 1 20,000 2 51,047 $15.76

2009 2q 1,380 19,441,939 1,366,560 7.0% 118,167 0 0 2 24,347 $16.47

2009 1q 1,380 19,441,939 1,484,727 7.6% (243,711) 0 0 2 24,347 $17.53

2008 4q 1,380 19,441,939 1,241,016 6.4% (56,082) 0 0 0 0 $17.78

2008 3q 1,380 19,441,939 1,184,934 6.1% 41,038 0 0 0 0 $17.74

2008 2q 1,381 19,452,133 1,236,166 6.4% 35,802 1 188,202 0 0 $17.05

2008 1q 1,380 19,263,931 1,083,766 5.6% (133,928) 4 149,037 1 188,202 $17.49

2007 4q 1,376 19,114,894 800,801 4.2% 15,943 4 33,281 5 337,239 $21.37

2007 3q 1,372 19,081,613 783,463 4.1% 23,464 1 15,000 9 370,520 $20.53

2007 2q 1,371 19,066,613 791,927 4.2% 119,508 1 46,458 6 162,808 $20.40

2007 1q 1,370 19,020,155 864,977 4.5% 165,154 5 200,531 5 208,082 $18.89

2006 4q 1,365 18,819,624 829,600 4.4% (77,183) 0 0 8 346,480 $18.84

2006 3q 1,366 18,837,949 770,742 4.1% (132,763) 0 0 8 346,480 $14.94

2006 2q 1,366 18,837,949 637,979 3.4% (25,137) 2 14,600 2 218,491 $15.10



(0.300)

(0.250)

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Perce

nt V

acant


$14.50

$15.00

$15.50

$16.00

$16.50

$17.00

$17.50

$18.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

1.20

1.25

1.30

1.35

1.40

1.45

1.50

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







N O R T H E A S T / S O U T H E A S T M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 817 4,935,009 238,019 4.8% (36,018) 1 12,000 0 0 $21.47

2009 4q 816 4,923,009 190,001 3.9% 54,535 0 0 1 12,000 $23.38

2009 3q 816 4,923,009 244,536 5.0% 783 0 0 1 12,000 $23.44

2009 2q 816 4,923,009 245,319 5.0% (93,825) 0 0 0 0 $23.74

2009 1q 816 4,923,009 151,494 3.1% (10,746) 0 0 0 0 $25.07

2008 4q 816 4,923,009 140,748 2.9% 12,556 0 0 0 0 $24.86

2008 3q 816 4,923,009 153,304 3.1% 48,967 0 0 0 0 $25.05

2008 2q 816 4,923,009 202,271 4.1% 25,283 0 0 0 0 $26.80

2008 1q 816 4,923,009 227,554 4.6% (25,082) 1 4,900 0 0 $26.36

2007 4q 815 4,918,109 197,572 4.0% 30,877 0 0 1 4,900 $26.01

2007 3q 815 4,918,109 228,449 4.6% 95,795 1 114,000 1 4,900 $25.47

2007 2q 814 4,804,109 210,244 4.4% (19,944) 0 0 2 118,900 $24.99

2007 1q 814 4,804,109 190,300 4.0% 22,238 0 0 2 118,900 $24.45

2006 4q 814 4,804,109 212,538 4.4% 195,537 2 175,830 2 118,900 $19.62

2006 3q 812 4,628,279 232,245 5.0% 1,449 3 59,108 3 289,830 $20.73

2006 2q 809 4,569,171 174,586 3.8% 33,872 0 0 6 348,938 $20.94



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Perce

nt V

acant


$19.00

$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.05

0.10

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0.20

0.25

0.30

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







R - B C O R R I D O R M A R K E T






2009 4q 121 2,543,083 47,173 1.9% 778 0 0 0 0 $22.68

2009 3q 121 2,543,083 47,951 1.9% (777) 0 0 0 0 $22.90

2009 2q 121 2,543,083 47,174 1.9% (10,128) 0 0 0 0 $23.76

2009 1q 121 2,543,083 37,046 1.5% (500) 0 0 0 0 $25.71

2008 4q 121 2,543,083 36,546 1.4% (1,100) 0 0 0 0 $30.08

2008 3q 122 2,564,174 56,537 2.2% 27,930 0 0 0 0 $30.08

2008 2q 122 2,564,174 84,467 3.3% 8,112 0 0 0 0 $28.99

2008 1q 122 2,564,174 92,579 3.6% 55,470 0 0 0 0 $28.74

2007 4q 122 2,564,174 148,049 5.8% 42,668 0 0 0 0 $16.29

2007 3q 122 2,564,174 190,717 7.4% 9,980 0 0 0 0 $16.29

2007 2q 122 2,564,174 200,697 7.8% (14,998) 0 0 0 0 $16.15

2007 1q 122 2,564,174 185,699 7.2% (45,776) 0 0 0 0 $16.24

2006 4q 122 2,564,174 139,923 5.5% (3,700) 0 0 0 0 $14.11

2006 3q 122 2,564,174 136,223 5.3% (5,846) 0 0 0 0 $14.11

2006 2q 122 2,564,174 130,377 5.1% (27,072) 0 0 0 0 $14.11



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Perce

nt V

acant


$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







S P R I N C E G E O R G E S C O U N T Y M A R K E T






2009 4q 658 10,998,707 909,935 8.3% (86,163) 0 0 0 0 $18.14

2009 3q 658 10,998,707 823,772 7.5% (111,889) 0 0 0 0 $17.78

2009 2q 658 10,998,707 711,883 6.5% (40,533) 1 14,536 0 0 $18.42

2009 1q 657 10,984,171 656,814 6.0% (65,134) 1 55,000 1 14,536 $15.45

2008 4q 656 10,929,171 536,680 4.9% (111,867) 1 17,354 2 69,536 $15.27

2008 3q 655 10,911,817 407,459 3.7% 79,498 0 0 3 86,890 $17.20

2008 2q 655 10,911,817 486,957 4.5% 27,891 0 0 2 31,890 $17.63

2008 1q 655 10,911,817 514,848 4.7% (63,788) 0 0 0 0 $17.40

2007 4q 655 10,911,817 451,060 4.1% (60,066) 1 45,576 0 0 $22.62

2007 3q 654 10,866,241 345,418 3.2% 38,445 0 0 1 45,576 $21.12

2007 2q 654 10,866,241 383,863 3.5% 16,468 0 0 1 45,576 $20.75

2007 1q 654 10,866,241 400,331 3.7% 86,186 1 2,145 1 45,576 $19.75

2006 4q 653 10,864,096 484,372 4.5% 45,164 0 0 2 47,721 $19.49

2006 3q 653 10,864,096 529,536 4.9% (20,236) 0 0 1 2,145 $17.58

2006 2q 653 10,864,096 509,300 4.7% (87,739) 0 0 0 0 $17.77



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Perce

nt V

acant


$13.50

$14.00

$14.50

$15.00

$15.50

$16.00

$16.50

$17.00

$17.50

$18.00

$18.50

$19.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







S E F A I R F A X C O U N T Y M A R K E T






2009 4q 341 10,512,327 397,271 3.8% 55,635 0 0 0 0 $26.27

2009 3q 341 10,512,327 452,906 4.3% (76,169) 0 0 0 0 $24.38

2009 2q 341 10,512,327 376,737 3.6% 37,057 0 0 0 0 $23.99

2009 1q 341 10,512,327 413,794 3.9% (80,141) 1 7,500 0 0 $23.53

2008 4q 340 10,504,827 326,153 3.1% (24,055) 0 0 1 7,500 $23.33

2008 3q 340 10,504,827 302,098 2.9% 133,186 0 0 1 7,500 $22.04

2008 2q 340 10,504,827 435,284 4.1% (96,555) 1 13,000 0 0 $21.65

2008 1q 339 10,491,827 325,729 3.1% (29,532) 0 0 1 13,000 $21.70

2007 4q 339 10,491,827 296,197 2.8% 39,768 1 12,630 0 0 $22.59

2007 3q 338 10,479,197 323,335 3.1% (26,165) 2 19,861 1 12,630 $22.06

2007 2q 337 10,463,032 281,005 2.7% (96,423) 0 0 3 32,491 $23.57

2007 1q 337 10,463,032 184,582 1.8% 89,652 0 0 3 32,491 $24.03

2006 4q 337 10,463,032 274,234 2.6% 55,898 0 0 0 0 $23.01

2006 3q 337 10,463,032 330,132 3.2% 118,602 1 132,445 0 0 $22.85

2006 2q 336 10,330,587 316,289 3.1% 20,800 1 18,807 1 132,445 $23.32



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Perce

nt V

acant


$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

0.50

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

Direct SF Sublet SF







S E M O N T G O M E R Y C O U N T Y M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 1q 816 13,559,579 365,260 2.7% (32,512) 0 0 3 40,712 $25.27

2009 4q 816 13,559,579 332,748 2.5% (18,951) 0 0 3 40,712 $26.23

2009 3q 816 13,559,579 313,797 2.3% (2,889) 0 0 0 0 $27.70

2009 2q 816 13,559,579 310,908 2.3% 11,599 1 12,156 0 0 $28.30

2009 1q 815 13,547,423 310,351 2.3% (29,741) 2 31,972 1 12,156 $29.05

2008 4q 813 13,515,451 248,638 1.8% 46,672 0 0 3 44,128 $31.70

2008 3q 813 13,515,451 295,310 2.2% (5,147) 0 0 3 44,128 $30.59

2008 2q 813 13,515,451 290,163 2.1% 6,762 1 18,000 3 44,128 $30.77

2008 1q 812 13,497,451 278,925 2.1% 48,003 0 0 2 47,372 $29.71

2007 4q 812 13,497,451 326,928 2.4% 21,937 1 52,644 2 47,372 $31.68

2007 3q 811 13,444,807 296,221 2.2% 16,075 0 0 3 100,016 $30.83

2007 2q 811 13,444,807 312,296 2.3% 174,008 0 0 1 52,644 $28.45

2007 1q 811 13,444,807 486,304 3.6% (6,756) 1 10,800 0 0 $28.91

2006 4q 810 13,434,007 468,748 3.5% (50,757) 0 0 1 10,800 $28.95

2006 3q 810 13,434,007 417,991 3.1% (2,745) 1 10,200 1 10,800 $30.04

2006 2q 809 13,423,807 405,046 3.0% (3,532) 0 0 1 10,200 $27.45



(0.050)

0.000

0.050

0.100

0.150

0.200

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

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0.5%

1.0%

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$23.00

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$27.00

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$29.00

$30.00

2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

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0.00

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2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

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Direct SF Sublet SF







W I N C H E S T E R C O U N T Y M A R K E T






2009 4q 272 4,335,924 326,719 7.5% (1,541) 0 0 0 0 $11.51

2009 3q 272 4,335,924 325,178 7.5% (36,435) 0 0 0 0 $11.24

2009 2q 272 4,335,924 288,743 6.7% (12,674) 0 0 0 0 $12.04

2009 1q 272 4,335,924 276,069 6.4% (68,061) 2 45,000 0 0 $12.25

2008 4q 270 4,290,924 163,008 3.8% (134,391) 2 28,617 2 45,000 $10.70

2008 3q 268 4,262,307 0 0.0% 0 0 0 4 73,617 $0.00

2008 2q 268 4,262,307 0 0.0% 35,844 3 35,844 4 73,617 $0.00

2008 1q 265 4,226,463 0 0.0% 0 0 0 6 102,444 $0.00

2007 4q 265 4,226,463 0 0.0% 0 0 0 5 81,444 $0.00

2007 3q 265 4,226,463 0 0.0% 9,679 1 9,679 0 0 $0.00

2007 2q 264 4,216,784 0 0.0% 0 0 0 1 9,679 $0.00

2007 1q 264 4,216,784 0 0.0% 0 0 0 1 9,679 $0.00

2006 4q 264 4,216,784 0 0.0% 7,116 1 7,116 0 0 $0.00

2006 3q 263 4,209,668 0 0.0% 24,325 2 24,325 1 7,116 $0.00

2006 2q 261 4,185,343 0 0.0% 0 0 0 3 31,441 $0.00



(0.160)

(0.140)

(0.120)

(0.100)

(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

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$11.80

$12.00

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2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Dollar

s/SF/Y

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2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

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Direct SF Sublet SF







W O O D B R I D G E / I - 9 5 C O R R I D O R M A R K E T






2009 4q 435 11,329,176 773,916 6.8% (129,554) 0 0 0 0 $18.64

2009 3q 435 11,329,176 644,362 5.7% (19,228) 1 18,000 0 0 $24.77

2009 2q 434 11,311,176 607,134 5.4% 55,798 1 20,000 1 18,000 $24.42

2009 1q 434 11,294,933 646,689 5.7% (44,045) 1 19,000 2 38,000 $19.64

2008 4q 433 11,275,933 583,644 5.2% 184,147 3 209,421 3 57,000 $20.64

2008 3q 430 11,066,512 558,370 5.0% (71,054) 0 0 4 228,421 $19.99

2008 2q 430 11,066,512 487,316 4.4% 16,083 1 138,000 4 228,421 $21.81

2008 1q 429 10,928,512 365,399 3.3% 70,851 6 113,059 2 317,821 $22.31

2007 4q 423 10,815,453 323,191 3.0% 131,436 1 14,690 7 251,059 $22.14

2007 3q 422 10,800,763 439,937 4.1% 63,056 0 0 8 265,749 $19.85

2007 2q 422 10,800,763 502,993 4.7% 115,430 1 106,665 1 7,260 $17.44

2007 1q 421 10,694,098 511,758 4.8% (49,378) 1 123,735 2 113,925 $15.74

2006 4q 420 10,570,363 338,645 3.2% 109,773 1 6,600 2 230,400 $21.11

2006 3q 419 10,563,763 441,818 4.2% 55,746 1 5,055 3 237,000 $22.25

2006 2q 418 10,558,708 492,509 4.7% 147,571 0 0 4 242,055 $12.87



(0.150)

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0.000

0.050

0.100

0.150

0.200

0.250

2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

Millio

ns

SF

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2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

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2009 1q 2009 2q 2009 3q 2009 4q 2010 1q

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Direct SF Sublet SF

Documents

CoStar Office Report...Georgetown/Uptown Market Greater Fairfax County Market I-270 Corridor Market Leesburg/Route 7 Corridor Market Manassas/Route 29/I-66 Market N Prince Georges