2015 RCA Office Report

OFFICE

2015 YEAR IN REVIEW P U B L I S H E D J A N U A R Y 2 0 1 6

• Office transaction volume came in at $146b in 2015 with volume up 16% yoy. The sale of individual assets however was up only 10% yoy. It was the sale of portfolios and entity-level deals providing the bulk of the lift for 2015. Volume for these mega-deals grew 36% yoy on volume of $40.6b.

• As will be noted in more depth on page 5 of this report, the headline story for 2015 was the growth in foreign buyers. With such investors active in the year, mega-deals almost had to be the thing for the year given the sheer quantity of capital that many of these investors still have on hand to deploy.

• Initial estimates of the Moody’s/RCA CPPITM sug-gest that prices increased 14% yoy. This gain is healthy but growth was stronger in both 2013 and 2014, 19% and 17% respectively. With cap rates for the highest quality assets seeming to hit a floor, price growth is beginning to moderate.

• Deal volume grew at a faster pace for suburban assets in 2015. Sales of suburban assets totaled $78.9b, a figure up 26% yoy. By contrast, the sale of CBD assets grew only 6% yoy on sales of $66.9b. Cap rates for the highest quality assets in CBD sub-markets seem to have hit a floor in 2014 while in suburban locales, cap rate compression has contin-ued even for the highest quality suburban assets.

• Still, while deal volume was positive for the year overall, trends were weaker into the second half of the year. Overall deal volume for H2’15 grew a mere 1% from H2’14 with uncertainty growing through-out 2015.

Office 2015 Year in ReviewOffice Annual Sales Volume

and Pricing Trends

0

40

80

120

160

200

240

$0

$40

$80

$120

$160

$200

$240

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

billionsIndividual Portfolio Entity CPPI*

-45%

-30%

-15%

0%

15%

30%

45%

60%

-120%

-80%

-40%

0%

40%

80%

120%

160%

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

YoY Change YoY Change - Price

Office Transaction Summary ($B)

Yr Individual Portfolio Entity Total‘12 $67.4 $11.6 $2.6 $81.6‘13 $79.9 $19.9 $5.6 $105.4‘14 $96.1 $27.4 $2.4 $125.8‘15 $105.2 $36.2 $4.4 $145.8

YEAR IN REVIEW 2015• Year in Review � � � � � � 1• Sector Trends � � � � � � � �2• Market Tiers � � � � � � � �3• Most Active Markets � � � �4• Cross Border Capital � � �5• Top Office Transactions � �6

• Top Buyers & Sellers � � � �7• Market Table � � � � � � 8-9• Selected Transactions � 10-11• Top Brokers � � � � � � � � 12• Notes & Methodology � � 13

*RCA CPPI starts at 100 in December 2000; 2015 RCA CPPI results are preliminary

1©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

2015 YEAR IN REVIEW

-100%-50%

0%50%

100%150%200%250%300%

'09 '10 '11 '12 '13 '14 '15

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

'09 '10 '11 '12 '13 '14 '15

Median Cap Rate

Top Decile Cap Rate

'09 '10 '11 '12 '13 '14 '15

'09 '10 '11 '12 '13 '14 '15

'09 '10 '11 '12 '13 '14 '15

$0

$5

$10

$15

$20

$25

$30

$35

$40

'09 '10 '11 '12 '13 '14 '15

-100%-50%0%50%100%150%200%250%300%

'09 '10 '11 '12 '13 '14 '15

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

'09 '10 '11 '12 '13 '14 '15

$0

$5

$10

$15

$20

$25

$30

$35

$40

'09 '10 '11 '12 '13 '14 '15

Quarterly Volume & Pricing Trends

Sector Trends • The sense of uncertainty that grew throughout the

year was especially pronounced into Q4’15 with volume actually declining 2% from a year earlier on sales of $38.9b. Suburban deal volume was the main source of weakness for the quarter, down 4% yoy. Still, activity in CBD locales provided no benefit, with volume unchanged from a year earlier.

• Deal activity slid throughout Q4’15 with activity in December down 8% from a year earlier. Deal vol-ume for the quarter overall was only down 2% due to the 8% yoy growth in volume in October. Much of that growth in October came from one particular portfolio deal.

• Portfolio deals might seem more natural for sub-urban assets given the decentralized nature of the market but sales of individual properties and the mega-deals grew at 27% and 25% yoy, respectively. For the CBD market however, the sale of individual assets was down 4.2% yoy.

• Portfolio and entity-level transactions pushed up volume in these locales for 2015. A significant mixed use portfolio with office assets trasacted in October and included two foreign investors: the Qatar Investment Authority in an $8.6b deal with Brookfield Property.

Transaction Volume

Year-Over-Year Change

CBD Suburban All OfficeCap Rates

billions billions billions

2 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

2015 YEAR IN REVIEW

• Cap rates for the highest quality assets have gen-erally hit a floor in the CBD locales of the 6 Major Metros. There is, however, cap rate compression still underway in the suburban locales. Cap rates in these locales hit 6.3% in December of 2015. This fig-ure is down 46 bps yoy.

• A 46 bps yoy decline may not seem like much but it is the one part of the office market where there is any compression of cap rates. Cap rates for subur-ban office assets in the secondary markets hit a floor around 7.2% by April of this year while cap rates for tertiary markets hit a 7.7% floor in mid-year 2014.

• The premium for CBD over Suburban cap rates in the 6 Major Metros has grown steadily from a low of 40 bps in 2003 to a peak of 150 bps in 2014 and stood at 110 bps in December 2015. This spread is still higher than the longer term trend suggests and some further compression is possible.

Summary of Market Indicators for 2015Volume RCA CPPI Price Averages

Sector/Region $M YOY Change #Props YOY

ChangeYOY*

ChangePeak**to Now $/sf Cap Rate

YOY Change

(bps)US Office $145,849 16% 5,800 13% 14% 18% $247 6.8% -10US Office-CBD $66,912 6% 1,043 3% 19% 47% $372 5.8% -14US Office-Sub $78,937 26% 4,757 16% 9% -7% $191 7.0% -16

6-Major-Metro Office $85,370 11% 2,032 7% $347 6.0% -17Non-Major-Metro Office $60,479 24% 3,768 17% $171 7.2% -10

Single-tenant Office $21,373 13% 1,066 23% $259 6.9% -23Medical Office $11,025 12% 1,088 9% $254 6.9% -31

US Office-CBD $66,912 6% 1,043 3% 19% 47% $372 5.8% -146-Major-Metro Office-CBD $51,866 3% 557 2% 24% 60% $515 5.2% -3Non-Major-Metro Office-CBD $15,045 17% 486 3% 0% 2% $202 6.6% -35

US Office-Sub $78,937 26% 4,757 16% 9% -7% $191 7.0% -166 Major Metro Office-Sub $33,503 25% 1,475 9% 10% -1% $241 6.3% -35Non-Major-Metro Office-Sub $45,434 27% 3,282 19% 7% -13% $161 7.3% -8

US Office $145,849 16% 5,800 13% 14% 18% $247 6.8% -10Northeast/Mid-Atlantic $55,711 11% 1,261 8% $337 6.1% -36Southeast $16,984 21% 1,092 16% $166 7.1% -19Midwest $16,004 22% 852 22% $155 7.8% 5Southwest $17,434 15% 925 4% $191 7.3% 2West $39,441 18% 1,656 16% $306 6.1% -17

US Office $145,849 16% 5,800 13% 14% 18% $247 6.8% -10US Industrial $76,536 54% 7,397 33% 6% 3% $76 6.8% -29US Retail $87,643 1% 7,211 -12% 13% -1% $218 6.5% -23US Apartment $149,990 32% 7,972 16% 13% 38% 5.9% -18US Hotel $49,383 42% 2,341 26% 16% 4% 8.3% 19

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

'11 '12 '13 '14 '15

Office - Sub Cap Rate

Major Metro Secondary Tertiary

Cap Rates by Market Tier


2015 YEAR IN REVIEW

2009 2010 2011 2012 2013 2014 2015 Market 2015 Sales Volume ($M) YOY Change

1 1 1 1 1 1 1 Manhattan 26,941,517,405$ 19%9 3 3 5 3 5 2 Chicago 8,661,743,576$ 36%5 5 6 8 5 3 3 Boston 8,264,801,232$ -12%

21 10 14 10 9 8 4 San Jose 7,353,161,746$ 106%7 7 5 4 2 4 5 Los Angeles 7,148,765,447$ -12%3 6 4 2 11 2 6 San Francisco 6,160,482,200$ -36%

13 9 13 3 8 15 7 Seattle 5,554,501,988$ 159%12 19 12 12 6 10 8 Atlanta 5,118,853,913$ 93%2 2 2 7 10 6 9 DC 4,528,713,197$ 6%

14 13 9 9 7 7 10 Dallas 4,119,462,209$ 15%6 4 7 11 14 11 11 DC VA burbs 3,710,293,283$ 46%4 12 17 20 17 19 12 Orange Co 3,416,828,027$ 80%

15 8 8 6 4 9 13 Houston 3,126,178,725$ 11%8 11 11 16 16 14 14 No NJ 3,020,037,457$ 32%

19 21 16 15 20 18 15 Phoenix 3,009,318,777$ 51%10 14 15 18 18 16 16 San Diego 2,865,046,776$ 40%22 16 10 14 12 12 17 Denver 2,845,025,048$ 13%66 22 27 13 13 13 18 Austin 2,143,103,282$ -9%30 26 30 22 15 17 19 Philadelphia 1,966,572,935$ -2%25 15 31 21 22 21 20 East Bay 1,693,041,780$ -2%17 20 19 24 23 22 21 Miami 1,686,589,833$ -1%27 23 18 19 19 20 22 Minneapolis 1,645,913,708$ -9%67 27 44 31 36 33 23 Raleigh/Durham 1,396,892,514$ 95%41 29 21 23 38 23 24 NYC Boroughs 1,258,244,782$ -12%31 36 32 34 29 30 25 Portland 1,256,742,963$ 56%35 25 22 29 34 24 26 Tampa 998,717,809$ -21%58 41 42 17 24 25 27 Charlotte 998,538,068$ -11%42 18 25 36 33 26 28 Broward 967,846,806$ -4%11 24 20 25 21 36 29 DC MD burbs 903,005,378$ 39%40 35 24 53 39 28 30 Palm Beach 889,801,759$ 5%18 32 34 27 37 27 31 Baltimore 885,633,249$ 4%26 17 43 47 35 40 32 St Louis 854,372,238$ 46%54 71 45 30 25 39 33 Nashville 843,437,346$ 40%29 40 38 28 27 31 34 Orlando 771,621,858$ 3%24 33 47 32 31 29 35 Detroit 739,672,977$ -9%52 30 36 41 28 42 36 San Antonio 686,904,347$ 35%16 34 28 46 50 38 37 Sacramento 635,024,109$ 1%57 65 46 52 54 43 38 Cincinnati 565,259,701$ 13%46 49 54 40 43 47 39 Inland Empire 546,446,338$ 43%45 39 33 42 42 50 40 Long Island 520,933,163$ 86%

Rankings

$26,942$8,662$8,265

$7,353$7,149

$6,160$5,555$5,119$4,529$4,119$3,710$3,417$3,126$3,020$3,009$2,865$2,845$2,143$1,967$1,693$1,687$1,646$1,397$1,258$1,257$999$999$968$903$890$886$854$843$772$740$687$635$565$546$521

19%36%

-12%106%

-12%-36%

159%93%

6%15%

46%80%

11%32%51%40%

13%-9%-2%-2%-1%-9%

95%-12%

56%-21%-11%

-4%39%

5%4%

46%40%

3%-9%

35%1%13%

43%86%

Top 40 Office Markets of 2015

Most Active Markets of 2015• Markets within the 6 Major Metros command all

six top positions among the most active investment markets of 2015. San Jose holds the #4 slot which is a little bit outside of historic trends. Given the size of the market, it has averaged only about the #12 slot over time. This market is focused on tech-nological development, an industry which has ups and downs for sure, but is also focused on specific cities which have the needed talent.

• Seattle is another one of these technology hubs where investors were focused in 2015. On average over time this market has held only the #10 slot but

grabbed the #7 position in 2015 with volume up 159% yoy.

• Markets with growing volume outweighed those with declines in 2015 though there are some nota-ble markets with falling volume. San Francisco slipped from the #2 slot in 2014 to the #6 slot, with a 36% decline in transaction volume. Local profes-sionals talk of asset prices high enough to justify new construction and even though the technology sector is still growing, the falling volume may be a sign of price resistance.

* Percentage gains truncated at 400%


2015 YEAR IN REVIEW

* CPPI Year-over-year changes measure price movement between Q4’13 and Q4’14; ** Peak defined as Q4’07. 2014 RCA CPPI results are preliminary.

Cross Border Capital Summary

$0

$5

$10

$15

$20

$25

$30

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

Canada Europe Middle EastAsia Australia Latin America

billions

$0 $1 $2 $3 $4 $5 $6 $7

Canada

Qatar

Germany

Norway

South Korea

China

Japan

Switzerland

Australia

Hong Kong

Top 10 Cross Border Office Investors ($B)Market Acq

(in $M)#

Props% of

Total Acq1 Manhattan $12,070.4 38 34%2 DC $2,524.0 17 54%3 Boston $2,308.3 16 24%4 Seattle $1,267.0 9 23%5 Chicago $982.0 14 11%6 San Francisco $978.4 11 13%7 DC VA burbs $950.8 6 23%8 Atlanta $930.3 12 15%9 Los Angeles $856.3 16 12%10 Houston $700.5 5 25%11 San Jose $466.1 3 5%12 Portland $400.2 3 37%13 Miami $396.1 12 31%14 Phoenix $340.6 9 9%15 Denver $307.2 8 10%16 Dallas $304.8 5 7%17 Philadelphia $207.7 24 10%18 East Bay $177.3 1 11%19 Austin $155.1 3 8%20 Tertiary West $142.2 3 10%

• Canadian investors were big buyers of office prop-erty in 2015. Deal volume from Canadian investors came in at $7.4b in 2015. Still, despite their proxim-ity and familiarity with the US market, Canadian investors were not the leading foreign buyers in 2015.

• It was the European investors who led on office purchases in 2015, accounting for deals totaling $8.5b. Norges Bank (NBIM) was the single largest European investor in the office market in 2015 with deals totaling $2.5b. This activity is more than the sum total of deal volume from all Australian and Latin American investors.

• Much of the attention on foreign investors in the business press has been focused on Chinese inves-tors but Asian investors overall were only the 3rd largest group of investors in US office properties in 2015. This group of investors were behind $5.0b in deals, down from $5.6 B in 2014. The single biggest deal from an Asian buyer involved Gaw Capital out of Hong Kong. Surprisingly, the biggest deal was in Seattle which is growing in importance as a leading market for institutional investment.

Cross Border Capital by Region of Origin: US Office Investment

Top Countries for Cross Border Office Investment ($B)

Top Market Destinations for Cross Border Office Investment


2015 YEAR IN REVIEW

Top 25 Property SalesTransaction Location Inv Vol ($M)* SF PPSF Buyer

1 11 Madison Avenue New York, NY $2,285.0 2,285,043 $1,000 SL Green

2 1095 Sixth Ave (Office Condo) New York, NY $2,200.0 1,166,129 $1,887 Caisse de Depot JV Callahan Capital Partners

3 Willis Tower Chicago, IL $1,300.0 3,787,238 $343 Blackstone

4 230 Park Avenue New York, NY $1,200.0 1,406,044 $853 RXR Realty JV Blackstone

5 Market Square San Francisco, CA $917.4† 1,067,188 $877 JP Morgan

6 Aon Center Chicago, IL $712.0 2,700,000 $264 601W Companies

7 Columbia Center Seattle, WA $711.3 1,516,204 $469 Gaw Capital

8 Verizon Center Basking Ridge, NJ $650.3 1,350,000 $482 Mesirow Financial JV Kawa Capital Management

9 11 Times Square New York, NY $630.0† 1,100,000 $1,273 Norges Bank (NBIM)

10 50 Fremont Street Building San Francisco, CA $629.3 817,412 $770 Salesforce

11 7 Bryant Park New York, NY $600.0 470,000 $1,277 Bank of China Limited

12 University Park Cambridge, MA $573.5 † 1,188,000 $985 Forest City

13 NY Times Tower (Office Condo) New York, NY $516.0 481,110 $1,073 Columbia Property Trust

14 One Financial Center New York, NY $477.5 1,132,340 $422 RXR Realty

15 180 Maiden Ln New York, NY $470.0 1,191,850 $394 MHP RE Services JV Clarion Partners

16 1801 K St NW Washington, DC $445.0 563,795 $789 Mirae Asset Financial

17 fmr Reliant Energy Plaza Houston, TX $435.5 837,130 $520 Metzler Real Estate OBO Union Investment

18 Merrill Lynch Financial Center (Office Condo) New York, NY $414.0 366,285 $1,130 Anbang Insurance Group

19 Saint Johns Center New York, NY $389.7† 1,200,000 $542 Westbrook Partners

20 UBS Tower Chicago, IL $380.5† 1,373,754 $543 Irvine Co

21 US Bancorp Tower Portland, OR $372.5† 1,100,000 $398 UBS

22 Mid Continental Plaza Chicago, IL $367.3 1,300,000 $283 Prudential RE Investors

23 Tower 45 New York, NY $365.0 443,956 $822 Kamber Management

24 757 Third Avenue New York, NY $358.8 459,002 $782 Bentall Kennedy OBO MEPT

25 Grolier Building New York, NY $357.0† 743,240 $686 Angelo Gordon JV George Comfort & Sons

Top 10 Portfolio SalesTransaction Location Inv Vol ($M)* SF PPSF Buyer

1 Blackstone CA Office/Dev Site Portfolio 2015 Multiple, CA $3,342.1 8,092,937 $432 Hudson Pacific Properties JV Farallon Capital Partners

2 Trinity Office Portfolio 2015 New York, NY $1,562.0† 4,993,184 $711 Norges Bank (NBIM)

3 Blackstone MA Office Portfolio 2015 Boston, MA $1,290.0 1,260,321 $1,024 JP Morgan JV OMERS

4 RXR Blackstone 50% Interest Core Office Portfolio Northeast $1,167.1† 5,265,528 $760 Blackstone

5 Project Lucy Metlife Office Portfolio 2015 Multiple, United States $783.9† 3,625,830 $432 NYSCRF

6 Brookfield Bethesda Office Portfolio 2015 Mid-Atlantic $646.8† 2,204,110 $599 Principal Financial OBO AustralianSuper

7 Signature Office REIT Buyout 2015 Multiple, United States $607.1 2,633,249 $232 GC Essential Asset REIT

8 Dweck Properties DC Office Portfolio 2015 Washington, DC $500.0 461,484 $1,083 Jamestown

9 Spear Street Capital Office Portfolio 2015 Multiple, United States $442.0 577,558 $755 Columbia Property Trust

10 Park Place I & II Irvine, CA $427.8† 2,185,210 $377 Principal Financial

* When prices are not known, estimated prices are used in the ranking but are not shown. In the case of partial interest deals, the pro-rated share of the property was used for the transaction price and the PPU/PPSF was based on the full 100% price. † Partial Interest

Top Office Transactions of 2015


2015 YEAR IN REVIEW

Top 25 by Investment Volume

Top 15 by Number of Properties

SellersBuyers

SellersBuyers

Methodology Rankings are based on the pro-rated share of the total property or portfolio value. Transactions $2.5M and greater. See notes page for full methodology.

*ranked by investment volume

(in Billions)Top Buyers by Region*

Mid-Atlantic Jamestown

AustralianSuperMirae Asset Financial

JP MorganPrudential RE Investors

Midwest Blackstone

601W CompaniesVentas

Select Income REITLone Star

Northeast Qatar Investment Authority

SL GreenBlackstone

Caisse de DepotCallahan Capital Partners

Southeast Starwood Capital Group

Vanderbilt Capital AdvisorsTrinity Partners

Building & Land TechnologyADIC

Southwest Select Income REIT

Accesso Partners LLCUnion InvestmentBank of America

CBRE Global Investors

West Hudson Pacific PropertiesFarallon Capital Partners

BlackstoneJP MorganInvesco RE

$0 $4 $8Jamestown

AustralianSuper

Columbia Property Trust

Starwood Capital Group

CBRE Global Investors

Vanderbilt Capital Advisors

Clarion Partners

Ventas

Invesco RE

RXR Realty

OMERS

Prudential RE Investors

Select Income REIT

Norges Bank (NBIM)

SL Green

Callahan Capital Partners

Caisse de Depot

JP Morgan

Farallon Capital Partners

Hudson Pacific Properties

Qatar Investment Authority

Blackstone

$0 $5 $10Monday Properties

RXR RealtySL Green

American Landmark Properties IncFeil Organization

CBRE Global InvestorsSpear Street Capital

ARC Healthcare TrustBLDG Management

Equity CommonwealthTrinity Real Estate

Chetrit GroupJP Morgan

Moinian GroupCole Corp Income Tr

Shorenstein PropertiesSapir Organization

Invesco RECIM Group

HinesBeacon Capital Partners

MetLifeGE Capital

Brookfield AMBlackstone

0 60 120Community Healthcare Trust

MB Real EstateFarallon Capital Partners

Hudson Pacific PropertiesCarter Validus Mission Critical REIT

Brookwood Financial PartnersSelect Income REIT

Trinity PartnersChambers Street PropertiesVanderbilt Capital Advisors

Starwood Capital GroupVentas

Physicians Realty TrustLone Star

Blackstone

0 60 120Deutsche AWM - US

Walton Street CapitalTA Realty

DRA AdvisorsMetLife

Cole Corp Income TrIRET Properties

Brandywine Realty TrustLiberty Property Trust

Gramercy Property TrustARC Healthcare Trust

BlackstoneEquity Commonwealth

Duke RealtyGE Capital

Top Office Buyers & Sellers of 2015


2015 YEAR IN REVIEW

Market Table: 2015 Summary - CBDVolume Pricing

Transactions ReportedClosed Through Full Year 2015 Vol ($M) YOY

Change # Props YOY Change Low PPSF High Low Avg Cap

Rate High

Mid-AtlanticBaltimore $391.8 96% 11 83% $48 $136 $220 6.7% 7.2% 8.0%DC 4,528.7 6% 57 6% 120 589 1,192 4.3% 5.8% 10.0%DC MD burbs DC VA burbs Philadelphia 783.6 -41% 22 10% 66 161 401 5.1% 6.0% 7.1%Pittsburgh 59.8 111% 5 0% 35 83 138 Richmond/Norfolk 257.3 616% 3 -50% 130 198 338 Tertiary Mid-Atlantic 10.6 -66% 2 -60% Total $6,031.7 2% 100 4% $35 $295 $1,192 4.3% 6.1% 10.0%

MidwestChicago 6,749.1 47% 73 33% 39 281 597 5.3% 6.3% 7.6%Cincinnati 114.9 85% 5 -29% 30 68 139 Cleveland 96.3 17% 7 0% 17 41 105 Columbus 14.7 305% 5 400% 47 64 104 Detroit 216.0 18% 14 56% 16 63 120 Indianapolis 78.5 -53% 7 -30% 23 70 120 7.8% 8.9% 10.0%Kansas City 20.4 -79% 4 -20% Minneapolis 613.0 -26% 20 25% 22 113 271 7.5% 7.6% 7.7%St Louis 52.8 83% 7 40% 21 56 105 Tertiary Midwest 196.1 39% 18 157% 40 116 346 6.3% 7.5% 9.0%Total $8,151.7 32% 160 31% $16 $210 $597 5.3% 7.1% 10.0%

NortheastBoston 6,120.6 -19% 56 -14% 184 560 2,026 4.0% 5.1% 6.8%Hartford 236.1 286% 4 33% 108 121 131 7.5% 7.5% 7.5%Long Island Manhattan 26,941.5 19% 190 4% 252 814 4,331 2.1% 4.4% 6.5%No NJ 45.9 -92% 4 -64% 27 79 120 NYC Boroughs 1,238.0 -13% 69 15% 81 443 1,784 3.1% 5.5% 7.0%Stamford 92.6 269% 4 100% 90 132 707 Westchester Tertiary Northeast 46.5 -81% 8 -60% 11 42 207 Total $34,721.2 7% 335 -2% $11 $658 $4,331 2.1% 4.9% 7.5%

SoutheastAtlanta 711.1 127% 20 33% 39 185 313 5.6% 6.8% 8.0%Broward 17.8 -97% 3 -57% 305 355 555 Charlotte 424.0 -13% 7 -22% 134 208 417 Jacksonville 96.4 -70% 8 14% 80 136 1,197 Memphis 27.0 863% 3 200% 11 33 120 Miami 658.5 21% 21 -43% 132 401 685 3.5% 3.8% 4.5%Nashville 201.6 -33% 18 6% 80 145 1,228 Orlando 286.2 30% 8 14% 78 229 302 Palm Beach Raleigh/Durham 138.5 1% 4 -33% 132 257 349 Tampa 423.3 -1% 10 -17% 86 197 1,472 6.0% 6.7% 7.5%Tertiary Southeast 784.2 175% 41 46% 17 131 1,591 5.7% 7.4% 8.8%Total $3,768.7 5% 143 -2% $11 $181 $1,591 3.5% 6.5% 8.8%

SouthwestAustin 648.5 3% 11 -48% 263 526 648 Dallas 674.4 -16% 16 -27% 44 128 221 Denver 836.3 -15% 20 -9% 98 322 613 5.3% 6.5% 8.0%Houston 728.5 32% 11 -21% 114 345 520 5.5% 5.9% 6.4%Phoenix 233.4 15% 10 67% 83 182 313 San Antonio 47.7 -54% 6 200% Tertiary Southwest 405.0 388% 5 -55% 75 330 505 6.9% 7.8% 8.8%Total $3,573.8 7% 79 -19% $44 $275 $648 5.3% 6.6% 8.8%

WestEast Bay 861.2 81% 16 33% 139 270 347 4.8% 5.7% 6.6%Inland Empire Las Vegas Los Angeles 797.6 -40% 22 29% 62 310 571 3.8% 6.0% 8.6%Orange Co Portland 965.6 144% 22 -12% 90 336 499 2.7% 4.4% 6.1%Sacramento 178.8 -36% 15 36% 96 190 313 Salt Lake City 93.6 -53% 11 267% 88 154 239 San Diego 264.8 -40% 17 21% 133 176 527 5.0% 5.6% 6.2%San Francisco 3,278.3 -53% 50 -37% 261 732 1,709 3.9% 4.9% 6.8%San Jose 1,212.7 244% 16 129% 151 289 671 Seattle 2,906.3 209% 45 73% 94 471 868 4.8% 5.2% 5.7%Tertiary West 105.7 -38% 12 -20% 121 218 458 Total $10,664.6 -8% 226 8% $62 $404 $1,709 2.7% 5.2% 8.6%US Other Total US $66,911.7 6% 1,043 3% $11 $372 $4,331 2.1% 5.8% 10.0%


2015 YEAR IN REVIEW

Market Table: 2015 Summary - SuburbanVolume Pricing

Transactions Reported Closed Full Year 2015 Vol ($M) YOY

Change # Props YOY Change Low PPSF High Low Avg Cap

Rate High

Mid-AtlanticBaltimore $493.9 -24% 30 -35% $46 $205 $541 5.9% 6.9% 7.5%DC DC MD burbs 903.0 39% 43 0% 22 166 814 5.2% 6.1% 6.9%DC VA burbs 3,710.3 46% 105 14% 50 250 589 5.0% 6.5% 8.0%Philadelphia 1,183.0 77% 88 110% 22 131 329 5.5% 6.9% 7.6%Pittsburgh 270.6 38% 17 6% 30 76 417 7.2% 7.5% 7.7%Richmond/Norfolk 486.2 92% 47 42% 23 149 564 6.1% 7.2% 8.2%Tertiary Mid-Atlantic 881.0 1% 104 41% 25 114 753 6.9% 7.6% 9.2%Total $7,927.9 36% 434 25% $22 $181 $814 5.0% 7.0% 9.2%

MidwestChicago 1,912.7 8% 139 16% 29 119 1,135 5.6% 7.4% 9.8%Cincinnati 450.4 2% 37 6% 42 115 287 Cleveland 206.5 67% 23 5% 34 106 275 7.5% 8.5% 10.1%Columbus 211.3 -30% 26 -13% 43 114 351 6.5% 8.1% 10.9%Detroit 523.7 -17% 60 7% 12 103 470 6.2% 7.5% 9.5%Indianapolis 368.1 -1% 35 -13% 24 81 298 7.2% 9.0% 11.4%Kansas City 399.3 40% 31 72% 19 125 258 6.5% 9.0% 12.1%Minneapolis 1,032.9 6% 86 105% 19 99 419 7.1% 7.8% 8.3%St Louis 801.5 44% 56 24% 20 99 466 6.4% 7.7% 9.9%Tertiary Midwest 1,946.1 35% 199 20% 16 135 742 5.8% 8.1% 10.4%Total $7,852.5 14% 692 21% $12 $112 $1,135 5.6% 7.9% 12.2%

NortheastBoston 2,144.2 16% 105 -12% 12 178 1,234 5.0% 6.5% 7.7%Hartford 80.9 64% 10 25% 74 152 359 Long Island 520.9 86% 45 32% 46 168 446 6.5% 7.5% 10.3%Manhattan No NJ 2,974.2 70% 120 10% 28 172 840 5.5% 6.9% 9.8%NYC Boroughs 20.2 349% 4 300% 191 246 335 Stamford 324.2 -54% 28 -13% 54 170 1,114 5.8% 6.1% 6.3%Westchester 316.4 -50% 17 -54% 47 125 314 4.5% 7.0% 9.5%Tertiary Northeast 648.8 58% 63 50% 24 140 522 5.6% 6.5% 7.2%Total $7,029.8 24% 392 3% $12 $168 $1,234 4.5% 6.8% 10.3%

SoutheastAtlanta 4,407.7 88% 154 35% 14 159 449 5.5% 7.2% 9.9%Broward 950.1 101% 78 81% 43 150 521 5.5% 7.7% 12.6%Charlotte 574.6 -9% 45 18% 48 142 919 6.5% 7.1% 8.2%Jacksonville 251.5 -23% 27 -10% 29 134 428 7.3% 7.5% 7.7%Memphis 87.1 -32% 13 -43% 18 66 301 7.1% 8.2% 9.2%Miami 1,028.1 -12% 82 12% 32 210 909 4.3% 5.9% 6.5%Nashville 641.9 110% 42 91% 50 151 617 7.1% 7.8% 8.2%Orlando 485.4 -8% 34 -8% 46 165 1,033 6.8% 8.7%Palm Beach 889.8 5% 55 10% 73 249 1,013 4.0% 6.8% 9.3%Raleigh/Durham 1,258.4 117% 88 73% 45 165 905 6.0% 7.4% 10.9%Tampa 575.4 -31% 44 -30% 54 144 326 6.7% 7.2% 7.4%Tertiary Southeast 2,065.2 -9% 287 14% 23 149 1,249 7.4% 10.0%Total $13,215.0 27% 949 19% $14 $162 $1,249 4.0% 7.1% 12.6%

SouthwestAustin 1,494.6 -14% 50 -25% 46 235 596 2.8% 6.2% 7.8%Dallas 3,445.0 24% 177 2% 11 144 1,008 5.3% 7.6% 12.5%Denver 2,008.8 30% 141 7% 37 166 1,508 2.6% 6.9% 9.6%Houston 2,397.7 6% 121 7% 16 213 872 5.8% 7.4% 11.2%Phoenix 2,775.9 56% 156 16% 41 171 482 4.9% 7.0% 9.1%San Antonio 639.3 58% 38 15% 42 173 1,191 6.5% 6.9% 8.3%Tertiary Southwest 1,098.8 -18% 163 21% 15 149 1,054 5.0% 8.0% 11.6%Total $13,860.0 17% 846 7% $11 $174 $1,508 2.6% 7.3% 12.5%

WestEast Bay 831.8 -33% 73 16% 45 171 726 4.8% 6.4% 8.6%Inland Empire 546.4 43% 79 44% 16 137 496 2.8% 6.7% 9.0%Las Vegas 426.6 17% 40 0% 50 151 731 7.0% 7.3% 7.9%Los Angeles 6,351.2 -6% 320 2% 26 295 2,421 4.0% 5.9% 9.6%Orange Co 3,416.8 80% 171 51% 69 236 1,604 3.9% 5.8% 7.5%Portland 291.2 -29% 37 32% 49 139 375 6.3% 7.0% 8.8%Sacramento 456.2 30% 52 -2% 38 133 555 5.3% 6.4% 7.0%Salt Lake City 384.8 -22% 35 6% 65 146 263 8.0% 9.1% 10.3%San Diego 2,600.2 62% 142 29% 77 263 947 3.7% 6.3% 9.0%San Francisco 2,882.2 7% 44 -24% 159 432 1,459 5.8% 6.6% 8.4%San Jose 6,140.5 91% 132 2% 113 456 1,333 3.6% 5.4% 7.1%Seattle 2,648.2 120% 126 73% 54 262 1,666 4.9% 6.4% 8.4%Tertiary West 1,800.4 44% 179 16% 45 209 815 5.0% 6.9% 10.4%Total $28,776.5 31% 1,430 17% $16 $279 $2,421 2.8% 6.3% 10.4%US Other 275.2 239% 14 367%Total US $78,937.0 26% 4,757 16% $11 $191 $2,421 2.6% 7.0% 12.6%


2015 YEAR IN REVIEW

Property Name SF Price OwnerAddress Year Built PPSF SellerLocation Notes Quali� er Broker

Reported in the Past 45 DaysSelected Investment Sales Transactions


Mid-Atlantic

Verizon Corporate Campus 1,800,000 $212,500,000 22001 Loudoun County Pkwy 2000 118.06 Ashburn, VA Sub approximate

1333 H Street NW 269,000 $162,500,000 1333 H St NW 1912 604.09 Washington, DC CBD approximate

Riverfront Plaza 949,489 $147,500,000 951 E Byrd St 1990 155.35 Richmond, VA CBD confi rmed

FBI Field Offi ce 155,755 $59,900,000 2600 Lord Baltimore Dr 2004 384.58 Windsor Mill, MD Sub confi rmed

One Belmont 245,000 $46,000,000 1 Belmont Ave 1958 187.76 Bala Cynwyd, PA Sub confi rmed

Midwest

200 West Adams 677,222 $168,250,000 200 W Adams St 1985 248.44 Chicago, IL CBD confi rmed

RSM Plaza 415,824 $78,350,000 801 Nicollet Mall 1968 188.42 Minneapolis, MN CBD confi rmed

Great Plains Software 122,040 $25,000,000 3900 44th Ave SW 2000 204.85 Fargo, ND Sub confi rmed

River Road Bldg I & II 235,807 $21,850,000 9025 N River Rd 2007 92.66 Indianapolis, IN Sub confi rmed

Northeast

1 Channel Center 501,650 $316,500,000 1 Channel St 2014 630.92 Boston, MA CBD approximate

20 Broad Street 473000 $200,000,000 20 Broad St 1956 422.83 New York, NY CBD confi rmed

Princeton Pike Corporate Cnt. 800,546 $155,000,000 2200 Lenox Dr 1982 193.62 Lawrence Township, NJ Sub confi rmed

140 Park Avenue 100,000 $45,600,000 140 Park Ave 2015 456.00 Florham Park, NJ Sub confi rmed

140 Grand St 120,275 $22,400,000 140 Grand St 1989 186.24 White Plains, NY Sub confi rmed

Davidson Kempner Capital Management LLC JV American RE Partners from Verizon by CBRE

TA Realty from MRP Realty JV Rockpoint Group by HFF

Hertz Investment Group from Hines US Core OFF Fund by Eastdil

USAA Real Estate from Starwood Capital Group JV Kaufman Jacobs JV JP Morgan Asset Management by Eastdil

Keystone Property from Maguire & Partners Property Group by CBRE

Gerding Edlen from Sterling Equities JV Lincoln Property Co by HFF

Golub & Co JV Oaktree by Golub from United Properties by Cushman &

Wakefi eld

Goldmark from Lone Star Funds by CBRE

Onward Investors from Duke Realty by JLL

Tishman Speyer from Ares Management JV CV Properties by Cushman & Wakefi eld

Metro Loft by Prince Realty Advisors from Vornado by Prince Realty Advisors

JFR Global Inc from Angelo Gordon JV Prism Capital Partners by JLL

JLL Income PT by Stan Johnson Co from Rockefeller Group by Stan Johnson Co

Goodwin Square Property LLC from SL Green by CBRE


2015 YEAR IN REVIEW


Reported in the Past 45 DaysSelected Investment Sales Transactions


Southeast

Bank of America Plaza 787,000 $193,500,000 101 E Kennedy Blvd 1986 245.87 Tampa, FL CBD confi rmed

Colony Square 825,812 $166,000,000 1201 Peachtree St NE 1970 201.01 Atlanta, GA Sub approximate

121 West Trade 321,250 $71,600,000 121 W Trade St 1989 222.88 Charlotte, NC CBD confi rmed

Park Center I & II 200,370 $44,600,000 5200 Virginia Way 2001 222.59 Brentwood, TN Sub confi rmed

Advance Tower 101,143 $40,000,000 6262 Sunset Dr 1986 395.48 Miami, FL Sub confi rmed

Southwest

7700 Parmer 911,579 $272,250,000 7700 W Parmer Ln 1998 298.66 Austin, TX Sub approximate

CoBank Center 296,000 $113,463,400 6340 S Fiddlers Green Cir 2015 383.32 Englewood, CO Sub confi rmed

Luhrs City Center 140,500 $44,000,000 11 W Jefferson St 1924 313.17 Phoenix, AZ CBD confi rmed

Amkor Technology HQ 97,504 $20,350,000 2045 E Innovation Cir 2015 208.71 Tempe, AZ Sub confi rmed

West

Campus @ 3333 450,000 $305,073,331 3333 Scott Blvd 2013 677.94 Santa Clara, CA Sub confi rmed

Amazon (Phase VI) 394,000 $299,000,000 515 Westlake Ave N 2014 758.88 Seattle, WA CBD confi rmed

9033 Wilshire Blvd 49,617 $75,050,000 9033 Wilshire Blvd 1957 1,512.59 Beverly Hills, CA Sub confi rmed

International Game Technology HQ 610,410 $75,000,000 6355 S Buffalo Dr 2008 122.87 Las Vegas, NV Sub confi rmed

Heald College Building 60,000 $19,500,000 1500 Kapiolani Blvd 1957 325.00 Honolulu, HI Sub approximate

Oaktree JV Banyan Street Capital from MetLife by CBRE

North American Properties JV Lionstone Investments from Rialto Capital Mgmt JV Tishman Speyer by Eastdil

Lincoln Property Co from Dilweg Companies JV Greenfi eld Partners by HFF

Northwestern Mutual from John P Cooper by Cushman & Wakefi eld

USAA Real Estate from Jeffrey J Weiss by NGKF Capital Markets

Accesso Partners LLC by Eastdil from Spear Street Capital by Eastdil

GLL Real Estate Partners from Shea Properties by CBRE

Lincoln Property Co JV Invesco RE from Hansji Hotels by Newmark Grubb Knight Frank

Founders Properties from Ryan Companies JV Arizona Board Of Regents by Colliers International

Clarion Partners JV Oregon PERS from Beacon Capital Partners JV Menlo Equities by Eastdil

Metzler Real Estate OBO Union Investment from Vulcan Real Estate by CBRE

UBS Realty Investors LLC from Archway Holdings by Eastdil

Panattoni Development from International Game Technology

by Colliers International

Salem Partners JV Argosy Real Estate from Walgreens by Colliers International


2015 YEAR IN REVIEW

Top 15 by Number of Properties

Suburban CBD All Offi ceBy Region*

*ranked by investment volume

Methodology Full credit assigned to sellers’ representative. When two brokers represent same seller, both sellers’ representatives assigned full credit. For partial-interest, rankings are based on the pro-rated share of the total property or portfolio value. For more information on rankings please visit www.rcanalytics.com/Misc/Brokers_Ranking_Methodology.pdf

Mid-AtlanticEastdil

Cushman & Wakefield

CBRE

DTZ

JLL

MidwestEastdil

JLL

CBRE

HFF

Cushman & Wakefield

NortheastEastdil

CBRE

Cushman & Wakefield

JLL

Savills Studley

SoutheastCBRE

Eastdil

HFF

Cushman & Wakefield

JLL

SouthwestCBRE

HFF

Eastdil

Cushman & Wakefield

JLL

WestEastdil

CBRE

HFF

Cushman & Wakefield

JLL

Suburban CBD All Offi ce

$0 $8 $16

ONCORTrinity Partners

Coldwell BankerHealth America Realty Group

Mission Capital AdvisorsBrown Gibbons Lang & Co

Voit RE ServicesLee & Associates

Savills StudleyNAI Global

SVNStan Johnson Co

C-III Realty ServicesMadison Partners

Avison YoungTranswestern

Marcus & MillichapNewmark Grubb Knight Frank

Colliers InternationalDTZJLL

HFFCushman & Wakefield

EastdilCBRE

$0 $11 $22

Pinnacle RealtyS Charatan RealtyThe Dartmouth Co

The Macke CompanyThe Alter GroupColdwell BankerKidder MathewsMeridian Capital

Marcus & MillichapAckman-Ziff


Ripco Real EstatePrince Realty Advisors

NAI GlobalEastern Consolidated

Newmark Grubb Knight FrankDTZ

Colliers InternationalSavills Studley

HFFJLL

Cushman & WakefieldCBREEastdil

$0 $16 $32

Coldwell BankerAckman-Ziff

Brown Gibbons Lang & CoVoit RE Services

Ripco Real EstateLee & Associates

Prince Realty AdvisorsSVN

Eastern ConsolidatedC-III Realty Services

Stan Johnson CoMadison Partners

NAI GlobalAvison Young

Savills StudleyTranswestern

Marcus & MillichapNewmark Grubb Knight Frank

Colliers InternationalDTZJLL

HFFCushman & Wakefield

CBREEastdil

0 370 740

C-III Realty ServicesStan Johnson Co

NAI GlobalTranswestern

SVNAvison Young

EastdilDTZ

Newmark Grubb Knight FrankColliers International

JLLHFF

Marcus & MillichapCushman & Wakefield

CBRE

0 60 120

SVNEastern Consolidated


Savills StudleyNAI Global

Marcus & MillichapDTZ

Colliers InternationalNewmark Grubb Knight Frank

HFFJLL

Cushman & WakefieldEastdilCBRE

0 430 860

C-III Realty ServicesStan Johnson Co

NAI GlobalTranswestern

SVNAvison Young

DTZNewmark Grubb Knight Frank

Colliers InternationalJLL

EastdilHFF

Marcus & MillichapCushman & Wakefield

CBRE

*The transaction volume of brokerage firms that have merged are left unconsolidated before the merger date and are attributed to the surviving or newly formed company after the merger date.

Top 25 by Investment Volume(in Billions)

Top Office Brokers of 2015ABOUT REAL CAPITAL ANALYTICSReal Capital Analytics, Inc (RCA) is an indepen-dent data and analytics firm focused exclusively on the capital investment markets for commercial real estate. RCA offers the most in-depth, comprehensive and current information of activ-ity in the industry. Formed in 2000, RCA has offices in New York City, San Jose, and London. In addition to collecting transactional informa-tion for property sales and financing, RCA interprets the data includ-ing capitalization rates, market trends, pricing and sales volume. The firm publishes a series of Capital Trends reports and offers an online service that provides real-time, global transactional market informa-tion. For more information, visit: www.rcanalytics.com.

ABOUT US CAPITAL TRENDS®US Capital Trends is published by Real Capital Analytics, Inc.Copyright ©2015 Real Capital Analytics, Inc. All rights reserved.It is a violation of Federal law to photocopy or reproduce any part of this publication, or forward it electronically, without first obtaining permission from Real Capital Analytics, Inc. To subscribe as an indi-vidual or to purchase a corporate license for your office, please call 1.866.REAL.DATA.

Information presented by RCA has been compiled from sources believed to be reliable. While we have no reason to doubt its accuracy, RCA makes no representation or warranty regarding the information. The information is provided as is without warranties of any kind, express or implied, and may be subject to material revisions.

NOTES & METHODOLOGYThe information maintained by RCA and presented in this report encom-passes markets nationally and includes only properties or portfolios $2.5M or greater. Readers should note that there is substantial investment activ-ity, largely local in nature, that falls below this threshold and is not cap-tured in this report.

Records are maintained for transactions that represent the transfer of a controlling interest in a property or portfolio of properties that are $2.5M or greater. Transactions are assumed to be fee simple; lease-hold and commercial condominium interests are noted, if known. Transactions include both real estate asset sales as well as transac-tions involving real estate operating and investment entities. Thus, for example, merger and acquisition activity among entire REITs or other real estate entities is included in this report unless noted oth-erwise. Sales of partial interest transactions will receive credit and be valued at the pro-rated share.

For this report, market classifications are defined as followed:

Major Metros: Boston, Chicago, DC Metro, LA Metro, NYC Metro and SF Metro

Secondary: Atlanta, Austin, Charlotte, Cincinnati, Cleveland, Colum-bus, Dallas, Baltimore, Denver, Detroit, Houston, Indianapolis, Jack-sonville, Kansas City, Las Vegas, Memphis, Milwaukee, Minneapolis, Nashville, Norfolk, Orlando, Philly Metro, Phoenix, Pittsburg, Portland, Raleigh/Durham, Sacramento, Salt Lake City, San Antonio, San Diego, Seattle, South Florida, St Louis and Tampa.

Tertiary: All other US markets.

Commercial Property Price Indices (RCA CPPI™): CPPI use advanced repeat-sale regression (RSR) methodology, which uses quali-fied repeat-sale observations to measure price change in commercial real estate. All CPPI are based on similar index methodology devel-oped by RCA and further information is available on our website. The US suite of CPPI includes 23 Moody’s/RCA CPPI national benchmarks and over 200 RCA US CPPI for regions, markets and property niches.

The Moody’s /RCA CPPI suite includes national composites for all property types and all commercial. Each of the apartment, hotel, CBD office, suburban office, retail and industrial sector indices are compos-ites with each based on Major Metro and Non-Major Metro indices.

The RCA US CPPI were developed and published by Real Capital Ana-lytics to complement the Moody’s/RCA CPPI but are not maintained, reviewed, endorsed, or otherwise affiliated with Moody’s Investors Service or its affiliates.

Ranking Methodology: Based on transactions $2.5M and greater. Full dollar value is assigned to each buyer, seller, or broker in joint venture transactions. Partial interest sales are included at the pro-rated share of the total property or portfolio value.Trend analysis may exclude certain transactions that exceed 5% of the data sample or that may otherwise skew results. A complete glossary and methodology can be found at www.rcanalytics.com.

Abbreviations:PPSF = Price Per-Square-FootBPS = Basis PointsYOY = Year-Over-Year

YTD = Year-to-DateQ1 = First Quarter of YearH1 = First Half of Year

REAL CAPITAL ANALYTICSwww.rcanalytics.com

US Headquarters110 Fifth AvenueNew York, NY 10011Toll-Free: 1.866.REAL.DATAPhone: 212.387.7103

US West Coast OfficePruneyard Towers1901 South Bascom AvenueCampbell, CA 95008Phone: 408.371.8880

Europe Office71 Broadwick StreetLondon, United Kingdom W1F 9QYPhone: +44.207.297.6860

Robert M White, Jr Founder & PresidentJim Costello Senior Vice PresidentDoug Murphy Senior Director, AnalyticsAndrew Pisanelli Director, AnalyticsYiqun Wang Director, AnalyticsHermann Lademann Senior Manager, AnalyticsSean Kane Senior AnalystRachel Tipermas AnalystElizabeth Szep AnalystAlexis Maltin AnalystYogeeta Chatoredussy AnalystJoseph Kizel AnalystMichael Gilligan Principal ArchitectMark Bell Vice President, MarketingSiobhan Crise Publication Manager

Notes & Defi nitions

Loan Search – the largest database of commercial real estate financings linked to properties, borrowers and lenders.


2015 YEAR IN REVIEW

ABOUT REAL CAPITAL ANALYTICSReal Capital Analytics, Inc (RCA) is an indepen-dent data and analytics firm focused exclusively on the capital investment markets for commercial real estate. RCA offers the most in-depth, comprehensive and current information of activ-ity in the industry. Formed in 2000, RCA has offices in New York City, San Jose, and London. In addition to collecting transactional informa-tion for property sales and financing, RCA interprets the data includ-ing capitalization rates, market trends, pricing and sales volume. The firm publishes a series of Capital Trends reports and offers an online service that provides real-time, global transactional market informa-tion. For more information, visit: www.rcanalytics.com.

ABOUT US CAPITAL TRENDS®US Capital Trends is published by Real Capital Analytics, Inc.Copyright ©2015 Real Capital Analytics, Inc. All rights reserved.It is a violation of Federal law to photocopy or reproduce any part of this publication, or forward it electronically, without first obtaining permission from Real Capital Analytics, Inc. To subscribe as an indi-vidual or to purchase a corporate license for your office, please call 1.866.REAL.DATA.

Information presented by RCA has been compiled from sources believed to be reliable. While we have no reason to doubt its accuracy, RCA makes no representation or warranty regarding the information. The information is provided as is without warranties of any kind, express or implied, and may be subject to material revisions.

NOTES & METHODOLOGYThe information maintained by RCA and presented in this report encom-passes markets nationally and includes only properties or portfolios $2.5M or greater. Readers should note that there is substantial investment activ-ity, largely local in nature, that falls below this threshold and is not cap-tured in this report.

Records are maintained for transactions that represent the transfer of a controlling interest in a property or portfolio of properties that are $2.5M or greater. Transactions are assumed to be fee simple; lease-hold and commercial condominium interests are noted, if known. Transactions include both real estate asset sales as well as transac-tions involving real estate operating and investment entities. Thus, for example, merger and acquisition activity among entire REITs or other real estate entities is included in this report unless noted oth-erwise. Sales of partial interest transactions will receive credit and be valued at the pro-rated share.

For this report, market classifications are defined as followed:

Major Metros: Boston, Chicago, DC Metro, LA Metro, NYC Metro and SF Metro

Secondary: Atlanta, Austin, Charlotte, Cincinnati, Cleveland, Colum-bus, Dallas, Baltimore, Denver, Detroit, Houston, Indianapolis, Jack-sonville, Kansas City, Las Vegas, Memphis, Milwaukee, Minneapolis, Nashville, Norfolk, Orlando, Philly Metro, Phoenix, Pittsburg, Portland, Raleigh/Durham, Sacramento, Salt Lake City, San Antonio, San Diego, Seattle, South Florida, St Louis and Tampa.

Tertiary: All other US markets.

Commercial Property Price Indices (RCA CPPI™): CPPI use advanced repeat-sale regression (RSR) methodology, which uses quali-fied repeat-sale observations to measure price change in commercial real estate. All CPPI are based on similar index methodology devel-oped by RCA and further information is available on our website. The US suite of CPPI includes 23 Moody’s/RCA CPPI national benchmarks and over 200 RCA US CPPI for regions, markets and property niches.

The Moody’s /RCA CPPI suite includes national composites for all property types and all commercial. Each of the apartment, hotel, CBD office, suburban office, retail and industrial sector indices are compos-ites with each based on Major Metro and Non-Major Metro indices.

The RCA US CPPI were developed and published by Real Capital Ana-lytics to complement the Moody’s/RCA CPPI but are not maintained, reviewed, endorsed, or otherwise affiliated with Moody’s Investors Service or its affiliates.

Ranking Methodology: Based on transactions $2.5M and greater. Full dollar value is assigned to each buyer, seller, or broker in joint venture transactions. Partial interest sales are included at the pro-rated share of the total property or portfolio value.Trend analysis may exclude certain transactions that exceed 5% of the data sample or that may otherwise skew results. A complete glossary and methodology can be found at www.rcanalytics.com.

Abbreviations:PPSF = Price Per-Square-FootBPS = Basis PointsYOY = Year-Over-Year

YTD = Year-to-DateQ1 = First Quarter of YearH1 = First Half of Year

REAL CAPITAL ANALYTICSwww.rcanalytics.com

US Headquarters110 Fifth AvenueNew York, NY 10011Toll-Free: 1.866.REAL.DATAPhone: 212.387.7103

US West Coast OfficePruneyard Towers1901 South Bascom AvenueCampbell, CA 95008Phone: 408.371.8880

Europe Office71 Broadwick StreetLondon, United Kingdom W1F 9QYPhone: +44.207.297.6860

Robert M White, Jr Founder & PresidentJim Costello Senior Vice PresidentDoug Murphy Senior Director, AnalyticsAndrew Pisanelli Director, AnalyticsYiqun Wang Director, AnalyticsHermann Lademann Senior Manager, AnalyticsSean Kane Senior AnalystRachel Tipermas AnalystElizabeth Szep AnalystAlexis Maltin AnalystYogeeta Chatoredussy AnalystJoseph Kizel AnalystMichael Gilligan Principal ArchitectMark Bell Vice President, MarketingSiobhan Crise Publication Manager

Notes & Defi nitions

Loan Search – the largest database of commercial real estate financings linked to properties, borrowers and lenders.


Date post:	11-Apr-2017
Category:	Real Estate
Upload:	justin-b-smith
View:	512 times
Download:	0 times