CB RICHARD ELLIS

NAIOP TAMPA BAYANNUAL BROKER UPDATE :: 2011Retailer Overview

David ConnExecutive Vice PresidentCB Richard Ellis

Tesco- Homeplus Subway Virtual Store

Diminishing Store Size for Some Big Box Retailers

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60

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120

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Best Buy Office Depot Staples Target Wal-Mart

2008 2009 2010 2011

AVERAGE STORE SIZE (X1,000 SF)

Source: CBRE Econometric Advisors/Dodge Pipeline

Econometric Advisors

Outlook

Econometric Advisors

Outlook

US Retail Chain Store Sales Segments & Selected Comp-store PerformanceAUGUST 2011 :: YEAR-OVER-YEAR %CHANGE

Source: ICSC Chain Store Sales Trends

Econometric Advisors

Outlook

RETAILER 9/1/2011 9/1/2010 % CHANGE

S&P 500 1204.42 1080.29 11.49%

Best Buy 24.79 32.66 -24.10%

Costco 79.48 57.79 37.53%

Home Depot 32.93 28.67 14.86%

J.C. Penney 26.26 20.75 26.55%

Kohl's 45.39 48.40 -6.22%

Kroger 23.31 20.06 16.20%

Ross Stores 74.77 51.10 46.32%

Staples 14.42 18.41 -21.67%

Target 51.06 52.24 -2.26%

TJX Companies 52.99 40.89 29.59%

Walgreens 35.65 27.69 28.75%

Walmart 52.65 51.20 2.83%

Econometric Advisors

Outlook

Retailer Stock Performance

Source: CBRE Econometric Advisors

Rent Trough Expected in 4Q 2011

$17.00

$17.50

$18.00

$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

Rent Growth (L) Rent Level (R )

Lowest Rent Since 2003q4, Down 12% From 08q1 Peak

Forecast

Active Retailers

TAMPA BAYRETAILER MARKET