Tampa Bay Florida

A DISCUSSION OF THE WESTSHORE SUBMARKET

COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

1ST QUARTER OFFICE MARKET STATISTICS | OVERALL INVENTORY

14.8 M SF

11.7 M SF

6.8 M SF

5.2 M SF

3.7 M SF

3.1 M SF

Westshore

I-75 Corridor

Tampa CBD

Gateway

N. Pinellas

St. Petersburg CBD

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

$20.59$20.59

1.8 M1.8 M

$27.67$27.67

13.1%13.1%11.2%

1ST QUARTER OFFICE MARKET STATISTICS | WESTSHORE SUBMARKET

212Total Buildings

14.8Million Sq. Ft.Total Inventory

Net Absorption Sq. Ft. 1st Quarter

Avg. Asking Rate / FSOverall

11.6%Direct Vacancy

OverallTotal Vacancy S.F.

$24.41

212

14.8

11.6%

$24.41

241,158241,15811.2%Direct Vacancy

Class “A”Direct VacancyClass “B & C”

Avg. Asking Rate / FSClass “A”

Avg. Asking Rate / FSClass “B & C”

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

CURRENT AVAILABILITIES | CLASS “A” ($23 - $30 per sf)FLOORS

12 20,959

11 7,926 1,282

10 7,099 5,957 841 / 4,027 / 1,989

9 1,572 / 5,991 2,094

8 4,249 1,746 10,387

7 4,249 24,225

6 1,862 / 4,161 3,155 10,606 2,256 / 2,203 / 7,620 1,190 / 3,361

5 2,770 19,206 24,188

4 2,160 / 2,904 3,212 16,565 4,349 / 3,036 3,275

3 6,806 2,974 5,223 9,476 7,815 3,482 14,030

2 4,231 1,887 / 2,855 / 2,168 2,040 / 3,267 1,699 / 1,993 / 2,773 1,681 / 3,322 / 2,393

1 1,561 3,505 908 / 1,840 4,024

Total Bldg Size (RSF) 181,014 205,049 245,022 249,797 252,364 199,554 172,055 220,245 129,728

Asking Rates (FS) $25.00 - $28.00 $28.00 $25.00 - $30.00 $25.00 - $29.50 $30.00 $24.50-26.00 $24.50 - $26.00 $24.50 - $26.00 $27.50 - $28.50

Avg. Floor Plate 23,228 30,000 19,951 21,000 25,329 22,000 19,000 24,000 17,000

Avail. Space (RSF) 12,648 7,754 42,601 28,547 24,102 23,504 48,395 81,907 16,777

Occupancy (%) 93.01% 96.22% 82.61% 88.48% 90.45% 88.22% 71.87% 62.81% 87.07%

Rocky Point Centre

3030 N Rocky Point Drive

Harborview Plaza 3031 N Rocky Point Drive

Waterford Plaza7650 W

Courtney Campbell Causeway

Island Center

2701 N Rocky Point Drive

The Pointe

2502 N Rocky Point Drive

Meridian One

4350 WCypress Street

Meridian Two

4300 WCypress Street

Meridian Three

4200 WCypress Street

Westshore 500

500 NWest Shore Blvd

1 2 3 4 5 6 7 8 9

Sublease

Direct

42Class “A” Buildings

Overvall Market

7.9Million Sq. Ft.

192,201Net Absorption Sq. Ft.

1st Quarter

10.5%Direct Vacancy

11.2%Total Vacancy

$27.67Avg. Asking Rate FS

Class “A”

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

CURRENT AVAILABILITIES | CLASS “A” ($23 - $30per sf) ContinuedFLOORS 13

12 20,800

11

10 2,449 / 8,304 1,475 3,261 3,009 3,116 / 2,160 1,219

9 9,971 4,952

8 1,963 3,178 3,517

7 6,990 / 8,575 3,517 4,935 6,431 10,007

6 16,275 8,074 1,032

5 9,087 5,048

4 1,887 6,471

3 2,235 15,565 2,111 / 5,520 8,043

2 4,052 2,246 / 3,912 3,031 2,240 / 2,953 / 1,653

1 2,163 1,580 9,605

Total Bldg Size (RSF) 169,619 101,626 145,923 182,214 215,523 216,332 183,031 254,808

Asking Rates (FS) $23.50 - $25.50 $23.00 - $26.00 $23.00 - $26.00 $25.00 - $26.00 $24.50 - $28.00 $24.50 - $25.00 $23.50-$25.00 $26.00

Avg. Floor Plate 16,000 15,565 14,600 16,500 23,947 22,450 20,336 21,550

Avail. Space (RSF)29,263 40,217 13,421 15,850 45,942 19,843 7,564 1,219

Occupancy (%) 82.75% 60.43% 90.80% 91.30% 78.68% 90.83% 95.87% 99.52%

Westshore Corporate Center

600 N West Shore Blvd

Towers at Westshore I

1410 NWest Shore Blvd

Towers atWestshore II

1408 NWest Shore Blvd

Tower Place

1511 NWest Shore Blvd

Westshore Center

1715 NWest Shore Blvd

Lincoln Center

5401 WKennedy Blvd

Bridgeport Center

5201 W Kennedy Blvd

Tampa Commons

1 NorthDale Mabry Hwy

14 15 16 1710 131211

42Class “A” Buildings

Overvall Market

7.9Million Sq. Ft.

192,201Net Absorption Sq. Ft.

1st Quarter

10.5%Direct Vacancy

11.2%Total Vacancy

$27.67Avg. Asking Rate FS

Class “A”

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Sublease

Direct

COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

CURRENT AVAILABILITIES | CLASS “A+” ($29 - $33 per sf) FLOORS

11

10

9 4,071 5,368 5,485 19,131 1,576

8 1,442 774

7Single TenantBuild-to-SuitOccupied by

Price Waterhouse Cooper(PWC)

9,931

6 23,432 6,688 / 5,100 8,138

5 26,587 14,740 / 8,679 30,819 1,811 4,534 3,823

4 1,487 2,044 11,163 / 6,945 30,689 14,809 / 7,018 18,835 3,350 2,587

3 3,638 2,901 / 2,441 1,672

9,410 / 16,49810,961 3,738 14,398 11,691

2 32,599 14,605 30,006 5,173 13,996 1,809 1,438

1 2,072 3,904 / 4,529 2,969 / 3,761 8,472 3,735 4,536 3,335

Total Bldg Size (RSF) 250,000 250,000 240,320 390,698 286,111 290,101 250,097 278,100 269,954 264,922 209,079

Asking Rates (FS) $32.50 - $29.00 $32.00 - $33.00 $32.00 - $33.00 $32.00 - $33.00 $32.00 - $33.00 $30.00 $30.00 $31.00 $30.00

Avg. Floor Plate 27,974 25,000 23,432 65,116 29,984 28,700 32,000 32,000 32,000 25,000 30,000

Avail. Space (RSF) 9,196 - 39,930 96,009 87,231 86,390 3,735 25,056 49,456 8,934 9,307

Occupancy (%) 96.32% 100% 83.38% 75.43% 69.51% 70.22% 98.51% 90.99% 81.68% 96.63% 95.55%

MetWest One

4030 West Boy Scout Blvd

MetWest Two

4040 West Boy Scout Blvd

One MetroCenter

4010 WestBoy Scout Blvd

Corporate Center One

2202 N West Shore Blvd

Corporate Center Two4211 West

Boy Scout Blvd

Corporate Center Three4221 West

Boy Scout Blvd

Corporate Center Four4301 West

Boy Scout Blvd

One Urban Centre

4830 WestKennedy Blvd

Two Urban Centre

4890 WestKennedy Blvd

Bayport Plaza

3000 BayportDrive

Highwoods Bay Center 1

5426 Bay Center Drive

1 2 3 4 5 6 7 8 9 10 11

DirectSublease

42Class “A” Buildings

Overvall Market

7.9Million Sq. Ft.

192,201Net Absorption Sq. Ft.

1st Quarter

10.5%Direct Vacancy

11.2%Total Vacancy

$27.67Avg. Asking Rate FS

Class “A”

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

WESTSHORE MOMENTUM | NEW DEALS 16,000+ SF

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NEW TENANTS TO WESTSHORE EXISTING WESTSHORE TENANTS

48,000 SF

37,000 SF

28,000 SF

23,000 SF

22,000 SF

97,000 SF

70,000 SF

63,000 SF

50,000 SF

17,000 SF

Tampa Bay Florida

16,000 SF

COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

ASKING RENT BUMPS | AS OF 1ST QUARTER 2015 Westshore - Class A+ Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

One Metro Center - $28.00 $28.50 - $29.00

Corporate Center One, Two & Three - $29.75 $31.00 $32.00 $32.00 - $33.00

Island Center - - - $25.00 - $29.00 -

Bay Center I - - $29.00 $30.00 -

MetWest One - - $32.00 $32.50 -

Bayport Plaza - $28.00 - $30.00 $30.00 $31.00 -

One Urban Centre - $29.00 - $30.00 $30.00 - -

Two Urban Centre - $28.50 - $30.00 $30.00 - -

Waterford Plaza $24.50 - $29.00 $25.00 - $30.00 - - -

Westshore - Class A Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Westshore 500 - - $25.00 - $26.00 $25.50 - $27.50

Rocky Pointe Centre - - - $24.00 - $28.00 $25.00 - $28.00

Westshore Center $23.00 - $25.00 $23.50 - $26.00 - $24.50 - $26.50 $24.50 - $28.00

Tampa Commons - - - $24.00 - $25.00 $26.00

Lincoln Center - - - $23.00 - $25.00 $24.50 - $25.00

Meridian One - - - $23.50 - $25.50 $24.50 - $26.00

Meridian Two & Three - - - $23.50 $24.50 - $26.00

Bridgeport Center - $23.50 $23.50 - $25.00 - -

Tower Place $25.00 $25.00 - $26.00 - - -

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

ASKING RENT BUMPS | AS OF 1ST QUARTER 2015 Westshore - Lowrise Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Lakepointe Two - - $26.00 $27.00 -

One President’s Plaza - - $19.50 $20.00 -

Kennedy Center - - $22.00 $23.00 -

Tampa CBD Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Park Tower - - $21.00 - $22.00 $22.00 - $23.00 -

100 North Tampa - - $27.00 - $29.00 $28.00 - $29.00 $28.00 - $30.00

SunTrust Financial Centre - - $27.50 - $29.00 $28.00 - $30.00 -

Wells Fargo Center - - $23.00 - $25.00 $25.00 -

Fifth Third Center - - $23.00 - $25.00 $23.50 - $26.00 -

Rivergate Tower - - $21.00 - $23.00 $23.00 -

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

In Hillsborough County, there are 27 existing office buildings offering 25,000 - 49,999 SF contiguous available space.

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Of those, only 7 are in Westshore...

COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

WESTSHORE AVAILABILITY | 25,000 - 49,999 SF CONTIGUOUS IN BUILDING

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET PAGE 12

In Hillsborough County, there are 11 existing office buildings offering 50,000+ SF contiguous available space.

Of those, only 4 are in Westshore...

COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

WESTSHORE AVAILABILITY | 50,000+ SF CONTIGUOUS IN BUILDING

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

OPPORTUNITIES | FUTURE DEVELOPMENTS

Tampa Bay One 700,000

Austin Center 600,000

Independence Park 525,000

Laurel Gardens 418,000

Crescent Properties 300,000

MetWest III 250,000

Highwoods Bay Center II 208,000

Cypress Center IV 200,000

International Plaza Site C 180,000

Westshore Corporate Center II 168,000

Independence Center II 125,000

550 Reo Building II 75,000

Under ConstructionLaser Spine Institute 176,00

There are 12 proposed office developments in the Westshore Submarket totaling approximately 3,579,000 SF

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5

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12

10

8

4

113

1

7

2

69

12

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

THE NEW WORKPLACE | DEMOGRAPHIC TRANSFORMATION

The majority of Baby Boomers are expected to retire by 2016-2020.Millennials will become a more dominant workgroup during this transition.

BOOMER1946 - 1965

GENERATION X1965 - 1980

MILLENNIALS 1980 - 2000

TRAIT Optimistic Skepticism Empowered

LEADERSHIP STYLE Consensus Consensus Non-hierarchical

CAREER Competitive, change agents

Resourceful, selfmanage

Cutting-edge vsexperience

VALUE Opportunity Freedom Diversity and social responsibility

REWARDS Money, title and perks

Transferable benefits, flexibility and balance

High pay, interesting work and

work/life balance 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024

160 millionknowledge workers

15% decline

Another 25%baby boomers will retire

Millennials becomedominant factor

Num

ber o

f Kno

wle

dge

Wor

kers

in th

e U.

S.

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

THE NEW WORKPLACE | CRITICAL TRENDS

5 Critital TrendsShaping CRE &

Workplace575%100b+50%80%40%

SPACE REDUCTION

OF APPS WILL BE IN THE CLOUD (2015)

GLOBAL MOBILE DEVICES

WORKFORCE - MILLENIALS (2016-2018)

WORK HIGHLY COLLABORATIVE (2015)

OF WORKSPACE IS OCCUPIED (today)

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COLLIERS INTERNATIONAL | A DISCUSSION OF THE WESTSHORE SUBMARKET

Colliers InternationalTampa Bay Florida | Central Florida | Southwest FloridaOne Urban Centre4830 W. Kennedy Blvd., Suite 300Tampa, FL 33609Direct +1 727 443 6383lee.arnold@colliers.com

COLLIERS INTERNATIONAL | WESTSHORE OFFICE SPACE

LEE E. ARNOLD Jr. CCIM, CRECEO, Chairman of the Board

THANK YOU!