CoStar Office Report€¦ · South Florida Office Market YEAR-END 2010 The CoStar Office Report

South Florida Office MarketY E A R - E N D 2 0 1 0

The CoStarOffice Report

South Florida Office Market

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

YEAR-END 2010 – SOUTH FLORIDA

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

Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C

Terms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D

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

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

Employment & Tenant Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Employment & Unemployment AnalysisTenant Profiles

Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Construction Activity MapInventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

Figures at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Figures at a Glance by Class & MarketFigures at a Glance by Class & SubmarketFigures at a Glance Grouped by CBD vs SuburbanHistorical Figures at a Glance

Leasing Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Leasing Activity MapLeasing Activity AnalysisSelect Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Sales Activity AnalysisSelect Top Sales Transactions

Analysis of Individual CoStar Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Select Same Building SalesSelect Land SalesAventura MarketBiscayne Corridor MarketBoca Raton MarketBoynton/Lantana MarketBrickell MarketCoconut Grove MarketCommercial Blvd MarketCoral Gables MarketCoral Way MarketCypress Creek MarketDelray Beach MarketDowntown Fort Lauderdale MarketDowntown Miami MarketFort Lauderdale MarketHallandale MarketHollywood MarketJupiter MarketKendall MarketMedley/Hialeah MarketMiami MarketMiami Airport MarketMiami Beach MarketMiami Lakes Market


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

SOUTH FLORIDA – YEAR-END 2010


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


Table of Contents (Continued)

Miami-Dade Central County MarketNorth Palm Beach MarketNortheast Dade MarketNW Broward/Coral Springs MarketOutlying Broward County MarketOutlying Miami-Dade Cnty MarketPalm Beach MarketPalm Springs/Lake Worth MarketPlantation MarketPompano Beach MarketRoyal Palm Bch/Wellington MarketSawgrass Park MarketSouth Dade MarketSouthwest Broward MarketWest Miami MarketWest Palm Beach Market


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



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


Methodology

The CoStar Office Report, unless specifically stated otherwise, calculates office statistics using CoStar Group’s entire database of existing and under construction office buildings in each metropolitan area. Included are office, office condominium, office loft, office medical, all classes and all sizes, and both multi-tenant and single-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 71.7 billion square feet of coverage in 3 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate.

© 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.

1331 L ST NW • Washington, DC USA 20005 • (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


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©2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT E


Terms & DefinitionsAvailability 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.

Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the ten-ant. In a leased build-to-suit, a tenant will usually have a long term lease on the space.

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).

CBD: Abbreviation for Central Business District. (See also: Central Business District)

Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA.

Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and command the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an archi-tectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fit-tings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality.

Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typical-ly have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors.

Class C: A classification used to describe buildings that gener-ally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These buildings lack prestige and must depend chiefly on a lower price to attract tenants and investors.

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

Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space.

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.

Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typi-cal flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off.

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

Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space.

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.

Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehousing, distribution, and maintenance facilities. The pri-mary purpose of the space is for storing, producing, assembling, or distributing product.

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.

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)


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



©2010 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT E


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).

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

Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs.

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.

Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufactur-ing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, or restaurant, usually on the ground floor.

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.

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).

Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the vari-ous systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly.

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)

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.

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

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).

Suburban: The Suburban and Central Business District (CBD) designations refer to a particular geographic area within a metro-politan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD)

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.

Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied.

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.



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

OVERVIEW

South Florida’s Vacancy Decreases to 14.7% Net Absorption Positive 523,203 SF in the Quarter

The South Florida Office market ended the fourth quarter 2010 with a vacancy rate of 14.7%. The vacancy rate was down over the previous quarter, with net absorp-

tion totaling positive 523,203 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,402,977 square feet. Rental rates ended the fourth quarter at $27.19, a decrease over the previous quarter. A total of two buildings delivered to the market in the quarter totaling 33,000 square feet, with 1,550,911 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall South Florida office market

was positive 523,203 square feet in the fourth quarter 2010. That compares to positive 341,027 square feet in the third quarter 2010, positive 194,248 square feet in the second quarter 2010, and positive 577,977 square feet in the first quarter 2010.

Tenants moving into large blocks of space in 2010 include: Greenberg Traurig, LLP moving into 125,000 square feet at Wells Fargo Center; Bilzin, Sumberg, Baena, Price & Axelrod, LLP moving into 80,773 square feet at 1450 Brickell; Answer Group moving into 69,000 square feet at 4530 T Rex Ave and Broadspire Services, Inc moving into 1391 NW 136th Ave.

The Class-A office market recorded net absorption of posi-tive 222,411 square feet in the fourth quarter 2010, compared to positive 225,002 square feet in the third quarter 2010, negative (7,467) in the second quarter 2010, and positive 300,792 in the first quarter 2010.

The Class-B office market recorded net absorption of posi-tive 161,411 square feet in the fourth quarter 2010, compared to

positive 251,163 square feet in the third quarter 2010, positive 259,041 in the second quarter 2010, and positive 193,659 in the first quarter 2010.

The Class-C office market recorded net absorption of posi-tive 139,381 square feet in the fourth quarter 2010 compared to negative (135,138) square feet in the third quarter 2010, negative (57,326) in the second quarter 2010, and positive 83,526 in the first quarter 2010.

Net absorption for South Florida’s central business district was positive 51,783 square feet in the fourth quarter 2010. That compares to negative (5,390) square feet in the third quarter 2010, positive 57,264 in the second quarter 2010, and positive 3,732 in the first quarter 2010.

Net absorption for the suburban markets was positive 471,420 square feet in the fourth quarter 2010. That compares to positive 346,417 square feet in third quarter 2010, positive 136,984 in the second quarter 2010, and positive 574,245 in the first quarter 2010.

VacancyThe office vacancy rate in the South Florida market area

decreased to 14.7% at the end of the fourth quarter 2010. The vacancy rate was 15.0% at the end of the third quarter 2010, 15.2% at the end of the second quarter 2010, and 14.8% at the end of the first quarter 2010.

Class-A projects reported a vacancy rate of 20.9% at the end of the fourth quarter 2010, 21.3% at the end of the third quarter 2010, 21.5% at the end of the second quarter 2010, and 20.4% at the end of the first quarter 2010.

Class-B projects reported a vacancy rate of 16.4% at the end

Vacancy Rates by Class 1999-2010

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 10 Quarters Past 10 Quarters

Source: CoStar Property• Source: CoStar Property•

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South Florida United States

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


South Florida Office MarketYEAR-END 2010 – SOUTH FLORIDA



OVERVIEW

of the fourth quarter 2010, 16.5% at the end of the third quarter 2010, 16.7% at the end of the second quarter 2010, and 16.9% at the end of the first quarter 2010.

Class-C projects reported a vacancy rate of 6.8% at the end of the fourth quarter 2010, 7.1% at the end of third quarter 2010, 6.8% at the end of the second quarter 2010, and 6.8% at the end of the first quarter 2010.

The overall vacancy rate in South Florida’s central business district at the end of the fourth quarter 2010 decreased to 18.3%. The vacancy rate was 18.4% at the end of the third quarter 2010, 18.4% at the end of the second quarter 2010, and 17.0% at the end of the first quarter 2010.

The vacancy rate in the suburban markets decreased to 14.0% in the fourth quarter 2010. The vacancy rate was 14.2% at the end of the third quarter 2010, 14.3% at the end of the second quarter 2010, and 14.3% at the end of the first quarter 2010.

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

171,490-square-foot lease signed by ADT Security Services, Inc. at 1501 Yamato Rd in the Boca Raton market; the 105,137-square-foot deal signed by Amadeus North America, L.L.C. at One Park Square at Doral in the Miami Airport market; and the 90,000-square-foot lease signed by Keiser University at Crossroads in the Miami Airport market.

Sublease VacancyThe amount of vacant sublease space in the South Florida

market decreased to 1,402,977 square feet by the end of the fourth quarter 2010, from 1,455,740 square feet at the end of the third quarter 2010. There was 1,585,907 square feet vacant at the end of the second quarter 2010 and 1,688,023 square feet at the end of the first quarter 2010.

South Florida’s Class-A projects reported vacant sublease space of 652,736 square feet at the end of fourth quarter 2010,

down from the 675,467 square feet reported at the end of the third quarter 2010. There were 750,568 square feet of sublease space vacant at the end of the second quarter 2010, and 844,342 square feet at the end of the first quarter 2010.

Class-B projects reported vacant sublease space of 705,427 square feet at the end of the fourth quarter 2010, down from the 725,490 square feet reported at the end of the third quarter 2010. At the end of the second quarter 2010 there were 777,901 square feet, and at the end of the first quarter 2010 there were 760,768 square feet vacant.

Class-C projects reported decreased vacant sublease space from the third quarter 2010 to the fourth quarter 2010. Sublease vacancy went from 54,783 square feet to 44,814 square feet dur-ing that time. There was 57,438 square feet at the end of the second quarter 2010, and 82,913 square feet at the end of the first quarter 2010.

Sublease vacancy in South Florida’s central business district stood at 422,083 square feet at the end of the fourth quarter 2010. It was 448,180 square feet at the end of the third quarter 2010, 479,486 square feet at the end of the second quarter 2010, and 522,992 square feet at the end of the first quarter 2010.

Sublease vacancy in the suburban markets ended the fourth quarter 2010 at 980,894 square feet. At the end of the third quarter 2010 sublease vacancy was 1,007,560 square feet, was 1,106,421 square feet at the end of the second quarter 2010, and was 1,165,031 square feet at the end of the first quarter 2010.

Rental RatesThe average quoted asking rental rate for available office

space, all classes, was $27.19 per square foot per year at the end of the fourth quarter 2010 in the South Florida market area. This represented a 0.3% decrease in quoted rental rates from the end of the third quarter 2010, when rents were reported at $27.26 per square foot.

The average quoted rate within the Class-A sector was $32.92 at the end of the fourth quarter 2010, while Class-B rates stood at $24.05, and Class-C rates at $20.83. At the end of the third quarter 2010, Class-A rates were $33.35 per square foot, Class-B rates were $24.04, and Class-C rates were $20.79.

The average quoted asking rental rate in South Florida’s CBD was $32.62 at the end of the fourth quarter 2010, and $25.47 in the suburban markets. In the third quarter 2010, quoted rates were $33.01 in the CBD and $25.45 in the suburbs.

Deliveries and ConstructionDuring the fourth quarter 2010, two buildings totaling

33,000 square feet were completed in the South Florida market area. This compares to four buildings totaling 195,373 square feet that were completed in the third quarter 2010, seven build-ings totaling 830,671 square feet completed in the second quarter 2010, and 1,304,118 square feet in 10 buildings completed in the first quarter 2010.





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OVERVIEW

There were 1,550,911 square feet of office space under con-struction at the end of the fourth quarter 2010.

Some of the notable 2010 deliveries include: Wells Fargo Center, a 752,488-square-foot facility that delivered in second quarter 2010 and 1450 Brickell, a 582,817-square-foot building that delivered in first quarter 2010.

The largest projects underway at the end of fourth quarter 2010 were Brickell Financial Centre Phase I, a 605,886-square-foot building and UM Life Science & Technology Park, a 252,079-square-foot facility.

InventoryTotal office inventory in the South Florida market area

amounted to 226,545,264 square feet in 11,449 buildings as of the end of the fourth quarter 2010. The Class-A office sector consisted of 55,284,015 square feet in 405 projects. There were 3,402 Class-B buildings totaling 105,963,562 square feet, and the Class-C sector consisted of 65,297,687 square feet in 7,642 build-ings. Within the Office market there were 291 owner-occupied buildings accounting for 9,568,299 square feet of office space.

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

South Florida office sales figures rose during the third quarter 2010 in terms of dollar volume compared to the second quarter of 2010.

In the third quarter, 24 office transactions closed with a total volume of $474,006,136. The 24 buildings totaled 2,433,912 square feet and the average price per square foot equated to $194.75 per square foot. That compares to 17 transactions total-ing $209,918,500 in the second quarter 2010. The total square footage in the second quarter was 1,420,713 square feet for an average price per square foot of $147.76.

Total office building sales activity in 2010 was up compared

to 2009. In the first nine months of 2010, the market saw 59 office sales transactions with a total volume of $808,481,048. The price per square foot averaged $174.72. In the same first nine months of 2009, the market posted 35 transactions with a total volume of $193,086,687. The price per square foot averaged $133.05.

Cap rates have been higher in 2010, averaging 8.69% com-pared to the same period in 2009 when they averaged 7.73%.

One of the largest transactions that has occurred within the last four quarters in the South Florida market is the sale of 450 E Las Olas Blvd in Fort Lauderdale. This 469,353-square-foot office building sold for $170,000,000, or $362.20 per square foot. The property sold on 9/9/2010, at a 6.65% cap rate.

Reports compiled by: Matt Burdette, CoStar Research Manager.





0%

5%

10%

15%

20%

25%

19993q

20001q

20003q

20011q

20013q

20021q

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20031q

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Vac

ancy

Rat

e

A B C Total Market

(0.35)

0.50

(1.03) (1.04) (0.99)

0.01

0.58

0.190.34

0.52

1.03

1.72

1.080.91 0.86

0.42

1.30

0.83

0.200.03

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0

20083q

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ns

SF


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

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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

Aventura Aventura

Biscayne Corridor Biscayne Corridor

Boca Raton Boca Raton East Boca Raton North Boca Raton West

Boynton/Lantana Boynton/Lantana

Brickell Brickell*

Coconut Grove Coconut Grove

Commercial Blvd Commercial Blvd

Coral Gables Coral Gables

Coral Way Coral Way

Cypress Creek Cypress Creek

Delray Beach Delray Beach

Downtown Fort Lauderdale Downtown Fort Lauderdale*

Downtown Miami Downtown Miami*

Fort Lauderdale Fort Lauderdale

Hallandale Hallandale

Hollywood Hollywood

Jupiter Jupiter

Kendall Kendall

Medley/Hialeah Medley/Hialeah

Miami Miami

Miami Airport Miami Airport

Miami Beach Miami Beach

Miami Lakes Miami Lakes

Miami-Dade Central County Hialeah Gardens

North Palm Beach North Palm Beach*

Northeast Dade Northeast Dade

NW Broward/Coral Springs NW Broward/Coral Springs

Outlying Broward County Outlying Broward County

Outlying Miami-Dade Cnty Outlying Miami-Dade Cnty

Palm Beach Palm Bch Cty Outlying Palm Beach*

Palm Springs/Lake Worth Palm Springs/Lake Worth

Plantation Plantation

Pompano Beach Pompano Beach

Royal Palm Bch/Wellington Royal Palm Bch/Wellington

Sawgrass Park Sawgrass Park

South Dade South Dade

Southwest Broward Southwest Broward

West Miami West Miami

West Palm Beach West Palm Beach*** Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page.






Total Employment by Industry Total Employment GrowthPercent of Total Employment by Industry Total Number of Jobs Added Per Year

Source: Department of Labor, Bureau of Labor Statistics Source: Department of Labor, Bureau of Labor Statistics

Office* Employment Growth Office* Employment GrowthCumulative Growth in Office* Jobs Over the Past 5 Years Number of Office* Jobs Added Per Year

MarketEmployment

GrowthInventory Growth Difference

Atlanta -9.70% 6.00% -15.70%

Boston -1.90% 2.70% -4.60%

Chicago -11.60% 3.50% -15.10%

Dallas/Ft Worth -0.70% 6.40% -7.10%

Denver -3.90% 4.70% -8.60%

Los Angeles -11.10% 2.80% -13.90%

New York City -2.80% 1.50% -4.30%

Seattle/Puget Sound -4.20% 9.30% -13.50%

Tampa/St Petersburg -12.90% 6.60% -19.50%

Washington -1.60% 7.50% -9.10%

South Florida -15.90% 8.20% -24.10%

Source: Department of Labor, Bureau of Labor Statistics

Historical Unemployment Rates

Source: Department of Labor, Bureau of Labor Statistics.

Source: Department of Labor, Bureau of Labor Statistics. * Office employment is defined as jobs in the Information,

Financial Activities, and Professional & Business Services industries

-7.0%

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Perc

ent

Gro

wth

South Florida U.S. Average

16%

11%

4%

15%

0%

15%

3%

23%

2%

7%

4%Natural Resources &MiningConstruction

Manufacturing

Trade, Transportation &UtilitiesInformation

Financial Activities

Professional & BusinessServicesEducation & HealthServicesLeisure & Hospitality

Other Services

Government

-10.0%-9.0%-8.0%-7.0%-6.0%-5.0%-4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Perc

ent

Gro

wth


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

20001q

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20011q

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ent

Unem

plo

yment


EMPLOYMENT AND TENANT






EMPLOYMENT AND TENANT

Tenant by Size Range Tenants by Lease ExpirationBased on Total Number of Tenants Based on Total Square Footage of Tenants

Source: CoStar Tenant® Source: CoStar Tenant®

Tenants by Industry SF Per Employee by IndustryBased on Total Square Footage of Tenants Based on All Tenants

Source: CoStar Tenant® Source: CoStar Tenant®

56.9%

20.5%

11.2%

8.1%

1.9%

0.6%

0.7%

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

Up to 2,499 SF

2,500-4,999 SF

5,000-9,999 SF

10,000-24,999 SF

25,000-49,999 SF

50,000-74,999 SF

75,000 SF & Up

Percentage of Tenants

16.1%

12.7%

13.1%

11.1%

5.8%

3.6%

0% 5% 10% 15% 20%

2012

2013

2014

2015

2016

2017


23.4%

17.2%

10.8%

9.8%

8.2%

5.4%

5.1%

4.9%

3.9%

3.9%

3.2%

2.4%

1.9%

0% 5% 10% 15% 20% 25%

Finance/Ins/RE

Services

Law Firms

Medical

Business-Service

Manufacturing

Retailers/Wholes

Agri/Mining/Util

Transportation

Communications

Government

Engineers/Archit

Accountants


400.1

366.2

289.5

289.1

287.1

286.7

277.9

272.7

260.7

244.2

232.7

226.9

164.7

0 50 100 150 200 250 300 350 400 450

Services

Law Firms

Engineers/Archit

Agri/Mining/Util

Finance/Ins/RE

Manufacturing

Government

Retailers/Wholes

Business-Service

Communications

Accountants

Medical

Transportation

SF Per Employee






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

Brickell 1 12,118 2.0% 98,578 605,886

Miami 2 116,553 39.5% 12,272 147,399

North Palm Beach 3 73,475 41.5% 22,587 58,983

Coral Gables 1 17,228 10.0% 23,389 172,276

Jupiter 3 104,100 84.6% 15,673 41,000

Miami Airport 1 90,000 100.0% 47,891 90,000

Kendall 1 3,060 6.0% 23,434 51,000

Boca Raton 1 24,640 77.0% 39,389 32,000

Miami Lakes 1 5,000 100.0% 26,590 5,000

West Palm Beach 0 0 0.0% 16,096 0

All Other 0 0 0.0% 16,788 0

Totals 14 446,174 28.8% 19,787 110,779


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®

0

605,886

1,550,911

294,799

176,950

172,276

123,000

90,000

51,000

32,000

5,000

0

Market

Under Construction Inventory Average Bldg Size

Total RBA

8.3

5.6

8.4

10.2

11.7

9.0

5.1 5.1

4.0

2.8

1.11.6 1.5 1.6

2.22.9 2.6

4.44.8

6.9

3.4 3.13.5

2.9

4.0

5.8 5.8

3.3

2.4

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

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

Millio

ns

of

SF

Deliveries Average Delivered SF

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2007 2008 2009 2010

Millio

ns

of

SF

Leased Un-Leased

0

100

200

300

400

500

600

700

800

900

1,000

2011 1q 2011 2q 2011 4q 2012 1q

T

Thousa

nds

of

SF

Preleased Un-Leased







Historical Construction Starts & DeliveriesSquare Footage Per Quarter Starting and Completing Construction


Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project

Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 16 264,973 162,036 61.2% $30.37 46,594 218,379

50,000 SF - 99,999 SF 2 171,260 119,574 69.8% $35.00 0 171,260

100,000 SF - 249,999 SF 2 310,000 83,500 26.9% $32.73 0 310,000

250,000 SF - 499,999 SF 1 281,624 194,321 69.0% $32.40 0 281,624

>= 500,000 SF 2 1,335,305 619,110 46.4% $45.92 0 1,335,305


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

2010 Deliveries


Currently Under Construction By Class By Space Type

1.68

0.99

1.56

2.32

1.01

0.82

0.10

0.54

0.15 0.210.07 0.06

0.360.48

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2.08

1.00

1.16

1.57

1.74

1.34

1.03

1.72

1.08

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0.42

1.30

0.83

0.20

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0.0

0.5

1.0

1.5

2.0

2.5

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 2010 2q 2010 3q 2010 4q

Millio

ns

of

SF

Construction Starts Deliveries

85%

15%

Multi Single

2%

98%

Multi Single

29%

24%

47%

Class A Class B Class C

14%

86%

Multi Single







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Class A Market Statistics Year-End 2010

YTD Net YTD Under Quoted

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

Aventura 8 851,353 143,804 158,382 18.6% 11,659 0 0 $32.13

Biscayne Corridor 4 671,629 259,925 259,925 38.7% 29,664 0 0 $31.68

Boca Raton 63 6,992,011 1,546,263 1,583,142 22.6% 31,315 0 32,000 $29.93

Boynton/Lantana 5 355,301 113,249 113,249 31.9% (21,471) 0 0 $25.07

Brickell 12 4,147,078 921,812 959,239 23.1% 73,915 582,817 605,886 $41.10

Coconut Grove 5 693,986 104,563 134,789 19.4% (4,282) 0 0 $35.37

Commercial Blvd 3 225,768 89,628 91,930 40.7% (5,677) 0 0 $24.13

Coral Gables 29 4,227,664 777,667 900,248 21.3% 72,892 0 172,276 $35.31

Coral Way 1 24,000 0 0 0.0% 24,000 24,000 0 $0.00

Cypress Creek 20 2,417,484 445,379 466,528 19.3% (51,254) 0 0 $28.12

Delray Beach 1 30,845 3,500 3,500 11.3% 27,345 30,845 0 $33.16

Downtown Fort Lauderdale 21 4,381,298 930,286 980,359 22.4% (122,135) 0 0 $31.89

Downtown Miami 10 5,063,686 1,078,294 1,166,576 23.0% 142,896 752,488 0 $42.06

Fort Lauderdale 6 962,806 162,447 189,837 19.7% (7,851) 0 0 $25.23

Hallandale 3 227,607 99,961 99,961 43.9% 98,594 171,260 0 $31.15

Hollywood 2 335,132 33,822 34,465 10.3% 19,426 0 0 $30.33

Jupiter 7 495,174 23,371 23,371 4.7% 3,467 0 60,000 $30.62

Kendall 13 1,435,123 342,219 363,871 25.4% 32,232 0 51,000 $34.98

Medley/Hialeah 4 624,704 164,413 165,920 26.6% 8,636 0 0 $25.90

Miami 2 177,670 0 0 0.0% 0 0 252,079 $0.00

Miami Airport 38 5,815,709 992,737 1,000,262 17.2% 179,381 431,624 90,000 $29.00

Miami Beach 8 1,566,624 58,782 67,534 4.3% 13,956 0 0 $35.37

Miami Lakes 7 416,748 125,988 125,988 30.2% 33,899 0 0 $26.89

Miami-Dade Central County 0 0 0 0 0.0% 0 0 0 $0.00

North Palm Beach 25 1,665,722 328,203 336,576 20.2% 7,708 50,000 176,950 $31.55

Northeast Dade 1 160,000 120,000 120,000 75.0% 40,000 160,000 0 $35.07

NW Broward/Coral Springs 6 507,852 126,934 133,892 26.4% (9,995) 0 0 $27.68

Outlying Broward County 5 225,544 58,757 58,757 26.1% 37,006 0 0 $29.04

Outlying Miami-Dade Cnty 0 0 0 0 0.0% 0 0 0 $0.00

Palm Beach 9 580,660 51,713 51,713 8.9% 15,889 0 0 $30.00

Palm Springs/Lake Worth 1 26,400 0 0 0.0% 0 0 0 $0.00

Plantation 15 1,774,942 178,729 239,725 13.5% 313 0 0 $27.87

Pompano Beach 4 334,043 98,768 108,482 32.5% 9,775 0 0 $26.34

Royal Palm Bch/Wellington 3 125,676 5,245 5,245 4.2% 83,670 40,000 0 $21.00

Sawgrass Park 14 1,758,655 350,295 350,295 19.9% 62,093 0 0 $27.77

South Dade 1 190,719 30,529 30,529 16.0% 12,104 0 0 $29.88

Southwest Broward 27 2,450,318 428,491 444,992 18.2% (89,610) 0 0 $28.64

West Miami 1 46,118 11,193 11,193 24.3% 11,334 0 0 $27.00

West Palm Beach 21 3,297,966 714,362 793,590 24.1% (30,156) 0 0 $36.51

Totals 405 55,284,015 10,921,329 11,574,065 20.9% 740,738 2,243,034 1,440,191 $32.92


Existing Inventory Vacancy

FIGURES AT A GLANCE






Class B Market Statistics Year-End 2010



Aventura 29 960,306 55,704 57,734 6.0% 26,608 0 0 $31.95

Biscayne Corridor 30 2,039,042 447,861 447,861 22.0% (20,761) 0 0 $24.05

Boca Raton 231 8,777,537 1,875,336 1,907,972 21.7% 46,489 0 0 $24.28

Boynton/Lantana 61 1,275,708 178,667 178,667 14.0% (44,393) 10,878 0 $23.96

Brickell 27 2,782,235 497,044 559,303 20.1% (67,359) 0 0 $28.68

Coconut Grove 23 794,395 105,785 105,785 13.3% 18,607 14,400 0 $30.22

Commercial Blvd 24 678,080 44,091 44,091 6.5% (2,433) 0 0 $18.88

Coral Gables 124 4,066,592 615,530 623,330 15.3% 99,415 0 0 $30.01

Coral Way 25 896,413 68,631 68,631 7.7% 63,820 0 0 $23.47

Cypress Creek 106 4,469,754 683,787 763,774 17.1% 28,003 0 0 $20.99

Delray Beach 109 2,552,726 877,463 877,463 34.4% 83,270 6,973 0 $21.27

Downtown Fort Lauderdale 94 2,092,671 211,387 216,887 10.4% 40,844 12,500 0 $26.75

Downtown Miami 30 4,044,290 863,667 945,457 23.4% 90,788 0 0 $26.30

Fort Lauderdale 146 4,246,695 552,551 602,545 14.2% (53,641) 0 0 $21.53

Hallandale 13 522,518 69,583 69,583 13.3% 2,654 0 0 $24.21

Hollywood 113 2,570,594 421,824 440,936 17.2% (38,904) 0 0 $24.91

Jupiter 107 2,070,946 372,445 375,894 18.2% (33,718) 0 63,000 $26.06

Kendall 211 6,432,399 684,211 701,006 10.9% 89,449 22,594 0 $24.98

Medley/Hialeah 70 1,707,866 251,852 251,852 14.7% (21,485) 0 0 $25.63

Miami 59 3,088,207 284,864 353,048 11.4% (114,838) 0 42,720 $27.02

Miami Airport 181 8,389,419 1,562,236 1,605,838 19.1% 87,517 24,000 0 $21.30

Miami Beach 70 2,377,215 308,163 312,813 13.2% 36,601 0 0 $30.58

Miami Lakes 93 2,768,245 555,955 593,112 21.4% 24,868 0 5,000 $23.59

Miami-Dade Central County 8 171,202 16,310 16,310 9.5% 3,502 0 0 $15.72

North Palm Beach 171 5,457,627 803,299 843,284 15.5% 57,131 15,783 0 $24.53

Northeast Dade 72 1,975,719 278,271 281,574 14.3% 121,712 0 0 $23.19

NW Broward/Coral Springs 107 2,369,433 392,186 400,408 16.9% 44,463 0 0 $24.24

Outlying Broward County 29 436,063 82,691 82,691 19.0% (27,231) 0 0 $20.07

Outlying Miami-Dade Cnty 6 168,207 3,445 3,445 2.0% (2,300) 0 0 $21.51

Palm Beach 81 1,775,184 243,214 248,077 14.0% 409 4,000 0 $35.46

Palm Springs/Lake Worth 32 524,374 33,456 33,456 6.4% 4,390 0 0 $22.08

Plantation 141 4,465,535 573,481 576,481 12.9% 56,956 0 0 $21.88

Pompano Beach 165 4,008,042 528,142 626,826 15.6% 130,297 0 0 $19.15

Royal Palm Bch/Wellington 39 1,025,173 262,041 262,041 25.6% (26,073) 0 0 $27.79

Sawgrass Park 44 1,575,339 211,167 221,215 14.0% 72,747 0 0 $24.45

South Dade 65 1,761,445 169,186 169,186 9.6% 21,649 0 0 $21.41

Southwest Broward 185 3,818,011 366,720 382,128 10.0% 74,496 0 0 $25.11

West Miami 56 1,813,656 36,093 36,093 2.0% 45,566 0 0 $23.46

West Palm Beach 225 5,014,699 1,071,778 1,078,747 21.5% (53,841) 9,000 0 $21.90

Totals 3,402 105,963,562 16,660,117 17,365,544 16.4% 865,274 120,128 110,720 $24.05



FIGURES AT A GLANCE






Class C Market Statistics Year-End 2010



Aventura 14 209,448 4,693 4,693 2.2% 11,482 0 0 $29.50


Boca Raton 173 2,625,159 168,304 168,304 6.4% 47,427 0 0 $23.20

Boynton/Lantana 127 647,449 32,222 32,222 5.0% (1,364) 0 0 $20.96

Brickell 34 266,845 670 670 0.3% 1,530 0 0 $14.05

Coconut Grove 71 483,278 36,306 36,306 7.5% (8,759) 0 0 $26.83

Commercial Blvd 34 557,918 90,999 90,999 16.3% (22,261) 0 0 $23.65

Coral Gables 314 2,628,511 211,427 211,427 8.0% 21,650 0 0 $26.38

Coral Way 179 1,143,673 79,945 79,945 7.0% (10,513) 0 0 $24.05

Cypress Creek 116 1,506,422 145,712 145,712 9.7% 28,370 0 0 $16.11

Delray Beach 252 1,555,958 81,140 81,140 5.2% 39,246 0 0 $24.19


Downtown Miami 37 1,259,253 41,303 41,303 3.3% (5,482) 0 0 $19.79

Fort Lauderdale 882 5,538,283 333,070 333,320 6.0% (14,586) 0 0 $18.79

Hallandale 145 950,943 27,625 27,625 2.9% 17,352 0 0 $18.29

Hollywood 523 3,461,534 211,050 211,050 6.1% (1,577) 0 0 $18.53

Jupiter 86 568,511 61,021 65,143 11.5% (22,615) 0 0 $16.73

Kendall 255 3,357,574 147,858 149,058 4.4% 16,382 0 0 $24.50

Medley/Hialeah 270 1,863,678 86,483 86,483 4.6% (27,511) 0 0 $18.22

Miami 551 4,244,594 247,923 247,923 5.8% (87,468) 0 0 $21.47

Miami Airport 149 3,418,696 151,763 151,763 4.4% (3,136) 0 0 $18.64

Miami Beach 85 1,231,207 71,841 74,591 6.1% (3,686) 0 0 $24.68

Miami Lakes 39 511,071 65,960 65,960 12.9% (14,745) 0 0 $19.70


North Palm Beach 194 1,685,399 137,942 139,942 8.3% 35,424 0 0 $19.81

Northeast Dade 436 4,678,498 352,330 377,690 8.1% (13,084) 0 0 $20.03



Outlying Miami-Dade Cnty 1 7,989 0 0 0.0% 0 0 0 $0.00

Palm Beach 53 593,166 25,406 25,406 4.3% (20,946) 0 0 $23.60

Palm Springs/Lake Worth 92 431,182 31,798 32,538 7.5% (6,050) 0 0 $19.26

Plantation 206 2,333,677 165,733 165,733 7.1% 19,062 0 0 $19.93

Pompano Beach 301 2,588,823 233,483 233,483 9.0% 38,993 0 0 $18.80

Royal Palm Bch/Wellington 25 282,944 38,250 38,250 13.5% (9,700) 0 0 $24.72

Sawgrass Park 17 505,304 5,878 5,878 1.2% 2,023 0 0 $20.74

South Dade 212 1,214,151 88,091 88,091 7.3% (11,646) 0 0 $23.43

Southwest Broward 101 933,292 61,554 61,554 6.6% (1,785) 0 0 $21.32

West Miami 297 1,762,291 48,439 48,439 2.7% (4,738) 0 0 $21.45

West Palm Beach 529 4,161,700 409,766 414,166 10.0% 62,653 0 0 $18.84

Totals 7,642 65,297,687 4,419,788 4,464,602 6.8% 30,443 0 0 $20.83



FIGURES AT A GLANCE






Total Office Market Statistics Year-End 2010



Aventura 51 2,021,107 204,201 220,809 10.9% 49,749 0 0 $32.01

Biscayne Corridor 141 3,993,194 948,635 948,635 23.8% 3,217 0 0 $26.87

Boca Raton 467 18,394,707 3,589,903 3,659,418 19.9% 125,231 0 32,000 $26.67

Boynton/Lantana 193 2,278,458 324,138 324,138 14.2% (67,228) 10,878 0 $23.99

Brickell 73 7,196,158 1,419,526 1,519,212 21.1% 8,086 582,817 605,886 $37.21

Coconut Grove 99 1,971,659 246,654 276,880 14.0% 5,566 14,400 0 $31.41

Commercial Blvd 61 1,461,766 224,718 227,020 15.5% (30,371) 0 0 $22.45

Coral Gables 467 10,922,767 1,604,624 1,735,005 15.9% 193,957 0 172,276 $32.61

Coral Way 205 2,064,086 148,576 148,576 7.2% 77,307 24,000 0 $23.79

Cypress Creek 242 8,393,660 1,274,878 1,376,014 16.4% 5,119 0 0 $23.09

Delray Beach 362 4,139,529 962,103 962,103 23.2% 149,861 37,818 0 $21.48

Downtown Fort Lauderdale 682 9,505,440 1,295,162 1,352,027 14.2% (111,220) 12,500 0 $30.14

Downtown Miami 77 10,367,229 1,983,264 2,153,336 20.8% 228,202 752,488 0 $34.80

Fort Lauderdale 1,034 10,747,784 1,048,068 1,125,702 10.5% (76,078) 0 0 $21.77

Hallandale 161 1,701,068 197,169 197,169 11.6% 118,600 171,260 0 $26.28

Hollywood 638 6,367,260 666,696 686,451 10.8% (21,055) 0 0 $23.28

Jupiter 200 3,134,631 456,837 464,408 14.8% (52,866) 0 123,000 $25.49

Kendall 479 11,225,096 1,174,288 1,213,935 10.8% 138,063 22,594 51,000 $28.42

Medley/Hialeah 344 4,196,248 502,748 504,255 12.0% (40,360) 0 0 $24.23

Miami 612 7,510,471 532,787 600,971 8.0% (202,306) 0 294,799 $25.08

Miami Airport 368 17,623,824 2,706,736 2,757,863 15.6% 263,762 455,624 90,000 $23.94

Miami Beach 163 5,175,046 438,786 454,938 8.8% 46,871 0 0 $30.89

Miami Lakes 139 3,696,064 747,903 785,060 21.2% 44,022 0 5,000 $23.95


North Palm Beach 390 8,808,748 1,269,444 1,319,802 15.0% 100,263 65,783 176,950 $26.60

Northeast Dade 509 6,814,217 750,601 779,264 11.4% 148,628 160,000 0 $23.06




Palm Beach 143 2,949,010 320,333 325,196 11.0% (4,648) 4,000 0 $33.69


Plantation 362 8,574,154 917,943 981,939 11.5% 76,331 0 0 $23.99

Pompano Beach 470 6,930,908 860,393 968,791 14.0% 179,065 0 0 $20.05

Royal Palm Bch/Wellington 67 1,433,793 305,536 305,536 21.3% 47,897 40,000 0 $27.27

Sawgrass Park 75 3,839,298 567,340 577,388 15.0% 136,863 0 0 $26.22

South Dade 278 3,166,315 287,806 287,806 9.1% 22,107 0 0 $23.57


West Miami 354 3,622,065 95,725 95,725 2.6% 52,162 0 0 $22.97

West Palm Beach 775 12,474,365 2,195,906 2,286,503 18.3% (21,344) 9,000 0 $26.93

Totals 11,449 226,545,264 32,001,234 33,404,211 14.7% 1,636,455 2,363,162 1,550,911 $27.19



FIGURES AT A GLANCE






FIGURES AT A GLANCE

Class A Submarket Statistics Year-End 2010



Aventura 8 851,353 143,804 158,382 18.6% 11,659 0 0 $32.13

Biscayne Corridor 4 671,629 259,925 259,925 38.7% 29,664 0 0 $31.68

Boca Raton East 16 1,656,059 455,034 465,726 28.1% (4,207) 0 0 $30.71

Boca Raton North 22 2,928,543 566,405 570,905 19.5% (8,751) 0 0 $26.23

Boca Raton West 25 2,407,409 524,824 546,511 22.7% 44,273 0 32,000 $33.87

Boynton/Lantana 5 355,301 113,249 113,249 31.9% (21,471) 0 0 $25.07

Brickell 12 4,147,078 921,812 959,239 23.1% 73,915 582,817 605,886 $41.10

Coconut Grove 5 693,986 104,563 134,789 19.4% (4,282) 0 0 $35.37

Commercial Blvd 3 225,768 89,628 91,930 40.7% (5,677) 0 0 $24.13

Coral Gables 29 4,227,664 777,667 900,248 21.3% 72,892 0 172,276 $35.31

Coral Way 1 24,000 0 0 0.0% 24,000 24,000 0 $0.00

Cypress Creek 20 2,417,484 445,379 466,528 19.3% (51,254) 0 0 $28.12

Delray Beach 1 30,845 3,500 3,500 11.3% 27,345 30,845 0 $33.16


Downtown Miami 10 5,063,686 1,078,294 1,166,576 23.0% 142,896 752,488 0 $42.06

Fort Lauderdale 6 962,806 162,447 189,837 19.7% (7,851) 0 0 $25.23

Hallandale 3 227,607 99,961 99,961 43.9% 98,594 171,260 0 $31.15

Hialeah Gardens 0 0 0 0 0.0% 0 0 0 $0.00

Hollywood 2 335,132 33,822 34,465 10.3% 19,426 0 0 $30.33

Jupiter 7 495,174 23,371 23,371 4.7% 3,467 0 60,000 $30.62

Kendall 13 1,435,123 342,219 363,871 25.4% 32,232 0 51,000 $34.98

Medley/Hialeah 4 624,704 164,413 165,920 26.6% 8,636 0 0 $25.90

Miami 2 177,670 0 0 0.0% 0 0 252,079 $0.00

Miami Airport 38 5,815,709 992,737 1,000,262 17.2% 179,381 431,624 90,000 $29.00

Miami Beach 8 1,566,624 58,782 67,534 4.3% 13,956 0 0 $35.37

Miami Lakes 7 416,748 125,988 125,988 30.2% 33,899 0 0 $26.89

North Palm Beach 25 1,665,722 328,203 336,576 20.2% 7,708 50,000 176,950 $31.55

Northeast Dade 1 160,000 120,000 120,000 75.0% 40,000 160,000 0 $35.07

NW Broward/Coral Springs 6 507,852 126,934 133,892 26.4% (9,995) 0 0 $27.68


Outlying Miami-Dade Cnty 0 0 0 0 0.0% 0 0 0 $0.00

Palm Bch Cty Outlying 6 491,389 36,045 36,045 7.3% 11,755 0 0 $21.16

Palm Beach 3 89,271 15,668 15,668 17.6% 4,134 0 0 $54.91

Palm Springs/Lake Worth 1 26,400 0 0 0.0% 0 0 0 $0.00

Plantation 15 1,774,942 178,729 239,725 13.5% 313 0 0 $27.87

Pompano Beach 4 334,043 98,768 108,482 32.5% 9,775 0 0 $26.34

Royal Palm Bch/Wellington 3 125,676 5,245 5,245 4.2% 83,670 40,000 0 $21.00

Sawgrass Park 14 1,758,655 350,295 350,295 19.9% 62,093 0 0 $27.77

South Dade 1 190,719 30,529 30,529 16.0% 12,104 0 0 $29.88


West Miami 1 46,118 11,193 11,193 24.3% 11,334 0 0 $27.00

West Palm Beach 21 3,297,966 714,362 793,590 24.1% (30,156) 0 0 $36.51

Totals 405 55,284,015 10,921,329 11,574,065 20.9% 740,738 2,243,034 1,440,191 $32.92








FIGURES AT A GLANCE

Class B Submarket Statistics Year-End 2010



Aventura 29 960,306 55,704 57,734 6.0% 26,608 0 0 $31.95


Boca Raton East 135 3,030,596 406,182 418,607 13.8% 42,043 0 0 $25.42

Boca Raton North 43 3,546,890 1,124,182 1,133,182 31.9% 74,263 0 0 $23.12

Boca Raton West 53 2,200,051 344,972 356,183 16.2% (69,817) 0 0 $26.75

Boynton/Lantana 61 1,275,708 178,667 178,667 14.0% (44,393) 10,878 0 $23.96

Brickell 27 2,782,235 497,044 559,303 20.1% (67,359) 0 0 $28.68

Coconut Grove 23 794,395 105,785 105,785 13.3% 18,607 14,400 0 $30.22

Commercial Blvd 24 678,080 44,091 44,091 6.5% (2,433) 0 0 $18.88

Coral Gables 124 4,066,592 615,530 623,330 15.3% 99,415 0 0 $30.01

Coral Way 25 896,413 68,631 68,631 7.7% 63,820 0 0 $23.47

Cypress Creek 106 4,469,754 683,787 763,774 17.1% 28,003 0 0 $20.99

Delray Beach 109 2,552,726 877,463 877,463 34.4% 83,270 6,973 0 $21.27

Downtown Fort Lauderdale 94 2,092,671 211,387 216,887 10.4% 40,844 12,500 0 $26.75

Downtown Miami 30 4,044,290 863,667 945,457 23.4% 90,788 0 0 $26.30

Fort Lauderdale 146 4,246,695 552,551 602,545 14.2% (53,641) 0 0 $21.53

Hallandale 13 522,518 69,583 69,583 13.3% 2,654 0 0 $24.21

Hialeah Gardens 8 171,202 16,310 16,310 9.5% 3,502 0 0 $15.72

Hollywood 113 2,570,594 421,824 440,936 17.2% (38,904) 0 0 $24.91

Jupiter 107 2,070,946 372,445 375,894 18.2% (33,718) 0 63,000 $26.06

Kendall 211 6,432,399 684,211 701,006 10.9% 89,449 22,594 0 $24.98

Medley/Hialeah 70 1,707,866 251,852 251,852 14.7% (21,485) 0 0 $25.63

Miami 59 3,088,207 284,864 353,048 11.4% (114,838) 0 42,720 $27.02

Miami Airport 181 8,389,419 1,562,236 1,605,838 19.1% 87,517 24,000 0 $21.30

Miami Beach 70 2,377,215 308,163 312,813 13.2% 36,601 0 0 $30.58

Miami Lakes 93 2,768,245 555,955 593,112 21.4% 24,868 0 5,000 $23.59

North Palm Beach 171 5,457,627 803,299 843,284 15.5% 57,131 15,783 0 $24.53

Northeast Dade 72 1,975,719 278,271 281,574 14.3% 121,712 0 0 $23.19




Palm Bch Cty Outlying 55 1,153,086 142,468 142,468 12.4% (6,180) 4,000 0 $24.89

Palm Beach 26 622,098 100,746 105,609 17.0% 6,589 0 0 $47.56

Palm Springs/Lake Worth 32 524,374 33,456 33,456 6.4% 4,390 0 0 $22.08

Plantation 141 4,465,535 573,481 576,481 12.9% 56,956 0 0 $21.88

Pompano Beach 165 4,008,042 528,142 626,826 15.6% 130,297 0 0 $19.15

Royal Palm Bch/Wellington 39 1,025,173 262,041 262,041 25.6% (26,073) 0 0 $27.79

Sawgrass Park 44 1,575,339 211,167 221,215 14.0% 72,747 0 0 $24.45

South Dade 65 1,761,445 169,186 169,186 9.6% 21,649 0 0 $21.41

Southwest Broward 185 3,818,011 366,720 382,128 10.0% 74,496 0 0 $25.11

West Miami 56 1,813,656 36,093 36,093 2.0% 45,566 0 0 $23.46

West Palm Beach 225 5,014,699 1,071,778 1,078,747 21.5% (53,841) 9,000 0 $21.90

Totals 3,402 105,963,562 16,660,117 17,365,544 16.4% 865,274 120,128 110,720 $24.05








FIGURES AT A GLANCE

Class C Submarket Statistics Year-End 2010



Aventura 14 209,448 4,693 4,693 2.2% 11,482 0 0 $29.50


Boca Raton East 150 1,731,721 113,579 113,579 6.6% 6,992 0 0 $23.90

Boca Raton North 8 732,635 37,194 37,194 5.1% 41,664 0 0 $21.21

Boca Raton West 15 160,803 17,531 17,531 10.9% (1,229) 0 0 $26.26

Boynton/Lantana 127 647,449 32,222 32,222 5.0% (1,364) 0 0 $20.96

Brickell 34 266,845 670 670 0.3% 1,530 0 0 $14.05

Coconut Grove 71 483,278 36,306 36,306 7.5% (8,759) 0 0 $26.83

Commercial Blvd 34 557,918 90,999 90,999 16.3% (22,261) 0 0 $23.65

Coral Gables 314 2,628,511 211,427 211,427 8.0% 21,650 0 0 $26.38

Coral Way 179 1,143,673 79,945 79,945 7.0% (10,513) 0 0 $24.05

Cypress Creek 116 1,506,422 145,712 145,712 9.7% 28,370 0 0 $16.11

Delray Beach 252 1,555,958 81,140 81,140 5.2% 39,246 0 0 $24.19


Downtown Miami 37 1,259,253 41,303 41,303 3.3% (5,482) 0 0 $19.79

Fort Lauderdale 882 5,538,283 333,070 333,320 6.0% (14,586) 0 0 $18.79

Hallandale 145 950,943 27,625 27,625 2.9% 17,352 0 0 $18.29

Hialeah Gardens 36 225,366 4,257 6,957 3.1% 11,614 0 0 $20.82

Hollywood 523 3,461,534 211,050 211,050 6.1% (1,577) 0 0 $18.53

Jupiter 86 568,511 61,021 65,143 11.5% (22,615) 0 0 $16.73

Kendall 255 3,357,574 147,858 149,058 4.4% 16,382 0 0 $24.50

Medley/Hialeah 270 1,863,678 86,483 86,483 4.6% (27,511) 0 0 $18.22

Miami 551 4,244,594 247,923 247,923 5.8% (87,468) 0 0 $21.47

Miami Airport 149 3,418,696 151,763 151,763 4.4% (3,136) 0 0 $18.64

Miami Beach 85 1,231,207 71,841 74,591 6.1% (3,686) 0 0 $24.68

Miami Lakes 39 511,071 65,960 65,960 12.9% (14,745) 0 0 $19.70

North Palm Beach 194 1,685,399 137,942 139,942 8.3% 35,424 0 0 $19.81

Northeast Dade 436 4,678,498 352,330 377,690 8.1% (13,084) 0 0 $20.03



Outlying Miami-Dade Cnty 1 7,989 0 0 0.0% 0 0 0 $0.00

Palm Bch Cty Outlying 27 234,853 17,963 17,963 7.6% (13,888) 0 0 $22.57

Palm Beach 26 358,313 7,443 7,443 2.1% (7,058) 0 0 $25.00


Plantation 206 2,333,677 165,733 165,733 7.1% 19,062 0 0 $19.93

Pompano Beach 301 2,588,823 233,483 233,483 9.0% 38,993 0 0 $18.80

Royal Palm Bch/Wellington 25 282,944 38,250 38,250 13.5% (9,700) 0 0 $24.72

Sawgrass Park 17 505,304 5,878 5,878 1.2% 2,023 0 0 $20.74

South Dade 212 1,214,151 88,091 88,091 7.3% (11,646) 0 0 $23.43

Southwest Broward 101 933,292 61,554 61,554 6.6% (1,785) 0 0 $21.32

West Miami 297 1,762,291 48,439 48,439 2.7% (4,738) 0 0 $21.45

West Palm Beach 529 4,161,700 409,766 414,166 10.0% 62,653 0 0 $18.84

Totals 7,642 65,297,687 4,419,788 4,464,602 6.8% 30,443 0 0 $20.83








FIGURES AT A GLANCE

Total Office Submarket Statistics Year-End 2010



Aventura 51 2,021,107 204,201 220,809 10.9% 49,749 0 0 $32.01

Biscayne Corridor 141 3,993,194 948,635 948,635 23.8% 3,217 0 0 $26.87

Boca Raton East 301 6,418,376 974,795 997,912 15.5% 44,828 0 0 $27.52

Boca Raton North 73 7,208,068 1,727,781 1,741,281 24.2% 107,176 0 0 $24.16

Boca Raton West 93 4,768,263 887,327 920,225 19.3% (26,773) 0 32,000 $31.16

Boynton/Lantana 193 2,278,458 324,138 324,138 14.2% (67,228) 10,878 0 $23.99

Brickell 73 7,196,158 1,419,526 1,519,212 21.1% 8,086 582,817 605,886 $37.21

Coconut Grove 99 1,971,659 246,654 276,880 14.0% 5,566 14,400 0 $31.41

Commercial Blvd 61 1,461,766 224,718 227,020 15.5% (30,371) 0 0 $22.45

Coral Gables 467 10,922,767 1,604,624 1,735,005 15.9% 193,957 0 172,276 $32.61

Coral Way 205 2,064,086 148,576 148,576 7.2% 77,307 24,000 0 $23.79

Cypress Creek 242 8,393,660 1,274,878 1,376,014 16.4% 5,119 0 0 $23.09

Delray Beach 362 4,139,529 962,103 962,103 23.2% 149,861 37,818 0 $21.48

Downtown Fort Lauderdale 682 9,505,440 1,295,162 1,352,027 14.2% (111,220) 12,500 0 $30.14

Downtown Miami 77 10,367,229 1,983,264 2,153,336 20.8% 228,202 752,488 0 $34.80

Fort Lauderdale 1,034 10,747,784 1,048,068 1,125,702 10.5% (76,078) 0 0 $21.77

Hallandale 161 1,701,068 197,169 197,169 11.6% 118,600 171,260 0 $26.28

Hialeah Gardens 44 396,568 20,567 23,267 5.9% 15,116 0 0 $18.68

Hollywood 638 6,367,260 666,696 686,451 10.8% (21,055) 0 0 $23.28

Jupiter 200 3,134,631 456,837 464,408 14.8% (52,866) 0 123,000 $25.49

Kendall 479 11,225,096 1,174,288 1,213,935 10.8% 138,063 22,594 51,000 $28.42

Medley/Hialeah 344 4,196,248 502,748 504,255 12.0% (40,360) 0 0 $24.23

Miami 612 7,510,471 532,787 600,971 8.0% (202,306) 0 294,799 $25.08

Miami Airport 368 17,623,824 2,706,736 2,757,863 15.6% 263,762 455,624 90,000 $23.94

Miami Beach 163 5,175,046 438,786 454,938 8.8% 46,871 0 0 $30.89

Miami Lakes 139 3,696,064 747,903 785,060 21.2% 44,022 0 5,000 $23.95

North Palm Beach 390 8,808,748 1,269,444 1,319,802 15.0% 100,263 65,783 176,950 $26.60

Northeast Dade 509 6,814,217 750,601 779,264 11.4% 148,628 160,000 0 $23.06




Palm Bch Cty Outlying 88 1,879,328 196,476 196,476 10.5% (8,313) 4,000 0 $23.72

Palm Beach 55 1,069,682 123,857 128,720 12.0% 3,665 0 0 $47.56


Plantation 362 8,574,154 917,943 981,939 11.5% 76,331 0 0 $23.99

Pompano Beach 470 6,930,908 860,393 968,791 14.0% 179,065 0 0 $20.05

Royal Palm Bch/Wellington 67 1,433,793 305,536 305,536 21.3% 47,897 40,000 0 $27.27

Sawgrass Park 75 3,839,298 567,340 577,388 15.0% 136,863 0 0 $26.22

South Dade 278 3,166,315 287,806 287,806 9.1% 22,107 0 0 $23.57


West Miami 354 3,622,065 95,725 95,725 2.6% 52,162 0 0 $22.97

West Palm Beach 775 12,474,365 2,195,906 2,286,503 18.3% (21,344) 9,000 0 $26.93

Totals 11,449 226,545,264 32,001,234 33,404,211 14.7% 1,636,455 2,363,162 1,550,911 $27.19








FIGURES AT A GLANCE




CBD 67 16,979,299 3,660,422 3,915,432 23.1% 68,654 1,335,305 605,886 $38.20

Suburban 338 38,304,716 7,260,907 7,658,633 20.0% 672,084 907,729 834,305 $30.09

Totals 405 55,284,015 10,921,329 11,574,065 20.9% 740,738 2,243,034 1,440,191 $32.92





CBD 402 14,555,993 2,744,622 2,906,003 20.0% 17,021 21,500 0 $26.20

Suburban 3,000 91,407,569 13,915,495 14,459,541 15.8% 848,253 98,628 110,720 $23.58

Totals 3,402 105,963,562 16,660,117 17,365,544 16.4% 865,274 120,128 110,720 $24.05


Class C Market Statistics Year-End 2010



CBD 1,193 9,077,582 612,671 618,363 6.8% 21,714 0 0 $19.54

Suburban 6,449 56,220,105 3,807,117 3,846,239 6.8% 8,729 0 0 $21.03

Totals 7,642 65,297,687 4,419,788 4,464,602 6.8% 30,443 0 0 $20.83


Class A & B Market Statistics Year-End 2010



CBD 469 31,535,292 6,405,044 6,821,435 21.6% 85,675 1,356,805 605,886 $33.52

Suburban 3,338 129,712,285 21,176,402 22,118,174 17.1% 1,520,337 1,006,357 945,025 $26.11

Totals 3,807 161,247,577 27,581,446 28,939,609 17.9% 1,606,012 2,363,162 1,550,911 $28.00





CBD 1,662 40,612,874 7,017,715 7,439,798 18.3% 107,389 1,356,805 605,886 $32.62

Suburban 9,787 185,932,390 24,983,519 25,964,413 14.0% 1,529,066 1,006,357 945,025 $25.47

Totals 11,449 226,545,264 32,001,234 33,404,211 14.7% 1,636,455 2,363,162 1,550,911 $27.19












FIGURES AT A GLANCE


Net Quoted

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

2010 4q 405 55,284,015 10,921,329 11,574,065 20.9% 222,411 0 0 11 1,440,191 $32.92 2010 3q 405 55,284,015 11,121,009 11,796,476 21.3% 225,002 2 174,000 11 1,440,191 $33.35 2010 2q 403 55,110,015 11,096,910 11,847,478 21.5% (7,467) 2 777,488 13 1,614,191 $33.59 2010 1q 401 54,332,527 10,218,181 11,062,523 20.4% 300,792 8 1,291,546 9 1,922,453 $33.64 2009 4q 393 53,040,981 9,229,557 10,071,769 19.0% (173,055) 2 214,670 16 2,961,920 $33.97 2009 3q 391 52,826,311 8,800,613 9,684,044 18.3% 68,193 3 528,140 17 3,144,590 $34.19 2009 2q 388 52,298,171 8,325,609 9,224,097 17.6% 181,782 5 693,708 19 3,647,730 $34.41 2009 1q 383 51,604,463 7,850,081 8,712,171 16.9% 169,327 7 645,963 21 4,136,438 $34.70

2008 376 50,958,500 7,481,270 8,235,535 16.2% 1,389,904 32 3,330,997 26 4,727,556 $35.31 2007 344 47,627,503 5,804,991 6,294,442 13.2% 994,245 33 2,487,662 44 6,963,951 $34.59 2006 311 45,139,841 4,589,949 4,801,025 10.6% 1,817,482 12 1,169,199 43 5,074,579 $31.29 2005 299 43,970,642 5,208,870 5,449,308 12.4% 2,198,319 5 543,687 20 1,948,578 $27.37 2004 294 43,426,955 6,673,916 7,103,940 16.4% 2,063,816 12 1,188,433 8 1,139,408 $26.33 2003 282 42,238,522 7,231,631 7,979,323 18.9% 1,483,656 11 1,315,978 11 1,115,628 $26.12 2002 271 40,922,544 6,891,227 8,147,001 19.9% 203,774 9 1,307,700 17 1,971,195 $26.31 2001 262 39,614,844 5,810,890 7,043,075 17.8% 861,848 29 3,588,397 14 2,375,535 $26.18



Net Quoted


2010 4q 3,402 105,963,562 16,660,117 17,365,544 16.4% 161,411 2 33,000 3 110,720 $24.05 2010 3q 3,400 105,930,562 16,768,465 17,493,955 16.5% 251,163 2 21,373 5 143,720 $24.04 2010 2q 3,398 105,909,189 16,945,844 17,723,745 16.7% 259,041 5 53,183 7 165,093 $24.17 2010 1q 3,394 105,862,689 17,175,518 17,936,286 16.9% 193,659 2 12,572 10 204,276 $24.58 2009 4q 3,392 105,850,117 17,369,729 18,117,373 17.1% 270,228 4 207,792 10 111,128 $24.43 2009 3q 3,388 105,642,325 17,387,671 18,179,809 17.2% (627,810) 13 329,027 11 288,764 $24.88 2009 2q 3,376 105,353,298 16,512,121 17,262,972 16.4% (802,824) 12 220,781 20 577,108 $25.15 2009 1q 3,364 105,132,517 15,514,558 16,239,367 15.4% (985,480) 21 434,152 30 792,769 $25.60

2008 3,343 104,698,365 14,180,200 14,819,735 14.2% (457,180) 102 2,482,783 48 1,128,375 $25.97 2007 3,244 102,450,105 11,500,877 12,114,295 11.8% (607,866) 117 3,278,238 88 2,242,753 $25.51 2006 3,129 99,249,827 8,034,274 8,306,151 8.4% 1,420,234 128 2,760,617 113 3,340,644 $23.56 2005 3,002 96,529,210 6,709,708 7,005,768 7.3% 3,746,492 105 2,203,467 123 3,026,448 $21.53 2004 2,899 94,574,687 8,482,222 8,797,737 9.3% 3,627,708 117 2,069,094 105 2,321,680 $21.20 2003 2,784 92,668,644 9,895,997 10,519,402 11.4% 1,862,108 101 1,625,252 97 2,045,794 $20.84 2002 2,684 91,058,392 9,813,599 10,771,258 11.8% 2,074,694 86 1,767,773 95 1,646,906 $20.78 2001 2,598 89,290,619 10,171,616 11,078,179 12.4% (535,833) 85 3,068,726 88 1,674,785 $20.67



Net Quoted


2010 4q 11,449 226,545,264 32,001,234 33,404,211 14.7% 523,203 2 33,000 14 1,550,911 $27.19 2010 3q 11,447 226,512,264 32,438,674 33,894,414 15.0% 341,027 4 195,373 16 1,583,911 $27.26 2010 2q 11,443 226,316,891 32,454,161 34,040,068 15.0% 194,248 7 830,671 20 1,779,284 $27.44 2010 1q 11,437 225,492,903 31,722,305 33,410,328 14.8% 577,977 10 1,304,118 19 2,126,729 $27.63 2009 4q 11,427 224,188,785 31,022,678 32,684,187 14.6% 7,664 6 422,462 26 3,073,048 $27.64 2009 3q 11,421 223,766,323 30,487,556 32,269,389 14.4% (988,262) 16 857,167 28 3,433,354 $27.82 2009 2q 11,406 222,949,156 28,702,533 30,463,960 13.7% (1,043,537) 17 914,489 39 4,224,838 $28.13 2009 1q 11,389 222,034,667 26,856,724 28,505,934 12.8% (1,027,148) 28 1,080,115 51 4,929,207 $28.59

2008 11,361 220,954,552 24,930,203 26,398,671 11.9% 281,612 135 5,814,730 74 5,855,931 $29.17 2007 11,232 215,383,912 19,943,363 21,109,643 9.8% 175,858 156 5,808,893 133 9,207,654 $28.79 2006 11,079 209,655,079 15,020,991 15,556,668 7.4% 2,606,352 147 3,985,176 162 8,458,216 $26.37 2005 10,935 205,869,503 13,822,738 14,377,444 7.0% 6,334,207 126 2,883,964 149 5,016,118 $23.78 2004 10,818 203,314,348 17,279,886 18,156,496 8.9% 6,762,409 157 3,501,526 125 3,579,363 $23.22 2003 10,667 200,036,842 20,231,577 21,641,399 10.8% 3,758,717 145 3,123,330 134 3,396,254 $22.99 2002 10,525 196,975,003 20,067,383 22,338,277 11.3% 3,135,602 122 3,381,911 141 3,776,267 $22.74 2001 10,405 193,609,292 19,903,583 22,108,168 11.4% 417,243 147 6,927,441 129 4,368,005 $22.36


UC Inventory

Existing Inventory Vacancy Deliveries UC Inventory

Existing Inventory Vacancy Deliveries 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 Full-Service Equivalent Rental Rates


Vacancy by Available Space Type Vacancy by ClassPercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Class


U.S. Rental Rate Comparison Future Space AvailableBased on Full-Service Equivalent Rental Rates Space Scheduled to be Available for Occupancy*

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

South Florida United States South Florida United States

$0.00

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$0.00

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96%

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Direct Sublet

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Direct Sublet

35%52%

13%


2.53

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0.22 0.220.09

0.000.0

0.5

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Mill

ions

15%

48% 37%


LEASING ACTIVITY






LEASING ACTIVITY


* Renewal

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

1 1501 Yamato Rd Boca Raton North 171,490 3rd ADT Security Services, Inc. N/A Coldwell Banker Commercial NRT

2 One Park Square at Doral Miami Airport 105,137 4th Amadeus North America, L.L.C. Studley Blanca Commercial Real Estate, Inc.

3 Keiser University - Crossroads Miami Airport 90,000 1st Keiser University N/A Procacci Development Corp

4 Wells Fargo Center Downtown Miami 75,000 3rd Wells Fargo & Co. CresaPartners Flagler Real Estate Services, LLC

5 The Pointe Corporate Office Park - Bldg B North Palm Beach 73,475 1st Nova Southeastern University Direct Deal Page Group Commercial Real Estate,

6 4530 T Rex Ave Boca Raton North 69,000 4th Answer Group Flagler Real Estate Services, LLC CB Richard Ellis

7 1391 NW 136 Ave Sawgrass Park 64,241 1st Broadspire Services, Inc. CB Richard Ellis Cushman & Wakefield, Inc.

8 Sabadell Financial Center* Brickell 62,507 3rd Hunton & Williams LLP Jones Lang LaSalle Flagler Real Estate Services, LLC

9 Park Central North* Boca Raton North 61,524 3rd LexisNexis Cushman & Wakefield, Inc. Terranova Corporation

10 1000 Waterford Miami Airport 51,886 4th Avaya Newmark Knight Frank The Hogan Group

11 Sunset Plaza Sawgrass Park 50,094 2nd NationsHealth, Inc. Jones Lang LaSalle Liberty Property Trust

12 1450 Brickell Brickell 48,305 3rd Chase Bank N/A Blanca Commercial Real Estate, Inc.

13 Siemens Boca Raton North 42,504 3rd CSL Plasma Coastal Commercial Group LLC Flagler Real Estate Services, LLC

14 BAC Colonnade* Coral Gables 40,857 3rd BAC Florida Bank Newmark Knight Frank Cushman & Wakefield, Inc.

15 1450 Brickell Brickell 38,661 2nd H.I.G. Capital, LLC Cushman & Wakefield, Inc. Blanca Commercial Real Estate, Inc.

16 1450 Brickell Brickell 36,492 1st City National Bank Direct Deal Blanca Commercial Real Estate, Inc.

17 Bank of America Tower* Boca Raton East 34,000 3rd Bank of America CB Richard Ellis Crocker Partners, LLC

18 North 40 Boca Raton North 33,288 1st Infinity Sales Group, LLC Green Capital Realty Advisors Grubb & Ellis

19 951 Yamato Boca Raton North 27,321 3rd WCS Lending Direct Deal NAI Merin Hunter Codman Inc.

20 301 Plaza @ Las Olas Blvd Downtown Fort Lauderdale 26,866 1st Stiles Corporation N/A Stiles Realty Company

21 5200 Waterford Miami Airport 25,742 4th ILS Grubb & Ellis The Hogan Group

22 Stonegate Bank Plaza Boca Raton East 25,275 1st Client First Settlement Funding Leder Realty and Management Stoltz Realty Co. of Florida, Inc.

23 Wells Fargo Center Downtown Miami 25,000 3rd McDermott, Will & Emery CresaPartners Flagler Real Estate Services, LLC

24 Airport Corporate Center - Building 9* Miami Airport 24,369 1st General Electric Energy Direct Deal Cushman & Wakefield of Florida, Inc

25 Sabadell Financial Center* Brickell 24,153 2nd Barclays Bank PLC CB Richard Ellis Flagler Real Estate Services, LLC

26 Liberty Center at Monarch Lakes Southwest Broward 24,000 4th Paychex North America, Inc N/A Liberty Property Trust

27 Wachovia Financial Center* Downtown Miami 22,822 2nd John S. & James L. Knight Foundation Flagler Real Estate Services, LLC Cushman & Wakefield Inc.

28 Flagler Station - Building 1300 Medley/Hialeah 22,480 1st MGM Insurance Co Vincent Mele & Associates Flagler Real Estate Services, LLC.

29 Parkside IV Miami Lakes 22,403 2nd Brown & Brown Insurance Cushman & Wakefield, Inc. The Graham Companies

30 Northcorp Center North Palm Beach 22,163 2nd Agilis Management, Inc. Direct Deal John C. Bills Properties, Inc.

31 Regus Plantation Center* Plantation 22,049 3rd Kelley, Kronenberg, Gilmartin, Fichtel & Wander, P N/A N/A

32 Venture Corporate Center III Hollywood 21,879 2nd Hospital Physician Partners Continental Real Estate Companies Taylor & Mathis, Inc.

33 Clearlake Plaza* West Palm Beach 21,819 4th ION Media Networks N/A N/A

34 Bank of America Tower at Las Olas City Centre Downtown Fort Lauderdale 20,915 3rd Guarantee Insurance Company Cushman & Wakefield, Inc. Stiles Realty Company

35 701 Waterford Miami Airport 20,197 2nd Miami Childrens Hospital Cushman & Wakefield, Inc. The Hogan Group

36 1100 Northpoint Pky* North Palm Beach 20,000 1st Comcast NAI Merin Hunter Codman Inc. N/A

37 Boca Colonnade Boca Raton North 19,598 4th Metropolitan Health Networks, Inc. N/A Liberty Property Trust

38 Lynn Financial Center - Building A, Phase II Boca Raton West 19,516 3rd MDVIP N/A Flagler Real Estate Services, LLC

39 Davenport Miami Airport 19,470 1st Attorneys’ Title Insurance Fund, Inc. Alliance of Tenant Representatives Flagler Real Estate Services, LLC

40 2900 Building - MPC 16A Southwest Broward 19,390 4th South Broward Hospital District RW Banks Real Estate Inc. Sunbeam Properties, Inc.

Select Top Office 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 Per Quarter

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From Oct. 2009 - Sept. 2010

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 50,000 SF 217 2,160,208 351,158,978$ 162.56$ 7.07%

50K-249K SF 25 2,591,755 508,764,907$ 196.30$ 8.91%

250K-499K SF 4 1,464,155 404,055,000$ 275.96$ 9.31%

>500K SF 1 541,693 61,377,356$ 113.31$ -

Source: CoStar COMPS® Source: CoStar COMPS®

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

Source: CoStar COMPS® Source: CoStar COMPS®

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SALES ACTIVITY

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SALES ACTIVITY

Select Land Sales Based on Commercially Zoned Land Sales Occurring From Oct. 2009 - Dec. 2010

SW 88th St & SW 177th Ave, Miami 3020 SW 61st Ave, Davie 2300 Wiles Rd, Pompano Beach

Sale Price: $15,000,000 Sale Price: $12,500,000 Sale Price: $12,000,000Acres: 38.19 Acres: 25.00 Acres: 4.49Price/SF: $9.02 Price/SF: $11.48 Price/SF: $61.35Closing Date: 12/30/2009 Closing Date: 12/18/2009 Closing Date: 12/01/2009Zoning: GU Zoning: RAC-RTE Zoning: M-3Intended Use: Commercial Intended Use: Industrial Intended Use: Hold for DevelopmentBuyer: Brown Development Group, LLC Buyer: Town of Davie Buyer: Waste Management National Services,Seller: Bloom Family Investments Ltd Seller: Silver Oaks Landowner LLC Seller: Patrick L.& Josephine Montanaro

DEA Facility Land - NW 132nd Pl, Miami 551 E Palmetto Park Rd, Boca Raton Keiser University Site - Pembroke Rd, Pembroke

Sale Price: $9,954,600 Sale Price: $7,500,000 Sale Price: $4,657,958Acres: 9.00 Acres: 2.26 Acres: 7.64Price/SF: $25.39 Price/SF: $76.26 Price/SF: $14.00Closing Date: 11/19/2009 Closing Date: 12/21/2009 Closing Date: 07/29/2010Zoning: IU-1 Zoning: B1, R1B Zoning: B2Intended Use: Hold for Development Intended Use: Unknown Intended Use: SchoolsBuyer: Galaxy Investments Buyer: City of Boca Raton Buyer: Keenan Development GroupSeller: Flagler Real Estate Services, LLC. Seller: Omega Group Of West Palm Beach LP Seller: Duke Realty Corporation





South Florida Office MarketMARKET HIGHLIGHTS – CLASS “A, B & C”




A V E N T U R 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 4q 51 2,021,107 220,809 10.9% 10,392 0 0 0 0 $32.01

2010 3q 51 2,021,107 231,201 11.4% 17,117 0 0 0 0 $34.90

2010 2q 51 2,021,107 248,318 12.3% (415) 0 0 0 0 $35.97

2010 1q 51 2,021,107 247,903 12.3% 22,655 0 0 0 0 $35.62

2009 4q 51 2,021,107 270,558 13.4% 3,648 0 0 0 0 $36.86

2009 3q 51 2,021,107 274,206 13.6% (1,315) 0 0 0 0 $37.06

2009 2q 51 2,021,107 272,891 13.5% (23,316) 0 0 0 0 $37.78

2009 1q 51 2,021,107 249,575 12.3% (3,154) 0 0 0 0 $38.10

2008 4q 51 2,021,107 246,421 12.2% (994) 0 0 0 0 $38.69

2008 3q 51 2,021,107 245,427 12.1% (8,977) 0 0 0 0 $38.73

2008 2q 51 2,021,107 236,450 11.7% (520) 0 0 0 0 $38.23

2008 1q 51 2,021,107 235,930 11.7% 115,409 1 110,000 0 0 $37.27

2007 4q 50 1,911,107 241,339 12.6% (9,421) 1 96,000 1 110,000 $37.21

2007 3q 49 1,815,107 135,918 7.5% (16,226) 0 0 2 206,000 $36.94

2007 2q 49 1,815,107 119,692 6.6% (18,834) 0 0 2 206,000 $37.66

2007 1q 49 1,815,107 100,858 5.6% (5,180) 0 0 2 206,000 $33.57


UC InventoryDelivered InventoryExisting Inventory Vacancy

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B I S C A Y N E C O R R I D O R M A R K E T






2010 3q 141 3,993,194 979,197 24.5% (550) 0 0 0 0 $27.14

2010 2q 141 3,993,194 978,647 24.5% 3,244 0 0 0 0 $26.76

2010 1q 141 3,993,194 981,891 24.6% (30,039) 0 0 0 0 $26.94

2009 4q 141 3,993,194 951,852 23.8% (20,093) 0 0 0 0 $27.79

2009 3q 141 3,993,194 931,759 23.3% 20,391 0 0 0 0 $28.28

2009 2q 141 3,993,194 952,150 23.8% (184,663) 0 0 0 0 $28.52

2009 1q 141 3,993,194 767,487 19.2% (86,799) 0 0 0 0 $29.36

2008 4q 141 3,993,194 680,688 17.0% (17,005) 0 0 0 0 $32.38

2008 3q 141 3,993,194 663,683 16.6% (54,767) 0 0 0 0 $32.41

2008 2q 141 3,993,194 608,916 15.2% 9,192 1 10,000 0 0 $32.48

2008 1q 141 3,986,587 611,501 15.3% 57,098 0 0 1 10,000 $32.31

2007 4q 141 3,986,587 668,599 16.8% (79,871) 0 0 1 10,000 $31.62

2007 3q 141 3,986,587 588,728 14.8% 5,252 0 0 1 10,000 $30.45

2007 2q 141 3,986,587 593,980 14.9% (29,252) 0 0 1 10,000 $30.36

2007 1q 141 3,986,587 564,728 14.2% (34,293) 0 0 1 10,000 $30.15



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B O C A R A T O N M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 467 18,394,707 3,659,418 19.9% 150,426 0 0 1 32,000 $26.67

2010 3q 467 18,394,707 3,809,844 20.7% 28,360 0 0 1 32,000 $27.17

2010 2q 467 18,394,707 3,838,204 20.9% (57,976) 0 0 1 32,000 $27.46

2010 1q 467 18,394,707 3,780,228 20.6% 4,421 0 0 1 32,000 $27.75

2009 4q 467 18,394,707 3,784,649 20.6% 57,184 0 0 1 32,000 $27.28

2009 3q 467 18,394,707 3,841,833 20.9% (18,882) 0 0 0 0 $27.96

2009 2q 467 18,394,707 3,822,951 20.8% (93,749) 2 123,708 0 0 $28.19

2009 1q 465 18,270,999 3,605,494 19.7% (70,667) 0 0 2 123,708 $28.38

2008 4q 465 18,270,999 3,534,827 19.3% 350,366 2 692,408 2 123,708 $28.60

2008 3q 463 17,578,591 3,192,785 18.2% 289,674 4 252,451 4 816,116 $28.82

2008 2q 459 17,326,140 3,230,008 18.6% 11,787 3 159,642 8 1,068,567 $28.99

2008 1q 456 17,166,498 3,082,153 18.0% (127,289) 4 211,472 10 1,166,268 $29.43

2007 4q 452 16,955,026 2,743,392 16.2% (539,293) 0 0 11 1,235,719 $28.36

2007 3q 452 16,955,026 2,204,099 13.0% 46,427 4 114,635 10 1,170,719 $27.90

2007 2q 448 16,840,391 2,135,891 12.7% (232,497) 0 0 12 1,234,262 $28.27

2007 1q 448 16,840,391 1,903,394 11.3% (52,009) 2 40,782 10 1,184,885 $28.69



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Dollar

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B O Y N T O N / L A N T A N A M A R K E TMARKET HIGHLIGHTS – CLASS “A, B & C”





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 193 2,278,458 324,138 14.2% (695) 0 0 0 0 $23.99

2010 3q 193 2,278,458 323,443 14.2% (29,498) 0 0 0 0 $24.46

2010 2q 193 2,278,458 293,945 12.9% 22,922 1 10,878 0 0 $24.94

2010 1q 192 2,267,580 305,989 13.5% (59,957) 0 0 1 10,878 $24.79

2009 4q 192 2,267,580 246,032 10.8% 24,579 0 0 1 10,878 $22.16

2009 3q 192 2,267,580 270,611 11.9% (5,228) 0 0 1 10,878 $23.50

2009 2q 192 2,267,580 265,383 11.7% (1,137) 0 0 0 0 $23.45

2009 1q 192 2,267,580 264,246 11.7% (2,044) 1 6,718 0 0 $25.74

2008 4q 191 2,260,862 255,484 11.3% 155,612 3 135,146 1 6,718 $25.45

2008 3q 188 2,125,716 275,950 13.0% 42,882 1 3,500 3 135,146 $25.77

2008 2q 187 2,122,216 315,332 14.9% (45,335) 0 0 4 138,646 $27.07

2008 1q 187 2,122,216 269,997 12.7% (68,598) 2 19,829 4 138,646 $26.64

2007 4q 185 2,102,387 181,570 8.6% 55,835 2 88,291 4 132,329 $25.97

2007 3q 183 2,014,096 149,114 7.4% (14,991) 0 0 5 217,120 $27.12

2007 2q 183 2,014,096 134,123 6.7% 2,287 0 0 5 217,120 $27.77

2007 1q 183 2,014,096 136,410 6.8% 151,232 3 181,637 3 197,291 $27.34



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

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

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

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

Millio

ns

SF

Direct SF Sublet SF







B R I C K E L L M A R K E TMARKET HIGHLIGHTS – CLASS “A, B & C”





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 73 7,196,158 1,519,212 21.1% (15,724) 0 0 1 605,886 $37.21

2010 3q 73 7,196,158 1,503,488 20.9% 7,929 0 0 1 605,886 $37.46

2010 2q 73 7,196,158 1,511,417 21.0% 3,659 0 0 1 605,886 $38.05

2010 1q 73 7,196,158 1,515,076 21.1% 12,222 1 582,817 1 605,886 $38.59

2009 4q 72 6,613,341 944,481 14.3% 63,273 0 0 2 1,188,703 $40.14

2009 3q 72 6,613,341 1,007,754 15.2% 1,073 0 0 2 1,188,703 $40.19

2009 2q 72 6,613,341 1,008,827 15.3% (35,523) 0 0 2 1,188,703 $40.40

2009 1q 72 6,613,341 973,304 14.7% 23,842 0 0 2 1,188,703 $41.65

2008 4q 72 6,613,341 997,146 15.1% (95,076) 0 0 2 1,188,703 $43.50

2008 3q 72 6,613,341 902,070 13.6% 11,447 0 0 2 1,188,703 $43.43

2008 2q 72 6,613,341 913,517 13.8% (19,314) 0 0 2 1,188,703 $43.65

2008 1q 72 6,613,341 894,203 13.5% (45,679) 0 0 2 1,188,703 $42.66

2007 4q 72 6,613,341 848,524 12.8% 50,258 2 260,659 2 1,188,703 $42.22

2007 3q 70 6,352,682 638,123 10.0% 38,626 0 0 3 866,545 $37.57

2007 2q 70 6,352,682 676,749 10.7% (40,127) 0 0 2 260,659 $34.48

2007 1q 70 6,352,682 636,622 10.0% (78,569) 0 0 2 260,659 $34.26



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

0.600

0.700


Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$34.00

$35.00

$36.00

$37.00

$38.00

$39.00

$40.00

$41.00

$42.00

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

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

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

Millio

ns

SF

Direct SF Sublet SF







C O C O N U T G R O V E M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 99 1,971,659 276,880 14.0% (7,208) 0 0 0 0 $31.41

2010 3q 99 1,971,659 269,672 13.7% 13,555 1 14,400 0 0 $31.97

2010 2q 98 1,957,259 268,827 13.7% 5,907 0 0 1 14,400 $32.72

2010 1q 98 1,957,259 274,734 14.0% (6,688) 0 0 1 14,400 $33.16

2009 4q 98 1,957,259 268,046 13.7% (8,587) 0 0 1 14,400 $33.05

2009 3q 98 1,957,259 259,459 13.3% (756) 0 0 0 0 $34.71

2009 2q 98 1,957,259 258,703 13.2% (3,146) 0 0 0 0 $34.65

2009 1q 98 1,957,259 255,557 13.1% (44,160) 0 0 0 0 $35.90

2008 4q 98 1,957,259 211,397 10.8% 24,384 0 0 0 0 $34.33

2008 3q 98 1,957,259 235,781 12.0% 47,043 0 0 0 0 $36.55

2008 2q 98 1,957,259 282,824 14.5% (101,303) 0 0 0 0 $37.67

2008 1q 98 1,957,259 181,521 9.3% 16,861 0 0 0 0 $36.47

2007 4q 98 1,957,259 198,382 10.1% 9,158 0 0 0 0 $32.65

2007 3q 98 1,957,259 207,540 10.6% (2,537) 0 0 0 0 $32.18

2007 2q 98 1,957,259 205,003 10.5% (24,796) 0 0 0 0 $32.19

2007 1q 98 1,957,259 180,207 9.2% 10,626 0 0 0 0 $30.72



(0.120)

(0.100)

(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$29.00

$30.00

$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

$37.00

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

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

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

Millio

ns

SF

Direct SF Sublet SF







C O M M E R C I A L B L V D M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 61 1,461,766 227,020 15.5% 371 0 0 0 0 $22.45

2010 3q 61 1,461,766 227,391 15.6% (14,571) 0 0 0 0 $21.79

2010 2q 61 1,461,766 212,820 14.6% (1,435) 0 0 0 0 $21.31

2010 1q 61 1,461,766 211,385 14.5% (14,736) 0 0 0 0 $21.27

2009 4q 61 1,461,766 196,649 13.5% 36,395 0 0 0 0 $21.11

2009 3q 61 1,461,766 233,044 15.9% (38,876) 0 0 0 0 $20.67

2009 2q 61 1,461,766 194,168 13.3% 9,066 0 0 0 0 $20.01

2009 1q 61 1,461,766 203,234 13.9% 33,865 1 49,783 0 0 $20.35

2008 4q 60 1,411,983 187,316 13.3% 13,379 0 0 1 49,783 $20.82

2008 3q 60 1,411,983 200,695 14.2% (35,978) 0 0 1 49,783 $21.12

2008 2q 60 1,411,983 164,717 11.7% 3,859 0 0 1 49,783 $22.74

2008 1q 60 1,411,983 168,576 11.9% (20,935) 0 0 0 0 $22.39

2007 4q 60 1,411,983 147,641 10.5% (47,636) 0 0 0 0 $20.85

2007 3q 60 1,411,983 100,005 7.1% (32,811) 0 0 0 0 $20.36

2007 2q 60 1,411,983 67,194 4.8% (18,827) 0 0 0 0 $19.56

2007 1q 60 1,411,983 48,367 3.4% (4,625) 0 0 0 0 $19.65



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$18.50

$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

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

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

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

Millio

ns

SF

Direct SF Sublet SF







C O R A L G A B L E S M A R K E T






2010 3q 467 10,922,767 1,760,609 16.1% 97,307 0 0 1 172,276 $32.95

2010 2q 467 10,922,767 1,857,916 17.0% 64,891 0 0 1 172,276 $33.05

2010 1q 467 10,922,767 1,922,807 17.6% 6,155 0 0 0 0 $32.48

2009 4q 467 10,922,767 1,928,962 17.7% (61,106) 1 130,000 0 0 $32.88

2009 3q 466 10,792,767 1,737,856 16.1% 145,607 1 251,464 1 130,000 $34.10

2009 2q 466 10,581,303 1,671,999 15.8% (258,509) 0 0 2 381,464 $34.56

2009 1q 466 10,581,303 1,413,490 13.4% (101,615) 0 0 2 381,464 $35.59

2008 4q 466 10,581,303 1,311,875 12.4% (106,301) 2 201,000 2 381,464 $36.39

2008 3q 464 10,380,303 1,004,574 9.7% (87,197) 0 0 4 582,464 $36.56

2008 2q 464 10,380,303 917,377 8.8% (87,728) 2 188,383 4 582,464 $37.11

2008 1q 463 10,386,360 835,706 8.0% (250,101) 0 0 6 770,847 $36.42

2007 4q 463 10,386,360 585,605 5.6% 210,996 2 185,500 5 691,847 $36.52

2007 3q 461 10,200,860 611,101 6.0% 144,765 2 194,192 7 877,347 $35.99

2007 2q 459 10,006,668 561,674 5.6% 94,601 1 48,000 9 1,071,539 $35.13

2007 1q 458 9,958,668 608,275 6.1% (28,561) 0 0 9 989,539 $32.98



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

acant


$30.50

$31.00

$31.50

$32.00

$32.50

$33.00

$33.50

$34.00

$34.50

$35.00

$35.50

$36.00

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

Dollar

s/SF/Y

ear

0.00

0.50

1.00

1.50

2.00

2.50

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

Millio

ns

SF

Direct SF Sublet SF







C O R A L W A Y M A R K E T






2010 3q 205 2,064,086 161,079 7.8% 34,668 1 24,000 0 0 $23.64

2010 2q 204 2,040,086 171,747 8.4% 11,868 0 0 1 24,000 $23.26

2010 1q 204 2,040,086 183,615 9.0% 18,268 0 0 1 24,000 $23.69

2009 4q 204 2,040,086 201,883 9.9% (8,412) 0 0 1 24,000 $24.00

2009 3q 204 2,040,086 193,471 9.5% (41,865) 0 0 1 24,000 $25.14

2009 2q 204 2,040,086 151,606 7.4% (4,263) 0 0 1 24,000 $24.99

2009 1q 204 2,040,086 147,343 7.2% (40,366) 0 0 1 24,000 $26.74

2008 4q 204 2,040,086 106,977 5.2% (19,418) 0 0 0 0 $27.78

2008 3q 204 2,040,086 87,559 4.3% (312) 0 0 0 0 $28.48

2008 2q 204 2,040,086 87,247 4.3% 16,966 0 0 0 0 $28.37

2008 1q 204 2,040,086 104,213 5.1% (6,913) 0 0 0 0 $28.18

2007 4q 205 2,041,728 98,942 4.8% (56,744) 0 0 0 0 $28.30

2007 3q 205 2,041,728 42,198 2.1% 21,130 0 0 0 0 $25.25

2007 2q 205 2,041,728 63,328 3.1% 5,867 0 0 0 0 $24.08

2007 1q 205 2,041,728 69,195 3.4% (16,524) 0 0 0 0 $25.22



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

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

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

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

Millio

ns

SF

Direct SF Sublet SF







C Y P R E S S C R E E K M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 242 8,393,660 1,376,014 16.4% 15,908 0 0 0 0 $23.09

2010 3q 242 8,393,660 1,391,922 16.6% 43,183 0 0 0 0 $22.87

2010 2q 242 8,393,660 1,435,105 17.1% (28,451) 0 0 0 0 $22.82

2010 1q 242 8,393,660 1,406,654 16.8% (25,521) 0 0 0 0 $23.42

2009 4q 242 8,393,660 1,381,133 16.5% (119,037) 0 0 0 0 $23.48

2009 3q 242 8,393,660 1,262,096 15.0% (11,270) 0 0 0 0 $23.52

2009 2q 242 8,393,660 1,250,826 14.9% (151,363) 0 0 0 0 $23.13

2009 1q 242 8,393,660 1,099,463 13.1% 2,877 0 0 0 0 $22.71

2008 4q 242 8,393,660 1,102,340 13.1% (44,884) 0 0 0 0 $22.75

2008 3q 242 8,393,660 1,057,456 12.6% (34,528) 0 0 0 0 $22.70

2008 2q 242 8,393,660 1,022,928 12.2% (20,027) 1 22,849 0 0 $22.66

2008 1q 241 8,370,811 980,052 11.7% (31,637) 1 10,600 1 22,849 $21.77

2007 4q 240 8,360,211 937,815 11.2% (80,707) 0 0 2 33,449 $21.76

2007 3q 240 8,360,211 857,108 10.3% 63,285 0 0 2 33,449 $21.39

2007 2q 240 8,360,211 920,393 11.0% 135,693 1 96,948 1 10,600 $21.72

2007 1q 239 8,263,263 959,138 11.6% (61,276) 0 0 2 107,548 $22.14



(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

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

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

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

Millio

ns

SF

Direct SF Sublet SF







D E L R A Y B E A C H M A R K E T






2010 3q 362 4,139,529 949,492 22.9% (10,342) 1 6,973 0 0 $22.88

2010 2q 361 4,132,556 932,177 22.6% 72,745 0 0 1 6,973 $23.26

2010 1q 361 4,132,556 1,004,922 24.3% 100,069 1 30,845 1 6,973 $23.28

2009 4q 360 4,101,711 1,074,146 26.2% (40,399) 0 0 2 37,818 $23.30

2009 3q 360 4,101,711 1,033,747 25.2% 67,661 0 0 1 30,845 $23.58

2009 2q 360 4,101,711 1,101,408 26.9% (20,515) 0 0 1 30,845 $23.83

2009 1q 360 4,101,711 1,080,893 26.4% (622,828) 1 7,500 1 30,845 $24.40

2008 4q 359 4,094,211 450,565 11.0% 4,279 0 0 1 7,500 $23.88

2008 3q 359 4,094,211 454,844 11.1% 18,936 0 0 1 7,500 $23.38

2008 2q 359 4,094,211 473,780 11.6% 39,138 0 0 1 7,500 $22.94

2008 1q 359 4,094,211 512,918 12.5% (34,234) 0 0 0 0 $22.62

2007 4q 359 4,094,211 478,684 11.7% 55,718 0 0 0 0 $22.67

2007 3q 359 4,094,211 534,402 13.1% (58,872) 0 0 0 0 $23.56

2007 2q 359 4,094,211 475,530 11.6% (111,547) 0 0 0 0 $23.32

2007 1q 359 4,094,211 363,983 8.9% (36,193) 0 0 0 0 $22.88



(0.700)

(0.600)

(0.500)

(0.400)

(0.300)

(0.200)

(0.100)

0.000

0.100

0.200


Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Perce

nt V

acant


$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

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

Dollar

s/SF/Y

ear

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1.15

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

Millio

ns

SF

Direct SF Sublet SF







D O W N T O W N F O R T L A U D E R D A L E M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 682 9,505,440 1,352,027 14.2% (103,572) 0 0 0 0 $30.14

2010 3q 682 9,505,440 1,248,455 13.1% 92,512 0 0 0 0 $30.48

2010 2q 682 9,505,440 1,340,967 14.1% (17,160) 1 12,500 0 0 $30.87

2010 1q 681 9,492,940 1,311,307 13.8% (83,000) 0 0 1 12,500 $30.85

2009 4q 681 9,492,940 1,228,307 12.9% (114,814) 0 0 1 12,500 $31.00

2009 3q 681 9,492,940 1,113,493 11.7% 16,078 0 0 1 12,500 $30.68

2009 2q 681 9,492,940 1,129,571 11.9% (29,401) 0 0 1 12,500 $30.74

2009 1q 681 9,492,940 1,100,170 11.6% 46,494 0 0 1 12,500 $30.63

2008 4q 681 9,492,940 1,146,664 12.1% 10,899 0 0 0 0 $31.55

2008 3q 681 9,492,940 1,157,563 12.2% (133,920) 0 0 0 0 $31.42

2008 2q 681 9,492,940 1,023,643 10.8% 95,320 0 0 0 0 $31.48

2008 1q 681 9,492,940 1,118,963 11.8% 12,090 0 0 0 0 $31.88

2007 4q 681 9,492,940 1,131,053 11.9% 52,255 2 251,250 0 0 $31.16

2007 3q 679 9,241,690 932,058 10.1% 29,455 0 0 2 251,250 $31.64

2007 2q 679 9,241,690 961,513 10.4% (79,762) 0 0 2 251,250 $30.64

2007 1q 679 9,241,690 881,751 9.5% (72,943) 1 4,680 2 251,250 $30.78



(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$29.60

$29.80

$30.00

$30.20

$30.40

$30.60

$30.80

$31.00

$31.20

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

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

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

Millio

ns

SF

Direct SF Sublet SF







D O W N T O W N M I A M I M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 77 10,367,229 2,153,336 20.8% 177,255 0 0 0 0 $34.80

2010 3q 77 10,367,229 2,330,591 22.5% (4,420) 0 0 0 0 $35.55

2010 2q 77 10,367,229 2,326,171 22.4% 34,771 1 752,488 0 0 $35.36

2010 1q 76 9,614,741 1,608,454 16.7% 20,596 0 0 1 752,488 $36.20

2009 4q 76 9,614,741 1,629,050 16.9% (105,799) 1 40,300 1 752,488 $36.52

2009 3q 75 9,574,441 1,482,951 15.5% (43,249) 0 0 2 792,788 $36.78

2009 2q 75 9,574,441 1,439,702 15.0% (106,354) 0 0 2 792,788 $35.98

2009 1q 75 9,574,441 1,333,348 13.9% (56,427) 0 0 2 792,788 $35.57

2008 4q 75 9,574,441 1,276,921 13.3% 42,874 0 0 2 792,788 $36.28

2008 3q 75 9,574,441 1,319,795 13.8% (82,087) 0 0 2 792,788 $37.00

2008 2q 75 9,574,441 1,237,708 12.9% (46,965) 0 0 2 792,788 $28.24

2008 1q 75 9,574,441 1,190,743 12.4% 59,184 1 95,000 1 752,488 $28.62

2007 4q 74 9,479,441 1,154,927 12.2% 15,424 1 25,803 2 847,488 $27.45

2007 3q 73 9,453,638 1,144,548 12.1% 75,785 0 0 3 873,291 $27.17

2007 2q 73 9,453,638 1,220,333 12.9% (95,531) 0 0 2 847,488 $26.66

2007 1q 73 9,453,638 1,124,802 11.9% 60,080 1 90,000 2 847,488 $26.16



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

0.600

0.700

0.800


Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$33.50

$34.00

$34.50

$35.00

$35.50

$36.00

$36.50

$37.00

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

Dollar

s/SF/Y

ear

0.00

0.50

1.00

1.50

2.00

2.50

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

Millio

ns

SF

Direct SF Sublet SF







F O R T L A U D E R D A L E M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 1,034 10,747,784 1,125,702 10.5% (60,363) 0 0 0 0 $21.77

2010 3q 1,034 10,747,784 1,065,339 9.9% (45,176) 0 0 0 0 $21.55

2010 2q 1,034 10,747,784 1,020,163 9.5% (54,894) 0 0 0 0 $21.74

2010 1q 1,035 10,754,467 971,952 9.0% 84,355 0 0 0 0 $21.72

2009 4q 1,035 10,754,467 1,056,307 9.8% 110,962 0 0 0 0 $21.84

2009 3q 1,035 10,754,467 1,167,269 10.9% (60,478) 0 0 0 0 $21.98

2009 2q 1,035 10,754,467 1,106,791 10.3% 15,442 0 0 0 0 $22.11

2009 1q 1,035 10,754,467 1,122,233 10.4% (108,496) 1 68,500 0 0 $21.74

2008 4q 1,034 10,685,967 945,237 8.8% (14,828) 0 0 1 68,500 $21.30

2008 3q 1,034 10,685,967 930,409 8.7% (49,962) 0 0 1 68,500 $21.32

2008 2q 1,034 10,685,967 880,447 8.2% (103,382) 2 78,917 1 68,500 $22.11

2008 1q 1,032 10,607,050 698,148 6.6% 43,669 3 25,241 3 147,417 $22.40

2007 4q 1,029 10,581,809 716,576 6.8% (17,456) 1 7,614 5 104,158 $21.64

2007 3q 1,028 10,574,195 691,506 6.5% 83,511 1 35,125 5 44,855 $21.20

2007 2q 1,027 10,539,070 739,892 7.0% 92,544 0 0 5 67,980 $21.18

2007 1q 1,027 10,539,070 832,436 7.9% (100,693) 1 13,000 2 42,739 $20.66



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$21.20

$21.30

$21.40

$21.50

$21.60

$21.70

$21.80

$21.90

$22.00

$22.10

$22.20

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

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 2010 2q 2010 3q 2010 4q

Millio

ns

SF

Direct SF Sublet SF







H A L L A N D A L E M A R K E T






2010 3q 161 1,701,068 227,775 13.4% 2,614 0 0 0 0 $21.12

2010 2q 161 1,701,068 230,389 13.5% 15,369 0 0 0 0 $25.41

2010 1q 161 1,701,068 245,758 14.4% 70,011 2 171,260 0 0 $26.67

2009 4q 159 1,529,808 144,509 9.4% 5,730 0 0 2 171,260 $26.90

2009 3q 159 1,529,808 150,239 9.8% (6,376) 0 0 2 171,260 $26.76

2009 2q 159 1,529,808 143,863 9.4% 17,470 1 20,000 2 171,260 $26.42

2009 1q 158 1,509,808 141,333 9.4% (18,529) 0 0 3 191,260 $25.32

2008 4q 158 1,509,808 122,804 8.1% 4,655 0 0 3 191,260 $25.62

2008 3q 158 1,509,808 127,459 8.4% (26,500) 0 0 3 191,260 $26.99

2008 2q 158 1,509,808 100,959 6.7% (20,986) 0 0 2 171,260 $28.68

2008 1q 158 1,509,808 79,973 5.3% 20,273 0 0 2 171,260 $38.08

2007 4q 158 1,509,808 100,246 6.6% 15,375 0 0 2 171,260 $36.57

2007 3q 158 1,509,808 115,621 7.7% 17,488 0 0 0 0 $24.32

2007 2q 158 1,509,808 133,109 8.8% (24,517) 0 0 0 0 $23.67

2007 1q 158 1,509,808 108,592 7.2% (49,756) 0 0 0 0 $21.88



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

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

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

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

Millio

ns

SF

Direct SF Sublet SF







H O L L Y W O O D M A R K E T






2010 3q 638 6,367,260 705,638 11.1% (32,169) 0 0 0 0 $22.54

2010 2q 638 6,367,260 673,469 10.6% (549) 0 0 0 0 $23.27

2010 1q 638 6,367,260 672,920 10.6% (7,524) 0 0 0 0 $23.43

2009 4q 638 6,367,260 665,396 10.5% (42,516) 0 0 0 0 $23.17

2009 3q 638 6,367,260 622,880 9.8% (84,294) 1 5,316 0 0 $23.29

2009 2q 637 6,361,944 533,270 8.4% (19,795) 0 0 1 5,316 $23.62

2009 1q 637 6,361,944 513,475 8.1% (53,780) 1 6,000 1 5,316 $24.42

2008 4q 636 6,355,944 453,695 7.1% 3,803 0 0 2 11,316 $24.71

2008 3q 637 6,362,558 464,112 7.3% (34,608) 0 0 1 6,000 $24.42

2008 2q 637 6,362,558 429,504 6.8% (86,621) 2 17,416 1 6,000 $23.81

2008 1q 635 6,345,142 325,467 5.1% 87,371 0 0 2 17,416 $23.85

2007 4q 635 6,345,142 412,838 6.5% 5,149 0 0 2 17,416 $24.37

2007 3q 635 6,345,142 417,987 6.6% (72,573) 0 0 2 17,416 $24.77

2007 2q 635 6,345,142 345,414 5.4% 13,878 0 0 0 0 $25.02

2007 1q 635 6,345,142 359,292 5.7% 3,279 1 30,000 0 0 $24.37



(0.100)

(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

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

Dollar

s/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

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

Millio

ns

SF

Direct SF Sublet SF







J U P I T E R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 200 3,134,631 464,408 14.8% 31,337 0 0 3 123,000 $25.49

2010 3q 200 3,134,631 495,745 15.8% (7,243) 0 0 3 123,000 $25.10

2010 2q 200 3,134,631 488,502 15.6% (59,827) 0 0 3 123,000 $25.18

2010 1q 200 3,134,631 428,675 13.7% (17,133) 0 0 1 63,000 $25.51

2009 4q 200 3,134,631 411,542 13.1% (43,908) 0 0 0 0 $25.90

2009 3q 200 3,134,631 367,634 11.7% 621 0 0 0 0 $26.78

2009 2q 200 3,134,631 368,255 11.7% 21,929 0 0 0 0 $27.95

2009 1q 200 3,134,631 390,184 12.4% 175,767 3 243,303 0 0 $28.28

2008 4q 197 2,891,328 322,648 11.2% 139,558 1 115,780 3 243,303 $28.16

2008 3q 196 2,775,548 346,426 12.5% (33,026) 0 0 4 359,083 $28.43

2008 2q 196 2,775,548 313,400 11.3% 62,511 0 0 4 359,083 $28.78

2008 1q 196 2,775,548 375,911 13.5% (5,569) 1 5,135 3 348,091 $28.09

2007 4q 195 2,770,413 365,207 13.2% (7,664) 2 40,239 4 353,226 $28.38

2007 3q 193 2,730,174 317,304 11.6% (7,274) 3 49,875 4 177,449 $27.54

2007 2q 190 2,680,299 260,155 9.7% (51,806) 0 0 7 227,324 $26.55

2007 1q 190 2,680,299 208,349 7.8% 202,765 10 202,208 6 222,189 $27.80



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$23.00

$24.00

$25.00

$26.00

$27.00

$28.00

$29.00

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

Dollar

s/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

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

Millio

ns

SF

Direct SF Sublet SF







K E N D A L L M A R K E T






2010 3q 479 11,225,096 1,247,336 11.1% 47,647 0 0 1 51,000 $27.45

2010 2q 479 11,225,096 1,294,983 11.5% 58,288 1 18,805 1 51,000 $27.78

2010 1q 478 11,206,291 1,334,466 11.9% (1,273) 1 3,789 2 69,805 $27.83

2009 4q 477 11,202,502 1,329,404 11.9% 158,214 1 99,051 3 73,594 $27.80

2009 3q 476 11,103,451 1,388,567 12.5% (64,538) 1 38,000 4 172,645 $27.91

2009 2q 475 11,065,451 1,286,029 11.6% 188,807 5 325,171 4 191,840 $27.28

2009 1q 470 10,740,280 1,149,665 10.7% (131,725) 1 36,846 8 513,222 $27.96

2008 4q 469 10,703,434 981,094 9.2% 85,918 3 104,271 8 531,132 $28.42

2008 3q 466 10,599,163 962,741 9.1% 178,202 3 94,665 10 536,352 $29.30

2008 2q 463 10,504,498 1,046,278 10.0% 59,831 4 71,293 13 631,017 $29.19

2008 1q 459 10,433,205 1,034,816 9.9% 176,578 9 478,924 12 500,980 $27.32

2007 4q 450 9,954,281 732,470 7.4% (121,282) 1 27,876 17 875,407 $27.00

2007 3q 449 9,926,405 583,312 5.9% 36,062 4 172,406 18 903,283 $27.91

2007 2q 445 9,753,999 446,968 4.6% (123,310) 1 12,965 21 1,029,778 $27.96

2007 1q 444 9,741,034 310,693 3.2% 326,720 13 369,893 17 727,665 $29.21



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

0.600


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$26.60

$26.80

$27.00

$27.20

$27.40

$27.60

$27.80

$28.00

$28.20

$28.40

$28.60

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

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

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

Millio

ns

SF

Direct SF Sublet SF







M E D L E Y / H I A L E A H M A R K E T






2010 3q 344 4,196,248 482,120 11.5% (42,757) 0 0 0 0 $24.49

2010 2q 344 4,196,248 439,363 10.5% 21,522 0 0 0 0 $24.19

2010 1q 344 4,196,248 460,885 11.0% 3,010 0 0 0 0 $24.14

2009 4q 344 4,196,248 463,895 11.1% 22,540 1 1,331 0 0 $25.32

2009 3q 343 4,194,917 485,104 11.6% (9,190) 0 0 1 1,331 $24.69

2009 2q 343 4,194,917 475,914 11.3% (22,765) 1 15,000 1 1,331 $25.08

2009 1q 342 4,179,917 438,149 10.5% 4,862 2 163,694 1 15,000 $25.21

2008 4q 340 4,016,223 279,317 7.0% (11,592) 0 0 3 178,694 $25.42

2008 3q 340 4,016,223 267,725 6.7% (26,985) 0 0 3 178,694 $25.49

2008 2q 340 4,016,223 240,740 6.0% (18,890) 0 0 2 163,694 $25.73

2008 1q 340 4,016,223 221,850 5.5% 4,490 3 36,594 1 157,694 $23.96

2007 4q 337 3,979,629 189,746 4.8% 24,375 0 0 4 194,288 $25.31

2007 3q 337 3,979,629 214,121 5.4% 123,462 2 157,647 3 36,594 $25.03

2007 2q 335 3,821,982 179,936 4.7% 9,473 0 0 5 194,241 $25.03

2007 1q 335 3,821,982 189,409 5.0% 89,104 5 160,867 3 167,136 $23.87



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

$24.60

$24.80

$25.00

$25.20

$25.40

$25.60

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

Dollar

s/SF/Y

ear

0.40

0.42

0.44

0.46

0.48

0.50

0.52

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

Millio

ns

SF

Direct SF Sublet SF






South Florida Office MarketMARKET HIGHLIGHTS – CLASS “A, B & C”M I A M I M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 612 7,510,471 600,971 8.0% (2,671) 0 0 2 294,799 $25.08

2010 3q 612 7,510,471 598,300 8.0% (24,044) 0 0 2 294,799 $25.73

2010 2q 612 7,510,471 574,256 7.6% (91,347) 0 0 2 294,799 $25.31

2010 1q 612 7,510,471 482,909 6.4% (84,244) 0 0 2 294,799 $25.65

2009 4q 612 7,510,471 398,665 5.3% 195,989 1 84,670 0 0 $23.60

2009 3q 611 7,425,801 509,984 6.9% 86,362 1 146,652 1 84,670 $23.46

2009 2q 610 7,279,149 449,694 6.2% (86,131) 0 0 2 231,322 $23.96

2009 1q 610 7,279,149 363,563 5.0% 93,596 0 0 2 231,322 $24.81

2008 4q 610 7,279,149 457,159 6.3% (38,873) 0 0 2 231,322 $24.87

2008 3q 610 7,279,149 418,286 5.7% (11,383) 0 0 1 146,652 $25.27

2008 2q 610 7,279,149 406,903 5.6% (31,567) 0 0 1 146,652 $24.99

2008 1q 610 7,279,149 375,336 5.2% (57,917) 1 950 0 0 $24.62

2007 4q 609 7,278,199 316,469 4.3% (157,661) 0 0 1 950 $22.69

2007 3q 609 7,278,199 158,808 2.2% 113,742 0 0 1 950 $18.34

2007 2q 609 7,278,199 272,550 3.7% (11,824) 0 0 1 950 $16.89

2007 1q 609 7,278,199 260,726 3.6% 396,804 2 387,120 0 0 $17.25



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500


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


$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

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

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 2010 2q 2010 3q 2010 4q

Millio

ns

SF

Direct SF Sublet SF







M I A M I A I R P O R T M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 368 17,623,824 2,757,863 15.6% 45,075 1 24,000 1 90,000 $23.94

2010 3q 367 17,599,824 2,778,938 15.8% 46,887 1 150,000 2 114,000 $23.91

2010 2q 366 17,449,824 2,675,825 15.3% 128,190 0 0 3 264,000 $24.55

2010 1q 366 17,449,824 2,804,015 16.1% 43,610 1 281,624 2 174,000 $24.95

2009 4q 365 17,168,200 2,566,001 14.9% 61,120 0 0 3 455,624 $25.23

2009 3q 365 17,168,200 2,627,121 15.3% (198,969) 1 247,676 3 455,624 $25.32

2009 2q 364 16,920,524 2,180,476 12.9% (71,051) 0 0 4 703,300 $25.91

2009 1q 364 16,920,524 2,109,425 12.5% (199,772) 0 0 3 553,300 $26.12

2008 4q 364 16,920,524 1,909,653 11.3% 2,837 1 14,745 3 553,300 $26.51

2008 3q 363 16,905,779 1,897,745 11.2% (168,425) 0 0 4 568,045 $26.75

2008 2q 363 16,905,779 1,729,320 10.2% 36,053 1 36,134 4 568,045 $27.23

2008 1q 363 16,906,335 1,765,929 10.4% 134,288 3 184,729 5 604,179 $27.46

2007 4q 360 16,721,606 1,715,488 10.3% (100,053) 1 17,760 6 492,539 $26.79

2007 3q 359 16,703,846 1,597,675 9.6% (21,824) 0 0 7 510,299 $26.48

2007 2q 359 16,703,846 1,575,851 9.4% 246,170 2 106,231 5 238,623 $24.84

2007 1q 358 16,640,908 1,759,083 10.6% 69,095 2 115,268 7 344,854 $25.41



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

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

Dollar

s/SF/Y

ear

0.00

0.50

1.00

1.50

2.00

2.50

3.00

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

Millio

ns

SF

Direct SF Sublet SF







M I A M I B E A C H M A R K E T






2010 3q 163 5,175,046 473,412 9.1% 27,781 0 0 0 0 $31.09

2010 2q 163 5,175,046 501,193 9.7% (22,814) 0 0 0 0 $31.49

2010 1q 163 5,175,046 478,379 9.2% 23,430 0 0 0 0 $32.14

2009 4q 163 5,175,046 501,809 9.7% (16,873) 0 0 0 0 $32.85

2009 3q 163 5,175,046 484,936 9.4% 28,250 0 0 0 0 $33.74

2009 2q 163 5,175,046 513,186 9.9% (52,985) 0 0 0 0 $33.39

2009 1q 163 5,175,046 460,201 8.9% (41,423) 1 13,411 0 0 $33.57

2008 4q 162 5,161,635 405,367 7.9% (63,231) 0 0 1 13,411 $34.47

2008 3q 162 5,161,635 342,136 6.6% (2,280) 0 0 1 13,411 $34.89

2008 2q 162 5,161,635 339,856 6.6% (2,817) 0 0 1 13,411 $33.75

2008 1q 162 5,161,635 337,039 6.5% (53,920) 0 0 0 0 $33.40

2007 4q 162 5,161,635 283,119 5.5% (8,154) 0 0 0 0 $33.04

2007 3q 162 5,161,635 274,965 5.3% 12,779 0 0 0 0 $34.09

2007 2q 162 5,161,635 287,744 5.6% 3,897 1 38,400 0 0 $34.08

2007 1q 161 5,123,235 253,241 4.9% (49,424) 0 0 1 38,400 $34.81



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$29.00

$29.50

$30.00

$30.50

$31.00

$31.50

$32.00

$32.50

$33.00

$33.50

$34.00

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

Dollar

s/SF/Y

ear

0.40

0.42

0.44

0.46

0.48

0.50

0.52

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

Millio

ns

SF

Direct SF Sublet SF







M I A M I L A K E S M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 139 3,696,064 785,060 21.2% (4,713) 0 0 1 5,000 $23.95

2010 3q 139 3,696,064 780,347 21.1% 4,865 0 0 1 5,000 $24.09

2010 2q 139 3,696,064 785,212 21.2% 10,254 0 0 1 5,000 $24.30

2010 1q 139 3,696,064 795,466 21.5% 33,616 0 0 0 0 $24.33

2009 4q 139 3,696,064 829,082 22.4% 40,522 0 0 0 0 $24.02

2009 3q 139 3,696,064 869,604 23.5% (30,780) 2 36,628 0 0 $24.43

2009 2q 137 3,659,436 802,196 21.9% (5,388) 2 10,678 2 36,628 $25.02

2009 1q 135 3,648,758 786,130 21.5% 4,789 5 114,300 4 47,306 $24.51

2008 4q 130 3,534,458 676,619 19.1% (70,027) 1 63,794 9 161,606 $25.41

2008 3q 129 3,470,664 542,798 15.6% (19,204) 1 41,064 9 200,400 $25.58

2008 2q 128 3,429,600 482,530 14.1% 49,887 2 31,586 10 241,464 $25.57

2008 1q 126 3,398,014 500,831 14.7% (10,320) 1 26,586 8 224,750 $27.36

2007 4q 125 3,371,428 463,925 13.8% (32,548) 0 0 5 163,030 $26.46

2007 3q 125 3,371,428 431,377 12.8% (126,638) 1 44,900 4 158,030 $23.66

2007 2q 124 3,326,528 259,839 7.8% (20,852) 0 0 3 112,550 $23.41

2007 1q 124 3,326,528 238,987 7.2% (36,437) 0 0 1 44,900 $22.87



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

$24.60

$24.80

$25.00

$25.20

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

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 2010 2q 2010 3q 2010 4q

Millio

ns

SF

Direct SF Sublet SF







M I A M I - D A D E C E N T R A L 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 4q 44 396,568 23,267 5.9% 24,946 0 0 0 0 $18.68

2010 3q 44 396,568 48,213 12.2% (4,982) 0 0 0 0 $19.09

2010 2q 44 396,568 43,231 10.9% (6,905) 0 0 0 0 $19.88

2010 1q 44 396,568 36,326 9.2% 2,057 0 0 0 0 $20.87

2009 4q 44 396,568 38,383 9.7% (15,060) 0 0 0 0 $20.87

2009 3q 44 396,568 23,323 5.9% (3,764) 0 0 0 0 $21.96

2009 2q 44 396,568 19,559 4.9% (14,459) 0 0 0 0 $19.21

2009 1q 44 396,568 5,100 1.3% 0 0 0 0 0 $18.25

2008 4q 44 396,568 5,100 1.3% 20,500 0 0 0 0 $18.25

2008 3q 44 396,568 25,600 6.5% 0 0 0 0 0 $18.25

2008 2q 44 396,568 25,600 6.5% 3,502 0 0 0 0 $18.25

2008 1q 44 396,568 29,102 7.3% 31,100 1 10,000 0 0 $18.25

2007 4q 43 386,568 50,202 13.0% (2,200) 0 0 1 10,000 $18.25

2007 3q 43 386,568 48,002 12.4% (4,702) 0 0 1 10,000 $18.25

2007 2q 43 386,568 43,300 11.2% 1,800 0 0 1 10,000 $18.25

2007 1q 43 386,568 45,100 11.7% (600) 0 0 0 0 $18.25



(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

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

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 2010 2q 2010 3q 2010 4q

Millio

ns

SF

Direct SF Sublet SF







N O R T H P A L M B E A C H M A R K E T






2010 3q 390 8,808,748 1,327,993 15.1% 17,305 0 0 3 176,950 $26.07

2010 2q 390 8,808,748 1,345,298 15.3% 8,038 2 32,000 3 176,950 $25.85

2010 1q 388 8,776,748 1,321,336 15.1% 66,729 2 33,783 3 62,000 $25.43

2009 4q 386 8,742,965 1,354,282 15.5% 48,932 0 0 5 95,783 $25.27

2009 3q 386 8,742,965 1,403,214 16.0% (108,928) 1 11,200 4 87,000 $25.50

2009 2q 385 8,731,765 1,283,086 14.7% (5,736) 0 0 3 66,200 $26.07

2009 1q 385 8,731,765 1,277,350 14.6% (101,366) 2 65,496 1 11,200 $26.21

2008 4q 383 8,666,269 1,110,488 12.8% (87,275) 1 48,717 3 76,696 $26.77

2008 3q 382 8,617,552 974,496 11.3% 7,440 0 0 3 114,213 $26.12

2008 2q 382 8,617,552 981,936 11.4% (20,201) 1 67,000 3 114,213 $26.98

2008 1q 381 8,550,552 894,735 10.5% 107,086 3 112,494 2 101,363 $27.66

2007 4q 378 8,438,058 889,327 10.5% (12,306) 1 7,000 4 179,494 $27.20

2007 3q 377 8,431,058 870,021 10.3% (81,161) 2 61,237 5 186,494 $27.75

2007 2q 375 8,369,821 727,623 8.7% (78,722) 2 82,000 5 173,731 $27.79

2007 1q 373 8,287,821 566,901 6.8% (9,893) 2 72,278 6 235,731 $26.91



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

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

Dollar

s/SF/Y

ear

1.05

1.10

1.15

1.20

1.25

1.30

1.35

1.40

1.45

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

Millio

ns

SF

Direct SF Sublet SF







N O R T H E A S T D A D E M A R K E T






2010 3q 509 6,814,217 821,522 12.1% (12,761) 0 0 0 0 $22.57

2010 2q 509 6,814,217 808,761 11.9% (8,791) 0 0 0 0 $22.64

2010 1q 509 6,814,217 799,970 11.7% 127,922 1 160,000 0 0 $22.68

2009 4q 508 6,654,217 767,892 11.5% (11,199) 0 0 1 160,000 $22.75

2009 3q 508 6,654,217 756,693 11.4% (11,784) 0 0 1 160,000 $22.91

2009 2q 508 6,654,217 744,909 11.2% (194,765) 0 0 1 160,000 $21.60

2009 1q 508 6,654,217 550,144 8.3% (66,092) 0 0 1 160,000 $22.42

2008 4q 508 6,654,217 484,052 7.3% (26,945) 0 0 1 160,000 $24.32

2008 3q 508 6,654,217 457,107 6.9% (7,615) 0 0 0 0 $24.02

2008 2q 508 6,654,217 449,492 6.8% (52,957) 0 0 0 0 $24.14

2008 1q 508 6,654,217 396,535 6.0% 56,165 1 5,553 0 0 $24.45

2007 4q 507 6,648,664 447,147 6.7% (209) 0 0 1 5,553 $23.67

2007 3q 507 6,648,664 446,938 6.7% (2,695) 0 0 1 5,553 $23.46

2007 2q 507 6,648,664 444,243 6.7% (87,016) 1 9,996 1 5,553 $23.25

2007 1q 506 6,638,668 347,231 5.2% 3,233 0 0 1 9,996 $23.25



(0.250)

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

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

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

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

Millio

ns

SF

Direct SF Sublet SF







N W B R O W A R D / C O R A L S P R I N G S M A R K E T






2010 3q 235 4,353,090 674,634 15.5% (104) 0 0 0 0 $23.84

2010 2q 235 4,353,090 674,530 15.5% 2,733 0 0 0 0 $23.88

2010 1q 235 4,353,090 677,263 15.6% 21,215 0 0 0 0 $23.73

2009 4q 235 4,353,090 698,478 16.0% (23,118) 0 0 0 0 $23.76

2009 3q 235 4,353,090 675,360 15.5% 7,380 0 0 0 0 $23.55

2009 2q 235 4,353,090 682,740 15.7% (39,841) 1 12,000 0 0 $23.43

2009 1q 234 4,341,090 630,899 14.5% (7,352) 1 40,500 1 12,000 $23.66

2008 4q 233 4,300,590 583,047 13.6% (38,752) 1 3,683 2 52,500 $23.79

2008 3q 232 4,296,907 540,612 12.6% (60,667) 0 0 3 56,183 $23.96

2008 2q 232 4,296,907 479,945 11.2% (8,754) 0 0 1 40,500 $24.10

2008 1q 232 4,296,907 471,191 11.0% (24,901) 0 0 1 40,500 $24.65

2007 4q 232 4,296,907 446,290 10.4% (2,359) 1 14,300 1 40,500 $24.81

2007 3q 231 4,282,607 429,631 10.0% (41,350) 0 0 2 54,800 $25.13

2007 2q 231 4,282,607 388,281 9.1% 78,173 1 80,489 1 14,300 $24.79

2007 1q 230 4,202,118 385,965 9.2% 26,955 2 45,848 2 94,789 $23.79



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$23.00

$23.20

$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

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

Dollar

s/SF/Y

ear

0.58

0.60

0.62

0.64

0.66

0.68

0.70

0.72

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

Millio

ns

SF

Direct SF Sublet SF







O U T L Y I N G B R O W A R D C O U N T Y M A R K E T






2010 3q 44 735,708 159,626 21.7% (2,609) 0 0 0 0 $26.19

2010 2q 44 735,708 157,017 21.3% (9,262) 0 0 0 0 $25.80

2010 1q 44 735,708 147,755 20.1% 3,468 0 0 0 0 $26.16

2009 4q 44 735,708 151,223 20.6% 10,848 0 0 0 0 $25.62

2009 3q 44 735,708 162,071 22.0% (7,783) 0 0 0 0 $25.58

2009 2q 44 735,708 154,288 21.0% 7,395 0 0 0 0 $27.13

2009 1q 44 735,708 161,683 22.0% (5,113) 0 0 0 0 $28.88

2008 4q 44 735,708 156,570 21.3% (13,673) 0 0 0 0 $32.24

2008 3q 44 735,708 142,897 19.4% 39,890 2 60,739 0 0 $32.29

2008 2q 42 674,969 122,048 18.1% 5,603 1 30,000 2 60,739 $30.99

2008 1q 41 644,969 97,651 15.1% (4,676) 0 0 3 90,739 $30.32

2007 4q 41 644,969 92,975 14.4% (703) 0 0 3 90,739 $32.31

2007 3q 41 644,969 92,272 14.3% 12,655 1 30,000 1 30,000 $31.69

2007 2q 40 614,969 74,927 12.2% 78,569 2 90,715 1 30,000 $31.83

2007 1q 38 524,254 62,781 12.0% (253) 1 17,750 3 120,715 $31.69



(0.020)

0.000

0.020

0.040

0.060

0.080

0.100


Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$23.00

$24.00

$25.00

$26.00

$27.00

$28.00

$29.00

$30.00

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

Dollar

s/SF/Y

ear

0.13

0.14

0.14

0.15

0.15

0.16

0.16

0.17

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

Millio

ns

SF

Direct SF Sublet SF







O U T L Y I N G M I A M I - D A D E C N T Y M A R K E T






2010 3q 7 176,196 6,145 3.5% 0 0 0 0 0 $24.72

2010 2q 7 176,196 6,145 3.5% (5,000) 0 0 0 0 $24.72

2010 1q 7 176,196 1,145 0.6% 0 0 0 0 0 $0.00

2009 4q 7 176,196 1,145 0.6% (1,145) 0 0 0 0 $0.00

2009 3q 7 176,196 0 0.0% 0 0 0 0 0 $0.00

2009 2q 7 176,196 0 0.0% 500 0 0 0 0 $0.00

2009 1q 7 176,196 500 0.3% 0 0 0 0 0 $0.00

2008 4q 7 176,196 500 0.3% 0 0 0 0 0 $0.00

2008 3q 7 176,196 500 0.3% 28,978 1 28,978 0 0 $0.00

2008 2q 6 147,218 500 0.3% 0 0 0 1 28,978 $0.00

2008 1q 6 147,218 500 0.3% 26,500 1 26,500 1 28,978 $0.00

2007 4q 5 120,718 500 0.4% 286 0 0 2 55,478 $0.00

2007 3q 5 120,718 786 0.7% 109,500 1 109,000 2 55,478 $0.00

2007 2q 4 11,718 1,286 11.0% (786) 0 0 2 135,500 $0.00

2007 1q 4 11,718 500 4.3% (500) 0 0 2 135,500 $0.00



(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

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

Dollar

s/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.01

0.01

0.01

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

Millio

ns

SF

Direct SF Sublet SF







P A L M B E A C H M A R K E T






2010 3q 143 2,949,010 317,667 10.8% (3,116) 0 0 0 0 $34.13

2010 2q 143 2,949,010 314,551 10.7% 4,698 1 4,000 0 0 $32.63

2010 1q 142 2,945,010 315,249 10.7% 1,299 0 0 1 4,000 $34.20

2009 4q 142 2,945,010 316,548 10.7% 15 0 0 1 4,000 $35.22

2009 3q 142 2,945,010 316,563 10.7% 15,502 0 0 1 4,000 $39.83

2009 2q 142 2,945,010 332,065 11.3% (59,614) 0 0 0 0 $39.39

2009 1q 142 2,945,010 272,451 9.3% 55,598 0 0 0 0 $34.54

2008 4q 142 2,945,010 328,049 11.1% (15,529) 0 0 0 0 $35.54

2008 3q 142 2,945,010 312,520 10.6% (36,929) 0 0 0 0 $35.07

2008 2q 142 2,945,010 275,591 9.4% (39,428) 0 0 0 0 $34.61

2008 1q 142 2,945,010 236,163 8.0% 96,281 4 97,891 0 0 $32.84

2007 4q 138 2,847,119 234,553 8.2% 19,441 2 43,600 4 97,891 $32.36

2007 3q 136 2,803,519 210,394 7.5% 44,711 0 0 6 141,491 $32.34

2007 2q 136 2,803,519 255,105 9.1% 40,539 2 47,200 6 141,491 $32.02

2007 1q 134 2,756,319 248,444 9.0% 64,122 3 150,262 6 166,890 $37.14



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

acant


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

$45.00

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

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

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

Millio

ns

SF

Direct SF Sublet SF







P A L M S P R I N G S / L A K E W O R T H M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 125 981,956 65,994 6.7% (7,924) 0 0 0 0 $20.38

2010 3q 125 981,956 58,070 5.9% (3,676) 0 0 0 0 $21.03

2010 2q 125 981,956 54,394 5.5% 16,190 0 0 0 0 $22.11

2010 1q 125 981,956 70,584 7.2% (6,250) 0 0 0 0 $22.23

2009 4q 125 981,956 64,334 6.6% 23,525 0 0 0 0 $22.29

2009 3q 125 981,956 87,859 8.9% (10,071) 0 0 0 0 $23.59

2009 2q 125 981,956 77,788 7.9% (10,066) 0 0 0 0 $23.60

2009 1q 125 981,956 67,722 6.9% (10,772) 0 0 0 0 $23.98

2008 4q 125 981,956 56,950 5.8% (1,158) 0 0 0 0 $24.22

2008 3q 125 981,956 55,792 5.7% 38,494 1 21,433 0 0 $24.57

2008 2q 124 960,523 72,853 7.6% 9,339 0 0 1 21,433 $20.70

2008 1q 124 960,523 82,192 8.6% (9,613) 0 0 1 21,433 $19.78

2007 4q 124 960,523 72,579 7.6% (13,701) 0 0 1 21,433 $21.42

2007 3q 124 960,523 58,878 6.1% 2,119 0 0 1 21,433 $20.52

2007 2q 124 960,523 60,997 6.4% (15,991) 0 0 1 21,433 $20.12

2007 1q 124 960,523 45,006 4.7% (12,166) 1 1,289 0 0 $19.89



(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050


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


$18.00

$19.00

$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

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

Dollar

s/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

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

Millio

ns

SF

Direct SF Sublet SF







P L A N T A T I O N M A R K E T






2010 3q 362 8,574,154 985,718 11.5% 41,899 0 0 0 0 $23.14

2010 2q 362 8,574,154 1,027,617 12.0% 22,659 0 0 0 0 $23.25

2010 1q 362 8,574,154 1,050,276 12.2% 7,994 0 0 0 0 $23.56

2009 4q 362 8,574,154 1,058,270 12.3% 35,389 0 0 0 0 $22.99

2009 3q 362 8,574,154 1,093,659 12.8% (122,079) 3 48,856 0 0 $23.92

2009 2q 359 8,525,298 922,724 10.8% 4,540 0 0 3 48,856 $24.71

2009 1q 359 8,525,298 927,264 10.9% 9,896 3 57,452 3 48,856 $24.94

2008 4q 356 8,467,846 879,708 10.4% 113,877 2 97,919 6 106,308 $26.53

2008 3q 354 8,369,927 895,666 10.7% (148,474) 4 72,998 5 155,371 $26.99

2008 2q 350 8,296,929 674,194 8.1% 37,515 2 32,780 8 224,217 $27.23

2008 1q 348 8,264,149 678,929 8.2% (27,502) 1 10,449 8 203,697 $26.62

2007 4q 347 8,253,700 640,978 7.8% 172,093 3 307,263 8 206,227 $26.00

2007 3q 344 7,946,437 505,808 6.4% (89,786) 0 0 9 389,790 $26.14

2007 2q 344 7,946,437 416,022 5.2% 59,258 0 0 4 317,712 $26.80

2007 1q 344 7,946,437 475,280 6.0% (89,604) 0 0 4 317,712 $26.41



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400


Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

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

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 2010 2q 2010 3q 2010 4q

Millio

ns

SF

Direct SF Sublet SF







P O M P A N O B E A C H M A R K E T






2010 3q 470 6,930,908 1,021,631 14.7% 5,842 0 0 0 0 $20.37

2010 2q 470 6,930,908 1,027,473 14.8% 60,937 0 0 0 0 $20.33

2010 1q 470 6,930,908 1,088,410 15.7% 59,446 0 0 0 0 $20.40

2009 4q 470 6,930,908 1,147,856 16.6% (48,318) 0 0 0 0 $20.69

2009 3q 470 6,930,908 1,099,538 15.9% (210,117) 0 0 0 0 $20.88

2009 2q 470 6,930,908 889,421 12.8% (28,980) 2 50,432 0 0 $20.93

2009 1q 468 6,880,476 810,009 11.8% (73,474) 0 0 2 50,432 $21.21

2008 4q 468 6,880,476 736,535 10.7% 12,608 1 30,000 2 50,432 $21.65

2008 3q 467 6,850,476 719,143 10.5% 6,841 1 30,175 2 57,002 $22.19

2008 2q 466 6,820,301 695,809 10.2% 41,492 2 76,150 3 87,177 $23.48

2008 1q 464 6,744,151 661,151 9.8% (23,123) 1 6,000 5 163,327 $23.78

2007 4q 463 6,738,151 632,028 9.4% (46,329) 0 0 5 139,327 $22.41

2007 3q 463 6,738,151 585,699 8.7% (65,721) 1 11,616 4 109,152 $22.02

2007 2q 462 6,726,535 508,362 7.6% 17,402 11 108,881 3 70,344 $21.46

2007 1q 451 6,617,654 416,883 6.3% 55,756 4 49,302 12 120,497 $20.99



(0.250)

(0.200)

(0.150)

(0.100)

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0.050

0.100

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Millio

ns

SF

0.0%

2.0%

4.0%

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8.0%

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12.0%

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Perce

nt V

acant


$19.40

$19.60

$19.80

$20.00

$20.20

$20.40

$20.60

$20.80

$21.00

$21.20

$21.40

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

Dollar

s/SF/Y

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

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R O Y A L P A L M B C H / W E L L I N G T O N M A R K E T






2010 3q 67 1,433,793 307,191 21.4% 41,886 0 0 0 0 $26.11

2010 2q 67 1,433,793 349,077 24.3% (32,328) 0 0 0 0 $26.98

2010 1q 67 1,433,793 316,749 22.1% 36,684 1 40,000 0 0 $27.79

2009 4q 66 1,393,793 313,433 22.5% (6,631) 0 0 1 40,000 $28.02

2009 3q 66 1,393,793 306,802 22.0% (3,064) 0 0 1 40,000 $25.72

2009 2q 66 1,393,793 303,738 21.8% 951 2 57,500 1 40,000 $25.88

2009 1q 64 1,336,293 247,189 18.5% 154,738 1 35,000 3 97,500 $26.10

2008 4q 63 1,301,293 366,927 28.2% 27,117 1 32,000 4 132,500 $26.34

2008 3q 62 1,269,293 362,044 28.5% (38,506) 2 48,984 4 124,500 $26.18

2008 2q 60 1,220,309 274,554 22.5% (14,908) 1 22,000 5 165,984 $26.31

2008 1q 59 1,198,309 237,646 19.8% 32,432 1 28,250 4 120,984 $26.15

2007 4q 58 1,170,059 241,828 20.7% (46,793) 1 45,676 4 99,234 $27.28

2007 3q 57 1,124,383 149,359 13.3% 69,864 3 140,552 2 73,926 $28.93

2007 2q 54 983,831 78,671 8.0% (7,969) 0 0 5 214,478 $30.07

2007 1q 54 983,831 70,702 7.2% (10,207) 1 21,120 4 186,228 $31.95



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nt V

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$24.50

$25.00

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$26.00

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$27.00

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$28.50

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

Dollar

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

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Direct SF Sublet SF







S A W G R A S S P A R K M A R K E T






2010 3q 75 3,839,298 553,259 14.4% 49,814 0 0 0 0 $25.00

2010 2q 75 3,839,298 603,073 15.7% 66,050 0 0 0 0 $25.41

2010 1q 75 3,839,298 669,123 17.4% 45,128 0 0 0 0 $26.25

2009 4q 75 3,839,298 714,251 18.6% (117,863) 0 0 0 0 $26.38

2009 3q 75 3,839,298 596,388 15.5% 7,364 0 0 0 0 $26.18

2009 2q 75 3,839,298 603,752 15.7% (26,152) 0 0 0 0 $25.34

2009 1q 75 3,839,298 577,600 15.0% (16,565) 0 0 0 0 $26.37

2008 4q 75 3,839,298 561,035 14.6% 133,826 1 92,362 0 0 $27.48

2008 3q 74 3,746,936 602,499 16.1% 21,975 1 64,241 1 92,362 $27.90

2008 2q 73 3,682,695 560,233 15.2% (7,345) 1 128,470 2 156,603 $27.64

2008 1q 72 3,554,225 424,418 11.9% (21,447) 2 12,896 3 285,073 $27.07

2007 4q 70 3,541,329 390,075 11.0% (56,551) 0 0 5 297,969 $26.35

2007 3q 70 3,541,329 333,524 9.4% (72,676) 0 0 3 77,137 $26.22

2007 2q 70 3,541,329 260,848 7.4% 58,459 1 5,896 2 12,896 $25.35

2007 1q 69 3,535,433 313,411 8.9% 48,712 3 21,551 1 5,896 $24.57



(0.150)

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0.050

0.100

0.150


Millio

ns

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Perce

nt V

acant


$24.00

$24.50

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$26.50

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

Dollar

s/SF/Y

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0.00

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

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Direct SF Sublet SF







S O U T H D A D E M A R K E T






2010 3q 278 3,166,315 294,363 9.3% 18,899 0 0 0 0 $23.48

2010 2q 278 3,166,315 313,262 9.9% 40,910 0 0 0 0 $24.27

2010 1q 278 3,166,315 354,172 11.2% (44,259) 0 0 0 0 $23.46

2009 4q 278 3,166,315 309,913 9.8% 11,505 0 0 0 0 $24.16

2009 3q 278 3,166,315 321,418 10.2% (43,389) 2 6,500 0 0 $25.15

2009 2q 276 3,159,815 271,529 8.6% (40,088) 0 0 2 6,500 $25.44

2009 1q 276 3,159,815 231,441 7.3% 16,581 0 0 2 6,500 $25.86

2008 4q 276 3,159,815 248,022 7.8% 122,745 1 10,000 2 6,500 $26.30

2008 3q 275 3,149,815 360,767 11.5% 66,812 1 27,600 3 16,500 $26.77

2008 2q 274 3,122,215 399,979 12.8% (5,365) 0 0 2 37,600 $28.76

2008 1q 274 3,122,215 394,614 12.6% (25,370) 2 41,079 2 37,600 $29.00

2007 4q 272 3,081,136 328,165 10.7% (21,857) 2 71,000 3 68,679 $27.42

2007 3q 270 3,010,136 235,308 7.8% (2,075) 0 0 4 112,079 $27.44

2007 2q 270 3,010,136 233,233 7.7% 123,403 4 81,279 4 112,079 $27.88

2007 1q 266 2,928,857 275,357 9.4% (12,630) 0 0 6 152,279 $26.81



(0.060)

(0.040)

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0.020

0.040

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0.140


Millio

ns

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$22.00

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$26.50

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

Dollar

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

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S O U T H W E S T B R O W A R D M A R K E T






2010 3q 313 7,201,621 894,595 12.4% 43,642 0 0 0 0 $27.42

2010 2q 313 7,201,621 938,237 13.0% (129,254) 0 0 0 0 $27.30

2010 1q 313 7,201,621 808,983 11.2% 62,792 0 0 0 0 $27.30

2009 4q 313 7,201,621 871,775 12.1% 44,980 1 67,110 0 0 $27.93

2009 3q 312 7,134,511 849,645 11.9% 17,475 1 29,000 1 67,110 $28.90

2009 2q 311 7,105,511 838,120 11.8% (84,450) 0 0 2 96,110 $29.53

2009 1q 311 7,105,511 753,670 10.6% 165,734 2 117,494 2 96,110 $29.73

2008 4q 309 6,988,017 801,910 11.5% (3,635) 3 67,736 3 146,494 $30.92

2008 3q 306 6,920,281 730,539 10.6% 89,512 3 178,118 6 214,230 $31.23

2008 2q 303 6,742,163 641,933 9.5% 77,579 1 76,238 8 363,348 $31.10

2008 1q 302 6,665,925 643,274 9.7% 54,254 4 61,725 8 426,586 $30.87

2007 4q 298 6,604,200 635,803 9.6% 95,694 2 76,000 9 420,575 $31.00

2007 3q 296 6,528,200 655,497 10.0% (132,303) 1 11,452 8 273,963 $30.17

2007 2q 295 6,516,748 511,742 7.9% 71,767 5 94,526 8 225,415 $29.93

2007 1q 290 6,422,222 488,983 7.6% 46,438 6 98,268 11 230,503 $29.47



(0.150)

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Millio

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$27.50

$28.00

$28.50

$29.00

$29.50

$30.00

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

Dollar

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

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Direct SF Sublet SF







W E S T M I A M I M A R K E T






2010 3q 354 3,622,065 101,621 2.8% (4,454) 0 0 0 0 $25.23

2010 2q 354 3,622,065 97,167 2.7% 16,234 0 0 0 0 $25.66

2010 1q 354 3,622,065 113,401 3.1% 34,486 0 0 0 0 $25.87

2009 4q 354 3,622,065 147,887 4.1% (29,184) 0 0 0 0 $26.04

2009 3q 354 3,622,065 118,703 3.3% 8,829 2 35,875 0 0 $26.13

2009 2q 352 3,586,190 91,657 2.6% 9,195 0 0 2 35,875 $26.21

2009 1q 352 3,586,190 100,852 2.8% 55,028 1 46,118 2 35,875 $26.98

2008 4q 351 3,540,072 109,762 3.1% (3,911) 0 0 3 81,993 $26.76

2008 3q 352 3,541,383 107,162 3.0% (54,995) 0 0 1 46,118 $26.10

2008 2q 352 3,541,383 52,167 1.5% (11,645) 0 0 1 46,118 $25.95

2008 1q 352 3,541,383 40,522 1.1% 45,382 1 36,649 1 46,118 $25.39

2007 4q 351 3,504,734 49,255 1.4% 3,356 0 0 2 82,767 $25.11

2007 3q 351 3,504,734 52,611 1.5% (588) 0 0 2 82,767 $23.93

2007 2q 351 3,504,734 52,023 1.5% 1,500 0 0 2 82,767 $20.28

2007 1q 351 3,504,734 53,523 1.5% 8,037 0 0 1 46,118 $20.31



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080


Millio

ns

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Perce

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$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

$28.00

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

Dollar

s/SF/Y

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0.00

0.02

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0.08

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

Millio

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W E S T P A L M B E A C H M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2010 4q 775 12,474,365 2,286,503 18.3% 3,329 1 9,000 0 0 $26.93

2010 3q 774 12,465,365 2,280,832 18.3% (100,213) 0 0 1 9,000 $26.87

2010 2q 774 12,465,365 2,180,619 17.5% 28,577 0 0 1 9,000 $27.52

2010 1q 774 12,465,365 2,209,196 17.7% 46,963 0 0 0 0 $27.23

2009 4q 774 12,465,365 2,256,159 18.1% (113,624) 0 0 0 0 $27.65

2009 3q 774 12,465,365 2,142,535 17.2% (273,810) 0 0 0 0 $27.23

2009 2q 774 12,465,365 1,868,725 15.0% 355,373 1 300,000 0 0 $27.78

2009 1q 773 12,165,365 1,924,098 15.8% (8,296) 1 8,000 1 300,000 $28.65

2008 4q 772 12,157,365 1,907,802 15.7% (94,405) 2 6,840 2 308,000 $28.66

2008 3q 770 12,150,525 1,806,557 14.9% (85,123) 1 100,526 4 314,840 $28.99

2008 2q 769 12,049,999 1,620,908 13.5% 130,989 1 287,617 5 415,366 $29.19

2008 1q 768 11,762,382 1,464,280 12.4% (137,063) 3 81,836 4 692,343 $30.12

2007 4q 765 11,680,546 1,245,381 10.7% (44,145) 0 0 6 769,979 $30.61

2007 3q 765 11,680,546 1,201,236 10.3% (81,199) 1 30,091 5 469,979 $30.64

2007 2q 764 11,650,455 1,089,946 9.4% (49,353) 2 96,385 6 500,070 $30.40

2007 1q 762 11,554,070 944,208 8.2% (39,111) 1 7,300 8 596,455 $30.25



(0.400)

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

Dollar

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

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Documents

CoStar Office Report€¦ · South Florida Office Market YEAR-END 2010 The CoStar Office Report