28 The CoStar Office Report ©2016 CoStar Group, Inc.

National � Mid-Year 2016

National Office MarketMid-Year 2016 – National

National Office MarketFigures at a Glance

Total Office Market Statistics Mid-Year 2016

YTD Net YTD Under Quoted

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

Albany/Schenect. 3,961 63,540,620 3,611,325 3,683,642 5.8% 362,205 12,910 262,006 $15.14

Albuquerque 3,023 37,224,067 3,535,018 3,623,738 9.7% 464,791 182,301 0 $15.88

Anchorage 665 14,398,647 781,179 825,453 5.7% (38,197) 16,000 0 $27.48

Asheville 1,253 12,343,472 459,103 481,291 3.9% 88,040 84,000 105,000 $16.04

Atlanta 15,829 303,725,647 35,090,795 36,560,333 12.0% 793,910 156,771 4,641,630 $21.28

Augusta/Richmon 1,683 13,556,724 1,096,882 1,129,045 8.3% 142,690 16,521 8,000 $14.13

Austin 4,521 95,088,387 7,113,799 7,782,396 8.2% 634,294 776,662 1,989,883 $31.43

Bakersfield 1,132 13,283,563 809,176 830,350 6.3% 63,895 27,400 54,200 $18.23

Baltimore 6,380 139,557,904 14,119,531 14,385,545 10.3% 648,628 655,410 1,919,868 $22.24

Baton Rouge 2,369 22,465,745 2,442,266 2,559,390 11.4% 6,683 46,897 223,992 $16.35

Beaumont/Port A. 786 7,934,294 365,125 368,345 4.6% (16,333) 0 20,000 $13.77

Birmingham 3,869 58,210,245 6,194,775 6,498,442 11.2% (2,877) 27,730 171,291 $16.77

Boise City/Namp. 2,874 29,112,086 2,224,780 2,272,465 7.8% 163,574 59,564 582,179 $15.52

Boston 13,599 394,418,753 31,311,412 33,707,379 8.5% 1,308,681 1,227,823 5,284,823 $20.47

Bremerton/Silve. 494 4,905,722 462,135 473,281 9.6% (81,737) 0 0 $17.30

Broward County 4,096 69,283,341 6,932,073 7,129,293 10.3% 859,915 319,469 673,702 $25.50

Brownsville/Har. 366 3,623,252 208,009 229,609 6.3% 67,143 17,072 0 $15.29

Buffalo/Niagara. 1,762 38,642,668 3,316,950 3,326,439 8.6% 319,071 30,000 45,000 $15.22

Charleston WV 984 12,471,000 1,067,973 1,079,808 8.7% (53,789) 0 15,000 $15.35

Charleston/N Ch. 3,026 27,931,104 1,916,244 1,971,030 7.1% 180,707 335,167 302,575 $19.40

Charlotte 5,470 101,671,261 7,952,994 8,349,247 8.2% 1,398,292 519,733 3,232,962 $22.56

Chattanooga 1,031 17,208,774 1,348,288 1,428,498 8.3% 147,130 2,246 10,000 $16.02

Chicago 13,562 468,278,344 58,326,698 61,502,059 13.1% (600,066) 646,576 7,824,462 $23.28

Cincinnati 5,167 97,529,397 10,362,715 10,432,440 10.7% 923,052 431,900 643,947 $15.69

Cleveland 7,134 144,683,047 16,830,436 16,971,175 11.7% 638,263 52,964 831,802 $16.92

Colorado Spring. 1,718 28,652,872 3,155,350 3,165,239 11.0% 84,474 0 20,000 $16.48

Columbia 2,787 31,877,148 2,132,307 2,190,439 6.9% 296,479 243,335 113,760 $15.31

Columbus 4,268 97,560,984 7,127,886 7,260,603 7.4% 954,352 643,100 1,052,568 $17.11

Columbus GA 990 9,448,636 624,490 627,555 6.6% (83,224) 38,776 54,600 $12.86

Corpus Christi 689 10,089,272 875,464 906,881 9.0% 104,311 17,200 219,184 $16.31

Dallas/Ft Worth 11,734 355,925,994 49,165,680 50,863,832 14.3% 1,760,334 2,827,504 11,254,288 $23.76

Davenport/Molin. 506 7,713,460 689,656 689,656 8.9% 135,854 0 42,000 $11.47

Dayton 3,036 42,733,816 5,753,182 5,852,364 13.7% 65,100 0 17,669 $14.43

Deltona/Daytona. 1,693 11,134,908 683,894 698,290 6.3% 191,046 0 104,800 $10.75

Denver 7,493 195,899,146 17,097,658 18,169,696 9.3% 1,305,413 579,644 4,175,717 $25.11

Des Moines 1,360 35,847,261 1,846,901 1,880,303 5.2% 343,406 30,400 173,900 $13.61

Detroit 9,375 197,519,148 25,926,090 26,247,286 13.3% 1,834,828 367,496 723,377 $18.78

Duluth 453 7,076,175 224,870 224,870 3.2% 260,075 225,000 0 $13.42

East Bay/Oaklan. 5,268 109,491,886 8,479,665 8,807,254 8.0% 569,452 67,416 157,200 $28.49

El Paso 2,441 21,776,840 1,486,070 1,509,282 6.9% (42,622) 0 255,127 $15.28

Erie 765 8,929,568 340,558 340,558 3.8% 26,981 0 0 $10.07

Evansville 777 11,062,936 813,124 813,124 7.3% 63,068 0 0 $11.06

Fayetteville 963 6,933,278 582,703 582,703 8.4% 59,769 0 27,568 $15.12

Fayetteville/Sp. 1,237 14,446,130 1,002,313 1,018,228 7.0% 520,754 101,175 371,376 $17.57

Fort Smith 506 4,574,319 149,599 155,255 3.4% 52,957 0 0 $10.40

Fort Wayne 1,097 16,966,790 1,237,924 1,319,233 7.8% 280,458 129,108 130,742 $13.26

Fresno 2,851 32,057,991 3,012,767 3,048,472 9.5% 293,036 40,776 84,912 $16.93

Green Bay 1,016 15,368,010 1,483,185 1,489,985 9.7% 122,735 13,950 0 $11.91

Existing Inventory Vacancy

National � Mid-Year 2016

National Office MarketMid-Year 2016 – National

National Office Market

©2016 CoStar Group, Inc. The CoStar Office Report 31

Figures at a Glance

Total Office Market Statistics Mid-Year 2016

YTD Net YTD Under Quoted

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

Greensboro/Wins. 4,357 55,638,842 5,423,099 5,551,239 10.0% 442,550 94,700 92,262 $14.64

Greenville/Spar. 4,329 37,542,619 2,912,462 2,987,421 8.0% 354,243 226,028 508,603 $15.49

Hampton Roads 3,371 49,835,137 5,635,835 5,741,518 11.5% 60,529 61,278 255,200 $16.89

Hartford 5,708 94,656,590 7,901,127 8,126,554 8.6% 471,210 62,411 71,850 $18.96

Hawaii 1,213 33,806,905 1,669,104 1,706,989 5.0% (102,800) 0 93,509 $26.53

Houston 7,033 302,622,968 39,203,166 42,647,435 14.1% 1,595,224 4,138,196 4,308,278 $27.70

Huntington/Ashl. 1,044 8,891,341 632,662 632,662 7.1% (9,184) 0 0 $11.15

Huntsville 1,002 20,712,392 2,335,772 2,383,322 11.5% 180,364 82,236 6,000 $13.17

Indianapolis 5,489 102,265,868 7,619,388 7,891,362 7.7% 531,854 127,669 511,720 $16.96

Inland Empire (. 6,184 72,793,733 7,247,611 7,348,448 10.1% 232,835 175,196 123,778 $19.91

Jackson 1,632 23,113,537 1,501,932 1,543,364 6.7% 205,656 188,500 22,686 $15.79

Jacksonville (F. 4,446 62,571,758 5,808,208 5,895,149 9.4% 556,813 87,616 111,301 $18.41

Kansas City 4,419 115,190,197 10,793,428 11,188,086 9.7% 752,326 311,000 1,645,808 $17.93

Killeen/Temple/. 345 2,960,445 244,900 244,900 8.3% 12,228 3,714 4,570 $12.54

Kingsport/Brist. 617 6,727,989 500,151 500,151 7.4% 306,277 300,000 30,000 $11.95

Knoxville 2,911 33,218,506 2,192,219 2,286,677 6.9% 226,694 21,783 80,000 $14.79

Lafayette 617 8,093,661 466,351 478,316 5.9% 179,581 176,938 54,500 $15.07

Las Vegas 3,901 62,860,753 9,458,545 9,810,075 15.6% (45,134) 156,003 598,433 $19.71

Lexington/Fayet. 1,255 18,597,522 1,692,724 1,751,073 9.4% (37,084) 11,800 67,617 $15.39

Lincoln 778 15,901,018 673,268 682,592 4.3% 58,100 0 79,750 $13.67

Little Rock/N L. 2,449 33,849,277 1,665,407 1,703,504 5.0% 60,101 22,143 133,872 $15.11

Long Island (Ne. 10,232 176,628,110 12,701,041 13,161,366 7.5% 681,770 426,672 2,054,684 $27.30

Los Angeles 18,013 431,034,561 44,438,873 45,834,960 10.6% 1,968,868 634,287 3,337,163 $32.23

Louisville 3,581 54,791,028 4,624,062 4,653,263 8.5% 201,343 300,925 115,035 $16.45

Lubbock 1,210 10,912,707 689,708 697,402 6.4% 10,087 50,998 49,995 $14.23

Madison 1,472 32,895,207 2,096,848 2,172,187 6.6% 312,193 68,490 415,000 $15.08

McAllen/Edinbur. 584 7,424,941 398,182 398,182 5.4% 126,445 17,280 73,538 $15.32

Memphis 2,850 51,764,331 5,345,496 5,490,809 10.6% 47,859 10,056 661,886 $16.46

Miami-Dade Coun 4,348 100,641,380 9,936,280 10,134,590 10.1% 179,704 465,364 1,296,108 $32.10

Milwaukee 3,689 79,291,276 6,920,885 7,081,401 8.9% 709,147 371,908 2,070,305 $15.93

Minneapolis 6,091 192,196,027 14,308,930 14,798,770 7.7% 1,933,570 1,554,308 811,522 $18.71

Mobile 2,106 17,136,109 1,081,975 1,119,552 6.5% (70,018) 6,619 153,447 $12.85

Montgomery 1,311 15,950,260 1,112,660 1,117,461 7.0% 133,476 17,098 0 $13.63

Myrtle Beach/Co. 789 5,896,238 267,787 267,787 4.5% 886 0 0 $13.39

Nashville 4,395 78,256,679 3,605,752 3,731,505 4.8% 353,135 252,953 3,232,957 $24.14

New Orleans/Met. 3,170 47,576,230 3,968,287 4,080,475 8.6% 81,927 133,210 191,204 $16.90

New York City 3,768 557,401,952 39,842,743 43,587,358 7.8% 126,295 1,736,218 13,288,172 $60.26

North Bay/Santa. 3,715 41,328,903 4,477,069 4,526,990 11.0% (193,783) 213,000 34,721 $24.98

Northern New Je. 16,918 363,536,201 49,565,927 51,295,862 14.1% (931,887) 216,558 2,224,304 $24.75

Ocala 618 4,550,579 379,018 396,694 8.7% 58,014 0 6,277 $12.47

Oklahoma City 4,336 58,172,250 4,627,075 4,662,869 8.0% 562,048 629,735 1,936,857 $16.06

Olympia 855 9,639,289 680,245 683,017 7.1% 132,123 16,700 0 $16.47

Omaha/Council B. 1,798 44,953,905 2,766,438 2,808,092 6.2% 226,268 78,522 211,177 $16.59

Orange County (. 6,063 153,977,203 14,307,610 14,857,485 9.6% 551,564 761,144 2,438,411 $27.61

Orlando 8,232 103,376,006 9,556,492 9,713,551 9.4% 1,317,924 252,756 533,230 $19.30

Palm Beach Coun. 2,799 54,744,684 6,775,800 6,884,191 12.6% 275,164 99,855 77,805 $27.65

Pensacola 1,984 14,207,174 852,905 852,905 6.0% 138,508 27,550 151,020 $14.97

Peoria 521 10,287,966 632,722 635,987 6.2% 65,630 0 0 $12.12

Existing Inventory Vacancy

30 The CoStar Office Report ©2016 CoStar Group, Inc.

National � Mid-Year 2016

National Office MarketMid-Year 2016 – National

National Office MarketFigures at a Glance

Total Office Market Statistics Mid-Year 2016

YTD Net YTD Under Quoted

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

Philadelphia 22,805 415,170,224 37,722,034 38,657,349 9.3% 1,302,911 333,541 3,661,205 $22.16

Phoenix 8,227 169,705,891 25,759,087 26,662,967 15.7% 1,933,142 1,417,367 1,791,033 $22.76

Pittsburgh 6,719 125,996,229 9,306,670 9,644,308 7.7% 943,106 241,208 501,624 $20.40

Port St Lucie/F. 983 9,746,722 988,461 991,332 10.2% (83,471) 0 70,267 $16.12

Portland 5,272 98,820,105 7,292,302 7,573,232 7.7% 830,205 866,289 1,250,651 $23.38

Portland/South . 1,748 24,483,778 1,309,055 1,332,146 5.4% 309,658 17,001 19,859 $14.54

Providence 2,836 42,768,840 3,074,609 3,105,854 7.3% 420,341 76,213 338,997 $15.55

Raleigh/Durham 4,711 97,392,358 7,240,406 7,787,901 8.0% 24,207 468,782 1,849,432 $20.84

Reno/Sparks 1,596 18,772,350 2,040,249 2,108,700 11.2% 52,065 12,036 16,975 $17.42

Richmond VA 3,140 63,463,719 5,342,249 5,779,183 9.1% 42,648 230,295 218,650 $17.73

Roanoke 1,002 13,437,733 1,487,923 1,494,788 11.1% (180,021) 0 16,800 $14.38

Rochester 1,945 42,435,866 3,632,418 3,704,963 8.7% 158,511 174,847 243,000 $13.07

Sacramento 4,809 100,865,393 12,224,105 12,436,166 12.3% 66,894 62,583 329,231 $20.95

Salinas 824 8,206,479 777,732 785,422 9.6% (62,336) 0 141,226 $21.16

Salt Lake City 4,633 95,621,827 5,972,965 6,420,143 6.7% 1,007,431 1,635,812 2,419,725 $20.09

San Antonio 3,671 73,761,058 7,342,550 7,428,466 10.1% 800,225 486,391 948,992 $20.27

San Diego 5,331 114,085,661 12,054,732 12,739,640 11.2% 525,841 374,626 335,235 $29.61

San Francisco 3,853 166,596,462 9,815,683 11,320,930 6.8% 1,630,010 1,559,539 5,391,109 $54.16

San Luis Obispo. 826 5,871,747 124,076 125,676 2.1% 15,596 0 66,304 $18.70

Santa Barbara/S. 1,422 12,010,330 343,291 363,922 3.0% 277,113 52,000 0 $21.50

Santa Cruz/Wats. 862 7,252,079 556,097 558,097 7.7% 98,367 0 0 $22.68

Savannah 1,421 11,240,909 536,207 552,966 4.9% 126,094 23,183 11,921 $16.47

Seattle/Puget S. 7,745 191,087,324 13,413,001 14,058,675 7.4% 2,071,646 656,710 7,846,569 $30.28

Shreveport/Boss. 766 10,680,887 1,298,384 1,328,801 12.4% 54,965 0 173,500 $12.31

South Bay/San J. 4,498 113,730,903 7,529,606 8,469,046 7.4% 1,272,315 1,607,373 9,204,486 $39.67

South Bend/Mish. 788 9,174,426 624,695 629,999 6.9% 154,208 0 0 $14.16

Southwest Flori. 3,217 32,681,734 3,004,115 3,032,790 9.3% 323,250 81,236 138,308 $16.32

Spokane 1,659 21,515,647 1,886,050 1,902,640 8.8% 276,918 0 80,000 $15.05

Springfield 722 8,604,618 588,915 606,139 7.0% 78,457 0 14,000 $13.11

St. Louis 5,509 130,989,677 12,753,900 13,048,404 10.0% 802,779 56,600 1,149,500 $18.13

Stockton/Modest. 1,933 20,317,778 1,625,522 1,633,696 8.0% 334,392 0 306,000 $14.84

Syracuse 2,085 35,259,704 2,608,021 2,669,460 7.6% 185,163 27,510 96,565 $14.39

Tallahassee 2,227 22,249,574 1,540,269 1,600,697 7.2% 199,678 7,800 62,146 $15.23

Tampa/St Peters. 13,154 150,057,238 12,720,467 13,186,941 8.8% 1,376,818 257,438 174,736 $19.68

Toledo 2,607 30,590,366 2,651,618 2,666,474 8.7% 170,072 20,328 385,400 $13.40

Tucson 2,490 25,258,164 2,969,730 2,998,493 11.9% 209,551 108,950 0 $18.62

Tulsa 2,691 51,689,339 5,215,146 5,278,643 10.2% 270,320 278,679 238,939 $14.44

Utica/Rome 617 8,793,991 406,734 406,734 4.6% (2,037) 0 0 $8.87

Visalia/Porterv. 1,114 6,378,901 417,757 417,757 6.5% 50,134 3,900 0 $15.04

Washington 10,007 469,710,364 66,991,065 70,027,631 14.9% (177,098) 1,087,811 9,635,427 $35.09

West Michigan 6,156 79,873,895 5,987,135 6,041,924 7.6% 893,395 269,322 661,945 $12.98

Westchester/So . 7,618 172,800,625 20,920,176 21,480,136 12.4% 1,074,389 164,832 489,285 $28.07

Wichita 1,654 23,352,870 1,351,506 1,371,120 5.9% 45,172 0 190,000 $13.19

Wilmington 1,760 12,925,323 970,367 996,776 7.7% (17,268) 20,175 157,172 $16.14

Yakima 597 4,499,530 317,631 317,631 7.1% 60,797 0 18,760 $11.72

Youngstown/Warr 1,804 15,109,252 800,829 811,242 5.4% 79,128 50,000 0 $10.08

Totals 518,661 10,709,634,776 1,036,844,726 1,078,763,349 10.1% 52,673,325 38,289,790 142,630,639 $23.56

Existing Inventory Vacancy