Escolar Documentos
Profissional Documentos
Cultura Documentos
Office Report
Y E A R - E N D 2 0 1 0
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.
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
© 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.
Multi-Tenant: Buildings that house more than one tenant at a Seller: The individual, group, company, or entity that sells a par-
given time. Usually, multi-tenant buildings were designed and ticular commercial real estate asset.
built to accommodate many different floor plans and designs for SF: Abbreviation for Square Feet.
different tenant needs. (See also: Tenancy).
Single-Tenant: Buildings that are occupied, or intended to be
Net Absorption: The net change in occupied space over a given occupied by a single tenant. (See also: Build-to-suit and Tenancy)
period of time. Unless otherwise noted Net Absorption includes
direct and sublease space. Sublease Space: Space that has been leased by a tenant and is
being offered for lease back to the market by the tenant with
Net Rental Rate: A rental rate that excludes certain expenses that the lease obligation. Sublease space is sometimes referred to as
a tenant could incur in occupying office space. Such expenses sublet space.
are expected to be paid directly by the tenant and may include
janitorial costs, electricity, utilities, taxes, insurance and other Submarkets: Specific geographic boundaries that serve to delin-
related costs. eate a core group of buildings that are competitive with each
other and constitute a generally accepted primary competitive
New Space: Sometimes called first generation space, refers to set, or peer group. Submarkets are building type specific (office,
space that has never been occupied and/or leased by a tenant. industrial, retail, etc.), with distinct boundaries dependent on
Occupied Space: Space that is physically occupied by a tenant. different factors relevant to each building type. Submarkets are
It does not include leased space that is not currently occupied non-overlapping, contiguous geographic designations having a
by a tenant. cumulative sum that matches the boundaries of the Market they
are located within (See also: Market).
Office Building: A type of commercial building used exclusively
or primarily for office use (business), as opposed to manufactur- Suburban: The Suburban and Central Business District (CBD)
ing, warehousing, or other uses. Office buildings may sometimes designations refer to a particular geographic area within a metro-
have other associated uses within part of the building, i.e., retail politan statistical area (MSA). Suburban is defined as including all
sales, financial, or restaurant, usually on the ground floor. office inventory not located in the CBD. (See also: CBD)
Owner: The company, entity, or individual that holds title on a Tenancy: A term used to indicate whether or not a building is
given building or property. occupied by multiple tenants (See also: Multi-tenant) or a single
tenant. (See also: Single-tenant)
Planned/Proposed: The status of a building that has been
announced for future development but not yet started Tenant Rep: Tenant Rep stands for Tenant Representative. In a
construction. typical lease transaction between an owner/landlord and tenant,
the broker that represents the interests of the tenant is referred to
Preleased Space: The amount of space in a building that has been
as a Tenant Rep.
leased prior to its construction completion date, or certificate of
occupancy date. Time On Market: A measure of how long a currently available
space has been marketed for lease, regardless of whether it is
Price/SF: Calculated by dividing the price of a building (either
vacant or occupied.
sales price or asking sales price) by the Rentable Building Area
(RBA). Under Construction: The status of a building that is in the process
of being developed, assembled, built or constructed. A building is
Property Manager: The company and/or person responsible for
considered to be under construction after it has begun construc-
the day-to-day operations of a building, such as cleaning, trash
tion and until it receives a certificate of occupancy.
removal, etc. The property manager also makes sure that the vari-
ous systems within the building, such as the elevators, HVAC, and Vacancy Rate: A measurement expressed as a percentage of the
electrical systems, are functioning properly. total amount of physically vacant space divided by the total
amount of existing inventory. Under construction space generally
Quoted Rental Rate: The asking rate per square foot for a par-
is not included in vacancy calculations.
ticular building or unit of space by a broker or property owner.
Quoted rental rates may differ from the actual rates paid by Vacant Space: Space that is not currently occupied by a tenant,
tenants following the negotiation of all terms and conditions in regardless of any lease obligation that may be on the space.
a specific lease. Vacant space could be space that is either available or not avail-
RBA: Abbreviation for Rentable Building Area. (See also: able. For example, sublease space that is currently being paid for
by a tenant but not occupied by that tenant, would be considered
Rentable Building Area)
vacant space. Likewise, space that has been leased but not yet
Region: Core areas containing a large population nucleus, that occupied because of finish work being done, would also be con-
together with adjacent communities have a high degree of eco- sidered vacant space.
nomic and social integration. Regions are further divided into
Weighted Average Rental Rate: Rental rates that are calculated by
market areas, called Markets. (See also: Markets)
factoring in, or weighting, the square footage associated with each
Relet Space: Sometimes called second generation or direct space, particular rental rate. This has the effect of causing rental rates
refers to existing space that has previously been occupied by on larger spaces to affect the average more than that of smaller
another tenant. spaces. The weighted average rental rate is calculated by taking
Rentable Building Area: (RBA) The total square footage of a the ratio of the square footage associated with the rental rate on
building that can be occupied by, or assigned to a tenant for the each individual available space to the square footage associated
purpose of determining a tenant’s rental obligation. Generally with rental rates on all available spaces, multiplying the rental rate
RBA includes a percentage of common areas including all hall- by that ratio, and then adding together all the resulting numbers.
ways, main lobbies, bathrooms, and telephone closets. Unless specifically specified otherwise, rental rate averages include
both Direct and Sublet available spaces.
Rental Rates: The annual costs of occupancy for a particular
space quoted on a per square foot basis. Year Built: The year in which a building completed construction
and was issued a certificate of occupancy.
Sales Price: The total dollar amount paid for a particular property
at a particular point in time. YTD: Abbreviation for Year-to-Date. Describes statistics that are
cumulative from the beginning of a calendar year through what-
Sales Volume: The sum of sales prices for a given group of build- ever time period is being studied.
ings in a given time period.
T
he Washington Office market ended the fourth quarter to positive 1,247,535 square feet in the third quarter 2010, posi-
2010 with a vacancy rate of 12.9%. The vacancy rate tive 2,045,320 in the second quarter 2010 and positive 900,465
was down over the previous quarter, with net absorp- in the first quarter 2010.
tion totaling positive 1,552,152 square feet in the fourth quarter. The Class-B office market recorded net absorption of nega-
Vacant sublease space decreased, ending the quarter at 4,492,747 tive (86,549) square feet in the fourth quarter 2010, compared to
square feet. The average asking rental rate ended the fourth quar- positive 175,481 square feet in the third quarter 2010, negative
ter at $33.72, a decrease over the previous quarter. A total of two (354,614) in the second quarter 2010 and positive 74,175 in the
buildings, totaling 41,000 square feet, delivered to the market in first quarter 2010.
the quarter, with 3,409,282 square feet still under construction. The Class-C office market recorded net absorption of posi-
tive 66,940 square feet in the fourth quarter 2010 compared to
Absorption
negative (155,345) square feet in the third quarter 2010, negative
Net absorption for the overall Washington office market was
(88,412) in the second quarter 2010 and positive 11,545 in the
positive 1,552,152 square feet in the fourth quarter 2010. That
first quarter 2010.
compares to positive 1,267,671 square feet in the third quarter
Net absorption for Washington’s central business district
2010, positive 1,602,294 square feet in the second quarter 2010
was positive 799,472 square feet in the fourth quarter 2010.
and positive 986,185 square feet in the first quarter 2010.
That compares to positive 624,623 square feet in the third quarter
Tenants moving out of large blocks of space in 2010 include:
2010, positive 864,863 in the second quarter 2010 and positive
Federal Trade Commission moving out of 364,469 square feet at
837,623 in the first quarter 2010.
601 New Jersey Ave NW; Northrop Grumman Mission Systems
Net absorption for the suburban markets was positive
moving out of 312,672 square feet at One Reston Overlook; and
752,680 square feet in the fourth quarter 2010. That compares
Dickstein Shapiro LLP moving out of 304,200 square feet at
to positive 643,048 square feet in third quarter 2010, positive
International Square 3.
737,431 in the second quarter 2010, and positive 148,562 in the
Tenants moving into large blocks of space in 2010 include:
first quarter 2010.
The United States Department of Justice moving into 579,776
square feet at Two Constitution Square; U.S. Department of Vacancy
Agriculture moving into 332,665 square feet at Patriots Plaza The office vacancy rate in the Washington market area
III; and General Services Administration/Region 11 moving into decreased to 12.9% at the end of the fourth quarter 2010. The
330,000 square feet at Constitution Square. vacancy rate was 13.2% at the end of the third quarter 2010,
The Class-A office market recorded net absorption of posi- 13.4% at the end of the second quarter 2010 and 13.3% at the
tive 1,571,761 square feet in the fourth quarter 2010, compared end of the first quarter 2010.
A B C Total Market
18%
16%
14%
12%
Vacancy Rate
10%
8%
6%
4%
2%
0%
1993 1993 1994 1995 1996 1996 1997 1998 1999 1999 2000 2001 2002 2002 2003 2004 2005 2005 2006 2007 2008 2008 2009 2010
1q 4q 3q 2q 1q 4q 3q 2q 1q 4q 3q 2q 1q 4q 3q 2q 1q 4q 3q 2q 1q 4q 3q 2q
Class-A projects reported a vacancy rate of 14.9% at the end fourth quarter 2010, from 4,946,318 square feet at the end of the
of the fourth quarter 2010, 15.5% at the end of the third quarter third quarter 2010. There was 5,339,657 square feet vacant at
2010, 15.9% at the end of the second quarter 2010 and 16.0% the end of the second quarter 2010 and 5,563,958 square feet at
at the end of the first quarter 2010. the end of the first quarter 2010.
Class-B projects reported a vacancy rate of 11.0% at the end Washington’s Class-A projects reported vacant sublease
of the fourth quarter 2010, 10.9% at the end of the third quarter space of 3,477,108 square feet at the end of fourth quarter 2010,
2010, 11.0% at the end of the second quarter 2010 and 10.8% down from the 3,824,656 square feet reported at the end of the
at the end of the first quarter 2010. third quarter 2010. There was 4,001,129 square feet of sublease
Class-C projects reported a vacancy rate of 7.8% at the end space vacant at the end of the second quarter 2010 and 4,209,996
of the fourth quarter 2010, 8.0% at the end of third quarter 2010, square feet at the end of the first quarter 2010.
7.6% at the end of the second quarter 2010 and 7.5% at the end Class-B projects reported vacant sublease space of 971,435
of the first quarter 2010. square feet at the end of the fourth quarter 2010, down from
The overall vacancy rate in Washington’s central business the 1,061,444 square feet reported at the end of the third quar-
district at the end of the fourth quarter 2010 decreased to 11.0%. ter 2010. At the end of the second quarter 2010 there were
The vacancy rate was 11.5% at the end of the third quarter 2010, 1,252,595 square feet, and at the end of the first quarter 2010
11.8% at the end of the second quarter 2010 and 11.4% at the there was 1,266,474 square feet vacant.
end of the first quarter 2010. Class-C projects reported decreased vacant sublease space
The vacancy rate in the suburban markets decreased to from the third quarter 2010 to the fourth quarter 2010. Sublease
B C
13.7% in the fourth quarter 2010. The vacancy rate was 14.0%
Total Market
vacancy went from 60,218 square feet to 44,204 square feet dur-
at the end of the third quarter 2010, 14.1% at the end of the ing that time. There was 85,933 square feet at the end of the
second quarter 2010 and 14.2% at the end of the first quarter second quarter 2010 and 87,488 square feet at the end of the first
2010. quarter 2010.
Sublease vacancy in Washington’s central business district
Largest Lease Signings
stood at 1,528,383 square feet at the end of the fourth quarter
The largest lease signings occurring in 2010 included:
2010. It was 1,574,815 square feet at the end of the third quarter
the 1,000,000-square-foot lease signed by Security Exchange
2010, 1,808,099 square feet at the end of the second quarter 2010
Commission at Constitution Center in the Capitol Hill Area
and 1,675,651 square feet at the end of the first quarter 2010.
market; the 801,550-square-foot deal signed by U.S. Department
Sublease vacancy in the suburban markets ended the fourth
Of Health and Human Services at 5600 Fishers Lane in the I-
quarter 2010 at 2,964,364 square feet. At the end of the third
270 Corridor market; and the 655,001-square-foot lease signed
quarter 2010 sublease vacancy was 3,371,503 square feet, was
by Department of Defense Medical Command at Melpar Office
3,531,558 square feet at the end of the second quarter 2010 and
Complex in the Greater Fairfax County market.
2001 2002 2002 2003 2004 2005 2005 2006 2007 2008 2008 2009 2010
was 3,888,307 square feet at the end of the first quarter 2010.
2q 1qSublease
4q 3qVacancy
2q 1q 4q 3q 2q 1q 4q 3q 2q
Rental Rates
The amount of vacant sublease space in the Washington
The average quoted asking rental rate for available office
market decreased to 4,492,747 square feet by the end of the
space, all classes, was $33.72 per square foot per year at the end
U.S. Vacancy Comparison of the fourth quarter 2010 in the Washington market area. This
Past 10 Quarters
represented a 0.6% decrease in quoted rental rates from the end
of the third quarter 2010, when rents were reported at $33.94
Washington, D.C. United States
16.0%
per square foot.
The average quoted rate within the Class-A sector was
14.0%
$37.88 at the end of the fourth quarter 2010, while Class-B rates
12.0%
stood at $27.58, and Class-C rates at $24.46. At the end of the
third quarter 2010, Class-A rates were $38.21 per square foot,
Vacancy Rate
10.0%
8.0% Class-B rates were $27.49, and Class-C rates were $24.06.
6.0%
The average quoted asking rental rate in Washington’s CBD
was $48.62 at the end of the fourth quarter 2010, and $28.05
4.0%
in the suburban markets. In the third quarter 2010, quoted rates
2.0% were $48.43 in the CBD and $27.84 in the suburbs.
0.0%
2008 2008 2009 2009 2009 2009 2010 2010 2010 2010
Deliveries and Construction
3q 4q 1q 2q 3q 4q 1q 2q 3q 4q During the fourth quarter 2010, two buildings totaling
Source: CoStar Property•
2%
41,000 square feet were completed in the Washington market Absorption & Deliveries
area. This compares to four buildings totaling 589,536 square Past 10 Quarters
feet that were completed in the third quarter 2010, nine buildings
Net Absorption Deliveries
totaling 2,187,656 square feet completed in the second quarter 3.5 3.20
2010 and 1,552,487 square feet in 10 buildings completed in the 3.0
first quarter 2010. 2.30
2.5 2.19
There were 3,409,282 square feet of office space under con-
2.0
struction at the end of the fourth quarter 2010. 1.64 1.55 1.60
Millions SF
1.52 1.55
1.5 1.27
Some of the notable 2010 deliveries include: Two 1.09 1.05 0.99
0.96
1.0
Constitution Square, a 589,088-square-foot facility that deliv- 0.59
ered 100% occupied in second quarter 2010; and Air and Space 0.5
0.04 0.04
2010 were Square 54, a 432,900-square-foot building with 71% 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010
3q 4q 1q 2q 3q 4q 1q 2q 3q 4q
of its space pre-leased, and 1015 Half St SE, a 414,029-square-
Source: CoStar Property•
foot facility that is completely available.
footage in the second quarter was 3,733,271 square feet for an
Inventory average price per square foot of $384.11.
Total office inventory in the Washington market area Total office building sales activity in 2010 was up compared
amounted to 452,236,411 square feet in 9,533 buildings as of to 2009. In the first nine months of 2010, the market saw 58
the end of the fourth quarter 2010. The Class-A office sector con- office sales transactions with a total volume of $2,535,470,327.
sisted of 246,492,839 square feet in 1,351 projects. There were The price per square foot averaged $308.76. In the same first nine
4,524 Class-B buildings totaling 168,010,360 square feet, and the months of 2009, the market posted 34 transactions with a total
Class-C sector consisted of 37,733,212 square feet in 3,658 build- volume of $1,410,688,666. The price per square foot averaged
ings. Within the Office market there were 208 owner-occupied $311.78.
buildings accounting for 19,307,169 square feet of office space. Cap rates have been lower in 2010, averaging 7.01% com-
pared to the same period in 2009 when they averaged 8.33%.
Sales Activity
One of the largest transactions that has occurred within the
Tallying office building sales of 15,000 square feet or larger,
last four quarters in the Washington market is the sale of Two
Washington office sales figures fell during the third quarter 2010
Constitution Square in Washington. This 589,088-square-foot
in terms of dollar volume compared to the second quarter of
office building sold for $305,000,000, or $517.75 per square
2010.
foot. The property sold on 6/24/2010, at a 6.30% cap rate.
In the third quarter, 18 office transactions closed with a total
volume of $727,147,433. The 18 buildings totaled 2,676,648
square feet and the average price per square foot equated to Reports compiled by: Robert Hartley CoStar Senior Research Manager.
$271.66 per square foot. That compares to 24 transactions total-
ing $1,433,976,609 in the second quarter 2010. The total square
Markets Submarkets
Alexandria/I-395 Area Crystal City Eisenhower Ave Corridor I-395 Corridor Old Town Alexandria
Pentagon City
Bethesda/Chevy Chase Bethesda/Chevy Chase
Capitol Hill Area Capitol Hill* Capitol Riverfront NoMa* Southwest*
Downtown DC CBD* East End* West End*
Dulles Corridor Great Falls Herndon Reston Route 28 Corridor North
Route 28 Corridor South
E Prince Georges County Bowie Greater Upper Marlboro
East Falls Church N Arlington/E FallsChurch
Frederick Frederick
Georgetown/Uptown Georgetown* Uptown*
Greater Fairfax County Annandale Fairfax Center Fairfax City Falls Church
McLean Merrifield Oakton Tysons Corner
Vienna
I-270 Corridor Gaithersburg Germantown I-270 Corridor North North Bethesda/Potomac
North Rockville Rockville
Leesburg/Route 7 Corridor Leesburg/West Loudoun Route 7 Corridor
Manassas/Route 29/I-66 Manassas Route 29/I-66 Corridor
N Prince Georges County Beltsville/Calverton College Park Greenbelt Landover/Largo/Captl Hts
Lanham Laurel
Northeast/Southeast Northeast* Southeast*
R-B Corridor Ballston Clarendon/Courthouse Rosslyn Virginia Square
S Prince Georges County Branch Avenue Corridor NatHbr/OxnHill/FtWash Pennsylvania Ave Corridor
SE Fairfax County Huntington/Mt Vernon Springfield/Burke
SE Montgomery County Kensington/Wheaton North Silver Spring/Rt 29 Silver Spring
Winchester City Winchester City
Woodbridge/I-95 Corridor Woodbridge/I-95 Corridor
* Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page.
Percent Growth
26% 1.0%
Financial Activities 0.0%
24% Professional & Business -1.0%
Services
Education & Health -2.0%
Services -3.0%
Leisure & Hospitality
-4.0%
Other Services
7% -5.0%
Government
12% -6.0%
10%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Department of Labor, Bureau of Labor Statistics Source: Department of Labor, Bureau of Labor Statistics
10.0%
Percent Unemployment
8.0%
6.0%
4.0%
2.0%
0.0%
2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010
1q 3q 1q 3q 1q 3q 1q 3q 1q 3q 1q 3q 1q 3q 1q 3q 1q 3q 1q 3q 1q 3q
50,000-74,999 SF 1.4%
2016 6.6%
25,000-49,999 SF 4.3%
2015 10.4%
10,000-24,999 SF 11.7%
2014 12.2%
5,000-9,999 SF 15.0%
2013 12.1%
2,500-4,999 SF 22.2%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0% 2% 4% 6% 8% 10% 12% 14%
Percentage of Tenants Percentage of Tenants
0% 5% 10% 15% 20% 25% 0 50 100 150 200 250 300 350 400 450
Percentage of Tenants
SF Per Employee
���
����� ��������
��� ���������� ���� � �� �� ���������� ������
����� ������ ����� � �� ��� ���������� ���� � �� ��
��������� �� ���� ����� ������ ��� ��
��������� �� ��
���
����������
� ���������
������
������ ��������������
������������
�������
� ������ �������� ��
��� ���������� ����� � ��
��� ����� ������ ��� � ��
��������� �� ���
���������������� ����
���������������
� ����� � �� ������� ���
����� ������ ���� � �� ����� ����
��������� �� ���
�� �����
�����
�������
������� �����
���
����� �������
��� �������
������������ ������ ���� ���� ����� ����� �� ����� ����� �� ����� ����� �� ����� ���� �����
��������
� ������
������� � ����
����� � ����
��� ���� Source: CoStar Property®
��
20.0 18.3
17.6 17.1
16.8 16.6
14.5
Millions of SF
15.0 13.4
12.1 12.2
11.3 11.5 11.2
9.8 10.2
9.4
10.0 8.4
7.1 7.6
6.9
5.3 5.0 4.9
4.4 4.4
5.0 3.7
2.5 2.3
1.7
0.0
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
Source: CoStar Property® * Future deliveries based on current under construction buildings.
1,200
10.0
1,000
8.0 T
Thousands of SF
Millions of SF
800
6.0
600
4.0
400
2.0
200
0.0 0
2006 2007 2008 2009 2010 2011 1q 2011 2q 2011 3q 2011 4q
4.0 3.82
3.36
3.5 3.17 3.20
3.02
2.87
3.0
Millions of SF
2.47
2.5 2.23 2.30
2.14 2.19
1.98 1.98
2.0 1.80
1.69 1.64
1.52 1.55
1.5 1.32
1.09 1.05
1.0 0.67 0.70
0.60 0.53 0.59
0.38
0.5 0.20 0.24
0.16
0.00 0.04
0.0
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
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
27% 8% 11%
27% 37%
73% 55%
73% 89%
������������������������������ �������������������������������
������������������������
���������������������������������������� �������������������������������
������������������������
CBD 103 23,392,821 2,516,378 2,962,985 12.7% 528,780 365,000 394,145 $52.67
East End 123 33,750,879 3,048,251 3,591,611 10.6% 248,396 0 244,038 $56.78
Old Town Alexa 47 4,750,522 666,877 698,406 14.7% 143,669 114,197 0 $34.52
Frederick 232 4,236,229 634,915 639,263 15.1% 4,981 34,788 33,000 $23.55
Leesburg/West L 173 1,542,183 197,766 206,115 13.4% (5,562) 16,700 11,303 $25.45
Old Town Alexa 266 4,317,550 317,782 334,157 7.7% 48,299 0 15,000 $27.69
Old Town Alexa 302 1,566,697 73,752 73,752 4.7% (5,630) 0 0 $26.25
Capitol Hill 318 6,256,547 827,748 846,213 13.5% (250,575) 162,268 0 $52.61
CBD 413 44,488,551 3,498,263 4,120,669 9.3% 460,688 365,000 394,145 $49.01
College Park 222 4,747,065 643,594 643,594 13.6% 104,371 123,000 0 $21.39
East End 395 46,776,510 3,963,154 4,640,637 9.9% 170,084 0 244,038 $52.54
Frederick 529 7,827,857 1,009,966 1,022,901 13.1% (611) 34,788 33,000 $23.52
Leesburg/West L 294 2,778,207 673,466 683,575 24.6% (65,199) 137,700 11,303 $25.36
North Bethesda/ 134 10,690,756 1,343,357 1,531,805 14.3% 76,207 0 358,440 $29.35
Old Town Alexa 615 10,634,769 1,058,411 1,106,315 10.4% 186,338 114,197 15,000 $31.42
Route 28 Corrido 157 9,176,024 1,378,990 1,426,059 15.5% 73,961 7,000 120,000 $23.52
Route 28 Corrido 167 13,245,083 2,271,441 2,413,576 18.2% 763,619 525,000 0 $25.90
Silver Spring 188 7,195,337 802,792 872,702 12.1% (74,022) 50,000 0 $27.74
Winchester City 112 1,790,344 196,251 196,251 11.0% 22,613 0 4,800 $18.81
Woodbridge/I-9 220 3,215,932 490,044 497,396 15.5% 105,072 32,400 50,032 $22.54
Totals 9,533 452,236,411 53,650,305 58,143,052 12.9% 5,408,302 4,370,679 3,409,282 $33.72
Source: CoStar Property®
CBD 326 84,864,012 10,350,290 11,492,018 13.5% 3,697,072 2,645,614 1,211,083 $53.02
Suburban 1,025 161,628,827 22,926,218 25,261,598 15.6% 2,068,009 1,542,877 1,784,064 $31.11
Totals 1,351 246,492,839 33,276,508 36,753,616 14.9% 5,765,081 4,188,491 2,995,147 $37.88
Source: CoStar Property®
Suburban 3,608 121,887,322 14,371,622 14,971,579 12.3% 326,886 182,188 414,135 $24.04
Totals 4,524 168,010,360 17,468,255 18,439,690 11.0% (191,507) 182,188 414,135 $27.58
Source: CoStar Property®
CBD 1,242 130,987,050 13,446,923 14,960,129 11.4% 3,178,679 2,645,614 1,211,083 $49.28
Suburban 4,633 283,516,149 37,297,840 40,233,177 14.2% 2,394,895 1,725,065 2,198,199 $28.35
Totals 5,875 414,503,199 50,744,763 55,193,306 13.3% 5,573,574 4,370,679 3,409,282 $34.15
Source: CoStar Property®
CBD 2,268 142,888,550 14,169,032 15,697,415 11.0% 3,126,581 2,645,614 1,211,083 $48.62
Suburban 7,265 309,347,861 39,481,273 42,445,637 13.7% 2,281,721 1,725,065 2,198,199 $28.05
Totals 9,533 452,236,411 53,650,305 58,143,052 12.9% 5,408,302 4,370,679 3,409,282 $33.72
Source: CoStar Property®
���
����� ��������
�������� ����� �� ���������� ������
��� ���� ��� � �� �������� ����� ��
��� ����� ������ ��� ��� ���� ���� � ��
��� ����� ������ ���
���
����������
� ���������
������
������ ��������������
������������
�������
� ������ �������� ��
�������� ����
��� ��� ���� ��� � ��
��� ����� ������ ���
���������������� ����
��������
��� ���� ������� ���
��� ���� ��� � �� ����� ����
��� ����� ������ ���
�� �����
�����
�������
������� �����
���
����� �������
��� �������
������� ����� ���� ���� �� �� �� ��� ��� �� ��� ��� �� ��� ���� ���
��������
� ������
������� � ����
����� � ����
��� ���� Source: CoStar Property®
��
A B C Total Market
$45.00
$40.00
$35.00
Dollars/SF/Year
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$0.00
19 1q
19 q
19 1q
19 3q
19 1q
19 3q
19 1q
19 q
19 1q
19 3q
19 1q
19 3q
19 1q
20 q
20 1q
20 3q
20 1q
20 3q
20 1q
20 q
20 q
20 3q
20 1q
20 3q
20 1q
20 q
20 1q
20 3q
20 1q
20 3q
20 1q
20 q
20 1q
20 3q
20 1q
3q
3
3
93
93
94
94
95
95
96
96
97
97
98
98
99
99
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
09
09
10
10
19
8% 5% 5% 15%
32%
48% 37%
92% 63%
95%
Direct Sublet Direct Sublet Class A Class B Class C Class A Class B Class C
Source: CoStar Property® Source: CoStar Property®
$20.00 2.5
$15.00 2.0
1.57
$10.00 1.5
$5.00 1.0
0.50
0.5
$0.00
2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 0.0
3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 2011 1q 2011 2q 2011 3q 2011 4q 2012 1q 2012 2q
Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®
Select Top Office Leases Based on Leased Square Footage For Deals Signed in 2010
Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company
1 Constitution Center Southwest 1,000,000 3rd Security Exchange Commission Direct Deal Cassidy Turley
2 5600 Fishers Ln* Rockville 801,550 4th U S Dept Of Health & Human Services Direct Deal Cushman & Wakefield, Inc.
3 Melpar Office Complex Merrifield 655,001 3rd Department of Defense Medical Command CB Richard Ellis Cushman & Wakefield, Inc.
4 12300 & 12310 Sunrise Valley Dr Reston 523,480 3rd Defense Intelligence Agency Direct Deal Cassidy Turley
5 425 Eye St NW East End 284,974 2nd Department of Veterans Affairs Studley Cassidy Turley
6 Sallie Mae Complex Reston 221,326 3rd Verisign, Inc. Cassidy Turley Jones Lang LaSalle
7 Station Place Phase III NoMa 200,216 1st Security Exchange Commission Direct Deal CB Richard Ellis
8 Montgomery Bldg* CBD 194,953 1st Wiley Rein LLP Cassidy Turley Vornado/Charles E. Smith
9 370 L’Enfant Promenade SW* Southwest 186,880 1st Administration for Children and Families Jones Lang LaSalle FD Partners
10 Patriots Plaza II Southwest 180,395 1st Federal Bureau of Investigation Direct Deal Trammell Crow Company
11 Fair Lakes Circle* Fairfax Center 166,152 3rd CGI -AMS CB Richard Ellis Lincoln Property Company
12 2291 Wood Oak Dr Herndon 160,389 4th Deltek, Inc N/A Brandywine Realty Trust
13 Hunters Branch 1* Vienna 153,974 2nd ICF International, Inc. Jones Lang LaSalle CB Richard Ellis
14 Union Square NoMa 148,000 2nd DC Government - Department of Health Direct Deal Akridge
15 1750 K St NW* CBD 143,926 1st Wiley, Rein & Fielding Cassidy Turley CB Richard Ellis
16 1850 Towers Crescent Plz Tysons Corner 141,892 1st MicroStrategy, Inc. Direct Deal Jones Lang LaSalle
17 500 N Capitol St NW Capitol Hill 141,109 4th McDermott Will & Emery LLP Studley Cassidy Turley
18 Half Street Capitol Riverfront 129,943 4th District Department of Transportation Direct Deal Monument Realty LLC
19 Venter Insitute Bldg V North Rockville 124,000 2nd J. Craig Venter Institute N/A HFF
20 1100 1st St NE NoMa 122,756 4th U.S. Dept of Veteran Affairs Direct Deal Tishman Speyer
21 Greentec 4 Greenbelt 120,000 3rd Trax International Sloan Street Advisors ITRA Cushman & Wakefield, Inc.
22 Dulles Overlook Herndon 114,309 1st Booz Allen Hamilton, Inc Jones Lang LaSalle Cambridge Property Group LLC
23 MetroPark VIII Springfield/Burke 110,449 2nd Science Applications International Corporation Jones Lang LaSalle Cushman & Wakefield, Inc.
24 Piedmont Pointe I North Bethesda/Potomac 107,871 4th Henry M Jackson Foundation N/A CB Richard Ellis
25 1750 Pennsylvania Ave NW* CBD 103,120 1st IRS Criminal Investigation Division N/A Vornado/Charles E. Smith
26 Lafayette Tower CBD 102,752 1st Fried, Frank, Harris, Shriver, & Jacobson LLP CB Richard Ellis Jones Lang LaSalle
27 717 14th St NW East End 100,806 3rd General Services Administration Direct Deal Woodmark
28 Presidents Park Bldg One* Herndon 96,340 1st Network Solutions LLC Larsen Commercial Real Estate/ONCOR Liberty Property Trust
29 Element 12420 Rockville 93,000 1st FDA Direct Deal Grubb & Ellis
30 Ridgetop III at Loudoun Tech Center Route 28 Corridor North 91,754 3rd NeuStar, Inc. Jones Lang LaSalle Lincoln Property Company
31 Reston Crossing West Reston 91,683 4th Sallie Mae Jones Lang LaSalle CB Richard Ellis
32 Centerpointe One Fairfax Center 90,774 2nd ASM Research, Inc. Newmark Knight Frank CB Richard Ellis
33 801 N Capitol St NE NoMa 87,813 2nd University District of Columbia CB Richard Ellis Cassidy Turley
34 Two Potomac Yard - North Tower Crystal City 84,958 2nd USAID CB Richard Ellis Jones Lang LaSalle
35 1801 K St NW CBD 83,126 4th KPMG LLP Jones Lang LaSalle Jones Lang LaSalle
36 Sentinel Square Ph I NoMa 82,173 2nd US Customs & Border Protection CB Richard Ellis Trammell Crow Company
37 Campus Pointe* Reston 81,618 4th Verizon Communications, Inc. N/A Brandywine Realty Trust
38 Dulles Corner Gateway Herndon 81,236 4th GeoEye CresaPartners CB Richard Ellis
39 MetroPark @ Springfield Metro VI Springfield/Burke 80,361 4th The Tauri Group Jones Lang LaSalle Cushman & Wakefield, Inc.
40 Polk Bldg Tysons Corner 79,833 1st Mitre Corporation Jones Lang LaSalle Transwestern
The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter
$900
7.0%
$800
6.0%
Cap Rate Percentage
$700
5.0%
Dollars/SF
$600
4.0% $500
$400
3.0%
$300
2.0%
$200
1.0%
$100
0.0% $0
2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q
$450
< 50,000 SF 173 1,471,780 $ 318,030,191 $ 216.09 7.74%
$2,000 $400
Millions of Sales Volume Dollars
$350
$1,500 $300
50K-249K SF 41 5,773,919 $ 1,543,885,300 $ 267.39 6.71%
Price/SF
$250
$1,000 $200
$50
$420 9.0%
$370
Cap Rate Percentage
8.0%
$320
Dollars per SF
$270 7.0%
$220 6.0%
$170
5.0%
$120
4.0%
$70
$20 3.0%
2007 2007 2008 2008 2009 2009 2010 2010 2007 2007 2008 2008 2009 2009 2010 2010
1q 3q 1q 3q 1q 3q 1q 3q 1q 3q 1q 3q 1q 3q 1q 3q
���������������� ������������������������������������������������������
���������������������
�������������������������� �����������������������������������������������������
���������������������
Select Land Sales Based on Commercially Zoned Land Sales Occurring From Oct. 2009 - Dec. 2010
Bluemont Way, Reston 1716 Wilson Blvd, Arlington Fullerton Rd-Lots 3 & 4 Rd, Springfield
Sale Price: $20,250,000 Sale Price: $10,000,000 Sale Price: $6,057,372
Acres: 2.51 Acres: 1.05 Acres: 3.03
Price/SF: $185.15 Price/SF: $219.68 Price/SF: $45.89
Closing Date: 07/01/2010 Closing Date: 05/20/2010 Closing Date: 07/28/2010
Zoning: PRC Zoning: C-2 Zoning: C-4
Intended Use: Mixed Use Intended Use: Office Intended Use: Office Park
Buyer: Boston Properties Buyer: Skanska USA Commercial Development, InBuyer: Corporate Office Properties Trust
Seller: Kettler Seller: George Contis Seller: Dittmar Company
Fairfax Dr, Arlington 0 7th St NW, Washington 1818 14th St NW, Washington
Sale Price: $4,500,000 Sale Price: $3,388,845 Sale Price: $3,000,000
Acres: 0.86 Acres: 0.42 Acres: 0.08
Price/SF: $120.62 Price/SF: $184.52 Price/SF: $860.83
Closing Date: 06/15/2010 Closing Date: 07/30/2010 Closing Date: 01/19/2010
Zoning: C2 Zoning: C2B Zoning: C3A / FAR
Intended Use: Office Intended Use: Office Intended Use: Commercial
Buyer: Crimson Partners Buyer: Ellis Development Group LLC Buyer: The JBG Companies
Seller: WCI Communities, Inc. Seller: The District of Columbia Seller: Hae Yong Hong
0.500
11.0%
0.400
10.5%
0.300
Percent Vacant
Millions SF
0.200 10.0%
0.100 9.5%
0.000
9.0%
(0.100)
8.5%
(0.200)
(0.300) 8.0%
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
4.50 $34.20
4.00
$34.00
3.50
Dollars/SF/Year
Millions SF
3.00 $33.80
2.50
$33.60
2.00
1.50 $33.40
1.00
$33.20
0.50
0.00 $33.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.300 12.0%
0.200
10.0%
Percent Vacant
0.100
Millions SF
8.0%
0.000
6.0%
(0.100)
4.0%
(0.200)
(0.300) 2.0%
(0.400) 0.0%
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
1.40 $37.00
1.20
$36.00
Dollars/SF/Year
Millions SF
1.00
$35.00
0.80
0.60 $34.00
0.40
$33.00
0.20
0.00 $32.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
18.0%
1.500
16.0%
14.0%
1.000
Percent Vacant
Millions SF
12.0%
0.500 10.0%
8.0%
0.000
6.0%
4.0%
(0.500)
2.0%
(1.000) 0.0%
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
$50.00
6.00
$49.00
5.00
Dollars/SF/Year
Millions SF
$48.00
4.00
$47.00
3.00
2.00 $46.00
1.00 $45.00
0.00 $44.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.800
10.0%
0.600
0.400
8.0%
Percent Vacant
Millions SF
0.200
0.000 6.0%
(0.200)
4.0%
(0.400)
(0.600)
2.0%
(0.800)
(1.000) 0.0%
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
$50.50
10.00
$50.00
Dollars/SF/Year
8.00
Millions SF
$49.50
6.00
$49.00
4.00
$48.50
2.00 $48.00
0.00 $47.50
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
1.500
20.0%
1.000
Percent Vacant
Millions SF
15.0%
0.500
10.0%
0.000
5.0%
(0.500)
(1.000) 0.0%
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
$28.00
9.50
$27.50
Dollars/SF/Year
Millions SF
9.00 $27.00
$26.50
8.50
$26.00
8.00
$25.50
7.50 $25.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.160 18.0%
0.140 16.0%
0.120
14.0%
Percent Vacant
0.100
Millions SF
12.0%
0.080
10.0%
0.060
8.0%
0.040
6.0%
0.020
0.000 4.0%
(0.020) 2.0%
(0.040) 0.0%
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
0.35 $25.00
0.30 $24.00
Dollars/SF/Year
Millions SF
0.25
$23.00
0.20
$22.00
0.15
$21.00
0.10
$20.00
0.05
0.00 $19.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
7.0%
0.010
6.0%
0.000
Percent Vacant
5.0%
Millions SF
(0.010) 4.0%
3.0%
(0.020)
2.0%
(0.030)
1.0%
(0.040) 0.0%
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
0.05 $31.50
Dollars/SF/Year
Millions SF
0.04 $31.00
$30.50
0.03
$30.00
0.02
$29.50
0.01 $29.00
0.00 $28.50
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.500 14.0%
0.400 12.0%
Percent Vacant
0.300 10.0%
Millions SF
0.200 8.0%
0.100 6.0%
0.000 4.0%
(0.100) 2.0%
(0.200) 0.0%
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
1.00 $23.60
Dollars/SF/Year
Millions SF
0.95 $23.40
$23.20
0.90
$23.00
0.85
$22.80
0.80 $22.60
0.75 $22.40
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.100 9.0%
0.050 8.0%
0.000 7.0%
Percent Vacant
Millions SF
(0.050) 6.0%
(0.100) 5.0%
(0.150) 4.0%
(0.200) 3.0%
(0.250) 2.0%
(0.300) 1.0%
(0.350) 0.0%
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
1.40 $38.00
Dollars/SF/Year
1.20 $37.50
Millions SF
1.00
$37.00
0.80
$36.50
0.60
$36.00
0.40
$35.50
0.20
0.00 $35.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
14.0%
0.400
12.0%
0.200
Percent Vacant
10.0%
Millions SF
0.000 8.0%
6.0%
(0.200)
4.0%
(0.400)
2.0%
(0.600) 0.0%
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
9.00 $29.00
8.00 $28.80
7.00
Dollars/SF/Year
$28.60
Millions SF
6.00
$28.40
5.00
4.00 $28.20
3.00
$28.00
2.00
$27.80
1.00
0.00 $27.60
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
16.0%
0.400
14.0%
0.200 12.0%
Percent Vacant
Millions SF
10.0%
0.000
8.0%
(0.200) 6.0%
4.0%
(0.400)
2.0%
(0.600) 0.0%
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
5.00
$28.00
4.00
$27.80
3.00 $27.60
2.00 $27.40
1.00 $27.20
0.00 $27.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.400 18.0%
0.350 16.0%
0.300 14.0%
Percent Vacant
Millions SF
0.250 12.0%
0.200 10.0%
0.150 8.0%
0.100 6.0%
0.050 4.0%
0.000 2.0%
(0.050) 0.0%
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
$27.00
Millions SF
1.00
$26.50
0.80
0.60 $26.00
0.40 $25.50
0.20 $25.00
0.00 $24.50
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.350 14.0%
0.300
12.0%
0.250
Percent Vacant
10.0%
Millions SF
0.200
8.0%
0.150
6.0%
0.100
4.0%
0.050
0.000 2.0%
(0.050) 0.0%
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
0.60
Millions SF
$22.50
0.50
$22.00
0.40
0.30 $21.50
0.20 $21.00
0.10 $20.50
0.00 $20.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.300 18.0%
0.200 16.0%
0.100 14.0%
Percent Vacant
Millions SF
0.000 12.0%
(0.100) 10.0%
(0.200) 8.0%
(0.300) 6.0%
(0.400) 4.0%
(0.500) 2.0%
(0.600) 0.0%
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
3.60 $22.00
3.50
$21.50
3.40
Dollars/SF/Year
Millions SF
3.30 $21.00
3.20
$20.50
3.10
3.00 $20.00
2.90
$19.50
2.80
2.70 $19.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.060
12.0%
0.040
10.0%
0.020
Percent Vacant
Millions SF
0.000 8.0%
(0.020) 6.0%
(0.040)
4.0%
(0.060)
2.0%
(0.080)
(0.100) 0.0%
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
$30.00
0.30
$25.00
0.25
Dollars/SF/Year
Millions SF
$20.00
0.20
$15.00
0.15
0.10 $10.00
0.05 $5.00
0.00 $0.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
9.0%
0.800
8.0%
0.600
7.0%
Percent Vacant
0.400
Millions SF
6.0%
0.200 5.0%
4.0%
0.000
3.0%
(0.200)
2.0%
(0.400)
1.0%
(0.600) 0.0%
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
$40.00
2.00
$39.00
Dollars/SF/Year
Millions SF
1.50
$38.00
1.00
$37.00
0.50 $36.00
0.00 $35.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.200
20.0%
0.100
Percent Vacant
0.000
Millions SF
15.0%
(0.100)
10.0%
(0.200)
(0.300)
5.0%
(0.400)
(0.500) 0.0%
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
0.80 $23.00
Millions SF
$22.50
0.60
$22.00
0.40
$21.50
0.20
$21.00
0.00 $20.50
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
12.0%
0.150
10.0%
0.100
Percent Vacant
Millions SF
8.0%
0.050
6.0%
0.000
4.0%
(0.050)
2.0%
(0.100) 0.0%
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
0.80 $28.00
0.70
$27.00
Dollars/SF/Year
0.60
Millions SF
0.50
$26.00
0.40
0.30 $25.00
0.20
$24.00
0.10
0.00 $23.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.100 10.0%
0.050 8.0%
Percent Vacant
Millions SF
0.000 6.0%
(0.050) 4.0%
(0.100) 2.0%
(0.150) 0.0%
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
1.40 $27.50
1.20
$27.00
Dollars/SF/Year
Millions SF
1.00
$26.50
0.80
0.60 $26.00
0.40
$25.50
0.20
0.00 $25.00
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
14.0%
0.000
12.0%
(0.050)
Percent Vacant
10.0%
Millions SF
(0.100) 8.0%
6.0%
(0.150)
4.0%
(0.200)
2.0%
(0.250) 0.0%
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
0.20 $20.50
Dollars/SF/Year
$20.00
Millions SF
0.15
$19.50
0.10 $19.00
$18.50
0.05
$18.00
0.00 $17.50
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q
0.120
0.100 20.0%
0.080
Percent Vacant
0.060
Millions SF
15.0%
0.040
0.020
10.0%
0.000
(0.020)
(0.040) 5.0%
(0.060)
(0.080) 0.0%
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
0.60 $23.50
0.50
Dollars/SF/Year
$23.00
Millions SF
0.40
0.30 $22.50
0.20
$22.00
0.10
0.00 $21.50
2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q