CoStar Office Report - Lee County EDO · D CoStar Office Statistics ©2018 CoStar Group, Inc....

Southwest Florida Office Market

M i d - Y e a r 2 0 1 8

CoStar Office Statistics


©2018 CoStar Group, Inc. CoStar Office Statistics A

Mid-Year 2018 – Southwest Florida

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©2018 CoStar Group, Inc. CoStar Office Statistics A


Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Inventory & Development AnalysisSelect Top Under Construction PropertiesSelect Top Deliveries

Figures at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Figures at a Glance by Class & MarketFigures at a Glance by Class & SubmarketHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Select Top Lease Transactions

Analysis of Individual CoStar Submarket Clusters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Charlotte County MarketCollier County MarketLee County Market


B CoStar Office Statistics ©2018 CoStar Group, Inc.

Southwest Florida – Mid-Year 2018


©2018 CoStar Group, Inc. CoStar Office Statistics C


MethodologyThe 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 global database includes approximately 119 billion square feet of coverage in 5.4 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate.

© Copyright 2018 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 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


B CoStar Office Statistics ©2018 CoStar Group, Inc.



©2018 CoStar Group, Inc. CoStar Office Statistics C


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 tenant. 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 purchased a commercial real estate asset.Cap Rate: Short for capitalization rate. The Cap Rate is a calculation 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 com-mand 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 architectural 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 fittings. 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 typically 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 generally 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 build-ings 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 certifi-

cate 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 entrepreneurial 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 typical 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 insur-ance.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 warehous-ing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product.Landlord Rep: (Landlord Representative) In a typical lease transaction 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 boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)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


D CoStar Office Statistics ©2018 CoStar Group, Inc.

Southwest Florida – Mid-Year 2018 Mid-Year 2018 – Southwest Florida


©2018 CoStar Group, Inc. CoStar Office Statistics 1

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 manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, finan-cial, 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 various 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 economic 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 hallways, 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 buildings in a given time period.Seller: The individual, group, company, or entity that sells a particular 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) des-ignations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inven-tory not located in the CBD. (See also: CBD)Tenancy: A term used to indicate whether or not a building is occu-pied 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: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC.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 available. 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 considered vacant space. Weighted Average Rental Rate: Rental rates that are cal-culated 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 whatever time period is being studied.


D CoStar Office Statistics ©2018 CoStar Group, Inc.

Southwest Florida – Mid-Year 2018 Mid-Year 2018 – Southwest Florida



Overview

Southwest Florida’s Vacancy Increases to 7.4% Net Absorption Negative (178,487) SF in the Quarter

The Southwest Florida Office market ended the second quarter 2018 with a vacancy rate of 7.4%. The vacancy rate was up over the previous quarter, with net absorp-

tion totaling negative (178,487) square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 53,751 square feet. Rental rates ended the second quarter at $15.03, an increase over the previous quarter. A total of one building delivered to the market in the quarter totaling 10,000 square feet, with 73,738 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall Southwest Florida office

market was negative (178,487) square feet in the second quarter 2018. That compares to negative (149,639) square feet in the first quarter 2018, positive 46,145 square feet in the fourth quarter 2017, and positive 192,589 square feet in the third quarter 2017.

The Class-A office market recorded net absorption of negative (15,088) square feet in the second quarter 2018, compared to negative (55,660) square feet in the first quarter 2018, positive 29,083 in the fourth quarter 2017, and positive 47,640 in the third quarter 2017.

The Class-B office market recorded net absorption of negative (171,561) square feet in the second quarter 2018, compared to negative (72,154) square feet in the first quarter 2018, negative (31,916) in the fourth quarter 2017, and positive 125,987 in the third quarter 2017.

The Class-C office market recorded net absorption of positive 8,162 square feet in the second quarter 2018 compared

to negative (21,825) square feet in the first quarter 2018, posi-tive 48,978 in the fourth quarter 2017, and positive 18,962 in the third quarter 2017.

VacancyThe office vacancy rate in the Southwest Florida market

arean increased to 7.4% at the end of the second quarter 2018. The vacancy rate was 6.9% at the end of the first quarter 2018, 6.3% at the end of the fourth quarter 2017, and 6.2% at the end of the third quarter 2017.

Class-A projects reported a vacancy rate of 14.0% at the end of the second quarter 2018, 13.7% at the end of the first quarter 2018, 12.4% at the end of the fourth quarter 2017, and 11.8% at the end of the third quarter 2017.

Class-B projects reported a vacancy rate of 7.5% at the end of the second quarter 2018, 6.6% at the end of the first quarter 2018, 6.2% at the end of the fourth quarter 2017, and 5.8% at the end of the third quarter 2017.

Class-C projects reported a vacancy rate of 3.9% at the end of the second quarter 2018, 4.0% at the end of first quar-ter 2018, 3.7% at the end of the fourth quarter 2017, and 4.3% at the end of the third quarter 2017.

Sublease VacancyThe amount of vacant sublease space in the Southwest

Florida market increased to 53,751 square feet by the end of the second quarter 2018, from 38,012 square feet at the end of the first quarter 2018. There was 26,628 square feet vacant at the end of the fourth quarter 2017 and 18,989 square feet at the end of the third quarter 2017.

Vacancy Rates by Class 2006-2018

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 8 Quarters Past 8 Quarters

Source: CoStar Property® Source: CoStar Property®

0%

5%

10%

15%

20%

25%

2006 1q 2007 1q 2008 1q 2009 1q 2010 1q 2011 1q 2012 1q 2013 1q 2014 1q 2015 1q 2016 1q 2017 1q 2018 1q

Vaca

ncy

Rate

A B C Total Market

0.240.23

0.19

0.25

0.19

0.05

(0.15)(0.18)

0.07

0.01

0.07

0.020.01

0.11

0.030.01

(0.2)

(0.2)

(0.1)

(0.1)

0.0

0.1

0.1

0.2

0.2

0.3

0.3

2016 3q 2017 1q 2017 3q 2018 1q

Millions

SF

Net Absorption Deliveries

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2016 3q 2017 1q 2017 3q 2018 1q

Vaca

ncy

Rate

Southwest Florida United States

2 CoStar Office Statistics ©2018 CoStar Group, Inc.

Southwest Florida � Mid-Year 2018

Southwest Florida Office MarketMid-Year 2018 – Southwest Florida



Overview

Southwest Florida’s Class-A projects reported vacant sub-lease space of 0 square feet at the end of second quarter 2018, from the 0 square feet reported at the end of the first quarter 2018. There were 1,100 square feet of sublease space vacant at the end of the fourth quarter 2017, and 1,100 square feet at the end of the third quarter 2017.

Class-B projects reported vacant sublease space of 46,936 square feet at the end of the second quarter 2018, up from the 34,292 square feet reported at the end of the first quarter 2018. At the end of the fourth quarter 2017 there were 21,808 square feet, and at the end of the third quarter 2017 there were 17,889 square feet vacant.

Class-C projects reported increased vacant sublease space from the first quarter 2018 to the second quarter 2018. Sublease vacancy went from 3,720 square feet to 6,815 square feet during that time. There was 3,720 square feet at the end of the fourth quarter 2017, and 0 square feet at the end of the third quarter 2017.

Rental RatesThe average quoted asking rental rate for available office

space, all classes, was $15.03 per square foot per year at the end of the second quarter 2018 in the Southwest Florida mar-ket area. This represented a 0.3% increase in quoted rental rates from the end of the first quarter 2018, when rents were reported at $14.99 per square foot.

The average quoted rate within the Class-A sector was $17.01 at the end of the second quarter 2018, while Class-B rates stood at $14.96, and Class-C rates at $12.25. At the end of the first quarter 2018, Class-A rates were $17.67 per square foot, Class-B rates were $14.73, and Class-C rates were $12.33.

Deliveries and ConstructionDuring the second quarter 2018, one building totaling

10,000 square feet were completed in the Southwest Florida

market area. This compares to three buildings totaling 28,504 square feet that were completed in the first quarter 2018, three buildings totaling 111,382 square feet completed in the fourth quarter 2017, and 6,044 square feet in one building completed in the third quarter 2017.

There were 73,738 square feet of office space under con-struction at the end of the second quarter 2018.

Some of the notable 2018 deliveries include: 7964 Summerlin Lakes Dr, a 14,190-square-foot facility that deliv-ered in first quarter 2018 and is now 100% occupied, and 1390 Tamiami Trl N, a 10,000-square-foot building that delivered in second quarter 2018 and is now 100% occupied.

The largest projects underway at the end of second quarter 2018 were 3419 Lee Blvd, a 40,000-square-foot build-ing with 100% of its space pre-leased, and 2881 Placida Rd., a 10,000-square-foot facility that is 0% pre-leased.

InventoryTotal office inventory in the Southwest Florida market

area amounted to 33,621,933 square feet in 3,273 buildings as of the end of the second quarter 2018. The Class-A office sector consisted of 4,253,759 square feet in 79 projects. There were 1,734 Class-B buildings totaling 20,777,689 square feet, and the Class-C sector consisted of 8,590,485 square feet in 1,460 buildings. Within the Office market there were 91 owner-occupied buildings accounting for 1,477,777 square feet of office space.

Reports compiled by: David Spragg, CoStar Research Managers, and the Southwest Florida Research Team.

Vacancy Rates by Class 2006-2018


Absorption & Deliveries U.S. Vacancy ComparisonPast 8 Quarters Past 8 Quarters


0%

5%

10%

15%

20%

25%

2006 1q 2007 1q 2008 1q 2009 1q 2010 1q 2011 1q 2012 1q 2013 1q 2014 1q 2015 1q 2016 1q 2017 1q 2018 1q

Vaca

ncy

Rate

A B C Total Market

0.240.23

0.19

0.25

0.19

0.05

(0.15)(0.18)

0.07

0.01

0.07

0.020.01

0.11

0.030.01

(0.2)

(0.2)

(0.1)

(0.1)

0.0

0.1

0.1

0.2

0.2

0.3

0.3

2016 3q 2017 1q 2017 3q 2018 1q

Millions

SF

Net Absorption Deliveries

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2016 3q 2017 1q 2017 3q 2018 1q

Vaca

ncy

Rate







CoStar Submarket Clusters & SubmarketsIn analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets 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. Markets are then divided into Submarket Clusters, 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

Submarket Clusters Submarkets

Charlotte County Charlotte County

Collier County East NaplesGolden GateLelyMarco IslandNaplesNorth NaplesOutlying Collier County

Lee County Bonita SpringsCape CoralCity of Ft MyersEsteroLehighNorth Ft MyersS Ft Myers/San CarlosThe Islands






Historical Deliveries 1982 - 2018

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

Lee County 2 3,544 7.7% 10,251 23,109

Collier County 4 12,020 68.6% 12,841 4,380

Charlotte County 1 0 0.0% 6,980 10,000

Totals 7 15,564 21.1% 10,273 10,534


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2014 Preleased & Un-Leased SF in Properties Scheduled to Deliver


73,738

Market

Under Construction Inventory Average Bldg Size

Total RBA

46,218

17,520

10,000

0.5

0.7 0.7

0.9 0.9

0.7

0.6 0.6

1.4

0.7

0.8

0.4

0.9

0.6

0.4

0.8

0.5

0.7

0.91.0

1.3

0.8

1.1 1.0

0.4

1.5 1.5

0.6

0.3

0.1

0.2

0.0 0.0

0.5

0.20.2

0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1982 1986 1990 1994 1998 2002 2006 2010 2014 2018

Millions

of

SF

Deliveries Average Delivered SF

0.0

0.1

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2014 2016 2018

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SF

Leased Un-Leased

0

5

10

15

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30

35

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45

2018 3q 2019 2q

T

Tho

usa

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SF

Preleased Un-Leased

Inventory & development






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 4 38,504 38,504 100.0% $0.00 14,190 24,314

50,000 SF - 99,999 SF 0 0 0 0.0% $0.00 0 0

100,000 SF - 249,999 SF 0 0 0 0.0% $0.00 0 0

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 0 0 0 0.0% $0.00 0 0


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

2018 Deliveries


Currently Under Construction By Class By Space Type

0.00

0.03

0.11

0.03 0.03

0.06

0.01

0.12

0.02 0.010.02

0.01 0.01

0.05

0.01

0.17

0.02

0.30

0.01

0.080.07

0.01

0.07

0.020.01

0.11

0.030.01

0.0

0.1

0.1

0.2

0.2

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0.3

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2015 1q 2016 1q 2017 1q 2018 1q

Millions

of

SF

Construction Starts Deliveries

100%

0%

Multi Single

63%

37%

Multi Single

26%

13%

61%

Class A Class B Class C

17%

83%

Multi Single







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Class A Market Statistics Mid-Year 2018

YTD Net YTD Under Quoted

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

Charlotte County 3 166,638 33,200 33,200 19.9% (857) 0 0 $15.39

Collier County 35 1,908,025 226,571 226,571 11.9% (37,960) 0 0 $23.47

Lee County 41 2,179,096 337,523 337,523 15.5% (31,931) 0 0 $14.18

Totals 79 4,253,759 597,294 597,294 14.0% (70,748) 0 0 $17.01


Class B Market Statistics Mid-Year 2018



Charlotte County 152 1,442,299 120,904 120,904 8.4% (34,307) 0 10,000 $12.54

Collier County 485 6,142,995 384,591 399,650 6.5% (46,867) 14,314 17,520 $19.99

Lee County 1,097 13,192,395 1,007,757 1,039,634 7.9% (162,541) 24,190 46,218 $12.88

Totals 1,734 20,777,689 1,513,252 1,560,188 7.5% (243,715) 38,504 73,738 $14.96


Class C Market Statistics Mid-Year 2018



Charlotte County 410 2,334,558 75,644 75,644 3.2% 26,604 0 0 $13.06

Collier County 221 1,464,197 42,756 47,421 3.2% (5,007) 0 0 $17.38

Lee County 829 4,791,730 209,506 211,656 4.4% (35,260) 0 0 $10.55

Totals 1,460 8,590,485 327,906 334,721 3.9% (13,663) 0 0 $12.25


Total Office Market Statistics Mid-Year 2018




Collier County 741 9,515,217 653,918 673,642 7.1% (89,834) 14,314 17,520 $20.68

Lee County 1,967 20,163,221 1,554,786 1,588,813 7.9% (229,732) 24,190 46,218 $12.88

Totals 3,273 33,621,933 2,438,452 2,492,203 7.4% (328,126) 38,504 73,738 $15.03


Existing Inventory Vacancy

Vacancy



Existing Inventory

Figures at a Glance






Figures at a Glance

Class A Submarket Statistics Mid-Year 2018



Bonita Springs 7 342,112 32,400 32,400 9.5% 5,518 0 0 $14.91

Cape Coral 4 152,251 33,698 33,698 22.1% (5,411) 0 0 $12.65

Charlotte County 3 166,638 33,200 33,200 19.9% (857) 0 0 $15.39

City of Ft Myers 12 757,848 142,445 142,445 18.8% (13,064) 0 0 $13.42

East Naples 1 72,814 0 0 0.0% 0 0 0 $0.00

Estero 3 82,009 1,430 1,430 1.7% (240) 0 0 $18.00

Golden Gate 0 0 0 0 0.0% 0 0 0 $0.00

Lehigh 0 0 0 0 0.0% 0 0 0 $0.00

Lely 1 39,003 33,305 33,305 85.4% (7,345) 0 0 $15.45

Marco Island 0 0 0 0 0.0% 0 0 0 $0.00

Naples 4 151,769 6,363 6,363 4.2% (3,321) 0 0 $22.25

North Ft Myers 0 0 0 0 0.0% 0 0 0 $0.00

North Naples 28 1,566,752 186,903 186,903 11.9% (27,294) 0 0 $24.61

Outlying Collier County 1 77,687 0 0 0.0% 0 0 0 $0.00

S Ft Myers/San Carlos 15 844,876 127,550 127,550 15.1% (18,734) 0 0 $14.95

The Islands 0 0 0 0 0.0% 0 0 0 $0.00

Totals 79 4,253,759 597,294 597,294 14.0% (70,748) 0 0 $17.01


Class B Submarket Statistics Mid-Year 2018



Bonita Springs 152 1,941,753 183,425 189,614 9.8% (15,187) 0 6,218 $12.87

Cape Coral 170 1,422,104 77,814 77,814 5.5% (5,402) 0 0 $13.30


City of Ft Myers 155 2,604,825 251,775 255,245 9.8% (46,858) 0 0 $10.45

East Naples 108 1,498,344 118,984 118,984 7.9% (17,503) 0 0 $18.27

Estero 29 738,699 27,473 30,488 4.1% 589 10,000 0 $16.06

Golden Gate 23 104,341 0 0 0.0% 3,000 0 0 $15.54

Lehigh 34 287,682 33,489 33,489 11.6% 4,538 0 40,000 $12.78

Lely 9 65,578 15,200 15,200 23.2% (6,460) 0 0 $22.79

Marco Island 18 287,450 19,980 19,980 7.0% (5,177) 0 0 $18.38

Naples 57 764,048 35,280 35,280 4.6% (8,324) 10,000 0 $18.87

North Ft Myers 7 157,387 7,286 7,286 4.6% 554 0 0 $10.47

North Naples 261 3,284,254 163,511 178,570 5.4% (12,717) 0 10,000 $21.49

Outlying Collier County 9 138,980 31,636 31,636 22.8% 314 4,314 7,520 $13.19

S Ft Myers/San Carlos 538 5,970,576 426,495 445,698 7.5% (100,775) 14,190 0 $13.35

The Islands 12 69,369 0 0 0.0% 0 0 0 $0.00

Totals 1,734 20,777,689 1,513,252 1,560,188 7.5% (243,715) 38,504 73,738 $14.96









Figures at a Glance

Class C Submarket Statistics Mid-Year 2018



Bonita Springs 36 140,018 18,965 18,965 13.5% (3,380) 0 0 $16.43

Cape Coral 219 1,122,514 22,652 22,652 2.0% 5,525 0 0 $10.17

Charlotte County 410 2,334,558 75,644 75,644 3.2% 26,604 0 0 $13.06

City of Ft Myers 254 1,640,427 98,484 100,634 6.1% (35,327) 0 0 $9.52

East Naples 43 261,482 20,561 20,561 7.9% (4,765) 0 0 $9.42

Estero 3 11,640 0 0 0.0% 0 0 0 $0.00

Golden Gate 8 36,561 0 0 0.0% 0 0 0 $0.00

Lehigh 41 155,252 3,000 3,000 1.9% 0 0 0 $15.55

Lely 7 26,108 0 3,720 14.2% 0 0 0 $0.00

Marco Island 14 69,190 0 0 0.0% 0 0 0 $21.82

Naples 40 414,076 10,101 11,046 2.7% (1,870) 0 0 $18.75

North Ft Myers 31 138,666 0 0 0.0% 0 0 0 $0.00

North Naples 80 469,905 12,094 12,094 2.6% 1,628 0 0 $19.53

Outlying Collier County 29 186,875 0 0 0.0% 0 0 0 $0.00

S Ft Myers/San Carlos 202 1,455,597 65,445 65,445 4.5% (2,118) 0 0 $11.06

The Islands 43 127,616 960 960 0.8% 40 0 0 $0.00

Totals 1,460 8,590,485 327,906 334,721 3.9% (13,663) 0 0 $12.25


Total Office Submarket Statistics Mid-Year 2018



Bonita Springs 195 2,423,883 234,790 240,979 9.9% (13,049) 0 6,218 $13.27

Cape Coral 393 2,696,869 134,164 134,164 5.0% (5,288) 0 0 $12.61


City of Ft Myers 421 5,003,100 492,704 498,324 10.0% (95,249) 0 0 $11.41

East Naples 152 1,832,640 139,545 139,545 7.6% (22,268) 0 0 $17.82

Estero 35 832,348 28,903 31,918 3.8% 349 10,000 0 $16.13

Golden Gate 31 140,902 0 0 0.0% 3,000 0 0 $15.54

Lehigh 75 442,934 36,489 36,489 8.2% 4,538 0 40,000 $13.18

Lely 17 130,689 48,505 52,225 40.0% (13,805) 0 0 $18.61

Marco Island 32 356,640 19,980 19,980 5.6% (5,177) 0 0 $18.62

Naples 101 1,329,893 51,744 52,689 4.0% (13,515) 10,000 0 $19.15

North Ft Myers 38 296,053 7,286 7,286 2.5% 554 0 0 $10.47

North Naples 369 5,320,911 362,508 377,567 7.1% (38,383) 0 10,000 $22.56

Outlying Collier County 39 403,542 31,636 31,636 7.8% 314 4,314 7,520 $13.19

S Ft Myers/San Carlos 755 8,271,049 619,490 638,693 7.7% (121,627) 14,190 0 $13.40

The Islands 55 196,985 960 960 0.5% 40 0 0 $0.00

Totals 3,273 33,621,933 2,438,452 2,492,203 7.4% (328,126) 38,504 73,738 $15.03









Figures at a Glance

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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®

Southwest Florida United States Southwest Florida United States

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2006 1q 2008 1q 2010 1q 2012 1q 2014 1q 2016 1q 2018 1q

A B C Total Market

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2016 3q 2017 3q


98%

2%

Direct Sublet

94%

6%

Direct Sublet

24%

63%

13%


0.16

0.02

0.00 0.00 0.00 0.000.0

0.0

0.0

0.1

0.1

0.1

0.1

0.1

0.2

0.2

2018 3q 2019 1q 2019 3q

12%

46%

42%


Leasing Activity






Southwest Florida Office MarketMarket Highlights – Class “A, B & C”

Leasing Activity


* Renewal

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

1 5220 Summerlin Commons Blvd S Ft Myers/San Carlos 10,997 1st Riverchase Dermatology Crandall Commercial Group, LLC Cushman & Wakefield Commercial Prop

2 730 Goodlette Rd N East Naples 10,292 2nd Naples Heart Rhythms Associates Real Estate Services DJL Commercial

3 4501 Tamiami Trl N North Naples 10,003 1st CliftonLarsenAllen N/A Welsh Companies

4 2640 Golden Gate Pky East Naples 9,539 2nd N/A N/A Investment Properties Corporation

5 24031 Tamiami Trl Bonita Springs 8,532 2nd N/A N/A SVN|Kova Naples

6 3120-3131 E Riverside Dr City of Ft Myers 8,100 1st RJ Reynolds N/A SVN Florida Commercial Real Estate

7 2830 Winkler Ave City of Ft Myers 6,751 2nd Storm Solutions N/A Cushman & Wakefield Commercial Prop

8 6811 Palisades Park Ct S Ft Myers/San Carlos 6,010 2nd N/A N/A CRE Consultants

9 2659 Professional Dr North Naples 5,858 2nd N/A N/A Investment Properties Corporation

10 800 Laurel Oak Dr North Naples 5,741 2nd Compass Real Estate CRE Consultants Welsh Companies

11 1035 Piper Blvd North Naples 5,620 1st N/A SVN|Kova Naples Equity Inc

12 3100 Del Prado Blvd S Cape Coral 5,400 1st N/A N/A John R. Wood Properties

13 3066 Tamiami Trl N North Naples 5,069 2nd N/A N/A CRE Consultants

14 223 Taylor Rd Charlotte County 5,000 1st Berson Realty Group N/A N/A

15 27200 Riverview Center Blvd Bonita Springs 4,939 2nd Digital Insurance LLC Premier Commercial, Inc. CRE Consultants

16 12800 University Dr S Ft Myers/San Carlos 4,914 1st N/A N/A CRE Consultants

17 8191 College Pky S Ft Myers/San Carlos 4,676 2nd N/A N/A One Source Commercial Realty LLC

18 1333 3rd Ave S East Naples 4,617 1st N/A Bayfront Realty Advisors Bayfront Realty Advisors

19 3822 Broadway Ave City of Ft Myers 4,415 1st N/A N/A Phil Deems Real Estate

20 13099 S Cleveland Ave S Ft Myers/San Carlos 4,251 2nd Comprehensive Med Psyc Systems RE/Max Alliance Group Birch Properties Florida

21 3507 Lee Blvd Lehigh 4,242 1st N/A N/A Cushman & Wakefield Commercial Prop

22 1227 SE 47th St Cape Coral 4,172 2nd N/A N/A Remax Realty Team

23 5598 8th St W Lehigh 4,000 2nd N/A N/A SVN Florida Commercial Real Estate

24 1642 Medical Ln S Ft Myers/San Carlos 4,000 1st N/A N/A The Weiner Companies

25 9200 Estero Park Commons Blvd Estero 3,956 1st N/A N/A Premier Commercial, Inc.

26 5280 Summerlin Commons Blvd S Ft Myers/San Carlos 3,955 2nd N/A N/A Cushman & Wakefield Commercial Prop

27 27299 Riverview Center Blvd Bonita Springs 3,930 2nd Movement Mortgage LLC CRE Consultants CRE Consultants

28 999 Vanderbilt Beach Rd North Naples 3,898 1st N/A N/A Investment Properties Corporation

29 10501 Six Mile Cypress Pky S Ft Myers/San Carlos 3,844 1st Team Logic IT N/A Florida Investors

30 2503 Del Prado Blvd S Cape Coral 3,792 1st Insite Managed Solutions LLC N/A Cushman & Wakefield Commercial Prop

31 14260 Metropolis Ave S Ft Myers/San Carlos 3,607 1st N/A N/A Asset Consultants, LLC

32 11440 Metro Pky S Ft Myers/San Carlos 3,600 1st Earth Elements N/A Shoreline Flooring Supplies

33 5100 Tamiami Trl N North Naples 3,349 2nd First Fidelity Bank Investment Properties Corporation; Klingler LLC

34 3850-3860 Colonial Blvd S Ft Myers/San Carlos 3,250 1st N/A N/A CRE Consultants

35 225 Banyan Blvd Naples 3,167 2nd N/A N/A Investment Properties Corporation

36 13350 Metro Pky S Ft Myers/San Carlos 3,125 1st N/A N/A LandQwest Commercial

37 800 Laurel Oak Dr North Naples 3,116 1st N/A N/A Welsh Companies

38 1250 9th St N Naples 3,100 2nd Roofing & Reconstruction Contractors of CRE Consultants CRE Consultants

39 1279 Lavin Ln North Ft Myers 3,040 2nd A�ordable Moving Systems N/A Timothy J. Fierro Revocable Trust

40 2891 Center Pointe Dr City of Ft Myers 3,014 1st Preferred Media Source N/A Cushman & Wakefield Commercial Prop

Select Top O�ce Leases Based on Leased Square Footage For Deals Signed in 2018







C h a r l o t t e C o u n t y 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 Rates

2018 2q 565 3,943,495 229,748 5.8% (32,015) 0 0 1 10,000 $13.16

2018 1q 565 3,943,495 197,733 5.0% 23,455 0 0 1 10,000 $13.59

2017 4q 565 3,943,495 221,188 5.6% 17,178 0 0 1 10,000 $13.50

2017 3q 565 3,943,495 238,366 6.0% 8,569 0 0 1 10,000 $13.50

2017 2q 565 3,943,495 246,935 6.3% 36,127 0 0 1 10,000 $13.93

2017 1q 565 3,943,495 283,062 7.2% 10,762 1 3,000 1 10,000 $14.35

2016 4q 564 3,940,495 290,824 7.4% 51,225 1 10,200 2 13,000 $14.44

2016 3q 562 3,927,795 329,349 8.4% (655) 1 2,500 4 25,700 $14.48

2016 2q 561 3,925,295 326,194 8.3% 1,400 0 0 5 28,200 $14.42

2016 1q 560 3,922,795 325,094 8.3% 15,126 0 0 4 17,500 $14.55

2015 4q 560 3,922,795 340,220 8.7% 49,253 0 0 3 15,000 $15.37

2015 3q 560 3,922,795 389,473 9.9% 10,767 0 0 1 2,500 $14.30

2015 2q 560 3,922,795 400,240 10.2% 10,792 0 0 0 0 $14.46

2015 1q 560 3,922,795 411,032 10.5% 18,016 0 0 0 0 $14.00

2014 4q 560 3,922,795 429,048 10.9% (7,353) 0 0 0 0 $14.27

2014 3q 560 3,922,795 421,695 10.7% 10,670 0 0 0 0 $13.40


UC InventoryDelivered InventoryExisting Inventory Vacancy

(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050

0.060

2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q 2018 1q 2018 2q

Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt

Delivered SF Absorption SF Vacancy

$12.40

$12.60

$12.80

$13.00

$13.20

$13.40

$13.60

$13.80

$14.00

$14.20

$14.40

$14.60

2017 1q 2017 3q 2018 1q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

2017 1q 2017 3q 2018 1q

Millions

SF

Direct SF Sublet SF







C o l l i e r C o u n t y M a r k e t






2018 2q 741 9,515,217 673,642 7.1% 6,866 1 10,000 4 17,520 $20.68

2018 1q 740 9,505,217 670,508 7.1% (96,700) 1 4,314 5 27,520 $20.71

2017 4q 739 9,500,903 569,494 6.0% (14,121) 2 69,950 4 22,334 $20.45

2017 3q 737 9,430,953 485,423 5.1% 38,423 0 0 4 84,264 $20.72

2017 2q 737 9,430,953 523,846 5.6% 90,363 1 10,000 2 69,950 $20.76

2017 1q 737 9,423,153 606,409 6.4% 67,962 1 17,000 3 79,950 $20.42

2016 4q 736 9,406,153 657,371 7.0% 56,852 0 0 3 87,000 $20.94

2016 3q 736 9,406,153 714,223 7.6% 75,676 2 29,694 1 17,000 $22.49

2016 2q 735 9,400,659 784,405 8.3% 6,889 0 0 3 46,694 $21.61

2016 1q 735 9,400,659 791,294 8.4% (21,072) 1 5,856 3 46,694 $22.05

2015 4q 734 9,394,803 764,366 8.1% 54,948 0 0 3 34,456 $21.46

2015 3q 734 9,394,803 819,314 8.7% 27,063 0 0 2 22,856 $20.86

2015 2q 734 9,394,803 846,377 9.0% 79,063 2 27,800 2 22,856 $20.01

2015 1q 732 9,367,003 897,640 9.6% 34,893 0 0 2 27,800 $20.55

2014 4q 732 9,367,003 932,533 10.0% (14,379) 0 0 2 27,800 $20.38

2014 3q 733 9,379,463 930,614 9.9% (3,936) 0 0 1 7,800 $19.88



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q 2018 1q 2018 2q

Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$20.20

$20.30

$20.40

$20.50

$20.60

$20.70

$20.80

2017 1q 2017 3q 2018 1q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

2017 1q 2017 3q 2018 1q

Millions

SF

Direct SF Sublet SF







L e e C o u n t y M a r k e t






2018 2q 1,967 20,163,221 1,588,813 7.9% (153,338) 0 0 2 46,218 $12.88

2018 1q 1,967 20,163,221 1,435,475 7.1% (76,394) 2 24,190 0 0 $12.86

2017 4q 1,965 20,139,031 1,334,891 6.6% 43,088 1 41,432 2 24,190 $13.30

2017 3q 1,964 20,097,599 1,336,547 6.7% 145,597 1 6,044 3 65,622 $13.26

2017 2q 1,963 20,091,555 1,476,100 7.3% 123,492 1 10,000 3 61,666 $13.18

2017 1q 1,961 20,075,385 1,583,422 7.9% 115,994 1 50,000 4 63,646 $13.21

2016 4q 1,960 20,025,385 1,649,416 8.2% 123,145 1 3,500 4 107,602 $13.86

2016 3q 1,958 20,019,845 1,767,021 8.8% 169,620 2 37,978 4 61,710 $13.99

2016 2q 1,956 19,981,867 1,898,663 9.5% 185,031 2 78,999 4 90,018 $13.99

2016 1q 1,954 19,902,868 2,004,695 10.1% 118,509 0 0 5 119,017 $13.67

2015 4q 1,954 19,902,868 2,123,204 10.7% 347,854 1 295,000 3 110,477 $13.93

2015 3q 1,953 19,607,868 2,176,058 11.1% 90,036 3 15,852 3 401,858 $14.15

2015 2q 1,950 19,592,016 2,250,242 11.5% 294,279 2 140,450 4 310,852 $14.13

2015 1q 1,947 19,447,066 2,399,571 12.3% 52,207 1 5,600 6 447,802 $14.24

2014 4q 1,946 19,441,466 2,446,178 12.6% 57,858 0 0 7 453,402 $14.03

2014 3q 1,946 19,441,466 2,504,036 12.9% 71,013 1 3,000 6 444,952 $14.00



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q 2018 1q 2018 2q

Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

aca

nt


$12.60

$12.70

$12.80

$12.90

$13.00

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2017 1q 2017 3q 2018 1q

Dollars

/SF/Y

ear

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Millions

SF

Direct SF Sublet SF

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