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South Florida Office MarketT h i r d Q u a r t e r 2 0 1 6

The CoStarOffice Report

South Florida Office Market

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

Third Quarter 2016 – South Florida

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

Figures at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Figures at a Glance by Class & MarketFigures at a Glance by Class & SubmarketFigures at a Glance Grouped by CBD vs SuburbanHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Select Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Sales Activity AnalysisSelect Top Sales TransactionsAventura Market

Analysis of Individual CoStar Submarket Clusters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Biscayne Corridor MarketBoca Raton MarketBoynton/Lantana MarketBrickell MarketCoconut Grove MarketCommercial Blvd MarketCoral Gables MarketCoral Way MarketCypress Creek MarketDelray Beach MarketDowntown Fort Lauderdale MarketDowntown Miami MarketFort Lauderdale MarketHallandale MarketHollywood MarketJupiter MarketKendall MarketMedley/Hialeah MarketMiami MarketMiami Airport MarketMiami Beach MarketMiami Lakes MarketMiami-Dade Central County MarketNorth Palm Beach MarketNortheast Dade MarketNW Broward/Coral Springs MarketOutlying Broward County MarketOutlying Miami-Dade Cnty MarketPalm Beach MarketPalm Springs/Lake Worth MarketPlantation Market


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

South Florida – Third Quarter 2016


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


Table of Contents (Continued)Pompano Beach MarketRoyal Palm Bch/Wellington MarketSawgrass Park MarketSouth Dade MarketSouthwest Broward MarketWest Miami MarketWest Palm Beach Market


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



©2016 CoStar Group, Inc. The CoStar Office Report 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 national database includes approximately 80.7 billion square feet of coverage in 3.5 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate.

© Copyright 2016 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.

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For information on subscribing to CoStar’s other products and services, please contact us at 1-877-7COSTAR, or visit our web site at www.costar.com


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


Terms & DefinitionsAvailability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the 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 The CoStar Office Report ©2016 CoStar Group, Inc.



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


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.



©2016 CoStar Group, Inc. The CoStar Office Report 1

Overview

South Florida’s Vacancy Decreases to 10.3% Net Absorption Positive 1,000,887 SF in the Quarter

The South Florida Office market ended the third quarter 2016 with a vacancy rate of 10.3%. The vacancy rate was down over the previous quarter, with net absorp-

tion totaling positive 1,000,887 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 593,313 square feet. Rental rates ended the third quarter at $29.19, an increase over the previous quarter. A total of six buildings delivered to the market in the quarter totaling 86,011 square feet, with 2,637,457 square feet still under con-struction at the end of the quarter.

AbsorptionNet absorption for the overall South Florida office market

was positive 1,000,887 square feet in the third quarter 2016. That compares to positive 906,092 square feet in the second quarter 2016, positive 301,831 square feet in the first quarter 2016, and positive 897,867 square feet in the fourth quarter 2015.

The Class-A office market recorded net absorption of positive 381,740 square feet in the third quarter 2016, com-pared to positive 12,147 square feet in the second quarter 2016, positive 272,501 in the first quarter 2016, and positive 326,303 in the fourth quarter 2015.

The Class-B office market recorded net absorption of pos-itive 432,299 square feet in the third quarter 2016, compared to positive 540,085 square feet in the second quarter 2016, positive 146,568 in the first quarter 2016, and positive 557,495 in the fourth quarter 2015.

The Class-C office market recorded net absorption of positive 186,848 square feet in the third quarter 2016 com-

pared to positive 353,860 square feet in the second quarter 2016, negative (117,238) in the first quarter 2016, and positive 14,069 in the fourth quarter 2015.

Net absorption for South Florida’s central business district was positive 124,653 square feet in the third quarter 2016. That compares to positive 85,690 square feet in the second quarter 2016, negative (76,038) in the first quarter 2016, and positive 99,295 in the fourth quarter 2015.

Net absorption for the suburban markets was positive 876,234 square feet in the third quarter 2016. That compares to positive 820,402 square feet in second quarter 2016, positive 377,869 in the first quarter 2016, and positive 798,572 in the fourth quarter 2015.

VacancyThe office vacancy rate in the South Florida market area

decreased to 10.3% at the end of the third quarter 2016. The vacancy rate was 10.8% at the end of the second quarter 2016, 11.1% at the end of the first quarter 2016, and 11.0% at the end of the fourth quarter 2015.

Class-A projects reported a vacancy rate of 13.9% at the end of the third quarter 2016, 14.5% at the end of the second quarter 2016, 14.4% at the end of the first quarter 2016, and 14.1% at the end of the fourth quarter 2015.

Class-B projects reported a vacancy rate of 11.2% at the end of the third quarter 2016, 11.5% at the end of the second quarter 2016, 11.9% at the end of the first quarter 2016, and 12.0% at the end of the fourth quarter 2015.

Class-C projects reported a vacancy rate of 5.2% at the end of the third quarter 2016, 5.6% at the end of second quar-

Vacancy Rates by Class 1999-2016

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 9 Quarters Past 9 Quarters

Source: CoStar Property® Source: CoStar Property®

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1999 3q 2000 3q 2001 3q 2002 3q 2003 3q 2004 3q 2005 3q 2006 3q 2007 3q 2008 3q 2009 3q 2010 3q 2011 3q 2012 3q 2013 3q 2014 3q 2015 3q 2016 3

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South Florida United States

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

South Florida � Third Quarter 2016

South Florida Office MarketThird Quarter 2016 – South Florida



Overview

ter 2016, 6.2% at the end of the first quarter 2016, and 6.0% at the end of the fourth quarter 2015.

The overall vacancy rate in South Florida’s central business district at the end of the third quarter 2016 decreased to 13.1%. The vacancy rate was 13.4% at the end of the second quarter 2016, 13.6% at the end of the first quarter 2016, and 12.9% at the end of the fourth quarter 2015.

The vacancy rate in the suburban markets decreased to 9.8% in the third quarter 2016. The vacancy rate was 10.2% at the end of the second quarter 2016, 10.5% at the end of the first quarter 2016, and 10.6% at the end of the fourth quarter 2015.

Largest Lease SigningsThe largest lease signings occurring in 2016 included: the

110,506-square-foot lease signed by Akerman LLP at Three Brickell City Centre in the Brickell market; the 91,872-square-foot deal signed by Comcast at 15800 SW 25th St in the Southwest Broward market; and the 64,572-square-foot lease signed by WeWork at Two Brickell City Centre in the Brickell market.

Sublease VacancyThe amount of vacant sublease space in the South Florida

market increased to 593,313 square feet by the end of the third quarter 2016, from 504,038 square feet at the end of the sec-ond quarter 2016. There was 537,092 square feet vacant at the end of the first quarter 2016 and 439,138 square feet at the end of the fourth quarter 2015.

South Florida’s Class-A projects reported vacant sublease space of 389,607 square feet at the end of third quarter 2016, up from the 338,676 square feet reported at the end of the second quarter 2016. There were 300,566 square feet of sub-lease space vacant at the end of the first quarter 2016, and 265,273 square feet at the end of the fourth quarter 2015.

Class-B projects reported vacant sublease space of

180,628 square feet at the end of the third quarter 2016, up from the 140,284 square feet reported at the end of the second quarter 2016. At the end of the first quarter 2016 there were 185,409 square feet, and at the end of the fourth quarter 2015 there were 138,276 square feet vacant.

Class-C projects reported decreased vacant sublease space from the second quarter 2016 to the third quarter 2016. Sublease vacancy went from 25,078 square feet to 23,078 square feet during that time. There was 51,117 square feet at the end of the first quarter 2016, and 35,589 square feet at the end of the fourth quarter 2015.

Sublease vacancy in South Florida’s central business dis-trict stood at 228,005 square feet at the end of the third quar-ter 2016. It was 154,551 square feet at the end of the second quarter 2016, 147,839 square feet at the end of the first quarter 2016, and 70,156 square feet at the end of the fourth quarter 2015.

Sublease vacancy in the suburban markets ended the third quarter 2016 at 365,308 square feet. At the end of the second quarter 2016 sublease vacancy was 349,487 square feet, was 389,253 square feet at the end of the first quarter 2016, and was 368,982 square feet at the end of the fourth quarter 2015.

Rental RatesThe average quoted asking rental rate for available office

space, all classes, was $29.19 per square foot per year at the end of the third quarter 2016 in the South Florida market area. This represented a 1.8% increase in quoted rental rates from the end of the second quarter 2016, when rents were reported at $28.66 per square foot.

The average quoted rate within the Class-A sector was $35.50 at the end of the third quarter 2016, while Class-B rates stood at $26.23, and Class-C rates at $23.92. At the end of the second quarter 2016, Class-A rates were $35.01 per square foot, Class-B rates were $25.78, and Class-C rates were $22.82.

The average quoted asking rental rate in South Florida’s CBD was $36.29 at the end of the third quarter 2016, and $27.41 in the suburban markets. In the second quarter 2016, quoted rates were $35.18 in the CBD and $27.07 in the suburbs.

Deliveries and ConstructionDuring the third quarter 2016, six buildings totaling 86,011

square feet were completed in the South Florida market area. This compares to six buildings totaling 257,741 square feet that were completed in the second quarter 2016, nine build-ings totaling 621,751 square feet completed in the first quarter 2016, and 251,804 square feet in six buildings completed in the fourth quarter 2015.

There were 2,637,457 square feet of office space under construction at the end of the third quarter 2016.

Some of the notable 2016 deliveries include: 3301 College





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Overview

Ave, a 215,000-square-foot facility that delivered in first quarter 2016 and is now 72% occupied, and Three Brickell City Centre, a 134,552-square-foot building that delivered in first quarter 2016 and is now 97% occupied.

The largest projects underway at the end of third quarter 2016 were 1500 NW 136th Ave, a 400,000-square-foot building with 100% of its space pre-leased, and 800 Waterford Way, a 246,085-square-foot facility that is not pre-leased.

InventoryTotal office inventory in the South Florida market area

amounted to 225,193,100 square feet in 11,242 buildings as of the end of the third quarter 2016. The Class-A office sector consisted of 58,746,801 square feet in 417 projects. There were 3,466 Class-B buildings totaling 108,032,088 square feet, and the Class-C sector consisted of 58,414,211 square feet in 7,359 buildings. Within the Office market there were 371 owner-occupied buildings accounting for 7,879,068 square feet of office space.

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

larger, South Florida office sales figures rose during the second quarter 2016 in terms of dollar volume compared to the first quarter of 2016.

In the second quarter, 34 office transactions closed with a total volume of $733,795,725. The 34 buildings totaled 3,119,255 square feet and the average price per square foot equated to $235.25 per square foot. That compares to 34 transactions totaling $566,700,032 in the first quarter 2016. The total square footage in the first quarter was 2,983,984 square feet for an average price per square foot of $189.91.

Total office building sales activity in 2016 was up com-pared to 2015. In the first six months of 2016, the market saw 68 office sales transactions with a total volume of $1,300,495,757.

The price per square foot averaged $213.08. In the same first six months of 2015, the market posted 93 transactions with a total volume of $1,250,955,915. The price per square foot aver-aged $238.53.

Cap rates have been higher in 2016, averaging 6.59% compared to the same period in 2015 when they averaged 6.32%.

One of the largest transactions that occurred within the last four quarters in the South Florida market is the sale of 401 E Las Olas Blvd in Fort Lauderdale. This 408,064-square-foot office building sold on 9/12/2016 for $220,000,000, or $539.13 per square foot.

Reports compiled by: Alissa Spittel & Alfredo Negron, CoStar Research Managers.





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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

Aventura Aventura

Biscayne Corridor Biscayne Corridor

Boca Raton Boca Raton East Boca Raton North Boca Raton West

Boynton/Lantana Boynton/Lantana

Brickell Brickell*

Coconut Grove Coconut Grove

Commercial Blvd Commercial Blvd

Coral Gables Coral Gables

Coral Way Coral Way

Cypress Creek Cypress Creek

Delray Beach Delray Beach

Downtown Fort Lauderdale Downtown Fort Lauderdale*

Downtown Miami Downtown Miami*

Fort Lauderdale Fort Lauderdale

Hallandale Hallandale

Hollywood Hollywood

Jupiter Jupiter

Kendall Kendall

Medley/Hialeah Medley/Hialeah

Miami Miami

Miami Airport Miami Airport

Miami Beach Miami Beach

Miami Lakes Miami Lakes

Miami-Dade Central County Hialeah Gardens

North Palm Beach North Palm Beach*

Northeast Dade Northeast Dade

NW Broward/Coral Springs NW Broward/Coral Springs

Outlying Broward County Outlying Broward County

Outlying Miami-Dade Cnty Outlying Miami-Dade Cnty

Palm Beach Palm Bch Cty Outlying Palm Beach*

Palm Springs/Lake Worth Palm Springs/Lake Worth

Plantation Plantation

Pompano Beach Pompano Beach

Royal Palm Bch/Wellington Royal Palm Bch/Wellington

Sawgrass Park Sawgrass Park

South Dade South Dade

Southwest Broward Southwest Broward

West Miami West Miami

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






Historical Deliveries 1982 - 2016

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

Sawgrass Park 2 408,735 97.7% 57,098 209,098

Downtown Miami 2 99,110 31.9% 144,287 155,324

Miami Airport 2 47,382 15.7% 44,724 151,246

Aventura 3 266,721 95.4% 42,841 93,174

Pompano Beach 4 127,378 65.2% 14,460 48,817

Southwest Broward 3 3,300 2.3% 25,873 48,460

Coconut Grove 2 0 0.0% 20,617 65,795

Brickell 2 900 0.7% 114,500 65,000

Miami 3 77,453 60.4% 11,886 42,757

Kendall 3 61,414 51.8% 22,136 39,538

All Other 20 306,490 64.2% 16,921 23,874

Totals 46 1,398,883 53.0% 20,031 57,336


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2012 Preleased & Un-Leased SF in Properties Scheduled to Deliver


118,614

145,379

131,590

130,000

128,271

310,648

302,492

279,521

195,268

477,477

2,637,457

Market

Under Construction Inventory Average Bldg Size

Total RBA

418,197

7.4

6.4

8.5

11.312.1

9.9

5.54.9

3.93.1

1.3 1.5 1.5 1.82.5

3.32.5

4.55.2

7.0

3.5 3.3 3.63.1

4.2

5.56.2

3.8

2.5

1.5

0.5 0.3

1.10.6

1.5

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

1982 1986 1990 1994 1998 2002 2006 2010 2014

Millions

of

SF

Deliveries Average Delivered SF

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2012 2014 2016

Millions

of

SF

Leased Un-Leased

0

100

200

300

400

500

600

700

2016 4q 2017 2q

T

Tho

usa

nds

of

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 14 191,853 130,677 68.1% $31.52 71,371 120,482

50,000 SF - 99,999 SF 4 291,818 152,050 52.1% $37.29 69,377 222,441

100,000 SF - 249,999 SF 3 481,832 350,133 72.7% $53.00 0 481,832

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

2016 Deliveries


Currently Under Construction By Class By Space Type

0.25

0.05

0.35

0.03

0.29

0.14 0.12

0.28

0.66

0.84

0.11

0.210.24

0.71

0.32

0.15

0.05 0.030.05

0.08

0.41

0.03

0.61

0.140.12

0.08

0.25

0.62

0.26

0.09

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

2013 1q 2014 1q 2015 1q 2016 1q

Millions

of

SF

Construction Starts Deliveries

83%

17%

Multi Single

85%

15%

Multi Single

26%

26%

48%

Class A Class B Class C

11%

89%

Multi Single







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Class A Market Statistics Third Quarter 2016

YTD Net YTD Under Quoted

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

Aventura 11 1,008,394 67,345 70,141 7.0% (12,840) 0 224,689 $46.43

Biscayne Corridor 3 699,000 188,299 188,299 26.9% 17,800 0 0 $41.00

Boca Raton 67 7,802,453 1,221,981 1,259,196 16.1% 178,288 0 0 $32.49

Boynton/Lantana 4 464,649 110,280 110,280 23.7% 8,038 0 0 $22.20

Brickell 15 4,932,565 585,434 639,633 13.0% 198,306 266,832 100,000 $49.00

Coconut Grove 4 547,332 39,589 55,276 10.1% (3,608) 0 115,920 $38.61

Commercial Blvd 3 233,266 37,901 37,901 16.2% 5,281 0 0 $23.85

Coral Gables 30 4,478,641 538,122 547,810 12.2% (42,503) 0 116,825 $40.73

Coral Way 1 84,248 0 0 0.0% 0 0 0 $0.00

Cypress Creek 20 2,396,911 296,647 318,275 13.3% (71,655) 0 0 $27.95

Delray Beach 1 30,845 1,761 1,761 5.7% (1,761) 0 0 $35.27

Downtown Fort Lauder. 21 4,466,259 455,829 509,961 11.4% 72,592 0 0 $37.80

Downtown Miami 10 5,247,388 913,780 932,714 17.8% (82,524) 0 310,648 $44.26

Fort Lauderdale 6 959,668 221,236 221,236 23.1% (20,608) 0 0 $27.02

Hallandale 0 0 0 0 0.0% 0 0 0 $0.00

Hollywood 2 334,447 35,918 35,918 10.7% (5,168) 0 0 $33.72

Jupiter 10 623,384 42,823 43,923 7.0% 5,523 0 0 $38.95

Kendall 15 1,757,858 318,891 324,926 18.5% (10,097) 0 0 $37.49

Medley/Hialeah 6 786,962 134,658 152,986 19.4% (6,157) 0 0 $26.37

Miami 9 1,115,197 124,650 124,650 11.2% 5,847 0 61,906 $30.75

Miami Airport 36 5,333,592 449,677 464,154 8.7% (69,931) 71,581 302,492 $32.77

Miami Beach 7 873,925 30,232 46,206 5.3% (12,527) 0 0 $43.27

Miami Lakes 7 417,048 94,119 94,119 22.6% 16,293 0 0 $27.33

Miami-Dade Central C. 0 0 0 0 0.0% 0 0 0 $0.00

North Palm Beach 21 1,525,782 146,983 150,005 9.8% 33,527 0 0 $33.91

Northeast Dade 2 188,750 22,342 22,342 11.8% 38,032 0 58,747 $31.79

NW Broward/Coral Spr. 10 715,978 135,227 135,227 18.9% 29,398 0 0 $26.68

Outlying Broward Cou. 0 0 0 0 0.0% 0 0 0 $0.00

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

Palm Beach 0 0 0 0 0.0% 0 0 0 $0.00

Palm Springs/Lake Wo. 1 50,577 0 0 0.0% 26,000 0 0 $29.63

Plantation 16 2,081,795 371,359 409,450 19.7% 179,411 215,000 0 $29.70

Pompano Beach 2 288,653 45,319 61,817 21.4% 511 0 87,068 $27.16

Royal Palm Bch/Welli. 3 124,705 1,034 1,034 0.8% 7,602 0 0 $33.31

Sawgrass Park 15 1,749,071 152,882 168,067 9.6% 114,396 69,377 400,000 $30.76

South Dade 0 0 0 0 0.0% 0 0 0 $0.00

Southwest Broward 32 3,344,281 371,401 399,814 12.0% 64,988 0 64,431 $31.08

West Miami 1 46,118 0 0 0.0% 0 0 0 $23.00

West Palm Beach 26 4,037,059 605,202 623,407 15.4% 3,934 0 0 $34.91

Totals 417 58,746,801 7,760,921 8,150,528 13.9% 666,388 622,790 1,842,726 $35.50


Existing Inventory Vacancy

Figures at a Glance






Class B Market Statistics Third Quarter 2016



Aventura 27 1,081,351 15,557 18,027 1.7% 10,981 0 54,832 $39.83

Biscayne Corridor 29 1,082,910 97,883 97,883 9.0% (1,169) 0 8,643 $37.37

Boca Raton 227 7,685,225 961,832 986,444 12.8% 107,347 0 0 $25.05

Boynton/Lantana 75 1,649,629 263,338 264,802 16.1% 35,117 18,000 18,000 $26.28

Brickell 33 2,860,325 468,629 536,122 18.7% (100,472) 18,000 30,000 $36.20

Coconut Grove 25 1,071,641 62,228 62,228 5.8% (15,788) 0 15,670 $34.39

Commercial Blvd 18 605,070 167,087 167,087 27.6% (56,567) 0 0 $19.21

Coral Gables 116 4,121,455 283,097 287,508 7.0% 15,390 0 0 $34.05

Coral Way 33 1,076,452 36,008 36,508 3.4% 4,569 0 0 $28.58

Cypress Creek 116 4,625,222 814,072 829,422 17.9% 84,139 0 0 $21.86

Delray Beach 117 2,461,042 729,173 729,173 29.6% 58,616 23,042 31,969 $22.88

Downtown Fort Lauder. 93 2,154,783 161,892 167,026 7.8% 23,753 17,174 46,077 $33.05

Downtown Miami 37 5,200,517 868,542 868,542 16.7% 43,852 0 0 $30.18

Fort Lauderdale 165 4,990,284 554,013 556,013 11.1% 52,756 8,792 0 $23.46

Hallandale 17 600,364 17,949 17,949 3.0% 22,348 0 79,600 $25.21

Hollywood 113 2,697,723 230,281 230,281 8.5% 54,919 0 0 $27.94

Jupiter 112 2,294,972 159,193 159,193 6.9% 41,302 13,750 0 $26.91

Kendall 224 6,274,452 500,733 513,402 8.2% (12,236) 0 118,614 $27.97

Medley/Hialeah 65 1,809,749 140,899 140,899 7.8% 29,840 0 22,136 $25.53

Miami 52 2,316,841 114,236 114,236 4.9% 45,496 0 66,365 $31.80

Miami Airport 185 10,345,776 1,064,777 1,064,777 10.3% 60,115 41,000 0 $25.99

Miami Beach 68 2,450,474 146,924 146,924 6.0% 93,443 0 0 $38.28

Miami Lakes 93 2,654,458 542,908 542,908 20.5% 6,841 0 20,640 $22.54

Miami-Dade Central C. 8 176,484 0 0 0.0% 0 0 0 $0.00

North Palm Beach 169 5,418,138 368,629 369,592 6.8% 193,721 0 0 $25.22

Northeast Dade 77 2,459,533 441,893 441,893 18.0% 47,490 88,555 23,000 $24.55

NW Broward/Coral Spr. 131 2,871,665 384,985 384,985 13.4% (32,542) 11,613 0 $22.87

Outlying Broward Cou. 2 28,296 2,802 2,802 9.9% (2,802) 0 0 $33.46

Outlying Miami-Dade . 5 164,443 0 0 0.0% 0 0 0 $0.00

Palm Beach 90 1,840,568 231,289 234,561 12.7% 15,938 0 0 $46.16

Palm Springs/Lake Wo. 34 622,004 46,698 46,698 7.5% 49,820 62,305 0 $29.63

Plantation 140 4,079,673 466,676 476,575 11.7% 18,364 0 0 $22.51

Pompano Beach 168 3,884,270 335,465 338,533 8.7% 47,189 22,000 108,200 $21.37

Royal Palm Bch/Welli. 46 1,168,775 108,633 108,633 9.3% 905 14,182 17,360 $29.59

Sawgrass Park 41 1,742,649 162,912 169,914 9.8% 45,127 0 18,197 $25.64

South Dade 46 1,402,898 124,278 124,278 8.9% 9,143 0 34,480 $22.79

Southwest Broward 186 3,840,935 138,071 140,465 3.7% 163,703 4,300 80,948 $25.28

West Miami 41 606,087 16,866 16,866 2.8% 10,148 0 0 $23.47

West Palm Beach 242 5,614,955 671,163 689,090 12.3% (51,844) 0 0 $22.49

Totals 3,466 108,032,088 11,901,611 12,082,239 11.2% 1,118,952 342,713 794,731 $26.23



Figures at a Glance






Class C Market Statistics Third Quarter 2016



Aventura 14 138,008 13,018 13,018 9.4% (5,818) 0 0 $33.44

Biscayne Corridor 91 1,084,126 80,756 80,756 7.4% 12,635 0 0 $30.91

Boca Raton 180 1,963,185 76,403 82,162 4.2% (3,884) 0 0 $25.53

Boynton/Lantana 124 635,729 31,137 31,137 4.9% 7,904 0 0 $23.13

Brickell 23 336,581 6,630 6,630 2.0% 0 0 0 $22.09

Coconut Grove 70 422,062 14,867 15,821 3.7% 9,966 0 0 $40.53

Commercial Blvd 28 586,376 39,118 39,118 6.7% (95) 0 0 $15.95

Coral Gables 298 2,090,000 102,119 102,119 4.9% (2,592) 0 0 $31.94

Coral Way 194 1,210,573 11,564 11,564 1.0% 30,338 0 0 $24.08

Cypress Creek 117 1,205,064 88,926 88,926 7.4% (20,909) 0 0 $20.08

Delray Beach 246 1,447,534 57,319 58,399 4.0% (3,093) 0 0 $30.75


Downtown Miami 34 1,239,370 139,158 139,158 11.2% (5,844) 0 0 $24.08

Fort Lauderdale 819 5,162,345 397,064 403,730 7.8% 59,144 0 0 $18.36

Hallandale 132 927,141 91,327 91,327 9.9% 17,377 0 0 $24.42

Hollywood 507 3,146,652 157,993 157,993 5.0% 57,387 0 0 $19.84

Jupiter 92 632,842 37,368 37,368 5.9% 10,715 0 0 $22.86

Kendall 293 3,744,162 199,810 199,810 5.3% (35,910) 0 0 $27.18

Medley/Hialeah 272 1,763,254 60,895 60,895 3.5% (3,554) 0 0 $22.61

Miami 502 3,259,870 139,386 140,662 4.3% (13,169) 0 0 $28.64

Miami Airport 198 3,060,020 88,228 90,108 2.9% 33,725 0 0 $23.46

Miami Beach 85 1,156,321 40,281 40,281 3.5% 20,525 0 0 $37.04

Miami Lakes 40 469,945 40,456 40,456 8.6% 9,301 0 0 $20.02

Miami-Dade Central C. 53 259,114 0 0 0.0% 22,538 0 0 $21.35

North Palm Beach 202 1,699,386 62,710 62,710 3.7% 26,899 0 0 $19.93

Northeast Dade 427 3,715,985 269,926 269,926 7.3% (7,175) 0 0 $20.87

NW Broward/Coral Spr. 118 1,532,098 80,209 80,209 5.2% 21,597 0 0 $21.44



Palm Beach 68 696,016 35,376 36,576 5.3% (5,347) 0 0 $24.80

Palm Springs/Lake Wo. 81 372,157 13,828 13,828 3.7% 7,204 0 0 $18.19

Plantation 190 2,174,316 101,661 101,661 4.7% 37,941 0 0 $21.08

Pompano Beach 263 2,088,120 98,603 102,866 4.9% 22,171 0 0 $21.31

Royal Palm Bch/Welli. 33 433,808 23,377 23,377 5.4% 923 0 0 $25.13

Sawgrass Park 11 333,854 0 0 0.0% 0 0 0 $20.81

South Dade 172 899,701 37,260 37,260 4.1% 20,553 0 0 $19.27

Southwest Broward 94 887,126 16,061 16,061 1.8% 21,256 0 0 $27.96

West Miami 268 1,247,286 12,594 12,594 1.0% 8,071 0 0 $21.51

West Palm Beach 537 3,853,647 237,163 237,163 6.2% 45,322 0 0 $22.15

Totals 7,359 58,414,211 3,043,482 3,066,560 5.2% 423,470 0 0 $23.92



Figures at a Glance






Total Office Market Statistics Third Quarter 2016



Aventura 52 2,227,753 95,920 101,186 4.5% (7,677) 0 279,521 $42.58

Biscayne Corridor 123 2,866,036 366,938 366,938 12.8% 29,266 0 8,643 $36.44

Boca Raton 474 17,450,863 2,260,216 2,327,802 13.3% 281,751 0 0 $28.97

Boynton/Lantana 203 2,750,007 404,755 406,219 14.8% 51,059 18,000 18,000 $24.90

Brickell 71 8,129,471 1,060,693 1,182,385 14.5% 97,834 284,832 130,000 $43.63

Coconut Grove 99 2,041,035 116,684 133,325 6.5% (9,430) 0 131,590 $37.03

Commercial Blvd 49 1,424,712 244,106 244,106 17.1% (51,381) 0 0 $19.62

Coral Gables 444 10,690,096 923,338 937,437 8.8% (29,705) 0 116,825 $37.45

Coral Way 228 2,371,273 47,572 48,072 2.0% 34,907 0 0 $26.51

Cypress Creek 253 8,227,197 1,199,645 1,236,623 15.0% (8,425) 0 0 $23.48

Delray Beach 364 3,939,421 788,253 789,333 20.0% 53,762 23,042 31,969 $23.63


Downtown Miami 81 11,687,275 1,921,480 1,940,414 16.6% (44,516) 0 310,648 $37.47

Fort Lauderdale 990 11,112,297 1,172,313 1,180,979 10.6% 91,292 8,792 0 $22.63

Hallandale 149 1,527,505 109,276 109,276 7.2% 39,725 0 79,600 $24.72

Hollywood 622 6,178,822 424,192 424,192 6.9% 107,138 0 0 $25.22

Jupiter 214 3,551,198 239,384 240,484 6.8% 57,540 13,750 0 $27.99

Kendall 532 11,776,472 1,019,434 1,038,138 8.8% (58,243) 0 118,614 $30.14

Medley/Hialeah 343 4,359,965 336,452 354,780 8.1% 20,129 0 22,136 $25.29

Miami 563 6,691,908 378,272 379,548 5.7% 38,174 0 128,271 $29.65

Miami Airport 419 18,739,388 1,602,682 1,619,039 8.6% 23,909 112,581 302,492 $28.16

Miami Beach 160 4,480,720 217,437 233,411 5.2% 101,441 0 0 $39.46

Miami Lakes 140 3,541,451 677,483 677,483 19.1% 32,435 0 20,640 $23.13

Miami-Dade Central C. 61 435,598 0 0 0.0% 22,538 0 0 $21.35

North Palm Beach 392 8,643,306 578,322 582,307 6.7% 254,147 0 0 $26.73

Northeast Dade 506 6,364,268 734,161 734,161 11.5% 78,347 88,555 81,747 $23.41

NW Broward/Coral Spr. 259 5,119,741 600,421 600,421 11.7% 18,453 11,613 0 $23.60



Palm Beach 158 2,536,584 266,665 271,137 10.7% 10,591 0 0 $44.04

Palm Springs/Lake Wo. 116 1,044,738 60,526 60,526 5.8% 83,024 62,305 0 $25.59

Plantation 346 8,335,784 939,696 987,686 11.8% 235,716 215,000 0 $25.49

Pompano Beach 433 6,261,043 479,387 503,216 8.0% 69,871 22,000 195,268 $22.09

Royal Palm Bch/Welli. 82 1,727,288 133,044 133,044 7.7% 9,430 14,182 17,360 $29.01

Sawgrass Park 67 3,825,574 315,794 337,981 8.8% 159,523 69,377 418,197 $28.42

South Dade 218 2,302,599 161,538 161,538 7.0% 29,696 0 34,480 $21.70


West Miami 310 1,899,491 29,460 29,460 1.6% 18,219 0 0 $22.40

West Palm Beach 805 13,505,661 1,513,528 1,549,660 11.5% (2,588) 0 0 $26.63

Totals 11,242 225,193,100 22,706,014 23,299,327 10.3% 2,208,810 965,503 2,637,457 $29.19



Figures at a Glance






Figures at a Glance

Class A Submarket Statistics Third Quarter 2016



Aventura 11 1,008,394 67,345 70,141 7.0% (12,840) 0 224,689 $46.43

Biscayne Corridor 3 699,000 188,299 188,299 26.9% 17,800 0 0 $41.00

Boca Raton East 16 1,762,186 236,435 248,542 14.1% 39,452 0 0 $32.73

Boca Raton North 25 3,645,971 573,841 588,568 16.1% 86,200 0 0 $28.41

Boca Raton West 26 2,394,296 411,705 422,086 17.6% 52,636 0 0 $39.08

Boynton/Lantana 4 464,649 110,280 110,280 23.7% 8,038 0 0 $22.20

Brickell 15 4,932,565 585,434 639,633 13.0% 198,306 266,832 100,000 $49.00

Coconut Grove 4 547,332 39,589 55,276 10.1% (3,608) 0 115,920 $38.61

Commercial Blvd 3 233,266 37,901 37,901 16.2% 5,281 0 0 $23.85

Coral Gables 30 4,478,641 538,122 547,810 12.2% (42,503) 0 116,825 $40.73

Coral Way 1 84,248 0 0 0.0% 0 0 0 $0.00

Cypress Creek 20 2,396,911 296,647 318,275 13.3% (71,655) 0 0 $27.95

Delray Beach 1 30,845 1,761 1,761 5.7% (1,761) 0 0 $35.27


Downtown Miami 10 5,247,388 913,780 932,714 17.8% (82,524) 0 310,648 $44.26

Fort Lauderdale 6 959,668 221,236 221,236 23.1% (20,608) 0 0 $27.02

Hallandale 0 0 0 0 0.0% 0 0 0 $0.00

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

Hollywood 2 334,447 35,918 35,918 10.7% (5,168) 0 0 $33.72

Jupiter 10 623,384 42,823 43,923 7.0% 5,523 0 0 $38.95

Kendall 15 1,757,858 318,891 324,926 18.5% (10,097) 0 0 $37.49

Medley/Hialeah 6 786,962 134,658 152,986 19.4% (6,157) 0 0 $26.37

Miami 9 1,115,197 124,650 124,650 11.2% 5,847 0 61,906 $30.75

Miami Airport 36 5,333,592 449,677 464,154 8.7% (69,931) 71,581 302,492 $32.77

Miami Beach 7 873,925 30,232 46,206 5.3% (12,527) 0 0 $43.27

Miami Lakes 7 417,048 94,119 94,119 22.6% 16,293 0 0 $27.33

North Palm Beach 21 1,525,782 146,983 150,005 9.8% 33,527 0 0 $33.91

Northeast Dade 2 188,750 22,342 22,342 11.8% 38,032 0 58,747 $31.79

NW Broward/Coral Spr. 10 715,978 135,227 135,227 18.9% 29,398 0 0 $26.68


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

Palm Bch Cty Outlyin. 0 0 0 0 0.0% 0 0 0 $0.00

Palm Beach 0 0 0 0 0.0% 0 0 0 $0.00

Palm Springs/Lake Wo. 1 50,577 0 0 0.0% 26,000 0 0 $29.63

Plantation 16 2,081,795 371,359 409,450 19.7% 179,411 215,000 0 $29.70

Pompano Beach 2 288,653 45,319 61,817 21.4% 511 0 87,068 $27.16

Royal Palm Bch/Welli. 3 124,705 1,034 1,034 0.8% 7,602 0 0 $33.31

Sawgrass Park 15 1,749,071 152,882 168,067 9.6% 114,396 69,377 400,000 $30.76

South Dade 0 0 0 0 0.0% 0 0 0 $0.00

Southwest Broward 32 3,344,281 371,401 399,814 12.0% 64,988 0 64,431 $31.08

West Miami 1 46,118 0 0 0.0% 0 0 0 $23.00

West Palm Beach 10 1,195,797 195,911 204,224 17.1% 2,360 0 0 $29.34

West Palm Beach CBD 16 2,841,262 409,291 419,183 14.8% 1,574 0 0 $37.49

Totals 417 58,746,801 7,760,921 8,150,528 13.9% 666,388 622,790 1,842,726 $35.50








Figures at a Glance

Class B Submarket Statistics Third Quarter 2016



Aventura 27 1,081,351 15,557 18,027 1.7% 10,981 0 54,832 $39.83

Biscayne Corridor 29 1,082,910 97,883 97,883 9.0% (1,169) 0 8,643 $37.37

Boca Raton East 125 2,625,843 212,356 215,020 8.2% 5,809 0 0 $26.97

Boca Raton North 51 3,110,716 494,829 514,377 16.5% 39,536 0 0 $22.85

Boca Raton West 51 1,948,666 254,647 257,047 13.2% 62,002 0 0 $28.25

Boynton/Lantana 75 1,649,629 263,338 264,802 16.1% 35,117 18,000 18,000 $26.28

Brickell 33 2,860,325 468,629 536,122 18.7% (100,472) 18,000 30,000 $36.20

Coconut Grove 25 1,071,641 62,228 62,228 5.8% (15,788) 0 15,670 $34.39

Commercial Blvd 18 605,070 167,087 167,087 27.6% (56,567) 0 0 $19.21

Coral Gables 116 4,121,455 283,097 287,508 7.0% 15,390 0 0 $34.05

Coral Way 33 1,076,452 36,008 36,508 3.4% 4,569 0 0 $28.58

Cypress Creek 116 4,625,222 814,072 829,422 17.9% 84,139 0 0 $21.86

Delray Beach 117 2,461,042 729,173 729,173 29.6% 58,616 23,042 31,969 $22.88


Downtown Miami 37 5,200,517 868,542 868,542 16.7% 43,852 0 0 $30.18

Fort Lauderdale 165 4,990,284 554,013 556,013 11.1% 52,756 8,792 0 $23.46

Hallandale 17 600,364 17,949 17,949 3.0% 22,348 0 79,600 $25.21

Hialeah Gardens 8 176,484 0 0 0.0% 0 0 0 $0.00

Hollywood 113 2,697,723 230,281 230,281 8.5% 54,919 0 0 $27.94

Jupiter 112 2,294,972 159,193 159,193 6.9% 41,302 13,750 0 $26.91

Kendall 224 6,274,452 500,733 513,402 8.2% (12,236) 0 118,614 $27.97

Medley/Hialeah 65 1,809,749 140,899 140,899 7.8% 29,840 0 22,136 $25.53

Miami 52 2,316,841 114,236 114,236 4.9% 45,496 0 66,365 $31.80

Miami Airport 185 10,345,776 1,064,777 1,064,777 10.3% 60,115 41,000 0 $25.99

Miami Beach 68 2,450,474 146,924 146,924 6.0% 93,443 0 0 $38.28

Miami Lakes 93 2,654,458 542,908 542,908 20.5% 6,841 0 20,640 $22.54

North Palm Beach 169 5,418,138 368,629 369,592 6.8% 193,721 0 0 $25.22

Northeast Dade 77 2,459,533 441,893 441,893 18.0% 47,490 88,555 23,000 $24.55

NW Broward/Coral Spr. 131 2,871,665 384,985 384,985 13.4% (32,542) 11,613 0 $22.87



Palm Bch Cty Outlyin. 57 1,082,665 98,295 98,295 9.1% 13,906 0 0 $27.29

Palm Beach 33 757,903 132,994 136,266 18.0% 2,032 0 0 $60.22

Palm Springs/Lake Wo. 34 622,004 46,698 46,698 7.5% 49,820 62,305 0 $29.63

Plantation 140 4,079,673 466,676 476,575 11.7% 18,364 0 0 $22.51

Pompano Beach 168 3,884,270 335,465 338,533 8.7% 47,189 22,000 108,200 $21.37

Royal Palm Bch/Welli. 46 1,168,775 108,633 108,633 9.3% 905 14,182 17,360 $29.59

Sawgrass Park 41 1,742,649 162,912 169,914 9.8% 45,127 0 18,197 $25.64

South Dade 46 1,402,898 124,278 124,278 8.9% 9,143 0 34,480 $22.79


West Miami 41 606,087 16,866 16,866 2.8% 10,148 0 0 $23.47

West Palm Beach 182 3,795,696 528,707 545,235 14.4% (97,529) 0 0 $22.19


Totals 3,466 108,032,088 11,901,611 12,082,239 11.2% 1,118,952 342,713 794,731 $26.23








Figures at a Glance

Class C Submarket Statistics Third Quarter 2016



Aventura 14 138,008 13,018 13,018 9.4% (5,818) 0 0 $33.44

Biscayne Corridor 91 1,084,126 80,756 80,756 7.4% 12,635 0 0 $30.91

Boca Raton East 159 1,446,704 57,761 63,520 4.4% 1,961 0 0 $24.96

Boca Raton North 7 352,877 0 0 0.0% 7,001 0 0 $26.75

Boca Raton West 14 163,604 18,642 18,642 11.4% (12,846) 0 0 $25.03

Boynton/Lantana 124 635,729 31,137 31,137 4.9% 7,904 0 0 $23.13

Brickell 23 336,581 6,630 6,630 2.0% 0 0 0 $22.09

Coconut Grove 70 422,062 14,867 15,821 3.7% 9,966 0 0 $40.53

Commercial Blvd 28 586,376 39,118 39,118 6.7% (95) 0 0 $15.95

Coral Gables 298 2,090,000 102,119 102,119 4.9% (2,592) 0 0 $31.94

Coral Way 194 1,210,573 11,564 11,564 1.0% 30,338 0 0 $24.08

Cypress Creek 117 1,205,064 88,926 88,926 7.4% (20,909) 0 0 $20.08

Delray Beach 246 1,447,534 57,319 58,399 4.0% (3,093) 0 0 $30.75


Downtown Miami 34 1,239,370 139,158 139,158 11.2% (5,844) 0 0 $24.08

Fort Lauderdale 819 5,162,345 397,064 403,730 7.8% 59,144 0 0 $18.36

Hallandale 132 927,141 91,327 91,327 9.9% 17,377 0 0 $24.42

Hialeah Gardens 53 259,114 0 0 0.0% 22,538 0 0 $21.35

Hollywood 507 3,146,652 157,993 157,993 5.0% 57,387 0 0 $19.84

Jupiter 92 632,842 37,368 37,368 5.9% 10,715 0 0 $22.86

Kendall 293 3,744,162 199,810 199,810 5.3% (35,910) 0 0 $27.18

Medley/Hialeah 272 1,763,254 60,895 60,895 3.5% (3,554) 0 0 $22.61

Miami 502 3,259,870 139,386 140,662 4.3% (13,169) 0 0 $28.64

Miami Airport 198 3,060,020 88,228 90,108 2.9% 33,725 0 0 $23.46

Miami Beach 85 1,156,321 40,281 40,281 3.5% 20,525 0 0 $37.04

Miami Lakes 40 469,945 40,456 40,456 8.6% 9,301 0 0 $20.02

North Palm Beach 202 1,699,386 62,710 62,710 3.7% 26,899 0 0 $19.93

Northeast Dade 427 3,715,985 269,926 269,926 7.3% (7,175) 0 0 $20.87

NW Broward/Coral Spr. 118 1,532,098 80,209 80,209 5.2% 21,597 0 0 $21.44



Palm Bch Cty Outlyin. 42 357,487 34,301 35,501 9.9% (7,166) 0 0 $22.58

Palm Beach 26 338,529 1,075 1,075 0.3% 1,819 0 0 $45.60

Palm Springs/Lake Wo. 81 372,157 13,828 13,828 3.7% 7,204 0 0 $18.19

Plantation 190 2,174,316 101,661 101,661 4.7% 37,941 0 0 $21.08

Pompano Beach 263 2,088,120 98,603 102,866 4.9% 22,171 0 0 $21.31

Royal Palm Bch/Welli. 33 433,808 23,377 23,377 5.4% 923 0 0 $25.13

Sawgrass Park 11 333,854 0 0 0.0% 0 0 0 $20.81

South Dade 172 899,701 37,260 37,260 4.1% 20,553 0 0 $19.27

Southwest Broward 94 887,126 16,061 16,061 1.8% 21,256 0 0 $27.96

West Miami 268 1,247,286 12,594 12,594 1.0% 8,071 0 0 $21.51

West Palm Beach 383 2,929,185 162,820 162,820 5.6% 48,592 0 0 $22.12

West Palm Beach CBD 154 924,462 74,343 74,343 8.0% (3,270) 0 0 $22.27

Totals 7,359 58,414,211 3,043,482 3,066,560 5.2% 423,470 0 0 $23.92








Figures at a Glance

Total Office Submarket Statistics Third Quarter 2016



Aventura 52 2,227,753 95,920 101,186 4.5% (7,677) 0 279,521 $42.58

Biscayne Corridor 123 2,866,036 366,938 366,938 12.8% 29,266 0 8,643 $36.44

Boca Raton East 300 5,834,733 506,552 527,082 9.0% 47,222 0 0 $29.35

Boca Raton North 83 7,109,564 1,068,670 1,102,945 15.5% 132,737 0 0 $25.83

Boca Raton West 91 4,506,566 684,994 697,775 15.5% 101,792 0 0 $34.68

Boynton/Lantana 203 2,750,007 404,755 406,219 14.8% 51,059 18,000 18,000 $24.90

Brickell 71 8,129,471 1,060,693 1,182,385 14.5% 97,834 284,832 130,000 $43.63

Coconut Grove 99 2,041,035 116,684 133,325 6.5% (9,430) 0 131,590 $37.03

Commercial Blvd 49 1,424,712 244,106 244,106 17.1% (51,381) 0 0 $19.62

Coral Gables 444 10,690,096 923,338 937,437 8.8% (29,705) 0 116,825 $37.45

Coral Way 228 2,371,273 47,572 48,072 2.0% 34,907 0 0 $26.51

Cypress Creek 253 8,227,197 1,199,645 1,236,623 15.0% (8,425) 0 0 $23.48

Delray Beach 364 3,939,421 788,253 789,333 20.0% 53,762 23,042 31,969 $23.63


Downtown Miami 81 11,687,275 1,921,480 1,940,414 16.6% (44,516) 0 310,648 $37.47

Fort Lauderdale 990 11,112,297 1,172,313 1,180,979 10.6% 91,292 8,792 0 $22.63

Hallandale 149 1,527,505 109,276 109,276 7.2% 39,725 0 79,600 $24.72

Hialeah Gardens 61 435,598 0 0 0.0% 22,538 0 0 $21.35

Hollywood 622 6,178,822 424,192 424,192 6.9% 107,138 0 0 $25.22

Jupiter 214 3,551,198 239,384 240,484 6.8% 57,540 13,750 0 $27.99

Kendall 532 11,776,472 1,019,434 1,038,138 8.8% (58,243) 0 118,614 $30.14

Medley/Hialeah 343 4,359,965 336,452 354,780 8.1% 20,129 0 22,136 $25.29

Miami 563 6,691,908 378,272 379,548 5.7% 38,174 0 128,271 $29.65

Miami Airport 419 18,739,388 1,602,682 1,619,039 8.6% 23,909 112,581 302,492 $28.16

Miami Beach 160 4,480,720 217,437 233,411 5.2% 101,441 0 0 $39.46

Miami Lakes 140 3,541,451 677,483 677,483 19.1% 32,435 0 20,640 $23.13

North Palm Beach 392 8,643,306 578,322 582,307 6.7% 254,147 0 0 $26.73

Northeast Dade 506 6,364,268 734,161 734,161 11.5% 78,347 88,555 81,747 $23.41

NW Broward/Coral Spr. 259 5,119,741 600,421 600,421 11.7% 18,453 11,613 0 $23.60



Palm Bch Cty Outlyin. 99 1,440,152 132,596 133,796 9.3% 6,740 0 0 $26.40

Palm Beach 59 1,096,432 134,069 137,341 12.5% 3,851 0 0 $59.96

Palm Springs/Lake Wo. 116 1,044,738 60,526 60,526 5.8% 83,024 62,305 0 $25.59

Plantation 346 8,335,784 939,696 987,686 11.8% 235,716 215,000 0 $25.49

Pompano Beach 433 6,261,043 479,387 503,216 8.0% 69,871 22,000 195,268 $22.09

Royal Palm Bch/Welli. 82 1,727,288 133,044 133,044 7.7% 9,430 14,182 17,360 $29.01

Sawgrass Park 67 3,825,574 315,794 337,981 8.8% 159,523 69,377 418,197 $28.42

South Dade 218 2,302,599 161,538 161,538 7.0% 29,696 0 34,480 $21.70


West Miami 310 1,899,491 29,460 29,460 1.6% 18,219 0 0 $22.40

West Palm Beach 575 7,920,678 887,438 912,279 11.5% (46,577) 0 0 $23.36


Totals 11,242 225,193,100 22,706,014 23,299,327 10.3% 2,208,810 965,503 2,637,457 $29.19








Figures at a Glance

Class A Market Statistics Third Quarter 2016



CBD 56 15,842,009 2,150,954 2,286,532 14.4% 190,734 266,832 410,648 $42.67

Suburban 361 42,904,792 5,609,967 5,863,996 13.7% 475,654 355,958 1,432,078 $32.87

Totals 417 58,746,801 7,760,921 8,150,528 13.9% 666,388 622,790 1,842,726 $35.50


Class B Market Statistics Third Quarter 2016



CBD 378 14,769,224 2,160,764 2,253,191 15.3% (128,364) 35,174 76,077 $31.53

Suburban 3,088 93,262,864 9,740,847 9,829,048 10.5% 1,247,316 307,539 718,654 $25.21

Totals 3,466 108,032,088 11,901,611 12,082,239 11.2% 1,118,952 342,713 794,731 $26.23


Class C Market Statistics Third Quarter 2016



CBD 948 7,376,113 450,574 450,574 6.1% 71,935 0 0 $26.93

Suburban 6,411 51,038,098 2,592,908 2,615,986 5.1% 351,535 0 0 $23.32

Totals 7,359 58,414,211 3,043,482 3,066,560 5.2% 423,470 0 0 $23.92


Class A & B Market Statistics Third Quarter 2016



CBD 434 30,611,233 4,311,718 4,539,723 14.8% 62,370 302,006 486,725 $37.56

Suburban 3,449 136,167,656 15,350,814 15,693,044 11.5% 1,722,970 663,497 2,150,732 $28.14

Totals 3,883 166,778,889 19,662,532 20,232,767 12.1% 1,785,340 965,503 2,637,457 $30.08


Total Office Market Statistics Third Quarter 2016



CBD 1,382 37,987,346 4,762,292 4,990,297 13.1% 134,305 302,006 486,725 $36.29

Suburban 9,860 187,205,754 17,943,722 18,309,030 9.8% 2,074,505 663,497 2,150,732 $27.41

Totals 11,242 225,193,100 22,706,014 23,299,327 10.3% 2,208,810 965,503 2,637,457 $29.19












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®

South Florida United States South Florida United States

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

1999 3q 2001 3q 2003 3q 2005 3q 2007 3q 2009 3q 2011 3q 2013 3q 2015 3q

A B C Total Market

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

2014 3q 2015 3q 2016 3q


97%

3%

Direct Sublet

96%

4%

Direct Sublet

35%52%

13%


1.73

0.73 0.72

0.45

0.200.11

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2016 4q 2017 2q 2017 4q

14%

47%39%


Leasing Activity






Leasing Activity


* Renewal

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

1 Three Brickell City Centre Brickell 110,506 1st Akerman LLP N/A N/A

2 15800 SW 25th St Southwest Broward 91,872 1st Comcast N/A CBRE

3 Two Brickell City Centre Brickell 64,572 3rd WeWork N/A Swire Properties Inc

4 13450 W Sunrise Blvd* Sawgrass Park 58,379 3rd AT&T N/A Cushman & Wake�eld

5 1 SE 3rd Ave Downtown Miami 42,000 1st O�ce of the Attorney General N/A Tower Commercial Real Estate

6 1625 NW 136th Ave* Sawgrass Park 39,813 2nd Core Logic JLL Cushman & Wake�eld

7 1000 Sawgrass Corporate Pky Sawgrass Park 39,605 3rd N/A N/A Avison Young

8 1601 Sawgrass Corporate Pky* Sawgrass Park 38,037 2nd Fidelity National Information Services N/A Taylor & Mathis of Florida, LLC

9 13621 NW 12th St Sawgrass Park 37,209 1st MEDNAX N/A Liberty Property Trust

10 3350 SW 148th Ave Southwest Broward 36,423 3rd N/A N/A Liberty Property Trust

11 880 SW 145th Ave Southwest Broward 36,290 2nd GMMI, Inc. N/A Duke Realty Corporation

12 3040 Universal Blvd* Southwest Broward 34,153 2nd TEVA Pharmaceuticals N/A ComReal Fort Lauderdale

13 6451 N Federal Hwy Fort Lauderdale 33,663 3rd CompHealth N/A Cushman & Wake�eld

14 5875 NW 163rd St Miami Lakes 31,000 3rd Lufthansa N/A CBRE

15 1905 NW Corporate Blvd Boca Raton West 30,367 1st N/A N/A Avison Young

16 8400 NW 36th St* Miami Airport 30,000 3rd TSA Direct Deal Cushman & Wake�eld

17 800 Fairway Dr Pompano Beach 29,309 3rd All Star Recruiting N/A Cushman & Wake�eld

18 400 N Congress Ave West Palm Beach 28,792 1st State Fire Marshall Div N/A Cushman & Wake�eld

19 5500 Village Blvd North Palm Beach 28,186 2nd N/A N/A John C. Bills Properties, Inc.

20 6451 N Federal Hwy* Fort Lauderdale 26,276 2nd Intermedix Corporation Llc N/A N/A

21 13780 SW 26th St* Miami Airport 26,229 2nd San Antonio Medical Ctr N/A Morris Southeast Group, Inc.

22 One Biscayne Tower Downtown Miami 25,472 2nd Zarco, Einhorn, Saokowski, & Brito N/A Taylor & Mathis of Florida, LLC

23 777 Yamato Rd Boca Raton North 25,262 1st N/A N/A Liberty Property Trust

24 801 Northpoint Pky North Palm Beach 23,700 3rd N/A N/A Kowerk Executive Suites

25 6451 N Federal Hwy Fort Lauderdale 23,026 2nd Envision RX N/A Cushman & Wake�eld

26 604 NW 1st St Downtown Miami 23,000 2nd Ernst & Young U.S. LLP CBRE Blanca Commercial Real Estate, Inc.

27 1393 SW 1st St Miami 22,748 1st N/A N/A Barlington Group Real Estate Servic

28 150 S Pine Island Rd Plantation 22,649 2nd Quest Workspaces Newmark Grubb Knight Frank Avison Young

29 3910-3980 RCA Blvd North Palm Beach 22,130 1st N/A N/A John C. Bills Properties, Inc.

30 2400 E Commercial Blvd Fort Lauderdale 21,926 3rd N/A N/A JLL

31 15800 SW 25th St Southwest Broward 21,872 1st Comcast N/A CBRE

32 Brickell World Plaza Brickell 21,319 1st SITEL Worldwide Corporation JLL JLL

33 9130 S Dadeland Blvd Kendall 20,388 3rd N/A N/A Taylor & Mathis of Florida, LLC

34 11780 US Highway 1* North Palm Beach 19,998 1st Nicklaus Design Newmark Grubb Knight Frank; Cushman N/A

35 6100 Blue Lagoon Dr Miami Airport 18,655 1st N/A N/A Taylor & Mathis of Florida, LLC

36 4000 N State Road 7 Commercial Blvd 18,160 2nd N/A N/A Sopher Realty

37 1350 E Newport Center Dr Pompano Beach 18,084 3rd N/A N/A NAI/Merin Hunter Codman, Inc.

38 5875 NW 163rd St Miami Lakes 18,000 3rd Logistics Care N/A CBRE

39 111 NW 183rd St Northeast Dade 17,794 3rd Center for Family and Children Services N/A CBRE

40 3800-3818 NE 1st Ave Miami 17,500 2nd N/A N/A Dacra Realty, Inc.

Select Top O�ce Leases Based on Leased Square Footage For Deals Signed in 2016






Sales Activity

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From July 2015 - June 2016

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 50,000 SF 424 4,326,022 $932,872,972 215.64$ 6.69%

50K-249K SF

58 5,811,384 $1,091,352,600 187.80$ 7.15%

250K-499K SF

12 3,708,771 $958,450,377 258.43$ 5.83%

>500K SF 1 631,672 $220,000,000 348.28$ 5.90%

Source: CoStar COMPS® Source: CoStar COMPS®

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

Source: CoStar COMPS® Source: CoStar COMPS®

$120

$140

$160

$180

$200

$220

$240

$260

$280

$300

$320

2013 1q 2014 1q 2015 1q 2016 1q

Dol

lars

per

SF

South Florida US

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2013 1q 2014 1q 2015 1q 2016 1q

Millions

of

Sale

s V

olu

me D

ollars

$0

$50

$100

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$200

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Price

/SF

Sales Volume Price/SF

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1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2013 3q 2014 3q 2015 3q

Cap R

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Perc

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$390

$440

$490

$540

$590

$640

$690

$740

Dolla

rs/SF

Cap Rate Price/SF

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2013 1q 2014 1q 2015 1q 2016 1q

Cap R

ate

Perc

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South Florida US






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

Sales Activity

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A v e n t u r a M a r k e t

Deliveries, Absorption & Vacancy Historical Analysis, All Classes


Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates

2016 3q 52 2,227,753 101,186 4.5% 4,915 0 0 3 279,521 $42.58

2016 2q 52 2,227,753 106,101 4.8% (7,360) 0 0 3 279,521 $41.98

2016 1q 52 2,227,753 98,741 4.4% (5,232) 0 0 1 40,000 $43.10

2015 4q 52 2,227,753 93,509 4.2% 31,640 0 0 0 0 $40.60

2015 3q 52 2,227,753 125,149 5.6% 13,535 0 0 0 0 $39.35

2015 2q 52 2,227,753 138,684 6.2% 30,257 0 0 0 0 $39.07

2015 1q 52 2,227,753 168,941 7.6% 31,132 0 0 0 0 $39.64

2014 4q 52 2,227,753 200,073 9.0% 16,032 1 41,372 0 0 $39.27

2014 3q 51 2,186,381 174,733 8.0% 240 0 0 1 41,372 $39.33

2014 2q 51 2,186,381 174,973 8.0% 31,199 0 0 1 41,372 $38.91

2014 1q 51 2,186,381 206,172 9.4% 22,613 0 0 1 41,372 $38.51

2013 4q 51 2,186,381 228,785 10.5% 33,687 0 0 1 41,372 $38.30

2013 3q 51 2,186,381 262,472 12.0% 5,995 0 0 1 41,372 $38.28

2013 2q 51 2,186,381 268,467 12.3% 15,865 0 0 1 41,372 $37.65

2013 1q 51 2,186,381 284,332 13.0% (4,926) 2 114,020 1 41,372 $37.02

2012 4q 49 2,072,361 165,386 8.0% 17,080 0 0 2 114,020 $36.30


UC InventoryDelivered InventoryExisting Inventory Vacancy

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

0.140

2013 1q 2013 2q 2013 3q 2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q

Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

aca

nt

Delivered SF Absorption SF Vacancy

$37.00

$38.00

$39.00

$40.00

$41.00

$42.00

$43.00

$44.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







B i s c a y n e C o r r i d o r M a r k e t






2016 3q 123 2,866,036 366,938 12.8% 21,151 0 0 1 8,643 $36.44

2016 2q 123 2,866,036 388,089 13.5% 12,017 0 0 1 8,643 $36.65

2016 1q 123 2,866,036 400,106 14.0% (3,902) 0 0 1 8,643 $36.49

2015 4q 123 2,866,036 396,204 13.8% 40,001 0 0 1 8,643 $36.05

2015 3q 123 2,866,036 436,205 15.2% 5,527 0 0 1 8,643 $36.08

2015 2q 123 2,866,036 441,732 15.4% 15,517 0 0 1 8,643 $35.73

2015 1q 124 3,036,036 627,249 20.7% 34,780 0 0 0 0 $33.41

2014 4q 125 3,640,182 1,266,175 34.8% (9,480) 0 0 0 0 $32.46

2014 3q 125 3,640,182 1,256,695 34.5% (27,662) 0 0 0 0 $31.10

2014 2q 125 3,640,182 1,229,033 33.8% 34,569 0 0 0 0 $30.45

2014 1q 125 3,640,182 1,263,602 34.7% 77,723 0 0 0 0 $30.76

2013 4q 125 3,640,182 1,341,325 36.8% 7,294 0 0 0 0 $30.84

2013 3q 125 3,640,182 1,348,619 37.0% (26,554) 0 0 0 0 $28.88

2013 2q 125 3,640,182 1,322,065 36.3% (599,307) 0 0 0 0 $28.50

2013 1q 125 3,640,182 722,758 19.9% (8,446) 0 0 0 0 $28.43

2012 4q 125 3,640,182 714,312 19.6% 47,434 0 0 0 0 $27.19



(0.700)

(0.600)

(0.500)

(0.400)

(0.300)

(0.200)

(0.100)

0.000

0.100

0.200


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Perce

nt V

aca

nt


$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

$37.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







B o c a R a t o n M a r k e t






2016 3q 474 17,450,863 2,327,802 13.3% 197,756 0 0 0 0 $28.97

2016 2q 474 17,450,863 2,525,558 14.5% 83,668 0 0 0 0 $28.36

2016 1q 474 17,450,863 2,609,226 15.0% 327 0 0 0 0 $28.27

2015 4q 474 17,450,863 2,609,553 15.0% 42,304 0 0 0 0 $28.20

2015 3q 474 17,450,863 2,651,857 15.2% 15,415 0 0 0 0 $28.20

2015 2q 474 17,450,863 2,667,272 15.3% 156,113 0 0 0 0 $27.62

2015 1q 474 17,450,863 2,823,385 16.2% 3,284 0 0 0 0 $27.14

2014 4q 474 17,450,863 2,826,669 16.2% 213,147 0 0 0 0 $27.01

2014 3q 474 17,450,863 3,039,816 17.4% 9,931 0 0 0 0 $26.85

2014 2q 474 17,450,863 3,049,747 17.5% 160,097 0 0 0 0 $26.49

2014 1q 474 17,450,863 3,209,844 18.4% 120,542 0 0 0 0 $26.25

2013 4q 474 17,450,863 3,330,386 19.1% (15,046) 0 0 0 0 $26.63

2013 3q 474 17,450,863 3,315,340 19.0% (89,702) 0 0 0 0 $26.60

2013 2q 474 17,450,863 3,225,638 18.5% 8,538 0 0 0 0 $26.69

2013 1q 474 17,450,863 3,234,176 18.5% (26,143) 0 0 0 0 $25.69

2012 4q 474 17,450,863 3,208,033 18.4% 135,584 0 0 0 0 $26.37



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt


$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







B o y n t o n / L a n t a n a M a r k e t






2016 3q 203 2,750,007 406,219 14.8% 10,748 1 18,000 1 18,000 $24.90

2016 2q 202 2,732,007 398,967 14.6% 10,504 0 0 2 36,000 $25.42

2016 1q 202 2,732,007 409,471 15.0% 29,807 0 0 2 36,000 $25.39

2015 4q 202 2,732,007 439,278 16.1% 10,085 0 0 2 36,000 $24.91

2015 3q 202 2,732,007 449,363 16.4% 2,406 0 0 0 0 $24.92

2015 2q 202 2,732,007 451,769 16.5% 6,543 0 0 0 0 $25.02

2015 1q 202 2,732,007 458,312 16.8% 34,287 1 11,000 0 0 $25.11

2014 4q 201 2,721,007 481,599 17.7% (2,607) 0 0 1 11,000 $24.94

2014 3q 201 2,721,007 478,992 17.6% (8,091) 0 0 1 11,000 $24.62

2014 2q 201 2,721,007 470,901 17.3% (19,940) 0 0 1 11,000 $24.07

2014 1q 201 2,721,007 450,961 16.6% (29,576) 1 36,000 0 0 $21.96

2013 4q 200 2,685,007 385,385 14.4% 13,213 0 0 1 36,000 $23.15

2013 3q 200 2,685,007 398,598 14.8% 5,520 2 8,832 1 36,000 $23.29

2013 2q 198 2,676,175 395,286 14.8% 13,157 0 0 3 44,832 $23.72

2013 1q 198 2,676,175 408,443 15.3% 9,724 0 0 3 44,832 $23.98

2012 4q 198 2,676,175 418,167 15.6% 38,747 1 27,490 1 6,582 $23.20



(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

aca

nt


$24.60

$24.70

$24.80

$24.90

$25.00

$25.10

$25.20

$25.30

$25.40

$25.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.36

0.37

0.38

0.39

0.40

0.41

0.42

0.43

0.44

0.45

0.46

0.47

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







B r i c k e l l M a r k e t






2016 3q 71 8,129,471 1,182,385 14.5% (9,615) 1 18,000 2 130,000 $43.63

2016 2q 70 8,111,471 1,154,770 14.2% 30,395 0 0 3 148,000 $42.35

2016 1q 70 8,111,471 1,185,165 14.6% 77,054 2 266,832 3 148,000 $41.89

2015 4q 68 7,844,639 995,387 12.7% 56,893 0 0 5 414,832 $41.73

2015 3q 68 7,844,639 1,052,280 13.4% 32,844 0 0 5 414,832 $42.04

2015 2q 68 7,844,639 1,085,124 13.8% 104,760 1 4,250 5 414,832 $41.46

2015 1q 67 7,840,389 1,185,634 15.1% (86,583) 0 0 6 419,082 $40.84

2014 4q 68 7,846,179 1,104,841 14.1% 52,183 0 0 5 319,082 $40.87

2014 3q 68 7,846,179 1,157,024 14.7% (5,106) 0 0 5 319,082 $40.41

2014 2q 68 7,846,179 1,151,918 14.7% 70,060 0 0 4 289,082 $39.60

2014 1q 68 7,846,179 1,221,978 15.6% 3,874 0 0 3 271,082 $39.35

2013 4q 68 7,846,179 1,225,852 15.6% 113,750 0 0 2 266,832 $39.25

2013 3q 68 7,846,179 1,339,602 17.1% (51,236) 0 0 2 266,832 $39.01

2013 2q 68 7,846,179 1,288,366 16.4% 14,006 0 0 2 266,832 $39.42

2013 1q 68 7,846,179 1,302,372 16.6% 119,208 0 0 2 266,832 $39.87

2012 4q 71 7,867,137 1,442,538 18.3% 60,582 0 0 2 266,832 $39.39



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

aca

nt


$39.00

$39.50

$40.00

$40.50

$41.00

$41.50

$42.00

$42.50

$43.00

$43.50

$44.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C o c o n u t G r o v e M a r k e t






2016 3q 99 2,041,035 133,325 6.5% 12,909 0 0 2 131,590 $37.03

2016 2q 99 2,041,035 146,234 7.2% 4,285 0 0 2 131,590 $36.31

2016 1q 99 2,041,035 150,519 7.4% (26,624) 0 0 2 131,590 $37.57

2015 4q 99 2,041,035 123,895 6.1% 7,833 0 0 2 131,590 $37.57

2015 3q 99 2,041,035 131,728 6.5% 10,469 0 0 2 131,590 $34.06

2015 2q 99 2,041,035 142,197 7.0% 243 0 0 2 131,590 $32.87

2015 1q 99 2,041,035 142,440 7.0% (7,433) 0 0 1 15,670 $31.39

2014 4q 99 2,041,035 135,007 6.6% 34,990 0 0 1 15,670 $31.04

2014 3q 99 2,041,035 169,997 8.3% 3,369 0 0 1 15,670 $31.32

2014 2q 99 2,041,035 173,366 8.5% 13,572 0 0 0 0 $30.82

2014 1q 99 2,041,035 186,938 9.2% (18,749) 0 0 0 0 $30.35

2013 4q 99 2,041,035 168,189 8.2% 3,486 0 0 0 0 $30.56

2013 3q 99 2,041,035 171,675 8.4% (34,226) 0 0 0 0 $29.69

2013 2q 99 2,041,035 137,449 6.7% 14,879 0 0 0 0 $29.45

2013 1q 99 2,041,035 152,328 7.5% 34,983 0 0 0 0 $29.70

2012 4q 99 2,041,035 187,311 9.2% 5,305 0 0 0 0 $30.28



(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Perce

nt V

aca

nt


$28.00

$29.00

$30.00

$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

$37.00

$38.00

$39.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C o m m e r c i a l B l v d M a r k e t






2016 3q 49 1,424,712 244,106 17.1% 17,968 0 0 0 0 $19.62

2016 2q 49 1,424,712 262,074 18.4% (23,326) 0 0 0 0 $19.48

2016 1q 49 1,424,712 238,748 16.8% (46,023) 0 0 0 0 $19.53

2015 4q 49 1,424,712 192,725 13.5% 4,532 0 0 0 0 $19.66

2015 3q 49 1,424,712 197,257 13.8% 5,261 0 0 0 0 $18.74

2015 2q 49 1,424,712 202,518 14.2% (2,755) 0 0 0 0 $18.35

2015 1q 49 1,424,712 199,763 14.0% (11,807) 0 0 0 0 $18.29

2014 4q 49 1,424,712 187,956 13.2% 10,526 0 0 0 0 $19.66

2014 3q 49 1,424,712 198,482 13.9% 13,052 0 0 0 0 $17.83

2014 2q 49 1,424,712 211,534 14.8% 10,989 0 0 0 0 $17.79

2014 1q 49 1,424,712 222,523 15.6% (26,649) 0 0 0 0 $17.83

2013 4q 49 1,424,712 195,874 13.7% (3,962) 0 0 0 0 $19.42

2013 3q 49 1,424,712 191,912 13.5% (8,048) 0 0 0 0 $18.32

2013 2q 49 1,424,712 183,864 12.9% (657) 0 0 0 0 $18.78

2013 1q 49 1,424,712 183,207 12.9% (8,436) 0 0 0 0 $17.66

2012 4q 49 1,424,712 174,771 12.3% (18,439) 0 0 0 0 $18.30



(0.050)

(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

aca

nt


$17.50

$18.00

$18.50

$19.00

$19.50

$20.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C o r a l G a b l e s M a r k e t






2016 3q 444 10,690,096 937,437 8.8% 15,138 0 0 2 116,825 $37.45

2016 2q 444 10,690,096 952,575 8.9% (11,555) 0 0 2 116,825 $37.42

2016 1q 444 10,690,096 941,020 8.8% (33,288) 0 0 2 116,825 $37.36

2015 4q 444 10,690,096 907,732 8.5% 38,976 1 5,400 2 116,825 $36.25

2015 3q 443 10,684,696 941,308 8.8% 33,618 0 0 3 122,225 $35.86

2015 2q 443 10,684,696 974,926 9.1% 93,134 0 0 2 66,199 $35.33

2015 1q 443 10,684,696 1,068,060 10.0% 63,928 0 0 2 66,199 $35.07

2014 4q 443 10,684,696 1,131,988 10.6% 5,125 0 0 2 66,199 $34.78

2014 3q 443 10,684,696 1,137,113 10.6% 90,280 0 0 2 66,199 $34.42

2014 2q 443 10,684,696 1,227,393 11.5% 129,595 0 0 2 66,199 $33.84

2014 1q 443 10,684,696 1,356,988 12.7% 26,457 1 6,057 2 66,199 $33.67

2013 4q 442 10,678,639 1,377,388 12.9% 28,403 0 0 2 11,457 $33.45

2013 3q 442 10,678,639 1,405,791 13.2% 138,661 0 0 2 11,457 $32.25

2013 2q 442 10,678,639 1,544,452 14.5% 72,577 0 0 2 11,457 $32.00

2013 1q 442 10,678,639 1,617,029 15.1% 5,211 0 0 0 0 $32.79

2012 4q 442 10,678,639 1,622,240 15.2% 100,939 0 0 0 0 $32.06



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

0.140

0.160


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$33.50

$34.00

$34.50

$35.00

$35.50

$36.00

$36.50

$37.00

$37.50

$38.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C o r a l W a y M a r k e t






2016 3q 228 2,371,273 48,072 2.0% 19,046 0 0 0 0 $26.51

2016 2q 228 2,371,273 67,118 2.8% 6,108 0 0 0 0 $26.82

2016 1q 228 2,371,273 73,226 3.1% 9,753 0 0 0 0 $26.33

2015 4q 228 2,371,273 82,979 3.5% 18 0 0 0 0 $24.73

2015 3q 228 2,371,273 82,997 3.5% 7,113 0 0 0 0 $25.22

2015 2q 228 2,371,273 90,110 3.8% (220) 0 0 0 0 $25.20

2015 1q 228 2,371,273 89,890 3.8% (7,090) 0 0 0 0 $24.70

2014 4q 228 2,371,273 82,800 3.5% 859 0 0 0 0 $23.85

2014 3q 228 2,371,273 83,659 3.5% 14,246 0 0 0 0 $23.76

2014 2q 228 2,371,273 97,905 4.1% 19,564 0 0 0 0 $24.02

2014 1q 228 2,371,273 117,469 5.0% 3,085 0 0 0 0 $24.17

2013 4q 228 2,371,273 120,554 5.1% 2,781 0 0 0 0 $23.97

2013 3q 228 2,371,273 123,335 5.2% 10,211 0 0 0 0 $23.47

2013 2q 228 2,371,273 133,546 5.6% (4,861) 0 0 0 0 $23.64

2013 1q 228 2,371,273 128,685 5.4% 13,572 0 0 0 0 $23.86

2012 4q 228 2,371,273 142,257 6.0% 4,406 1 4,922 0 0 $23.47



(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020

0.025


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Perce

nt V

aca

nt


$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







C y p r e s s C r e e k M a r k e t






2016 3q 253 8,227,197 1,236,623 15.0% (34,555) 0 0 0 0 $23.48

2016 2q 253 8,227,197 1,202,068 14.6% (17,369) 0 0 0 0 $23.42

2016 1q 253 8,227,197 1,184,699 14.4% 43,499 0 0 0 0 $23.28

2015 4q 253 8,227,197 1,228,198 14.9% 76,989 0 0 0 0 $22.90

2015 3q 253 8,227,197 1,305,187 15.9% 18,252 0 0 0 0 $22.93

2015 2q 253 8,227,197 1,323,439 16.1% 137,092 0 0 0 0 $22.52

2015 1q 253 8,227,197 1,460,531 17.8% 37,180 0 0 0 0 $22.34

2014 4q 253 8,227,197 1,497,711 18.2% (23,327) 0 0 0 0 $22.16

2014 3q 253 8,227,197 1,474,384 17.9% 60,036 0 0 0 0 $22.28

2014 2q 253 8,227,197 1,534,420 18.7% (39,748) 0 0 0 0 $21.64

2014 1q 253 8,227,197 1,494,672 18.2% (28,237) 0 0 0 0 $21.61

2013 4q 253 8,227,197 1,466,435 17.8% 27,142 0 0 0 0 $21.50

2013 3q 253 8,227,197 1,493,577 18.2% (25,852) 0 0 0 0 $21.77

2013 2q 253 8,227,197 1,467,725 17.8% (45,320) 0 0 0 0 $21.84

2013 1q 253 8,227,197 1,422,405 17.3% (191,576) 0 0 0 0 $21.94

2012 4q 253 8,227,197 1,230,829 15.0% 29,687 0 0 0 0 $21.76



(0.250)

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

aca

nt


$21.60

$21.80

$22.00

$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







D e l r a y B e a c h M a r k e t






2016 3q 364 3,939,421 789,333 20.0% 33,116 1 7,042 2 31,969 $23.63

2016 2q 364 3,936,379 819,407 20.8% 5,053 0 0 2 14,442 $23.25

2016 1q 364 3,936,379 824,460 20.9% 15,593 2 16,000 2 14,442 $22.97

2015 4q 362 3,920,379 824,053 21.0% (2,778) 0 0 4 30,442 $22.80

2015 3q 362 3,920,379 821,275 20.9% 9,999 0 0 3 23,042 $22.76

2015 2q 362 3,920,379 831,274 21.2% 20,026 0 0 3 23,042 $22.86

2015 1q 362 3,920,379 851,300 21.7% (45,520) 0 0 1 10,000 $22.81

2014 4q 362 3,920,379 805,780 20.6% 39,705 0 0 0 0 $22.68

2014 3q 363 3,925,461 850,567 21.7% 19,682 0 0 0 0 $22.70

2014 2q 363 3,925,461 870,249 22.2% 13,161 0 0 0 0 $22.34

2014 1q 364 3,930,461 888,410 22.6% 3,477 1 6,310 0 0 $22.02

2013 4q 363 3,924,151 885,577 22.6% 26,950 0 0 1 6,310 $22.13

2013 3q 365 4,008,853 997,229 24.9% 10,493 0 0 1 6,310 $21.76

2013 2q 365 4,008,853 1,007,722 25.1% 2,224 0 0 1 6,310 $21.82

2013 1q 365 4,008,853 1,009,946 25.2% (31,138) 1 6,000 1 6,310 $19.97

2012 4q 364 4,002,853 972,808 24.3% 33,935 0 0 1 6,000 $21.57



(0.050)

(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Perce

nt V

aca

nt


$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

$23.80

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.75

0.76

0.77

0.78

0.79

0.80

0.81

0.82

0.83

0.84

0.85

0.86

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







D o w n t o w n F o r t L a u d e r d a l e M a r k e t






2016 3q 596 9,153,490 817,878 8.9% (14,191) 1 17,174 3 46,077 $37.18

2016 2q 595 9,136,316 786,513 8.6% 120,269 0 0 4 63,251 $33.34

2016 1q 595 9,136,316 906,782 9.9% 17,635 0 0 2 44,562 $32.34

2015 4q 596 9,141,135 929,236 10.2% 31,263 1 32,249 2 44,562 $32.00

2015 3q 596 9,110,386 929,750 10.2% 76,565 0 0 3 76,811 $32.25

2015 2q 596 9,110,386 1,006,315 11.0% 52,623 0 0 3 76,811 $31.92

2015 1q 596 9,110,386 1,058,938 11.6% (68,962) 0 0 1 32,249 $31.34

2014 4q 596 9,110,386 989,976 10.9% (11,801) 0 0 1 32,249 $30.57

2014 3q 596 9,110,386 978,175 10.7% 42,255 0 0 0 0 $30.88

2014 2q 596 9,110,386 1,020,430 11.2% 107,668 0 0 0 0 $29.91

2014 1q 597 9,131,914 1,149,626 12.6% 59,922 0 0 0 0 $29.46

2013 4q 600 9,138,370 1,216,004 13.3% 107,187 0 0 0 0 $29.03

2013 3q 600 9,138,370 1,323,191 14.5% 52,707 0 0 0 0 $29.20

2013 2q 600 9,138,370 1,375,898 15.1% 68,111 0 0 0 0 $29.12

2013 1q 600 9,138,370 1,444,009 15.8% 63,054 0 0 0 0 $29.18

2012 4q 600 9,138,370 1,507,063 16.5% 16,663 0 0 0 0 $28.92



(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

aca

nt


$28.00

$29.00

$30.00

$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

$37.00

$38.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







D o w n t o w n M i a m i M a r k e t






2016 3q 81 11,687,275 1,940,414 16.6% 74,005 0 0 2 310,648 $37.47

2016 2q 81 11,687,275 2,014,419 17.2% (47,400) 0 0 2 310,648 $36.76

2016 1q 81 11,687,275 1,967,019 16.8% (71,121) 0 0 2 310,648 $35.77

2015 4q 82 11,706,295 1,914,918 16.4% (15,680) 0 0 2 310,648 $35.32

2015 3q 82 11,706,295 1,899,238 16.2% 10,048 0 0 1 187,000 $35.34

2015 2q 82 11,706,295 1,909,286 16.3% (16,456) 0 0 1 187,000 $34.70

2015 1q 82 11,706,295 1,892,830 16.2% 120,573 0 0 0 0 $33.63

2014 4q 82 11,706,295 2,013,403 17.2% 48,349 0 0 0 0 $33.70

2014 3q 82 11,706,295 2,061,752 17.6% 106,462 0 0 0 0 $33.66

2014 2q 82 11,706,295 2,168,214 18.5% 324,748 1 321,786 0 0 $34.01

2014 1q 81 11,384,509 2,171,176 19.1% 16,375 0 0 1 321,786 $33.75

2013 4q 81 11,384,509 2,187,551 19.2% 29,373 0 0 1 321,786 $33.69

2013 3q 81 11,384,509 2,216,924 19.5% 12,910 0 0 1 321,786 $33.03

2013 2q 81 11,384,509 2,229,834 19.6% 1,034 0 0 0 0 $32.61

2013 1q 81 11,384,509 2,230,868 19.6% (9,382) 0 0 0 0 $31.68

2012 4q 81 11,384,509 2,221,486 19.5% (101,230) 0 0 0 0 $32.34



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300

0.350


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt


$31.00

$32.00

$33.00

$34.00

$35.00

$36.00

$37.00

$38.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

1.80

1.85

1.90

1.95

2.00

2.05

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







F o r t L a u d e r d a l e M a r k e t






2016 3q 990 11,112,297 1,180,979 10.6% 16,946 0 0 0 0 $22.63

2016 2q 990 11,112,297 1,197,925 10.8% 18,092 0 0 0 0 $22.63

2016 1q 990 11,112,297 1,216,017 10.9% 56,254 1 8,792 0 0 $22.36

2015 4q 989 11,103,505 1,263,479 11.4% 52,388 0 0 1 8,792 $22.31

2015 3q 989 11,103,505 1,315,867 11.9% (84,753) 0 0 1 8,792 $23.05

2015 2q 989 11,103,505 1,231,114 11.1% 1,073 0 0 1 8,792 $22.85

2015 1q 989 11,103,505 1,232,187 11.1% 16,615 0 0 1 8,792 $22.52

2014 4q 989 11,103,505 1,248,802 11.2% 151,280 0 0 1 8,792 $22.52

2014 3q 989 11,103,505 1,400,082 12.6% (7,743) 1 6,200 1 8,792 $22.47

2014 2q 988 11,097,305 1,386,139 12.5% 31,511 0 0 2 14,992 $21.63

2014 1q 989 11,114,105 1,434,450 12.9% 34,242 0 0 2 14,992 $21.21

2013 4q 990 11,147,055 1,501,642 13.5% (22,340) 0 0 2 14,992 $20.75

2013 3q 990 11,147,055 1,479,302 13.3% 69,128 0 0 0 0 $20.81

2013 2q 990 11,147,055 1,548,430 13.9% 54,727 1 3,847 0 0 $20.86

2013 1q 989 11,143,208 1,599,310 14.4% 58,093 1 4,060 1 3,847 $19.74

2012 4q 988 11,139,148 1,653,343 14.8% (152,708) 0 0 1 4,060 $20.97



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$21.80

$22.00

$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

1.10

1.15

1.20

1.25

1.30

1.35

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







H a l l a n d a l e M a r k e t






2016 3q 149 1,527,505 109,276 7.2% (905) 0 0 2 79,600 $24.72

2016 2q 149 1,527,505 108,371 7.1% 34,188 0 0 2 79,600 $24.34

2016 1q 149 1,527,505 142,559 9.3% 6,442 0 0 1 39,600 $23.92

2015 4q 149 1,527,505 149,001 9.8% (840) 0 0 0 0 $24.25

2015 3q 149 1,527,505 148,161 9.7% (280) 0 0 0 0 $22.96

2015 2q 149 1,527,505 147,881 9.7% (175) 0 0 0 0 $23.15

2015 1q 149 1,527,505 147,706 9.7% 3,545 0 0 0 0 $23.09

2014 4q 150 1,530,509 154,255 10.1% (3,186) 0 0 0 0 $22.11

2014 3q 150 1,530,509 151,069 9.9% (44,313) 0 0 0 0 $21.42

2014 2q 150 1,530,509 106,756 7.0% (11,575) 0 0 0 0 $21.20

2014 1q 150 1,530,509 95,181 6.2% 4,677 0 0 0 0 $20.52

2013 4q 150 1,530,509 99,858 6.5% 34,544 0 0 0 0 $21.09

2013 3q 150 1,530,509 134,402 8.8% (16,504) 0 0 0 0 $20.61

2013 2q 150 1,530,509 117,898 7.7% 9,101 0 0 0 0 $20.85

2013 1q 150 1,530,509 126,999 8.3% (5,641) 0 0 0 0 $20.02

2012 4q 150 1,530,509 121,358 7.9% (1,217) 0 0 0 0 $20.15



(0.050)

(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







H o l l y w o o d M a r k e t






2016 3q 622 6,178,822 424,192 6.9% 26,852 0 0 0 0 $25.22

2016 2q 622 6,178,822 451,044 7.3% 29,682 0 0 0 0 $24.61

2016 1q 622 6,178,822 480,726 7.8% 50,604 0 0 0 0 $24.34

2015 4q 622 6,178,822 531,330 8.6% 13,583 0 0 0 0 $23.92

2015 3q 622 6,178,822 544,913 8.8% 15,372 0 0 0 0 $23.90

2015 2q 622 6,178,822 560,285 9.1% (50,537) 0 0 0 0 $23.93

2015 1q 622 6,178,822 509,748 8.2% (15,352) 0 0 0 0 $23.40

2014 4q 622 6,178,822 494,396 8.0% (15,893) 0 0 0 0 $22.45

2014 3q 622 6,178,822 478,503 7.7% 25,744 0 0 0 0 $22.81

2014 2q 622 6,178,822 504,247 8.2% 95,862 0 0 0 0 $22.57

2014 1q 622 6,178,822 600,109 9.7% 15,094 0 0 0 0 $22.26

2013 4q 622 6,178,822 615,203 10.0% 49,569 0 0 0 0 $22.37

2013 3q 622 6,178,822 664,772 10.8% (15) 0 0 0 0 $22.67

2013 2q 622 6,178,822 664,757 10.8% (28,166) 0 0 0 0 $22.30

2013 1q 622 6,178,822 636,591 10.3% (28,481) 0 0 0 0 $22.32

2012 4q 622 6,178,822 608,110 9.8% 45,526 0 0 0 0 $22.72



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







J u p i t e r M a r k e t






2016 3q 214 3,551,198 240,484 6.8% 20,248 0 0 0 0 $27.99

2016 2q 214 3,551,198 260,732 7.3% 19,377 1 9,000 0 0 $26.68

2016 1q 213 3,542,198 271,109 7.7% 17,915 1 4,750 1 9,000 $26.40

2015 4q 212 3,537,448 284,274 8.0% 25,422 0 0 2 13,750 $26.56

2015 3q 212 3,537,448 309,696 8.8% 43,149 0 0 2 13,750 $25.60

2015 2q 212 3,537,448 352,845 10.0% 12,892 0 0 2 13,750 $26.06

2015 1q 212 3,537,448 365,737 10.3% 330 0 0 1 4,750 $26.41

2014 4q 212 3,537,448 366,067 10.3% 86,536 4 107,691 1 4,750 $25.82

2014 3q 208 3,429,757 344,912 10.1% 7,528 0 0 5 112,441 $25.92

2014 2q 208 3,429,757 352,440 10.3% (13,721) 0 0 5 112,441 $26.21

2014 1q 208 3,429,757 338,719 9.9% (18,594) 0 0 4 104,441 $25.68

2013 4q 208 3,429,757 320,125 9.3% 14,581 1 12,000 4 104,441 $24.14

2013 3q 207 3,417,757 322,706 9.4% 3,148 0 0 4 111,691 $23.61

2013 2q 207 3,417,757 325,854 9.5% 20,807 0 0 4 111,691 $23.82

2013 1q 207 3,417,757 346,661 10.1% 23,798 0 0 4 111,691 $23.46

2012 4q 207 3,417,757 370,459 10.8% 19,121 0 0 0 0 $21.69



(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







K e n d a l l M a r k e t






2016 3q 532 11,776,472 1,038,138 8.8% 100,723 0 0 3 118,614 $30.14

2016 2q 532 11,776,472 1,138,861 9.7% (78,026) 0 0 2 53,614 $28.82

2016 1q 532 11,776,472 1,060,835 9.0% (80,940) 0 0 2 53,614 $28.62

2015 4q 532 11,776,472 979,895 8.3% 49,102 0 0 1 45,614 $27.57

2015 3q 532 11,776,472 1,028,997 8.7% 53,175 0 0 0 0 $27.65

2015 2q 532 11,776,472 1,082,172 9.2% 118,974 2 60,000 0 0 $27.48

2015 1q 530 11,716,472 1,141,146 9.7% 28,351 1 20,000 2 60,000 $27.93

2014 4q 529 11,696,472 1,149,497 9.8% (5,682) 1 14,128 3 80,000 $28.07

2014 3q 528 11,682,344 1,129,687 9.7% 17,572 1 7,000 4 94,128 $27.83

2014 2q 527 11,675,344 1,140,259 9.8% (67,942) 0 0 4 91,128 $27.31

2014 1q 527 11,675,344 1,072,317 9.2% 14,596 0 0 4 91,128 $27.05

2013 4q 527 11,675,344 1,086,913 9.3% 49,708 0 0 1 7,000 $27.16

2013 3q 527 11,675,344 1,136,621 9.7% (17,588) 0 0 0 0 $26.57

2013 2q 527 11,675,344 1,119,033 9.6% 124,194 1 35,298 0 0 $26.10

2013 1q 526 11,640,046 1,207,929 10.4% 938 0 0 1 35,298 $26.12

2012 4q 526 11,640,046 1,208,867 10.4% 54,222 0 0 1 35,298 $26.46



(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

$30.00

$30.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M e d l e y / H i a l e a h M a r k e t






2016 3q 343 4,359,965 354,780 8.1% (13,198) 0 0 2 22,136 $25.29

2016 2q 343 4,359,965 341,582 7.8% 19,611 0 0 2 22,136 $24.90

2016 1q 343 4,359,965 361,193 8.3% 13,716 0 0 1 20,000 $25.13

2015 4q 344 4,365,565 380,509 8.7% (7,360) 0 0 0 0 $24.09

2015 3q 344 4,365,565 373,149 8.5% (6,932) 0 0 0 0 $23.97

2015 2q 344 4,365,565 366,217 8.4% 11,411 0 0 0 0 $24.00

2015 1q 344 4,365,565 377,628 8.7% 8,834 1 36,942 0 0 $23.68

2014 4q 343 4,328,623 349,520 8.1% (1,367) 0 0 1 36,942 $22.87

2014 3q 343 4,328,623 348,153 8.0% 3,756 0 0 1 36,942 $22.52

2014 2q 343 4,328,623 351,909 8.1% 16,534 0 0 1 36,942 $22.42

2014 1q 343 4,328,623 368,443 8.5% 27,281 0 0 1 36,942 $22.53

2013 4q 343 4,328,623 395,724 9.1% 10,844 0 0 0 0 $23.09

2013 3q 343 4,328,623 406,568 9.4% 67,850 0 0 0 0 $22.55

2013 2q 343 4,328,623 474,418 11.0% 39,411 0 0 0 0 $22.82

2013 1q 344 4,346,623 531,829 12.2% (28,546) 0 0 0 0 $22.23

2012 4q 344 4,346,623 503,283 11.6% 6,513 1 10,078 0 0 $24.18



(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

aca

nt


$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

$25.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.29

0.30

0.31

0.32

0.33

0.34

0.35

0.36

0.37

0.38

0.39

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i M a r k e t






2016 3q 563 6,691,908 379,548 5.7% 39,937 0 0 3 128,271 $29.65

2016 2q 563 6,691,908 419,485 6.3% 14,481 0 0 3 128,271 $28.81

2016 1q 563 6,691,908 433,966 6.5% (16,244) 0 0 3 128,271 $27.78

2015 4q 563 6,691,908 417,722 6.2% 5,053 1 24,299 3 128,271 $27.56

2015 3q 562 6,667,609 398,476 6.0% (28,755) 0 0 4 152,570 $26.72

2015 2q 562 6,667,609 369,721 5.5% 22,641 0 0 3 130,205 $26.39

2015 1q 562 6,667,609 392,362 5.9% 33,765 0 0 2 86,205 $25.73

2014 4q 562 6,667,609 426,127 6.4% (20,849) 0 0 2 86,205 $25.74

2014 3q 562 6,667,609 405,278 6.1% 49,948 0 0 2 86,205 $26.01

2014 2q 562 6,667,609 455,226 6.8% 16,069 0 0 1 24,299 $29.80

2014 1q 562 6,667,609 471,295 7.1% (38,055) 0 0 1 24,299 $28.55

2013 4q 562 6,667,609 433,240 6.5% 18,055 0 0 0 0 $28.13

2013 3q 562 6,667,609 451,295 6.8% 53,254 0 0 0 0 $27.22

2013 2q 562 6,667,609 504,549 7.6% 14,630 2 7,642 0 0 $27.47

2013 1q 561 6,661,967 513,537 7.7% 20,931 0 0 2 7,642 $26.77

2012 4q 562 6,667,047 539,548 8.1% (28,594) 0 0 2 7,642 $25.57



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Perce

nt V

aca

nt


$23.00

$24.00

$25.00

$26.00

$27.00

$28.00

$29.00

$30.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.32

0.34

0.36

0.38

0.40

0.42

0.44

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i A i r p o r t M a r k e t






2016 3q 419 18,739,388 1,619,039 8.6% (92,816) 0 0 2 302,492 $28.16

2016 2q 419 18,739,388 1,526,223 8.1% 24,122 1 71,581 2 302,492 $27.87

2016 1q 418 18,667,807 1,478,764 7.9% 92,603 1 41,000 1 71,581 $25.87

2015 4q 418 18,629,244 1,532,804 8.2% 248,133 0 0 2 112,581 $25.60

2015 3q 419 18,704,177 1,855,870 9.9% 115,488 2 60,000 2 112,581 $25.11

2015 2q 418 18,680,810 1,947,991 10.4% 71,856 0 0 4 172,581 $25.11

2015 1q 418 18,680,810 2,019,847 10.8% (24,035) 0 0 4 172,581 $24.66

2014 4q 418 18,680,810 1,995,812 10.7% 177,139 0 0 3 101,000 $24.17

2014 3q 418 18,680,810 2,172,951 11.6% 96,114 0 0 2 60,000 $23.93

2014 2q 418 18,680,810 2,269,065 12.1% 203,638 1 80,000 2 60,000 $23.88

2014 1q 417 18,600,810 2,392,703 12.9% (25,907) 0 0 2 100,000 $24.26

2013 4q 417 18,600,810 2,366,796 12.7% (7,490) 0 0 2 100,000 $24.33

2013 3q 417 18,600,810 2,359,306 12.7% 44,755 0 0 2 100,000 $24.23

2013 2q 418 18,659,915 2,463,166 13.2% 99,747 0 0 2 100,000 $24.28

2013 1q 418 18,659,915 2,562,913 13.7% 105,588 0 0 2 100,000 $24.04

2012 4q 418 18,659,915 2,668,501 14.3% 4,756 0 0 2 100,000 $24.08



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

$28.00

$29.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.50

1.00

1.50

2.00

2.50

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i B e a c h M a r k e t






2016 3q 160 4,480,720 233,411 5.2% 32,494 0 0 0 0 $39.46

2016 2q 160 4,480,720 265,905 5.9% 63,274 0 0 0 0 $38.73

2016 1q 160 4,480,720 329,179 7.3% 5,673 0 0 0 0 $39.18

2015 4q 160 4,480,720 334,852 7.5% (5,661) 0 0 0 0 $37.28

2015 3q 160 4,480,720 329,191 7.3% 73,157 0 0 0 0 $34.19

2015 2q 160 4,480,720 402,348 9.0% (11,416) 0 0 0 0 $33.19

2015 1q 160 4,480,720 390,932 8.7% 30,198 0 0 0 0 $32.62

2014 4q 160 4,480,720 421,130 9.4% 18,794 0 0 0 0 $32.67

2014 3q 160 4,480,720 439,924 9.8% (18,451) 0 0 0 0 $32.67

2014 2q 160 4,480,720 421,473 9.4% (17,482) 0 0 0 0 $32.66

2014 1q 160 4,480,720 403,991 9.0% 5,424 0 0 0 0 $32.79

2013 4q 160 4,480,720 409,415 9.1% 35,346 0 0 0 0 $32.41

2013 3q 161 4,500,302 464,343 10.3% (12,099) 0 0 0 0 $33.85

2013 2q 161 4,500,302 452,244 10.0% (16,711) 0 0 0 0 $33.73

2013 1q 161 4,500,302 435,533 9.7% (17,779) 0 0 0 0 $32.94

2012 4q 161 4,500,302 417,754 9.3% (814) 0 0 0 0 $33.43



(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

$45.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i L a k e s M a r k e t






2016 3q 140 3,541,451 677,483 19.1% (1,232) 0 0 1 20,640 $23.13

2016 2q 140 3,541,451 676,251 19.1% 84,428 0 0 1 20,640 $23.18

2016 1q 140 3,541,451 760,679 21.5% (50,761) 0 0 0 0 $22.61

2015 4q 140 3,541,451 709,918 20.0% (41,102) 0 0 0 0 $22.84

2015 3q 140 3,541,451 668,816 18.9% 14,494 0 0 0 0 $22.79

2015 2q 140 3,541,451 683,310 19.3% 5,621 0 0 0 0 $22.91

2015 1q 140 3,541,451 688,931 19.5% (22,401) 0 0 0 0 $22.67

2014 4q 140 3,541,451 666,530 18.8% 15,676 0 0 0 0 $22.39

2014 3q 140 3,541,451 682,206 19.3% 44,653 0 0 0 0 $22.12

2014 2q 140 3,541,451 726,859 20.5% (47,585) 0 0 0 0 $22.01

2014 1q 140 3,541,451 679,274 19.2% 65,792 0 0 0 0 $21.98

2013 4q 140 3,541,451 745,066 21.0% (406) 0 0 0 0 $21.65

2013 3q 140 3,541,451 744,660 21.0% 61,462 0 0 0 0 $21.66

2013 2q 140 3,541,451 806,122 22.8% (35,646) 0 0 0 0 $22.25

2013 1q 140 3,541,451 770,476 21.8% 2,879 0 0 0 0 $21.53

2012 4q 140 3,541,451 773,355 21.8% (1,477) 0 0 0 0 $21.65



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100


Millions

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

aca

nt


$22.30

$22.40

$22.50

$22.60

$22.70

$22.80

$22.90

$23.00

$23.10

$23.20

$23.30

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.60

0.62

0.64

0.66

0.68

0.70

0.72

0.74

0.76

0.78

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







M i a m i - D a d e C e n t r a l C o u n t y M a r k e t






2016 3q 61 435,598 0 0.0% 17,314 0 0 0 0 $21.35

2016 2q 61 435,598 17,314 4.0% 2,588 0 0 0 0 $21.58

2016 1q 61 435,598 19,902 4.6% 2,636 0 0 0 0 $21.58

2015 4q 61 435,598 22,538 5.2% (16,721) 0 0 0 0 $21.58

2015 3q 61 435,598 5,817 1.3% 10,660 0 0 0 0 $20.99

2015 2q 61 435,598 16,477 3.8% 0 0 0 0 0 $24.00

2015 1q 61 435,598 16,477 3.8% 0 0 0 0 0 $22.04

2014 4q 61 435,598 16,477 3.8% 0 0 0 0 0 $22.04

2014 3q 61 435,598 16,477 3.8% (1,500) 0 0 0 0 $21.50

2014 2q 61 435,598 14,977 3.4% 5,483 0 0 0 0 $21.50

2014 1q 61 435,598 20,460 4.7% (2,208) 0 0 0 0 $21.50

2013 4q 61 435,598 18,252 4.2% 1,108 0 0 0 0 $19.43

2013 3q 61 435,598 19,360 4.4% 1,204 0 0 0 0 $18.26

2013 2q 61 435,598 20,564 4.7% 9,056 0 0 0 0 $18.52

2013 1q 61 435,598 29,620 6.8% (1,108) 0 0 0 0 $17.83

2012 4q 61 435,598 28,512 6.5% 0 0 0 0 0 $18.41



(0.020)

(0.015)

(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Perce

nt V

aca

nt


$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.01

0.01

0.02

0.02

0.03

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







N o r t h P a l m B e a c h M a r k e t






2016 3q 392 8,643,306 582,307 6.7% 78,338 0 0 0 0 $26.73

2016 2q 392 8,643,306 660,645 7.6% 113,621 0 0 0 0 $26.52

2016 1q 392 8,643,306 774,266 9.0% 62,188 0 0 0 0 $26.05

2015 4q 392 8,643,306 836,454 9.7% 24,225 0 0 0 0 $25.82

2015 3q 392 8,643,306 860,679 10.0% 5,084 0 0 0 0 $25.06

2015 2q 392 8,643,306 865,763 10.0% 69,323 0 0 0 0 $25.46

2015 1q 392 8,643,306 935,086 10.8% 80,804 0 0 0 0 $25.27

2014 4q 392 8,643,306 1,015,890 11.8% 84,481 1 38,405 0 0 $24.64

2014 3q 391 8,604,901 1,061,966 12.3% 80,099 0 0 1 38,405 $24.99

2014 2q 391 8,604,901 1,142,065 13.3% 29,516 0 0 1 38,405 $25.13

2014 1q 391 8,604,901 1,171,581 13.6% 20,053 0 0 0 0 $24.83

2013 4q 391 8,604,901 1,191,634 13.8% (5,581) 0 0 0 0 $25.05

2013 3q 391 8,604,901 1,186,053 13.8% 6,258 0 0 0 0 $23.96

2013 2q 391 8,604,901 1,192,311 13.9% 46,470 0 0 0 0 $23.62

2013 1q 391 8,604,901 1,238,781 14.4% (28,090) 0 0 0 0 $22.25

2012 4q 391 8,604,901 1,210,691 14.1% 49,500 0 0 0 0 $24.16



(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

0.140


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







N o r t h e a s t D a d e M a r k e t






2016 3q 506 6,364,268 734,161 11.5% 70,380 0 0 2 81,747 $23.41

2016 2q 506 6,364,268 804,541 12.6% 46,985 1 88,555 1 23,000 $23.41

2016 1q 505 6,275,713 762,971 12.2% (39,018) 0 0 2 111,555 $23.13

2015 4q 505 6,275,713 723,953 11.5% 32,748 0 0 1 88,555 $22.30

2015 3q 505 6,275,713 756,701 12.1% 109,548 0 0 1 88,555 $22.53

2015 2q 505 6,275,713 866,249 13.8% 5,888 0 0 1 88,555 $22.73

2015 1q 505 6,275,713 872,137 13.9% (117,785) 0 0 1 88,555 $22.62

2014 4q 505 6,275,713 754,352 12.0% (45,499) 0 0 0 0 $22.43

2014 3q 505 6,275,713 708,853 11.3% 66,513 0 0 0 0 $22.39

2014 2q 505 6,275,713 775,366 12.4% 27,461 0 0 0 0 $22.40

2014 1q 505 6,275,713 802,827 12.8% (12,872) 0 0 0 0 $22.19

2013 4q 505 6,275,713 789,955 12.6% (3,356) 0 0 0 0 $22.23

2013 3q 505 6,275,713 786,599 12.5% 147 1 22,680 0 0 $21.69

2013 2q 504 6,253,033 764,066 12.2% 34,477 0 0 1 22,680 $21.54

2013 1q 504 6,253,033 798,543 12.8% 54,550 0 0 1 22,680 $21.15

2012 4q 504 6,253,033 853,093 13.6% (30,405) 1 23,852 1 22,680 $21.80



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$21.60

$21.80

$22.00

$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







N W B r o w a r d / C o r a l S p r i n g s M a r k e t






2016 3q 259 5,119,741 600,421 11.7% 49,942 1 11,613 0 0 $23.60

2016 2q 258 5,108,128 638,750 12.5% 21,874 0 0 1 11,613 $22.82

2016 1q 258 5,108,128 660,624 12.9% (53,363) 0 0 1 11,613 $23.10

2015 4q 258 5,108,128 607,261 11.9% 35,344 0 0 1 11,613 $23.28

2015 3q 258 5,108,128 642,605 12.6% 21,205 0 0 1 11,613 $22.95

2015 2q 258 5,108,128 663,810 13.0% 24,816 0 0 1 11,613 $22.70

2015 1q 258 5,108,128 688,626 13.5% 1,447 0 0 1 11,613 $22.75

2014 4q 258 5,108,128 690,073 13.5% 23,414 0 0 0 0 $22.88

2014 3q 258 5,108,128 713,487 14.0% (4,659) 0 0 0 0 $22.62

2014 2q 258 5,108,128 708,828 13.9% (7,171) 0 0 0 0 $22.37

2014 1q 258 5,108,128 701,657 13.7% 5,875 0 0 0 0 $22.21

2013 4q 258 5,108,128 707,532 13.9% (1,294) 0 0 0 0 $22.50

2013 3q 258 5,108,128 706,238 13.8% 2,987 0 0 0 0 $22.31

2013 2q 258 5,108,128 709,225 13.9% 36,435 0 0 0 0 $22.32

2013 1q 258 5,108,128 745,660 14.6% 28,031 0 0 0 0 $22.72

2012 4q 258 5,108,128 773,691 15.1% 21,395 0 0 0 0 $23.47



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$22.20

$22.40

$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

$23.80

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.54

0.56

0.58

0.60

0.62

0.64

0.66

0.68

0.70

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







O u t l y i n g B r o w a r d C o u n t y M a r k e t






2016 3q 2 28,296 2,802 9.9% 0 0 0 0 0 $33.46

2016 2q 2 28,296 2,802 9.9% 0 0 0 0 0 $32.71

2016 1q 2 28,296 2,802 9.9% (2,802) 0 0 0 0 $32.71

2015 4q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2015 3q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2015 2q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2015 1q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2014 4q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2014 3q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2014 2q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2014 1q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2013 4q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2013 3q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2013 2q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2013 1q 2 28,296 0 0.0% 0 0 0 0 0 $0.00

2012 4q 2 28,296 0 0.0% 0 0 0 0 0 $0.00



(0.003)

(0.003)

(0.002)

(0.002)

(0.001)

(0.001)

0.000


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







O u t l y i n g M i a m i - D a d e C n t y M a r k e t






2016 3q 6 172,432 0 0.0% 0 0 0 0 0 $0.00

2016 2q 6 172,432 0 0.0% 0 0 0 0 0 $0.00

2016 1q 6 172,432 0 0.0% 0 0 0 0 0 $0.00

2015 4q 6 172,432 0 0.0% 0 0 0 0 0 $0.00

2015 3q 6 172,432 0 0.0% 877 0 0 0 0 $15.35

2015 2q 6 172,432 877 0.5% 0 0 0 0 0 $15.35

2015 1q 6 172,432 877 0.5% 0 0 0 0 0 $15.35

2014 4q 6 172,432 877 0.5% 977 0 0 0 0 $0.00

2014 3q 6 172,432 1,854 1.1% (1,854) 0 0 0 0 $17.96

2014 2q 6 172,432 0 0.0% 0 0 0 0 0 $17.96

2014 1q 6 172,432 0 0.0% 0 0 0 0 0 $17.96

2013 4q 6 172,432 0 0.0% 2,300 0 0 0 0 $17.00

2013 3q 6 172,432 2,300 1.3% 0 0 0 0 0 $20.65

2013 2q 6 172,432 2,300 1.3% 710 0 0 0 0 $20.65

2013 1q 6 172,432 3,010 1.7% 0 0 0 0 0 $18.38

2012 4q 6 172,432 3,010 1.7% (710) 0 0 0 0 $21.03



(0.003)

(0.002)

(0.002)

(0.001)

(0.001)

0.000

0.001

0.001

0.002

0.002

0.003

0.003


Millions

SF

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

Perce

nt V

aca

nt


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







P a l m B e a c h M a r k e t






2016 3q 158 2,536,584 271,137 10.7% 6,109 0 0 0 0 $44.04

2016 2q 158 2,536,584 277,246 10.9% 16,668 0 0 0 0 $45.75

2016 1q 158 2,536,584 293,914 11.6% (12,186) 0 0 0 0 $43.51

2015 4q 159 2,562,585 307,729 12.0% 2,254 0 0 0 0 $40.62

2015 3q 159 2,562,585 309,983 12.1% 15,623 0 0 0 0 $41.45

2015 2q 159 2,562,585 325,606 12.7% 11,000 0 0 0 0 $40.17

2015 1q 159 2,562,585 336,606 13.1% 21,056 0 0 0 0 $38.98

2014 4q 159 2,562,585 357,662 14.0% 25,444 0 0 0 0 $38.11

2014 3q 159 2,562,585 383,106 14.9% 4,775 0 0 0 0 $38.36

2014 2q 159 2,562,585 387,881 15.1% 117 0 0 0 0 $33.93

2014 1q 159 2,562,585 387,998 15.1% (2,073) 1 22,000 0 0 $34.41

2013 4q 158 2,540,585 363,925 14.3% (22,787) 0 0 1 22,000 $33.93

2013 3q 158 2,540,585 341,138 13.4% (12,439) 0 0 1 22,000 $33.52

2013 2q 158 2,540,585 328,699 12.9% (2,312) 0 0 1 22,000 $33.60

2013 1q 158 2,540,585 326,387 12.8% 8,237 0 0 1 22,000 $33.70

2012 4q 158 2,540,585 334,624 13.2% 35,605 0 0 1 22,000 $33.85



(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$34.00

$36.00

$38.00

$40.00

$42.00

$44.00

$46.00

$48.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







P a l m S p r i n g s / L a k e W o r t h M a r k e t






2016 3q 116 1,044,738 60,526 5.8% 16,441 0 0 0 0 $25.59

2016 2q 116 1,044,738 76,967 7.4% 64,753 1 62,305 0 0 $27.42

2016 1q 115 982,433 79,415 8.1% 1,830 0 0 1 62,305 $24.69

2015 4q 115 982,433 81,245 8.3% (2,250) 0 0 1 62,305 $24.50

2015 3q 115 982,433 78,995 8.0% 10,148 0 0 1 62,305 $24.41

2015 2q 115 982,433 89,143 9.1% (1,962) 0 0 1 62,305 $23.82

2015 1q 115 982,433 87,181 8.9% 1,038 0 0 1 62,305 $22.01

2014 4q 115 982,433 88,219 9.0% 3,623 0 0 0 0 $21.61

2014 3q 115 982,433 91,842 9.3% 5,919 1 10,942 0 0 $21.69

2014 2q 114 971,491 86,819 8.9% 4,177 0 0 1 10,942 $23.50

2014 1q 114 971,491 90,996 9.4% 3 0 0 1 10,942 $23.72

2013 4q 114 971,491 90,999 9.4% (4,838) 0 0 1 10,942 $23.92

2013 3q 114 971,491 86,161 8.9% 1,703 0 0 1 10,942 $23.47

2013 2q 114 971,491 87,864 9.0% 590 0 0 0 0 $23.51

2013 1q 114 971,491 88,454 9.1% 24,037 0 0 0 0 $21.16

2012 4q 114 971,491 112,491 11.6% (8,483) 0 0 0 0 $24.18



(0.010)

0.000

0.010

0.020

0.030

0.040

0.050

0.060

0.070


Millions

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Perce

nt V

aca

nt


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.10

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







P l a n t a t i o n M a r k e t






2016 3q 346 8,335,784 987,686 11.8% 56,651 0 0 0 0 $25.49

2016 2q 346 8,335,784 1,044,337 12.5% 2,926 0 0 0 0 $25.65

2016 1q 346 8,335,784 1,047,263 12.6% 176,139 1 215,000 0 0 $26.34

2015 4q 345 8,120,784 1,008,402 12.4% (29,915) 0 0 1 215,000 $25.03

2015 3q 345 8,120,784 978,487 12.0% 53,718 0 0 1 215,000 $24.86

2015 2q 345 8,120,784 1,032,205 12.7% 4,774 0 0 1 215,000 $24.58

2015 1q 345 8,120,784 1,036,979 12.8% 20,455 2 53,064 1 215,000 $25.31

2014 4q 343 8,067,720 1,004,370 12.4% 34,645 0 0 2 53,064 $23.90

2014 3q 343 8,067,720 1,039,015 12.9% 40,729 0 0 2 53,064 $23.75

2014 2q 343 8,067,720 1,079,744 13.4% (73,128) 0 0 2 53,064 $23.48

2014 1q 343 8,067,720 1,006,616 12.5% 79,246 0 0 1 38,670 $24.77

2013 4q 343 8,067,720 1,085,862 13.5% 44,644 0 0 1 38,670 $24.11

2013 3q 343 8,067,720 1,130,506 14.0% 13,789 0 0 1 38,670 $24.08

2013 2q 343 8,067,720 1,144,295 14.2% (13,498) 0 0 1 38,670 $24.06

2013 1q 343 8,067,720 1,130,797 14.0% (5,527) 0 0 0 0 $24.07

2012 4q 343 8,067,720 1,125,270 13.9% (13,641) 0 0 0 0 $24.04



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250


Millions

SF

10.5%

11.0%

11.5%

12.0%

12.5%

13.0%

13.5%

14.0%

14.5%

Perce

nt V

aca

nt


$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.88

0.90

0.92

0.94

0.96

0.98

1.00

1.02

1.04

1.06

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







P o m p a n o B e a c h M a r k e t






2016 3q 433 6,261,043 503,216 8.0% (22,221) 0 0 4 195,268 $22.09

2016 2q 433 6,261,043 480,995 7.7% 70,594 1 22,000 2 21,200 $21.43

2016 1q 432 6,239,043 529,589 8.5% 21,498 0 0 3 43,200 $20.76

2015 4q 433 6,243,282 555,326 8.9% 63,968 1 40,000 3 43,200 $20.64

2015 3q 432 6,203,282 579,294 9.3% 8,529 0 0 4 83,200 $20.61

2015 2q 432 6,203,282 587,823 9.5% 71,124 1 1,103 3 79,000 $20.40

2015 1q 431 6,202,179 657,844 10.6% 36,725 1 15,218 3 58,103 $20.30

2014 4q 430 6,186,961 679,351 11.0% 88,414 1 25,018 3 56,321 $20.50

2014 3q 429 6,161,943 742,747 12.1% (17,693) 0 0 3 41,339 $20.41

2014 2q 429 6,161,943 725,054 11.8% 111,843 0 0 2 40,236 $20.37

2014 1q 429 6,161,943 836,897 13.6% 51,561 0 0 2 40,236 $20.27

2013 4q 429 6,161,943 888,458 14.4% 30,370 1 10,563 0 0 $20.16

2013 3q 428 6,151,380 908,265 14.8% (232) 0 0 1 10,563 $20.63

2013 2q 428 6,151,380 908,033 14.8% 17,638 0 0 1 10,563 $20.36

2013 1q 428 6,151,380 925,671 15.0% (43,443) 0 0 1 10,563 $20.06

2012 4q 428 6,151,380 882,228 14.3% 26,500 0 0 0 0 $20.13



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$19.00

$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







R o y a l P a l m B c h / W e l l i n g t o n M a r k e t






2016 3q 82 1,727,288 133,044 7.7% 15,555 1 14,182 1 17,360 $29.01

2016 2q 81 1,713,106 134,417 7.8% (613) 0 0 2 31,542 $27.58

2016 1q 81 1,713,106 133,804 7.8% (5,512) 0 0 1 14,182 $27.41

2015 4q 81 1,713,106 128,292 7.5% 23,832 0 0 1 14,182 $27.37

2015 3q 81 1,713,106 152,124 8.9% 16,680 1 15,200 1 14,182 $29.16

2015 2q 80 1,697,906 153,604 9.0% 12,291 0 0 1 15,200 $27.59

2015 1q 80 1,697,906 165,895 9.8% 3,217 0 0 1 15,200 $26.42

2014 4q 80 1,697,906 169,112 10.0% 17,657 0 0 1 15,200 $25.94

2014 3q 80 1,697,906 186,769 11.0% 12,179 1 7,500 0 0 $26.81

2014 2q 79 1,690,406 191,448 11.3% 5,523 1 7,500 1 7,500 $25.43

2014 1q 78 1,682,906 189,471 11.3% 7,693 0 0 2 15,000 $25.69

2013 4q 78 1,682,906 197,164 11.7% 6,556 0 0 2 15,000 $25.30

2013 3q 78 1,682,906 203,720 12.1% (1,997) 0 0 2 15,000 $26.19

2013 2q 78 1,682,906 201,723 12.0% 11,652 0 0 0 0 $25.17

2013 1q 78 1,682,906 213,375 12.7% 30,849 1 30,000 0 0 $24.03

2012 4q 77 1,652,906 214,224 13.0% 1,203 0 0 1 30,000 $25.41



(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020

0.025

0.030

0.035


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

aca

nt


$25.00

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







S a w g r a s s P a r k M a r k e t






2016 3q 67 3,825,574 337,981 8.8% 41,080 0 0 2 418,197 $28.42

2016 2q 67 3,825,574 379,061 9.9% 44,329 0 0 2 418,197 $28.24

2016 1q 67 3,825,574 423,390 11.1% 74,114 1 69,377 2 418,197 $28.16

2015 4q 66 3,756,197 428,127 11.4% 22,520 0 0 2 469,377 $26.89

2015 3q 66 3,756,197 450,647 12.0% 19,560 0 0 2 469,377 $26.74

2015 2q 66 3,756,197 470,207 12.5% 15,299 0 0 2 469,377 $26.29

2015 1q 66 3,756,197 485,506 12.9% (51,148) 0 0 1 69,377 $26.43

2014 4q 66 3,756,197 434,358 11.6% 6,102 0 0 0 0 $26.23

2014 3q 66 3,756,197 440,460 11.7% 86,019 0 0 0 0 $25.72

2014 2q 66 3,756,197 526,479 14.0% (4,482) 0 0 0 0 $25.60

2014 1q 66 3,756,197 521,997 13.9% 40,717 0 0 0 0 $24.70

2013 4q 66 3,756,197 562,714 15.0% (37,514) 0 0 0 0 $24.57

2013 3q 66 3,756,197 525,200 14.0% 10,839 0 0 0 0 $24.72

2013 2q 66 3,756,197 536,039 14.3% 71,312 0 0 0 0 $25.11

2013 1q 66 3,756,197 607,351 16.2% (36,768) 0 0 0 0 $24.91

2012 4q 66 3,756,197 570,583 15.2% (71,691) 0 0 0 0 $23.99



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

aca

nt


$25.00

$25.50

$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







S o u t h D a d e M a r k e t






2016 3q 218 2,302,599 161,538 7.0% 26,759 0 0 3 34,480 $21.70

2016 2q 218 2,302,599 188,297 8.2% 22,103 0 0 3 34,480 $20.53

2016 1q 218 2,302,599 210,400 9.1% (19,166) 0 0 3 34,480 $20.43

2015 4q 218 2,302,599 191,234 8.3% 8,056 1 6,321 2 18,480 $20.60

2015 3q 217 2,296,278 192,969 8.4% 23,070 0 0 3 24,801 $22.00

2015 2q 217 2,296,278 216,039 9.4% 6,569 1 12,000 2 18,321 $21.31

2015 1q 216 2,284,278 210,608 9.2% 6,878 0 0 3 30,321 $20.84

2014 4q 217 2,286,549 219,757 9.6% (6,807) 0 0 1 12,000 $20.51

2014 3q 217 2,286,549 212,950 9.3% (511) 0 0 0 0 $20.91

2014 2q 217 2,286,549 212,439 9.3% (13,863) 0 0 0 0 $20.34

2014 1q 217 2,286,549 198,576 8.7% 5,101 0 0 0 0 $19.72

2013 4q 217 2,286,549 203,677 8.9% 1,830 0 0 0 0 $19.80

2013 3q 217 2,286,549 205,507 9.0% (5,229) 0 0 0 0 $19.30

2013 2q 217 2,286,549 200,278 8.8% 2,894 0 0 0 0 $19.95

2013 1q 217 2,286,549 203,172 8.9% 1,605 0 0 0 0 $19.98

2012 4q 217 2,286,549 204,777 9.0% (8,273) 0 0 0 0 $19.83



(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$19.50

$20.00

$20.50

$21.00

$21.50

$22.00

$22.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







S o u t h w e s t B r o w a r d M a r k e t






2016 3q 312 8,072,342 556,340 6.9% 61,010 0 0 3 145,379 $28.81

2016 2q 312 8,072,342 617,350 7.6% 117,924 1 4,300 3 145,379 $29.17

2016 1q 311 8,068,042 730,974 9.1% 71,013 0 0 3 78,731 $27.94

2015 4q 311 8,068,042 801,987 9.9% 15,756 1 143,535 1 4,300 $27.78

2015 3q 310 7,924,507 674,208 8.5% (20,533) 0 0 2 147,835 $28.17

2015 2q 310 7,924,507 653,675 8.2% (2,464) 1 40,000 1 143,535 $27.07

2015 1q 309 7,884,507 611,211 7.8% 13,670 0 0 2 183,535 $27.07

2014 4q 309 7,884,507 624,881 7.9% 387,944 1 380,000 2 183,535 $26.32

2014 3q 308 7,504,507 632,825 8.4% (15,577) 0 0 2 420,000 $26.59

2014 2q 308 7,504,507 617,248 8.2% 203,044 0 0 2 420,000 $26.32

2014 1q 308 7,504,507 820,292 10.9% (225,941) 0 0 2 420,000 $25.27

2013 4q 308 7,504,507 594,351 7.9% 25,912 1 31,750 1 380,000 $25.17

2013 3q 307 7,472,757 588,513 7.9% 39,058 0 0 2 411,750 $24.68

2013 2q 307 7,472,757 627,571 8.4% 51,825 0 0 2 411,750 $25.88

2013 1q 307 7,472,757 679,396 9.1% (29,427) 0 0 2 411,750 $26.47

2012 4q 307 7,472,757 649,969 8.7% 106,786 0 0 1 380,000 $26.43



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Perce

nt V

aca

nt


$26.00

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







W e s t M i a m i M a r k e t






2016 3q 310 1,899,491 29,460 1.6% 1,038 0 0 0 0 $22.40

2016 2q 310 1,899,491 30,498 1.6% 14,247 0 0 0 0 $23.71

2016 1q 310 1,899,491 44,745 2.4% 2,934 0 0 0 0 $24.02

2015 4q 310 1,899,491 47,679 2.5% 8,443 0 0 0 0 $23.56

2015 3q 310 1,899,491 56,122 3.0% 15,024 0 0 0 0 $22.81

2015 2q 310 1,899,491 71,146 3.7% 2,349 1 2,400 0 0 $23.81

2015 1q 309 1,897,091 71,095 3.7% (5,436) 0 0 1 2,400 $24.55

2014 4q 309 1,897,091 65,659 3.5% 5,124 0 0 1 2,400 $25.08

2014 3q 309 1,897,091 70,783 3.7% (13,705) 0 0 1 2,400 $23.50

2014 2q 309 1,897,091 57,078 3.0% 8,243 0 0 0 0 $22.99

2014 1q 309 1,897,091 65,321 3.4% 11,392 0 0 0 0 $22.26

2013 4q 309 1,897,091 76,713 4.0% (1,246) 0 0 0 0 $22.32

2013 3q 309 1,897,091 75,467 4.0% (8,863) 0 0 0 0 $22.22

2013 2q 309 1,897,091 66,604 3.5% 5,916 0 0 0 0 $22.56

2013 1q 309 1,897,091 72,520 3.8% (3,350) 0 0 0 0 $23.14

2012 4q 309 1,897,091 69,170 3.6% (9,976) 0 0 0 0 $23.00



(0.020)

(0.015)

(0.010)

(0.005)

0.000

0.005

0.010

0.015

0.020


Millions

SF

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

Perce

nt V

aca

nt


$21.00

$21.50

$22.00

$22.50

$23.00

$23.50

$24.00

$24.50

$25.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF







W e s t P a l m B e a c h M a r k e t






2016 3q 805 13,505,661 1,549,660 11.5% 105,051 0 0 0 0 $26.63

2016 2q 805 13,505,661 1,654,711 12.3% (26,425) 0 0 0 0 $26.24

2016 1q 805 13,505,661 1,628,286 12.1% (81,214) 0 0 0 0 $25.82

2015 4q 805 13,505,661 1,547,072 11.5% 48,813 0 0 0 0 $26.21

2015 3q 805 13,505,661 1,595,885 11.8% 34,674 0 0 0 0 $25.67

2015 2q 805 13,505,661 1,630,559 12.1% 66,736 0 0 0 0 $25.36

2015 1q 805 13,505,661 1,697,295 12.6% 5,033 1 8,200 0 0 $24.73

2014 4q 804 13,497,461 1,694,128 12.6% 17,152 0 0 1 8,200 $25.84

2014 3q 804 13,497,461 1,711,280 12.7% 69,470 0 0 1 8,200 $25.84

2014 2q 804 13,497,461 1,780,750 13.2% 100,769 0 0 1 8,200 $26.02

2014 1q 804 13,497,461 1,881,519 13.9% 23,731 1 7,500 0 0 $25.29

2013 4q 804 13,490,661 1,898,450 14.1% 49,775 0 0 1 7,500 $25.44

2013 3q 805 13,567,661 2,025,225 14.9% (4,873) 0 0 1 7,500 $25.43

2013 2q 805 13,567,661 2,020,352 14.9% 666 0 0 1 7,500 $25.29

2013 1q 805 13,567,661 2,021,018 14.9% (15,085) 0 0 1 7,500 $24.36

2012 4q 805 13,567,661 2,005,933 14.8% 13,808 0 0 0 0 $25.72



(0.100)

(0.050)

0.000

0.050

0.100

0.150


Millions

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

aca

nt


$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2015 1q 2015 3q 2016 1q 2016 3q

Dollars

/SF/Y

ear

1.40

1.45

1.50

1.55

1.60

1.65

1.70

1.75

2015 1q 2015 3q 2016 1q 2016 3q

Millions

SF

Direct SF Sublet SF

CoStar Office Report - Reese On Real Estate · Brickell Market Coconut Grove Market Commercial Blvd...

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