TAMPA DOWNTOWNDEVELOPMENT FORUM

1. Tampa Bay MSA

2. Economic Factors

3. Office Market

4. Retail Market

5. Industrial Market

6. Investment Market

7. Looking Ahead

Table of Contents

Tampa Bay MSA (2010 YTD)

Population 2,722,761

Labor Force 1,307,984

Employment 1,138,512

Unemployment Rate 13.1%

Largest Public Companies Ranked by revenue

Tech DataWholesaler of computer and peripheral equipment

Jabil CircuitManufacturer of printed circuit boards and other electronic equipment

Well Care Health PlansManaged Health Care Plans

Teco EnergyUtilities

Largest Public Companies Ranked by local employees

Hillsborough County School DistrictPublic School System

Pinellas County School DistrictPublic School System

McDill Air Force BaseNational Defense

School Board of Polk CountyPublic School System

University of South FloridaPublic University

Unprecedented run up in demand 2005-2007

Bubble Burst in 2008 – is there a bottom?

Carry-over to mid- 2009

Some stabilization in 2010

Economic Factors

Values are still questionable

Selling a NOI vs. IRR

Lease rates have been challenged

Virtually no new construction

Economic Factors

Office - Tampa Bay MSA (2010 YTD)

Office

Rentable Square Feet 46,583,940

Vacancy 21.4%

Absorption -1,453,069

Average Leasing Rate $21.30

Home building and service sector hit hard

Increased sublease space

Ownership struggle, like tenant, for capital dollars

Tenants’ market.

Office

HOME DEPOT/VANGENT

Exiting base stabilized & diverse

Early renewals – large firm commitments

Growth, Consolidation, Spin-offs

Redevelopment opportunities

Increased profile of downtown

Office - Downtown

Retail - Tampa Bay MSA (2010 YTD)

Retail

Rentable Square Feet 70,781,666

Vacancy 7.2%

Absorption -520,716

Average Leasing Rate $15.57

Consumer confidence, consumption and patterns

have changed.

Big stores - redundant competition

Small stores - razor thin margins

Refocus in established trade area

Retail

REGIONS / CITI / BB&T

FDIC

Growing trade area - increased interest

Restaurants – ‘Fast/Casual’

Increased service sector interest

Higher visibility of CBD as community

Retail – Downtown

Industrial - Tampa Bay MSA (2010 YTD)

Industrial

Rentable Square Feet 141,259,893

Vacancy 9.8%

Absorption -2,435,922

Average Leasing Rate $5.69

Reduced consumer demand has effect

Efficiency of logistical platform increases

Ports and rail will be increasingly important

Trade patterns are changing

Industrial

CEVA LOGISTICSIDI

PREMIER BEVERAGEHIM TAMPA REALTY

Equity/cash readily available

Lack of properties available

Lack of metrics to underwrite debt

REO wildcard in effort to stabilize

Investments

THREE PALMS LLCELCO LANDMARK

500 N WESTSHORE PRICIPLEEOLA CAPITAL

Job creation key to a sustainable recovery

Increased demand will increase fundamentals

Fundamental will underwrite new value

When/How will Florida compete

Looking Ahead