Denver – CO-Office-Market-2021-01

DENVER Q4 2020

MARKET REPORT OFFICE

FULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONS Privately-Owned and Operated for Over 40 Years 303.321.5888 UNIQUEPROP.COM Denver Office

OFFICE MARKET REPORT

Market Key Statistics 2 Leasing 4 Rent 9 Construction 12 Under Construction Properties 14 Sales 16 Sales Past 12 Months 17 Economy 19 Market Submarkets 22 Supply & Demand Trends 26 Rent & Vacancy 28 Sale Trends 30

1/12/2021 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Overview Denver Office

12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 1.3 M (4.2 M) 13.0% -0.1%

Denver has reclaimed nearly two thirds of the jobs lost office market less likely than in past years. That being during April shutdowns, according to November data said, about 50% of space under construction was from the Bureau of Labor Statistics. The nonfarm available for lease near the end of 20Q3. unemployment rate compressed to 6.5%, outperforming the national average. At the start of 2020, Denver's Despite the chaos induced by the coronavirus, in mid- unemployment rate was below 3%, making it one of the March, the Colorado Economic Development tightest job markets in the country. Commission offered economic incentives to two companies considering an expansion in Denver. One of Oil price volatility has already forced a number of drillers the companies is a San Francisco-based tech startup. to shut their wells. When prices last plummeted below Combined, both firms could potentially add roughly 600 $30/barrel in 2016, Denver felt the impact, but downtown high-paying positions to the local economy. Denver received the brunt of the effects. The second quarter was Denver's worst quarterly performance for Denver County has one of the nation's highest absorption in more than a decade, and the third quarter concentrations of jobs in the oil and gas industry, and could be even worse. after oil plummeted to below $20/barrel in March, widespread layoffs could be around the corner. Several Denver's above-average concentration of office-using energy companies already announced significant layoffs jobs appears to have softened the blow to the local prior to the recent plunge in oil prices, including Whiting economy, as many office employees have the capability Petroleum, Occidental Petroleum, and Extraction Oil and to work from home. At the same time, many of Denver's Gas. Many of Denver's energy firms lease office space in oil and gas companies occupy large blocks of office the CBD, and during the last oil shock in 2016, the space in the CBD, which could lead to more volatility in submarket suffered rent losses as vacancies shot up by the office market. 300 basis points.

Denver, and greater Colorado as a whole, was one of With companies competing for talent, high-end office the biggest winners of the last expansion due to its space in burgeoning downtown Denver has given robust workforce, quality of living, and relatively lower employers an edge in the past. Strong demand for 4 & 5 cost of doing business. Tech growth has made the Star space has driven the metro's healthy rent gains. difference for Denver's office market over the past Downtown submarkets are consistently on the decade, and this sector will be a harbinger of the future. leaderboard for rent growth: CBD, LoDo, and Platte River have been outperformers and have been favorites of Several substantial move-outs in early 2020 have put tech companies and other corporate tenants. upward pressure on vacancies, and the one-two punch of record-low oil prices and the novel coronavirus Speculative projects are still prevalent, although overall pandemic casts a cloud of uncertainty in the near term. deliveries are down considerably from cyclical highs On a positive note, the amount of office space under (2017–18). It is not uncommon for at least half of office construction has tapered off since its 2017 peak, which space under construction to be in core downtown would make an outsized supply-side shock to Denver's submarkets, which was the case in early 2020.

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KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction 4 & 5 Star 75,117,374 15.6% $33.92 21.7% (326,681) 0 2,460,932 3 Star 71,649,646 12.4% $25.99 15.7% (310,535) 0 112,117 1 & 2 Star 32,303,843 7.9% $21.04 11.5% (16,491) 0 0 Market 179,070,863 13.0% $28.50 17.5% (653,707) 0 2,573,049

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 3.0% 12.1% 13.0% 16.0% 2003 Q3 7.0% 2000 Q2 Net Absorption SF (4.2 M) 1,382,141 758,970 5,207,629 2000 Q4 (3,610,385) 2020 Q4 Deliveries SF 1.3 M 2,231,916 1,453,278 7,445,750 2001 Q1 500,954 2012 Q1 Rent Growth -0.1% 1.6% 1.6% 12.1% 2007 Q1 -10.2% 2009 Q4 Sales Volume $1.9 B $1.8B N/A $4.2B 2007 Q3 $341.5M 2009 Q4

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With large workplaces allowed to open at 50% of North Carolina. capacity as of May 4, office workers are returning to an The two locally headquartered tenants that vacated 1551 environment conducive to social distancing practices. Wewatta, Gates Corporation and DaVita, moved into new However, many will continue to work from home in the construction projects, both on the border of the LoDo coming months, giving tenants and landlords more time Submarket (Gates at 1144 Fifteenth in the CBD and to ponder the long-term viability of a remote workforce. DaVita at 16 Chestnut in Platte River). For DaVita, which occupied just over half of 1551 Wewatta, the move is Based on historical data since 2000, Denver's office part of a major expansion in the area, as it leased market has never had three consecutive quarters of roughly 350,000 SF at 16 Chestnut. negative absorption. But that streak was broken in 2020 as the market experienced major tenant move-outs. A host of startups have set up operations in the metro in recent years, but a major tech player is also expanding in Denver's office market entered 2020 on a high note. the metro. In 19Q4, Amazon moved into 100,000 SF Even with speculative construction continuing to put (25,000 SF was subleased) at 1515 Wynkoop in LoDo as upward pressure on vacancies, demand was strong it plans to house 400 employees. Two fast-growing tech enough to compress the vacancy rate to cyclical lows by companies from the Bay Area are also expanding in the the end of 2019. About 1.2 million SF delivered, while Denver market: Gusto (formerly Zen Payroll) announced roughly 1.8 million SF of office space was absorbed it will add 1,000 jobs over the next few years while during the year. upping its office footprint by more than 60,000 SF at several locations, and Slack plans to hire over 500 A total of 4.5 million SF of sublease space is available, employees at its new 80,000-SF office at 16 Chestnut. representing a record for the Denver market. Companies that don't have upcoming lease expirations are looking WeWork is all in on Downtown Denver. Dating back to for options to offload space, either due to financial 2018, the embattled co-working provider inked deals for distress, consolidation, or a permanent work-from-home more than 500,000 SF at eight new locations. But after a policy. The significant rise in sublease space is expected failed IPO and the removal of its CEO, many are left to slow the office market's recovery and hinder near- questioning whether WeWork can honor its lease term rent growth. The effects will largely be felt in commitments. The company backed out of a 56,000-SF Downtown Denver, where the vast amount of space is lease at 1660 Lincoln at the end of 2019, and it's not listed. The pace of sublease space coming to market has impossible that more cancellations are coming. not slowed, and sublease levels are expected to rise into 21Q1. At the same time, it's important to remember that WeWork accounts for less than 0.5% of all occupied The office market is also recovering from several office space in the Denver area. Co-working tenants in significant move-outs in 2020. Most notably, TIC general only account for about 1% of office space. And vacated nearly 100,000 SF at Meridian Corporate Center even if the co-working concept proves unsustainable, in Englewood in what was likely a consolidation move. the impact may not be as large as most believe, TIC was acquired by Kiewit in 2008, and the latter is especially if tech tenants decide to jump on vacated building a 260,000-SF regional headquarters in Lone creative office spaces. Tree that is slated to deliver by 2021. In the interim, Kiewit has a 170,000-SF space in Englewood that it Denver's energy sector exposure has impacted occupied in 19Q1. fundamentals in the past—particularly downtown, where industry tenants are clustered. The submarket posted LoDo remains one of Denver's premier office negative net absorption of 900,000 SF from 15Q2 submarkets, and national tenants have shown a through 17Q3 (a period when crude oil prices dipped willingness to pay top dollar for space here in the past. below $40/barrel), while rents declined for the first time This was made clear when a rare, ultra-large block of this cycle. Sublet availabilities also rose sharply during space was pounced on by VF Corp, which inked a deal this time, driven by oil and gas tenants. for all 285,000 SF at 1551 Wewatta on a lease that runs through 2030. The Fortune 260 company, which owns The oversupply of oil, coupled with a dramatic demand outdoor brands The North Face, JanSport, and Altra, slowdown, has put Denver's energy firms in a precarious relocated its headquarters to Denver from Greensboro,

1/12/2021 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 4 Leasing Denver Office position. Several companies announced significant congested for employees, or no longer fit the lifestyle of layoffs in recent quarters due to what were already older millennials with families, companies have found perceived as weaker oil prices. Whiting Petroleum, which plenty of talent in peripheral areas of the metro. signed a lease for 135,000 SF at the Wells Fargo Center in the CBD in 2018 and took occupancy in 2019, laid off Cigna moved into 136,000 SF in the Colorado Blvd/I-25 254 employees this past summer. In February 2020, Submarket in 19Q1, Lockheed Martin occupied 106,000 Extraction Oil and Gas announced it would eliminate SF in the Highlands Ranch Submarket in 19Q1, and tech 20% of employee positions in the state, including jobs at firm Conga settled into 88,000 SF in the Broomfield its downtown headquarters. A slew layoff County Submarket in 19Q2. Major upcoming move-ins announcements followed in March and April. in suburban submarkets over the next 12 months include Newmont Mining taking 145,000 SF in 20Q4 in the Suburban submarkets will continue to play a role in Denver Tech Center and Crocs occupying 88,000 SF in Denver's robust absorption trends. As downtown Broomfield County in 20Q1. submarkets have grown increasingly unaffordable and

NET ABSORPTION, NET DELIVERIES & VACANCY

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VACANCY RATE

AVAILABILITY RATE

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12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

Net Absorption SF Building Name/Address Submarket Bldg SF Vacant SF 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 12 Month Western Union Campus Meridian 192,779 0 0 0 0 0 192,779 Platte 15 Platte River 156,915 23,570 3,918 0 0 0 130,718 Westmoor Technology Park Northwest Denver 205,013 106,596 0 0 0 0 98,417 1144 Fifteenth CBD 672,000 91,319 0 0 0 0 96,012 18th Street Atrium LoDo 117,470 0 0 0 0 0 90,996 UC Health Offices Cherry Creek 89,000 0 0 0 0 0 89,000 ATRIA Broomfield County 88,427 0 0 0 0 0 88,293 Junction 23 Platte River 86,140 0 0 0 0 0 86,140 Belleview Station Denver Tech Center 384,712 304,644 0 0 0 0 80,068 Revolution 360 Platte River 171,000 96,000 0 0 0 0 75,000 3060 Brighton Blvd Platte River 70,000 0 0 0 0 0 70,000 Rampart Center Inverness 66,800 0 0 0 0 0 66,800 Denver Tech Center Denver Tech Center 190,236 0 0 0 0 0 65,940 169 Inverness Dr W Inverness 124,756 53,520 0 0 0 0 64,156 Buell Public Media Center Platte River 60,000 0 0 0 0 0 60,000 Republic Plaza CBD 1,337,504 201,955 (1,512) 0 0 0 54,442 The HUB Platte River 279,317 10,335 0 0 0 0 49,255 Subtotal Primary Competitors 4,292,069 887,939 2,406 0 0 0 1,458,016 Remaining Denver Market 174,778,794 22,308,098 (656,113) 0 0 0 (5,676,911) Total Denver Market 179,070,863 23,196,037 (653,707) 0 0 0 (4,218,895)

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TOP OFFICE LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Qtr Tenant Name Tenant Rep Compa… Leasing Rep Company

ParkRidge Corporate Center Lone Tree 166,303 Q2 20 Lockheed Martin - CBRE

EOS at Interlocken * Broomfield County 125,036 Q1 20 Gogo, Inc. - Newmark

Inverness Business Park * Inverness 99,797 Q2 20 ViaSat - -

Belleview Station Denver Tech Center 72,994 Q3 20 LogistiCare Solutions Kentwood Commercial Cushman & Wakefield

Century Park * Southeast C-470 72,269 Q2 20 United Launch Alliance Savills -

950 17th St * CBD 71,921 Q3 20 Liberty Oilfield Services - Newmark

North Valley North Denver 59,838 Q1 20 - - Newmark

Waterview at Highland Pk Panorama/Highland Park 58,278 Q3 20 Lockheed Martin Savills -

Peakview Tower Greenwood Village 55,438 Q3 20 Delta Dental Of Colorado - -

Gateway Park * East I-70/Montbello 50,000 Q1 20 ePlan Services, Inc. - -

Highland Park * Panorama/Highland Park 49,953 Q3 20 National Cattlemen's Beef… - Colliers International

9th & Colorado Glendale 48,415 Q2 20 NGL Energy Partners LP - Cushman & Wakefield

1700 Broadway Office * CBD 45,778 Q2 20 Colorado Secretary of State JLL CBRE

1401 Lawrence CBD 44,078 Q1 20 Freshworks - CBRE

Meridian Int'l Bus Center Meridian 44,029 Q1 20 EN Engineering Savills Cushman & Wakefield

McGregor Square Office LoDo 43,233 Q4 20 Red Canary JLL McGregor Square

1125 Seventeenth Street * CBD 39,506 Q4 20 JPMorgan Chase Bank, N… - Cushman & Wakefield

Wewatta Office Tower * LoDo 35,474 Q3 20 Dorsey & Whitney LLP CBRE Crestone Partners, LLC

Platte 15 Platte River 35,360 Q1 20 - - Newmark

ParkRidge Corporate Ctr Lone Tree 35,216 Q3 20 Kiewit Savills CBRE

ParkRidge Corporate Ctr Lone Tree 35,216 Q3 20 Cochlear Americas Savills CBRE

Meridian Int'l Bus Center Meridian 34,942 Q4 20 Richey, May & Co. LLP - Cushman & Wakefield

Campus 470 Highlands Ranch 33,992 Q4 20 - - Cushman & Wakefield

Campus 470 Highlands Ranch 33,991 Q4 20 - - Cushman & Wakefield

Campus 470 Highlands Ranch 33,883 Q4 20 - - Cushman & Wakefield

Palazzo Verdi Greenwood Village 33,373 Q4 20 Theia Group Colliers International Cushman & Wakefield

INOVA Corporate Center Inverness 32,638 Q3 20 - - Cushman & Wakefield

50 FIFTY DTC Denver Tech Center 32,106 Q4 20 Healthpeak Properties, Inc. - RISE Commercial Prop…

McGregor Square Office LoDo 31,402 Q4 20 Lewis Roca Rothgerber C… - McGregor Square

JAG Logistics Center at DIA SW DIA/Pena Blvd 31,200 Q3 20 Air General - Cushman & Wakefield

Orchard Falls * Greenwood Village 30,795 Q2 20 98.5 Kygo - Cushman & Wakefield

Meridian Int'l Bus Center Meridian 30,254 Q1 20 AECOM Cushman & Wakefield Cushman & Wakefield

Wewatta Office Tower * LoDo 28,089 Q2 20 Kilpatrick Townsend LLP - Crestone Partners, LLC

Central Park Tower * Broomfield County 27,943 Q1 20 Flatiron Construction - CBRE

1062 Delaware St South Midtown 27,156 Q1 20 Alto Pharmacy Newmark CBRE Renewal

1/12/2021 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 8 Rent Denver Office

Denver's run of robust rent growth has come to an end sizable rent gains during the pandemic. Submarkets with due to the impact of the novel coronavirus and volatility the highest annual rent growth are concentrated in the in the oil sector. Annual rent growth remains positive, but southeast suburban area of Denver, with the Denver gains have steadily decelerated in recent quarters as Tech Center, Meridian, and Highlands Ranch submarkets demand came to a sudden halt and a record level of topping the leaderboard. Speculative construction has availabilities have hit the market, marking a clear remained at a minimum in this part of the city, and a reversal after years of hefty rent hikes. The trailing 12- disparity between rents here and in downtown have month growth of -0.1% represents the slowest annual allowed landlords to push rates more aggressively. rent increase in Denver since 2011, but it still continues to outperform the national average of -1.0%. Looking ahead, recovery from this recession is likely to be slow as the market digests current available inventory Average asking rent growth is still in positive territory, but amid tempered demand, which will continue to put this is likely due to landlords offering concessions and downward pressure on rents over the next few quarters. generous TI allowances rather than lowering base rent. However, tech and aerospace companies have After a decade of explosive growth that favored announced relocations to the Mile High City this year, landlords, current market conditions have tenants gaining even as the movement of people has been restricted more leverage. Weaker rent growth in Denver is across the U.S. At about $28.00/SF, Denver's office expected over the next few quarters. Growing sublease space comes at a substantial discount relative to other availabilities will also put downward pressure on rents as tech markets. In the Bay Area, office rents are more than these spaces are offered at a discount relative to direct twice as much, and in Seattle and Austin, they are about space. On the bright side, the construction pipeline has 35% higher. Denver continues to be an attractive location moderated from highs in 2016–17, which should help for out-of-state companies looking to expand, which minimize supply pressure on the office market. leaves little doubt that the market can return to strong rent growth post-recession. There are a handful of submarkets that have recorded

MARKET RENT GROWTH (YOY)

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MARKET RENT PER SQUARE FEET

4 & 5 STAR EXPENSES PER SF (ANNUAL)

Market / Cluster Utilities Cleaning Insurance Taxes Other Total Denver $0.61 $1.16 $0.21 $5.71 $5.66 $13.35 Aurora $0.92 $1.20 $0.27 $3.11 $4.66 $10.16 Broomfield $0.62 $1.08 $0.23 $5.24 $5.00 $12.17 Clear Creek County $0.34 $0.46 $0.15 $1.35 $2.30 $4.60 Colorado Blvd/Glendale $0.70 $1.48 $0.28 $4.78 $5.88 $13.12 Downtown $0.63 $1.24 $0.22 $7.62 $7.00 $16.71 Midtown $0.52 $1.10 $0.18 $4.56 $6.47 $12.83 North Denver $0.46 $0.97 $0.15 $4.90 $4.51 $10.99 Northeast Denver $0.57 $1.04 $0.18 $4.62 $4.72 $11.13 Northwest Denver $0.57 $1.00 $0.20 $4.85 $4.57 $11.19 Outlying Arapahoe County $0.73 $0.99 $0.31 $10.55 $3.89 $16.47 Outlying Douglas County $0.73 $0.99 $0.31 $4.94 $3.89 $10.86 Parker/Castle Rock $0.82 $1.11 $0.35 $3.61 $3.69 $9.58 Southeast Denver $0.56 $1.17 $0.18 $5.92 $5.67 $13.50 Southwest Denver $0.59 $1.03 $0.20 $2.23 $5.26 $9.31 West Denver $0.61 $0.86 $0.25 $4.90 $3.65 $10.27 Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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3 STAR EXPENSES PER SF (ANNUAL)

Market / Cluster Utilities Cleaning Insurance Taxes Other Total Denver $0.49 $0.97 $0.14 $4.45 $3.83 $9.88 Aurora $0.83 $1.09 $0.11 $3.76 $3.31 $9.10 Broomfield $0.50 $1.00 $0.13 $5.06 $3.62 $10.31 Clear Creek County $0.44 $0.97 $0.13 $2.22 $3.93 $7.69 Colorado Blvd/Glendale $0.61 $1.30 $0.22 $5.39 $4.61 $12.13 Downtown $0.54 $1.10 $0.19 $4.91 $5.64 $12.38 Elbert County $0.35 $0.70 $0.09 $3.02 $2.74 $6.90 Midtown $0.47 $0.97 $0.18 $3.43 $4.58 $9.63 North Denver $0.45 $0.88 $0.12 $4.79 $3.36 $9.60 Northeast Denver $0.44 $0.86 $0.12 $4.73 $3.28 $9.43 Northwest Denver $0.44 $0.87 $0.12 $3.87 $3.16 $8.46 Outlying Arapahoe County $0.50 $0.86 $0.11 $6.27 $3.14 $10.88 Outlying Douglas County $0.39 $0.77 $0.10 $4.83 $3.00 $9.09 Park County $0.45 $0.89 $0.12 $1.59 $3.48 $6.53 Parker/Castle Rock $0.45 $0.89 $0.12 $5.62 $2.94 $10.02 Southeast Denver $0.46 $0.90 $0.12 $4.51 $3.88 $9.87 Southwest Denver $0.45 $0.89 $0.12 $4.53 $3.47 $9.46 West Denver $0.45 $0.90 $0.12 $3.73 $3.32 $8.52 Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

1 & 2 STAR EXPENSES PER SF (ANNUAL)

Market / Cluster Utilities Cleaning Insurance Taxes Other Total Denver $0.44 $0.64 $0.13 $4.12 $2.57 $7.90 Aurora $0.47 $0.51 $0.10 $2.78 $2.59 $6.45 Broomfield $0.40 $0.53 $0.11 $5.36 $1.85 $8.25 Clear Creek County $0.40 $0.56 $0.13 $1.39 $2.81 $5.29 Colorado Blvd/Glendale $0.46 $0.68 $0.17 $5.17 $3.50 $9.98 Downtown $0.51 $0.95 $0.18 $5.33 $3.67 $10.64 Elbert County $0.37 $0.51 $0.10 $2.29 $2.06 $5.33 Gilpin County $0.43 $0.59 $0.11 $0.93 $2.38 $4.44 Midtown $0.47 $0.81 $0.19 $4.26 $2.34 $8.07 North Denver $0.42 $0.55 $0.11 $4.73 $1.58 $7.39 Northeast Denver $0.43 $0.56 $0.11 $3.91 $2.04 $7.05 Northwest Denver $0.42 $0.60 $0.11 $4.43 $2.37 $7.93 Outlying Adams County $0.43 $0.59 $0.11 $2.49 $2.38 $6.00 Outlying Arapahoe County $0.41 $0.55 $0.10 $4.03 $2.86 $7.95 Outlying Douglas County $0.41 $0.57 $0.11 $3.63 $2.29 $7.01 Park County $0.43 $0.59 $0.11 $1.79 $2.40 $5.32 Parker/Castle Rock $0.40 $0.56 $0.11 $4.48 $2.25 $7.80 Southeast Denver $0.42 $0.53 $0.11 $3.86 $3.04 $7.96 Southwest Denver $0.44 $0.59 $0.12 $3.58 $2.18 $6.91 West Denver $0.42 $0.58 $0.11 $3.74 $2.45 $7.30 Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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The expansion of Denver's light rail network has had Co-working has acted as a significant source of demand major implications for office development. Outside of for new-construction in 4 & 5 Star buildings. In core Cherry Creek and Broomfield, every 100,000-plus-SF downtown offices constructed since 2015 or currently office building constructed this cycle has been within one underway, co-working tenants have leased over 600,000 mile of a light rail station, and most are within half a mile. SF, roughly 20% of all leasing activity at these buildings. Since 2013, around 40 light rail stations have opened, and more are under construction. While major suburban In early 2017, Patrinely Group and USAA Real Estate transit-oriented developments have largely been focused Company signaled that their Block 162 project was ready in well-established TOD submarkets in Denver's to move ahead. Site work began around the start of southeastern corridor (where the light rail line opened in 2018, and the foundation was poured towards the end of 2006), developers are faced with an array of new 18Q2, with a late-2020 or 2021 completion timeframe. potential TOD opportunities. Located on the corners of California and 15th streets, it is being designed as a 30-story, 595,000-SF office Development in the past decade has been focused tower. The development is the first large speculative downtown submarkets: CBD, LoDo, and Platte River, project in the core part of the CBD Submarket (as home to the burgeoning RiNo neighborhood. Typically, at opposed to 1144 15th St. on the border of LoDo) since least half of Denver's construction pipeline is the early 1980s. Block 162 will likely serve as a concentrated in core downtown submarkets. barometer for developers eying new projects as the economic environment begins to heal. One of the more notable projects in RiNo is Revolution 360, a 170,000-SF spec office project near the 38th and Numerous speculative developments recently delivered Blake Light Rail station. Pre-pandemic, construction was or are underway in the suburbs, with large projects slated to complete in 2020, and WeWork committed to almost universally located near light rail stations. Fully 65,000 SF. The troubled co-working provider was leased single-tenant properties such as those typical already on the ropes before the coronavirus, backing out earlier in the cycle included the Charles Schwab campus of a 56,000 SF lease at 1660 Linc at the end of 2019. in Lone Tree, the CoBank Center in Greenwood Village, More lease cancellations could be in the offing as offices the Denver Health Administration building in South shutter due to social distancing measures. Midtown, and the FirstBank building in West Denver.

Not far away from Revolution 360, a 280,000-SF mixed- One of the biggest projects in the pipeline, Kiewit's use project in the RiNo district called The HUB was one Regional HQ in Lone Tree, is slated to deliver 260,000 of the biggest deliveries of 2019. The HUB is steps away SF near the Sky Ridge Light Rail station by 2021. Kiewit from the rail station and is fully leased to tenants was part of the redevelopment of Denver's heralded including HomeAdvisor, WeWork, and EverCommerce, Union Station and is also the primary contractor for the serving as a microcosm of Denver's fast-growing tech $1.2 billion I-70 infrastructure project. scene.

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DELIVERIES & DEMOLITIONS

SUBMARKET CONSTRUCTION

Under Construction Inventory Average Building Size

No. Submarket Bldgs SF (000) Pre-Leased SF (000) Pre-Leased % Rank All Existing Under Constr Rank 1 CBD 2 651 76 11.6% 9 210,803 325,730 1 2 Lone Tree 2 392 392 100% 1 47,612 195,927 3 3 LoDo 2 330 229 69.2% 7 51,303 165,103 4 4 Platte River 1 250 3 1.2% 10 44,685 250,402 2 5 Northwest Denver 6 214 200 93.4% 2 14,800 35,749 10 6 Glendale 2 163 113 69.3% 6 44,333 81,533 7 7 Parker/Castle Rock 3 140 129 92.5% 3 13,104 46,500 9 8 Denver Tech Center 1 130 98 75.3% 5 112,892 130,045 5 9 East Hampden 1 104 16 15.3% 8 25,644 104,000 6 10 Cherry Creek 1 75 69 91.6% 4 27,340 75,000 8 All Other 5 123 57 46.2% 25,804 24,605 Totals 26 2,573 1,381 53.7% 32,325 98,963

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Properties Square Feet Percent of Inventory Preleased 26 2,573,049 1.4% 53.7%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Block 162 Patrinely Group, LLC 1 607,987 30 Jun 2018 Feb 2021 675 15th St Patrinely Group, LLC Kiewit Regional HQ - Ph… Kiewit 2 260,121 5 Jun 2019 Feb 2021 Trainstation Cir Kiewit One Platte The Nichols Partnership, Inc. 3 250,402 5 Jan 2020 Feb 2022 1701 Platte St Shorenstein Properties LLC McGregor Square Office McGregor Square 4 203,406 11 Oct 2018 Feb 2021 1901 Wazee St McGregor Square Boulevard 1 One Confluent Development 5 139,065 3 Aug 2019 Mar 2021 Quebec St & Lowry Blvd Confluent Development Kiewit Regional HQ - Ph… Kiewit 6 131,733 4 Jun 2020 Jun 2021 Trainstation Cir Kiewit Vectra Bank Building Front Range Land & Developmen… 7 130,045 9 Dec 2020 Dec 2022 7222 E Layton Ave -

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UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Market Station Continuum Partners LLC 8 126,800 7 Jun 2018 Feb 2021 1601 Market St Continuum Partners LLC Parker Adventist Hospita… Med Development 9 110,000 5 Apr 2020 Feb 2021 9403 Crown Crest Blvd Lillibridge Healthcare Services, Inc. Synergy Medical Center Hill Companies, LLC 10 104,000 5 Jun 2019 Feb 2021 500 E Hampden Ave Hill Companies, LLC 240 Saint Paul St BMC Investments Co, LLC 11 75,000 6 Jun 2020 Jun 2021 Clark Companies, Inc. Ball Corporation - Buildi… Ball Corporation 12 46,500 4 Oct 2019 Feb 2021 W 108th Cir Ball Corporation Ball Corporation - Buildi… Ball Corporation 13 46,500 4 Oct 2019 Feb 2021 W 108th Cir Ball Corporation Ball Corporation - Buildi… Ball Corporation 14 46,500 4 Oct 2019 Feb 2021 W 108th Cir Ball Corporation Ball Corporation - Buildi… Ball Corporation 15 46,500 4 Oct 2019 Feb 2021 W 108th Cir Ball Corporation 1261 Glenham Pl Stonebridge Companies 16 43,473 4 Apr 2019 Feb 2021 Stonebridge Companies Candelas Medical Office… Mortenson Construction 17 42,369 2 Sep 2020 Jul 2021 15389 W 91st Dr Mortenson Construction The Hooper Office/Retail Palisade Partners 18 39,400 - Dec 2019 Mar 2021 2600 Welton St Palisade Partners Boulevard 1 One Confluent Development 19 24,000 2 Aug 2019 Mar 2021 Quebec St & Lowry Blvd Kelmore Development Corporation 1969 Miner St - 20 19,957 2 Aug 2020 Oct 2021 Pinecroft Core Holdings, LLC 5450 Montana Vista Way - 21 16,000 2 Jan 2020 Feb 2021 - 12650 W 54th Dr - 22 14,400 2 Jan 2020 Feb 2021 The Basement Sanctuary Firehouse - 23 14,091 3 Dec 2019 Mar 2021 1900 W 32nd Ave - Founders Marketplace - 24 13,500 1 Dec 2019 Mar 2021 1176 Aloha St - Broomfield Professional… - 25 12,000 2 Jan 2020 Feb 2021 899 US Highway 287 Lamm Developments LTD 100 S Wadsworth Blvd - 26 9,300 2 Aug 2020 Feb 2021 Wall Development Group

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The immediate aftermath of covid shutdowns made it implemented $17 million in capital improvements in 2016. more challenging for investors and lenders to underwrite The building was 70% leased at the time of sale to deals. But things changed in the third quarter, with major tenants including Wells Fargo, WeWork, and Cimarex players making bullish calls on Denver's office market. Energy. More than $700 million traded during the quarter, up from about $130 million in the second quarter. In August, Saudi Aramco acquired CoBank Center from GLL Real Estate Partners for $120 million, or about In September, New York-based Brookfield Office $438/SF. The asset, built in 2015, was fully leased to Properties acquired the 1.2-million-SF Wells Fargo CoBank with 10 years remaining on the lease term. With Center in the CBD from Boston-based Beacon Capital the buyer based out of Saudi Arabia, this marked one of Partners for $450 million, or about $370/SF. Beacon the biggest foreign investments ever recorded in purchased the asset for around $388 million in 2012 and Denver's office market.

SALES VOLUME & MARKET SALE PRICE PER SF

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Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 384 6.4% $252 9.0%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $160,000 $9,229,833 $1,425,000 $450,000,000

Price/SF $13 $252 $189 $3,748

Cap Rate 2.8% 6.4% 6.9% 10.7%

Time Since Sale in Months 0.2 6.1 5.8 12.0

Property Attributes Low Average Median High Building SF 792 34,779 7,500 1,219,058

Stories 1 3 2 52

Typical Floor SF 668 8,948 5,500 66,154

Vacancy Rate At Sale 0% 9.0% 0% 100%

Year Built 1860 1967 1974 2020

Star Rating 2.4

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RECENT SIGNIFICANT SALES

Property Sale

Property Name - Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF Cap Rate Wells Fargo Center 1 - 1983 1,219,058 3.2% 9/4/2020 $450,000,000 $369 - 1700 Lincoln St Johns Manville Plaza 2 - 1978 705,729 5.6% 2/3/2020 $205,000,000 $290 - 717 17th St City Center 3 - 1978 644,122 4.5% 2/3/2020 $195,000,000 $303 - 707 17th St The HUB 4 - 2019 279,317 5.8% 3/16/2020 $167,000,000 $598 5.7% 3601 Walnut St CoBank Center 5 - 2015 274,287 0% 8/3/2020 $120,000,000 $437 - 6340 S Fiddlers Green Cir 4601 DTC Blvd 6 - 1982 249,449 13.8% 3/10/2020 $46,000,000 $184 - 4601 DTC Blvd Larimer Square 7 - 1889 114,936 0% 12/15/2020 $41,746,275 $363 - 1400-1498 Larimer St Larimer Square 8 - 1889 108,389 0% 12/15/2020 $41,320,807 $381 - 1401-1499 Larimer St 3060 Brighton Blvd 9 - 2020 70,000 0% 12/30/2020 $37,605,000 $537 -

The Citadel 10 - 1987 130,652 8.8% 5/6/2020 $33,000,000 $253 - 3200 Cherry Creek South Dr ADT Security Bldg 11 - 2002 131,500 0% 12/22/2020 $22,408,913 $170 - 14200 E Exposition Ave Meridian Campus 2 12 - 2002 198,461 0% 1/14/2020 $20,762,110 $105 - 12510 E Belford Ave Meridian Campus 1 13 - 1999 192,779 100% 1/14/2020 $19,237,890 $100 - 12500 E Belford Ave Triad Orchard Station W… 14 - 1972 144,189 15.3% 2/12/2020 $18,769,586 $130 - 5670 Greenwood Plaza Blvd Triad Orchard Station No… 15 - 1972 138,723 32.0% 2/12/2020 $18,058,057 $130 - 5660 Greenwood Plaza Blvd Triad Orchard Station So… 16 - 1972 131,919 18.7% 2/12/2020 $17,172,357 $130 - 5680 Greenwood Plaza Blvd Terrace at Orchard Station 17 - 1982 115,050 7.3% 10/30/2020 $17,110,500 $149 - 5575 DTC Pky Paper Building 18 - 1896 49,316 0% 12/1/2020 $14,750,000 $299 - 1625-1631 Wazee St The Ridgeline Medical C… 19 - 2001 55,978 0% 3/13/2020 $13,366,118 $239 - 9135 S Ridgeline Blvd 9094 E Mineral Cir 20 - 2000 40,243 0% 5/1/2020 $13,300,000 $330 7.1%

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Denver has reclaimed about two-thirds of the jobs lost coronavirus-induced downturn. Tech employers typically during April shutdowns, according to September data allow the flexibility of telecommuting, and many office- from the Bureau of Labor Statistics. The nonfarm using employers have the capacity to facilitate a work- unemployment rate compressed to 6.5%, outperforming from-home transition. Office-using jobs in Denver have the national average. At the start of 2020, Denver's grown above the national average the past five years at unemployment rate was below 3%, making it one of the about 3% annually. tightest job markets in the country at the time. Government employment has also been consistent, if not Leisure and hospitality still weighed on the labor market pedestrian, in terms of employment growth in the state as employment in the sector was down 16% year-over- capital. The public sector has often been a stabilizing year. Other services, which include many jobs tied to force during past economic downturns. The government retail, were down about 12%. Work-from-home and professional and business services sectors were the industries continue to weather the storm relatively well. only nonfarm job sectors in Denver to grow at or above Information jobs were flat, and professional and business their five-year average in 2019. services were up about 1%. Although education and health services job gains were With a job location quotient near the national average for below their five-year average in 2019, it ranked as the retail and leisure and hospitality, Denver is not overly third-strongest employment growth sector behind exposed to the hardest-hit sectors. Nevertheless, professional and business services and government. Denver International Airport is a key economic driver for Healthcare is seeing a major investment in the $1.3 the region, generating more than $33 billion for the state billion VA hospital in Aurora, the Denver Health in a 5-year span. Administration's new headquarters in South Midtown, and Catalyst's 300,000-SF digital health facility in the Flights have been reduced by up to 90% by several RiNo neighborhood. airlines. Although Denver will not be more affected than most major metros in this regard, it does rely heavily on On the downside, oil and gas companies clustered in in-migration to fuel its labor force growth and overall Denver's CBD are now faced with volatile oil prices that economy, metrics which are expected to decline sharply plunged to 18-year lows in March. The last time oil in the coming months. prices were this weak in 2016, layoffs were widespread throughout the industry. This time, energy companies are The economic impact of the pandemic and shelter-in- faced with dual threats: oversupply due to Saudi Arabia place orders in April dwarfed that of the Great Financial and Russia posturing, and a precipitous fall in demand Crisis, which spanned several years. From 2008-09, as the movement of people and goods becomes Denver lost about 67,000 jobs, or about 100,000 fewer increasingly restricted due to the coronavirus. than reported during April. Even though Denver's overall employment growth Initial unemployment claims in Colorado have climbed showed signs of a slowdown last year along with the past 550,000 since mid-March. But weekly jobless national index, it added tech jobs at an accelerating claims, including gig workers and the self-employed, pace. Employment in Professional, Scientific & Technical continue to fall into July. Services grew by more than 7% annually in 2019, one of the best growth rates in the country. Corporate The last time oil prices fell this low in 2016, the local expansions and relocations by tech companies such as economy felt the impact. An oil price war between Saudi Amazon, Slack, and Conga drove employment gains and Arabia and Russia caused prices to plummet to $20 per epitomize the trend of West Coast firms choosing to barrel in March. The fallout of the demand shock caused expand in Denver for its robust workforce, quality of life, by the coronavirus led to oil prices hitting all-time lows in and cost of doing business. April, even after the U.S. and Mexico agreed to cut oil production along with OPEC+. Oil markets rebounded in Denver has been frequently lauded as a hot destination May, hovering around $30 per barrel. for young, educated job seekers throughout this cycle. Headwinds to this trend could come from housing costs, Denver's emergence as a bona fide technology market which are dramatically higher today for both renters and this cycle has helped insulate it from the impact of the prospective owners. While home prices continue to climb

1/12/2021 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 19 Economy Denver Office into the stratosphere (albeit at a slower rate than the Along with a young, highly educated, and growing labor peak years of this cycle), apartment rent growth has force, the FasTracks transit expansion is another selling moderated alongside elevated levels of construction, point. Transit-oriented development is taking hold which may provide a relief valve for those considering through the metro as additional lines connect downtown the metro for its otherwise robust employment prospects. to North Denver, Aurora, Southeast Denver, and the Denver International Airport.

DENVER EMPLOYMENT BY INDUSTRY IN THOUSANDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 73 0.6 2.30% -3.64% 1.82% 0.66% 0.60% 0.44% Trade, Transportation and Utilities 274 1.0 -2.94% -3.18% 1.85% 0.86% 0.95% 0.67% Retail Trade 135 0.9 -2.02% -2.78% 1.21% 0.48% 0.80% 0.65% Financial Activities 111 1.2 -3.01% -1.26% 2.00% 1.25% 1.30% 0.75% Government 196 0.9 -4.61% -4.11% 1.05% -0.24% 1.32% 0.81% Natural Resources, Mining and Construction 108 1.3 -5.03% -3.29% 4.57% 2.55% 1.77% 1.15% Education and Health Services 191 0.8 -2.73% -4.02% 2.81% 1.55% 2.01% 1.92% Professional and Business Services 286 1.3 -0.23% -4.55% 3.36% 1.88% 1.51% 1.64% Information 51 1.8 -1.18% -5.95% 1.46% 0.07% 0.66% 2.13% Leisure and Hospitality 151 1.1 -13.74% -19.96% 1.55% 0.18% 3.59% 4.65% Other Services 54 0.9 -7.94% -6.95% 1.12% 0.30% 2.00% 1.42% Total Employment 1,496 1.0 -3.89% -5.63% 2.24% 0.92% 1.61% 1.50% Source: Oxford Economics LQ = Location Quotient

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YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics

DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro US Metro US Metro US Metro US Population 3,010,102 330,479,063 1.1% 0.5% 1.6% 0.6% 1.1% 0.5% Households 1,178,016 123,531,594 1.0% 0.4% 1.6% 0.7% 1.1% 0.5% Median Household Income $85,177 $67,415 4.5% 5.9% 3.8% 3.0% 2.3% 2.1% Labor Force 1,708,241 161,467,672 0.6% -1.8% 1.9% 0.5% 1.1% 0.7% Unemployment 6.9% 9.0% 4.4% 5.4% -0.2% 0% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

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DENVER SUBMARKETS

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SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction

No. Submarket Bldgs SF (000) % Market Rank Bldgs SF (000) Percent Rank Bldgs SF (000) Percent Rank 1 Arapahoe Rd 75 1,723 1.0% 27 0 0 0% - 0 - - - 2 Aurora 314 9,063 5.1% 6 0 0 0% - 0 - - - 3 Broomfield County 141 7,038 3.9% 9 0 0 0% - 1 12 0.2% 14 4 Capitol Hill 446 6,391 3.6% 10 1 107 1.7% 3 1 39 0.6% 12 5 CBD 131 27,615 15.4% 1 0 0 0% - 2 651 2.4% 1 6 Centennial 90 3,647 2.0% 17 1 10 0.3% 13 0 - - - 7 Cherry Creek 127 3,472 1.9% 19 1 89 2.6% 4 1 75 2.2% 10 8 Clear Creek County 12 110 0.1% 30 0 0 0% - 1 20 18.1% 13 9 Colorado Blvd/I-25 245 5,728 3.2% 12 0 0 0% - 0 - - - 10 Denver Tech Center 109 12,305 6.9% 3 1 385 3.1% 2 1 130 1.1% 8 11 East Hampden 141 3,616 2.0% 18 1 24 0.7% 9 1 104 2.9% 9 12 East I-70/Montbello 89 3,051 1.7% 23 1 12 0.4% 11 0 - - - 13 Elbert County 22 57 0% 31 0 0 0% - 0 - - - 14 Gilpin County 5 25 0% 33 0 0 0% - 0 - - - 15 Glendale 119 5,276 2.9% 13 1 65 1.2% 5 2 163 3.1% 6 16 Greenwood Village 141 9,711 5.4% 5 1 11 0.1% 12 0 - - - 17 Highlands Ranch 43 2,236 1.2% 25 0 0 0% - 0 - - - 18 Inverness 112 6,125 3.4% 11 0 0 0% - 0 - - - 19 LoDo 166 8,516 4.8% 7 0 0 0% - 2 330 3.9% 3 20 Lone Tree 69 3,285 1.8% 22 2 26 0.8% 8 2 392 11.9% 2 21 Meridian 37 3,455 1.9% 20 0 0 0% - 0 - - - 22 North Denver 185 5,021 2.8% 15 4 53 1.1% 6 0 - - - 23 Northeast Denver 182 2,112 1.2% 26 0 0 0% - 0 - - - 24 Northwest Denver 499 7,385 4.1% 8 1 34 0.5% 7 6 214 2.9% 5 25 Outlying Adams County 5 15 0% 34 0 0 0% - 0 - - - 26 Outlying Arapahoe County 12 224 0.1% 28 0 0 0% - 0 - - - 27 Outlying Douglas County 22 129 0.1% 29 0 0 0% - 0 - - - 28 Panorama/Highland Park 64 3,758 2.1% 16 0 0 0% - 0 - - - 29 Park County 17 56 0% 32 0 0 0% - 0 - - - 30 Parker/Castle Rock 192 2,516 1.4% 24 2 24 0.9% 10 3 140 5.5% 7 31 Platte River 117 5,228 2.9% 14 5 448 8.6% 1 1 250 4.8% 4 32 South Midtown 254 3,380 1.9% 21 0 0 0% - 0 - - - 33 Southwest Denver 579 10,730 6.0% 4 1 5 0% 14 0 - - - 34 West Denver 777 16,053 9.0% 2 0 0 0% - 2 52 0.3% 11

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SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 1 Arapahoe Rd $22.55 27 0.2% 14 -4.8% 27 2 Aurora $22.00 29 -0.4% 22 -5.6% 31 3 Broomfield County $28.38 9 0.1% 15 -2.8% 17 4 Capitol Hill $27.57 12 -0.6% 25 -2.3% 13 5 CBD $34.85 4 -0.8% 29 -3.4% 18 6 Centennial $23.97 23 0.8% 9 -5.6% 30 7 Cherry Creek $37.24 3 0.5% 12 -4.4% 24 8 Clear Creek County $24.68 22 -0.6% 24 -3.9% 19 9 Colorado Blvd/I-25 $26.00 17 -0.3% 19 -5.1% 28 10 Denver Tech Center $29.41 7 1.8% 1 -0.2% 8 11 East Hampden $20.85 34 0.6% 11 -0.2% 7 12 East I-70/Montbello $25.37 21 0% 16 -7.4% 32 13 Elbert County $21.34 32 -0.8% 30 7.0% 3 14 Gilpin County $21.99 30 -0.8% 27 11.4% 1 15 Glendale $26.04 16 -0.4% 21 -8.8% 34 16 Greenwood Village $27.65 11 0.9% 8 0.3% 6 17 Highlands Ranch $27.92 10 1.1% 5 -4.4% 22 18 Inverness $25.43 20 0.7% 10 -4.4% 23 19 LoDo $40.06 2 -1.2% 32 -4.0% 20 20 Lone Tree $30.56 5 0.9% 7 -4.7% 25 21 Meridian $28.61 8 1.1% 4 -1.6% 10 22 North Denver $26.13 15 -0.1% 17 -7.8% 33 23 Northeast Denver $23.13 26 -0.3% 18 -1.4% 9 24 Northwest Denver $23.44 25 0.4% 13 0.3% 5 25 Outlying Adams County $21.39 31 -0.9% 31 10.9% 2 26 Outlying Arapahoe County $25.92 18 -0.7% 26 -1.8% 11 27 Outlying Douglas County $25.85 19 -0.4% 20 -2.8% 16 28 Panorama/Highland Park $27.27 13 1.1% 3 -2.7% 15 29 Park County $22.44 28 -0.5% 23 0.6% 4 30 Parker/Castle Rock $30.15 6 1.3% 2 -4.1% 21 31 Platte River $43.25 1 -1.7% 33 -2.0% 12 32 South Midtown $26.98 14 -0.8% 28 -2.3% 14 33 Southwest Denver $21.01 33 -1.8% 34 -4.8% 26 34 West Denver $23.71 24 1.0% 6 -5.1% 29

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SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 1 Arapahoe Rd 121,938 7.1% 5 (27,314) -1.6% 15 - 2 Aurora 770,089 8.5% 9 (155,579) -1.7% 26 - 3 Broomfield County 831,145 11.8% 18 (139,402) -2.0% 24 - 4 Capitol Hill 635,680 9.9% 16 (86,208) -1.3% 21 - 5 CBD 4,847,689 17.6% 27 (1,049,143) -3.8% 34 - 6 Centennial 606,462 16.6% 26 (291,530) -8.0% 30 - 7 Cherry Creek 444,723 12.8% 20 (66,148) -1.9% 20 - 8 Clear Creek County - - - 0 0% - - 9 Colorado Blvd/I-25 827,284 14.4% 22 (264,441) -4.6% 28 - 10 Denver Tech Center 1,975,026 16.1% 24 130,048 1.1% 2 3.0 11 East Hampden 440,002 12.2% 19 (31,077) -0.9% 17 - 12 East I-70/Montbello 224,366 7.4% 6 (49,309) -1.6% 18 - 13 Elbert County - - - 0 0% - - 14 Gilpin County - - - 7,429 30.1% 7 - 15 Glendale 690,989 13.1% 21 (94,274) -1.8% 23 - 16 Greenwood Village 1,976,364 20.4% 29 (875,369) -9.0% 33 - 17 Highlands Ranch 708,887 31.7% 30 (566,644) -25.3% 32 - 18 Inverness 1,215,452 19.8% 28 (147,809) -2.4% 25 - 19 LoDo 936,886 11.0% 17 (321,579) -3.8% 31 - 20 Lone Tree 316,228 9.6% 15 (86,848) -2.6% 22 - 21 Meridian 322,282 9.3% 13 122,743 3.6% 3 - 22 North Denver 444,896 8.9% 12 13,467 0.3% 6 1.5 23 Northeast Denver 76,309 3.6% 1 22,062 1.0% 5 - 24 Northwest Denver 639,616 8.7% 11 114,827 1.6% 4 0.3 25 Outlying Adams County - - - 0 0% - - 26 Outlying Arapahoe County 19,056 8.5% 10 (12,464) -5.6% 14 - 27 Outlying Douglas County 9,806 7.6% 7 (2,877) -2.2% 13 - 28 Panorama/Highland Park 600,053 16.0% 23 (281,334) -7.5% 29 - 29 Park County 2,400 4.3% 2 0 0% - - 30 Parker/Castle Rock 152,582 6.1% 4 (27,423) -1.1% 16 - 31 Platte River 842,515 16.1% 25 266,754 5.1% 1 1.6 32 South Midtown 157,895 4.7% 3 113 0% 8 - 33 Southwest Denver 818,221 7.6% 8 (59,224) -0.6% 19 - 34 West Denver 1,541,196 9.6% 14 (260,344) -1.6% 27 -

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OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 185,319,300 1,589,101 0.9% 1,650,413 0.9% 1.0 2024 183,730,199 1,412,919 0.8% 1,716,094 0.9% 0.8 2023 182,317,280 1,085,731 0.6% 1,928,728 1.1% 0.6 2022 181,231,549 198,698 0.1% 1,885,711 1.0% 0.1 2021 181,032,851 1,961,988 1.1% (1,042,913) -0.6% - YTD 179,070,863 0 0% (653,707) -0.4% - 2020 179,070,863 1,251,290 0.7% (3,610,385) -2.0% - 2019 177,819,573 1,056,773 0.6% 1,724,949 1.0% 0.6 2018 176,762,800 3,496,466 2.0% 3,156,270 1.8% 1.1 2017 173,266,334 2,351,982 1.4% 1,847,342 1.1% 1.3 2016 170,914,352 988,486 0.6% 1,118,353 0.7% 0.9 2015 169,925,866 1,675,463 1.0% 2,686,682 1.6% 0.6 2014 168,250,403 776,971 0.5% 1,924,139 1.1% 0.4 2013 167,473,432 754,875 0.5% 1,882,629 1.1% 0.4 2012 166,718,557 607,452 0.4% 869,322 0.5% 0.7 2011 166,111,105 384,121 0.2% 1,407,650 0.8% 0.3 2010 165,726,984 907,781 0.6% 2,155,026 1.3% 0.4 2009 164,819,203 1,558,752 1.0% (453,250) -0.3% -

4 & 5 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 82,347,913 1,740,957 2.2% 1,625,540 2.0% 1.1 2024 80,606,956 1,600,981 2.0% 1,576,427 2.0% 1.0 2023 79,005,975 1,319,144 1.7% 1,508,984 1.9% 0.9 2022 77,686,831 488,972 0.6% 1,656,558 2.1% 0.3 2021 77,197,859 2,080,485 2.8% 491,614 0.6% 4.2 YTD 75,117,374 0 0% (326,681) -0.4% - 2020 75,117,374 1,104,237 1.5% (1,886,834) -2.5% - 2019 74,013,137 1,007,990 1.4% 1,872,031 2.5% 0.5 2018 73,005,147 3,695,010 5.3% 3,519,508 4.8% 1.0 2017 69,310,137 2,031,914 3.0% 786,363 1.1% 2.6 2016 67,278,223 789,375 1.2% 168,270 0.3% 4.7 2015 66,488,848 1,368,248 2.1% 1,345,469 2.0% 1.0 2014 65,120,600 904,336 1.4% 1,035,471 1.6% 0.9 2013 64,216,264 929,619 1.5% 1,545,554 2.4% 0.6 2012 63,286,645 563,907 0.9% 308,454 0.5% 1.8 2011 62,722,738 400,813 0.6% 1,331,040 2.1% 0.3 2010 62,321,925 1,153,049 1.9% 2,069,799 3.3% 0.6 2009 61,168,876 1,255,448 2.1% 323,218 0.5% 3.9

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3 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 71,761,763 0 0% 57,600 0.1% 0 2024 71,761,763 0 0% 166,778 0.2% 0 2023 71,761,763 0 0% 407,821 0.6% 0 2022 71,761,763 0 0% 291,019 0.4% 0 2021 71,761,763 112,117 0.2% (1,089,972) -1.5% - YTD 71,649,646 0 0% (310,535) -0.4% - 2020 71,649,646 182,448 0.3% (1,307,286) -1.8% - 2019 71,467,198 114,181 0.2% 183,984 0.3% 0.6 2018 71,353,017 (85,653) -0.1% (332,108) -0.5% - 2017 71,438,670 398,106 0.6% 865,304 1.2% 0.5 2016 71,040,564 302,560 0.4% 808,812 1.1% 0.4 2015 70,738,004 621,716 0.9% 805,664 1.1% 0.8 2014 70,116,288 (11,900) 0% 637,628 0.9% - 2013 70,128,188 (19,940) 0% 490,319 0.7% - 2012 70,148,128 182,852 0.3% 367,320 0.5% 0.5 2011 69,965,276 65,239 0.1% (56,501) -0.1% - 2010 69,900,037 (75,140) -0.1% 170,858 0.2% - 2009 69,975,177 72,416 0.1% (685,227) -1.0% -

1 & 2 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 31,209,624 (151,856) -0.5% (32,727) -0.1% - 2024 31,361,480 (188,062) -0.6% (27,111) -0.1% - 2023 31,549,542 (233,413) -0.7% 11,923 0% - 2022 31,782,955 (290,274) -0.9% (61,866) -0.2% - 2021 32,073,229 (230,614) -0.7% (444,555) -1.4% - YTD 32,303,843 0 0% (16,491) -0.1% - 2020 32,303,843 (35,395) -0.1% (416,265) -1.3% - 2019 32,339,238 (65,398) -0.2% (331,066) -1.0% - 2018 32,404,636 (112,891) -0.3% (31,130) -0.1% - 2017 32,517,527 (78,038) -0.2% 195,675 0.6% - 2016 32,595,565 (103,449) -0.3% 141,271 0.4% - 2015 32,699,014 (314,501) -1.0% 535,549 1.6% - 2014 33,013,515 (115,465) -0.3% 251,040 0.8% - 2013 33,128,980 (154,804) -0.5% (153,244) -0.5% - 2012 33,283,784 (139,307) -0.4% 193,548 0.6% - 2011 33,423,091 (81,931) -0.2% 133,111 0.4% - 2010 33,505,022 (170,128) -0.5% (85,631) -0.3% - 2009 33,675,150 230,888 0.7% (91,241) -0.3% -

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OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $31.27 138 1.4% 9.6% 22,653,620 12.2% -0.1% 2024 $30.85 136 2.1% 8.1% 22,714,778 12.4% -0.3% 2023 $30.23 133 3.4% 5.9% 23,017,932 12.6% -0.5% 2022 $29.24 129 3.4% 2.5% 23,860,778 13.2% -0.9% 2021 $28.26 125 -0.9% -0.9% 25,547,620 14.1% 1.5% YTD $28.50 126 -0.1% -0.1% 23,196,037 13.0% 0.4% 2020 $28.53 126 0.3% 0% 22,542,330 12.6% 2.6% 2019 $28.45 126 4.3% -0.3% 17,674,655 9.9% -0.4% 2018 $27.27 120 4.5% -4.4% 18,339,831 10.4% -0.1% 2017 $26.09 115 3.8% -8.5% 18,083,828 10.4% 0.2% 2016 $25.13 111 1.4% -11.9% 17,466,537 10.2% -0.2% 2015 $24.78 109 4.6% -13.1% 17,704,138 10.4% -0.7% 2014 $23.69 105 5.8% -17.0% 18,714,710 11.1% -0.7% 2013 $22.39 99 5.1% -21.5% 19,864,060 11.9% -0.7% 2012 $21.31 94 4.6% -25.3% 20,991,814 12.6% -0.2% 2011 $20.38 90 1.9% -28.6% 21,253,684 12.8% -0.6% 2010 $19.99 88 -1.8% -29.9% 22,277,754 13.4% -0.8% 2009 $20.35 90 -10.2% -28.7% 23,526,099 14.3% 1.1%

4 & 5 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $37.00 134 1.2% 9.0% 11,774,094 14.3% -0.2% 2024 $36.55 133 1.9% 7.7% 11,659,496 14.5% -0.3% 2023 $35.86 130 3.3% 5.7% 11,635,746 14.7% -0.5% 2022 $34.73 126 3.3% 2.3% 11,826,399 15.2% -1.6% 2021 $33.61 122 -1.0% -1.0% 12,994,382 16.8% 1.6% YTD $33.92 123 -0.1% -0.1% 11,732,207 15.6% 0.4% 2020 $33.94 123 0.4% 0% 11,405,526 15.2% 3.8% 2019 $33.80 123 5.7% -0.4% 8,414,455 11.4% -1.3% 2018 $31.98 116 5.0% -5.8% 9,269,496 12.7% -0.5% 2017 $30.45 111 3.3% -10.3% 9,159,994 13.2% 1.6% 2016 $29.47 107 -1.4% -13.2% 7,801,792 11.6% 0.6% 2015 $29.88 109 3.9% -11.9% 7,279,969 10.9% -0.2% 2014 $28.76 104 6.1% -15.2% 7,257,190 11.1% -0.4% 2013 $27.11 98 4.1% -20.1% 7,390,507 11.5% -1.1% 2012 $26.03 95 5.8% -23.3% 8,006,442 12.7% 0.3% 2011 $24.61 89 3.1% -27.5% 7,750,989 12.4% -1.6% 2010 $23.87 87 -2.0% -29.7% 8,678,985 13.9% -1.8% 2009 $24.35 88 -11.6% -28.3% 9,596,835 15.7% 1.2%

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3 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $28.55 142 1.4% 9.5% 8,877,814 12.4% -0.1% 2024 $28.15 140 2.1% 7.9% 8,935,414 12.5% -0.2% 2023 $27.56 137 3.5% 5.6% 9,102,192 12.7% -0.6% 2022 $26.64 133 3.5% 2.1% 9,510,013 13.3% -0.4% 2021 $25.74 128 -1.3% -1.3% 9,801,032 13.7% 1.7% YTD $25.99 130 -0.4% -0.4% 8,909,489 12.4% 0.4% 2020 $26.09 130 0.6% 0% 8,598,954 12.0% 2.1% 2019 $25.94 129 3.3% -0.6% 7,103,220 9.9% -0.1% 2018 $25.11 125 3.9% -3.7% 7,179,023 10.1% 0.3% 2017 $24.16 120 4.2% -7.4% 6,950,761 9.7% -0.7% 2016 $23.20 116 4.2% -11.1% 7,417,959 10.4% -0.8% 2015 $22.25 111 5.6% -14.7% 7,944,663 11.2% -0.4% 2014 $21.08 105 5.4% -19.2% 8,128,611 11.6% -0.9% 2013 $20.01 100 6.0% -23.3% 8,778,139 12.5% -0.7% 2012 $18.87 94 3.7% -27.7% 9,288,398 13.2% -0.3% 2011 $18.20 91 1.1% -30.2% 9,472,866 13.5% 0.2% 2010 $18.00 90 -1.3% -31.0% 9,351,126 13.4% -0.3% 2009 $18.23 91 -9.1% -30.1% 9,597,124 13.7% 1.1%

1 & 2 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $23.54 141 1.7% 11.1% 2,001,712 6.4% -0.3% 2024 $23.16 139 2.4% 9.3% 2,119,868 6.8% -0.5% 2023 $22.62 135 3.7% 6.8% 2,279,994 7.2% -0.7% 2022 $21.82 131 3.8% 3.0% 2,524,366 7.9% -0.6% 2021 $21.03 126 0.3% -0.7% 2,752,206 8.6% 0.7% YTD $21.04 126 0.4% -0.7% 2,554,341 7.9% 0.1% 2020 $20.97 125 -1.0% -1.0% 2,537,850 7.9% 1.2% 2019 $21.18 127 2.0% 0% 2,156,980 6.7% 0.8% 2018 $20.76 124 4.2% -2.0% 1,891,312 5.8% -0.2% 2017 $19.93 119 4.7% -5.9% 1,973,073 6.1% -0.8% 2016 $19.03 114 4.8% -10.1% 2,246,786 6.9% -0.7% 2015 $18.15 109 5.0% -14.3% 2,479,506 7.6% -2.5% 2014 $17.30 104 5.7% -18.3% 3,328,909 10.1% -1.1% 2013 $16.36 98 6.2% -22.8% 3,695,414 11.2% 0% 2012 $15.41 92 2.3% -27.3% 3,696,974 11.1% -0.9% 2011 $15.07 90 -0.3% -28.9% 4,029,829 12.1% -0.6% 2010 $15.12 91 -2.2% -28.6% 4,247,643 12.7% -0.2% 2009 $15.47 93 -7.4% -27.0% 4,332,140 12.9% 0.9%

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OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$262.73 185 7.0% 2024 ------$257.73 182 7.0% 2023 ------$249.83 176 7.1% 2022 ------$237.93 168 7.1% 2021 ------$225.03 159 7.2% YTD 4 $2.5M 0% $843,833 $183.56 - $231.30 163 7.3% 2020 372 $2B 5.2% $9,070,043 $247.71 6.6% $231.10 163 7.3% 2019 445 $2.8B 8.0% $9,672,342 $199.73 6.9% $231.62 163 7.2% 2018 431 $3.2B 8.0% $11,768,152 $253.82 6.7% $233.04 164 7.1% 2017 464 $2.3B 7.2% $7,476,891 $198.92 7.1% $220.28 155 7.0% 2016 468 $2.1B 8.2% $6,271,836 $164.21 7.2% $214.66 151 6.9% 2015 468 $2.8B 9.7% $7,874,089 $178.77 7.2% $212.21 150 6.8% 2014 521 $2.7B 10.1% $7,710,978 $165.72 7.7% $200.50 141 6.9% 2013 457 $2.5B 9.4% $8,073,626 $171.45 7.6% $184.02 130 7.2% 2012 370 $1.7B 7.7% $7,237,998 $140.42 7.3% $169.78 120 7.5% 2011 322 $1.4B 5.8% $7,823,409 $156.70 7.0% $160.81 113 7.8% 2010 259 $829.4M 4.1% $5,426,076 $140.29 9.1% $141.47 100 8.5% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$324.43 180 6.7% 2024 ------$318.64 177 6.7% 2023 ------$309.22 171 6.7% 2022 ------$294.79 163 6.8% 2021 ------$278.91 155 6.9% YTD ------$286.93 159 7.0% 2020 22 $1.3B 5.8% $108,670,343 $328.71 6.2% $286.66 159 7.0% 2019 46 $1.8B 10.3% $38,521,320 $232.09 6.1% $287.33 159 6.9% 2018 39 $2B 8.3% $68,544,951 $334.19 5.9% $295.81 164 6.7% 2017 36 $1.4B 7.2% $44,286,584 $290.07 6.5% $278.27 154 6.6% 2016 42 $1.2B 10.2% $36,322,011 $185.37 6.8% $270.29 150 6.6% 2015 40 $1.5B 10.1% $40,540,089 $234.98 6.9% $270.16 150 6.4% 2014 55 $1.8B 11.4% $43,022,684 $241.08 6.6% $255.73 142 6.5% 2013 47 $1.7B 12.9% $49,413,871 $223.05 6.8% $235.19 130 6.8% 2012 35 $1.2B 10.1% $52,517,530 $192.89 7.4% $217.81 121 7.0% 2011 54 $1B 8.6% $43,659,916 $206.56 6.5% $205.85 114 7.3% 2010 22 $484M 4.4% $37,183,093 $203.58 8.0% $180.95 100 8.0% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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3 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$224.31 187 7.2% 2024 ------$219.87 183 7.2% 2023 ------$212.98 178 7.2% 2022 ------$202.70 169 7.2% 2021 ------$191.72 160 7.4% YTD ------$197.36 165 7.4% 2020 138 $460.1M 4.9% $5,849,583 $168.44 6.7% $197.30 165 7.4% 2019 164 $735.1M 6.5% $6,784,225 $163.42 7.0% $197.56 165 7.4% 2018 185 $949.4M 8.2% $9,034,267 $191.64 6.8% $194.40 162 7.2% 2017 181 $627.1M 6.8% $5,655,902 $136.71 7.2% $184.49 154 7.2% 2016 186 $689.6M 6.9% $5,965,130 $156.49 7.3% $180.84 151 7.1% 2015 197 $916.2M 9.8% $7,295,312 $139.71 7.5% $176.54 147 7.0% 2014 236 $749.1M 10.3% $5,213,799 $108.31 7.6% $167.61 140 7.1% 2013 181 $554.5M 7.0% $5,568,184 $120.72 7.9% $154.26 129 7.4% 2012 153 $373.1M 6.8% $4,942,081 $81.76 7.5% $142.14 119 7.7% 2011 141 $256.5M 4.1% $3,472,823 $96.57 7.0% $135.40 113 7.9% 2010 129 $260.8M 3.7% $4,598,427 $116.08 8.3% $118.99 99 8.7% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$198.55 204 7.5% 2024 ------$194.26 200 7.5% 2023 ------$187.82 193 7.5% 2022 ------$178.44 184 7.6% 2021 ------$168.48 173 7.7% YTD 4 $2.5M 0.1% $843,833 $183.56 - $171.90 177 7.8% 2020 212 $202.7M 4.7% $1,501,241 $162.65 6.6% $171.58 177 7.8% 2019 235 $277.6M 6.3% $1,996,307 $153.41 7.1% $172.33 177 7.7% 2018 207 $273.5M 7.1% $1,928,793 $156.28 7.0% $166.80 172 7.6% 2017 247 $282.9M 7.9% $1,625,318 $126.77 7.3% $159.25 164 7.5% 2016 240 $233.5M 7.0% $1,206,731 $113.89 7.1% $155.00 160 7.5% 2015 231 $392.5M 8.9% $2,010,932 $141.67 6.9% $151.06 156 7.4% 2014 230 $212.7M 7.0% $1,212,902 $95.86 8.8% $139.73 144 7.6% 2013 229 $237.8M 7.4% $1,260,493 $103.22 8.0% $126.14 130 7.9% 2012 182 $131M 4.9% $961,121 $103.41 7.1% $114.83 118 8.3% 2011 127 $70.2M 4.0% $846,390 $67.06 7.9% $108.12 111 8.6% 2010 108 $84.6M 4.3% $1,000,527 $65.71 10.8% $95.73 99 9.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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