ATLANTA Q2 2017 | Multifamily

Research & Forecast Report ATLANTA Q2 2017 | Multifamily

Population Growth and Market Indicators ATL ATL Relative to prior period Q2 2017 Q3 2017*

Affordable Cost of Living VACANCY Continue to Drive the Atlanta RENTS CONCESSIONS Apartment Market TRANSACTIONS PRICE PER UNIT Key Takeaways CAP RATES >> Atlanta: Ranks #2 in transaction volume with $7.5 billion (year-ending 2Q 2017 *Projected >> Supply: Annual net expansion units during year-ending 1st Q 2017 >> Education: Atlanta ranks 5th largest in the southeast among metros with highest concentration of people with a bachelor’s degree or higher Historical Apartment Rents & Occupancy >> Forecast: Atlanta Average rent increases 5.0%; $1,115/month $1400 Atlanta Multifamily Market $1300 $1200

Atlanta is experiencing steady business expansion due to operational efficiencies $1100 and low cost of doing business. Atlanta is adding new jobs, continuing to $1000 create demand for multifamily product and increasing developers and investor’s $900 confidence in the market. Economic gains, bolstered in part by numerous corporate relocations, continue to rank Atlanta among the top major U.S. metropolitans for $800 economic growth. Atlanta’s economy expanded at an estimated average of 4.0% $700 Rent Mo Effective per year (inflation-adjusted dollars) in the five years ending 2nd quarter 2017. $600 $500 Atlanta has shown steady population growth in recent years, as the number of residents increased 7.8% from 2010-2015. That pace topped the U.S. average (3.9%). Meanwhile, the number of Millennials between the ages of 24-34 96% grew 6.4%, slightly above the national average (6.1%) from 2010 to 2015. 95% College-educated renters are relocating to urban areas for the live, work, play 94% city lifestyle that includes entertainment and access to public transportation. In addition, Atlanta boasts the fifth largest concentration of people with a 93% bachelor’s degree or higher among major metros in the Southeast, trailing 92% Washington, DC, Raleigh/Durham, Nashville and Baltimore. Combined, Atlanta’s 91% demographic trends will lend favorably to the economy and apartment market. % Occupancy SUPPLY 90% As supply remains elevated in Atlanta, completions have remained manageable 89% and concentrated in certain submarkets. Inventory expanded at an average annual rate of 1.7% over the past three years, as annual completions ranged from roughly 5,000 units to 11,600 units. In the year-ending 2nd quarter 2017, a total of 11,626 US ATLANTA Source: AXIOMetrics units were added, with 558 units taken offline, for an annual net expansion rate of 2.4%. Completions over the past three years have largely been focused inside the Perimeter, primarily in Midtown and Buckhead, while submarkets outside Atlanta Multifamily Market (continued) the perimeter remain behind, although Class B and C submarkets are In the 2nd quarter 2017, occupancy registered 95.0%, up 0.2 points year beginning to pick up steam. over year and up 6.7 points from the post-recession low recorded in 4th quarter 2009. Higher occupancy posted in top and middle-market DEMAND categories over older and more affordable product. A similar trend was The Atlanta apartment market remains strong, as annual absorption seen among submarkets, as central and northern submarkets generally is between 8,300 and 12,700 units for the past 15 quarters. Atlanta maintained higher occupancy rates. Meanwhile, submarkets to Midtown’s boasts low costs of labor and land, great infrastructure and advanced south and outside the Perimeter, such as DeKalb and Clayton Counties, manufacturing and distribution, as well as the presence of young, remained challenged with weaker demand. As more completions hit the educated workforce and lower cost of living. Demand in Atlanta’s highly market, occupancy rates will be tested, measuring the strength of healthier sought-after areas inside the perimeter continue to trend upward but submarkets. completion for more affordable options poses a threat. Going forward, CAPITAL MARKETS demand should remain solid, while less attractive areas remain well behind. Transaction volumes in Atlanta remain among the highest in the country. The dollar volume of apartment deals totaled nearly $7.5 billion in the RENT year-ending 2nd quarter 2017. Atlanta is second, behind New York and Annual rent levels remain well above the historical norms, averaging more than $1.1 billion ahead of the #3 ranked Dallas. A total of 235 around 5.5% to 8% in the last 12 quarters. Atlanta ‘s recent annual apartment transactions took place in Atlanta over the past year, the third rent increase was above the metro’s five-year average of 5.3%. While most nationally and the most in the region. The average price per unit was Class A rent growth remains strong, there’s been an increasing demand about $109,000 for the year-ending 2nd quarter 2017, which is relatively for Class B and C product. As a result, Atlanta’s strong rent growth affordable compared to the rest of U.S. Apartment transactions have fundamentals are attracting more interest from both domestic and continued to increase in recent years causing cap rates to compress. In foreign investors than ever before. The average rent will climb 5.0% in the year-ending 2nd quarter 2017, cap rates averaged 6.0%, down 30 2017 to $1,115 per month. Last year, a rise of 5.5% occurred. Although basis points year-over-year. rent growth will revert to more sustainable levels, multifamily remains a As pricing continues to elevate, things to look for in the next year is the safe bet for most investors over the next few years. increasing pressure of single-family housing and increasing apartment OCCUPANCY supply, particularly inside the perimeter.

UPDATE - Recent Transactions in the Market Notable Sales Activity

PROPERTY SUBMARKET SALES DATE SALE PRICE SIZE (UNITS) PRICE / UNIT BUYER

Gables Emory Point Decatur 5/3/2017 $136,061,056* 750 $181,414* Blackstone Rockledge Northwest Atlanta 7/10/2017 $113,500,000 708 $160,311 NexPoint Residential Trust Lakeside @ Milton Park North Fulton 7/10/2017 $98,250,000 461 $213,124 Olen Commercial Realty Avia at North Springs Central Perimeter 4/3/2017 $89,300,000 530 $168,491 Harbor Group International Madison Druid Hills Northlake 6/19/2017 $76,000,000 500 $152,000 Equus Capital Partners Encore at Clairmont Apartments Northlake 4/27/2017 $74,060,000 359 $206,295 Fowler Property Acquistions The Eva Central Perimeter 5/19/2017 $63,500,000 300 $211,667 Magnolia Capital The Peninsula at Buckhead Buckhead 7/13/2017 $63,500,000 311 $204,180 Carroll Organization Westmar Lofts Midtown 5/23/2017 $61,000,000 369 $165,312 Cardinal Group Investments Marq Eight Central Perimeter 4/28/2017 $60,500,000 312 $193,910 CWS Capital Partners

Source: CoStar Comps *allocated

Historical Investment Volume & Cap Rates ATLANTA MULTIFAMILY 10 8.0% Atlanta apartment investment 9 volume increased quarter- 7.5%

Billions 8 over-quarter, and at Mid- 7 7.0% Year 2017 stands at $3.2 6 billion. The average price per 5 6.5% unit dropped slightly to 4 $104,540 following first 3 6.0% quarter’s record high. The average cap rate for Atlanta 2 5.5% apartments showed no 1 movement between quarters 0 5.0% and remains at 6%. 2011 2013 2015 2014 2016 2012 2010 MY17 2007 2009 2008 Sales Volume AVG Cap Rate Source: Real Capital Analytics

2 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International Metro Atlanta Housing Permit Activity Notable Atlanta Job Relocations 18,000 >> BMW Technical Training Center 16,000 The German automaker BMW is hoping to tap into Atlanta’s 14,000 growing airport area with the announcement of a Technical 12,000 Issued Training Center in College Park. The development will rise 10,000 on a 4.1 acre parcel at the Georgia International Convention Permits

8,000 Center, according to a press release issued this week. The

6,000 training center is expected to have a major economic impact, Multifamily

4,000 drawing as many as 10,000 BMW professionals to the facility annually for corporate training. 2,000

0 >> San Francisco based Flexport Inc. will invest up to $100 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* million

Source: U.S. Census Bureau *as of June 2017 The company is scouting for about 25,000 sf of office space in Midtown and plans to open a 100,000 sf warehouse near Hartsfield-Jackson Atlanta International Airport that will create more than 200 jobs over the next several years. Metro Atlanta Employment Overview >> Coyote Logistics will open second office in Metro Atlanta 150.0 The third-party logistics provider has leased nearly 50,000 sf

100.0 89.1 85.7 92.0 at Armour Yards – a 300,000 sf loft development targeted at 78.7 69.6 66.1 60.0 tech and media companies, such as FullStroy and Influence 49.0 50.0 42.6 30.1 35.6 Health. The move expected to create 325 jobs. (thousands)

0.0

‐22.9 ‐27.1 ‐20.9 ‐50.0 Added/Lost

Jobs ‐100.0

‐150.0 ‐136.1

Source: US Dept. of Labor Statistics/Moody’s Analytics *as of June 2017

Metro Atlanta Employment Comparison

Y-O-Y Y-O-Y UNEMPLOYMENT METRO AREA RANK EMPLOYMENT PERCENT RATE

New York/NNJ 1 169,500 1.8% 4.3% Dallas-Fort Worth 2 115,300 3.3% 4.0% Los Angeles/OC 3 102,600 1.7% 4.3% Atlanta 4 94,100 3.5% 4.9% Miami 5 80,800 3.2% 4.5% Minneapolis-St. Paul 6 64,400 3.3% 3.5% Boston 7 64,300 2.4% 4.0% Chicago 8 59,600 1.3% 4.9% Philadelphia 9 59,600 2.1% 4.8% DC-Arlington 10 59,400 1.8% 3.9% Phoenix 11 58,000 3.0% 4.5% Houston 12 56,100 1.9% 5.3% U.S. Total 2,206,000 1.5% 4.5%

Source: Bureau of Labor Statistics; Metro Level Data June 2017(p) Average, not Seasonally Adjusted

3 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International PICKENS CO. CHEROKEE CO.

DAWSON CO. FORSYTH CO.

Canton

. GAINESVILLE . O O C

E CHEROKEE CO.

W Cumming K O O T

Cartersville .

R Lake . R O E A O C H

C Lanier

C H N

Allatona T O Y Buford T S Lake L HA R GW L U I L C

O N F NE O. F T Sugar Hill T C O.

Woodstoc k r e v F i OR S R OW CO. Mountain Y Braselton FU T CH E R O L H KE E C O . Park T O C Acworth N O. C O. Alpharetta o o c h e e ac h . tt

O a

C h

Roswell

B C Duluth B O C

316

MARIETTA . . Multifamily Pipeline | Urban Atlanta O O Sources: CoStar Property, MPF Research C C B Lawrenceville B N O O C LT 10 U F 53 54 81 75 11 82 DORAVILLE 12 83 42 Norcross 43 84 CHAMBLEE Powder 41 D 6 F U

5 E L 44 K 22 T Springs A 73 26 O L N SMYRNA B 74

C 40 C O O . 4 . Bobby Jones G Golf Course 32 W 335 Golf View Rd NW 36 Armour Dr NE IN Snellville . Peachtree Park 33 31 D N Bennett St Dr NE Plasters Ave NE O E E

34 K T W C N A T

r Brookwood D L d C oo Hills B G lw O el D C . N O I Ottley59 Dr NE . Tanyard Brighton Rd NE D Austell Creek Collier Rd NW 14 Park 60 45 L Camden Rd NE Wimbledon Rd NE U COBB CO. 2 Clarkston Stone Ardmore A Park 1 71 Peachtree St NE Rock Springs Rd NE P 72 8 DOUGLAS CO. 28th St NW 25 7 Mountain Ansley Flagler Ave NEMonroe Dr NE Walthall Dr NW r Golf Course 9 . 86 28 Huntington Rd NE e 29 O v Way NE C W Lithia Springs i 85 51 26th St NW Midtown 46 T A R DECA47TUR E 52 Dr N T Barnesdale rry L 38 Fe T ATLANTA ery E om O tg N n N o M N Loring 48 49 78 76 I C e Heights W O Douglasville Loring Amtrak 79 8023 . e Heights Station 39 77 58 G Park Rd NE Ansley h Friar Tuck Peachtree Robin57 Hood24 Rd NE c Pointe 50 56 Park o Hascall Rd NW o Beverly Rd NE h Deering Rd NW 37 13 55 c Inman Cir NE Maddox Dr NE McClatchey a Trabert Ave NW Park tt Peachtree Cir NE Ansley 17th Park Legend Street a Park h NW St Mecaslin 17th St NE Lease Up C Bishop St NW30 Atlantic 17th St NE Station 64 Lithonia NE Under Construction r Dr nste 16th St NE Westmi Winn Park 16th St NW Piedmont Ave NE EAST 70 62 . W Hotel .

POINTNW Dr Techwood Fowler St NW 14th St NW O

Barnes St NW O

Holly St NW St Holly 66 Francis St NW St Francis

27 NW St Mecaslin 14th St NW 17 C Piedmont C 13th St NW 18 Park COLLEGE E B L L Conyers 12th St NE 61 Home PAR K A A 15 Park HAPEVILLE DEKALB CO. K D 11th St NE State St NW E K

Center St NW St Center Home

69 21Peachtree NE Walk 16 Crescent Ave NE Park 10th St NE D C 10th St NW Spring St NW HENRY CO. O Covington HemphillHartsfield-Jackso Ave NW n 9th St NE International Airport Midtown 675 R 19 8th St NE Monroe Dr NE .

Dalney St NW O 63 68 C . 7th St NE E O Fowler St NW FORES20 T L C

C Peachtree St NE Durant Pl NE A Juniper St NE 6th St NE

W Peachtree St NE PiedmontAve NE GEORGIA Myrtle St NE N INSTITUTE OF PennAve NE L D

Atlantic Dr NW 5th St NE NE Dr Allen Charles St Charles Ave NE Tech Pkwy TECHNOLOGY Technology PAR K O A K T Union City Square 4th St NE Y C Campbellton Rd SW W

NW T O 65 3rd St NE E

O R Ponce De Leon Ave NE N N

Techwood Dr NW Techwood Marietta St NW 67 North Ave NW North Ave NE Fairburn C Riverdale O Stockbridge Linden Ave NE .

Centennial Glen Iris Dr NE SoNo Morgan St NE Research & Forecast ReportPlace | Q2 2017 | Atlanta Multifamily | Colliers InternationalBedford 4 . Civic Pine Park CO Pine St NW Center

Park Bedford Pl NE LT O N Pine St NE Venable St NWVenable Luckie St NW Hunnicutt St NW U Gray St NW . Felton Dr NE Boulevard NE F John St NW C O Angier Ave NE TT E Central YE Mills St NW Centennial Park FA Hill FULT ON CO. Palmetto COWETA CO. Jonesboro C H L A E Y N T R O Y N

C O O Fayetteville . . McDonough

. O C S T T U B Peachtree City Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research LEASE UP # Name Developer/Owner Address Submarket Units 1 Millworks Pollack Shores Real Estate Group 1888 Emery St NW Brookwood 345 2 Venue Brookwood Grayco Partners 2144 Peachtree Rd NW Brookwood 249 3 AMLI 3464 AMLI Residential Properties, LP 3464 Roxboro Rd NE Buckhead 240 4 Domain at Phipps Plaza Simon Property Group, Inc. 707 Park Ave NE Buckhead 319 5 The Home at the Battery Atlanta Atlanta Braves 900 Battery Ave SE Cumberland 292 6 Home at the Battery - Flats Atlanta Braves 2675 Cobb Pkwy SE Cumberland 239 7 The Point on Scott Fuqua Development 2532 N Decatur Rd Decatur/North Druid Hills 250 8 The Reserve at Decatur Atlantic Realty Partners 2600 Milscott Dr Decatur/North Druid Hills 298 9 Retreat at Mills Creek Housing Authority Of Dekalb County 3220 Mills Creek Cir Decatur/North Druid Hills 80 10 IMT Sandy Springs IMT Capital 6558 Roswell Rd NE Downtown Sandy Springs 230 11 Square One George S. Morgan Development Co., Inc. 6050 Roswell Rd NE Downtown Sandy Springs 203 12 The Cliftwood Net Lease Alliance LLC 185 Cliftwood Dr NE Downtown Sandy Springs 251 13 Alexan Glenwood Trammell Crow Residential Company 860 Glenwood Ave SE Grant Park 216 14 Helios Apartments Catalyst Development Partners, LLC 2470 Cheshire Bridge Rd NE Lindridge-Martin Manor 99 15 Sixty11th Selig Enterprises, Inc. 60 11th St NE Midtown 320 16 Azure on the Park Atlantic Realty Partners 1020 Piedmont Ave NE Midtown 329 17 Atlantic House NGI Acquisitions, LLC 1163 W Peachtree St NW Midtown 407 18 Yoo on The Park The Trillist Companies 207 13th St NE Midtown 245 19 Modera Midtown Mill Creek Residential Trust LLC 95 8th St NW Midtown 435 20 Broadstone Midtown Alliance Residential, LLC 811 Juniper St NE Midtown 218 21 Post Midtown Millenium MAA 33 11th St Midtown 356 22 The Olmsted Chamblee Origin Investments 5193 Peachtree Blvd Norcross-DeKalb 283 23 Station R Greystar Real Estate Partners 144 Moreland Ave NE Reynoldstown 285 24 841 Memorial Enfold Properties 841 Memorial Dr SE Reynoldstown 80 25 Bolton Park Bolton Park 1888 Hollywood Rd NW Riverside 209 26 The Heights Chastain WSE Property Management LLC 225 Franklin Rd NE Sandy Springs 325 27 The Local On 14th The Carlyle Group 455 14th St NW West Midtown 361 28 Accent Waterworks Westplan Investors 1390 Northside Dr NW West Midtown 181 29 Westside Heights WSE Property Management LLC 903 Huff Rd NW West Midtown 89 30 464 Bishop Paces Holdings, LLC 464 Bishop St NW West Midtown 232 Units 7,666

Over 65 Multifamily Developments currently Proposed for the Urban Atlanta Area.

5 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research UNDER CONSTRUCTION # Name Developer/Owner Address Submarket Units 31 Gables Buckhead Gables Residential 530 E Paces Ferry Rd NE Buckhead 327 32 The Whitley Wood Partners 1000 Park Ave NE Buckhead 224 33 Modera Buckhead Mill Creek Residential Trust, LLC 3005 Peachtree Rd NE Buckhead 400 34 Alexan Pharr Road Apartments Trammell Crow Residential Company 361 Pharr Rd NE Buckhead 244 35 AMLI Buckhead AMLI Residential Properties, LP 3450 Roxboro Rd NE Buckhead 400 36 Hanover Buckhead Village The Hanover Company 3116 Roswell Rd NW Buckhead 353 37 Gateway Capital View Prestwick Development Company Murphy Ave Capitol View 162 38 The Remington The Benoit Group 954 Hightower Rd NW Carey Park 160 39 Castleberry Park The City of Atlanta 348 Mitchell St SW Castleberry Hill 120 40 Modera by Mill Creek - Vinings Mill Creek Residential Trust LLC 3205 Cumberland Blvd Cumberland 269 41 Stadium Walk Apartments Brand Properties 4501 Circle 75 Pky SE Cumberland/Galleria 309 42 The District at Windy Hill Kaplan Management Company, Inc 0 Interstate North Pky Cumberland/Galleria 284 Apartments 43 Broadstone Ridge Alliance Residential, LLC 2020 Powers Ferry Rd SE Cumberland/Galleria 300 44 Alta at Jonquil Wood Partners 1455 Spring St SE Cumberland/Galleria 266 45 The Holbrook of Decatur Solomon Senior Living 1880 Clairmont Rd Decatur/North Druid Hills 71 46 Sam's Crossing South City Partners 2700 E College Ave Decatur/North Druid Hills 197 47 E.Co Metropolitan Atlanta Rapid Transit 2615-2661 E College Ave Decatur/North Druid Hills 375 Authority 48 Post Centennial Park MAA 325 Centenial Olympic Park Dr NW Downtown Atlanta 438 49 The Byron Perennial Properties, Inc. 549 Peachtree St NE Downtown Atlanta 65 50 MC Kiser Lofts Gallman Development Group 210 Pryor St SW Downtown Atlanta 41 51 Trinity Walk Decatur Housing Authority 421 W Trinity Pl Downtown Decatur 69 52 AMLI Decatur AMLI Residential Properties, LP 120 W Trinity Pl Downtown Decatur 325 53 The Residences at City Springs The City of Sandy Springs 6300-6400 Bluestone Rd Downtown Sandy Springs 294 54 Modera Sandy Springs Mill Creek Residential Trust LLC 6125 Roswell Rd NE Downtown Sandy Springs 340 55 Sterling at Candler Village The Benoit Group 2516 Mellville Ave East Lake Terrace 170 56 The George Urban Realty Partners 275 Memorial Dr SE Grant Park 130 57 465 Memorial Dr SE Atlantic Realty Partners 465 Memorial Dr SE Grant Park 227 58 The Kirkwood Avila Real Estate 1910 Bixby St Kirkwood 230 59 Overture Lindbergh Greystar Real Estate Partners 658 Lindbergh Way NE Lindbergh-Morosgo 190 60 Helios Apartments - Phase II Catalyst Development Partners, LLC 2470 Cheshire Bridge Rd NE Lindridge-Martin Manor 183 61 Alta at the Park Wood Partners 223 12th St Midtown 198 62 AMLI Arts Center AMLI Residential Properties, LP 1240 W Peachtree St Midtown 350 63 Alexan 880 Pope & Land Real Estate 880 W Peachtree St NW Midtown 356 64 Ascent Midtown Greystar Real Estate Partners 1400 W Peachtree St NW Midtown 328 65 The Standard Selig Properties 708 Spring St NW Midtown 257 66 ICON Midtown The Related Companies 14th St & W Peachtree St Midtown 390 67 lilli Midtown JPX Works, LLC 693 Peachtree St Midtown 150 68 Hanover Midtown The Loudermilk Companies 881 Peachtree St NE Midtown 350 69 Hanover West Peachtree The Hanover Company 1010 W Peachtree St NW Midtown 328 70 1270 Spring Street Pollack Shores Real Estate Group 1270 Spring St NW Midtown 259 71 Accent Morningside Westplan Investors 1989 Cheshire Bridge Rd NE Morningside-Lenox Park 239 72 Modera Morningside South AEW Capital Management 1835 Piedmont Ave NE Morningside-Lenox Park 21 73 Solis Parkview Phase I Spruce Street Partners 5070 Peachtree Blvd Norcross-DeKalb 303 74 Mercey Housing at Mercy Park Mercy Housing Southeast 5135 Peachtree Rd Norcross-DeKalb 79

6 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research

UNDER CONSTRUCTION # Name Developer/Owner Address Submarket Units 75 Atlanta Chamblee Del American 5211 Peachtree Industrial Blvd Norcross-DeKalb 311 76 Spoke Metropolitan Atlanta Rapid Transit 1471 La France St NE North Edgewood 224 Authority 77 Grant Park Apartments Fairfield Residential 290 Martin Luther King Jr Dr SE Oakland 321 78 North + Line SWH Residential Partners LLC 695 North Ave NE Old Fourth Ward 228 79 Aster JLB Partners, LP 608 Ralph McGill Blvd NE Old Fourth Ward 231 80 Anthem on Ashley North American Properties 720 Ralph McGill Blvd NE Old Fourth Ward 250 81 Hanover at Perimeter Town The Hanover Company 1140 Hammond Dr NE Perimeter Center 385 Center 82 Palisades Apartments Atlanta Property Group 5901 Peachtree Dunwoody Rd NE Perimeter Center 424 83 Crescent Perimeter Crescent Communities, LLC 5755 Glenridge Dr NE Sandy Springs 320 84 Emory Saint Joseph's Morgan Stanley & Co. LLC 1160 Johnson Ferry Rd NE Sandy Springs 285 Apartments 85 Star Metal Residences The Allen Morris Company 1050 Howell Mill Rd NW West Midtown 409 86 Westside Heights - Phase II WSE Property Management LLC 903 Huff Rd NW West Midtown 194 Units 14,353

7 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International Atlanta Submarkets MORE THAN 50 Dedicated Multifamily Professionals & Advisors

COVERING OVER 20STATES Expansive geographic footprint

MORE THAN 33,500 Units sold since 2011

$2.3B Group gross transactional value since 2011

FOR MORE INFORMATION CONTRIBUTORS Ron Cameron Will Mathews Scott Amoson Jaime Slocumb Senior Vice President Senior Vice President Director of Research | Atlanta Transaction Coordinator | East Principal | East Region Principal | East Region Region +1 404 877 9287 +1 404 877 9285 [email protected] [email protected] Chevene King, III Financial Analyst | East Region

East Region Multifamily Advisory Group Colliers International | Atlanta Promenade | Suite 800 1230 Peachtree Street, NE Atlanta, Georgia | USA Copyright © 2016 Colliers International. +1 404 888 9000 The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional8 advisorsNorth priorAmerican to acting onResearch any of the material & Forecast contained Report in this report. | Q4 2014 | Office Market Outlook | Colliers International