Q2 2020 Research & Forecast Report Las Vegas Economic Review Glossary

Industrial Definitions Incubator: Multi-tenant buildings without dock-high loading doors that have a parking ratio lower than 3.5/1,000 square feet and bay sizes lower than 3,500 square feet.

Light Distribution: Multi- or single-tenant buildings that include dock-high loading doors and have bay sizes of less than 15,000 square feet. Light Industrial: Multi- or single-tenant buildings without dock-high loading doors that have a parking ratio lower than 3.5/1,000 square feet and, in the case of multi-tenant buildings, bay sizes of at least 3,500 square feet. Multi- or single-tenant buildings without dock-high loading doors with parking ratios in excess of 3.5/1,000 Flex: square feet. Multi- or single-tenant buildings that include dock-high loading doors and have bay sizes of at least 15,000 Warehouse/Distribution: square feet.

Office Definitions Class A Office: Buildings with steel frame construction, high end exterior finish, distinctive lobbies featuring upgraded finishes, amenities including on-site security, state-of-the-art communications and data infrastructure and covered parking. Class A buildings are usually multi-story. Class B Office: Buildings with steel frame, reinforced concrete or concrete tilt-up construction. Class B buildings contain common bathrooms and hallways, and their lobbies may have granite and hardwood detailing. Class B buildings are often multi-story. Class C Office: Buildings of wood frame construction. Class C buildings are often garden-style and are built around courtyards.

Retail Definitions Community Center: Retail centers anchored by supermarkets, drug stores and discount department stores. Tenants include off- price retailers selling apparel, home improvements/furnishings, toys, electronics or sporting goods. Neighborhood Center: Retail centers anchored by supermarkets and drug stores. Neighborhood centers are intended for convenience shopping for day-to-day needs of consumers. Power Center: Retail centers dominated by several large anchors including discount department stores, off-price stores, warehouse clubs or “category killers”. Power centers generally do not include much inline space. Strip Center: Unanchored retail centers that are 20,000 square feet in size or larger.

Multifamily Definitions Class A Multifamily: Buildings constructed in the last 5 years

Class B/C Multifamily: Buildings constructed more than 5 years ago

General Definitions Vacant SF: Space in a building that is unoccupied and offered for lease by the owner of the company.

Sublease SF: Space in a building that is offered for sublease by the primary tenant. This space may or may not be occupied.

Net Absorption: Difference in occupied square footage from one period to another.

2 Las Vegas Research & Forecast Report | Q2 2020 | Economic Review | Colliers International Table of Contents

Economic Review

Have We Hit Bottom Yet? The strong start Southern Nevada’s economy had in 2020 has been more then reversed in the past three months due to the business closures 4 enacted to slow the spread of the COVID-19 virus.

Industrial Review

Logistical Demand Remains Strong Southern Nevada’s industrial market posted 2,036,052 square feet of net absorption in the second quarter of 2020, an improvement 8 over last quarter and higher than one year ago.

Office Review

Weathering the Storm

When an office market loses more than 48,000 jobs, even if those losses are intended to be temporary, it should come as no surprise 14 that it also suffers an increase in vacancy.

Retail Review

Retail Reversal

Business closures in Southern Nevada took their toll on the retail market in the second quarter of 2020, with vacancy increasing to 20 6.8 percent.

Medical Office Review

Medical Office on Hold at Mid-Year

The second quarter of 2020 did not keep up the pace set by the first quarter. 27

Hospitality Review

The Great Pause With data from May 2020 available from the Las Vegas Convention & Visitors Authority, we can see clearly the impact an industry 32 shut down has on those industry’s statistics.

Land Review

After a robust first quarter, pandemic woes sent land sales activity much lower in the second quarter of 2020.

Land sales decreased in the third quarter of 2019. 37

Multifamily Review

Multifamily Holds Steady at Midyear 41 Multifamily inventory increased by 647 units in the second quarter of 2020.

This report and other research materials may be found on our website at www.colliers.com/LasVegas. This quarterly report is a research document of Colliers International | Las Vegas. Questions related to information herein should be directed to the Research Department at +1 702 836 3781. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. ©2020 Colliers International

3 Las Vegas Research & Forecast Report | Q2 2020 | Economic Review | Colliers International Research & Forecast Report LAS VEGAS | ECONOMIC REVIEW Q2 2020

Have We Hit Bottom Yet?

> Southern Nevada’s economy has partially reopened

> 220,300 jobs were lost year-over-year in May 2020

> March 2020 taxable sales decreased by 23.4 percent over March 2019

The strong start Southern Nevada’s economy had in 2020 has been more then reversed in the past three months due to the business closures enacted to slow the spread of the COVID-19 virus. Job losses so far this year have been staggering, though there is hope that the re-opening of Clark County Economic Data businesses in May and of hospitality properties in June will Year Ago Current mean an equally impressive rebound in employment. Employment (1000s) (May 2020) 1,036.6 816.3

Unemployment in the Las Vegas-Paradise MSA was 33.5 Visitor Volume YTD (Jan-Apr 2020) 13.8 MM 8.5 MM percent in April 2020, 29.5 points higher than in April 2019. Unemployment last peaked in Southern Nevada at 14 percent Gaming Revenue YTD (Jan-Apr 2020) $3.45 BB $2.35 BB in January 2011. The region’s previous low unemployment Taxable Sales (Jan-Mar 2019) $11.15 BB $10.46 BB rate was 3.8 percent in March 2019. The latest national unemployment figure was 13.3 percent in May 2020, 9.7 points Commercial Occupancy (Q2 2020) 93.7% 93.4% higher than in May 2019. The national labor force participation Source: The Center for Business & Economic Research, UNLV; Colliers International rate was 60.8 percent in May 2020, a 2 percent decrease from one year ago. From May 2019 to May 2020, employment in Southern Nevada Employment Change decreased by 220,300 jobs to 816,300 jobs. This was roughly the (February 2019 - February 2020) lowest number of jobs in Southern Nevada since October 2011, and represented 21.3 percent annual growth. On a year-over-year basis, the majority of new jobs lost in Southern Nevada in May 2020 were in leisure and hospitality (-128,400 jobs), professional and business services (-32,600 jobs), retail (-24,000 jobs), education and health services (-14,800 jobs), other services (-7,800 jobs), transportation and warehousing (-5,200 jobs), government (-4,600 jobs), wholesale (-3,100 jobs), information (-2,500 jobs), financial activities (-500 jobs) and manufacturing (-100 jobs). Jobs were added in construction (+3,200 jobs) and natural resources (+100 jobs).

According to Home Builders Research, 3,083 new homes sold in the first four months of 2020, a 2.65 percent decrease from the Southern Nevada Commercial Real Estate Recovery Index same period in 2019. The median price for new homes decreased, year-over-year, by 3.2 percent in April 2020 to $377,500. The Greater Las Vegas Association of Realtors reported that 9,482 existing homes sold in the first four months of 2020, a 2.2 percent increase from the same period in 2019. The median price for existing homes increased, year-over-year, by 3.3 percent in April 2020 to $310,000.

Hospitality statistics in Southern Nevada were profoundly impacted by the closure of the Valley’s hotels, motels and resorts. Visitor volume in Southern Nevada was posted negative 97 percent year-over-year growth in April 2020, the most recent quarter for which data is available. April 2020 saw 106,900 people come to Southern Nevada year-to-date, compared to 3.5 million people visiting in April 2019.

Gaming revenue totaled $2.4 billion year-to-date in April 2020, a 31.7 percent decrease from 2019. Gaming revenue growth this year was negative 31.8 percent on the Las Vegas “Strip”, negative 31.2 percent in Downtown Las Vegas and negative 29.5 percent on the Boulder Strip.

5 Las Vegas Research & Forecast Report | Q2 2020 | Economic Review | Colliers International Commercial real estate investment sales volume in the first course, to slow the spread of COVID-19, and were successful tow quarters of 2020 was $885.4 million in 108 sales totaling in that. The reopening of the economy was made to prevent a 5.2 million square feet. The average price per square foot for very serious economic recession. Whether the reopening has commercial property was $170.46, a 1.5 percent increase over been successful in that is as yet unknown. Economic data is the same period in 2019. The overall cap rate for commercial not published as quickly as one would like, especially in the space in 2020 was 6.3 percent, compared to 6.7 percent in 2019. current economy, but some data that has already been released, Sales volume decreased by 30.9 percent for industrial properties, and some anecdotal points, are encouraging. Job losses were 44.9 percent for office properties, 50.8 percent for medical office, expected to be much more severe in May than they ultimately 59.9 percent for shopping centers and 87.4 percent for single- were. In addition , retail spending in the United States was quite tenant retail. strong in May 2020. Anecdotally, we have seen more Southern Nevada resort reopenings in June 2020 than was originally One can almost look at 2020 as a mad experiment in what planned, presumably because demand for their services was happens to an economy when much of it is closed for a few higher than expected. As the year proceeds, we will learn more months. The results are quite convincing that business closures about the nascent economic recovery of 2020. In the meantime, are bad for business, with many data points so astoundingly there is little to do but get back to work. dire as to be almost unbelievable. The closures were made, of

Jobs Added YEAR 2012 2013 2014 2015 2016 2017 2018 2019 2020

Jobs Added* 16,833 24,292 34,025 35,275 30,458 28,900 27,592 21,223 -92,583

* Based on average number of jobs per month over the course of the year; data from NDETR

“As the year proceeds, we will learn more about the nascent economic recovery of 2020.”

6 Las Vegas Research & Forecast Report | Q2 2020 | Economic Review | Colliers International Economic Statistics Las Vegas – Second Quarter 2020

2019 TO 2020 QUARTERLY ANNUAL TYPE APRIL-20 JANUARY-19 APRIL-19 2020 AVERAGE 2019 AVERAGE GROWTH GROWTH GROWTH (AVERAGE) EMPLOYMENT DATA

U.S. Employment 131,072,000 152,186,000 150,492,000 150,932,333 149,030,167 -13.9% -12.9% 1.3%

U.S. Unemployment Rate 14.7% 3.6% 3.6% 3.7% 3.9% 308.3% 308.3% -5.8%

Las Vegas MSA 707,100 1,101,158 1,078,572 1,034,083 1,005,667 -35.8% -34.4% 2.8% Employment Las Vegas MSA 33.5% 3.9% 4.0% 4.0% 4.8% 759.0% 737.5% -15.6% Unemployment Rate Las Vegas MSA 70,000 72,700 68,700 70,225 63,542 -3.7% 1.9% 10.5% Construction Jobs Las Vegas MSA Hospitality 154,300 288,900 297,100 294,092 292,333 -46.6% -48.1% 0.6% Jobs

HOUSING/CONSTRUCTION DATA

New Home Sales 703 742 875 866 868 -5.3% -19.7% -0.2%

New Home Median Price $377,500 $363,662 $389,819 $381,882 $377,149 3.8% -3.2% 1.3%

Existing Home Sales 1,970 2,283 2,872 2,705 2,720 -13.7% -31.4% -0.6%

Existing Home Median Price $310,000 $305,000 $300,000 $303,766 $288,690 1.6% 3.3% 5.2%

Residential Permits 623 1,176 943 946 1,025 -47.0% -33.9% -7.8%

Case-Shiller Housing Price 0.0 197.3 192.2 192.6 181.6 -100.0% -100.0% n/a Index (LV) Mortgage Rate (Fixed, 3.31% 3.62% 4.14% 3.94% 4.54% -8.6% -20.0% -13.3% 30-year)

Construction Employment 70,000 72,700 68,700 70,225 63,542 -3.7% 1.9% 10.5%

HOSPITALITY DATA

Visitor Volume 106,900 3,545,100 3,542,000 3,543,667 3,509,742 -97.0% -97.0% 1.0%

Gaming Revenue $3,719,000 $904,554,000 $808,648,000 $862,907,667 $854,163,667 -99.6% -99.5% 1.0%

Room Inventory 148,755 149,900 148,400 148,861 147,419 -0.8% 0.2% 1.0%

Hotel/Motel Occupancy 1.7% 85.9% 91.0% 88.9% 88.2% -98.0% -98.1% 0.8%

Passengers (McCarran Int'l 152,716 4,154,165 4,277,550 4,294,803 4,143,211 -96.3% -96.4% 3.7% Airport)

Convention Attendance - 717,100 529,500 554,092 541,817 -100.0% -100.0% 2.3%

The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports.

7 Las Vegas Research & Forecast Report | Q2 2020 | Economic Review | Colliers International Research & Forecast Report LAS VEGAS | INDUSTRIAL Q2 2020

Logistical Demand Economic Indicators INDUSTRIA RESIDENTIA TRANSRTATIN Remains Strong Employment Permits Taxable Sales +5.1% > Net absorption increased year-over-year in the second quarter of 2020 -13.6% -31.3% > The trend of new completions outpacing net absorption ended Market Indicators > Industrial vacancy increased to 4.5 percent Relative to prior period Q2 2020 Q3 2020*

Vacancy Southern Nevada’s industrial market posted 2,036,052 square feet of net absorption in the second quarter of 2020, an improvement Net Absorption over last quarter and higher than one year ago. Industrial vacancy Completions increased in the second quarter, but remained low at 4.5 percent. The Rental Rate weighted average asking rate decreased by $0.01 to $0.71 per square *Projected foot (psf) on a triple net (NNN) basis. The business closures enacted in March 2020 has apparently bifurcated the industrial market, with large warehouse/distribution properties seeing continued strong net Summary Statistics absorption while other property types struggled. Las Vegas Market Q2-19 Q1-20 Q2-20

Vacancy Rate 3.5% 4.2% 4.5%

Historical Vacancy Rates and Asking Lease Rates Asking Rent (PSF, NNN) $0.75 $0.70 $0.71 Net Absorption (SF) 1,831,220 1,282,170 2,036,052 5.0% $0 .80 New Completions (SF) 2,236,028 1,861,253 777,181 4.5% $0 .7 5

4.0% $0 .7 0

3.5% $0 .65 Overall Asking Rents Per Square Foot Q2-19 Q1-20 Q2-20 3.0% $0 .60 Warehouse/Distribution $0.56 $0.60 $0.60

2.5% $0 .55 Light Distribution $0.71 $0.81 $0.76

2.0% $0 .50 3 Q 2018 Q 3 4 Q 2018 2019 1 Q 2 Q 2019 2019 Q 3 4 Q 2019 1 2020 Q 2 Q 2020 Light Industrial $0.82 $0.81 $0.83

Incubator $0.85 $0.94 $0.86

Vacancy Asking Rental Rate Flex $1.26 $1.01 $1.03

“The loss of jobs, and the loss of occupied industrial space, was not felt evenly in the market.”

Photo from According to the Nevada Department of Employment, Training and Historical Net Absorption vs. Rehabilitation, Southern Nevada’s industrial job market lost 5,200 Completions jobs between May 2019 and May 2020. Over this period, Southern Nevada added 3,200 jobs in construction, but lost 5,200 jobs in the 9,000,000 8,000,000 transportation and warehousing, 3,100 jobs in wholesale and 100 jobs 7,000,000 in manufacturing. 6,000,000

5,000,000

Unemployment in the Las Vegas-Paradise MSA was 33.5 percent in 4,000,000

April 2020, compared to 4.0 percent in April 2019. From May 2019 3,000,000 to May 2020, total employment in Southern Nevada decreased by 2,000,000 220,300 jobs, a 10.8 percent decrease. May 2020 numbers were 1, 000,000 0 slightly better than April 2020 numbers, which suggests that the Valley 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YT D Net Absorption Completions could be seeing recovery from the employment devastation caused by the COVID-19 business closures that began in March 2020.

New completions of industrial space in the second quarter of 2020 Occupancy vs. totaled 777,181 square feet. The majority of the industrial space Industrial Employment completed this quarter was warehouse/distribution space located

in North Las Vegas. Approximately 64 percent of this space was 200,000 100.0% preleased at completion. An additional 2.8 million square feet of 195,000 99.0% industrial space is scheduled for completion in the third quarter of 190,000 98.0% 185,000 97.0%

2020, with approximately 33 percent of this space preleased. 180,000 96.0%

175,000 95.0% Industrial net absorption was 2,036,052 square feet in the second 170,000 94.0% 165,000 93.0% quarter of 2020, an increase from one year ago when net absorption 160,000 92.0%

155,000 91.0% was 1,831,220 square feet. The Valley’s highest net absorption this 2018 Q 3 4 Q 2018 2019 1 Q 2 Q 2019 2019 Q 3 4 Q 2019 1 2020 Q 2 Q 2020 quarter was in North Las Vegas, at 2,343,153 square feet, followed by Industrial Jobs Occupancy Rate the West Henderson submarket at 154,291 square feet. Net absorption was negative in most other submarkets, with Southwest experiencing the lowest net absorption, negative 186,568 square feet. Net absorption was 2,571,233 square feet in warehouse/distribution, negative 172,018 MAY MAY square feet in light distribution, negative 265,375 square feet in light 2019 2020 Change industrial, negative 97,414 square feet in incubator and negative 374 Construction 69,400 72,600 + 3,200 square feet in flex properties. Manufacturing 25,600 25,500 - 100 Transportation & 46,800 41,600 - 5,200 Southern Nevada’s industrial vacancy rate increased to 4.5 percent Warehousing in the second quarter of 2020. The Valley’s lowest vacancy rate was Wholesale 24,500 21,400 - 3,100 1.7 percent in the Henderson submarket. The Valley’s highest vacancy Source: Nevada Department of Employment, Training and Rehabilitation. rate was 8.2 percent in rapidly expanding West Henderson, followed by 6.3 percent in North Las Vegas. Among product types, vacancy was lowest in light distribution properties at 3.4 percent, followed by light industrial at 3.6 percent, 5.1 percent in warehouse/distribution, 5.2 percent in flex and 6.1 percent in incubator properties.

9 Las Vegas Research & Forecast Report | Q2 2020 | Industrial | Colliers International The industries most active in occupying space in the second quarter of 2020 were involved in manufacturing (36.3 percent), wholesale (22.4 percent) and transportation and warehousing (12.6 percent). Local companies took 31.5 percent of the leased square footage we tracked in the second quarter of 2020. Companies headquartered in the Midwest took 29.7 percent of the space occupied, followed by the Northeast U.S. at 20.3 percent and Southwest U.S. 15 percent.

Industrial Development Schedule PROJECT TYPE STATUS SUBMARKET SIZE PRE-LEASING

Q3-2020 2,826,098 33% Blue Diamond Interchange Center Warehouse/Distribution UC Southwest 471,233 24% Diamond Speedway Warehouse/Distribution UC Southwest 75,980 100% Durango 215 Point Flex UC Southwest 75,000 0% Google Data Center Light Industrial UC Henderson 750,000 100% Matter Logistics Center @ West Cheyenne Light Distribution UC North Las Vegas 248,106 0% Matter Logistics Center @ West Cheyenne Warehouse/Distribution UC North Las Vegas 479,120 0% North Las Vegas Business Park Warehouse/Distribution UC North Las Vegas 297,273 0% Odyssey Industrial Park Warehouse/Distribution UC North Las Vegas 86,590 0% PSi Commerce Center 1 Warehouse/Distribution UC Southwest 48,701 0% PSi Commerce Center 2 Light Industrial UC Southwest 24,535 0% South15 Airport Center C/D Warehouse/Distribution UC West Henderson 269,560 0%

Q4-2020 4,227,743 17% 4525 Wagon Train Avenue Warehouse/Distribution UC Southwest 25,880 0% 4750 West Sunset Road Warehouse/Distribution UC Southwest 42,272 0% Amazon BTS Warehouse/Distribution UC West Henderson 600,000 100% Beltway Business Park 11/12 Warehouse/Distribution PC Southwest 329,775 0% Brass Diablo Light Distribution UC Southwest 20,080 65% Civic Center Commerce Park Warehouse/Distribution UC North Las Vegas 118,021 0% Diamond Freight Facility Warehouse/Distribution PC Southwest 36,810 0% Golden Triangle Logistics Center 1/2 Warehouse/Distribution UC North Las Vegas 1,002,538 0% Interchange Industrial Center Warehouse/Distribution UC North Las Vegas 683,436 0% Lone Mountain Logistics Warehouse/Distribution UC North Las Vegas 93,943 0% Marion Logistics Center Warehouse/Distribution UC North Las Vegas 282,220 0% Paccar Parts Warehouse Addition Warehouse/Distribution UC North Las Vegas 98,612 100% Silver State Commerce Center Warehouse/Distribution PC North Las Vegas 834,944 0% Sunset Decatur Center Light Industrial UC Southwest 59,212 0%

Q1-2021 1,752,483 1% 1500 Bermuda 1/2/3 Warehouse/Distribution PC Henderson 850,080 0% Executive Airport Crossing A/B Warehouse/Distribution PC Henderson 69,249 0% Mountain West Industrial Park Warehouse/Distribution PC Southwest 252,900 0% Post Discovery Spectrum Light Distribution PC Southwest 171,392 7% Stephanie Commerce Center Warehouse/Distribution PC Henderson 338,048 0% Stephanie Industrial Center Light Industrial UC East Las Vegas 70,814 0% 1500 Bermuda 1/2/3 Warehouse/Distribution PC Henderson 850,080 0%

Q2-2021 3,067,280 0% First Sloan Commerce Center Warehouse/Distribution PC Southwest 174,600 0% Logisticenter at Sunset Warehouse/Distribution PC Airport 151,200 0% ProLogis I-15 Speedway Logistics Center III Warehouse/Distribution PC North Las Vegas 1,641,800 0% South15 Airport Center F/G/H Warehouse/Distribution PC West Henderson 850,080 0% Sunset Logistics Center Warehouse/Distribution PC Southwest 249,600 0% First Sloan Commerce Center Warehouse/Distribution PC Southwest 174,600 0%

10 Las Vegas Research & Forecast Report | Q2 2020 | Industrial | Colliers International The weighted average asking rate for industrial product in Southern The second quarter of 2020 managed to produce over 2 million square Nevada decreased in the second quarter of 2020. The weighted feet of industrial net absorption despite the business closures that average asking rate was $0.71 psf, a $0.01 increase from one quarter began in March 2020. The business closures took a serious toll on the ago, and a $0.04 decrease from one year ago. Asking rates increased local economy, with Southern Nevada losing more than 220,000 jobs by $0.03 psf in flex properties, $0.02 psf in light industrial properties since May 2019. The loss of jobs, and the loss of occupied industrial and remained flat in warehouse/distribution properties. Asking space, was not felt evenly in the market. Warehouse/distribution rates decreased by $0.09 psf in incubator and $0.05 psf in light product posted all of the Valley’s positive net absorption in the second distribution properties. quarter of 2020. Other industrial product types, which rely more heavily on small businesses, suffered negative net absorption. While Industrial investment sales in the second quarter of 2020 showed an it is likely that warehouse/distribution demand will remain relatively improvement over 2019, and were on par to match the recent high strong through the remainder of 2020, it is unknown how quickly point in investment sales in 2018. Sales volume was $447.1 million in small businesses will recover. By the end of 2020, we may see an 39 sales totaling 3,343,000 square feet at an average sales price of overall positive industrial picture that nevertheless obscures the $130.19 psf. The average cap rate increased to 7.7 percent from last challenges faced by many landlords of non-warehouse/distribution year’s 6.3 percent, and the average size of a sold property increased properties in the Valley. to 88,000 square feet.

“By the end of 2020, we may see an overall positive industrial picture that nevertheless obscures the challenges faced by many landlords of non-warehouse/distribution properties in the Valley.”

Investment Sales

2016 2017 2018 2019 2020 YTD

No. Sales 70 66 92 93 39

Square Feet Sold 3,299,000 3,241,000 6,464,000 5,117,000 3,434,201

Sales Volume $308.4 MM $316.2 MM $668.3 MM $647.3 MM $447.1 MM

Average Price/SF $93.48 $97.56 $103.38 $126.50 $130.19

Average Cap Rate 7.4% 6.9% 6.0% 6.3% 7.7%

Average Sale Size (SF) 47,000 49,000 70,000 55,000 88,000

11 Las Vegas Research & Forecast Report | Q2 2020 | Industrial | Colliers International Significant Industrial 215 15 Sale Activity NORTH LAS VEGAS Tropical Distribution Center 855,000 SF - $110,000,000 NORTHWEST $128.65/SF May 2020 Warehouse/Distribution 95

818 South Main Street 7,750 SF - $2,000,000 $258.06/SF April 2020 EAST Light Distribution WEST LAS VEGAS CENTRAL 95 Hughes Airport Center 242,646 SF - $43,000,000 $177.21/SF April 2020 Portfolio AIRORT

Spencer Airport Center 215 90,561 SF - $15,950,000 $176.12/SF HENDERSON April 2020 Portfolio SOUTHWEST

Tenaya Quail Commercial Center 54,101 SF - $7,800,000 $144.17/SF April 2020 Flex

Lease Activity

PROPERTY NAME LEASE DATE LEASE TERM SIZE EFFECTIVE RATE TYPE

Sunset Parkway Business Center May 2020 38 months 35,000 SF $0.69 NNN Warehouse/Distribution

Matter Park @ West Henderson Jun 2020 86 months 18,964 SF $1.34 NNN Flex

Oquendo Court Jun 2020 60 months 12,218 SF $0.87 NNN Light Distribution

Cameron Court Apr 2020 60 months 4,288 SF $0.91 NNN Incubator

Bruner Commerce Park May 2020 62 months 1,977 SF $0.96 NNN Light Industrial

12 Las Vegas Research & Forecast Report | Q2 2020 | Industrial | Colliers International WH = Warehouse LD = Light Distribution LI = Light Industrial INC = Incubator FLX = Flex

Market Comparisons - Las Vegas

Industrial Market

TOTAL DIRECT SUBLEASE TOTAL NET COMPLETIONS UNDER PLANNED WEIGHTED AVG DIRECT VACANCY RATE VACANCY RATE NET ABSORPTION COMPLETIONS TYPE INVENTORY VACANCY VACANCY VACANT ABSORPTION CURRENT CONSTRUCTION CONSTRUCTION ASKING RENTAL VACANT SF CURRENT QTR PRIOR QTR YTDSF YTD SF SF RATE SF SF CURRENT QTR SF QTR SF SF SF RATE

AIRPORT SUBMARKET

WH 6,054,260 286,440 4.7% - 286,440 4.7% 3.4% (81,253) (244,560) - - - 151,200 $0.76 LD 3,496,609 88,040 2.5% 32,578 120,618 3.4% 2.6% (21,418) (22,221) - - - 184,800 $0.84 LI 3,014,347 118,221 3.9% - 118,221 3.9% 2.8% (24,538) (3,210) 9,235 9,235 - 73,500 $0.81 INC 1,484,679 63,818 4.3% 4,078 67,896 4.6% 3.6% (12,752) 34,604 - - - - $0.88 FLX 1,533,648 69,805 4.6% 7,337 77,142 5.0% 4.1% (25,615) 31,914 - - - - $0.91 Total 15,583,543 626,324 4.0% 43,993 670,317 4.3% 3.2% (165,576) (203,473) 9,235 9,235 - 409,500 $0.81

EAST LAS VEGAS SUBMARKET

WH 1,115,454 29,320 2.6% - 29,320 2.6% 2.6% ------$0.65 LD 537,068 33,330 6.2% - 33,330 6.2% 6.2% ------$0.58 LI 1,849,040 61,006 3.3% 8,510 69,516 3.8% 3.0% (5,939) (6,039) - - 70,814 24,000 $0.59 INC 280,959 28,269 10.1% - 28,269 10.1% 7.2% (7,978) (15,757) - - - - $0.77 FLX 233,692 14,873 6.4% - 14,873 6.4% 3.3% (7,050) (7,050) - - - - $0.75 Total 4,016,213 166,798 4.2% 8,510 175,308 4.4% 3.6% (20,967) (28,846) - - 70,814 24,000 $0.65

HENDERSON SUBMARKET

WH 6,980,231 59,737 0.9% 35,392 95,129 1.4% 1.8% 31,308 (8,939) - - 338,048 - $0.63 LD 1,880,646 78,143 4.2% - 78,143 4.2% 2.6% (35,431) (17,465) - - - - $0.80 LI 3,420,066 59,853 1.8% - 59,853 1.8% 2.6% 30,430 38,201 - - 750,000 - $0.84 INC 496,555 18,593 3.7% - 18,593 3.7% 4.1% 1,704 10,610 - - - - $0.81 FLX 1,360,598 30,075 2.2% - 30,075 2.2% 2.6% 2,896 (3,223) - - - - $1.08 Total 14,138,096 246,401 1.7% 35,392 281,793 2.0% 2.3% 30,907 19,184 - - 1,088,048 - $0.80

NORTH LAS VEGAS SUBMARKET

WH 36,326,968 2,583,488 7.1% 647,432 3,230,920 8.9% 7.9% 2,509,120 3,620,779 718,050 2,407,026 3,099,682 7,458,053 $0.54 LD 5,109,208 165,451 3.2% 83,082 248,533 4.9% 3.0% (47,429) 37,445 - - 175,826 - $0.57 LI 9,219,976 407,199 4.4% 0 407,199 4.4% 3.1% (119,042) (69,574) - - 72,280 - $0.64 INC 724,573 39,733 5.5% 0 39,733 5.5% 5.9% 3,050 26,741 - - - - $0.61 FLX 803,833 103,492 12.9% 0 103,492 12.9% 12.6% (2,546) (12,888) - - - - $0.87 Total 52,184,558 3,299,363 6.3% 730,514 4,029,877 7.7% 6.6% 2,343,153 3,602,503 718,050 2,407,026 3,347,788 7,458,053 $0.56

NORTHWEST SUBMARKET

WH 192,826 - 0.0% - - 0.0% 0.0% ------$- LD 50,000 - 0.0% - - 0.0% 0.0% ------$- LI 379,440 16,714 4.4% - 16,714 4.4% 4.2% (844) (844) - - - - $1.06 INC 99,427 7,867 7.9% - 7,867 7.9% 12.1% 4,145 12,646 - - - - $0.80 FLX 738,475 38,799 5.3% - 38,799 5.3% 5.8% 3,906 5,172 - - - - $1.06 Total 1,460,168 63,380 4.3% - 63,380 4.3% 4.8% 7,207 16,974 - - - - $1.03

SOUTHWEST SUBMARKET

WH 16,089,012 471,177 2.9% 72,020 543,197 3.4% 2.9% (34,149) (58,280) - 38,972 588,086 933,385 $0.79 LD 7,588,593 264,882 3.5% 61,206 326,088 4.3% 2.9% (72,069) (62,906) - - 101,087 200,685 $0.87 LI 10,429,804 297,849 2.9% 5,370 303,219 2.9% 2.4% (48,934) 25,169 - - 83,747 - $0.92 INC 2,587,935 180,519 7.0% 1,433 181,952 7.0% 5.4% (51,367) (2,143) - - - - $0.87 FLX 1,757,776 43,942 2.5% - 43,942 2.5% 3.6% 19,951 15,310 - - 75,000 - $1.27 Total 38,453,120 1,258,369 3.3% 140,029 1,398,398 3.6% 3.0% (186,568) (82,850) - 38,972 847,920 1,134,070 $0.86

WEST CENTRAL SUBMARKET

WH 2,256,650 64,768 2.9% - 64,768 2.9% 2.9% - (64,768) - - - 153,320 $1.00 LD 994,926 38,342 3.9% - 38,342 3.9% 4.3% 4,329 11,529 - - - - $0.70 LI 7,777,010 298,274 3.8% - 298,274 3.8% 2.6% (96,508) (94,997) - - - 37,500 $1.03 INC 2,511,752 163,258 6.5% - 163,258 6.5% 5.1% (34,216) (24,328) - - - - $0.92 FLX 161,603 2,164 1.3% - 2,164 1.3% 1.3% ------$4.50 Total 13,701,941 566,806 4.1% - 566,806 4.1% 3.2% (126,395) (172,564) - - - 190,820 $0.98

WEST HENDERSON SUBMARKET

WH 2,326,137 134,025 5.8% - 134,025 5.8% 6.7% 146,207 145,920 - 133,305 866,560 2,637,434 $0.78 LD 58,100 - 0.0% - - 0.0% 0.0% ------$- LI 291,896 49,896 17.1% - 49,896 17.1% 0.0% - - 49,896 49,896 - - $0.82 INC - - N/A - - N/A N/A ------$- FLX 63,096 41,709 66.1% - 41,709 66.1% 78.9% 8,084 21,374 - - - - $1.25 Total 2,739,229 225,630 8.2% - 225,630 8.2% 7.7% 154,291 167,294 49,896 183,201 866,560 2,637,434 $0.87

MARKET TOTAL

WH 71,341,538 3,628,955 5.1% 754,844 4,383,799 6.1% 5.4% 2,571,233 3,390,152 718,050 2,579,303 4,892,376 11,333,392 $0.60 LD 19,715,150 668,188 3.4% 176,866 845,054 4.3% 3.0% (172,018) (53,618) - - 276,913 385,485 $0.76 LI 36,381,579 1,309,012 3.6% 13,880 1,322,892 3.6% 2.7% (265,375) (111,294) 59,131 59,131 976,841 135,000 $0.83 INC 8,185,880 502,057 6.1% 5,511 507,568 6.2% 5.1% (97,414) 42,373 - - - - $0.86 FLX 6,652,721 344,859 5.2% 7,337 352,196 5.3% 5.5% (374) 50,609 - - 75,000 - $1.03 Total 142,276,868 6,453,071 4.5% 958,438 7,411,509 5.2% 4.4% 2,036,052 3,318,222 777,181 2,638,434 6,221,130 11,853,877 $0.71

QUARTERLY COMPARISON AND TOTALS

Q2-20 142,276,868 6,453,071 4.5% 958,438 7,411,509 5.2% 4.4% 2,036,052 3,318,222 777,181 2,638,434 6,221,130 11,853,877 $0.71 Q1-20 139,538,029 5,850,689 4.2% 237,753 6,088,442 4.4% 4.1% 1,382,575 1,382,575 1,961,658 1,961,658 5,961,472 13,871,029 $0.70 Q4-19 137,576,371 5,271,606 3.8% 362,793 5,634,399 4.1% 3.7% 658,388 4,789,084 1,140,910 5,409,752 5,210,135 12,538,692 $0.72 Q3-19 136,435,461 4,789,084 3.5% 195,116 4,984,200 3.7% 3.6% 1,332,158 4,230,602 1,454,806 4,268,842 5,918,132 10,711,346 $0.73 Q2-19 134,980,655 4,666,436 3.5% 126,842 4,793,278 3.6% 3.3% 1,831,220 2,898,444 2,236,028 2,814,036 4,587,478 10,195,426 $0.75 The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports.

13 Las Vegas Research & Forecast Report | Q2 2020 | Industrial | Colliers International Research & Forecast Report LAS VEGAS | OFFICE Q2 2020

Weathering the Storm Economic Indicators Office Office Sublease > Office vacancy increased to 12.5 percent in the second Employment SF/Job Vacancy quarter of 2020

> Southern Nevada’s office inventory increased by +14.2% +2.3 65,000 square feet -12.2% Q2 > Asking rents decreased at $2.21 psf 2020

When an office market loses more than 48,000 jobs, even if those losses are intended to be temporary, it should come Market Indicators as no surprise that it also suffers an increase in vacancy. Relative to prior period Q2 2020 Q3 2020* Southern Nevada saw office vacancy increase to 12.5 percent, VACANCY while inventory expanded by 65,000 square feet. Net absorption NET ABSORPTION was 10,083 square feet. The weighted average asking rate for COMPLETIONS office space remained stable at $2.21 per square foot (psf) on a RENTAL RATE full service gross (FSG) basis. *Projected

Summary Statistics Historical Vacancy Rates and Asking Lease Rates Las Vegas Market Q2-19 Q1-20 Q2-20 16.0% $2.25 Vacancy Rate 12.6% 12.2% 12.5% 15.0% $2.20 Asking Rent (PSF, FSG) $2.17 $2.22 $2.21 14.0% $2. 15 Net Absorption (SF) 172,064 249,552 10,083 13.0% $2. 10 New Completions (SF) -50,661 120,681 65,000 12.0% $2. 05

11.0% $2. 00

10.0% $1 .95 Overall Asking Rents

Per Square Foot 9.0% $1 .90 Q2-19 Q1-20 Q2-20 2 Q 2018 2018 Q 3 4 Q 2018 2019 1 Q 2 Q 2019 2019 Q 3 4 Q 2019 1 2020 Q 2 Q 2020 Class A $2.73 $2.73 $2.79

Vacancy Asking Rental Rate Class B $2.18 $2.29 $2.26

Class C $1.83 $1.85 $1.83 “While approximately 10,000 square feet of net absorption is nothing to brag about, any positive net absorption in the face of the massive job losses experienced over the past two months is remarkable.” According to the Nevada Department of Employment, Training Historical Net Absorption vs. and Rehabilitation, Southern Nevada’s office job market lost Completions

48,600 jobs between May 2019 and May 2020. Over this period, 500,000 Southern Nevada lost 19,500 jobs in the administration and 400,000 support sector, 13,000 jobs in health care and social assistance, 300,000 200,000

10,000 jobs in management of companies, 3,100 jobs in 100,000 professional, scientific and technical, 2,500 jobs in information 0 and 500 jobs in financial activities. -100,000 -200,000

-300,000 Unemployment in the Las Vegas-Paradise MSA was 33.5 percent 2 Q 2018 2018 Q 3 4 Q 2018 2019 1 Q 2 Q 2019 2019 Q 3 4 Q 2019 1 2020 Q 2 Q 2020 in April 2020, compared to 4.0 percent in April 2019. From Net Absorption Completions May 2019 to May 2020, total employment in Southern Nevada decreased by 220,300 jobs, a 10.8 percent decrease. May 2020 numbers were slightly better than April 2020 numbers, which suggests that the Valley could be seeing recovery from Occupancy vs. the employment devastation caused by the COVID-19 business Office Employment

closures that began in March 2020. 155,000 89.0%

150,000 88.0% Southern Nevada’s office inventory increased this quarter by 145, 000 87.0% 65,000 square feet. One class C office property was completed 140,000 86.0% in Southwest. A total of 21,600 square feet is scheduled for 135,000 85.0% completion in the third quarter of 2020. 130,000 84.0%

125, 000 83.0% Southern Nevada’s office market had 10,083 square feet of net 120,000 82.0% 2 Q 2018 2018 Q 3 4 Q 2018 2019 1 Q 2 Q 2019 2019 Q 3 4 Q 2019 1 2020 Q 2 Q 2020 absorption in the second quarter of 2020, a significant decrease from the 172,064 square feet of net absorption in the second Office Jobs Occupancy Rate quarter of 2019. Net absorption this quarter was highest in the Henderson submarket, at 96,994 square feet, followed by 61,839 square feet in the Southwest submarket and 22,770 square feet MAY MAY in the West Central submarket. Net absorption was negative 2019 2020 CHANGE Administration and 101,167 square feet in the East Las Vegas submarket, followed 82,900 63,400 - 19,500 Support by Northwest at negative 37,345 square feet, Airport at negative Financial Activities 53,900 53,400 - 500 24,491 square feet, North Las Vegas at negative 5,597 square Health Care and feet and Downtown at negative 2,920 square feet. 94,800 81,800 - 13,000 Social Assistance

Demand for office space in the second quarter came primarily Information 12,300 9,800 - 2,500 from education and social services, professional and business Management of 22,800 12,800 - 10,000 Companies services and financial activities tenants. In the lease comps we Professional, Scientific 44,600 41,500 - 3,100 tracked this quarter, local tenants took 42.5 percent of the leased and Technical space, followed by tenants headquartered in the Southwest at 23.9 Source: Nevada Department of Employment, Training and Rehabilitation. percent, Great Plains at 18.5 percent and Southeast at 6.6 percent.

15 Las Vegas Research & Forecast Report | Q2 2020 | Office | Colliers International Vacancy by Size Range

Q2, 2019 Q1, 2020 Q2, 2020 ANNUAL CHANGE

SIZE RANGE Units Total SF Units Total SF Units Total SF Units Total SF

TINY (0 TO 2,500 SF) 824 1,300,863 736 1,171,934 737 1,224,059 (87) (76,804)

SMALL (2,501 TO 5,000 SF) 374 1,498,725 386 1,600,159 397 1,640,907 23 142,182

MEDIUM (5,001 TO 10,000 SF) 168 1,244,499 166 1,236,229 172 1,263,898 4 19,399

LARGE (10,001 TO 25,000 SF) 68 961942 77 1,201,452 72 1,135,492 4 173,850

HUGE (25,001 SF +) 37 1,106,541 14 786,918 19 951,418 (18) (155,123)

Southern Nevada’s office vacancy rate increased to 12.5 percent in the second quarter of 2020, a 0.1-point decrease from one year ago and a 0.4-point increase from one quarter ago. Office vacancy increased in six of the Valley’s eight submarkets this quarter. The largest increase was in East Las Vegas at 1.9 points, followed by North Las Vegas and Southwest at 0.8 points, Airport and Northwest at 0.4 points and Downtown at 0.1 points. Vacancy decreased in Henderson by 1.0 points and Downtown by 0.4 points.

When examined by the size range of vacant units (including vacant units for sublease), the second quarter of 2020 again showed improvement in demand for office suites on both extremes of size. Tiny units saw the strongest demand, with vacancy falling by 76,804 square feet year-over-year, while huge units saw vacancy fall by 155,123 square feet. All other size ranges saw a year-over-year increase in vacant space, with the largest increase being in office spaces sized from 10,001 to 25,000 square feet.

“We think the office market will continue to be challenged …”

Office space available for sublease in Southern Nevada increased this quarter to 728,371 square feet from 552,177 square feet one year ago. Most of the available sublease space was in Class B properties and was located in the Northwest submarket. Increases in sublease space usually presage higher direct vacancy rates, but for the current recession this has not held true.

16 Las Vegas Research & Forecast Report | Q2 2020 | Office | Colliers International Office Development Schedule

PROJECT CLASS SUBMARKET SIZE PRE-LEASING

Q3-2020 21,600 0%

Camino Al Norte Business Park C North Las Vegas 21,600 0%

Q4-2020 100,165 26%

Narrative A Southwest 100,165 26%

Q1-2021 118,434 0%

Magnum Towers A Southwest 118,434 0%

Q2-2021 260,000 0%

215 Rainbow A Southwest 160,000 0%

Village at Saint Rose A Henderson 100,000 0%

The weighted average asking rental rate for office space in of the year could be boosted by lower interest rates, but could Southern Nevada was $2.21 psf FSG in the second quarter of just as likely be hampered due to uncertainty in the true value 2020. This was $0.04 higher than one year ago. The Southwest of office real estate. submarket was the Valley’s most expensive, with an asking rate Southern Nevada’s office market has, so far, showed surprising of $2.50 psf, followed closely by $2.47 psf in Downtown. The resilience in the face of the business closures enacted to stem Valley’s lowest average asking rate was in the East Las Vegas the spread of COVID-19. While approximately 10,000 square submarket at $1.86 psf, followed by $1.87 psf in West Central. feet of net absorption is nothing to brag about, any positive net Class A office buildings saw their average asking rate increase absorption in the face of the massive job losses experienced by $0.06 psf since last quarter, while the average asking rent over the past two months is remarkable. Anecdotal evidence decreased by $0.03 psf for Class B buildings and $0.02 psf for suggests that most office tenants continued to pay their rent Class C buildings. over the past few months, but the eviction moratorium imposed Investment sales at mid-year 2020 are on pace to beat 2019 until July makes it difficult to know how vulnerable the market sales, with sales volume of $172.9 million in 37 sales totaling is to future vacancies. We think the office market will continue 805,069 square feet with an average sales price of $214.74 psf. to be challenged by the job losses already experienced and the The average cap rate was 7.2 percent at mid-year. Sales were uncertainty regarding evictions, utilization of office space post- notably higher in 2017 and 2018, and have now returned to pandemic and whatever other upheavals 2020 has in store for us. levels seen in 2016 and again in 2019. Sales for the remainder

Office Investment Sales

2016 2017 2018 2019 2020 YTD

No. Sales 45 99 94 42 37

Square Footage 1,448,701 3,560,210 3,731,240 1,432,424 805,069

Sales Volume $200.9 MM $652.6 MM $658.2 MM $313.6 MM $172.9 MM

Average Price/SF $138.70 $183.31 $176.42 $175.24 $214.74

Average Cap Rate 7.8% 7.5% 8.3% 7.6% 7.2%

Average Sale Size (SF) 32,200 36,000 39,700 34,100 21,800

17 Las Vegas Research & Forecast Report | Q2 2020 | Office | Colliers International 215 Significant Office Sale Activity NORTH 95 LAS VEGAS 500 Corporate Center 81,819 SF - $15,000,000 $183.33/SF NORTHWEST May 2020 Class B 15

Lakes Business Park 7,569 SF - $2,600,000 $343.51/SF EAST LAS VEGAS April 2020 DOWN Class C WEST TOWN CENTRAL 8350 South Durango 56,000 SF - $12,000,000 95 $214.29/SF April 2020 Class B

AIRORT 2290 Corporate Center 215 55,239 SF - $14,152,000 HENDERSON $256.19/SF May 2020 Class B

SOUTHWEST Green Valley Corporate Center 63,959 SF - $15,958,000 $249.51/SF May 2020 Class B

Lease Activity

Property Name Lease Date Lease Term Size Lease Rate Type

Desert Inn Office Center II May 2020 36 months 20,394 SF $1.75 NNN Class C

Campus Village May 2020 60 months 14,000 SF $1.37 MG Class C

Stephanie Beltway Centre May 2020 39 months 7,753 SF $2.09 MG Class B

Marnell Corporate Center May 2020 38 months 5,912 SF $2.39 FSG Class A

Gardner Plaza Mar 2020 60 months 5,788 SF $2.12 NNN Class B

18 Las Vegas Research & Forecast Report | Q2 2020 | Office | Colliers International Market Comparisons - Las Vegas

Office Market

NET TOTAL DIRECT DIRECT SUBLEASE TOTAL VACANCY RATE VACANCY NET COMPLETIONS UNDER PLANNED WEIGHTED ABSORPTION COMPLETIONS CLASS INVENTORY VACANT VACANCY VACANT VACANT CURRENT RATE PRIOR ABSORPTION CURRENT CONSTRUCTION CONSTRUCTION AVG ASKING CURRENT YTD SF SF SF RATE SF SF QUARTER QUARTER YTD SF QTR SF SF SF RENTAL RATE QTR SF

AIRPORT SUBMARKET

A 729,174 111,728 15.3% 7,351 119,079 16.3% 21.6% 17,206 17,206 - - - 150,000 $2.65 B 2,403,646 296,009 12.3% - 296,009 12.3% 16.1% 43,363 43,363 - - - - $2.22 C 3,229,959 344,817 10.7% 9,688 354,505 11.0% 13.1% 70,065 70,065 - - - - $1.80 Total 6,362,779 752,554 11.8% 17,039 769,593 12.1% 15.2% 130,634 130,634 - - - 150,000 $2.09

DOWNTOWN SUBMARKET

A 1,236,654 233,599 18.9% 5,060 238,659 19.3% 20.2% 13,748 13,748 - - - - $2.74 B 2,369,470 247,641 10.5% - 247,641 10.5% 10.4% (410) (410) - - - - $2.52 C 1,419,499 132,234 9.3% - 132,234 9.3% 7.1% (31,079) (31,079) - - - - $1.81 Total 5,025,623 613,474 12.2% 5,060 618,534 12.3% 11.9% (17,741) (17,741) - - - - $2.45

EAST LAS VEGAS SUBMARKET

A 1,353,083 318,303 23.5% 6,186 324,489 24.0% 27.2% 44,022 44,022 - - - - $2.81 B 1,564,289 295,189 18.9% - 295,189 18.9% 15.5% (52,727) (52,727) - - - - $1.38 C 2,565,752 389,029 15.2% - 389,029 15.2% 15.7% 14,272 14,272 - - - - $1.47 Total 5,483,124 1,002,521 18.3% 6,186 1,008,707 18.4% 18.5% 5,567 5,567 - - - - $1.87 HENDERSON SUBMARKET A 583,905 165,285 28.3% - 165,285 28.3% 29.6% 7,260 7,260 - - - 555,000 $2.75 B 2,625,395 453,801 17.3% 5,000 458,801 17.5% 12.5% (119,178) (119,178) 23,832 23,832 - 53,832 $2.42 C 2,213,526 189,364 8.6% 750 190,114 8.6% 10.0% 31,494 31,494 - - - - $1.88 Total 5,422,826 808,450 14.9% 5,750 814,200 15.0% 13.3% (80,424) (80,424) 23,832 23,832 - 608,832 $2.36

NORTH LAS VEGAS SUBMARKET

A - - n/a - - n/a n/a ------$- B 240,860 43,036 17.9% - 43,036 17.9% 17.8% (45) (45) - - - - $2.16 C 504,461 11,676 2.3% - 11,676 2.3% 2.3% (70) (70) - - 21,600 - $3.32 Total 745,321 54,712 7.3% - 54,712 7.3% 7.3% (115) (115) - - 21,600 - $2.41

NORTHWEST SUBMARKET

A 2,112,587 273,114 12.9% 48,330 321,444 15.2% 17.5% 56,284 56,284 - - - - $2.58 B 3,714,441 348,958 9.4% 30,401 379,359 10.2% 10.7% 21,156 21,156 - - - - $2.42 C 3,466,494 243,951 7.0% 16,181 260,132 7.5% 7.3% (2,070) (2,070) - - - 37,100 $1.99 Total 9,293,522 866,023 9.3% 94,912 960,935 10.3% 11.0% 75,370 75,370 - - - 37,100 $2.35

SOUTHWEST SUBMARKET

A 701,640 64,756 9.2% 34,187 98,943 14.1% 15.0% 603 603 - - - 1,017,818 $3.15 B 3,485,152 423,898 12.2% 77,392 501,290 14.4% 14.8% 69,162 69,162 73,017 73,017 - 252,232 $2.63 C 3,582,907 325,335 9.1% 29,465 354,800 9.9% 11.1% 71,436 71,436 - - 65,000 - $2.27 Total 7,769,699 813,989 10.5% 141,044 955,033 12.3% 13.1% 141,201 141,201 73,017 73,017 65,000 1,270,050 $2.52

WEST CENTRAL SUBMARKET

A 157,624 29,215 18.5% - 29,215 18.5% 10.0% (13,461) (13,461) - - - - $2.42 B 2,030,723 149,123 7.3% 257,000 406,123 20.0% 20.2% 1,292 1,292 - - - - $2.19 C 3,024,042 407,080 13.5% - 407,080 13.5% 12.9% (16,603) (16,603) - - - - $1.79 Total 5,212,389 585,418 11.2% 257,000 842,418 16.2% 15.7% (28,772) (28,772) - - - - $1.92 MARKET TOTAL A 6,874,667 1,196,000 17.4% 101,114 1,297,114 18.9% 20.9% 125,662 125,662 - - - 1,722,818 $2.73 B 18,433,976 2,257,655 12.2% 369,793 2,627,448 14.3% 13.9% (37,387) (37,387) 96,849 96,849 - 306,064 $2.29 C 20,006,640 2,043,486 10.2% 56,084 2,099,570 10.5% 11.0% 137,445 137,445 - - 86,600 37,100 $1.85 Total 45,315,283 5,497,141 12.1% 526,991 6,024,132 13.3% 13.7% 225,720 225,720 96,849 96,849 86,600 2,065,982 $2.22 QUARTERLY COMPARISON AND TOTALS

Q1-20 45,315,283 5,497,141 12.1% 526,991 6,024,132 13.3% 13.7% 225,720 225,720 96,849 96,849 86,600 2,065,982 $2.22 Q4-19 45,218,434 5,626,012 12.4% 573,300 6,199,312 13.7% 14.0% (70,505) 407,657 (184,840) (92,929) 183,449 1,807,529 $2.22 Q3-19 45,403,274 5,740,347 12.6% 604,612 6,344,959 14.0% 13.4% 92,514 478,162 126,705 91,911 183,734 1,788,197 $2.19 Q2-19 45,276,569 5,706,156 12.6% 366,841 6,072,997 13.4% 13.6% 172,064 385,648 (50,661) (34,794) 181,818 1,506,253 $2.17 Q1-19 45,327,230 5,928,881 13.1% 254,807 6,183,688 13.6% 14.0% 213,584 213,584 15,867 15,867 132,590 737,281 $2.16

The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability.

As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports.

19 Las Vegas Research & Forecast Report | Q2 2020 | Office | Colliers International Research & Forecast Report LAS VEGAS | RETAIL Q2 2020

Retail Reversal Economic Indicators RETAI RETAI RETAI Employment Taxable Sales SF/Job > Retail vacancy increased to 6.8 percent mid-year -34.2 > Net absorption was negative, but did not reverse the +49.5% first quarter’s strong demand -29.5% Q2 > Retail asking rates increased to $1.55 psf NNN 2020

Business closures in Southern Nevada took their toll on the retail market in the second quarter of 2020, with Market Indicators Relative to prior period Q2 2020 Q3 2020* vacancy increasing to 6.8 percent. Net absorption decreased, posting negative 74,874 square feet in the second quarter. VACANCY As unfortunate as this negative net absorption was, it did NET ABSORPTION not reverse the strong net absorption experienced in the first CONSTRUCTION quarter of 2020. Completions increased in the second quarter RENTAL RATE to 207,906 square feet. Retail asking rents increased to $1.55 *Projected per square foot (psf) on a triple-net (NNN) basis from last quarter’s $1.52 psf NNN. Summary Statistics Las Vegas Market Q2-19 Q1-20 Q2-20

Historical Vacancy Rates and Asking Lease Rates Vacancy Rate 7.2% 6.4% 6.8%

8.5% $1 .60 Asking Rent (PSF, NNN) $1.50 $1.52 $1.55

8.0% $1 .55 Net Absorption (SF) 514,483 252,953 -74,874

7.5% $1 .50 New Completions (SF) 58,290 21,860 125,000

7.0% $1 .45

6.5% $1 .40 Overall Asking Rents

6.0% $1 .35 Per Square Foot Q2-19 Q1-20 Q2-20

5.5% $1 .30 Power Center $1.60 $1.45 $1.44

5.0% $1 .25 Community Center $1.61 $1.71 $1.66 3 Q 2018 4 Q 2018 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020 Neighborhood Center $1.49 $1.50 $1.54 Vacancy Asking Rental Rate Strip Center $1.35 $1.38 $1.50

“The third quarter of 2020 should give us a better understanding of the resilience of Southern Nevada’s retailers …” According to the Nevada Department of Employment, Training and Historical Net Absorption vs. Rehabilitation, Southern Nevada lost 24,000 retail jobs between Completions May 2019 and May 2020. Over this period Southern Nevada 600,000 lost 55,000 jobs in the food services and drinking places sector, 500,000 which is not included in retail job numbers, 500 jobs in the food & 400,000 300,000 beverage retail sector and lost 1,000 jobs in the health & personal 200,000 care retail sector. 100,000

0 Unemployment in the Las Vegas-Paradise MSA was 33.5 -100,000 -200,000 percent in April 2020, compared to 4.0 percent in April 2019. 3 Q 2018 4 Q 2018 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020 From May 2019 to May 2020, total employment in Southern Net Absorption Completions Nevada decreased by 220,300 jobs, a 10.8 percent decrease. May 2020 numbers were slightly better than April 2020 numbers, which suggests that the Valley could be seeing recovery from the Occupancy vs. employment devastation caused by the COVID-19 business closures Retail Employment that began in March 2020.

100,000 95.0%

The Nevada Department of Taxation reported that Clark County’s 90,000 94.0% taxable retail sales for the first quarter of 2020 totaled $6.6 billion, 80,000 93.0% down from $8.3 billion in the previous quarter. Taxable sales 70,000 92.0% in the first quarter of 2020 were $1.1 billion in the automotive 60,000 91.0% sector, $2.2 billion in food services and $3.3 billion in other retail 50,000 90.0%

(excluding gas stations). By comparison, non-store retail sales 40,000 89.0% 3 Q 2018 4 Q 2018 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020 totaled $0.6 billion. Retail Jobs Occupancy Rate

The highest year-over-year taxable sales growth in March 2020 was in food and beverage stores (15.9 percent), home and garden stores (12.8 percent growth) and gas stations (1.8 percent growth). Year-over-year taxable sales decreased the most in clothing (negative 59.8 percent) and eating and drinking (negative 48 percent), and also decreased in automotive, electronics, health and personal care, miscellaneous, home furnishings, general merchandise and hobby and sporting goods. Non-store retailers posted 101.4 percent year-over-year growth in March 2020.

21 Las Vegas Research & Forecast Report | Q2 2020 | Retail | Colliers International Retail inventory expanded by 125,000 square feet in the second lowest net absorption this quarter was in Henderson, at negative quarter of 2020. Skye Canyon Marketplace was among the 97,565 square feet, followed by negative 43,594 square feet in centers completed this quarter, though the first phase of that Southwest. Net absorption was 95,918 square feet in community center, consisting of Smiths Marketplace, was completed in centers, 16,656 square feet in strip centers, negative 89,021 June of 2018. Approximately 36,114 square feet of retail space square feet in neighborhood centers and negative 98,427 square is scheduled for completion in the third quarter of 2020, all of feet in power centers. it pre-leased. Most of the Valley’s new inventory in 2020 was Retail vacancy in Southern Nevada was 6.8 percent in the second located in the Southwest submarket. quarter of 2020, lower than the 7.2 percent retail vacancy rate Net absorption was negative 74,874 square feet in the second recorded one year ago despite the retail business closures. quarter of 2020, a reversal of last quarter’s strong demand, but Among submarkets, the Valley’s lowest vacancy rate was 4.9 not a complete reversal. Net absorption was positive in three percent in Northeast, while the highest vacancy rate was 9.9 of the Valley’s eight submarkets in the second quarter, with the percent in University East. Vacancy decreased in all submarkets highest net absorption in North Las Vegas at 71,558 square feet, except North Las Vegas and Northeast. Vacancy increased in all followed by 50,123 square feet in the Northwest submarket. The retail subtypes this quarter.

Retail Development Schedule

Project Type Submarket Size (SF) Pre-Leasing

Q3-2020 36,114 100%

Flamingo Center Strip Retail West Central 36,114 100%

Q4-2020 533,264 44%

Blue Diamond Decatur Plaza Strip Retail Southwest 67,355 32%

St Rose Square Neighborhood Center Henderson 465,909 45%

Q1-2021 134,535 30%

Arby/Rainbow Center Neighborhood Center Southwest 62,800 0%

Bicentennial Marketplace Strip Retail Henderson 36,767 33%

Centennial 215 Plaza Strip Retail Northwest 34,968 81%

Q2-2021 504,915 79%

Boulevard Plaza Community Center University East 262,500 93%

Shops @ Deer Springs Strip Retail Northwest 42,415 91%

The Bend Community Center Southwest 200,000 58%

22 Las Vegas Research & Forecast Report | Q2 2020 | Retail | Colliers International Households Avg. HH Income Occupied Retail Space (SF) Occupied Retail Space (SF) (2020) (2020) (2019 Avg.) (2020 Avg.)

Downtown 39,000 $45,300 2,237,000 2,312,000

Henderson 123,800 $96,000 9,684,000 9,777,000

North Las Vegas 73,200 $72,600 6,138,000 6,186,000

Northeast 81,400 $60,500 3,253,000 3,277,000

Northwest 179,600 $91,000 13,199,000 13,363,000

Southwest 123,800 $96,800 8,207,000 8,260,000

University East 107,800 $66,800 8,201,000 8,273,000

West Central 56,100 $58,100 6,404,000 6,460,000

Source of Demographic Data: Claritas

The average asking rental rate for retail space in Southern Nevada was $1.55 psf NNN in the second quarter of 2020, $0.03 psf higher than one year ago. Four of eight submarkets saw an increase in their asking rate this quarter, including a $0.10 psf in the University East and a $0.09 psf in the Northeast. Average asking rates decreased in North Las Vegas and the Southwest, and remained static in Henderson and West Central. Rates increased this quarter in strip centers by $0.13 psf and neighborhood centers by $0.04 psf. Community centers decreased by $0.04 psf in the second quarter, and remained static in power centers.

“Job losses in the sector, even if mostly temporary, are staggering ...”

Single-tenant retail investment sales volume at mid-year 2020 was $28.7 million in 13 sales totaling 121,000 square feet at an average price per square foot of $236.96. The average cap rate was 5.1 percent this quarter. Single-tenant retail investments remain weak this year compared to past years. While improvement is not impossible in the second half of the year, it is unlikely given the uncertainty in the retail industry and local retail market.

23 Las Vegas Research & Forecast Report | Q2 2020 | Retail | Colliers International Significant Retail Sale Activity 215 Russell Rainbow 23,596 SF - $6,000,000 $254.28/SF NORTH LAS VEGAS June 2020 95 Multi-Tenant/HIIT Life Fitness NORTHWEST 15

NORTHEAST LAS VEGAS 800 South Main 7,105 SF - $317,000 $44.59/SF April 2020 Single-Tenant/Gamblers General Store

DOWN TOWN The Crossing-Midtown 33,080 SF - $2,125,000 WEST CENTRAL 95 $64.24/SF UNIVERSITY April 2020 AIRORT Single-Tenant/Mariana’s Supermarket

4485 South Jones 215 11,530 SF - $1,950,000 $169.12/SF HENDERSON May 2020 SOUTHWEST Single-Tenant/Viola’s Tavern

RESORT Shoppes on the Parkway CORRIDOR 2,500 SF - $2,186,667 $874.67/SF May 2020 Multi-Tenant/The Great Greek

Lease Activity

Property Name Tenant Lease Date Lease Term Size Lease Rate Type

Green Valley Town Center L&J Restaurant Jun 2020 120 months 8,155 SF $1.86 NNN Community Center Spring Mountain Plaza Jones Market Jun 2020 60 months 5,150 SF $2.42 NNN Strip Center Beltway Marketplace JKM Medical Supplies May 2020 120 months 4,280 SF $1.92 NNN Strip Center Spring Oaks Shopping Center JH Group Jun 2020 126 months 4,008 SF $3.55 NNN Community Center Craig & Lamb Plaza Ortiz/Granite Apr 2020 63 months 3,150 SF $0.79 NNN Strip Center

24 Las Vegas Research & Forecast Report | Q2 2020 | Retail | Colliers International Shopping center investment sales volume in the second quarter of 2020 was $236.7 million in 19 sales totaling 834,000 square feet at an average price per square foot of $283.96. The average size of a shopping center sale this quarter was 44,000 square feet. The average cap rate this quarter was 5.9 percent. As with single-tenant retail investments, shopping center sales are down in 2020 compared to past years and likely to stay down through the remainder of the year.

Retail Investment Sales

Single-Tenant Retail 2016 2017 2018 2019 2020 YTD

No. Sales 67 63 57 55 13

Square Footage Sold 569,000 467,000 397,000 643,000 121,000

Sales Volume $174.4 MM $185.1 MM $148.1 MM $227.6 MM $28.7 MM

Average Price/SF $306.57 $396.03 $373.46 $353.98 $236.96

Average Sale Size (SF) 8,500 7,400 7,000 11,700 9,300

Cap Rate 7.0% 6.5% 6.1% 5.7% 5.1%

Shopping Center Retail 2016 2017 2018 2019 2020 YTD

No. Sales 41 46 51 52 19

Square Footage Sold 2,528,000 3,692,000 3,079,000 3,112,000 834,000

Sales Volume $419.7 MM $528.9 MM $603.0 MM $591.0 MM $236.7 MM

Average Price/SF $166.00 $143.24 $195.83 $189.89 $283.96

Average Sale Size (SF) 62,000 80,000 60,000 60,000 44,000

Cap Rate 6.7% 7.8% 7.5% 6.9% 5.9%

There was little doubt that Southern Nevada’s retail market was going to suffer a rough second quarter. Job losses in the retail sector, even if mostly temporary, are staggering, so negative 74,874 square feet of net absorption was not as bad as was feared. The fact that businesses are now opening and retail sales are improving should not, however, instill a belief that the worst is over. Further retail job losses remain a possibility, as the requirements imposed under the PPE program end in July. Furthermore, the state moratorium on evictions also ends in July, raising the possibility of a wave of retail vacancies in the third quarter. Finally, announced closures and potential closures of major retail chains have almost 500,000 square feet of occupied retail in the Valley in jeopardy. The third quarter of 2020 should give us a better understanding of the resilience of Southern Nevada’s retailers, and how long and painful a recovery we can expect.

25 Las Vegas Research & Forecast Report | Q2 2020 | Retail | Colliers International Market Comparisons - Las Vegas Retail Market

VACANCY NET NET WEIGHTED TOTAL DIRECT TOTAL VACANCY RATE COMPLETIONS UNDER PLANNED DIRECT SUBLEASE RATE ABSORPTION ABSORPTION COMPLETIONS AVG ASKING TYPE INVENTORY VACANCY VACANT PRIOR CURRENT CONSTRUCTION CONSTRUCTION VACANT SF VACANT SF CURRENT CURRENT YTD YTD SF RENTAL SF RATE SF QUARTER QTR SF SF SF QUARTER QTR SF SF RATE

DOWNTOWN PC - - n/a - - n/a n/a ------$- CC 1,003,090 75,582 7.5% - 75,582 7.5% 5.8% (17,873) (13,093) - - - - $1.20 NC 470,630 34,960 7.4% - 34,960 7.4% 6.9% (2,543) (2,543) - - - - $1.32 SC 989,530 73,680 7.4% 3,505 77,185 7.8% 6.2% (12,743) 5,681 - - - 67,597 $1.41 Total 2,463,250 184,222 7.5% - 184,222 7.5% 6.1% (33,159) (9,955) - - - 67,597 $1.43 HENDERSON PC 2,896,215 309,893 10.7% - 309,893 10.7% 6.5% (121,310) (109,030) - - - - $1.28 CC 2,724,168 138,841 5.1% - 138,841 5.1% 5.7% 17,294 2,053 - - - - $1.65 NC 2,930,045 197,296 6.7% - 197,296 6.7% 6.4% (8,578) (16,408) - - 465,909 - $1.62 SC 1,989,520 236,291 11.9% 1,950 238,241 12.0% 11.7% 15,029 26,371 - 21,860 94,857 179,345 $1.53 Total 10,539,948 882,321 8.4% - 882,321 8.4% 7.3% (97,565) (97,014) - 21,860 560,766 179,345 $1.48 NORTH LAS VEGAS PC 774,065 85,089 11.0% - 85,089 11.0% 11.2% 1,410 (11,765) - - - - $1.28 CC 2,462,873 70,450 2.9% 3,200 73,650 3.0% 6.7% 94,522 139,567 - - - - $1.71 NC 2,065,576 117,560 5.7% - 117,560 5.7% 4.7% (19,760) (31,704) - - - - $1.69 SC 1,311,077 82,483 6.3% - 82,483 6.3% 5.9% (4,614) 3,918 - - - - $1.38 Total 6,613,591 355,582 5.4% 3,200 358,782 5.4% 6.5% 71,558 100,016 - - - - $1.53 NORTHEAST PC - - n/a - - n/a n/a ------$- CC 1,295,615 52,908 4.1% 30,000 82,908 6.4% 3.5% (7,751) 11,213 - - - - $1.33 NC 1,404,861 70,173 5.0% 43,687 113,860 8.1% 7.4% (10,243) (10,901) - - - - $1.06 SC 769,047 47,097 6.1% - 47,097 6.1% 11.4% 40,817 30,693 - - - - $1.11 Total 3,469,523 170,178 4.9% 73,687 243,865 7.0% 6.8% 22,823 31,005 - - - - $1.16 NORTHWEST PC 3,171,110 63,369 n/a - 63,369 2.0% 3.3% 39,739 56,247 - - - - $2.37 CC 5,064,446 290,974 5.7% 84,433 375,407 7.4% 6.1% 59,453 58,073 125,000 125,000 250,000 - $2.24 NC 3,595,985 287,326 8.0% - 287,326 8.0% 8.4% 475 36,953 - - - - $1.27 SC 2,488,398 139,873 5.6% - 139,873 5.6% 3.6% (49,544) (38,309) - - - 108,383 $1.37 Total 14,319,939 781,542 5.5% 84,433 865,975 6.0% 5.6% 50,123 112,964 125,000 125,000 250,000 108,383 $1.74 SOUTHWEST PC 944,314 59,363 6.3% - 59,363 6.3% 5.1% (11,589) (11,589) - - - - $1.59 CC 2,688,783 160,979 6.0% - 160,979 6.0% 4.4% (42,529) (4,116) - - - 200,000 $2.09 NC 2,566,980 150,725 5.9% - 150,725 5.9% 5.7% (3,308) (9,151) - - - 62,800 $2.25 SC 2,507,380 148,934 5.9% 15,681 164,615 6.6% 5.0% 13,832 21,580 50,456 50,456 129,588 85,112 $2.08 Total 8,707,457 520,001 6.0% - 520,001 6.0% 5.0% (43,594) (3,276) 50,456 50,456 129,588 347,912 $2.08 UNIVERSITY EAST PC 1,210,223 142,304 11.8% - 142,304 11.8% 11.6% (2,326) 9,925 - - - - $1.46 CC 2,946,813 281,216 9.5% - 281,216 9.5% 9.2% (10,584) (18,121) - - - 262,500 $1.21 NC 2,069,675 128,654 6.2% 33,064 161,718 7.8% 7.9% 2,052 6,188 - - - - $1.43 SC 2,943,601 356,999 12.1% - 356,999 12.1% 12.1% (553) 4,589 - - 129,588 - $1.39 Total 9,170,312 909,173 9.9% 33,064 942,237 10.3% 10.2% (11,411) 2,581 - - 129,588 262,500 $1.35 WEST CENTRAL PC 1,138,224 77,323 6.8% - 77,323 6.8% 6.4% (4,351) 34,604 - - - - $1.38 CC 1,673,635 132,782 7.9% - 132,782 7.9% 8.1% 3,386 (401) - - - - $1.21 NC 1,777,642 107,543 6.0% - 107,543 6.0% 6.1% (47,116) (20,402) - - - - $1.50 SC 2,274,222 127,785 5.6% - 127,785 5.6% 4.9% 14,432 27,957 32,450 32,450 36,114 - $1.35 Total 6,863,723 445,433 6.5% - 445,433 6.5% 6.3% (33,649) 41,758 32,450 32,450 36,114 - $1.35 MARKET TOTAL PC 10,134,151 737,341 7.3% - 737,341 7.3% 6.3% (98,427) (31,608) - - - - $1.44 CC 19,859,423 1,203,732 6.1% 117,633 1,321,365 6.7% 6.3% 95,918 175,175 125,000 125,000 250,000 462,500 $1.66 NC 16,881,394 1,094,237 6.5% 76,751 1,170,988 6.9% 6.8% (89,021) (47,968) - - 465,909 62,800 $1.54 SC 15,272,775 1,213,142 7.9% 21,136 1,234,278 8.1% 7.5% 16,656 82,480 82,906 104,766 390,147 440,437 $1.50 Total 62,147,743 4,248,452 6.8% 215,520 4,463,972 7.2% 6.7% (74,874) 178,079 207,906 229,766 1,106,056 965,737 $1.55

QUARTERLY COMPARISON AND TOTALS

Q2-20 62,147,743 4,248,452 6.8% 215,520 4,463,972 7.2% 6.7% (74,874) 178,079 207,906 229,766 1,106,056 965,737 $1.55 Q1-20 61,917,977 3,943,812 6.4% 225,406 4,169,218 6.7% 7.2% 252,953 252,953 21,860 21,860 1,161,919 1,219,804 $1.52 Q4-19 61,896,117 4,174,905 6.7% 259,360 4,434,265 7.2% 7.4% 175,839 1,041,104 19,124 450,680 1,129,152 1,338,221 $1.44 Q3-19 61,876,993 4,331,620 7.0% 259,694 4,591,314 7.4% 7.8% 143,864 865,265 0 431,556 942,347 1,828,163 $1.53 Q2-19 61,876,993 4,475,484 7.2% 327,480 4,802,964 7.8% 8.8% 514,483 721,401 58,290 431,556 909,897 1,351,378 $1.50

PC = Power Center CC = Community Center NC = Neighborhood Center SC = Strip Center

The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability.

As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports.

26 Las Vegas Research & Forecast Report | Q2 2020 | Retail | Colliers International Research & Forecast Report LAS VEGAS | MEDICAL OFFICE Q2 2020

Medical Office on Economic Indicators HEATHCARE HEATHCARE MEDICA Hold at Mid-Year Employment Spending SF/Job -13.8 +18.5% > Vacancy increased to 10.4 percent in the second quarter of 2020 +2.2% Q2 2020 > Net absorption showed a marked decrease from last quarter

> The average asking rental rate increased to $2.33 Market Indicators psf FSG Relative to prior period Q2 2020 Q3 2020*

VACANCY The second quarter of 2020 did not keep up the pace set by the NET ABSORPTION first quarter. Vacancy increased to 10.4 as net absorption fell to COMPLETIONS only 12,308 square feet. Completions increased to 22,400 square feet this quarter. Asking rental rates increased to $2.33 per square RENTAL RATE foot (psf) on a full service gross (FSG) basis this quarter.

Summary Statistics Historical Vacancy Rates and Rental Rates Las Vegas Market Q2-19 Q1-20 Q2-20 Vacancy Rate 12.6% 10.3% 10.4% 90.5% 19,500 90.0% 19,000 Asking Rent (PSF, FSG) $2.33 $2.28 $2.33 89.5% 18, 50 0 89.0% 18, 000 Net Absorption (SF) -27,516 117,185 12,308

88.5% 17,500 New Completions (SF) 0 0 22,400 88.0% 17,000 87.5% 16, 50 0

87.0% 16, 000 86.5% 15, 50 0 Overall Asking Rents 86.0% 15, 000 Per Square Foot Q2-19 Q1-20 Q2-20 85.5% 14, 500

85.0% 14, 000 Class A $2.73 $2.76 $2.75 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 2018 2018 2018 2019 2019 2019 2019 2020 2020 Class B $2.24 $2.20 $2.27

Hea lthc are Jobs Occupancy Rate Class C $2.04 $2.08 $2.10

“Just as Southern Nevada’s medical office market was putting up strong numbers in the first quarter of 2020 the healthcare sector was hit hard by the restrictions … enacted due to … the COVID-19 pandemic.” According to the Nevada Department of Employment, Training and Historical Net Absorption vs. Rehabilitation, Southern Nevada’s medical office job market added Completions 13,800 jobs between May 2019 and May 2020. Over this period 140,000

Southern Nevada added 9,400 jobs in the ambulatory healthcare 120,000 sector, which has the most impact on the medical office market, 100,000 and increased by 800 jobs in the hospital sector. 80,000 60,000 Unemployment in the Las Vegas-Paradise MSA was 33.5 percent 40,000 20,000 in April 2020, compared to 4.0 percent in April 2019. From 0 May 2019 to May 2020, total employment in Southern Nevada -20,000

-40,000 decreased by 220,300 jobs, a 10.8 percent decrease. May 2 Q 2018 2018 Q 3 4 Q 2018 2019 1 Q 2 Q 2019 2019 Q 3 4 Q 2019 1 2020 Q 2 Q 2020 2020 numbers were slightly better than April 2020 numbers, Net Absorption Completions which suggests that the Valley could be seeing recovery from the employment devastation caused by the COVID-19 business closures that began in March 2020.

The Nevada Department of Taxation reported that taxable spending Healthcare Jobs vs. on ambulatory health care services in Clark County in the first Occupancy Rate quarter of 2020 totaled $30.5 million dollars, representing a 22.9 percent decrease in spending from the first quarter of 2019. Year- 16.0% $2.40 14.0% $2.35 over-year, taxable sales were up by 9.3 percent in ambulatory 12.0% $2.30 healthcare spending, 71.8 percent in nursing and residential care 10.0% $2.25 facilities and down 19.1 percent in hospitals in March 2020. These 8.0% $2.20 decreases in taxable sales are tied to the restrictions on non- 6.0% $2.15 4.0% $2.10 emergency surgeries and other medical services. 2.0% $2.05

0.0% $2.00 One new medical office building was completed in the second 2 Q 2018 2018 Q 3 4 Q 2018 2019 1 Q 2 Q 2019 2019 Q 3 4 Q 2019 1 2020 Q 2 Q 2020 quarter of 2020, a 22,400-square foot class B building located Vacancy Rate Rental Rate in the Southwest submarket. An additional 40,000 square feet of medical office space is under construction and planned for completion in the second half of 2020, all of it pre-leased.

Vacancy in medical office space increased to 10.4 percent in the second quarter of 2020. The highest vacancy rate this quarter was 15.5 percent in the Southwest submarket, followed by 13.4 percent in East Las Vegas and 12.2 percent in Downtown. The lowest vacancy rate was 4.7 percent in the Airport submarket, followed by 6.8 percent in West Central and 6.9 percent in Northwest. Vacancy decreased this quarter in the East Las Vegas submarket by 1.4 points, followed by West Central by 0.7 points and Henderson and North Las Vegas by 0.2 points. Vacancy increased in Southwest by 3.1 points and in Downtown by 1.7 points.

28 Las Vegas Research & Forecast Report | Q2 2020 | Medical Office | Colliers International Southern Nevada’s medical office market had 12,308 square strong year in 2020. Sales trickled down to nearly nothing in feet of net absorption in the second quarter of 2020, a notable the second quarter, though, and the job losses in the health care decrease from the previous quarter, but higher than one year ago. sector certainly raise doubts as to how strong the second half of Net absorption this quarter was strongest in the East Las Vegas 2020 will be in terms of medical office investments. submarket at 18,314 square feet, followed by 8,216 square feet Just as Southern Nevada’s medical office market was putting up in the West Central submarket. The Valley’s lowest net absorption strong numbers in the first quarter of 2020 the healthcare sector was negative 11,414 square feet in the Southwest submarket. was hit hard by the restrictions on medical care enacted due to The weighted average asking rental rate for medical office space fears of hospitals being overtaxed by the COVID-19 pandemic. this quarter was $2.33 psf FSG. The lowest average asking rate While those fears may not have been realized, the damage done for medical office space was $2.06 psf in East Las Vegas and by the restrictions is undeniable, as almost 15,000 healthcare West Central, the two strongest submarkets for net absorption workers lost their jobs in April and May and the activity in this quarter. The Airport and Northwest submarkets were the medical office market came nearly to a halt. The pandemic is most expensive submarkets for medical office, with an average not over, and fears over going to the doctor may leave the health asking rate of $2.68 psf. Over the past quarter, asking rents care industry wanting for business despite lessened restrictions increased in Northwest by $0.12 psf, Southwest by $0.06 on care. Uncertainty alone may put a damper on leasing and psf, Downtown by $0.05 psf, West Central by $0.03 psf and investment activity in 2020, although the chance of recovery in Henderson by $0.02 psf. The asking rental rate decreased by the second half of the year is not out of the question. $0.01 psf in East Las Vegas and North Las Vegas.

Medical office investment sales volume at mid-year 2020 was “Uncertainty alone may put a damper on leasing $68 million in 7 sales totaling 194,537 square feet at an average and investment activity in 2020, although the sales price of $349.37 psf. The first quarter’s results suggested chance of recovery in the second half of the year is that medical office investments were going to post another not out of the question.”

Medical Office Investment Sales

2016 2017 2018 2019 2020 YTD

No. Sales 9 14 14 13 7

Square Footage 305,790 412,174 525,663 426,825 194,537

Sales Volume $36.6 MM $89.8 MM $149.4 MM $138.3 MM $68.0 MM

Average Price/SF $126.14 $217.94 $284.15 $323.96 $349.37

Average Cap Rate 6.8% 7.0% 6.4% 9.6% 6.8%

Average Sale Size (SF) 34,000 29,400 37,500 32,800 27,800

29 Las Vegas Research & Forecast Report | Q2 2020 | Medical Office | Colliers International 215 Significant Medical Office Sales Activity

Tenaya Medical Center 20,201 SF - $6,800,000 NORTH $336.62/SF NORTHWEST 95 LAS VEGAS December 2019 15 Class B

150 South Valley View 11,995 SF - $5,392,000 $449.53/SF October 2019 DOWN EAST Class C SUMMERLIN TOWN LAS VEGAS WEST CENTRAL Doctors Pavilion 103,000 SF - $22,000,000 95 $213.59/SF January 2020 Class B

AIRORT Sunset Vista Professional Park 215 8,669 SF - $1,644,330 $189.68/SF HENDERSON March 2020 Class C SOUTHWEST

Peccole Professional Park 28,600 SF - $6,500,000 $227.27/SF November 2019 Class B

Significant Lease Activity

Property Name Lease Date Lease Term Size Lease Rate Tenant Type

Siena Pavilion II Apr 2020 12 months 7,823 SF $2.76 NNN Physicians St Rose Professional Park Mar 2020 60 months 1,250 SF $3.19 NNN Physicians Coronado Medical Center Feb 2020 12 months 4,361 SF $2.35 MG Physicians Quail Park V Jan 2020 36 months 2,800 SF $1.37 NNN Church Sirius Plaza Feb 2020 60 months 3,000 SF $1.50 MG Retail

30 Las Vegas Research & Forecast Report | Q2 2020 | Medical Office | Colliers International Market Comparisons - Las Vegas Medical Office Market

VACANCY VACANCY NET NET WEIGHTED TOTAL DIRECT TOTAL COMPLETIONS UNDER PLANNED DIRECT SUBLEASE RATE RATE ABSORPTION ABSORPTION COMPLETIONS AVG ASKING CLASS INVENTORY VACANCY VACANT CURRENT CONSTRUCTION CONSTRUCTION VACANT SF VACANT SF CURRENT PRIOR CURRENT YTD YTD SF RENTAL SF RATE SF QTR SF SF SF QUARTER QUARTER QTR SF SF RATE

AIRPORT SUBMARKET A - - n/a - - n/a n/a ------$- B - - n/a - - n/a n/a ------$- C 38,251 1,800 4.7% - 1,800 4.7% 4.7% - 5,920 - - - - $2.62 Total 38,251 1,800 4.7% - 1,800 4.7% 4.7% - 5,920 - - - - $2.62 DOWNTOWN SUBMARKET A 65,000 - 0.0% - - 0.0% 0.0% ------$- B 228,761 45,813 20.0% - 45,813 20.0% 17.2% (6,511) (6,511) - - - - $2.25 C 80,797 - 0.0% - - 0.0% 0.0% - 640 - - - - $- Total 374,558 45,813 12.2% - 45,813 12.2% 10.5% (6,511) (5,871) - - - - $2.25 EAST LAS VEGAS SUBMARKET A - - n/a - - n/a n/a ------$- B 705,558 141,297 20.0% 2,876 144,173 20.4% 22.1% 14,763 14,763 - - - - $2.11 C 640,307 39,255 6.1% 9,055 48,310 7.5% 8.1% 3,551 (6,277) - - - - $1.86 Total 1,345,865 180,552 13.4% 11,931 192,483 14.3% 15.4% 18,314 8,486 - - - - $2.06 HENDERSON SUBMARKET A 501,834 61,045 12.2% 3,257 64,302 12.8% 12.8% 0 8,409 - - - - $3.01 B 361,179 48,632 13.5% - 48,632 13.5% 14.0% 1,966 18,373 - - - - $2.06 C 762,408 74,494 9.8% - 74,494 9.8% 10.0% 1,946 15,012 - - - 131,000 $2.24 Total 1,625,421 184,171 11.3% 3,257 187,428 11.5% 11.8% 3,912 41,794 - - - 131,000 $2.45 NORTH LAS VEGAS SUBMARKET A - - n/a - - n/a n/a ------$- B 98,011 26,211 26.7% - 26,211 26.7% 26.7% - (1,647) - - - - $2.02 C 173,765 5,963 3.4% - 5,963 3.4% 3.7% 541 2,528 - - 20,000 - $2.70 Total 271,776 32,174 11.8% - 32,174 11.8% 12.0% 541 881 - - 20,000 - $2.15 NORTHWEST SUBMARKET A 885,085 104,535 11.8% - 104,535 11.8% 10.1% (15,524) 19,862 - - - - $2.61 B 1,128,889 47,074 4.2% - 47,074 4.2% 5.5% 14,774 17,687 - - - - $2.67 C 202,434 2,374 1.2% - 2,374 1.2% 1.2% - 15,987 - - - - $2.01 Total 2,216,408 153,983 6.9% - 153,983 6.9% 6.9% (750) 53,536 - - - - $2.62 SOUTHWEST SUBMARKET A 115,300 19,963 17.3% - 19,963 17.3% 17.3% - (2,452) - - - - $2.70 B 619,399 116,903 18.9% 2,477 119,380 19.3% 14.3% (11,414) 17,697 22,400 22,400 - - $2.43 C 281,220 20,840 7.4% - 20,840 7.4% 7.4% - - - - 20,000 - $2.09 Total 1,015,919 157,706 15.5% 2,477 160,183 15.8% 12.7% (11,414) 15,245 22,400 22,400 20,000 - $2.42 WEST CENTRAL SUBMARKET A - - n/a - - n/a n/a ------$- B 327,699 10,804 3.3% 7,871 18,675 5.7% 5.7% - (413) - - - - $2.25 C 871,355 70,644 8.1% 5,381 76,025 8.7% 9.1% 8,216 9,915 - - - - $2.03 Total 1,199,054 81,448 6.8% 13,252 94,700 7.9% 8.1% 8,216 9,502 - - - - $2.06 MARKET TOTAL A 1,567,219 185,543 11.8% 3,257 188,800 12.0% 11.1% (15,524) 25,819 - - - - $2.75 B 3,469,496 436,734 12.6% 13,224 449,958 13.0% 12.7% 13,578 59,949 22,400 22,400 - - $2.27 C 3,050,537 215,370 7.1% 14,436 229,806 7.5% 7.8% 14,254 43,725 - - 40,000 131,000 $2.10 Total 8,087,252 837,647 10.4% 30,917 868,564 10.7% 10.5% 12,308 129,493 22,400 22,400 40,000 131,000 $2.33 QUARTERLY COMPARISON AND TOTALS

Q2-20 8,087,252 837,647 10.4% 30,917 868,564 10.7% 10.5% 12,308 129,493 22,400 22,400 40,000 131,000 $2.33 Q1-20 8,064,852 827,555 10.3% 22,660 850,215 10.5% 12.0% 117,185 117,185 - - 62,400 37,100 $2.28

Q4-19 8,064,852 944,740 11.7% 22,660 967,400 12.0% 12.2% 30,006 122,921 - 72,677 42,400 131,000 $2.30

Q3-19 8,064,852 974,746 12.1% 11,532 986,278 12.2% 12.8% 76,306 92,915 43,777 72,677 22,400 137,000 $2.32

Q2-19 8,021,075 1,007,275 12.6% 15,940 1,023,215 12.8% 12.4% (27,516) 16,609 - 28,900 43,777 20,000 $2.33

The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports.

31 Las Vegas Research & Forecast Report | Q2 2020 | Medical Office | Colliers International Research & Forecast Report LAS VEGAS | HOTEL Q2 2020

The Great Pause Economic Indicators AIR CNVENTIN ReAR Passengers Attendance > Las Vegas resorts, hotels and motels suspended

operations for most of the second quarter +1.6 +1.4%

> Re-openings began in June, with more properties Feb opening than was initially predicted +6.5% 2020

> No sales occurred in the second quarter of 2020

With data from May 2020 available from the Las Vegas Market Indicators Convention & Visitors Authority, we can see clearly the impact Relative to prior period Q2 2019 Q3 2020* an industry shut down has on those industry’s statistics. Room Room Inventory occupancy, average daily rate (ADR) and revenue per available Room Occupancy room (RevPAR) collapsed in April and May 2020, reaching levels possibly not seen in Southern Nevada’s history. After significant Average Daily Rate investment sales over the past two quarters, no hospitality Revenue Per Available Room properties sold in the second quarter of 2020. *Data Not Available

Year-to-date visitor volume in May 2020 was 8.7 million visitors, representing negative 38.5 percent year-over-year growth. Room occupancy growth in May 2020 was negative 45.8 percent Summary Statistics citywide, negative 46.8 percent on the Las Vegas “Strip” and Las Vegas Market Q2, 2019 Q1, 2020 Q2, 2020

Room Inventory 143,251 141,934 142,225 Revenue Per Available Room (RevPAR) Room Occupancy 91.2% 70.8% 1.7%

$140.00 Average Daily Rate $130.45 $142.97 $60.50 $120.00

$100.00 Revenue Per Available Room $118.89 $101.19 $1.03 $80.00

$60.00

$40.00

$20.00

$0.00 3 Q 2018 4 Q 2018 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020 negative 43.2 percent in Downtown. ADR in May 2020 was Sales Volume $60.70, compared to $140.52 one year ago, and RevPAR was $6,000,000,000 $1.70 in May 2020, compared to $127.59 one year ago. Gaming $5,000,000,000 revenue growth was negative 44.9 percent in Clark County, $4,000,000,000 negative 44.8 percent on the Las Vegas “Strip”, negative 43.7 $3,000,000,000 percent Downtown and negative 43.0 percent on the Boulder Strip.

$2,000,000,000

In the first quarter of 2020, taxable sales in the leisure and $1, 000,000,000

hospitality sector grew by negative 17.5 percent year-over-year $0 3 Q 2018 4 Q 2018 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020 to $2.44 billion. This included $176.5 million of taxable sales in accommodations, $52.2 million in amusement, gambling and recreation, $12.6 million in performing arts and spectator sports and $2.2 billion in eating and drinking places. Employment in the leisure and hospitality sector was 169,100 in May 2020, Sales vs. Price Per Unit compared to 297,500 in May 2019, a 43.2 percent decrease. 12, 000 $1, 200,000

As employees are brought back in June and July following the 10,000 $1, 000,000

mandated closures, employment numbers should rebound. 8,000 $800, 000

6,000 $600, 000 Completions were light in the second quarter of 2020, totaling 4,000 $400,000 291 units, and are insignificant compared to the temporary 2,000 $200,000 closure of the new Virgin Hotels Las Vegas for renovations. In 0 $0 3 Q 2018 4 Q 2018 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020 properties with 100 or more rooms, inventory in the second Sales (Units) Average Price Per Unit quarter of 2020 was 142,225 units, compared to 143,251 units in the second quarter of 2019. Construction continued on the

Market Health Data Point 2016 2017 2018 2019 2020 Visitor Volume 17.96 17.58 17.45 17.53 8.67 (millions; Jan-May) Room Occupancy 88.3% 89.0% 88.4% 88.9% 43.4% (Jan-May)

ADR (Jan-May) $128.45 $134.10 $133.40 $138.29 $110.11

RevPAR (Jan-May) $113.26 $119.47 $117.90 $122.69 $61.29

Convention Attendance 3.05 3.13 3.01 3.03 1.73 (millions; Jan-May) Passengers McCarran Int’l 19.13 19.59 20.19 20.79 10.63 (millions; Jan-May) Gaming Revenue (Clark County; $4.06 $4.23 $4.40 $4.28 $2.36 billions; Jan-May) Gaming Revenue $2.61 $2.70 $2.81 $2.68 $1.48 (“Strip”; millions; Jan-May)

Data from Las Vegas Convention & Visitors Authority

33 Las Vegas Research & Forecast Report | Q2 2020 | Hospitality | Colliers International 3,500-unit Resorts World Las Vegas, but was halted on the 3,719-unit The Drew Las Vegas on the Las Vegas “Strip”. In total, there were 5,639 units of hospitality space under construction or planned to begin construction within the next 12 months.

In addition to new property development, Southern Nevada was slated for over $1 billion in property remodels and renovations over the next two years, including renovations at the Red Rock Casino Resort Spa, Virgin Hotels Las Vegas, Downtown Grand, South Point, Circa Resort & Casino and Wynn Las Vegas. New venues totaling $3.43 billion are slated for completion in the next two years, including the expansion of the Las Vegas Convention Center, the new Caesars Forum convention center, the expansion of the MGM Grand conference center, Allegiant Stadium, which will host the NFL Las Vegas Raiders, Madison Square Garden’s Sphere Arena and an expansion of the Showcase Mall on the Las Vegas “Strip”.

Hospitality Sales*

Year Sales Volume Units Sold Price/Unit

2020 YTD $5,129.4 MM 11,090 $462,521

2019 $5,320.1 MM 9,214 $577,391

2018 $1,355.6 MM 5,351 $253,000

2017 $917.4 MM 6,626 $138,000

2016 $1,221.8 MM 4,776 $254,000

2015 $466.2 MM 5,445 $86,000

2014 $2,001.3 MM 7,614 $263,000

2013 $57.8 MM 1,335 $43,000

* Only includes properties with 100 or more units, arm’s-length sales

There were no new hospitality sales in the second quarter of 2020. For 2020 as a whole, 11,090 hospitality units sold with a sales volume of $5.1 billion and a price per unit of $462,521. This nearly equals sales volume in 2019 as a whole, which itself came primarily from major sales that occurred in the fourth quarter of that year. As fourth quarter sales dominated 2019, first quarter sales will probably dominate 2020.

The closure of hospitality properties in Southern Nevada for more than two months was unprecedented and had an obvious negative impact on the hospitality industry in particular, and the Valley’s economy in general. Just how permanent this damage will be is unknown, as properties only began re-opening in June 2020 and we lack visitation and revenue data for those re-openings. There is anecdotal data suggesting that visitor volume in June was more than was expected by property operators, but the potential for further travel restrictions, and the lack of business travel’s impact on the local convention industry make it difficult to predict how quickly the Valley’s hospitality industry will bounce back. For now, we remain in “wait-and-see” mode, a fact unlikely to stimulate investment in hospitality properties in the near term.

34 Las Vegas Research & Forecast Report | Q2 2020 | Hospitality | Colliers International Significant Hotel Sale Activity

215 Circus Circus Hotel & Casino $825,000,000 NORTH 3,767 Units - $219,007/Unit NORTHWEST LAS VEGAS October 2019 Casino Hotel - Strip 95

15 Bellagio $4,250,000,000 3,933 Units - $1,080,600/Unit October 2019 Casino Hotel - Strip DOWNTOWN SUMMERLIN EAST WEST LAS VEGAS CENTRAL MGM Grand Las Vegas RESORT CORRIDOR $2,811,000,000 5,044 Units - $557,238/Unit January 2020 THE 95 Casino Hotel - Strip STRI

AIRORT Mandalay Bay 215 $1,789,000,000 3,211 Units - $557,238/Unit HENDERSON January 2020 SOUTHWEST Casino Hotel - Strip SOUTH LAS VEGAS Rio All-Suite Hotel & Casino $516,300,000 2,522 Units - $204,718/Unit December 2019 Casino Hotel - Resort Corridor

Sale Activity Continued

Property Name Sale Date Units Price Price/Unit Submarket Property Type

OYO Hotel & Casino Las Vegas Aug 2019 696 $135,000,000 $193,866 Resort Corridor Casino Hotel Hampton Inn Las Vegas Airport Jun 2019 128 $20,500,000 $37,356 East Las Vegas Limited Service Hampton Inn Las Vegas Summerlin Oct 2019 127 $17,730,000 $136,606 Summerlin Limited Service Town & Country Manor III Dec 2019 205 $7,658,000 $37,356 East Las Vegas Limited Service Super 8 Nellis AFB Jan 2020 108 $5,400,000 $50,000 North Las Vegas Limited Service

35 Las Vegas Research & Forecast Report | Q2 2020 | Hospitality | Colliers International Market Comparisons - Las Vegas Hospitality Market

TOTAL INVENTORY TOTAL SALES TOTAL SALES AVERAGE SALES PRICE COMPLETIONS CURRENT COMPLETIONS YTD FUTURE DEVELOPMENT TYPE (UNITS) (UNITS) VOLUME PER UNIT QUARTER (UNITS) (UNITS) (UNITS)

DOWNTOWN CAS 7,428 - $0 n/a - - 1,296 FS - - $0 n/a - - 322 LS 204 - $0 n/a - - - Total 7,632 - $0 n/a - - 1,618 LAS VEGAS “STRIP” CAS 80,185 - $0 n/a - - 3,500 FS 5,450 - $0 n/a - - - LS 2,567 - $0 n/a - - - Total 88,202 - $0 n/a - - 3,500

RESORT CORRIDOR CAS 8,940 - $0 n/a - - 60 FS 4,830 - $0 n/a - - - LS 5,932 - $0 n/a 250 250 170 Total 19,702 - $0 n/a 250 250 230 AIRPORT CAS - - $0 n/a - - - FS 220 - $0 n/a - - - LS 1,175 - $0 n/a - - - Total 1,395 - $0 n/a - - - EAST LAS VEGAS SUBMARKET CAS 1,704 - $0 n/a - - - FS - - $0 n/a - - - LS 3,058 - $0 n/a - - - Total 4,762 - $0 n/a - - - HENDERSON SUBMARKET CAS 2,035 - $0 n/a - - - FS 773 - $0 n/a 41 41 - LS 1,580 - $0 n/a - - - Total 4,388 - $0 n/a 41 41 - NORTH LAS VEGAS SUBMARKET CAS 988 - $0 n/a - - - FS - - $0 n/a - - - LS 1,405 - $0 n/a - - - Total 2,393 - $0 n/a - - - SOUTH LAS VEGAS SUBMARKET CAS 2,463 - $0 n/a - - - FS 150 - $0 n/a - - LS 1,404 - $0 n/a - - - Total 4,017 - $0 n/a - - - SUMMERLIN SUBMARKET CAS 1,770 - $0 n/a - - - FS 123 - $0 n/a - - - LS 515 - $0 n/a - - - Total 2,408 - $0 n/a - - - WEST CENTRAL SUBMARKET CAS 3,425 - $0 n/a - - - FS 118 - $0 n/a - - - LS 3,783 - $0 n/a - - Total 7,326 - $0 n/a - - - MARKET TOTAL CAS 108,938 - $0 n/a - - 4,856 FS 11,664 - $0 n/a 41 41 322 LS 21,623 - $0 n/a 250 250 170 Total 142,225 - $0 n/a 291 291 5,348

QUARTERLY COMPARISON AND TOTALS

Q2-20 142,225 - $0 n/a 291 291 5,348 Q1-20 141,934 11,090 $5,129,357,737 $462,521 0 0 9,358 Q4-19 143,440 7,827 $5,092,730,000 $650,662 0 620 9,540 Q3-19 143,440 824 $155,500,000 $188,714 150 620 9,540 Q2-19 143,290 563 $71,850,000 $127,620 335 470 9,508 Q1-19 142,955 - $0 n/a 135 135 10,039

The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports.

36 Las Vegas Research & Forecast Report | Q2 2020 | Hospitality | Colliers International Research & Forecast Report LAS VEGAS | LAND Q2 2020

Land Activity Slows Economic Indicators CMMERCIA RESIDENTIA INDUSTRIA Forward Supply Permits Forward Supply > Sales activity of land in Southern Nevada slowed to its lowest level in three years -8.4 -31.3 -8.9

> The average sales price of land decreased in the Percent Percent Percent second quarter of 2020

> Land sales were dominated by residential and industrial land Market Indicators After a robust first quarter, pandemic woes sent land sales Relative to prior period Q2 2020 Q3 2020* activity much lower in the second quarter of 2020. A total of NO. SALES 862.5 acres was sold with a sales volume of $123.8 million at an average price of $3.30 per square foot. This brings land sales ACREAGE SOLD activity year-to-date in 2020 to 2,364.8 acres with sales volume SALES VOLUME of $593.4 million.

PRICE PER SQUARE FOOT Occupancy in commercial buildings increased to 90.7 percent in the second quarter of 2020, 0.4 points higher than one year ago. A total of 437,847 square feet of new commercial space was completed on 99.6 acres so far in 2020. An additional 4.24 Land Sales Activity million square feet of office and retail product is currently under 1,800 $27.00 construction or planned on 833.4 acres. Average hotel occupancy 1,600 $24.00 in the first four months of 2020 was an astounding 53.6 percent, 1,400 $21.00 an artifact of the closure of the Valley’s hotel and motel properties. 1,200 $18 .00 The hospitality sector had 5,639 new rooms slated for development 1,000 $15 .00 in Southern Nevada on a total of 95.4 acres. In the first half of 800 $12.00 600 $9.00 2020, a total of 333.4 acres of commercial land was sold with 4 00 $6.00 total sales volume of $203.9 million. The average sales price of 2 00 $3 .00 commercial land was $14.04 psf, about on par with 2019’s $14.06. 0 $0.00 Q3-18 Q4-18 Q 1- 19 Q2-19 Q3-19 Q4-19 Q 1- 20 Q2-20 Occupancy in industrial buildings decreased to 95.5 percent in the Acres Sold Price Per Square Foot second quarter of 2020, 1 point lower than one year ago. A total of 2.64 million square feet of industrial space was completed on 472.7 acres so far in 2020. An additional 18.1 million square feet

Photo from of industrial space was either under construction or planned to begin Commercial Land Sales Activity construction on 1950.2 acres of land. In the first half of 2020 a total of 1,800 $27.00

672.1 acres of industrial land was sold with a total sales volume of $90.2 1,600 $24.00 million. The average sales price of industrial land so far in 2020 was 1,400 $21.00 1,200 $18 .00

$3.08 psf, an increase from $2.15 psf in 2019. 1,000 $15 .00

800 $12.00

New home sales in the first four months of 2020 were down 2.7 percent 600 $9.00 from one year ago, with 3,083 sales. Existing home sales performed 4 00 $6.00 2 00 $3 .00 worse than that, with 9,482 homes selling in the first four months of 0 $0.00 Q3-18 Q4-18 Q 1- 19 Q2-19 Q3-19 Q4-19 Q 1- 20 Q2-20 2020, up 2.2 percent from the same period last year. Home builders Acres Sold Price Per Square Foot pulled 4,409 residential permits in the first four months of 2020, up 22.8 percent from the same period last year. Multifamily developers had 6,133 units under construction or planned in Southern Nevada. Residential land sales so far this year totaled 1,359.1 acres with sales volume of Residential Land Sales Activity $299.3 million. The average sales price of residential land was $5.06 psf in 2020, a significant decrease from the average price of $11.13 psf 1,800 $27.00

1,600 $24.00 in 2019. 1,400 $21.00

1,200 $18 .00

While it is unlikely that the slump in land sales experienced this quarter 1,000 $15 .00 was directly related to the existence of COVID-19, it is probable that the 800 $12.00 600 $9.00 uncertain business climate created by the business closures enacted to 4 00 $6.00 stem the spread of the virus put land investors on the sidelines in the 2 00 $3 .00 0 $0.00 second quarter. Land sales may not fare better in the third quarter, but Q3-18 Q4-18 Q 1- 19 Q2-19 Q3-19 Q4-19 Q 1- 20 Q2-20 Acres Sold Price Per Square Foot signs of solid economic recovery in the third quarter could put investors back in the market by the end of 2020.

Market Health Land Sales Data Point 2018 2019 2020 Year Sales Volume Acres Sold Price/SF

Commercial Building Occupancy (Q2) 88.8% 90.3% 90.7% 2020 YTD $593.4 MM 2,365 $5.76

Industrial Building Occupancy (Q2) 95.0% 96.5% 95.5% 2019 $1,414.2 MM 3,630 $8.94 2018 $1,056.3 MM 4,555 $5.32 Hotel Occupancy (Jan-Apr) 88.2% 88.4% 53.6% 2017 $595.6 MM 2,135 $6.40 New Home Sales (Jan-Apr) 3,261 3,167 3,083 2016 $652.9 MM 4,029 $3.72

Commercial Forward Supply1 (SF) 3.34 MM 4.63 MM 4.24 MM 2015 $625.9 MM 2,302 $6.24

2014 $763.2 MM 2,761 $6.35 Industrial Forward Supply1 (SF) 10.26 MM 13.78 MM 18.08 MM 2013 $613.3 MM 2,636 $5.34 Hotel Forward Supply1 (Rooms) 12,770 10,039 5,639

Taxable Sales (Jan-Mar) $10.5 BB $11.1 BB $10.5 BB

Employment (Jan-Apr) 1,036,700 1,074,400 994,800

1 Includes projects that are under construction or planned

38 Las Vegas Research & Forecast Report | Q2 2020 | Land | Colliers International Significant Land 215 Sale Activity

Las Vegas and Interstate 15 NORTH NORTHWEST LAS VEGAS 3.53 Acres - $6,547,651 $42.58/SF 15 April 2020 Apex - Industrial

SUMMERLIN 95 Commerce and 215 Beltway NORTHEAST 32.90 Acres -$8,275,000 $5.77/SF DOWNTOWN May 2020 North Las Vegas - Residential

WEST LAS VEGAS Centennial and Shaumber 95 466.72 Acres - $43,200,000 EAST $2.12/SF LAS VEGAS April 2020 Northwest - Residential

AIRORT

215 St Rose and Bermuda 38.84 Acres - $25,627,500 $15.15/SF May 2020 SOUTHWEST Henderson - Industrial

HENDERSON

2-4 Epic View Court 7.45 Acres - $6,000,000 $18.49/SF March 2020 Henderson - Residential

Land Sale Activity Continued

Property Name Sale Date Acres Price Price/SF Submarket Land Type

Lamb and Interstate 15 Apr 2020 12.60 $5,735,000 $10.45 North Las Vegas Commercial Bermuda and Welpman Mar 2020 10.56 $5,375,000 $11.68 Henderson Residential Raiders and Dale Mar 2020 7.17 $5,000,000 $16.01 Henderson Industrial 10862 Stardust Drive Mar 2020 1.52 $4,500,000 $67.96 Summerlin Residential Aviary and Elkhorn Mar 2020 2.84 $4,256,434 $34.41 North Las Vegas Residential

39 Las Vegas Research & Forecast Report | Q2 2020 | Land | Colliers International Market Comparisons - Las Vegas Land Market

AVERAGE SALES PRICE SUBMARKET SALES ACREAGE SOLD SALES VOLUME (PER SQUARE FOOT)

AIRPORT - 0.00 $0 N/A Commercial - 0.00 $0 N/A Industrial - 0.00 $0 N/A Residential - 0.00 $0 N/A APEX 2 259.45 $9,006,851 $0.80 Commercial - 0.00 $0 n/a Industrial 2 259.45 $9,006,851 $0.80 Residential - 0.00 $0 n/a DOWNTOWN - 0.00 $0 N/A Commercial - 0.00 $0 n/a Industrial - 0.00 $0 n/a Residential - 0.00 $0 n/a EAST LAS VEGAS - 0.00 $0 N/A Commercial - 0.00 $0 n/a Industrial - 0.00 $0 n/a Residential - 0.00 $0 n/a HENDERSON 8 43.45 $24,950,000 $13.18 Commercial 1 3.97 $2,750,000 $15.90 Industrial 1 7.17 $5,000,000 $16.01 Residential 6 32.31 $17,200,000 $12.22 NORTH LAS VEGAS 4 38.19 $16,866,434 $10.14 Commercial 2 2.45 $4,335,000 $40.62 Industrial - 0.00 $0 n/a Residential 2 35.74 $12,531,434 $8.05 NORTHEAST - 0.00 $0 #DIV/0! Commercial - 0.00 $0 n/a Industrial - 0.00 $0 n/a Residential - 0.00 $0 n/a NORTHWEST 6 477.43 $45,917,132 $2.21 Commercial 1 1.87 $300,300 $3.69 Industrial - 0.00 $0 n/a Residential 5 475.56 $45,616,832 $2.20 RESORT CORRIDOR - 0.00 $0 N/A Commercial - 0.00 $0 n/a Industrial - 0.00 $0 n/a Residential - 0.00 $0 n/a SOUTHWEST 12 38.66 $15,594,674 $9.26 Commercial 4 15.43 $7,916,338 $11.78 Industrial 1 1.93 $1,610,000 $19.15 Residential 7 21.30 $6,068,336 $6.54 SUMMERLIN 3 5.27 $11,500,000 $50.10 Commercial - 0.00 $0 n/a Industrial - 0.00 $0 n/a Residential 3 5.27 $11,500,000 $50.10 WEST LAS VEGAS - 0.00 $0 N/A Commercial - 0.00 $0 n/a Industrial - 0.00 $0 n/a Residential - 0.00 $0 n/a SUBTYPE TOTALS Commercial Total 8 23.72 $15,301,638 $14.81 Industrial Total 4 268.55 $15,616,851 $1.33 Residential Total 23 570.18 $92,916,602 $3.74 MARKET TOTAL 35 862.45 $123,835,091 $3.30

QUARTERLY COMPARISON AND TOTALS

Q2-20 35 862.45 $123,835,091 $3.30 Q1-20 120 1,502.21 $469,528,535 $7.18 Q4-19 125 1,642.33 $398,116,932 $5.56 Q3-19 104 594.88 $241,847,522 $9.33 Q2-19 98 863.17 $420,561,153 $11.19

The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports.

40 Las Vegas Research & Forecast Report | Q2 2020 | Land | Colliers International Research & Forecast Report LAS VEGAS | MULTIFAMILY Q2 2020

Multifamily Holds Economic Indicators

EXISTING HOME NEW HOME THIRTY YEAR Steady at Midyear Median Price Median Price Mortgage Rate

> Multifamily inventory increased by 647 units in the -0.6% second quarter of 2020

-3.2% Points > Demand rebounded, posting first positive net absorption +6.9% in two quarters

> Vacancy decreased from last quarter, to 4.9 percent Market Indicators Relative to prior period Q2 2020 Q3 2020* According to statistics provided by AXIOMetrics, multifamily VACANCY vacancy in Southern Nevada decreased to 4.9 percent in the second quarter of 2020. Vacancy was 0.2 points lower than one NET ABSORPTION quarter ago, but 0.9 points higher than one year ago. Net absorption was negative in the previous two quarters before shifting into COMPLETIONS positive territory this quarter. Asking rental rates decreased for RENTAL RATE the first time in many years, falling to $1,099 per unit.

*Projected

Historical Vacancy RatesVacancy VS. vs RentsRental Rates

6.0% $1, 150 Summary Statistics Las Vegas Market Q2-19 Q1-20 Q2-20 5.0% $1, 125 Vacancy Rate 4.0% 5.1% 4.9% 4.0% $1, 100

3.0% $1, 075 Rent (Per Unit) $1,088 $1,114 $1,099

2.0% $1,050 Net Absorption (Units) 1,355 -726 915

1.0% $1, 025 New Completions (Units) 603 332 647 0.0% $1, 000 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020

Vacancy Rate Average Rental Rate

“Business closures and a difficult-to-predict future have slowed investment in Southern Nevada’s multifamily market…”

Note: The Colliers Multifamily Report is now based on data from AXIOMetrics Research & Net Absorption VS. Completions Forecast Report

Net Absorption vs. Completions LAS VEGAS | MULTIFAMILY 1, 500 Q2 2020 1, 000

500

Unemployment in the Las Vegas-Paradise MSA was 18 0

percent in June 2020, compared to 4.4 percent in June -500

2019. From June 2019 to June 2020, total employment -1,000 in Southern Nevada decreased by 142,200 jobs, a 14.5 -1,500 percent decrease. The incredible loss of jobs experienced 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020 Net Absorption (Units) Completions (Units) by Southern Nevada was the result of the business closures ordered by Governor Sisolak in March, 2020. It should be noted that total jobs in Southern Nevada increased over the past two months, indicating a nascent recovery. Sales (Units) VS. Price Per Unit

Sales (Units) vs. Price Per Unit Eight of the Valley’s twelve submarkets had positive net 8,000 $200,000

absorption in the second quarter of 2020, with the highest 7,000 $175,000 net absorption, 201 units, occurring in the University/The 6,000 $150,000 Strip submarket, followed by Southwest at 185 units and 5,000 $125,000 4,000 $100,000 Henderson at 172 units. Negative net absorption was 3,000 $75,000

experienced in West Las Vegas, at negative 79 units, 2,000 $50,000 Summerlin/The Lakes at negative 76 units, South at 1, 000 $25,000 0 $0 negative 26 units and Green Valley at negative 5 units. 1 Q 2019 2 Q 2019 3 Q 2019 4 Q 2019 1 Q 2020 2 Q 2020

To ta l Sal es (Units ) Average Price Per Unit

Multifamily inventory increased by 647 units in the second quarter of 2020. These new properties were completed primarily in the Southwest submarket (283 units) and New Completions (Units) Henderson submarket (250 units). A total of 4,802 units of multifamily were under construction in the second quarter, with all submarkets except East Las Vegas, North Las Vegas, Northwest and Sunrise Manor/Northeast having new construction underway.

“Southern Nevada’s multifamily owners may have to decrease prices to stimulate sales in the near term, but the market’s long term prospects remain strong.”

42 Las Vegas Research & Forecast Report | Q2 2020 | Multifamily | Colliers International Demographics

Estimated Renter Median Average Proj. Annual Growth Rental Submarket Households (2020) Occupied (2020) Household Household Households (2020-2025) Income (2020) Size (2020)

Central 39,000 56% $30,835 2.9 437

East Las Vegas 56,000 42% $47,075 2.6 717

Green Valley 38,000 44% $65,917 2.5 568

Henderson 86,000 28% $75,999 2.6 1,855

North Las Vegas 74,000 34% $58,515 3.3 1,205

Northwest 119,000 33% $67,986 2.8 2,012

South 41,000 43% $67,140 2.6 667

Southwest 89,000 33% $75,560 2.8 2,639

West 59,000 52% $41,794 2.6 570

Northeast 62,000 43% $46,313 3.4 761

University/The Strip 35,000 49% $36,928 2.3 322

Summerlin/The Lakes 95,000 36% $70,746 2.5 1,365

CLARK COUNTY 816,500 38% $58,836 2.7 13,616

Source: ESRI

The average asking rent for a multifamily unit in Southern Nevada significant decrease seen in sales in the second quarter of 2020 is due was $1,099 per unit in the second quarter of 2020. This represented to the disruptions caused by the COVID-19 pandemic and its resulting a 1 percent annual increase from the second quarter of 2019. The business closures, as well as the general difficulty in predicting how most expensive submarket in the Valley was Southwest at $1,288 quickly the economy will recover from the COVID-19 recession. per unit, followed by Summerlin/The Lakes at $1,271 per unit. Asking Business closures and a difficult-to-predict future have slowed rents increased in seven submarkets on a year-over-year basis, investment in Southern Nevada’s multifamily market, with sales with the highest increase in Central, at 4.2 percent, East Las Vegas, volume at midyear on par to make 2020 the weakest year for at 3.9 percent and Sunrise Manor/Northeast, at 2.7 percent. Asking sales in more than a decade. Asking rents are beginning to fall in rents decreased on a year-over-year basis in Green Valley, South, those submarkets that have seen the most explosive growth in Henderson, Southwest and Summerlin/The Lakes. new properties, a sign that landlords are responding to increasing For multifamily properties with 100 or more units, a total of 248 units vacancy rates. Fortunately for multifamily landlords, buying new of multifamily sold in the second quarter of 2020, with total sales or existing single-family homes and condos remains an expensive volume of $33.1 million. The average sales price was $133,468 per prospect, with median prices continuing to increase even during the unit. Multifamily sales (in terms of units) had been decreasing each COVID-19 recession. Southern Nevada’s multifamily owners may year since 2016 until last year, when sales rebounded to 2016 levels in have to decrease prices to stimulate sales in the near term, but the terms of units, and sales volume showed significant improvement. The market’s long term prospects remain strong.

Sales Data 2016 2017 2018 2019 2020 YTD

Units Sold 22,074 19,633 18,549 22,391 2,854

Sales Volume $2,176 MM $1,943 MM $2,361 MM $3,542 MM $518.8 MM

Average Price/Unit $96,720 $105,318 $127,260 $155,533 $170,995

Cap Rate 5.5% 5.6% 5.4% 5.7% 5.1%

43 Las Vegas Research & Forecast Report | Q2 2020 | Multifamily | Colliers International Research & Forecast Report SUBMARKET AVERAGE RENT Q2 2020

WEIGHTED AVERAGE SUBMARKET MARKET RENT & VACANCY

Central RENT 1Q20 COMPARISON South RENT 1Q20 COMPARISON

Average Rent $889 Average Rent $1,225

Vacancy 3.5% Vacancy 5.0%

East RENT 1Q20 COMPARISON Southwest RENT 1Q20 COMPARISON

Average Rent $985 Average Rent $1,288

Vacancy 4.0% Vacancy 5.5%

Green Valley RENT 1Q20 COMPARISON Summerlin/The Lakes RENT 1Q20 COMPARISON

Average Rent $1,189 Average Rent $1,271

Vacancy 5.7% Vacancy 5.3%

Sunrise Manor / Henderson RENT 1Q20 COMPARISON RENT 1Q20 COMPARISON Northeast Average Rent $1,209 Average Rent $950

Vacancy 5.3% Vacancy 4.3%

North Las Vegas RENT 1Q20 COMPARISON University/Strip RENT 1Q20 COMPARISON

Average Rent $1,138 Average Rent $921

Vacancy 4.3% Vacancy 5.2%

Northwest RENT 1Q20 COMPARISON West RENT 1Q20 COMPARISON

Average Rent $1,145 Average Rent $978

Vacancy 5.6% Vacancy 5.0%

44 Las Vegas Research & Forecast Report | Q2 2020 | Multifamily | Colliers International Significant Multifamily 215 Sales Activity 100+ UNITS

Inspirado 252 Units - $52,200,000 $207,143/Unit February 2020 NORTH LAS VEGAS 95 Year Built - 2010 15 NORTHEAST Vegas Towers 456 Units - $104,000,000 $228,070/Unit January 2020 Year Built - 1974 DOWNTOWN

Vue 5325 240 Units - $46,000,000 95 $191,667/Unit March 2020 Year Built - 1990 EAST WEST CENTRAL

Griffis Cornerstone Park NORTHWEST UNIVERSITY 310 Units - $68,450,000 SOUTHWEST $220,806/Unit January 2020 Year Built - 2009 215 HENDERSON GREEN VALLEY Domain 256 Units - $80,100,000 $312,891/Unit January 2020 Year Built - 2014

Sales Activity Continued

Property Name Sale Date Units Price Price/Unit Year Built

Altura on Duneville Mar 2020 228 $35,500,000 $155,702 1987

Las Brisas De Cheyenne Mar 2020 176 $22,000,000 $125,000 1999

Highland Village Apartments May 2020 120 $17,500,000 $145,833 1983

The Oasis Jun 2020 128 $15,600,000 $121,875 1984

Summer Place Apartments Mar 2020 111 $6,790,000 $61,171 1979

45 Las Vegas Research & Forecast Report | Q2 2020 | Multifamily | Colliers International MARKET COMPARISONS - LAS VEGAS

Q2 2020 Multifamily Market

SUBMARKET TOTAL VACANCY RATE VACANCY NET ABSORPTION NET COMPLETIONS COMPLETIONS UNDER PLANNED TOTAL PRICE AVERAGE RENTAL INVENTORY UNITS CURRENT RATE CURRENT ABSORPTION CURRENT YTD UNITS CONSTRUCTION CONSTRUCTION SALES UNITS PER UNIT RATE QUARTER PRIOR QUARTER QUARTER UNITS YTD UNITS QUARTER UNITS UNITS UNITS

Central 20,179 3.5% 3.9% 77 (16) - - 677 400 - n/a $889

East 15,151 4.0% 5.0% 148 98 - - - - - n/a $986 Las Vegas

Green Valley 11,462 5.7% 5.3% (5) (15) 42 42 403 - - n/a $1,190

Henderson 17,206 5.3% 4.9% 172 316 250 510 618 336 120 $145,833 $1,209

North 10,553 4.3% 4.6% 35 81 - - - - - n/a $1,138 Las Vegas

Northwest 19,658 5.6% 6.2% 126 (186) - - - - - n/a $1,145

South 12,389 5.0% 4.2% (26) (40) 72 72 220 - - n/a $1,226

Southwest 16,421 5.5% 5.0% 185 166 283 355 1,585 260 - n/a $1,288

Summerlin/ 19,720 5.3% 4.9% (76) (133) - - 359 - - n/a $1,271 The Lakes

Sunrise Manor/ 15,557 4.3% 5.3% 157 103 - - - - - n/a $950 Northeast

University/ 33,903 5.2% 5.8% 201 (176) - - 368 300 128 $121,875 $922 The Strip

West 27,802 5.0% 4.7% (79) (9) - - 572 504 - n/a $977 Las Vegas

Total 220,001 4.9% 5.0% 915 189 647 979 4,802 1,800 248 $133,468 $1,099

QUARTERLY COMPARISON AND TOTALS

Q2-20 220,001 4.9% 5.0% 915 189 647 979 4,802 1,800 248 $133,468 $1,099

Q1-20 219,354 5.1% 4.6% (726) (726) 332 332 4,929 1,204 2,606 $185,791 $1,114

Q4-19 219,022 4.6% 3.9% (993) 984 449 1,625 5,589 1,336 7,589 $166,918 $1,111

Q3-19 218,573 4.0% 4.0% 440 1,977 573 1,176 5,233 1,542 3,727 $152,934 $1,109

Q2-19 218,000 4.0% 4.8% 1,355 1,537 603 603 5,743 1,753 7,049 $151,172 $1,088

The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports.

46 Las Vegas Research & Forecast Report | Q2 2020 | Multifamily | Colliers International 400 offices in 68 countries on MARKET CONTACT: 6 continents Mike Mixer, SIOR Executive Managing Director +1 702 735 5700 [email protected] ANZ: 54

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