Jordan Landing Development Site

OFFERING MEMORANDUM

JORDAN LANDING DEVELOPMENT SITE

7252 JORDAN LANDING BLVD WEST JORDAN, UT 84084 EXCLUSIVELY MARKETED BY: TABLE OF CONTENTS

6550 S Millrock Dr, Ste 200 PROPERTY DETAILS 3 Salt Lake City, Utah 84121 801.947.8300 cbcadvisors.com Brandon Fugal LOCATION 9 Chairman INFORMATION 801.450.2462 [email protected]

Rawley Nielsen MARKET OVERVIEW 15 President of Investment Sales 801.441.5922 [email protected]

Darren Nielsen Investment Sales 801.448.2662 [email protected]

All materials and information received or derived from CBC Advisors - Intermountain its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither CBC Advisors - Intermountain its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. CBC Advisors - Intermountain will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. CBC Advisors - Intermountain makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. CBC Advisors - Intermountain does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by CBC Advisors - Intermountain in compliance with all applicable fair housing and equal opportunity laws. SECTION 1

PROPERTY DETAILS EXECUTIVE SUMMARY

PROPERTY SUMMARY PROPERTY OVERVIEW Address: 7252 Jordan Landing Blvd Coldwell Banker Commercial Advisors is pleased to offer the ideally located 2.89 acre land parcel on the West Jordan, UT 84084 corner of Jordan Landing Blvd and Center Park Drive at Jordan Landing. The 2.89 acre parcel, zoned Professional Office, is in a prime position to take advantage of both the continuing population boom in Price: $2,014,214 West Jordan as well as the planned redevelopments taking place within Jordan Landing by Red

Price/Sq. Ft.: $16 Development, a major national high-end retail developer and asset manager.

Lot Size (AC): 2.89 The flexible Professional Office zoning allows for a wide variety of permitted and conditional uses, including office buildings, banks, medical services, restaurants, schools, daycares, and many others. Lot Size (Sq. Ft.) 125,888

Jordan Landing Development Site is perfectly situated in one of the fastest growing and most rapidly APN #: 2129151007 developing regions in Utah. The Property’s placement off Bangerter Highway gives it easy access to I-15

Zoning: Professional Office and I-215, making it the perfect gateway to Salt Lake, Davis, and Utah Counties.

Lot Location: Prominent corner location • raised above street level

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 4 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 5 PROPERTY DETAILS

PROPERTY NAME: Jordan Landing Development Site

PROPERTY ADDRESS: 7252 Jordan Landing Blvd West Jordan, UT 84084

PRICE: $2,014,214

PRICE/SQ. FT. $16.00

SIZE (AC): 2.89

SIZE (SQ. FT.) 125,888

APN: 21291510070000

ZONING: Professional Ofﬁce

EXAMPLE USES: Ofﬁce buildings, banks, medical services, restaurants, schools, daycares, and many other uses

WATER: Yes

SEWER: Yes

SIDEWALK: Yes

CURB GUTTER:: Yes

LOT LOCATION: Prominent, and highly-visible corner location raised above street level

CROSS STREETS: Jordan Landing Blvd & Center Park Drive

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 6 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 7 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 8 SECTION 2

LOCATION INFORMATION LOCATION INFORMATION JOR DA N LAND ING | WES T JORDAN, UT

JORDAN LANDING JORDAN LANDING AT-A-GLANCE

• 500 Acre Mixed-Use Development

• 1.8 Million Square Feet of Retail

• 250 Residential Family Homes

• 1,000 Multi-family Units

• 56,000 Square Feet of Ofﬁce Space

• 99 Room Marriott Hotel Opening Fall of 2017

JORDAN LANDING TRAFFIC

• 16,000,000 customers per year

• 44,000 customers per day

• Daytime customer base is 113,570 within a 5 mile radius

OTHER FACTS:

• Jordan Landing has over 60 anchor, national or regional tenants, including Ross, Bed Bath & Beyond, Cinemark Theatre, Nike, Ulta, Tilly’s, Super Walmart, Sam’s Club, Sears Grand, Lowe’s, Michael’s, Petsmart, Target, Best Buy, Kohl’s, Ofﬁce Max, Barnes and Noble, Old Navy, and TJ Maxx • Very visible: 1 Mile of Frontage From 7000 South to 7800 South with excellent visibility

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 10 JORDAN LANDING TENANT MAP

7167

2.89 AC

2.89 ac

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 11 LOCATION INFORMATION JORD A N LAND ING | WES T JORDAN, UT

With its location in the central Salt Lake Valley, West Jordan is the perfect starting point to navigate the Wasatch Front. The Property’s placement off Bangerter Highway gives it easy access to I-15 and I-215, making it the perfect gateway to Salt Lake, Davis, Weber, and Utah Counties.

Currently the fourth-largest city in the state of Utah, West Jordan City stands at the center of explosive growth taking place in the western quadrant of Salt Lake Valley. A young, educated workforce makes for a great employee pool, and the city’s central location in the heart of Salt Lake Valley put it in the middle of the transportation network and the valley’s population.

Within a 5 mile radius of the Property, there is a growing population of over 320,000 comprised of residents who, on average, are younger, have higher educational attainment, and have higher household incomes. Source: Economic Development Corporation of Utah; West Jordan City

THE WEST JORDAN OFFICE MARKET

The South Valley Office market, in which West Jordan resides, has been strong as much of the state’s population growth continues to occur in and around this area.

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE 2016 SOUTH VALLEY OFFICE Population 2016 Estimated 12,260 149,843 334,711 2021 Projected 12,735 156,836 355,046 Type Vacancy Lease Rate Households 2016 Estimated 3,694 42,403 98,745 Class A Office 5.3% $25.30 2021 Projected 3,849 44,354 104,541 Income Class B Office 4.67% $25.39 2016 Median HHI $60,398 $66,760 $65,159 2016 Average HHI $73,654 $77,233 $78,196 Average 4.99% $25.35 Employment Total Businesses 321 2,663 7,186 Total Employees 5,455 32,181 92,307

Information provided by ESRI Business Analyst

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 12 LOCATION INFORMATION JORDAN LANDING | WEST JORDAN, UT

MINUTES TO: Downtown Salt Lake City 24 The University of Utah 30 Salt Lake City International Airport 20 Murray 15 Sandy 15 Holladay/Ft. Union 15

Bountiful Salt Lake CBD

Murray West Jordan

Bangerter Hwy

7167 7181 d Blv ng di n a L n

Center Park Drive a

o J

Campus View Drive 2.89 acres

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 13 LOCATION INFORMATION JORDAN LANDING | WEST JORDAN, UT

MINUTES TO: Draper/Riverton 17 Lehi 20 Provo/Orem 40 Park City 45

Lehi Draper Sandy

West Jordan

Bangerter Hwy 2.89 ac

Center Park Drive

Campus View Drive 7181 7167

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 14 SECTION 3

MARKET OVERVIEW MARKET INFORMATION - “AMERICA’S NEXT BOOM TOWN” JORDAN LANDING | WEST JORDAN, UT AREA HIGHLIGHTS

• #1 Hot startup city that isn’t San Francisco or New York (Entrepreneur) When it comes to staggering sums of • #5 Fastest growing city in nation (Forbes, 2016) venture capital raised in 2014, there’s Utah, and then there’s everyone else • America’s next boom town: #2 for significant tech-sector (Inc Magazine, 2014) growth and large population increases (Forbes, 2015)

• West Jordan City is home to Oracle, Boeing, Sysco and Dannon as well as many other businesses

• #10 In national tech job growth This part of the Rockies isn’t just turning out large amounts of fluffy, white stuff, • #25 Tech-talent market it also seems to be producing a strong • #1 Region for new career opportunities (Fortune, 2015) herd of unicorns, or startups worth at least $1 billion on paper • #5 Hottest U.S. metro for advanced industries (TechCrunch, 2015) (Brookings)

• Salt Lake City ranked #10 in national tech job growth

• Salt Lake City ranked #25 tech-talent market

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 16 STATE OF THE MARKET OFFICE MARKET SALT LAKE COUNTY UTAH OVERVIEW

The Utah office market continued to expand in 2016. Increased activity and record amounts of positive net absorption created a new commercial landscape across the Wasatch Front. The majority of 2016 leasing activity was a result of tenants occupying new space that was pre-leased during 2015. While sublease availability increased over each quarter, overall market indicators such as local population growth and continued economic development will remain strong into 2017.The office market will accommodate an increased supply of space now that new, large Class A office buildings offer tenants more options than what was available to them in 2015. This growing footprint brings a healthier balance to supply and demand in the office market. MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING | WEST JORDAN, UT

BEST STATE PRO BUSINESS

Forbes Rates Utah #1 Best Pollina Corporate Ranks Utah #1 for State for Business. Pro Business States

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 17

2 CBC ADVISORS | UTAH MARKET REPORT MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING | WEST JORDAN, UT

OFFICE MARKET

CENTRAL EAST SOUTH EAST VACANCY RATES CENTRAL WEST SOUTH WEST Salt Lake County historic overall office vacancy 2016 8.74% LEASE RATES (FS) Salt Lake County historic overall lease rates 2015 8.60% OVERALL CLASS A CLASS B CLASS C 7252 JORDAN LANDING BLVD, WEST JORDAN, UT $30 18 10.02% $25

$20 2013 12.43% $15 2012 $10 12.31%

$5 2011 12.70% $18.97 $19.57 $20.42 $20.10 $22.40 $23.45 $0 2011 2012 2013 2014 2015 2016

ABSORPTION RATES Salt Lake County YTD overall absorption

2011 1.09M 2012 437K 2013 374K 2014 850K 2015 713K 2016 1.15M

0 250K 500K 750K 1M WWW.CBCADVISORS.COM 3 OFFICE MARKET

SALT LAKE COUNTY COUNTY SUMMARY Stimulated by large demands for office space, the Salt Lake The South submarket experienced the County office market grew by an additional 1.7 million square feet in 2016, primarily in the South submarket.OFFICE Over MARKET 1.5 majority of leasing activity during 2016. million square feet of space was under construction by the This continued trend, proves that the end of the year, scheduled to be delivered by mid-year 2017. COUNTYVacancy rates SUMMARY in Salt Lake County increased slightly from 8.6 SALTsuburban LAKE marked COUNTY was able to keep up percent in 2015 to 8.74 percent at the end of 2016, a marginal demand for quality Class A space. Stimulatedincrease considering by large demands the amount for officeof new space, product the that Salt came Lake The South submarket experienced the Countyonline that office year. market Subleasing grew by became an additional an emerging 1.7 million trend square feetin 2016, in 2016, as some primarily new subleasein the South space submarket. gave tenants Over more 1.5 majority of leasing activity during 2016. millionoptions squareat competitive feet of space rates. wasThe underaverage construction asking lease by ratethe CONSTRUCTIONThis continued trend, proves that1.5M the endwas of$23.45. the year, Available scheduled Class to A be office delivered space byincreased mid-year steadily 2017. Salt Lake County office Total 1,559,037 SF Vacancyfrom $27.36 rates the in endSalt of Lake 2015 County to $28.94 increased at the endslightly of 2016. from The 8.6 constructionsuburban activity by marked was able to keepUnder Constructionup percentoverall Class in 2015 B averageto 8.74 percent asking leaseat the rateend wasof 2016, $21.05, a marginal while 44% quadrant increasethe Class considering C average asking the amount lease ofrate new reached product $18.61, that came a demand for quality Class A space. online$1.24 increase that year. from Subleasing 2015. Rates became are expectedan emerging to remain trend fairly 38% insimilar 2016, in as 2017 some due new to subleaseincreased space office gavesupply tenants coupled more with optionssublease at space competitive emerging rates. in theThe market. average asking lease rate CONSTRUCTION15% 1.5M was $23.45. Available Class A office space increased steadily Salt Lake County office Total 1,559,037 SF from $27.36 the end of 2015 to $28.94 at the end of 2016. The 3% construction activity by Under Construction overall Class B average asking lease rate was $21.05, while 44% quadrant the Class C average asking lease rate reached $18.61, a CENTRAL EAST SOUTH EAST $1.24 increase fromVACANCY 2015. Rates RATESare expected to remain fairly 38% similar in 2017 due to increased office supply coupled with CENTRAL WEST SOUTH WEST Salt Lake County historic sublease space overallemerging office in the vacancy market. MARKET INFORMATION 15% - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING | WEST JORDAN, UT 3% 2016 8.74% LEASECENTRAL EAST RATES (FS) SOUTH EAST VACANCY RATES Salt Lake County historic overall lease rates Salt Lake County2015 historic CENTRAL WEST SOUTH WEST 8.60% OVERALL CLASS A CLASS B CLASS C overall office vacancy $30 2014 201610.02% $25 8.74% LEASE RATES (FS) 2013 $20Salt Lake County historic overall lease rates 2015 12.43%8.60% OVERALL CLASS A CLASS B CLASS C $15 $30 20142012 $10 10.02%12.31% $25 $5 $20 20132011 12.70% $18.97 $19.57 $20.42 $20.10 $22.40 $23.45 12.43% $0 $15 2011 2012 2013 2014 2015 2016 2012 $10 12.31% ABSORPTION RATES Salt$5 Lake County YTD overall absorption 2011 12.70% 2011 $18.97 $19.57 $20.42 $20.10 $22.40 $23.45 1.09M $0 2012 2011 2012 2013 2014 2015437K 2016 2013 374K 2014ABSORPTION RATES 850K 2015 713K Salt Lake County YTD overall absorption 2016 1.15M 2011 1.09M 0 250K 500K 750K 1M 2012 437K WWW.CBCADVISORS.COM 3 2013 374K 2014 850K 2015 713K 2016 1.15M

0 250K 500K 750K 1M WWW.CBCADVISORS.COM 3 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 19 MARKETSTATE INFORMATION OF THE MARKET - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING | WEST JORDAN, UT

$20

$15 VACANCY RATES Historic overall office vacancy $10

$5 Downtown SLC Suburban SLC $19.49 $20.82 $21.02 $20.85 $21.68 $23.94 $0 2011 2012 2013 2014 2015 2016 2016 2016 11.95% 6.98% OVERALL CLASS A CLASS B CLASS C 2015 2015 11.51% 6.91%

LEASE RATES (FS) Suburban historic overall lease rates

$30 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 20 $25

$20

$15

$10

$18.62 $18.52 $19.93 $19.57 $22.98 $23.03 $0 2011 2012 2013 2014 2015 2016

North Central EMERGING TRENDS OF INCREASED SUBLEASE AVAILABLE SPACE South BEGAN TO TAKE PLACE IN 2016. West Overall

4 CBC ADVISORS | UTAH MARKET REPORT STATE OF THE MARKET

SALT LAKE SUBMARKET SUMMARY Tenants continue to seek out record amounts of Class A office UTAH COUNTY product in the Salt Lake office market that is either recently DOWNTOWN VS. completed or under construction. Notable projects completed in 2016 include 111 South Main (440,000 square feet), Vista Stations 4 through 8 (655,000 square feet), The Pointe I SUBURBAN (77,703 square feet), the Overstock Peace Coliseum (231,000 square feet) and Town Ridge Center I & II (250,000 square feet), to name a few. Significantly, an additional 1.5 million STATE OF THE MARKET square feet of space was under construction at the end of the year. Buildings such as 53rd Center 1 (200,000 square feet), 136 Center 1 (162,000 square feet), Sandy Center Plaza LEASE RATES (FS) (327,000 square feet), Sandy Commerce Office Park (120,000 Downtown historic overall lease rates SUBMARKETsquare feet), SUMMARY Sandy Towers East (150,000 square feet), SoJo SALT LAKE Station (180,000 square feet) and View 72 (or CHG at 281,663 $30 Tenants continue to seek out record amounts of Class A office square feet) are scheduled to be complete in 2017. UTAH COUNTY product in the Salt Lake office market that is either recently $25 DOWNTOWN VS. completed or under construction. Notable projects completed in 2016 include 111 South Main (440,000 square feet), Vista $20 Stations 4 through 8 (655,000 square feet), The Pointe I SUBURBAN (77,703 square feet), the Overstock Peace Coliseum (231,000 $15 square feet) and Town Ridge Center I & II (250,000 square feet), to name a few.VACANCY Significantly, anRATES additional 1.5 million square feet of spaceHistoric was under overall construction office vacancy at the end of $10 the year. Buildings such as 53rd Center 1 (200,000 square feet), 136 Center 1 (162,000 square feet), Sandy Center Plaza LEASE$5 RATES (FS) (327,000Downtown square feet), SLC Sandy Commerce OfficeSuburban Park (120,000 SLC Downtown historic overall lease rates $19.49 $20.82 $21.02 $20.85 $21.68 $23.94 square feet), Sandy Towers East (150,000 square feet), SoJo $30 $0 Station (180,000 square feet) and View 72 (or CHG at 281,663 2011 2012 2013 2014 2015 2016 square2016 feet) are scheduled to be complete2016 in 2017. MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET 11.95% JORDAN LANDING | WEST JORDAN, UT $25 OVERALL CLASS A CLASS B CLASS C 2015 2015 $20 11.51% 6.91%

$15LEASE RATES (FS) VACANCY RATES Suburban historic overall lease rates Historic overall office vacancy $10 $30 $5 Downtown SLC Suburban SLC $25 $19.49 $20.82 $21.02 $20.85 $21.68 $23.94 $0 $20 2011 2012 2013 2014 2015 2016 2016 2016 11.95% 6.98% $15 OVERALL CLASS A CLASS B CLASS C 2015 2015 11.51% 6.91% $10

LEASE$5 RATES (FS) Suburban historic overall lease rates $18.62 $18.52 $19.93 $19.57 $22.98 $23.03 $0 $30 2011 2012 2013 2014 2015 2016

$25 North Central $20 EMERGING TRENDS OF INCREASED SUBLEASE AVAILABLE SPACE South $15 BEGAN TO TAKE PLACE IN 2016. West Overall $10

$5 4 CBC ADVISORS | UTAH MARKET REPORT $18.62 $18.52 $19.93 $19.57 $22.98 $23.03 $0 2011 2012 2013 2014 2015 2016

North Central EMERGING TRENDS OF INCREASED SUBLEASE AVAILABLE SPACE South West BEGAN TO TAKE PLACE IN 2016. 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 21 Overall

4 CBC ADVISORS | UTAH MARKET REPORT MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET JORDAN LANDING | WEST JORDAN, UT

OFFICE MARKET

UTAH COUNTY COUNTY SUMMARY The Utah County office market continued to experience an The northern Utah County submarket imbalanced rate of market activity. The North quadrant saw the most significant amounts of net positive absorption, continued to see high activity levels which accounted for 1.06 million square feet of the 1.13 while demand for Class A space million square-foot total. Asking lease rates increased from $18.54 full service at the end of 2015 to $23.08 full continues across the county. service at the end of 2016, caused by the large amounts of new Class A office space that was introduced in 2016. The Central quadrant’s average asking lease rate also CONSTRUCTION 357K increased slightly from $18.08 full service to $19.45. Some Utah County office Total 357,133 SF areas of Utah County saw a slight slowing of activity as construction activity by Under Construction tenants who pre-leased space moved in. Class A office quadrant space in the North quadrant experienced record-breaking positive absorption of 1,070,801 square feet, while Class A 83% space reached 87,141 square feet of net positive absorption in the Central quadrant and 38,500 square feet in the South quadrant. The overall vacancy rate increased from 4.35 percent to 6.8 percent, caused mainly by the completion of 1,651,541 square feet of construction in 2016. Additionally, 17% over 357,000 square feet of construction is estimated to be completed by mid-year 2017. This new amount of Class A office space would allow tenants who are currently looking CENTRAL NORTH for ideal, move-in-ready space to have more options than in the last two years.

LEASE RATES (FS) Utah County average asking lease rates by class VACANCY RATES Utah County vacancy $25 $23.41 rates by class $21.34 $20 $18.02 Overall 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 22 $15.00 $15 Class A 8.14% $10 Class B $5 5.22%

$0 Class C CLASS A CLASS B CLASS C OVERALL 7.16%

ABSORPTION RATES Utah County YTD absorption by quadrant

North 1.06M Central 66K South 173 West 0 Overall 1.13M

0 250K 500K 750K 1M Note: Numbers based on change from December 2015 to December 2016 WWW.CBCADVISORS.COM 5 OFFICE MARKET

UTAH COUNTY COUNTY SUMMARY The Utah County office market continued to experience an The northern Utah County submarket imbalanced rate of market activity. The North quadrant saw the most significant amounts of net positive absorption, continued to see high activity levels which accounted for 1.06 million square feet of the 1.13 while demand for Class A space million square-foot total. Asking lease rates increased from $18.54 full service at the end of 2015 to $23.08 full continues across the county. service at the end of 2016, caused by the large amounts of new Class A office space that was introduced in 2016. The Central quadrant’s average asking lease rate also CONSTRUCTION 357K increased slightly from $18.08 full service to $19.45. Some Utah County office Total 357,133 SF areas of Utah County saw a slight slowing of activity as construction activity by Under Construction tenants who pre-leased space moved in. Class A office quadrant space in the North quadrant experienced record-breaking positive absorption of 1,070,801 square feet, while Class A 83% space reached 87,141 square feet of net positive absorption in the Central quadrant and 38,500 square feet in the South quadrant. The overall vacancy rate increased from 4.35 percent to 6.8 percent, caused mainly by the completion of 1,651,541 square feet of construction in 2016. Additionally, 17% over 357,000 square feet of construction is estimated to be completed by mid-year 2017. This new amount of Class A MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET office space would allow tenantsJORDAN who LAN areDIN currentlyG | WES lookingT JORD AN, UT CENTRAL NORTH for ideal, move-in-ready space to have more options than in the last two years.

LEASE RATES (FS) Utah County average asking lease rates by class VACANCY RATES Utah County vacancy $25 $23.41 rates by class $21.34 $20 $18.02 Overall $15.00 6.83% $15 Class A 8.14% $10 Class B $5 5.22%

$0 Class C CLASS A CLASS B CLASS C OVERALL 7.16%

ABSORPTION RATES Utah County YTD absorption by quadrant

North 1.06M Central 66K South 173 West 0 Overall 1.13M

0 250K 500K 750K 1M Note: Numbers based on change from December 2015 to December 2016 WWW.CBCADVISORS.COM 5

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 23 OFFICE MARKET

UTAH FORECAST

LOOKING AHEAD Projections estimate that by year-end 2017 the market New construction is expected to slow will settle into its expanded office inventory. Lease rates should remain relatively unchanged as new during 2017, as landlords focus on product and the remaining older generation of office space keep lease rates competitive. Landlords will be filling the remainder of their newly focused on filling the remainder of available space, completed Class A properties. possibly offering incentivized tenant improvement packages. Sublease space will continue to be an option for tenants throughout the year. Developers will need to upgrade Class B and C buildings to remain competitive in the market.

OFFICECBD MARKET 36,601 State of Utah Business Resource Center Broadway Building CBD 31,956 Dorsey 111 S Main Utah County North 106,000 Entrata Traverse Heights Utah County Central 74,973 Imagine Learning, Inc. UTAH ImagineFORECAST Learning Bldg. (Former Qualtrics Bldg.) Utah County North 65,172 Instructure, Inc. Grove Tower LOOKING AHEAD Projections estimate that by year-end 2017 the market Utah CountyNew North construction59,170 Young is expected Living Essential to Oils slow will settleThanksgiving into its expanded Point office 1 - Young inventory. Living Lease Essentials Utah County North 51,785 Global Payments rates shouldMountain remain Tech relatively Center unchanged as new during 2017, as landlords focus on product and the remaining older generation of office Utah County Central 40,000 Clearlink (Sykes) space keepUniversity lease rates Place competitive. Landlords will be Utah County Northfilling the41,848 remainderHorrocks ofEngineers, their Inc. newly focusedGrove on filling Creek the remainder1 of available space, Utah County North completed35,606 Bamboo Class HR, A LLC properties. possiblyCanopy offering IV incentivized tenant improvement packages. Sublease space will continue to be an Utah County Central 30,000 Northstar Alarm Services, LLC option forUniversity tenants throughoutPlace the year. Developers Utah County North 20,000 Bodyguardz will needThanksgiving to upgrade Class Station B and 4 C buildings to remain competitive in the market.

Utah County North 65,172 Instructure, Inc. 7252 JORDAN LANDING BLVD, WEST JORDAN, UT 24 Utah County North 59,170 Young Living Essential Oils Utah County North 51,785 Global Payments Mountain Tech Center Utah County Central 40,000 Clearlink (Sykes) University Place Utah County North 41,848 Horrocks Engineers, Inc. Grove Creek 1 Utah County North 35,606 Bamboo HR, LLC Canopy IV Utah County Central 30,000 Northstar Alarm Services, LLC University Place Utah County North 20,000 Bodyguardz Thanksgiving Station 4

NO. 2 RANKED #1 2ND BEST

Provo and Orem ranked No. 2 and Provo ranked #1 for best Provo ranked the 2nd best city Salt Lake City No. 5 by Business downtowns in country for technology and business Insider for the 15 U.S. Cities That by Livability. by the Milken Institute with Salt Are Driving the Future. Lake ranked as 5th.

6 CBC ADVISORS | UTAH MARKET REPORT OFFICE MARKET

UTAH FORECAST

LOOKING AHEAD Projections estimate that by year-end 2017 the market New construction is expected to slow will settle into its expanded office inventory. Lease rates should remain relatively unchanged as new during 2017, as landlords focus on product and the remaining older generation of office space keep lease rates competitive. Landlords will be filling the remainder of their newly focused on filling the remainder of available space, completed Class A properties. possibly offering incentivized tenant improvement packages. Sublease space will continue to be an MARKET INFORMATION - 1ST QUARTER 2017 SALT LAKE MARKET option for tenants throughout JtheOR Dyear.AN LDevelopersANDING | WEST JORDAN, UT will need to upgrade Class B and C buildings to remain competitive in the market.

NOTABLE OFFICE LEASES Sub Market Comp SF Tenant Property Name Sandy South Towne 83,925 Apollo Medical Extrusion Technologies 8760 S. Sandy Pkwy. Sandy South Towne 75,000 Connexion Point Sandy Commerce Office Park Sandy South Towne 73,850 DealerTrack Systems, Inc. RiverPark 3 Sandy South Towne 69,172 E*Trade Financial Corporation South Towne Corporate Center 2 Central Valley East 63,175 Pharmaceutical Research Associates, Inc. Evergreen Office Plaza Sandy South Towne 62,706 InMoment SoJo Station 1 Cottonwood 60,358 Healthcare Quality Catalyst Millrock Park West CBD 40,030 Workman Nydegger World Trade Center Cottonwood 37,009 Social Finance, Inc. dba SoFi Cornerstone I CBD 36,601 State of Utah Business Resource Center Broadway Building CBD 31,956 Dorsey 111 S Main Utah County North 106,000 Entrata Traverse Heights Utah County Central 74,973 Imagine Learning, Inc. Imagine Learning Bldg. (Former Qualtrics Bldg.) Utah County North 65,172 Instructure, Inc. Grove Tower Utah County North 59,170 Young Living Essential Oils Thanksgiving Point 1 - Young Living Essentials Utah County North 51,785 Global Payments Mountain Tech Center Utah County Central 40,000 Clearlink (Sykes) University Place Utah County North 41,848 Horrocks Engineers, Inc. Grove Creek 1 Utah County North 35,606 Bamboo HR, LLC Canopy IV Utah County Central 30,000 Northstar Alarm Services, LLC University Place Utah County North 20,000 Bodyguardz Thanksgiving Station 4

7252 JORDAN LANDING BLVD, WEST JORDAN, UT 25 NO. 2 RANKED #1 2ND BEST

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