Market Insights Dallas/Fort Worth 4Q 2020 - OFFICE

Bradford Commercial Real Estate Services 3100 McKinnon Street, Suite 400 Dallas, Texas 75201 DALLAS-FORT WORTH OFFICE MARKET INSIGHTS 4Q2019 Table of Contents

BRADFORD DALLAS-FORT WORTH OFFICE TEAM 1

DALLAS - FORT WORTH OVERALL MARKET INSIGHT 2

SUBMARKET EXPERTISE • Central Expressway • Dallas CBD • Fort Worth CBD 3 • Far North Dallas • White Rock/East Dallas • Las Colinas • LBJ Freeway • Mid Cities • Preston Center • Stemmons • Richardson/Plano • Uptown-Turtle Creek

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 1 DFW OFFICE COVERAGE BinformedOFFICE MARKET EXPERTS

Melanie Hughes Richmond Collinsworth Erik Blais Jared Laake Senior Vice President First Vice President Vice President Vice President 972.776.7046 972.776.7041 817.921.8179 972.776.7045 Dallas Dallas Fort Worth Dallas

Susan Singer, CCIM Paul Richter Shane Benner Executive Vice President Vice President Vice President Brokerage Services 972.776.7036 817.921.8174 972.776.7043 Dallas Fort Worth Dallas

• Bradford Corporate Office

• Bradford Field Offices Bret Cooper Elizabeth Robertson Kyle Espie Market Director Market Director Senior Associate 972.776.7035 972.776.7199 972.776.7070 Dallas Dallas Dallas

2 3 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office Net Absorption Construction 2017 Q3 20.0% 94 11,687,281 1,383,180 11.8% 19,993 0 0 0 0 $24.27 150,000 2017 Q4 94 11,687,281 1,445,654 12.4% (62,474) 0 0 0 0 $23.80 18.0% 100,000 2018 Q1 94 11,687,281 1,676,945 14.3% (231,291) 0 0 0 0 $24.62 16.0% Existing Inventory Vacancy Delivered Inventory Under Construction Quoted 50,000 2018Period Q2 94 11,687,281 1,621,655 13.9%Net Absorption55,290 0 0 Under0 0 $24.21 14.0% # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office0 Net Absorption 2018 Q3 94 11,687,281 1,732,613 14.8% (110,958) 0 0 Construction0 0 $24.64 12.0% 2017 Q3 94 11,687,281 1,383,180 11.8% 19,993 0 0 0 0 $24.27 20.0% (50,000) 2018 Q4 94 11,687,281 1,738,383 14.9% (5,770) 0 0 0 0 $24.56 10.0% 150,000 2017 Q4 94 11,687,281 1,445,654 12.4% (62,474) 0 0 0 0 $23.80 18.0% 2019 Q1 94 11,687,281 1,599,451 13.7% 138,932 0 0 0 0 $24.19 100,000 (100,000) 2018 Q1 94 11,687,281 1,676,945 14.3% (231,291) 0 0 0 0 $24.62 16.0% 8.0% 2019 Q2 94 11,687,281 1,632,723 14.0% (33,272) 0 0 0 0 $24.87 50,000 (150,000) 2018 Q2 94 11,687,281 1,621,655 13.9% 55,290 0 0 0 0 $24.21 14.0% 6.0% CENTRAL EXPRESSWAY2019 Q3 94 11,687,281 1,718,370 14.7% (85,647) 0 0 0 0 $25.28 0 (200,000) 2018 Q3 94 11,687,281 1,732,613 14.8% (110,958) 0 0 0 0 $24.64 12.0% 4.0% 20182019 Q4 Q4 9494 11,687,28111,687,2811,738,3831,735,14314.9% 14.8% (5,770) (16,773)0 0 0 0 0 0 $24.56 0 $25.28 (50,000) (250,000) OFFICE OVERALL MARKET INSIGHTS 10.0% 2.0% (100,000) SUBMARKET20192020 Q1 Q1 9494 11,687,28111,687,2811,599,4511,800,25613.7% 15.4%138,932 (65,113)0 0 0 0 0 0 $24.19 0 $25.058.0% (300,000) 2019 Q2 94 11,687,281 1,632,723 14.0% (33,272) 0 0 0 0 $24.87 0.0% (150,000) 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 (same criterias as prior market reports) 2020 Q2 94 11,687,281 1,881,598 16.1% (81,342) 0 0 0 0 $24.706.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2019 Q3 94 11,687,281 1,718,370 14.7% (85,647) 0 0 0 0 $25.28 (200,000) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DFW Office Markets (A, B, C) 2020 Q3 94 11,687,281 2,157,508 18.5% (275,910) 0 0 0 0 $24.604.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Binformed 2019 Q4 94 11,687,281 1,735,143 14.8% (16,773) 0 0 0 0 $25.28 (250,000) 2020 Q4 94 11,687,281 2,220,066 19.0% (62,558) 0 0 0 0 $24.642.0% Existing Inventory Vacancy Delivered Inventory Under Construction 2020 Q1 94 11,687,281 1,800,256 15.4% (65,113) 0 0 0 0 $25.05 (300,000) Net Quoted 0.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Period Under 2020 Q2 94 11,687,281 1,881,598 16.1% (81,342) 0 0 0 0 $24.70 # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Rates Overall DFW Office Vacancy Overall DFW Office Net Absorption 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Construction Central Expressway Overview 2020 Q3 94 11,687,281 2,157,508 18.5% (275,910) 0 0 0 0 $24.60 Q3 Q4 Q1 Q2 Q3 Q4CentralQ1 Q2 ExpresswayQ3 Q4 Q1 Q2 Q3OfficeQ4 Quoted Rates Central Expressway Office Construction 2017 Q3 2,730 264,406,984 48,510,719 18.3% 1,308,391 8 761,409 50 9,084,594 $20.85 23.0% 2,000,000 2020 Q4Absorption94 11,687,281 2,220,066 19.0% (62,558) 0 0 0 0 $24.64 2017 Q4 2,746 266,087,848 49,676,840 18.7% 500,103 16 1,680,864 36 7,544,451 $20.89 The Central Expressway Submarket vs Previous Qtr vs 12 Months Ago $25.50 22.0% 1,500,000 10,000,000 2018 Q1 2,755 268,133,867 50,007,478 18.7% 1,730,021 9 2,046,019 31 6,038,657 $20.98 stretches along the North Central (62,558) -275,910 -16,773 1,000,000 21.0% Central Expressway Office Quoted Rates Central Expressway9,000,000 Office Construction 2018 Q2 2,766 269,828,558 51,592,739 19.1% (456,963) 9 1,622,598 26 4,787,304 $21.01 500,000 Expressway, with its southernmost Vacancy vs Previous Qtr vs 12 Months Ago 2018 Q3 2,774 270,826,591 52,068,313 19.2% 522,459 8 998,033 22 4,077,594 $21.21 Absorption vs Previous Qtr vs 12 Months Ago $25.50 $25.00 20.0% 0 point starting at the Dallas CBD and its 19.0% 18.5% 14.8% 10,000,000 8,000,000 2018 Q4 2,776 271,282,048 52,513,602 19.4% 10,168 2 455,457 24 3,979,708 $21.25 (500,000) northernmost point ending at the LBJ (62,558) -275,910 -16,773 19.0% U/C SF vs Previous Qtr vs 12 Months Ago 9,000,000 7,000,000 2019 Q1 2,784 272,448,703 52,213,407 19.2% 1,466,850 8 1,166,655 21 3,187,345 $21.23 (same criterias as prior market reports) (1,000,000) Freeway. Virtually all of the submarket’s Vacancy vs Previous Qtr vs 12 Months Ago 2019 Q2 2,790 272,807,836 51,832,825 19.0% 734,655 6 359,133 21 3,208,280 $21.37 0 0 0 $25.00 8,000,000 6,000,000 18.0%DFW Office Markets (A, B, C) (1,500,000) 19.0% 18.5% 14.8% $24.50 2019 Q3 2,794 273,319,639 53,344,934 19.5% (1,000,306) 4 511,803 23 3,378,368 $21.55 inventory runs along US 75. The submarket (2,000,000) DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 7,000,000 5,000,000 2019 Q4 2,799 274,767,157 53,674,314 19.5% 1,118,138 5 1,447,518 20 2,468,464 $21.38 17.0% has a heavy concentration of financial (2,500,000) 0 0 0 0 0 0 6,000,000 2020 Q1 2,802 274,836,417 54,528,894 19.8% (785,320) 3 69,260 17 2,399,204 $21.68 Existing Inventory Vacancy (3,000,000) Delivered Inventory Under Construction services, telecom, and tech firms. As $24.50 4,000,000 16.0% Net Quoted Delivered SF vs Previous Qtr vs 12 Months Ago 2020 Q2 2,804 275,258,375 55,848,914 20.3% (898,062) 2 421,958 17 2,145,246 $21.67 Period 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Under Quoted Rates vs Previous Qtr vs 12 Months Ago $24.00 5,000,000 2017 2017 2018 2018 2018 #2018 Bldgs2019 2019 Total2019 2019 RBA2020 2020Vacant2020 SF2020 Vacant % AbsorptionQ3 Q4 Q1 Q2 #Q3 BldgQ4 Q1 DeliveredQ2 Q3 Q4 Q1 # Q2BldgsQ3 Q4 a whole,Rates it offers a large amount of Overall DFW Office Vacancy Overall DFW Office Net Absorption 3,000,000 2020 Q3 2,812 275,878,766 59,082,179 21.4% (2,612,874) 8 620,391 10 1,546,455 $21.74 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Construction 025 0 25 0 25 4,000,000 investment-grade property—about half of 2,000,000 2020 Q4 2,816 276,062,833 60,183,015 21.8% (916,769) 4 184,067 7 1,722,302 $21.95 2017 Q3 2,730 264,406,984 48,510,719 18.3% 1,308,391 8 761,409 50 9,084,594 $20.85 23.0% Quoted Rates vs Previous Qtr vs 12 Months Ago $24.00 2,000,000 3,000,000 the submarket’s RBA is rated as 4 & 5 Star. 25 25 25 2017 Q4 2,746 266,087,848 49,676,840 18.7% 500,103 16 1,680,864 36 7,544,451 $20.89 $23.50 2,000,000 1,000,000 Overall DFW Office Construction 22.0% Central Expressway Vital Statistics1,500,000 Overall2018 Q1 DFW Office2,755 Quoted268,133,867 Rental Rates50,007,478 18.7% 1,730,021 9 2,046,019 31 6,038,657 $20.98 $23.50 1,000,000 0 DFW Office Statistics by Market Though vacancies in Central Expressway 1,000,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 $22.20 2018 Q2 2,766 269,828,558 51,592,739 19.1%10,000,000 (456,963) 9 1,622,598 26 4,787,304 $21.01 21.0% Central Expressway Vital Statistics 0 Existing Vacancy Net Under Quoted have risen in recent quarters, at 16.5% they 200,000 500,000 20.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Market Inventory Deliveries $22.00 9,000,000 $23.00 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 # Blds Total RBA Direct SF Total SF Absorption Const SF Rates 2018 Q3 2,774 270,826,591 52,068,313 19.2% 522,459 8 998,033 22 4,077,594continue$21.21 to trend below the Dallas-Fort 200,000150,000 20.0% 18.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8,000,000 20.0% 0 $23.00 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 $21.80 150,000100,000 18.0% 16.0% Delivered Under Construction Central Expressway 94 11,687,281 2,220,066 19.0% -62,558 0 0 $24.64 2018 Q4 2,776 271,282,048 52,513,602 19.4%7,000,000 10,168 2 455,457 24 3,979,708Worth $21.25average. Due to pandemic-driven (500,000) 2017 2017 2018 2018 2018 2018Q3 2019Q4 2019Q12019Q22019Q32020 Q42020 2020Q1 2020Q2 Q3 Q4 Q1 Q2 Q3 Q4 $21.60 100,000 16.0% Delivered Under Construction Dallas CBD 80 28,736,197 8,214,550 28.6% 13,321 0 0 $21.09 2019 Q1 6,000,000 19.0% 50,000 14.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $21.40 2,784 272,448,703 52,213,407 19.2% 1,466,850 8 1,166,655 21 3,187,345recession,$21.23 rent growth has slowed and (1,000,000) East Dallas 168 7,234,896 1,404,388 19.4% 28,325 0 537,614 $22.35 5,000,000 50,0000 14.0% 12.0% 2019 Q2 2,790 272,807,836 51,832,825 19.0%4,000,000 734,655 6 359,133 21 3,208,280entered$21.37 cut territory through 21Q1. The Far North Dallas 455 51,394,635 12,331,592 24.0% -823,386 134,992 120,000 $25.12 $21.20 18.0% 0 (1,500,000)12.0% 3,000,000 (50,000) 10.0% Ft Worth CBD 52 8,803,234 1,722,493 19.6% -48,959 0 0 $25.30 $21.00 2019 Q3 2,794 273,319,639 53,344,934 19.5% (1,000,306) 4 511,803 23 3,378,368submarket$21.55 is usually heavily traded, though (50,000) 10.0% 2,000,000 (100,000) (2,000,000) 8.0% $20.80 the number of office assets traded in 2020 (100,000) 8.0% Las Colinas 285 36,306,363 7,620,169 21.0% -143,782 27,475 0 $20.87 2019 Q4 2,799 274,767,157 53,674,314 19.5%1,000,000 1,118,138 5 1,447,518 20 2,468,464 $21.38 17.0% (2,500,000) (150,000) 6.0% 6.0% LBJ Freeway 161 21,295,198 4,845,068 22.8% -63,408 0 0 $21.12 $20.60 0 fell compared to pre-pandemic levels. 2020 Q1 2,802 274,836,417 54,528,894 19.8% (785,320) 3 69,260 17 2,399,204 $21.68 (3,000,000) Lewisville/Denton 152 7,123,976 997,794 14.0% 3,546 0 0 $18.36 $20.40 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 16.0% (200,000) 4.0% 4.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2020 Q2 2,804 275,258,375 55,848,914 20.3% (898,062) 2 421,958 17 2,145,246 $21.67 2017 2017 2018 2018(250,000)2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2.0% 2.0% Mid-Cities 388 22,515,590 5,443,403 24.2% 146,905 0 0 $18.52 $20.20 Leasing Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 North Fort Worth 43 2,421,770 164,083 6.8% 12,990 0 48,000 $20.85 201720202017 Q32018 2018 2018 20182,8122019 2019275,878,7662019 2019 2020 59,082,1792020 2020 2020 21.4% (2,612,874) Delivered8 Under Construction620,391 10 1,546,455 $21.74 Q3 Q4 Q1 Q2 (300,000)Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0.0% 0.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Fundamentals in Central Expressway 201720172017201720182018201820182018 2018 2019201820192019201920192019201920202019202020202020 2020 2020 2020 Northeast Ft Worth 47 3,504,527 606,913 17.3% -5,749 0 0 $17.48 2020 Q4 2,816 276,062,833 60,183,015 21.8% (916,769) 4 184,067 7 1,722,302 $21.95 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Preston Center 52 4,870,925 652,954 13.4% -19,621 0 0 $29.32 are holding steady. At 16.5%, vacancies Net Absorption Delivered Vacant % Richardson/Plano 362 30,545,778 6,226,129 20.4% 99,570 0 0 $18.48 have trended well below both the metro Net Absorption Delivered Vacant % South Ft Worth 196 10,576,488 1,515,715 14.3% 18,398 21,600 0 $22.51 average and the submarket’s historical Overall DFW Office Quoted Rental Rates Overall DFW Office Construction Southwest Dallas 78 3,372,615 311,656 9.2% 16,014 0 0 $15.67 DFW Office Statistics by Market average for a few years due to a lack of new Stemmons Freeway 110 12,451,685 3,345,740 26.9% 42,579 0 0 $17.09 $22.20 10,000,000 Existing Vacancy Net Under Quoted supply and generally steady absorption Uptown/Turtle Creek 93 13,221,675 2,560,302 19.4% -130,954 0 1,016,688 $31.41 Market Deliveries $22.00 9,000,000 Inventory# Blds Total RBA Direct SF Total SF Absorption Const SF Rates in existing stock. In early 2020, the 11 story ACS building was demolished to make way for a massive $2.5 billion mixed-use Totals 2,816 276,062,833 60,183,015 21.8% -916,769 184,067 1,722,302 $21.78 $21.80 8,000,000 Central Expressway 94 11,687,281 2,220,066 19.0% -62,558 0 0 $24.64 development. 7,000,000 $21.60 Dallas CBD 80 28,736,197 8,214,550 28.6% 13,321 0 0 $21.09 6,000,000 East Dallas 168 7,234,896 1,404,388 19.4% 28,325 0 537,614 $22.35 Leasing activity remained stable$21.40 through 2020, though move-outs in the submarket have yielded negative net-absorption5,000,000 for * Lewisville Denton doesn't have a tab Far North Dallas 455 51,394,635 12,331,592 24.0% -823,386 134,992 120,000 $25.12 the year. The submarket reported$21.20 146 new leases totaling 349,000 SF in 2020. There have been two leases of over4,000,000 10,000 SF. The largest being a 22,500 SF lease in Rambler Park the second largest was a 10,700 SF lease signed in August3,000,000 at The Hill. Ft Worth CBD 52 8,803,234 1,722,493 19.6% -48,959 0 0 $25.30 $21.00 2,000,000 Las Colinas 285 36,306,363 7,620,169 21.0% -143,782 27,475 0 $20.87 $20.80 One large move out/bankruptcy contributed to the lion’s share of negative net absorption in 2019, driving vacancy1,000,000 rates $20.60 LBJ Freeway 161 21,295,198 4,845,068 22.8% -63,408 0 0 $21.12 higher. The 199,000 SF Walnut Hill Medical Center, when it opened, was among the nation’s most upscale hospitals, 0featuring Lewisville/Denton 152 7,123,976 997,794 14.0% 3,546 0 0 $18.36 $20.40 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 chef-cooked meals, private rooms, and state-of-the-art technology for doctors. Through 21Q1, the building was still 100%Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Mid-Cities 388 22,515,590 5,443,403 24.2% 146,905 0 0 $18.52 vacant. Excluding that “shock”$20.20 to the market, the area overall has been moving in the right direction. With supply-side North Fort Worth 43 2,421,770 164,083 6.8% 12,990 0 48,000 $20.85 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Delivered Under Construction pressure unlikely, the biggest risk for thisQ3 submarketQ4 Q1 Q2 is theQ3 prospectQ4 Q1 ofQ2 tenantsQ3 Q4 jumpingQ1 Q2 shipQ3 for Q4properties in premier urban Northeast Ft Worth 47 3,504,527 606,913 17.3% -5,749 0 0 $17.48 submarkets like Uptown/Turtle Creek and Preston Center or suburban submarkets like Upper Tollway/West Plano. Of the 14.5 Preston Center 52 4,870,925 652,954 13.4% -19,621 0 0 $29.32 millionSF in the submarket 7.4 million SF is considered 4 and 5 Star assets. The largest being the 1.3 million SF, 43-story, Richardson/Plano 362 30,545,778 6,226,129 20.4% 99,570 0 0 $18.48 Cityplace Tower. South Ft Worth 196 10,576,488 1,515,715 14.3% 18,398 21,600 0 $22.51 Southwest Dallas 78 3,372,615 311,656 9.2% 16,014 0 0 $15.67 Movers & Shakers Largest Vacancies: Central Expressway Stemmons Freeway 110 12,451,685 3,345,740 26.9% 42,579 0 0 $17.09 Tenant SF Building Cityplace Tower – 218,481 sf 8750 North Park Central – 159,225 sf Uptown/Turtle Creek 93 13,221,675 2,560,302 19.4% -130,954 0 1,016,688 $31.41 Istation 50,000 8150 N Central Expressway Dallas Plastic Surgery Institute 31,236 9101 N Central Expressway Campbell Centre South Tower – 106,174 sf Totals 2,816 276,062,833 60,183,015 21.8% -916,769 184,067 1,722,302 $21.78 Social Security Administration 27,200 10824 N Central Expressway One Energy Square – 104,520 sf Central Expressway Lincoln Property Company 26,025 10210 N Central Expressway

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 4 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 5 * Lewisville Denton doesn't have a tab

DFW Overall Office

DFW Overall Office Existing Inventory Vacancy Delivered Inventory ExistingUnder Inventory Construction Vacancy Delivered Inventory Under Construction Quoted Quoted Period Net Absorption Period Under Net Absorption Under Dallas CBD Office Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered# Bldgs# BldgsTotal RBA Vacant SFRatesVacant % # Bldg DallasDelivered CBD# OfficeBldgs Vacancy Rates Fort Worth CBD Office Vacancy Fort Worth CBD Office Net Absorption Construction Construction 2017 Q3 78 28,370,541 7,605,817 26.8% (83,037) 0 2017 Q30 1 261,537 $ 21.02 29.0% 25.0% 51 8,488,355 1,116,194 13.1% (8,772) 0 0 1 314,879 $25.35 300,000 200,000 2017 Q4 78 28,370,541 7,714,343 27.2% (108,526) 0 2017 Q40 51 2 8,488,355365,6561,118,754$ 21.0013.2% (2,560)28.5% 0 0 1 314,879 $25.68 200,000 150,000 2018 Q1 79 28,632,078 7,709,510 26.9% 266,370 1 2018261,537 Q1 51 1 8,488,355104,1191,147,232$ 21.3213.5% (28,478)28.0% 0 0 1 314,879 $25.48 20.0% Existing Inventory Vacancy Delivered Inventory Under ConstructionExisting Inventory Vacancy Delivered Inventory Under Construction 100,000 2018 Q2 79 28,632,078 7,707,841 26.9% 1,669 0 2018 Q20 52 1 8,803,234Quoted104,1191,264,766$ 21.0514.4% 197,34527.5% 1 314,879 0 Quoted 0 $27.45 100,000 Period Net Absorption Period Under Net Absorption Under Dallas CBD Office Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs # Bldgs Total RBARatesVacant SF Vacant % Dallas# Bldg CBDDelivered Office Vacancy# Bldgs Rates Fort Worth0 CBD Office Vacancy Fort Worth CBD Office Net Absorption 2018 Q3 79 28,632,078 7,616,873 26.6% 90,968 0 2018 Q30 Construction52 1 8,803,234104,1191,417,322$ 20.6316.1% (152,556)27.0% 0 0 Construction0 0 $27.82 15.0% 50,000 29.0% 20172018 Q3 Q4 78 28,370,541 7,605,817 26.8% (83,037) 0 0 2017 Q31 51261,537 8,488,355$ 21.021,116,194 13.1% (8,772) 0 0 1 314,879 $25.35 25.0% (100,000) 79 28,632,078 7,317,666 25.6% 299,207 0 2018 Q40 52 1 8,803,234104,1191,469,206$ 20.6916.7% (51,884)26.5% 0 0 0 0 300,000 $26.69 200,000 0 2017 Q4 78 28,370,541 7,714,343 27.2% (108,526) 0 0 2017 Q42 51365,656 8,488,355$ 21.001,118,754 13.2%28.5% (2,560) 0 0 1 314,879 $25.68 (200,000) 2019 Q1 80 28,736,197 7,444,580 25.9% (22,795) 1 2019104,119 Q1 52 0 8,803,2340 1,571,210$ 20.1117.8% (102,004) 0 0 0 0 200,000 $26.49 150,000 2018 Q1 79 28,632,078 7,709,510 26.9% 266,370 1 261,537 2018 Q11 51104,119 8,488,355$ 21.321,147,232 13.5%28.0% (28,478) 26.0%0 0 1 314,879 $25.48 20.0% 10.0% (50,000) 2019 Q2 80 28,736,197 7,469,642 26.0% (25,062) 0 2019 Q20 52 0 8,803,2340 1,445,713$ 20.5916.4% 125,497 0 0 0 0 100,000 $26.21 (300,000) 2018 Q2 79 28,632,078 7,707,841 26.9% 1,669 0 0 2018 Q21 52104,119 8,803,234$ 21.051,264,766 14.4%27.5% 197,345 25.5%1 314,879 0 0 $27.45 100,000 DALLAS CBD2019 Q3 80 DISTRICT28,736,197 7,500,996 26.1% (31,354) 0 2019 Q30 52FORT0 8,803,2340 1,535,063$ 20.91WORTH17.4% (89,350) 0 CBD0 0 0 0 $26.04 (400,000) (100,000) 2018 Q3 79 28,632,078 7,616,873 26.6% 90,968 0 0 2018 Q31 52104,119 8,803,234$ 20.631,417,322 16.1%27.0% (152,556) 25.0%0 0 0 0 $27.82 15.0% 5.0% 50,000 20182019 Q4 Q4 79 80 28,632,07828,736,1977,317,6667,484,61325.6% 26.0%299,207 16,383 0 00 2019 Q41 0 104,11952 0 8,803,234$ 20.690 1,498,140$ 20.6817.0% 36,923 0 0 0 0 (100,000)$26.19 (500,000) (150,000) 2018 Q4 52 8,803,234 1,469,206 16.7%26.5% (51,884) 24.5%0 0 0 0 $26.69 0 20192020 Q1 Q1 80 80 28,736,19728,736,1977,444,5807,921,51625.9% 27.6%(22,795) (436,903)1 104,1190 0 0 0 0 $ 20.110 $ 21.19 (200,000) SUBMARKET 20202019 Q1 Q1 5252 8,803,2348,803,2341,571,2101,440,93717.8%26.0%16.4%SUBMARKET(102,004) 57,203 0 0 0 0 0 0 $26.49 0 $26.4610.0% (600,000) (200,000) 24.0% 0.0% (50,000) 20192020 Q2 Q2 80 80 28,736,19728,736,1977,469,6427,701,52626.0% 26.8%(25,062) 219,9900 00 20202019 Q2 Q20 0 52520 08,803,2348,803,234$ 20.591,445,7130 1,506,56516.4%$ 21.1817.1%125,497 (65,628)0 0 0 0 0 0 $26.21 0 (300,000)$26.31 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 25.5% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017Q32017Q42018Q1 2018Q2 2018Q3 2018Q4 2019Q1 Q22019 Q32019Q42019Q12020Q22020Q3 2020Q4 2020 2019 Q3 80 28,736,197 7,500,996 26.1% (31,354) 0 0 2019 Q30 52 0 8,803,234$ 20.911,535,063 17.4% (89,350) 0 0 0 0 $26.04 (400,000) (100,000) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Q3 80 28,736,197 8,227,871 28.6% (526,345) 0 2020 Q30 52 0 8,803,2340 1,673,534$ 21.1525.0%19.0% (166,969) Q3 Q40 Q1 Q2 0 Q3 Q4 0Q1 Q2 Q3 0 Q4 Q1 $25.94Q2 5.0%Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 Q4 80 28,736,197 7,484,613 26.0% 16,383 0 0 2019 Q40 52 0 8,803,234$ 20.681,498,140 17.0% 36,923 0 0 0 0 $26.19 (500,000) (150,000) 2020 Q4 80 28,736,197 8,214,550 28.6% 13,321 0 2020 Q40 52 0 8,803,2340 1,722,493$ 21.0924.5%19.6% (48,959) 0 0 0 0 $25.30 2020 Q1 80 28,736,197 7,921,516 27.6% (436,903) 0 0 2020 Q10 52 0 8,803,234$ 21.191,440,937 16.4% 57,203 0 0 0 0 $26.46 (600,000) (200,000) 24.0% 2020 Q2 2017 0.0%2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Dallas CBD District 80 28,736,197 7,701,526 26.8% 219,990 0 0 2020 Q20 52 0 8,803,234$ 21.181,506,565 17.1% 2017(65,628)2017 2018 2018 20180 2018 20190Fort2019 Worth2019 02019 CBD2020 Overview20200 2020 2020$26.31 Dallas CBD Office Quoted Rates Q3 Q4 Q12017Q22017Q32018Q4 2018Q1 2018Q2 2018Q3 Q42019FortDallasQ12019 WorthQ22019Q3 CBD2019Q4 CBD2020 Office2020 Office2020 Construction2020 Quoted Rates Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4FortQ1 WorthQ2 Q3 Q4CBD Office Construction The Dallas CBD is the metro’s primary office 2020 Q3 80 28,736,197 8,227,871 28.6% (526,345) 0 0 2020 Q30 52 0 8,803,234$ 21.151,673,534 19.0% Q3(166,969)Q4 Q1 Q2 0Q3 Q4 Q10TheQ2 FortQ3 Worth0 Q4 Q1 CBDQ20 isQ3 homeQ4$25.94 to a heavy Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Q4Absorption80 28,736,197vs Previous8,214,550 Qtr 28.6% vs 13,32112 Months Ago 0 0 2020 Q4Absorption0 52 0 8,803,234$ vs21.09 Previous1,722,493 Qtr 19.6% vs (48,959)12 Months Ago $21.600 0 0 0 $25.30 $28.50 node, but the submarket has struggled for concentration of energy companies, leaving 10,000,000 10,000,000 over the last few years. Its vacancy rate 13,321 -526,345 16,383 (48,959) -166,969 36,923 $21.40 it exposed to the effects of energy price Dallas CBD Office Quoted Rates Dallas CBDFort OfficeWorth$28.009,000,000 Construction CBD Office Quoted Rates Fort Worth CBD Office9,000,000 Construction Vacancy vs Previous Qtr vs 12 Months Ago Vacancy swings. The good news is that at 18.0%, of 24.7% has been among the highest in vs Previous Qtr vs 12 Months Ago $21.20 Absorption vs Previous Qtr vs 12 Months Ago Absorption vs Previous Qtr vs $21.60 12 Months Ago $28.50 8,000,000 8,000,000 the metroplex for decades. The submarket 28.6% 28.6% 26.0% 19.6% 19.0% 17.0% vacancies are below the metro average10,000,000 and $27.50 10,000,000 13,321 -526,345 16,383 (48,959) -166,969 $21.4036,923 $21.00 7,000,000 contains a significant percentage of U/C SF vs Previous Qtr vs 12 Months Ago U/C SF vs Previous Qtr vs 12 Months Ago have remained relatively stable. Also,9,000,000 the $28.00 9,000,000 7,000,000 Vacancy vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago $27.00 older towers that are not competitive 0 0 0 $21.20 $20.80 newest delivery, the 280,000-SF Frost8,000,000 Tower, 6,000,000 6,000,000 28.6% 28.6% 26.0% 19.6%0 19.0% 0 17.0% 0 $27.50 8,000,000 with new assets in other prominent Delivered SF $21.00 which opened in early 2018, was about7,000,000 75% U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $20.60 $26.505,000,000 7,000,000 5,000,000 office submarkets, such as Uptown/Turtle leased in early 2021.. The building boasts $27.00 0 0 0 0 0 0 00 0 0 $20.800 0 6,000,000 4,000,000 6,000,000 Creek and Upper Tollway/West Plano. $20.40 the highest rents in downtown Fort Worth $26.00 4,000,000 DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs $20.60 12 Monthsvs 12 Ago Months Ago 5,000,000 $26.50 5,000,000 However, the submarket’s low rents, transit $20.20 at about $40/SF, and there are very few 3,000,000 3,000,000 0 0 0 0 0 0 4,000,000 $25.50 4,000,000 21 21 21 25 26 $20.40 26 buildings in the submarket that are close $26.00 2,000,000 amenities, and central location have helped Quoted Rates vs Previous Qtr vs 12 Months Ago Quoted Rates vs Previous Qtr vs 12 Months Ago $20.00 2,000,000 $20.20 3,000,000 3,000,000 keep a core group of tenants rooted here, 21 21 21 25 26 26 to this mark. While rent growth has slowed $25.50 $25.001,000,000 1,000,000 $19.80 2,000,000 2,000,000 and fundamentals have improved in recent Dallas CBD Vital Statistics Fort Worth CBD Vital $20.00 Statistics compared to a decade ago, rents have 0 0 $19.60 1,000,000 $25.00 $24.50 1,000,000 years. 400,000 Dallas CBD Vital Statistics 29.0% 400,000 Fort Worth CBD Vital Statistics $19.80 25.0%remained positive at 0.3%. Weak rent growth 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q20 Q3 Q4 $19.60 may persist in the coming months, as the $24.50 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 400,000300,000 29.0% 28.5% 400,000 25.0%$19.40 2017 2017 2018 2018 2018 2018$24.002019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 About a decade ago, developers began to 300,000 2017 2017submarket2018 2018 deals2018 with2018 2019the economic2019 2019 2019 and2020 2020Q32020Q4 2020Q1 Q2 Q3 Q4 Q1 Q2 2017Q3 Q42017Q12018Q2 2018Q3 2018Q4 2018 2019 2019 2019 2019 2020 2020Q32020Q42020Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 300,000200,000 28.5% 28.0% $19.40 20.0% $24.00 Delivered Under Construction Delivered Under Construction 300,000 2017 2017 2018 2018 2018 2018Q3 2019Q42019Q12019Q22019 Q32020 2020Q4 2020Q1 2020Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 reboot millions of square feet of obsolete 200,000100,000 28.0% 27.5% 20.0% social fallout stemming from the recession 2017Delivered2017 2018 Under2018 Construction2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 200,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Delivered Under Construction inventory into alternative uses, such as 100,000 0 27.5% 27.0% 200,000 15.0%and pandemic. 15.0% multifamily, hotel, and retail projects. (100,000)0 27.0% 26.5% 100,000 (100,000) 26.5% 100,000 These conversions not only buoyed CBD (200,000) 26.0% 10.0%Major transactions are rare, but trades (200,000) 26.0% 10.0% 00 picked up, as XTO sold some substantial office fundamentals but also helped the (300,000)(300,000) 25.5% 25.5% submarket take steps to become a real (400,000) 25.0% 5.0%assets in conjunction with its move to (400,000) 25.0% (100,000) 5.0% live/work/play environment. Furthermore, (500,000)(500,000) 24.5% 24.5% Houston. While it had nothing to with XTO, many older assets in the CBD have either (600,000)(600,000) 24.0% 24.0% (200,000) 0.0% 0.0%The Tower, a 37-story, 526,900-SF property 2017201720172017201820182018 20182018 2018201820192018201920192019201920192019202020192020 2020 20202020 2020 2020 201720172017201720182018201820182018 20182018 2019201820192019201920192019201920202019202020202020 2020 2020 2020 undergone or are undergoing major Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 located at 500 Throckmorton, was the largest Q3Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q4Q3 Q1Q4 Q2Q1Q3Q2Q4 Q3Q1 Q4Q2 Q1Q3 Q4Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 renovations and are adding amenities like Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % single asset to trade hands recently. The Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % parking to remain competitive with newer building, which comprises 288 residential properties in the Arts District and Uptown. units and 37,000 SF of office space, sold for an undisclosed price as part of a two- Leasing property portfolio deal in mid-2019. Sales Business services and financial firms have been migrating north into nearby Uptown/Turtle Creek for years, but the CBD activity has tapered in 2020 due to the pandemic-driven recession. has recently recaptured some momentum. Goldman Sachs consolidated its D-FW operations in 175,000 SF at the Trammell Crow Center in early 2018, moving from Las Colinas. After previously agreeing to move to The Union in Uptown, law firm Leasing Vinson & Elkins decided instead to remain at the Trammell Crow Center. Meanwhile, 1900 Pearl lease-up quickly with asking TThough Fort Worth has greater exposure to the energy industry than Dallas does, fundamentals have stayed intact. rents reaching above $40/NNN, among the highest asking rents in the urban core. Vacancies have remained stable at 18.0%, below the metro average of 17.4% . While XTO Energy’s move from Fort Worth CBD Houston (a net loss of 1,600 employees) was expected to open up a large chunk of office space in the submarket, the As of late October, the area has reported 75 leases signed since the beginning of 2020, the largest being a 95,500 SF lease at supply glut has been somewhat mitigated. The 120,000-SF W.T. Waggoner building and 195,000-SF 714 Main will both be 717 Harwood. Financial services firm Hilltop Securities took four floors of the 844,000 SF building in July. They are expected redeveloped into hotels. Furthermore, the 93,800-SF Petroleum Building is already being marketed for lease by its new to move in on May 2021. owner, Sundance Square.

Leasing activity got off to a great start when Oncore Electric signed a 200,000 SF lease for 777 Main in January, one of the Largest Vacancies: Movers & Shakers largest leases in the metroplex of 2020. The new office will take up seven floors and will cost more than $8.5 million to build Fountain Place – 851,690 SF Tenant SF Building out. The new office will replace the utility’s longtime Ft Worth location at West 7th Street. They moved into the space in late 1700 Pacific – 722,739 SF US Department of Education 61,971 1999 Bryan Street 2020. Chubb Group of Insurance Co 61,822 2001 Bryan Street Bryan Tower – 621,423 sf Sheppard Mulin Richter&Hampton 51,804 2200 Ross Avenue Bank of America Plaza – 598,744 SF Renaissance Tower – 574,749 SF Barrrow, Hanley, Mewhinney Movers & Shakers Largest Vacancies: & Strauss, Inc 41,113 2200 Ross Avenue Dallas CBD Fort Worth CBD Tenant SF Building 115 W 7th Street – 201,354 sf Fish & Richardson, PC 41,106 1717 Main Street Oncor Electric Delivery 175,192 777 Main Street Oil & Gas/Star Telegram – 177,960 sf Faegre Drinker 24,000 1717 Main Street Moncrief Properties 15,007 420 Throckmorton St Burnett Plaza – 174,482 sf Deloitte 24,360 717 Harwood Street Blaies & Hightower LLLP 13,000 420 Throckmorton St Bank of America Tower – 157,176 Dallas CBD Holiday Inn 7,610 1700 Pacific Avenue Fort Worth CBD Broude Smith & Jennings PC 6,890 307-309 W 7th Street

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 6 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 7 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Far North Dallas Office Vacancy Far North Dallas Office Net Absorption Construction 30.0% 2017 Q3 430 47,375,242 8,659,595 18.3% 478,520 1 32,450 12 2,954,629 $23.10 1,000,000 2017 Q4 433 48,137,142 9,546,937 19.8% (140,082) 3 761,900 9 2,192,729 $22.72 25.0% 800,000 2018 Q1 436 49,512,654 10,122,732 20.4% 814,357 3 1,375,512 6 817,217 $23.10 600,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q2 438 49,545,313 10,377,888 20.9% (238,120) 1 17,036 6 Quoted1,058,554 $23.10 Period Net Absorption Under 20.0% 400,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Far North Dallas Office Vacancy Far North Dallas Office Net Absorption 2018 Q3 441 49,900,349 10,148,580 20.3% 584,344 3 355,036 Construction5 944,540 $23.49 200,000 30.0% 20182017 Q3Q4 430441 47,375,24249,900,3498,659,59510,574,56218.3% 21.2% 478,520 (425,982)1 32,4500 120 2,954,6298 $23.101,010,070 $23.56 15.0% 1,000,000 0 20192017 Q4Q1 433443 48,137,14250,345,4949,546,93710,431,47219.8% 20.7%(140,082) 588,235 3 761,9002 445,1459 2,192,7299 $22.72720,759 $23.51 25.0% 800,000 (200,000) 2018 Q1 436 49,512,654 10,122,732 20.4% 814,357 3 1,375,512 6 817,217 $23.10 2019 Q2 444 50,360,894 10,439,337 20.7% 7,535 1 15,400 9 876,693 $23.64 10.0% 600,000 (400,000) 2018 Q2 438 49,545,313 10,377,888 20.9% (238,120) 1 17,036 6 1,058,554 $23.10 400,000 FAR NORTH2019 Q3 446 DALLAS50,635,709 10,738,430 21.2% (24,278) 2 274,815FAR9 758,926 NORTH$23.7920.0% DALLAS (600,000) 2018 Q3 441 49,900,349 10,148,580 20.3% 584,344 3 355,036 5 944,540 $23.49 5.0% 200,000 2019 Q4 448 50,691,361 10,804,926 21.3% (10,844) 2 55,652 7 703,274 $23.79 (800,000) 2018 Q4 441 49,900,349 10,574,562 21.2% (425,982) 0 0 8 1,010,070 $23.56 15.0% 0 SUBMARKET20202019 Q1 443450 50,345,49450,741,86110,431,47210,529,08720.7% 20.8% 588,235 326,339 2 445,1452 50,5009 720,7595 $23.51652,774 $24.25 SUBMARKET (1,000,000) 0.0% (200,000) 20202019 Q2 444451 50,360,89450,961,86110,439,33710,900,78620.7% 21.4% 7,535 (151,699)1 15,4001 220,0009 876,6935 $23.64552,774 $24.4810.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 (400,000)2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 20202019 Q3 446453 50,635,70951,259,64310,738,43011,373,21421.2% 22.2% (24,278) (174,646)2 274,8152 297,7829 758,9263 $23.79254,992 $24.83 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (600,000)Q1 Q2 Q3 Q4 5.0% 20202019 Q4 448455 50,691,36151,394,63510,804,92612,331,59221.3% 24.0% (10,844) (823,386)2 55,6522 134,9927 703,2741 $23.79120,000 $25.12 (800,000) 2020 Q1 450 50,741,861 10,529,087 20.8% 326,339 2 50,500 5 652,774 $24.25 (1,000,000) 0.0% Far North Dallas Overview 2020 Q2 451 50,961,861 10,900,786 21.4% (151,699) 1 220,000 5 552,774 $24.48 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 2017 2018 2018 2018 2018 2019Far2019 North2019 2019 Dallas2020 2020 Office2020 2020 Quoted Rates Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FarQ4 Q1NorthQ2 Q3 DallasQ4 Office Construction 2020 Q3 453 51,259,643 11,373,214 22.2% (174,646) 2Quoted 297,782 3 254,992 $24.83 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nationally, the U.S. economy had thePeriod longest Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Far North Dallas Office Vacancy Far North Dallas Office Net Absorption 2020 AbsorptionQ4 455 51,394,635vs Previous12,331,592 Qtr 24.0% vs (823,386)12 MonthsConstruction Ago 2 134,992 1 120,000 $25.12 $25.50 expansion on record from 2009 to March 30.0% 10,000,000 2017 Q3 430 47,375,242 8,659,595(823,386)18.3% 478,520 -174,6461 32,450 12 -10,8442,954,629 $23.10 1,000,000 2020. Overall, the economy of Dallas-Fort2017 Q4 433 48,137,142 9,546,937 19.8% (140,082) 3 761,900 9 2,192,729 $22.72 9,000,000 25.0% Far North$25.00800,000 Dallas Office Quoted Rates Far North Dallas Office Construction 2018 Q1 436 49,512,654 10,122,732Vacancy20.4% 814,357vs Previous3 Qtr 1,375,512 vs6 12 Months817,217 Ago $23.10 Worth was indicating continued growth for 600,000 8,000,000 2018 Q2 438 49,545,313 10,377,888Absorption24.0% 20.9% (238,120)vs Previous22.2% Qtr 1 17,036vs 12 Months6 Ago21.3%1,058,554 $23.10 $25.50 the first few months of the year. . There is 20.0% $24.50400,000 10,000,000 2018 Q3 441 49,900,349 10,148,580(823,386)U/C SF 20.3% 584,344-174,646 3 355,036 -10,8445 944,540 $23.49 200,000 7,000,000 vs Previous Qtr vs 12 Months Ago $25.00 9,000,000 little doubt the economy has felt some2018 Q4 severe441 49,900,349 10,574,562Vacancy 21.2% (425,982)vs Previous Qtr 0 0vs 12 Months8 Ago 1,010,070 $23.56 15.0% 0 2019 Q1 443 50,345,494 10,431,472120,000 20.7% 588,235 254,9922 445,145 9 703,274720,759 $23.51 $24.00 8,000,000 6,000,000 short-term pain. As this situation continues to 24.0% 22.2% 21.3% (200,000) 2019 Q2 444 50,360,894 10,439,337Delivered SF20.7% 7,535 1 15,400 9 876,693 $23.64 10.0% $24.50 (400,000) 5,000,000 unfold over the next few months, we will have U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 7,000,000 2019 Q3 446 50,635,709 10,738,430 21.2% (24,278) 2 274,815 9 758,926 $23.79 $23.50(600,000) 134,992 297,782 55,652 5.0% 6,000,000 4,000,000 a greater understanding of what the2019 long-term Q4 448 50,691,361 10,804,926120,000 21.3% (10,844)254,992 2 55,652 703,2747 703,274 $23.79 $24.00 (800,000) impact will be on the regional economy.2020 Q1 450 50,741,861 10,529,087QuotedDelivered Rates SF20.8% vs326,339 Previousvs Previous Qtr 2 Qtr 50,500vs 12 Monthsvs5 12 AgoMonths652,774 Ago $24.25 (1,000,000) 5,000,000 0.0% $23.00 3,000,000 2020 Q2 451 50,961,861 10,900,786 21.4% (151,699) 1 220,000 5 552,774 $24.48 $23.50 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 134,99225 297,78225 55,652 24 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4,000,000 2020 Q3 453 51,259,643 11,373,214 22.2% (174,646) 2 297,782 3 254,992 $24.83 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 3,000,000 Upper Tollway/West Plano has emerged2020 Q4 as 455 51,394,635 12,331,592 24.0% (823,386) 2 134,992 1 120,000 $25.12 $23.00 $22.50 25 25 24 1,000,000 one of the most dynamic office submarkets Far North Dallas Vital Statistics 2,000,000 Far North Dallas Office Quoted Rates$22.50 $22.00 Far North Dallas Office Construction 0 in Dallas-Fort Worth. The area has some 1,000,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Absorption vs Previous1,500,000 Qtr vs 12Far Months North Ago Dallas Vital Statistics 30.0% $25.50 of the newest office stock in the metro. It $22.00 10,000,000 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (823,386) -174,646 -10,844 $21.50 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 1,500,000 30.0% $25.00 9,000,000 now serves as a corporate hub for Toyota’sVacancy vs Previous1,000,000 Qtr vs 12 Months Ago 25.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020Q32020Q42020Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $21.50 8,000,000 Delivered Under Construction 24.0% 22.2% 21.3% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 North American headquarters and is a 1,000,000 25.0% $24.50 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 U/C SF vs Previous Qtr vs 12 Months Ago 20.0% 7,000,000 Delivered Under Construction 500,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 major regional location for Liberty Mutual,120,000 254,992 703,274 20.0% $24.00 6,000,000 500,000 AmerisourceBergen, JPMorgan Chase,Delivered and SF vs Previous Qtr vs 12 Months Ago 15.0% 5,000,000 15.0% $23.50 USAA. Companies located here have access134,992 297,782 0 55,652 4,000,000 Quoted Rates 0 10.0% to a deep and well-educated labor pool. vs Previous Qtr vs 12 Months Ago 10.0% $23.00 3,000,000 25 25(500,000) 24 2,000,000 More than half of all adults have at least a (500,000) 5.0% 5.0% $22.50 Far North Dallas Vital Statistics 1,000,000 bachelor’s degree, and the Plano and Frisco 0 (1,000,000)(1,000,000) 0.0% 0.0% $22.00 1,500,000 30.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 independent school districts are among the 201720172017201720182018201820182018 20182018 2019201820192019201920192019201920202019202020202020 20202020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $21.50 best in the state. Also drawing new tenants Q3 Q4 Q1 Q2 Q3 25.0%Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 1,000,000 Delivered Under Construction Net Absorption Delivered Vacant % Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 is the abundance of land suitable for large Net Absorption 20.0% Delivered Vacant % 500,000 campuses and high-end retail in the area. 15.0% 0 Furthermore, both the state and the City of 10.0% Plano have shown a willingness to dole out (500,000) 5.0% generous incentives for companies looking to a the Realm at Castle Hills office building in State Highway 121 and Josey Lane. The company is relocating workers from existing (1,000,000) 0.0% relocate to or expand here. 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 locations in Lewisville, Farmers Branch, and Denton. In one of the largest leases of 2019, San Francisco based IT firm, Splunk Inc, Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 signed an 83,700 SF lease in the Gateway at Legacy building on the Dallas North Tollway. The new office space will accommodate Net Absorption Delivered Vacant % Frisco/The Colony is a rapidly growing suburban submarket in the metroplex. In 2000, the submarket’s office inventory was less 450 employees. than 700,000 SF, but today it’s 8.7 million SF. Office inventory isn’t the only thing that has seen rapid growth. Frisco is consistently ranked as one of the most desirable cities to live in by various publications and is one of the fastest-growing towns in the country. Although construction in the Frisco/The Colony submarket has grown in recent years, vacancies trended below the metro average The submarket also features several retail and entertainment amenities: Stonebriar Centre is a 1.6-million-SF regional mall; Dr. during the last decade due to strong demand. Vacancies typically only rise due to supply-side pressure rather than tenant move- Pepper Ballpark is the home of the Frisco RoughRiders, the Texas Rangers’ Class AA minor league affiliate; and Toyota Stadium is outs. Large blocks of space remain as elusive as ever. In early 2021 there were twenty-four existing or under-construction buildings home to FC Dallas of Major League Soccer. with more than 25,000 SF of contiguous space available.

Leasing Despite the uncertainty created by the pandemic, there were 123 new/direct leases signed in 2020, totaling 467,000 SF. The largest In the last few years, the area has been a hotbed for corporate relocations and large back-office operations. Toyota, Liberty Mutual, lease signed was Addus HomeCare signing a 74,800 SF lease. The company is relocating its headquarters to the Offices Two at and JPMorgan Chase have either relocated to (Toyota) or consolidated (Liberty Mutual and JPMorgan) operations in Legacy West, Frisco Station. bringing about 15,000 jobs to the Upper Tollway/West Plano Submarket. The three companies took more than 1 million SF each, with Toyota alone responsible for a 2.1-million-SF campus, making it the largest tenant in the submarket. Occupancy will take a hit The City of Frisco scored with Keurig Dr. Pepper, which will move from West Plano into 350,000 SF at The Star in 2021. in 2021 when Keurig Dr. Pepper moves out of roughly 300,000 SF. The firm will shift its headquarters operations north to The Star in Movers & Shakers Frisco. Despite the uncertainty created by the pandemic, the submarket experienced 1.3M square feet of leasing activity as of the Tenant SF Building Largest Vacancies: Far North Dallas end of November. While substantial, we have to keep in mind that this is the lowest leasing activity the market has experienced Trinity Industries 155,200 14221 N Dallas Parkway 5400 Legacy – 1,587,458 sf since 2010. First United Bank 84,479 3930 N Dallas Parkway The Campus at Legacy West – 370,625 sf Denbury Resources, Inc 79,335 5851 Legacy Circle Liberty Mutual Campus – 357,500 sf Far North Dallas Far North Dallas The largest lease of the year was a 60,000 SF lease in May. Global Medical Response, a medical transport firm, is taking two floors Addus Homecare, Inc. 74,824 6303 Cowboys Way The Campus at Legacy – 285,677 sf

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 8 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 9 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates East Dallas Office Vacancy East Dallas Office Net Absorption Construction 2017 Q3 165 6,855,064 764,292 11.1% (927) 0 0 3 379,832 $17.12 25.0% 150,000 2017 Q4 166 6,910,076 809,938 11.7% 9,366 1 55,012 2 324,820 $17.22 2018 Q1 166 6,910,076 852,438 12.3% (42,500) 0 0 2 324,820 $17.62 20.0% 100,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q2 167 6,940,076 956,448 13.8% (74,010) 1 30,000 1 Quoted294,820 $20.50 50,000 Period Net Absorption Under East Dallas Office Net Absorption 2018 Q3 # Bldgs167 Total6,940,076 RBA Vacant990,695 SF Vacant %14.3% (34,247)# Bldg Delivered0 # Bldgs0 1 Rates294,820 $20.57 East Dallas Office Vacancy Construction 15.0% 0 2017 Q3 165 6,855,064 764,292 11.1% (927) 0 0 3 379,832 $17.12 25.0% 2018 Q4 167 6,940,076 987,377 14.2% 3,318 0 0 1 294,820 $20.73 150,000 2017 Q4 166 6,910,076 809,938 11.7% 9,366 1 55,012 2 324,820 $17.22 (50,000) 2019 Q1 168 7,234,896 1,274,876 17.6% 7,321 1 294,820 0 0 $22.95 10.0% 2018 Q1 166 6,910,076 852,438 12.3% (42,500) 0 0 2 324,820 $17.62 20.0% 100,000 2019 Q2 168 7,234,896 1,169,865 16.2% 105,011 0 0 0 0 $20.45 (100,000) WHITE ROCK/EAST2018 Q2 167 6,940,076 956,448 DALLAS13.8% (74,010) 1 30,000WHITE1 294,820 $20.50 ROCK/EAST DALLAS50,000 2019 Q3 168 7,234,896 1,182,932 16.4% (13,067) 0 0 0 0 $20.37 2018 Q3 167 6,940,076 990,695 14.3% (34,247) 0 0 1 294,820 $20.57 5.0% (150,000) 15.0% 0 20192018 Q4 167168 6,940,0767,234,896987,3771,340,95614.2% 18.5% 3,318 (158,024)0 00 1 0 294,8202 $20.73537,614 $21.25 (200,000) SUBMARKET20202019 Q1 168168 7,234,8967,234,8961,274,8761,281,64717.6% 17.7% 7,321 59,309 1 294,8200 0 0 0 2 $22.95537,614 $20.76 SUBMARKET (50,000) 10.0% 0.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 20202019 Q2 168168 7,234,8967,234,8961,169,8651,295,25216.2% 17.9% 105,011 (13,605) 0 00 0 0 0 2 $20.45537,614 $21.33 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019(100,000)2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 Q3 168 7,234,896 1,182,932 16.4% (13,067) 0 0 0 0 $20.37 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Q3 168 7,234,896 1,432,713 19.8% (137,461) 0 0 2 537,614 $18.295.0% (150,000) 20202019 Q4 168168 7,234,8967,234,8961,340,9561,404,38818.5% 19.4%(158,024) 28,325 0 00 2 0 537,6142 $21.25537,614 $22.35 2020 Q1 168 7,234,896 1,281,647 17.7% 59,309 0 0 2 537,614 $20.76 (200,000) 0.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2020 Q2 168 7,234,896 1,295,252 17.9% (13,605) 0 0 2 537,614 $21.33 East Dallas Overview Existing Inventory Vacancy Delivered Inventory Under Construction 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Quoted East Dallas Office Quoted Rates Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EastQ1 Q2 DallasQ3 Q4 Office Construction Garland is an inner-ring suburb locatedPeriod east 2020 Q3 168 7,234,896Net Absorption1,432,713 19.8% (137,461)Under 0 0 2 537,614 $18.29 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates East Dallas Office Vacancy East Dallas Office Net Absorption of the northern path of demographic and 2020 AbsorptionQ4 168 7,234,896vs Previous1,404,388 Qtr 19.4% vs 1228,325 MonthsConstruction Ago 0 0 2 537,614 $22.35 $25.00 2017 Q3 165 6,855,064 764,292 11.1% (927) 0 0 3 379,832 $17.12 25.0% 10,000,000 employment growth in Dallas. The central 28,325 -137,461 -158,024 150,000 2017 Q4 166 6,910,076 809,938 11.7% 9,366 1 55,012 2 324,820 $17.22 East Dallas Office9,000,000 Construction commercial node in Garland composed2018 Q1 of 166 6,910,076 852,438Vacancy12.3% (42,500)vs Previous0 Qtr 0 vs2 12 Months324,820 Ago $17.62 20.0% East100,000 Dallas Office Quoted Rates industrial properties. There is only2018 3.3 Q2 million167 6,940,076 956,448Absorption19.4% 13.8% vs(74,010) Previous19.8% Qtr 1 30,000vs 12 Months1 Ago18.5%294,820 $20.50 $25.00 $20.0050,000 8,000,000 2018 Q3 167 6,940,076 990,695 14.3% (34,247) 0 0 1 294,820 $20.57 10,000,000 SF of office inventory here, most of it being 28,325U/C SF -137,461 -158,024 15.0% 0 7,000,000 2018 Q4 167 6,940,076 987,377 14.2% 3,318vs Previous0 Qtr 0 vs1 12 Months294,820 Ago $20.73 9,000,000 older and of mediocre quality. The submarket Vacancy vs Previous Qtr vs 12 Months Ago 2019 Q1 168 7,234,896 1,274,876537,614 17.6% 7,321 537,6141 294,820 0 537,6140 $22.95 (50,000) 6,000,000 19.4% 19.8% 18.5% 10.0% $20.00 $15.00 8,000,000 saw a substantial reduction in its 2019office Q2 168 7,234,896 1,169,865 16.2% 105,011 0 0 0 0 $20.45 (100,000) Delivered SF vs Previous Qtr vs 12 Months Ago 7,000,000 5,000,000 inventory in 2017 when Raytheon’s2019 previous Q3 168 7,234,896 1,182,932U/C SF 16.4% vs(13,067) Previous Qtr 0 0vs 12 Months0 Ago 0 $20.37 5.0% (150,000) 2019 Q4 168 7,234,896 1,340,956537,6140 18.5% (158,024)537,614 0 0 0 537,6142 0 537,614 $21.25 6,000,000 4,000,000 campus was demolished to make way for $15.00 2020 Q1 168 7,234,896 1,281,647QuotedDelivered Rates SF17.7% 59,309 0 0 2 537,614 $20.76 (200,000)$10.00 a new industrial park. Despite lackluster vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 0.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 5,000,000 3,000,000 2020 Q2 168 7,234,896 1,295,252 17.9% (13,605) 0 0 2 537,614 $21.33 022 0 18 0 21 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4,000,000 absorption, at 14.8% vacancies have2020 typicallyQ3 168 7,234,896 1,432,713 19.8% (137,461) 0 0 2 537,614 $18.29 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago $10.00 remained below the metro average2020 of Q4 17.4%168 7,234,896 1,404,388 19.4% 28,325 0 0 2 537,614 $22.35 3,000,000 22 18 21 $5.00 1,000,000 due to a lack of supply and the demolition of East Dallas Vital Statistics 2,000,000 some obsolete assets. In terms of the pipeline, East Dallas Office Quoted Rates East Dallas Office Construction 0 $5.00 1,000,000 Absorption vs Previous350,000 Qtr vs 12 Months Ago 25.0% $25.00 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 there is potential in the far southeast corner East Dallas Vital Statistics 10,000,000 28,325 -137,461 -158,024 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 300,000 $0.00 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 of the submarket. In that area, the $1 billionVacancy 350,000 25.0% 9,000,000 vs Previous250,000 Qtr vs 12 Months Ago 20.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020Q32020Q42020Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Bayside project in Rowlett could eventually19.4% 19.8%300,000 18.5% $20.00 $0.00 8,000,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Delivered Under Construction 200,000250,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 include a significant office portion toU/C go SF vs Previous Qtr vs 12 Months Ago 20.0% 7,000,000 Delivered Under Construction 150,000200,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 537,614 537,614 537,614 15.0% 6,000,000 along with multifamily, retail, and hospitality 100,000150,000 $15.00 Delivered SF vs Previous Qtr vs 12 Months Ago 15.0% 5,000,000 components. However, that development is 100,000 0 50,0000 0 50,000 10.0% 4,000,000 currently in limbo. Most transactionsQuoted involve Rates vs Previous Qtr0 vs 12 Months Ago $10.00 0 10.0% 3,000,000 buildings smaller than 10,000 SF, and medical22 (50,000)18 21 (50,000) 2,000,000 office properties have driven sales volume of (100,000) 5.0% (100,000) 5.0% 1,000,000 East (150,000)Dallas Vital Statistics $5.00 late. (150,000) 0 350,000 (200,000)(200,000) 25.0% 0.0% 0.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 300,000 20172017201720172018201820182018201820182018 20182019 2019201920192019201920192020201920202020202020202020 2020 2020 $0.00 The White Rock Submarket includes250,000 primarily Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 20.0%Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Delivered Under Construction 200,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 residential neighborhoods in Old East Dallas NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % 150,000 15.0% and those surrounding White Rock100,000 Lake. However, about half of the office inventory50,000 0 10.0% rests in the Baylor University Medical(50,000) Center area adjacent to Deep Ellum’s nightlife(100,000) and 5.0% Dallas’ homegrown co-working firm Common Desk announced they were putting a 40,000 SF shared office center in the landmark restaurant hot spot. Medical tenants(150,000) dominate that area, and vacancies are structurally low. Assets in White Rock are typically (200,000) 0.0% Continental Gin building off Elm Street. The 70,000 SF building has undergone a 30 million dollar renovation, which was completed smaller, and virtually none of the inventory2017 is2017 4 2018& 52018 Star2018 quality.2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 in late 2020. Net Absorption Delivered Vacant % The potential for growth in the submarket falls within Deep Ellum. Specifically, KDC completed the Epic’s office portion in the western part of Deep Ellum in early 2019. The Epic added about 250,000 SF of 5 Star office space, along with multifamily and hotel components. Work began on the second phase of The Epic in 2020. These new buildings are catalyzing the area as a new office hub just removed from downtown Dallas. On the eastern edge of Deep Ellum, Baylor Scott & White has completed an office building that will consolidate its local operations in one facility.

Leasing Given weaker drivers for office space, vacancies in Garland generally trend below the metro average. The exception to this trend was caused by Raytheon’s move-out in 2016, though that vacancy spike was offset by the subsequent demolition of the firm’s facility in 2017. Most of the institutional-grade office product in this area of the metroplex is located in the Telecom Corridor, along Movers & Shakers Largest Vacancies: Highway 75 in Richardson. Tenant SF Building Barnett Tower – 207,856 SF Focus Real Estate LLC 20,667 10440 E Northwest Highway The Epic – 133,686 sf Vacancies in White Rock are typically tight but jumped due to the delivery of The Epic in 2019 and remained elevated through State of TX – Human & Baylor Medical Pavilion – 75,524 sf 2020. New tenants at The Epic include Uber, which initially planned on taking around 165,000 SF of Phase One. Uber’s plans to Health Services 8,781 1203 Sigma Court Baylor Medical Plaza II – 40,501 sf occupy the space have been derailed. As a result, the company has added 117,000 SF to the market as sublease space. The second Carevide 8,716 2600 Commerce Way Forest Tower – 37,400 sf East Dallas phase of The Epic is well underway and is expected to add 469,000 SF of inventory in 2022. The 215,000 SF Stack in Deep Ellum is Shirley Masonry 8,089 8020 Heinen Drive Baylor Medical Plaza III – 36,605 sf underway and is expected to be delivered in 2021. Continued supply-side pressures are expected to keep vacancy rates elevated in Dallas Internal Medicine 6,432 601 Clara Barton Blvd the near term. M3 Therapy 5,182 3801 Lakeview Parkway East Dallas East Dallas

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 10 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 11 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Las Colinas Office Vacancy Las Colinas Office Net Absorption Construction 25.0% 2017 Q3 274 33,607,361 5,210,103 15.5% 318,423 1 141,137 6 2,122,964 $21.28 2,000,000 2017 Q4 274 33,607,361 5,247,581 15.6% (37,478) 0 0 6 2,122,964 $21.23 2018 Q1 275 33,857,361 5,091,884 15.0% 405,697 1 250,000 7 2,152,964 $20.92 20.0% 1,500,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q2 276 34,024,059 5,621,675 16.5% (363,093) 1 166,698 7 Quoted2,052,871 $20.90 Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Las Colinas Office Vacancy Las Colinas Office1,000,000 Net Absorption 2018 Q3 278 34,388,559 5,929,368 17.2% 56,807 2 364,500 Construction5 1,688,371 $21.52 15.0% 25.0% 20182017 Q4Q3 274278 33,607,36134,388,5595,210,1035,878,70215.5% 17.1% 318,423 50,666 1 141,1370 60 2,122,9645 $21.281,688,371 $21.79 2,000,000 500,000 2017 Q4 274 33,607,361 5,247,581 15.6% (37,478) 0 0 6 2,122,964 $21.23 2019 Q1 280 34,634,959 5,815,169 16.8% 309,933 2 246,400 4 1,643,929 $21.60 10.0% 2018 Q1 275 33,857,361 5,091,884 15.0% 405,697 1 250,000 7 2,152,964 $20.92 20.0% 1,500,000 2019 Q2 281 34,701,564 5,970,686 17.2% (88,912) 1 66,605 4 1,604,799 $21.87 0 2018 Q2 276 34,024,059 5,621,675 16.5% (363,093) 1 166,698 7 2,052,871 $20.90 LAS 2019COLINAS Q3 281 34,701,564 5,859,827 16.9% 110,859 0 0 4 1,604,799LAS$21.81 COLINAS 1,000,000 2018 Q3 278 34,388,559 5,929,368 17.2% 56,807 2 364,500 5 1,688,371 $21.52 15.0% 5.0% (500,000) 2019 Q4 283 36,076,930 5,580,475 15.5% 1,654,718 2 1,375,366 2 229,433 $21.21 2018 Q4 278 34,388,559 5,878,702 17.1% 50,666 0 0 5 1,688,371 $21.79 500,000 SUBMARKET20202019 Q1 280283 34,634,95936,076,9305,815,1696,560,38816.8% 18.2% 309,933 (979,913)2 246,4000 40 1,643,9292 $21.60229,433 $21.09 (1,000,000) 10.0%SUBMARKET0.0% 20202019 Q2 281284 34,701,56436,278,8885,970,6866,904,98717.2% 19.0% (88,912) (142,641)1 66,6051 201,9584 1,604,7991 $21.8727,475 $21.12 0 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 Q3 281 34,701,564 5,859,827 16.9% 110,859 0 0 4 1,604,799 $21.81 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Q3 284 36,278,888 7,448,912 20.5% (543,925) 0 0 1 27,475 $20.885.0% (500,000) 20202019 Q4 283285 36,076,93036,306,3635,580,4757,620,16915.5% 21.0%1,654,718 (143,782)2 1,375,3661 27,4752 229,4330 $21.21 0 $20.87 2020 Q1 283 36,076,930 6,560,388 18.2% (979,913) 0 0 2 229,433 $21.09 (1,000,000) 0.0% Las Colinas Overview 2020 Q2 284 36,278,888 6,904,987 19.0% (142,641) 1 201,958 1 27,475 $21.12 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019Las2019 2019Colinas2019 2020 Office2020 2020 Quoted2020 Rates Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4LasQ1 Q2ColinasQ3 Q4 Office Construction Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 The submarket’s central location in the Existing Inventory2020 Q3 Vacancy284 36,278,888 7,448,912Delivered20.5% Inventory (543,925)Under Construction 0 0 1 27,475 $20.88 Quoted Period 2020 AbsorptionQ4 285 36,306,363Netvs Absorption Previous7,620,169 Qtr 21.0% vs 12(143,782) Months UnderAgo 1 27,475 0 0 $20.87 $22.00 metroplex and accessibility to D/FW Airport# Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Las Colinas Office Vacancy Las Colinas Office Net Absorption Construction 10,000,000 has fostered a well of construction in the (143,782) -543,925 1,654,718 25.0% 2017 Q3 274 33,607,361 5,210,103 15.5% 318,423 1 141,137 6 2,122,964 $21.28 Las $21.80Colinas2,000,000 Office Quoted Rates Las Colinas Office9,000,000 Construction past few years. Led by the emergence2017 Q4 274 33,607,361 Vacancy5,247,581 15.6% (37,478)vs Previous Qtr0 0 vs 126 Months2,122,964 Ago $21.23 of the Cypress Waters master-planned2018 Q1 275 33,857,361 Absorption5,091,884 15.0% vs Previous405,697 Qtr 1 250,000vs 12 Months7 Ago 2,152,964 $20.92 20.0% $22.00 1,500,000 8,000,000 21.0% 20.5% 15.5% $21.60 10,000,000 2018 Q2 276 34,024,059 (143,782)5,621,675 16.5% (363,093)-543,925 1 166,6981,654,7187 2,052,871 $20.90 mixed-use development, since 2015, U/C SF 1,000,000 7,000,000 2018 Q3 278 34,388,559 5,929,368 17.2% vs56,807 Previous Qtr2 364,500 vs 125 Months1,688,371 Ago $21.52 $21.80 9,000,000 DFW Freeport/Coppell has added 27 Vacancy vs Previous Qtr vs 12 Months Ago 15.0% $21.40 2018 Q4 278 34,388,559 5,878,7020 17.1% 50,66627,475 0 0 5229,4331,688,371 $21.79 6,000,000 buildings or 3.7 million SF of inventory. 21.0% 20.5% 15.5% $21.60 500,000 8,000,000 2019 Q1 280 34,634,959Delivered5,815,169 SF 16.8% 309,933 2 246,400 4 1,643,929 $21.60 10.0% $21.20 5,000,000 Companies like 7-Eleven, CoreLogic, U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 0 7,000,000 2019 Q2 281 34,701,564 5,970,686 17.2% (88,912) 1 66,605 4 1,604,799 $21.87 $21.40 Nokia, Signet Jewelers (Zales), and2019 Brinker Q3 281 34,701,564 5,859,82727,4750 16.9% 110,85927,475 0 0 0 229,4331,375,3664 1,604,799 $21.81 6,000,000 4,000,000 5.0% $21.00(500,000) International have signed on. Even2019 more, Q4 283 36,076,930QuotedDelivered5,580,475 Rates SF 15.5% vs 1,654,718Previousvs Previous Qtr Qtr2 1,375,366vs 12 Monthsvs 122 AgoMonths229,433 Ago $21.21 $21.20 5,000,000 3,000,000 2020 Q1 283 36,076,930 6,560,388 18.2% (979,913) 0 0 2 229,433 $21.09 (1,000,000) office space is under construction or in the 27,47521 0 21 1,375,366 21 0.0% $20.80 4,000,000 2020 Q2 284 36,278,888 6,904,987 19.0% (142,641) 1 201,958 1 27,475 $21.12 $21.00 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2,000,000 planning process. In early 2020, exotic car Quoted Rates vs Previous Qtr vs 12 Months Ago 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Q3 284 36,278,888 7,448,912 20.5% (543,925) 0 0 1 27,475 $20.88 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3,000,000 $20.80 $20.60 1,000,000 manufacturer McLaren relocated 2020its North Q4 285 36,306,363 7,620,16921 21.0% (143,782)21 1 27,475 21 0 0 $20.87 2,000,000 American office to the Coppell Business Las Colinas Vital Statistics 0 $20.60 $20.40 1,000,000 Las Colinas Office Quoted Rates Las Colinas Office Construction 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Center from midtown Manhattan. The 2,000,000 Las Colinas Vital Statistics 25.0% Absorption $20.40 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 company moved into 30,000 SF, taking vs Previous Qtr vs 12 Months Ago $22.00 $20.20 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2,000,000 25.0% 10,000,000 (143,782) 1,500,000-543,925 1,654,718 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q32020Q42020Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 advantage of nearby industrial inventory, 20.0% $21.80 $20.20 9,000,000 Delivered Under Construction Vacancy vs Previous Qtr vs 12 Months Ago Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,500,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 as well. Since so many of the new Cypress 1,000,000 20.0% 8,000,000 Delivered Under Construction 21.0% 20.5% 15.5% $21.60 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Waters office buildings were built-to-suits,U/C SF vs1,000,000 Previous Qtr vs 12 Months Ago 15.0% 7,000,000 500,000 $21.40 vacancies have remained below the metro0 500,00027,475 229,433 15.0% 6,000,000 Delivered SF $21.20 average in recent years despite significant vs Previous Qtr0 vs 12 Months Ago 10.0% 5,000,000 27,475 0 0 1,375,366 supply additions. This trend should 10.0% $21.00 4,000,000 Quoted Rates (500,000) vs Previous(500,000) Qtr vs 12 Months Ago 3,000,000 persist in the near term, as most projects $20.80 21 21 21 5.0% 5.0% 2,000,000 underway are already accounted for. Rent (1,000,000)(1,000,000) growth has slightly outpaced the metro $20.60 1,000,000 Las(1,500,000)(1,500,000) Colinas Vital Statistics 0.0% 0.0% $20.40 0 average in recent quarters, with rents in 4 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2,000,000 2017 2017 2018 2018 2018 201825.0%2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 & 5 Star buildings leading the way. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $20.20 1,500,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Net Absorption 20.0%Delivered Vacant % Delivered Under Construction The Urban Center/Wingren submarket Net Absorption Delivered Vacant % Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 is located within the City of Irving 1,000,000and 15.0% is comprised of the master-planned500,000 community of Las Colinas. What began 0 10.0% in 1972, the area was one of the first(500,000) 5.0% Leasing activity slowed significantly in 2020, , the submarket reported 76 new/direct leases totaling 400,000,000 SF. Since 2010, planned communities in the United(1,000,000) States. As a result of its unique amenities, including a monorail (Las Colinas Area Personal the submarket typically experiences just about one million square feet a year. Of the leases executed, eight are 10,000 SF or Transit System) and Lake Carolyn,(1,500,000) where residents and employees can enjoy a gondola ride0.0% or a stroll along with one of the many 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 greater. One of the largest leases signed was in the Mandalay Towers in February, with Nautilus Hyosung America taking 31,000 walkways. The area experienced a buildingQ3 boomQ4 Q1 withQ2 9.1Q3 millionQ4 Q1 Q2SF Q3or 90%Q4 Q1 ofQ2 theQ3 submarketQ4 was built during this period, with SF of space. They moved into their new space in June. The Summit at Las Colinas scored a big win when the American Athletic companies like Verizon, Kimberly-Clark, and severalNet Absorption other FortuneDelivered 500 companiesVacant relocating % headquarters or significant operations Conference decided to move its headquarters into an 18,000 SF space in March. Vacancies in the Urban Center are now hovering to the area. Fueled by the increased connectivity provided by D/FW International Airport, the area still boasts one of the highest just above the metro average at 23.9% after trending well above that mark for decades. concentrations of Fortune 500/1000 companies in the United States, with seven Fortune 500 and five Fortune 1000 companies calling the area home. Vacancies in the Office Center/West LBJ Submarket are back on the rise, reaching 16.6%. In particular, the Cypress Waters mixed- use development in the neighboring DFW Freeport/Coppell submarket has landed a few major corporations over the past few The Office Center/West LBJ Submarket constitutes the northern portion of Las Colinas and is a few minutes east of the D/ years, some of which were originally located in Office Center/West LBJ. The 1,000-acre development on the southern shore of FW International Airport. Due to its proximity to the airport and its highway access, this submarket has remained a popular North Lake will include over 4 million SF of office space along with apartments, retail, trails, and a lakeside town center, making destination for major corporations. The area is touted as the Metroplex’s Corner office, with 53 Fortune 500 corporations and global it an attractive option for firms in the area. For example, Signet Jewelers (Zale Corporation) was one of Office Center/West headquarters for seven Fortune 500 companies. LBJ’s largest tenants before it moved to its new headquarters in Cypress Waters in early 2018. That move opened up more than 300,000 SF of contiguous space in Office Center/West LBJ. In another big move-out, Nokia vacated its 294,000-SF facility in early Leasing 2019 and moved into a new campus at Cypress Waters. 2019 has seen activity pick up in the submarket. Exeter Financial signed a The vacancy rates in DFW Freeport/Coppell have drifted higher to 21.6% due to a series of move-outs in 2020. Before the recession 111,800-SF lease at 2101 W John Carpenter Fwy., occupying the entire three-story building. and pandemic, thanks to healthy absorption over the past few years, the vacancy rate in the D-FW Freeport/Coppell Submarket had Largest Vacancies: remained stable, notwithstanding supply-side pressure. In late 2019, the submarket experienced an up-tick in vacancy driven by Movers & Shakers Williams Square West Tower – 319,148 sf AT&T moving out of 1801 Valley View Lane, accounting for 209,000 SF. Meanwhile, a large portion of demand stems from build-to- Tenant SF Building Las Colinas 6000 Connection – 283,890 sf suits in Billingsley Company’s 1,000-acre, $3.5 billion Cypress Waters mixed-use development. Cypress Waters encompasses most Vistra 403,150 1925 W John Carpenter Fwy 600 E Las Colinas Blvd – 274,153 sf of the land on the southern shore of North Lake and could include up to 4.5 million SF of office space and 10,000 apartments at full Southwestern Health Resources 120,460 1601 LBJ Freeway ACE Cash Express 61,964 300 E John Carpenter Freeway 1801 Valley View Lane – 208,593 sf build-out. Las Colinas Neighborly 34,767 500 E John Carpenter Freeway 3501 Olympus Blvd - 201,104 sf Horizon Way Business Park -200,000 sf Las Colinas

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 12 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 13 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates LBJ Freeway Office Vacancy LBJ Freeway Office Net Absorption Construction 2017 Q3 24.0% 161 21,295,198 4,558,501 21.4% 215,604 0 0 0 0 $19.90 300,000 2017 Q4 161 21,295,198 4,569,498 21.5% (10,997) 0 0 0 0 $20.20 23.5% 2018 Q1 161 21,295,198 4,523,407 21.2% 46,091 0 0 0 0 $20.09 23.0% 200,000 2018 Q2 161 21,295,198 4,669,366 21.9% (145,959) 0 0 0 0 $20.06 Existing Inventory Vacancy Delivered Inventory Under Construction 22.5% Quoted 100,000 2018Period Q3 161 21,295,198 4,742,657 22.3%Net Absorption(73,291) 0 0 Under0 0 $20.24 22.0% # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates LBJ Freeway Office Vacancy LBJ Freeway Office Net Absorption 2018 Q4 161 21,295,198 4,999,724 23.5% (257,067) 0 0 Construction0 0 $20.46 21.5% 0 2017 Q3 161 21,295,198 4,558,501 21.4% 215,604 0 0 0 0 $19.90 24.0% 2019 Q1 161 21,295,198 4,969,279 23.3% 30,445 0 0 0 0 $20.49 300,000 2017 Q4 161 21,295,198 4,569,498 21.5% (10,997) 0 0 0 0 $20.20 23.5% 21.0% 2019 Q2 161 21,295,198 4,963,346 23.3% 5,933 0 0 0 0 $20.33 (100,000) 2018 Q1 161 21,295,198 4,523,407 21.2% 46,091 0 0 0 0 $20.09 23.0% 20.5% 200,000 LBJ FREEWAY20192018 Q2Q3 161161 21,295,19821,295,1984,669,3664,885,70221.9% 22.9%(145,959) 77,644 0 0 0 0 0 0 $20.06LBJ0 $20.4622.5% FREEWAY 20.0% 100,000 (200,000) 20192018 Q3Q4 161161 21,295,19821,295,1984,742,6574,683,68022.3% 22.0% (73,291) 202,022 0 0 0 0 0 0 $20.24 0 $20.3222.0% 19.5% SUBMARKET20202018 Q4Q1 161161 21,295,19821,295,1984,999,7244,438,26123.5% 20.8%(257,067) 245,419 0 0 0 0 0 0 $20.46 0 $20.4221.5%SUBMARKET 0 (300,000) 2019 Q1 161 21,295,198 4,969,279 23.3% 30,445 0 0 0 0 $20.49 19.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2020 Q2 161 21,295,198 4,597,444 21.6% (159,183) 0 0 0 0 $20.7121.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2019 Q2 161 21,295,198 4,963,346 23.3% 5,933 0 0 0 0 $20.33 (100,000) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Q3 161 21,295,198 4,781,660 22.5% (184,216) 0 0 0 0 $20.4120.5% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 Q3 161 21,295,198 4,885,702 22.9% 77,644 0 0 0 0 $20.46 2020 Q4 161 21,295,198 4,845,068 22.8% (63,408) 0 0 0 0 $21.1220.0% (200,000) 2019 Q4 161 21,295,198 4,683,680 22.0% 202,022 0 0 0 0 $20.32 19.5% 2020 Q1 161 21,295,198 4,438,261 20.8% 245,419 0 0 0 0 $20.42 (300,000) 19.0% 2020 Q2 161 21,295,198 4,597,444 21.6% (159,183) 0 0 0 0 $20.71 LBJ Freeway Office Quoted Rates 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019LBJ2020 2020 Freeway2020 2020 Office Construction LBJ Freeway Overview Existing Inventory Vacancy Delivered Inventory Under Construction 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Quoted Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Period 2020 Q3Absorption161 21,295,198Net Absorption4,781,660 22.5% (184,216) Under 0 0 0 0 $20.41 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Healthy leasing activity prior to the # Bldgs Total RBA Vacant SF Vacant % vs Previous# Bldg Qtr Delivered vs# Bldgs 12 Months Ago Rates LBJ Freeway Office Vacancy $21.40 LBJ Freeway Office Net Absorption 2020 Q4 161 21,295,198 4,845,068 22.8% (63,408)Construction 0 0 0 0 $21.12 10,000,000 pandemic-induced recession pushed2017 Q3 161 21,295,198 4,558,501(63,408) 21.4% 215,604 -184,2160 0 0 202,0220 $19.90 24.0% $21.20 300,000 9,000,000 pushed vacancy rates lower in West2017 Q4 LBJ 161 21,295,198 4,569,498Vacancy21.5% (10,997)vs Previous0 Qtr 0 vs 012 Months0 Ago $20.20 23.5% 2018 Q1 161 21,295,198 4,523,407 21.2% 46,091 0 0 0 0 $20.09 23.0% LBJ Freeway$21.00200,000 Office Quoted Rates LBJ Freeway Office Construction Freeway throughout the last decade. 22.8% 22.5% 22.0% 8,000,000 2018 Q2 161 21,295,198 4,669,366Absorption 21.9% vs(145,959) Previous Qtr 0 vs0 12 Months0 Ago 0 $20.06 22.5% $21.40 $20.80100,000 7,000,000 However, at 22.3% vacancies are2018 back Q3 on161 21,295,198 4,742,657U/C SF 22.3% (73,291)vs Previous0 Qtr 0 vs 012 Months0 Ago $20.24 22.0% 10,000,000 (63,408) -184,216 202,022 $21.20 the rise, as the submarket has experienced2018 Q4 161 21,295,198 4,999,724 23.5% (257,067) 0 0 0 0 $20.46 $20.60 9,000,000 Vacancy0 vs Previous 0Qtr vs 12 Months Ago0 21.5% 0 6,000,000 2019 Q1 161 21,295,198 4,969,279 23.3% 30,445 0 0 0 0 $20.49 -290,000 SF of net absorption over the last Delivered SF 21.0% $21.00 8,000,000 2019 Q2 161 21,295,198 4,963,34622.8% 23.3% 5,933vs22.5% Previous0 Qtr 0 22.0%vs 012 Months0 Ago $20.33 (100,000)$20.40 5,000,000 20.5% $20.80 12 months. Anemic rent growth2019 is Q3being 161 21,295,198 4,885,702U/C 0SF 22.9% vs77,644 Previous 0Qtr 0 vs0 12 Months0 Ago0 0 $20.46 7,000,000 20.0% (200,000)$20.20 4,000,000 felt throughout the submarket, 2019especially Q4 161 21,295,198 Quoted4,683,6800 Rates22.0% 202,0220 0 0 0 0 0 $20.32 $20.60 6,000,000 vs Previous Qtr vs 12 Months Ago 19.5% 3,000,000 among 3 Star buildings. However,2020 Q1if 161 21,295,198 Delivered4,438,261 SF20.8% 245,419 0 0 0 0 $20.42 (300,000)$20.00 vs Previous Qtr vs 12 Months Ago 19.0% $20.40 5,000,000 2020 Q2 161 21,295,198 4,597,44421 21.6% (159,183) 20 0 0 0 20 0 $20.71 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 demand improves, rent growth could 0 0 0 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2,000,000 2020 Q3 161 21,295,198 4,781,660 22.5% (184,216) 0 0 0 0 $20.41 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1$20.20Q2 Q3 Q4 $19.80 4,000,000 stand to pick up once again, since the Quoted Rates vs Previous Qtr vs 12 Months Ago 1,000,000 2020 Q4 161 21,295,198 4,845,068 22.8% (63,408) 0 0 0 0 $21.12 $20.00 $19.60 3,000,000 submarket is unlikely to see new supply 21 LBJ 20Freeway Vital Statistics20 $19.80 2,000,000 0 LBJ Freeway Office Quoted Rates $19.40 LBJ Freeway Office Construction 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 anytime soon. 300,000 24.0% 1,000,000 Absorption vs Previous Qtr vs 12 LBJMonths Freeway Ago Vital Statistics $21.40 $19.60 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 23.5% 10,000,000$19.20 0 (63,408) -184,216 202,022 $21.20 200,000 $19.40 9,000,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 202020172020201720202018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 The West LBJ Freeway Submarket hasVacancy vs Previous300,000 Qtr vs 12 Months Ago 24.0% 23.0% Delivered Under Construction $21.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q3Q4 Q4Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 seen little office development in recent22.8% 22.5% 22.0% 23.5% 22.5% $19.20 8,000,000 100,000200,000 $20.80 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 U/C SF vs Previous Qtr vs 12 Months Ago 23.0% 7,000,000 years, which is likely to remain the case, 22.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Delivered Under Construction 22.5% $20.60 6,000,000 even with the new LBJ Express lanes0 100,0000 0 0 21.5% Delivered SF vs Previous Qtr vs 12 Months Ago 22.0% $20.40 5,000,000 drastically relieving highway congestion in 21.0% 0 (100,000)0 0 0 21.5% $20.20 4,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 20.5% the area. There are two major office nodes 21.0% $20.00 3,000,000 21 (100,000)20 20 20.0% in this submarket, one at the Centre Office (200,000) 20.5% 2,000,000 19.5% $19.80 (200,000) 20.0% 1,000,000 Park, and the other near the intersection LBJ Freeway Vital Statistics $19.60 (300,000) 19.5% 19.0% 0 of the LBJ and Stemmons freeways. The $19.40 300,000 (300,000) 2017 2017 2018 2018 2018 201824.0%2019 2019 2019 2019 2020 2020 202019.0%2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 majority of the inventory in the submarket 2017Q32017Q42018Q12018 Q22018 2018Q3 201923.5%Q4 2019Q12019Q22019Q32020Q42020 Q12020 2020Q2 Q3 Q4 $19.20 200,000 Q3 Q4 Q1 Q2 Q3 Q4 Q123.0%Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 is 3 Star stock built in the 1980s. Net Absorption Delivered Vacant % Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Delivered Under Construction Net Absorption Delivered Vacant % 100,000 22.5% 22.0% The East LBJ Freeway Submarket divides0 21.5% 21.0% northern Dallas from the suburbs(100,000) of 20.5% Addison and Richardson. Although(200,000) it is 20.0% Movers & Shakers Largest Vacancies: 19.5% Tenant SF Building Pinnacle Tower – 206,785 sf one of the smallest submarkets(300,000) by land area, it is one of the densest in the metroplex,19.0% ranking in the top five for total office inventory. The average building 2017size2017 in2018 the2018 submarket2018 2018 2019 2019is 2019over2019 100,0002020 2020 2020 SF,2020 the third-largest in the metro behind the Korn Ferry Futurestep 60,269 4100 Alpha Rd Lake Highlands Tower – 137,980 sf Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Huitt Zollars 32,519 5430 LBJ Freeway Lakeside Square – 129,716 sf Dallas CBD and Urban Center/Wingren in NetLas Absorption Colinas. This submarketDelivered has Vacantstruggled % for some time, with a vacancy rate of 22.1%, the submarket has been trending well above the metro average for decades. However, leasing has improved Veritex Community Bank 26,418 12750 Merit Dr Park Central 7 – 121,472 sf in recent years. New supply is non-existent in East LBJ, and the submarket is more likely to see a reduction in office Reddy Ice 26,262 5710 LBJ Freeway Maxim Healthcare Services 18,048 5001 LBJ Freeway inventory than an increase due to conversions or demolitions. Naturally Slim 17,793 12790 Merit Dr Lenox Financial Mortgage Corp 14,213 13355 Noel Road Leasing Cholla Petroleum Inc 12,130 12221 Merit Drive At 22.1%, vacancies are high in East LBJ, and have remained stable through 2020. A lack of newer properties may Burgess & Niple, Inc 7,396 12750 Merit Drive constrain competitiveness relative to other areas of the metroplex, as tenants have shown a preference for new product Veritex Community Bank 26,418 12750 Merit Drive over the past decade. Just 3% of inventory here has been built since 2000, which is well below the metro average of 25%. Gold’s Gym 24,839 5440 Lyndon B Johnson Fwy With 110,000 SF under construction and 0 SF delivered in the past 12 months, the demand potential of this submarket is Maxim Healthcare Services 18,048 5001 Lyndon B Johnson Fwy limited since there are plenty of other options for tenants in neighboring Quorum/Bent Tree, let alone premier suburban Sedgwick 9,648 2711 Lyndon B Johnson Fwy submarkets like Upper Tollway/West Plano and Frisco/The Colony. Reddy Ice 26,262 5710 Lyndon B Johnson Fwy Lenox Financial Mortgage Corp 14,213 13355 Noel Rd West LBJ Freeway is a secondary office node within commuting distance of most of the affluent northern Dallas suburbs. 99 Healthcare Management 8,178 9330 Lyndon B Johnson Fwy The submarket also boasts relatively easy access to Dallas/Fort Worth International Airport via the LBJ Freeway. The LBJ Freeway tenant base in West LBJ is primarily a mix of financial services and healthcare-related companies. The IRS is the largest tenant in the submarket, occupying roughly 350,000 SF at The Centre Office Park. LBJ Freeway LBJ Freeway

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 14 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 15 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid Cities Office Vacancy Mid Cities Office Net Absorption Construction 30.0% 2017 Q3 377 22,183,522 4,072,483 18.4% 92,208 2 129,340 5 158,549 $17.18 200,000 2017 Q4 381 22,292,071 4,133,956 18.5% 47,076 4 108,549 1 50,000 $17.17 25.0% 0 2018 Q1 381 22,292,071 4,023,879 18.1% 110,077 0 0 1 50,000 $17.35 Existing Inventory Vacancy Delivered Inventory Under Construction (200,000) 2018 Q2 382 22,348,541 3,959,360 17.7% 64,519 0 0 2 Quoted66,440 $17.46 Period Net Absorption Under 20.0% # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid Cities Office Vacancy Mid Cities Office(400,000) Net Absorption 2018 Q3 383 22,398,541 3,928,607 17.5% 80,753 1 50,000 Construction1 16,440 $17.51 2017 Q3 377 22,183,522 4,072,483 18.4% 92,208 2 129,340 5 158,549 $17.18 30.0% (600,000) 2018 Q4 383 22,398,541 3,798,794 17.0% 129,813 0 0 1 16,440 $17.41 15.0% 200,000 2017 Q4 381 22,292,071 4,133,956 18.5% 47,076 4 108,549 1 50,000 $17.17 (800,000) 2019 Q1 383 22,398,541 3,657,950 16.3% 140,844 0 0 1 16,440 $17.4025.0% 0 2018 Q1 381 22,292,071 4,023,879 18.1% 110,077 0 0 1 50,000 $17.35 2019 Q2 383 22,398,541 3,718,211 16.6% (60,261) 0 0 4 97,699 $17.57 10.0% (200,000) (1,000,000) 2018 Q2 382 22,348,541 3,959,360 17.7% 64,519 0 0 2 66,440 $17.46 MID-CITIES2019 Q3 384 OFFICE22,414,981 5,182,121 23.1% (1,447,470) 1 16,440 MID-CITIES4 100,609 $18.4920.0% OFFICE (400,000) (1,200,000) 2018 Q3 383 22,398,541 3,928,607 17.5% 80,753 1 50,000 1 16,440 $17.51 2019 Q4 384 22,414,981 5,103,350 22.8% 78,771 0 0 4 100,609 $18.46 5.0% (600,000) (1,400,000) 2018 Q4 383 22,398,541 3,798,794 17.0% 129,813 0 0 1 16,440 $17.41 15.0% SUBMARKET20202019 Q1 383384 22,398,54122,414,9813,657,9505,064,83016.3% 22.6% 140,844 38,520 0 00 10 16,4404 $17.40100,609 $18.67 SUBMARKET (800,000) (1,600,000) 0.0% 20202019 Q2 383384 22,398,54122,414,9813,718,2115,370,05416.6% 24.0% (60,261) (305,224)0 00 40 97,6994 $17.57100,609 $18.5910.0% (1,000,000) 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 20202019 Q3 384388 22,414,98122,515,5905,182,1215,590,30823.1% 24.8%(1,447,470)(119,645)1 16,4404 100,6094 100,6090 $18.49 0 $18.67 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4(1,200,000)Q1 Q2 Q3 Q4 5.0% 20202019 Q4 384388 22,414,98122,515,5905,103,3505,443,40322.8% 24.2% 78,771 146,905 0 00 40 100,6090 $18.46 0 $18.52 (1,400,000) 2020 Q1 384 22,414,981 5,064,830 22.6% 38,520 0 0 4 100,609 $18.67 (1,600,000) 0.0% 2020 Q2 384 22,414,981 5,370,054 24.0% (305,224) 0 0 4 100,609 $18.59 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019Mid2019 Cities2019 2020 Office2020 2020 Quoted2020 Rates Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MidQ1 Q2 CitiesQ3 Q4 Office Construction Mid-Cities Overview Existing Inventory 2020 Q3Vacancy388 22,515,590 5,590,308Delivered Inventory24.8% Under(119,645) Construction 4 100,609 0 0 $18.67 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Quoted Period 2020 AbsorptionQ4 388 22,515,590Net Absorptionvs Previous5,443,403 Qtr 24.2% vs 12146,905 MonthsUnder Ago 0 0 0 0 $18.52 With net absorption of 110,000 SF in the# Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid Cities Office Vacancy $19.00 Mid Cities Office Net Absorption Construction 10,000,000 last 12 months, the leasing dynamics2017 Q3 in377 22,183,522 4,072,483146,90518.4% 92,208 -119,6452 129,340 5 78,771158,549 $17.18 30.0% Mid200,000 Cities Office Quoted Rates Mid Cities Office9,000,000 Construction Arlington/Mansfield are relatively2017 Q4 healthy.381 22,292,071 4,133,956Vacancy18.5% 47,076vs Previous4 Qtr 108,549 vs1 12 Months50,000 Ago $17.17 25.0% $18.500 2018 Q1 381 22,292,071 4,023,879Absorption18.1% 110,077vs Previous Qtr0 0 vs 12 Months1 Ago50,000 $17.35 $19.00 8,000,000 However, the submarket will likely feel 24.2% 24.8% 22.8% (200,000) 10,000,000 2018 Q2 382 22,348,541 3,959,360146,905 17.7% 64,519-119,645 0 0 78,7712 66,440 $17.46 the impact of the recession over the next U/C SF vs Previous Qtr vs 12 Months Ago 20.0% (400,000) 7,000,000 2018 Q3 383 22,398,541 3,928,607Vacancy17.5% 80,753 1 50,000 1 16,440 $17.51 9,000,000 vs Previous Qtr vs 12 Months Ago $18.50 (600,000)$18.00 few months, though the full scope2018 Q4 of any383 22,398,541 3,798,794 0 17.0% 129,813 0 0 0 1 100,60916,440 $17.41 15.0% 8,000,000 6,000,000 24.2% 24.8% 22.8% (800,000) potential downturn is uncertain2019 at Q1 this 383 22,398,541 3,657,950Delivered16.3% SF 140,844 0 0 1 16,440 $17.40 U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago (1,000,000) 7,000,000 5,000,000 point. At 9.8% the vacancy rate2019 is Q2 below383 22,398,541 3,718,211 16.6% (60,261) 0 0 4 97,699 $17.57 10.0% $18.00 $17.50 2019 Q3 384 22,414,981 5,182,12100 23.1% (1,447,470) 0100,6091 16,440 100,6094 0100,609 $18.49 (1,200,000) 6,000,000 4,000,000 the metro average of 17.4% and2019 rentQ4 384 22,414,981 5,103,350QuotedDelivered Rates SF22.8% 78,771 0 0 4 100,609 $18.46 5.0% (1,400,000) vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 5,000,000 3,000,000 growth of -0.7% has fallen behind2020 Q1 the 384 22,414,981 5,064,830 22.6% 38,520 0 0 4 100,609 $18.67 $17.50 (1,600,000) 190 100,60919 0 18 0.0% $17.00 4,000,000 2020 Q2 384 22,414,981 5,370,054 24.0% (305,224) 0 0 4 100,609 $18.59 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2,000,000 with the market average of -0.6%. Quoted Rates vs Previous Qtr vs 12 Months Ago 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Q3 388 22,515,590 5,590,308 24.8% (119,645) 4 100,609 0 0 $18.67 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3,000,000 19 19 18 $17.00 1,000,000 2020 Q4 388 22,515,590 5,443,403 24.2% 146,905 0 0 0 0 $18.52 $16.50 2,000,000 The Arlington/Mansfield submarket Mid Cities Vital Statistics 0 Mid Cities Office Quoted Rates Mid Cities Office Construction 1,000,000 is geared toward distribution and 400,000 Mid Cities Vital Statistics 30.0% $16.50 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 manufacturing functions. As a result,Absorption vs Previous Qtr vs 12 Months Ago $19.00 $16.00 200,000400,000 30.0% 10,000,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 146,905 -119,645 78,771 25.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020Q32020Q42020Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 warehouses and industrial parks areVacancy more 200,0000 $16.00 9,000,000 Delivered Under Construction vs Previous Qtr vs 12 Months Ago $18.50 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 likely to be built in this area than office (200,000)0 25.0% 2017 2017 20188,000,0002018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 24.2% 24.8% 22.8% 20.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Delivered Under Construction U/C SF vs Previous(200,000) Qtr vs 12 Months Ago 7,000,000 facilities. The area is home to stadiums (400,000) 20.0% $18.00 for the Dallas Cowboys, Texas Rangers0 0(600,000)(400,000) 100,609 15.0% 6,000,000 Delivered SF vs Previous(600,000) Qtr vs 12 Months Ago 15.0% 5,000,000 and the original Six Flags. The City of (800,000) $17.50 0 100,609(800,000) 0 10.0% 4,000,000 Quoted Rates (1,000,000) 10.0% Arlington has one of the most educated vs Previous(1,000,000) Qtr vs 12 Months Ago 3,000,000 19 (1,200,000)19 18 $17.00 labor forces in Texas, ranking 2nd in the (1,200,000) 5.0% 5.0% 2,000,000 state for the percentage of adults with a (1,400,000)(1,400,000) 1,000,000 $16.50 Mid Cities(1,600,000)(1,600,000) Vital Statistics 0.0% 0.0% 0 bachelor’s degree or higher. This is due 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 400,000 2017 2017 2018 2018 201830.0%2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 to the high concentration of institutions200,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $16.00 0 Net Absorption 25.0%Delivered Vacant % 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 of higher learning found in the area. Net Absorption Delivered Vacant % Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Delivered Under Construction (200,000) 20.0% These include the University of(400,000) Texas at Arlington, Tarrant County College(600,000) 15.0% Southeast Campus, and Arlington(800,000) Baptist (1,000,000) 10.0% University. (1,200,000) 5.0% As a small suburban submarket with a stable base of large tenants, vacancies in Grand Prairie have historically (1,400,000) trended well below the metro average. However, there is one major move-out in 2019: American Airlines vacated (1,600,000) 0.0% Like other Mid-Cities office submarkets,2017 2017Grand2018 2018 Prairie’s2018 2018 2019inventory2019 2019 2019 is2020 predominantly2020 2020 2020 older and of middle-tier quality. Grand more than 1 million SF in this submarket when its new 1.7-million-SF campus delivered across Highway 360 in the Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Prairie lacks the northern Dallas suburbanNet Absorptionsubmarket’s dynamism,Delivered and leasingVacant % volume tends to be relatively sparse. The HEB/Mid-Cities Submarket. In turn, vacany rates have shifted higher, trending above 35%. The current vacany rate submarket is home to the former American Airlines headquarters. However, the company relocated to its new campus in is 34.5% . As of early September there has been 26 leases in 2020 totaling 112,500 SF. The largest lease was the U.S. the HEB/Mid-Cities Submarket, just west of Highway 360, in 2019. The move sent vacancy rates dramatically higher. The Small Business Administration signed a 33,000 SF lease at 14951 Kingsport Rd in April. considerable reduction of space in early 2018 was due to the Dallas Global Industrial Center’s office portion’s demolition, which is being redeveloped into a new industrial park. Rents in Grand Prairie were slow to recover from the downturn. Recent growth has roughly equaled the metro average, and rents have appreciated more than 15% over the last decade. While sales volume has picked up, inventory turnover is typically about as slow as leasing activity.

Leasing Movers & Shakers Largest Vacancies: Arlington/Mansfield’s office inventory of 14.4 million SF pales in comparison to its industrial stock of about 50 million Tenant SF Building American Airlines HQ 1 – 730,806 sf SF. The primary office node in the submarket is in Arlington and runs along I-30, near Highway 360. Nearly half of the Sabre 265,000 3150 Sabre Drive American Airlines HQ 2 – 574,384 sf 4200 Buckingham – 89,335 SF inventory in the submarket is rated 3 Star or below, and even the newest deliveries (built since 2000) lack the high- Bell Textron 109,188 4151 Amon Carter Blvd Automotive Resources Int’l 50,406 2550 SW Grapevine Parkway 500 E Border Street – 86,334 sf end amenities seen in new properties in Uptown or West Plano and Frisco. Many assets in the submarket serve as call Six Flags Entertainment Corp 40,842 1000 Ballpark Way centers or as offices for local businesses. At 9.8% the the vacancy rate in Arlington/Mansfield submarket trends below SBA 33,000 14951 Kingsport Rd Mid Cities Office the D-FW metro average of 17.4%. The submarket has seen steady absorption over the last decade. Though the submarket PGA Superstore 30,000 4640-4654 S Cooper Street has experienced negative absorption in recent quarters, there is an almost complete lack of large blocks of space in the Target 23,885 2208 Highway 121 submarket. It is rare to find a building with more than 50,000 SF of contiguous availability, and typically, only about five Arrow Electronics, Inc 23,228 1401 Nolan Ryan Expy or six assets have more than 25,000 SF available at a given time. CTI Foods 12,860 2106 E State Highway 114 Mid Cities Office Mid Cities Office

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 16 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 17 Existing Inventory Vacancy Delivered Inventory ExistingUnder Inventory Construction Vacancy Delivered Inventory Under Construction Quoted Quoted Period Net Absorption Period Under Net Absorption Under Stemmons Freeway Office Vacancy Stemmons Freeway Office Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs# Bldgs Total RBA Vacant RatesSF Vacant % # BldgPrestonDelivered Center# Bldgs Office Vacancy Rates Preston Center Office Net Absorption Construction Construction 27.5% 2017 Q3 2017 Q3 109 12,037,685 3,234,127 26.9% 75,01216.0% 0 0 1 414,000 $15.00 51 4,697,342 548,944 11.7% 15,505 0 0 1 173,583 $28.46 120,000 500,000 2017 Q4 109 12,037,685 3,232,540 26.9% 1,587 0 0 1 414,000 $15.01 2017 Q4 52 4,870,925 696,251 14.3% 26,276 1 173,583 0 0 $29.24 14.0% 100,000 400,000 2018 Q1 52 4,870,925 670,682 13.8% 25,569 0 2018 Q10 109 0 12,037,6850 3,265,705$29.67 27.1% -33,165 0 0 1 414,000 $15.36 27.0%80,000 Existing Inventory Vacancy Delivered Inventory Under ConstructionExisting Inventory Vacancy 12.0%Delivered Inventory Under Construction 2018 Q2 110 12,451,685Quoted 3,238,859 26.0% 440,846 1 414,000 0 Quoted 0 $15.18 300,000 2018Period Q2 52 4,870,925 673,982 13.8%Net Absorption(3,300) 0 Period 0 Under0 0 $29.58 Net Absorption Under Preston Center Office60,000 Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs # Bldgs Total RBARatesVacant SF Vacant % Preston# Bldg CenterDelivered Office Vacancy# Bldgs Rates Stemmons Freeway Office Vacancy Stemmons Freeway Office Net Absorption 2018 Q3 52 4,870,925 597,288 12.3% 76,694 0 2018 Q30 Construction110 0 12,451,6850 3,343,520$28.64 26.9% -104,66110.0% 0 0 Construction0 0 $15.25 26.5%40,000 200,000 2017 Q3 51 4,697,342 548,944 11.7% 15,505 0 0 2017 Q31 173,583 $28.46 16.0% 27.5% 2018 Q4 52 4,870,925 495,737 10.2% 101,551 0 2018 Q40 109110 0 12,037,68512,451,6853,234,1270 3,265,969$28.7326.9% 26.2%75,012 77,551 0 00 1 0 414,0000 $15.00 0 120,000 $15.25 20,000 500,000 2017 Q4 52 4,870,925 696,251 14.3% 26,276 1 173,583 0 0 $29.24 8.0% 20172019 Q4 Q1 109110 12,037,68512,451,6853,232,5403,235,82326.9%14.0%26.0% 1,587 30,1460 00 1 0 414,0000 $15.01 0 100,000 $15.48 0 100,000 2019 Q1 52 4,870,925 543,943 11.2% (48,206) 0 0 0 0 $29.13 26.0% 400,000 2018 Q1 52 4,870,925 670,682 13.8% 25,569 0 0 2018 Q10 109 0 12,037,685$29.673,265,705 27.1% -33,165 6.0%0 0 1 414,000 $15.36 80,000 27.0% (20,000) 2019 Q2 52 4,870,925 534,006 11.0% 9,937 0 2019 Q20 110 0 12,451,6850 3,210,269$29.3312.0%25.8% 25,554 0 0 0 0 $15.28 2018 Q2 52 4,870,925 673,982 13.8% (3,300) 0 0 2018 Q20 110 0 12,451,685$29.583,238,859 26.0% 440,846 1 414,000 0 0 $15.18 60,000 (40,000) 300,000 0 PRESTON CENTER 2019 STEMMONSQ3 110 12,451,685 3,251,025 10.0%26.1% -40,7564.0% FREEWAY0 0 0 0 40,000 $15.99 2019 Q3 52 4,870,925 522,460 10.7% 11,546 0 0 0 0 $29.36 2018 Q3 52 4,870,925 597,288 12.3% 76,694 0 0 2018 Q30 110 0 12,451,685$28.643,343,520 26.9% -104,661 0 0 0 0 $15.25 26.5% (60,000)25.5% 2019 Q4 110 12,451,685 3,316,590 26.6% -65,565 0 0 0 0 20,000 $15.76 200,000 (100,000) 20192018 Q4 5252 4,870,9254,870,925495,737617,543 10.2% 12.7% 101,551 (95,083) 0 00 2018 Q400 110 0 0 12,451,685$28.733,265,9690 $29.1826.2% 8.0% 77,551 0 0 0 0 $15.25 (80,000) 2.0% 0 SUBMARKET20202019 Q1 5252 4,870,9254,870,925543,943569,665 11.2% 11.7% (48,206) 47,878 0 00 20192020 Q1 Q100 1101100 0 12,451,68512,451,685$29.133,235,8230 3,319,534$28.9026.0% SUBMARKET26.7% 30,146 -2,944 0 00 0 0 0 0 $15.48 0 $15.98 (100,000) 100,000 (200,000) 6.0% (20,000) 26.0% 25.0% 2019 Q2 52 4,870,925 534,006 11.0% 9,937 0 0 20192020 Q2 Q20 1101100 12,451,68512,451,685$29.333,210,2693,318,76625.8% 26.7% 25,554 7680.0%0 00 0 0 0 0 $15.28 0 $16.20 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2020 Q2 52 4,870,925 621,678 12.8% (52,013) 0 0 0 0 $29.23 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 (40,000)2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 20200 2020 2020 2020 2019 Q3 52 4,870,925 522,460 10.7% 11,546 0 0 0 0 $29.36 4.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Q3 20192020 Q3 Q3 110110 12,451,68512,451,6853,251,0253,388,31926.1% 27.2%-40,756 -69,5530 Q3 Q400 Q1 Q20 0Q3 Q4 0 Q10 Q2$15.99Q3 0Q4 (60,000)Q1 $17.22Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 52 4,870,925 633,333 13.0% (11,655) 0 0 0 0 $29.52 25.5% (100,000) 2019 Q4 52 4,870,925 617,543 12.7% (95,083) 0 0 2019 Q40 110 0 12,451,685$29.183,316,590 26.6% 2.0% -65,565 0 0 0 0 $15.76 (80,000) 2020 Q4 52 4,870,925 652,954 13.4% (19,621) 0 2020 Q40 110 0 12,451,6850 3,345,740$29.32 26.9% 42,579 0 0 0 0 $17.09 2020 Q1 52 4,870,925 569,665 11.7% 47,878 0 0 2020 Q10 110 0 12,451,685$28.903,319,534 26.7% -2,944 0 0 0 0 $15.98 (100,000) (200,000) 0.0% 25.0% 2020 Q2 52 4,870,925 621,678 12.8% (52,013) 0 0 2020 Q20 110 0 12,451,685$29.233,318,766 26.7% 768 0 0 0 0 $16.20 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q12017Q22017Q32018Q42018Q1 2018Q2 2018Q3 Stemmons2019PrestonQ4 Q12019 Q22019 CenterQ32019 FreewayQ42020 2020Office2020 Office 2020Construction Quoted RatesQ3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3StemmonsQ4 Q1 Q2 Q3 FreewayQ4 Office Construction Preston Center Overview 2020 Q3 52 4,870,925 633,333 13.0% (11,655) 0 0 2020 Q30 110 0 12,451,685$29.523,388,319 27.2% Q3-69,553Q4 Q1 Q2 0Q3 Q4 Q1Preston0 StemmonsQ2 Q3 0CenterQ4 FreewayQ1 Q2Office0 Q3Overview Q4Quoted$17.22 Rates Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Preston Center is one of the premier 2020 AbsorptionQ4 52 4,870,925vs Previous652,954 Qtr 13.4% vs 12(19,621) Months Ago 0 0 2020 Q4Absorption0 110 0 12,451,685$29.32vs Previous3,345,740 Qtr 26.9% vs 42,57912 Months Ago$29.800 0 The Stemmons0 Freeway0 submarket$17.09 stretches $17.50 10,000,000 10,000,000 submarkets, with a highly educated labor (19,621) -11,655 -95,083 42,579 -69,553 -65,565 from the CBD up to the LBJ Freeway and pool to draw from in North Dallas. A large Preston$29.60 Center OfficeFarmers Quoted Branch. Rates Most major tenants are PrestonStemmons Center Office9,000,000$17.00 Freeway Construction Office Quoted Rates Stemmons Freeway9,000,000 Office Construction Vacancy vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago portion of the tenant base at Preston Center Absorption vs Previous Qtr vs 12 Months Ago Absorption vs Previous Qtr vs$29.80 12 Months Ago $29.40 located in the southern portion of the $17.50 8,000,000 8,000,000 13.4% 13.0% 12.7% 26.9% 27.2% 26.6% 10,000,000 10,000,000 is made up of financial and professional (19,621) -11,655 -95,083 submarket, near the Southwestern Medical $16.50 42,579U/C SF -69,553 $29.60-65,565 7,000,000 7,000,000 U/C SF vs Previous Qtr vs 12 Months Ago vs Previous Qtr vs 12 Months Ago$29.20 9,000,000 $17.00 9,000,000 services firms. The area is also highly Vacancy vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago Center. Medical/healthcare firms account for 0 0 0 0 0 $29.40 0 8,000,000 6,000,000$16.00 8,000,000 6,000,000 amenitized, with 165 restaurants and plenty 13.4% 13.0% 12.7% 26.9% 27.2% 26.6% $29.00 a significant portion of the submarket’s tenant Delivered SF 7,000,000 $16.50 of high-end shopping found at the Plaza of DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago U/C SF vs Previousvs Previous Qtr Qtr vs$29.20 12 Monthsvs 12 Ago Months Ago base as well as state and federal agencies. 5,000,000 7,000,000 5,000,000 $15.50 0 0 0 $28.80 6,000,000 6,000,000 Preston Center. At $39.00/SF, the submarket 0 0 0 0 0 0 0 $29.000 0 Nearly all new supply comes in the form of $16.00 4,000,000 4,000,000 Delivered SF 5,000,000 boasts the second-highest rents in the Quoted Rates vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago$28.60 build-to-suits. For example, event services 5,000,000 3,000,000 $28.80 $15.50 3,000,000$15.00 market, which is impressive, considering that 0 0 0 0 0 0 giant Freeman broke ground headquarters4,000,000 in 4,000,000 29 30 29 17 17 16 2,000,000 60% of the building stock was constructed Quoted Rates vs Previous Qtr vs 12 Months Ago Quoted Rates $28.60 $28.40 late 2019. The 200,000 SF building will house 2,000,000 vs Previous Qtr vs 12 Months Ago 3,000,000 $15.00 $14.50 3,000,000 between 1980 and 1990. The submarket has 29 30 29 700 of the company’s 7,000 employees. It 1,000,000 1,000,000 17 17 $28.4016 $28.20 2,000,000 2,000,000 one of the highest concentrations of 4 & Preston Center Vital Statistics Stemmons Freeway Vital Statistics is expected to be delivered in spring 2021. $14.50 0 $28.20 1,000,000 $14.00 0 1,000,000 5 Star assets, comprising 66% of the total $28.00 Southwest Airlines completed a 414,000-SF 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 200,000 Preston Center Vital Statistics 16.0% 500,000 Stemmons Freeway Vital Statistics 27.5% 0 $28.00 $14.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 inventory. office building in this submarket in 18Q2. 2017 2017 2018 2018 2018 2018$13.502019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 200,000 16.0% 500,000 $27.8027.5% 150,000 14.0% 400,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017Q3 Q42017Q12018Q2 2018Q3 2018Q4 2018 2019 2019 2019 2019 2020 2020Q32020Q4 2020Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $27.80 201727.0%2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 $13.502020 2020 Delivered Under Construction 14.0% Q3 Q4 Q1 DeliveredQ2 Q3 Q4UnderQ1 ConstructionQ2 Q3 Q4 Q1 Q2 Q3 Q4 150,000 12.0% 400,000 2017 2017 2018 2018 2018 2018Q3 2019Q4The2019Q1 submarket2019Q22019Q32020 boastsQ42020 Q1 2020several2020Q2 transitQ3 Q4 Q1 Q2 Q3 Q42017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Leasing 100,000 300,000 27.0% Delivered Under Construction Delivered Under Construction 12.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1amenities.Q2 Q3 Q4AsideQ1 fromQ2 theQ3 StemmonsQ4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Preston Center is one of the most core-like 100,000 10.0% 300,000 26.5% 10.0% 200,000 50,000 26.5% Freeway itself, DART provides rail service submarkets in D-FW, and occupancies rarely 50,000 8.0% 200,000 dip below 90%. After a few years of weakness 0 8.0% 100,000 at the Southwestern Medical Center that 0 100,000 26.0% 6.0% 6.0% 26.0% takes passengers northwest to the D/FW in 2016 and 2017, occupancies tightened, as 0 (50,000)(50,000) 0 International Airport or south to Downtown the recently completed Terraces at Douglas 4.0% 4.0% 25.5% 25.5% Dallas. Dallas Love Field Airport, which is Center (173,500 SF) leased up. Almost 80% (100,000)(100,000) 2.0% 2.0% (100,000)(100,000) located within the submarket’s boundaries, of the submarket’s RBA exceeding 50,000 SF (150,000)(150,000) 0.0% 0.0% (200,000)(200,000) 25.0% 25.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 is the metroplex’s second-largest airport is 4 & 5 Star, aligning with the rate in both 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017201720172017201820182018 20182018 2018201820192018201920192019201920192019202020192020 2020 20202020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Uptown/Turtle Creek and the Dallas CBD. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 behind D/FW. The airport has seen passenger Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % Metro wide, the figure is less than 50%. Over Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % traffic double since the repeal of the Wright the last 12 months, the market has absorbed Amendment in 2014, increasing the viability -110,000 SF while the vacancy rate has of development nearby. Despite older, remained stable at 11.1%. low-quality inventory and structurally high vacancies, there are green shoots There were 83 new/direct leases signed in 2020, totaling 306,400 SF, significantly lower than the 606,600 SF in 2019. Considering of development. KDC’s West Love mixed-use development is helping breathe life into the area of the submarket just south of the submarket has averaged 468,000 SF annually since 2010, the market has performed well in 2020 in light of everything the Love Field, and the Design District is well on its way to becoming a true live/work/play environment, spurred by multifamily market has been dealing with. One of the largest leases signed was in the Terraces at Douglas Center when Ameriprise took 10,800 development and major investments from Dunhill Partners and other developers. SF in April. The average deal size in the submarket during this period was 3,200 SF. Leasing At 21.9%, the vacancy rate in the Stemmons Freeway Submarket is structurally higher than the metro average of 17.4%. Vacancies have maintained a downward trend for many years and are now slightly below the submarket’s historical average.

The tenant profile in Stemmons Freeway is heavily skewed towards government and medical firms. Some of the larger office users include the FBI, the DEA, and the Dallas County government, as well as UT Southwestern and Parkland Hospital. This provides a steady base of stable tenants, and though big deals from corporate tenants are rare, the submarket can benefit from a government agency or medical tenant expansions. For example, Dallas County took 55,000 SF at 1300 W. Mockingbird in early 2019. Movers & Shakers Largest Vacancies: Tenant SF Building 8333 Douglas at Douglas Center – 51,784 sf Ameriprise 10,844 5960 Berkshire Lane Sterling Plaza – 44,673 sf Movers & Shakers Largest Vacancies: Roscoe Properties 8,598 8111 Preston Rd Preston Commons East Tower – 42,706 sf Tenant SF Building Pegasus Park – 326,846 sf Medecision 8,598 8111 Preston Road 3100 Monticello – 41,006 sf UT Southwestern 54,559 2777 N Stemmons Freeway 1950 N Stemmons Freeway – 159,063 sf Preston Center Enterhealth 6,731 8222 Douglas Avenue Dermpath Diagnostics 32,348 2110 Research Row 7800 Ricchi Tower 0 151,447 sf Stemmons Freeway Carter Eye Care 5,154 4633 N Central Expressway VNA 19,998 1420 W Mockingbird Lane 9999 Technology Blvd W – 150,272 sf Amegy Bank 4,437 3100 Monticello Avenue Continental Batteries 18,474 8585 N Stemmons Freeway Comerica Service Center – 142,600 sf Rimrock Energy Partners 4,102 8222 Douglas Ave Children’s Medical Center 10,431 1250 W Mockingbird Lane Preston Center Stemmons Freeway

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 18 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 19 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Richardson / Plano Office Vacancy Richardson / Plano Office Net Absorption Construction 2017 Q3 21.5% 346 29,489,078 5,977,131 20.3% 195,603 1 313,000 12 834,873 $20.01 600,000 2017 Q4 352 30,015,898 5,936,803 19.8% 567,148 6 526,820 7 344,655 $20.02 21.0% 2018 Q1 356 30,174,868 5,745,086 19.0% 350,687 4 158,970 4 245,910 $19.02 400,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q2 359 30,360,553 5,789,824 19.1% 140,947 3 185,685 1 Quoted60,225 $18.76 20.5% Period Net Absorption Under 200,000 2018 Q3 # Bldgs359 Total30,360,553 RBA Vacant6,240,093 SF Vacant % 20.6% (450,269)# Bldg Delivered0 # Bldgs0 2 Rates85,225 $18.77 Richardson / Plano Office Vacancy Richardson / Plano Office Net Absorption Construction 20.0% 20172018 Q3 Q4 21.5% 346359 29,489,07830,360,5535,977,1316,379,31720.3% 21.0%195,603 (139,224)1 313,0000 12 0 834,8732 $20.0185,225 $18.82 600,000 0 2017 Q4 352 30,015,898 5,936,803 19.8% 567,148 6 526,820 7 344,655 $20.02 2019 Q1 360 30,420,778 6,074,189 20.0% 365,353 1 60,225 1 25,000 $18.6721.0% 19.5% 20182019 Q1 Q2 356361 30,174,86830,445,7785,745,0866,066,93119.0% 19.9%350,687 27,198 4 158,9701 25,0004 245,9101 $19.02100,000 $18.51 400,000 (200,000) 2018 Q2 359 30,360,553 5,789,824 19.1% 140,947 3 185,685 1 60,225 $18.76 20.5% 19.0% RICHARDSON/PLANO2019 Q3 361 30,445,778 5,805,438 19.1% 261,493 0 0 RICHARDSON/PLANO1 100,000 $18.47 200,000 2018 Q3 359 30,360,553 6,240,093 20.6% (450,269) 0 0 2 85,225 $18.77 (400,000) 2019 Q4 361 30,445,778 6,314,153 20.7% (508,715) 0 0 1 100,000 $18.1420.0% 18.5% 2018 Q4 359 30,360,553 6,379,317 21.0% (139,224) 0 0 2 85,225 $18.82 0 2019SUBMARKET2020 Q1 Q1 360361 30,420,77830,445,7786,074,1896,193,42420.0% 20.3%365,353 120,7291 60,2250 1 0 25,0001 $18.67100,000 $18.4419.5% SUBMARKET (600,000) 18.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 20192020 Q2 Q2 361361 30,445,77830,445,7786,066,9316,132,38619.9% 20.1%27,198 61,038 1 25,0000 1 0 100,0001 $18.51100,000 $18.53 (200,000) 19.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 20192020 Q3 Q3 361362 30,445,77830,545,7785,805,4386,325,69919.1% 20.7%261,493 (93,313)0 01 100,0001 100,0000 $18.47 0 $18.42 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (400,000) 20192020 Q4 Q4 361362 30,445,77830,545,7786,314,1536,226,12920.7% 20.4%(508,715) 99,570 0 00 1 0 100,0000 $18.14 0 $18.4818.5% 2020 Q1 361 30,445,778 6,193,424 20.3% 120,729 0 0 1 100,000 $18.44 (600,000) 18.0% 2020 Q2 361 30,445,778 6,132,386 20.1% 61,038 0 0 1 100,000 $18.53 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019Richardson/Plano2019 2019 2019 2020 2020 Office2020 2020 Quoted RatesQ3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3RichardsonQ4 Q1 Q2 Q3 / PlanoQ4 Office Construction Existing Inventory Vacancy Delivered Inventory Under Construction Richardson/Plano Overview 2020 Q3 362 30,545,778 6,325,699 20.7% (93,313) 1 Quoted100,000 0 0 $18.42 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Period Absorption Net Absorption Under Richardson / Plano Office Net Absorption # Bldgs Total2020 RBA Q4 Vacant362 SF Vacant30,545,778 % vs Previous6,226,129 Qtr# Bldg20.4%Deliveredvs 99,57012# Bldgs Months Ago 0 Rates 0 0 0 Richardson$18.48 / Plano Office Vacancy $20.50 Richardson is the home of the Construction 10,000,000 2017 Q3 99,570 -93,313 -508,715 21.5% Telecom Corridor, which contains 346 29,489,078 5,977,131 20.3% 195,603 1 313,000 12 834,873 $20.01 600,000 2017 Q4 352 30,015,898 5,936,803 19.8% 567,148 6 526,820 7 344,655 $20.02 Richardson / Plano 9,000,000Office Construction a number of the world’s largest Vacancy vs Previous Qtr vs 12 Months Ago 21.0% Richardson/Plano$20.00 Office Quoted Rates 2018 Q1 356 30,174,868 5,745,086 19.0% 350,687 4 158,970 4 245,910 $19.02 400,000 Absorption20.4% vs Previous20.7% Qtr vs 12 Months Ago20.7% $20.50 8,000,000 telecommunications companies,2018 Q2 359 30,360,553 5,789,824 19.1% 140,947 3 185,685 1 60,225 $18.76 20.5% 10,000,000 200,000 2018 Q3 359 30,360,55399,570U/C6,240,093 SF 20.6% -93,313vs(450,269) Previous Qtr0 -508,7150 vs 12 Months2 Ago85,225 $18.77 $19.50 7,000,000 Texas Instruments, Cisco, and Fujitsu 20.0% 9,000,000 Vacancy $20.00 Network Communications, to name2018 Q4 a 359 30,360,553 6,379,3170 21.0% vs Previous(139,224) Qtr0 0 vs 120 Months Ago100,0002 85,225 $18.82 0 6,000,000 2019 Q1 360 30,420,778 20.4%6,074,189 20.0% 20.7%365,353 1 60,22520.7% 1 25,000 $18.67 19.5% 8,000,000 Delivered SF $19.00 few. Despite the moniker, Richardson2019 Q2 361 30,445,778U/C6,066,931 SF 19.9% vs27,198 Previous Qtr1 25,000 vs 12 Months1 100,000Ago $18.51 $19.50 (200,000) 7,000,000 5,000,000 vs Previous Qtr vs 12 Months Ago 19.0% 2019 Q3 361 30,445,778 5,805,438 19.1% 261,493 0 0 1 100,000 $18.47 has a diverse tenant base, with 0 0 0 100,000 100,000 0 (400,000) 6,000,000 4,000,000 2019 Q4 361 30,445,778 6,314,153 20.7% (508,715) 0 0 1 100,000 $18.14 18.5% $18.50 healthcare and insurance firms taking DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $19.00 5,000,000 2020 Q1 361 30,445,778 6,193,424 20.3% 120,729 0 0 1 100,000 $18.44 (600,000) 3,000,000 18.0% up a large portion of the submarket’s2020 Q2 361 30,445,778 6,132,386018 20.1% 100,00061,038 18 0 0 0 1 18 100,000 $18.53 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 20204,000,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019$18.502020 2020 2020 2020 $18.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2,000,000 Quoted Rates Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 office space. The submarket provides2020 Q3 362 30,545,778 6,325,699 20.7% vs Previous(93,313) Qtr 1 vs 100,00012 Months Ago0 0 $18.42 3,000,000 1,000,000 a highly talented laborforce to 2020draw Q4 362 30,545,778 186,226,129 20.4% 99,57018 0 0 18 0 0 $18.48 $18.00 2,000,000 Richardson/Plano Vital Statistics $17.50 0 from, with 58% of the population Richardson/Plano Office Quoted Rates Richardson / Plano Office Construction 1,000,000 800,000 21.5% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 holding a bachelor’s degree or higher.Absorption vs Previous Qtr Richardson/Planovs 12 Months Ago Vital Statistics $20.50 $17.50 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $17.0010,000,000 99,570 800,000600,000-93,313 -508,715 21.5% 21.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 9,000,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Vacancy $20.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 The Plano Submarket encompasses vs Previous Qtr vs 12 Months Ago $17.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Delivered Under Construction 20.4% 600,000400,00020.7% 20.7% 21.0% 20.5% 2017 2017 2018 20188,000,0002018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Delivered Under Construction east Plano, and most of its office U/C SF vs Previous Qtr vs 12 Months Ago $19.50 Q3 Q4 Q1 Q27,000,000Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 400,000200,000 20.5% 20.0% inventory is along the North Central 0 0 100,000 6,000,000 200,000 20.0% $19.00 Expressway or President George Delivered SF vs Previous0 Qtr vs 12 Months Ago 19.5% 5,000,000 0 100,0000 0 19.5% 4,000,000 Bush Turnpike. The submarket’s Quoted Rates $18.50 (200,000)vs Previous Qtr vs 12 Months Ago 19.0% 3,000,000 inventory is mainly 3 Star product, 18 (200,000)18 18 19.0% (400,000) 18.5% $18.00 2,000,000 which is reminiscent of office stock in (400,000) 18.5% 1,000,000 Richardson/Plano Vital Statistics submarkets like Lewisville and HEB/ (600,000)(600,000) 18.0% 18.0% $17.50 0 800,000 2017201720172017201820182018 20182018 2018201820192018201921.5%20192019201920192019202020192020 2020 20202020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Mid-Cities. Annual rent growth has Q3Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q4Q3 Q1Q4 Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1Q3 Q4Q2 Q3 Q4 $17.00 600,000 21.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 been mostly flat at -0.3%. Net Absorption Delivered Vacant % Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Delivered Under Construction 400,000 Net Absorption 20.5% Delivered Vacant % 200,000 20.0% Leasing 0 19.5% The Plano office submarket has not (200,000) 19.0% experienced the same growth as (400,000) 18.5% Movers & Shakers Largest Vacancies: its neighbors in North Dallas and Collin County over the last decade. Most northern Dallas suburbs have enjoyed (600,000) 18.0% Tenant SF Building 601 Data Dr – 423,123 sf 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 explosive job growth, coupled with strongQ3 Q4 absorptionQ1 Q2 Q3 Q4 andQ1 plentyQ2 Q3 Q4of newQ1 Q2 construction;Q3 Q4 meanwhile, the Plano AT&T 197,714 2270 Lakeside Blvd 465 Independence Pky – 251,347 sf Submarket has been relatively quiet. The Netsubmarket Absorption has performedDelivered in a counter-cyclicalVacant % fashion, with vacancies rising Peloton 103,750 6500 Chase Oaks Blvd Legacy Central 2 – 221,500 sf until recently. There have been three leases over 20,000 SF in the last year, all located within Hall Park. Crawford & Company 72,915 830 S Greenville Avenue Fossil Headquarters – 184,820 sf CBRE 66,930 2375 N Glenville Dr The Tower Lakeside Campus – 181,914 sf In 2020, there were 134 new/direct leases totaling 637,000 SF. Since 2010 the area has averaged 644,000 SF of leasing Chewy 57,000 930 E Campbell Rd 2200 George Bush – 176,831 sf annually. There were six leases of 10,000 SF or greater. One of the largest leases was at Legacy Central One, with UT Southwestern Peloton signing a 103,000 SF lease in October. Clinical Center 48,770 3300-3030 Waterview Parkway Healthcare Associates 31,447 8080 State Highway 121 Debt Blue Inc 30,290 1125 E Campbell Rd In 2020 there were 178 new/direct leases signed totaling 915,000 SF, slightly less than the 1.0 MSF of leasing activity in Argo 27,364 1500 N Greenville Ave 2019. Since 2010 the submarket has averaged 1.7 MSF of leasing activity annually. The area does attract large leases, Highlands Residential sixteen of the leases were 10,000 SF or greater during this period. One of the largest leases of the year was at 1125 E Mortgage Ltd 25,736 950 W Bethany Drive Campbell Rd. When debt settlement company DebtBlue signed a 30,200 SF lease in June. Plenty of large blocks are Sigmetrix 24,126 5900 S Lake Forest Dr on the market, and many landlords are reportedly fishing for single-tenant users. In early 2021, twelve properties had Berry Appleman and more than 100,000 SF of contiguous space available, and twenty-four buildings had more than 50,000 SF. Leiden LLP 23,810 2400 N Glenville Drive US General Services Richardson_Plano Administration 12,323 660 N Central Expressway

Richardson_Plano Richardson_Plano

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 20 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 21 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Uptown / Turtle Creek Office Vacancy Uptown / Turtle Creek Office Net Absorption Construction 2017 Q3 25.0% 88 11,921,370 1,515,399 12.7% 954 0 0 5 1,300,305 $28.26 300,000 2017 Q4 88 11,921,370 1,518,605 12.7% (3,206) 0 0 5 1,300,305 $28.48 200,000 2018 Q1 88 11,921,370 1,546,002 13.0% (27,397) 0 0 5 1,300,305 $28.99 20.0% Existing Inventory Vacancy Delivered Inventory Under Construction Quoted 100,000 2018Period Q2 89 12,415,670 1,971,001 15.9%Net Absorption(424,999) 1 494,300 Under4 806,005 $29.22 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Uptown / Turtle Creek Office Vacancy Uptown / Turtle Creek Office Net Absorption 2018 Q3 90 12,545,670 1,977,589 15.8% 123,412 1 130,000 Construction3 676,005 $29.88 15.0% 0 2017 Q3 88 11,921,370 1,515,399 12.7% 954 0 0 5 1,300,305 $28.26 25.0% 2018 Q4 92 13,001,127 2,209,250 17.0% 223,796 2 455,457 2 512,589 $29.83 300,000 (100,000) 2017 Q4 88 11,921,370 1,518,605 12.7% (3,206) 0 0 5 1,300,305 $28.48 2019 Q1 92 13,001,127 2,212,499 17.0% (3,249) 0 0 2 512,589 $30.07 200,000 2018 Q1 88 11,921,370 1,546,002 13.0% (27,397) 0 0 5 1,300,305 $28.99 20.0% 10.0% (200,000) 2019 Q2 2018 Q2 8992 12,415,67013,001,1271,971,0012,085,27315.9% 16.0%(424,999) 127,226 1 494,3000 4 0 806,0052 $29.22512,589 $30.64 100,000 UPTOWN/TURTLE2019 Q3 93 13,221,675 2,089,232 CREEK15.8% 216,589 1 UPTOWN/TURTLE220,548 2 656,774 $30.87 CREEK (300,000) 2018 Q3 90 12,545,670 1,977,589 15.8% 123,412 1 130,000 3 676,005 $29.88 15.0% 5.0% 0 (400,000) 20192018 Q4Q4 9293 13,001,12713,221,6752,209,2501,974,21817.0% 14.9%223,796 115,014 2 455,4570 2 0 512,5892 $29.83656,774 $31.15 (100,000) 20202019 Q1Q1 92 13,001,127 2,212,499 17.0% (3,249) 0 0 2 512,589 $30.07 SUBMARKET93 13,221,675 2,158,706 16.3% (184,488) 0 0 2 656,774 $31.4910.0%SUBMARKET (200,000) (500,000) 2019 Q2 92 13,001,127 2,085,273 16.0% 127,226 0 0 2 512,589 $30.64 0.0% 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2020 Q2 93 13,221,675 2,200,041 16.6% (41,335) 0 0 2 656,774 $30.98 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2019 Q3 93 13,221,675 2,089,232 15.8% 216,589 1 220,548 2 656,774 $30.87 (300,000) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Q3 93 13,221,675 2,429,348 18.4% (229,307) 0 0 2 656,774 $31.005.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 Q4 93 13,221,675 1,974,218 14.9% 115,014 0 0 2 656,774 $31.15 (400,000) 2020 Q4 93 13,221,675 2,560,302 19.4% (130,954) 0 0 3 1,016,688 $31.41 2020 Q1 93 13,221,675 2,158,706 16.3% (184,488) 0 0 2 656,774 $31.49 (500,000) 0.0% 2020 Q2 93 13,221,675 2,200,041 16.6% (41,335) 0 0 2 656,774 $30.98 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Existing Inventory Vacancy Delivered Inventory Under Construction Q3 Q4 Q1 Q2 Q3 Q4UptownQ1 Q2 / Q3TurtleQ4 Q1CreekQ2 Q3 OfficeQ4 Quoted Rates Uptown / Turtle Creek Office Construction Uptown / Turtle Creek Overview 2020 Q3 93 13,221,675 2,429,348 18.4% (229,307) 0 Quoted 0 2 656,774 $31.00 Period Net Absorption Under Uptown / Turtle Creek Office Net Absorption # Bldgs Total RBA2020Vacant Q4Absorption SF 93Vacant % 13,221,675vs Previous2,560,302# Bldg Qtr 19.4%Delivered vs# Bldgs (130,954)12 Months Ago 0 Rates 0 3 1,016,688Uptown / Turtle$31.41 Creek Office Vacancy $32.00 Uptown/Turtle Creek is the premier office Construction 10,000,000 2017 Q3 25.0% submarket in Dallas-Fort Worth, boasting88 11,921,370 1,515,399(130,954)12.7% 954 -229,3070 0 5 115,0141,300,305 $28.26 300,000 2017 Q4 88 11,921,370 1,518,605 12.7% (3,206) 0 0 5 1,300,305 $28.48 Uptown / Turtle Creek Office Quoted Rates Uptown / Turtle Creek9,000,000 Office Construction Vacancy vs Previous Qtr vs 12 Months Ago 200,000 the highest rents in the metro. 2018However, Q1 88 11,921,370 1,546,002 13.0% (27,397) 0 0 5 1,300,305 $28.99 20.0% $31.00 Absorption vs Previous Qtr vs 12 Months Ago $32.00 8,000,000 the submarket will likely feel the2018 impact Q2 89 12,415,670 1,971,00119.4% 15.9% (424,999) 18.4% 1 494,300 4 14.9%806,005 $29.22 100,000 10,000,000 (130,954) -229,307 115,014 2018 Q3 90 12,545,670 1,977,589U/C SF 15.8% 123,412 1 130,000 3 676,005 $29.88 15.0% 0 9,000,000 7,000,000 of the coronavirus pandemic over the Vacancy vs Previous Qtr vs 12 Months Ago 2018 Q4 92 13,001,127 2,209,250 17.0% vs223,796 Previous Qtr 2 455,457vs 12 Months2 Ago 512,589 $29.83 $31.00 $30.00 (100,000) 8,000,000 6,000,000 next few months, though the full2019 scopeQ1 92 13,001,127 2,212,4991,016,68819.4% 17.0% (3,249)18.4%656,7740 0 14.9%2 656,774512,589 $30.07 10.0% (200,000) of any potential downturn is uncertain2019 Q2 at92 13,001,127 Delivered2,085,273U/C SF SF16.0% vs127,226 Previousvs Previous Qtr 0 Qtr vs0 12 Monthsvs 212 Ago Months512,589 Ago $30.64 7,000,000 5,000,000 2019 Q3 93 13,221,675 2,089,232 15.8% 216,589 1 220,548 2 656,774 $30.87 $30.00 (300,000)$29.00 this point. 1,016,6880 656,774 0 656,774 0 5.0% 6,000,000 4,000,000 2019 Q4 93 13,221,675 1,974,218 14.9% 115,014 0 0 2 656,774 $31.15 (400,000) QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 5,000,000 2020 Q1 93 13,221,675 2,158,706 16.3% (184,488) 0 0 2 656,774 $31.49 $29.00 (500,000) 3,000,000 0 0 0 0.0% The area is still one of the most2020 sought Q2 93 13,221,675 2,200,04131 16.6% (41,335) 31 0 0 2 31656,774 $30.98 $28.00 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 4,000,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2,000,000 after areas of the metroplex, offering2020 Q3 all 93 13,221,675 Quoted2,429,348 Rates18.4% vs(229,307) Previous Qtr 0 vs0 12 Months2 Ago 656,774 $31.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3,000,000 2020 Q4 93 13,221,675 2,560,30231 19.4% (130,954)31 0 0 31 3 1,016,688 $31.41 $28.00 1,000,000 of the transportation, infrastructure, and 2,000,000 Uptown / Turtle Creek Vital Statistics $27.00 amenity advantages of a central business Uptown / Turtle Creek Office Quoted Rates Uptown / Turtle Creek Office Construction 1,000,000 0 Uptown / Turtle Creek Vital Statistics $27.00 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Absorption vs Previous600,000 Qtr vs 12 Months Ago 25.0% $32.00 0 district but has newer stock than the 10,000,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (130,954) -229,307600,000 115,014 25.0% $26.00 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 neighboring Dallas CBD. The area is the 9,000,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Vacancy 400,000 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 vs Previous Qtr vs 12 Months Ago 20.0% $31.00 $26.00 Delivered Under Construction premier live/work/play environment, 400,000 2017 2017 2018 8,000,0002018 2018 2018Q3 2019Q4 2019Q12019Q22019Q32020 Q42020 2020Q1 2020Q2 Q3 Q4 Q1 Q2 Q3 Q4 19.4% 18.4% 14.9% 20.0% Delivered Under Construction Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 home to over 200 restaurants, and U/C SF vs Previous200,000 Qtr vs 12 Months Ago 7,000,000 200,000 15.0% $30.00 160 shops, making it one of the most1,016,688 656,774 656,774 15.0% 6,000,000 Delivered SF 0 vs Previous 0Qtr vs 12 Months Ago 5,000,000 pedestrian-friendly places in Texas. $29.00 0 0 0 10.0% 10.0% 4,000,000 Nearly 75% of the submarket’s officeQuoted Rates vs Previous(200,000)(200,000) Qtr vs 12 Months Ago 3,000,000 $28.00 product is 4 & 5 Star, and several 31 31 31 2,000,000 (400,000)(400,000) 5.0% 5.0% buildings are considered trophy assets. 1,000,000 Uptown / Turtle Creek Vital Statistics $27.00 The tenant base is primarily comprised (600,000)(600,000) 0.0% 0.0% 0 600,000 2017 2017 2018 2018 2018 2018 201925.0%2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 of law firms, financial firms, and other Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $26.00 400,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Net Absorption 20.0%Delivered Vacant % Delivered Under Construction professional services companies. All Net Absorption Delivered Vacant % Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 200,000 of these factors, coupled with land 15.0% constraints that are unique to this area,0 10.0% make Uptown/Turtle Creek an attractive(200,000) 5.0% submarket for institutional investors.(400,000) Movers & Shakers Largest Vacancies: (600,000) 0.0% 2401 Cedar Springs Rd – 208,137 sf 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 Tenant SF Building Leasing Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Haynes and Boone 125,789 2801 N Harwood Street The Centrum – 166,288 sf Occupancies tend to be much healthier inNet Uptown/Turtle Absorption CreekDelivered than in theVacant overall % Dallas-Fort Worth market, with the Baron and Budd, PC 48,928 3102 Oak Lawn Ave Parkside Tower – 160,125 sf spread averaging about 300 basis points for most of this the last decade. After this most recent round of spec supply, Frost Brown Todd 30,137 2101 Cedar Springs Rd 2501 Cedar Springs Rd – 110,415 sf there are two significant projects in the pipeline. Construction is underway on Hillwood’s Victory Commons, and Wrike 27,034 3030 Olive Street Kaizen Development Partners’ The Link. The two buildings will add a combined 656,700 SF to the submarket. Morgan Stanley 25,206 2121 Pearl Street Nexbank Capital Inc 24,946 2515 McKinney Avenue In 2020, there were 81 new/direct leases signed in the submarket, totaling 517,000 SF with an average deal size of just Leo A Daly 22,000 3232 McKinney Avenue CBRE 19,742 2825 Oak lawn Ave over 6,000 SF. The largest lease of the year was law firm Haynes and Boone signed a 125,700 SF lease in Harwood Baker Hosteller 19,699 2850 N Harwood Street No. 14, the area’s soon to be the largest tower when it delivers in late 2022. t. As of late 2020, the 450,000 SF building Megatel Homes 19,187 2101 Cedar Springs Rd was 52% leased, with asking rents estimated to be over $40/SF. PwC Tower has seen a significant amount of leasing American Board of Obstetrics 17,522 2828 Routh Street activity as well. The largest lease signed in the building was Morgan Stanley signing a 25,000 SF lease in February. Gables Residential 14,568 3811 Turtle Creek Blvd Lurin Capital 13,316 2850 N Harwood Street Uptown/Turtle Creek commands a significant premium to the CBD, partly due to asking rents on newer buildings. But Riveron Consulting, LLC 12,870 2515 McKinney Avenue another significant factor is the lack of parking found in the buildings in the CBD. Although DART runs through the Titanium Exploration Partners 10,757 2000 McKinney Ave CBD, a lack of parking can significantly affect an asset’s trajectory. Average parking ratios in Uptown (roughly three Uptown_Turtle Creek spaces per 1,000 SF), while not high relative to suburban Dallas-Fort Worth submarkets, are nearly double those in the CBD (1.5 per 1,000 SF).

Uptown_Turtle Creek Uptown_Turtle Creek

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 22 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 23 BRADFORD COMMERCIAL REAL ESTATE SERVICES