Office Submarket Report Coachella - CA

PREPARED BY

Kimberly Wright Economic Development Manager Coachella Valley Office

OFFICE SUBMARKET REPORT

Submarket Key Statistics 1 Leasing 2 Rent 5 Construction 7 Sales 10 Sales Past 12 Months 12 Supply & Demand Trends 14 Rent & Vacancy 16 Sale Trends 18

5/20/2021 Copyrighted report licensed to Riverside County EDA - 1126743 Overview Coachella Valley Office

12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 0 (51.6K) 10.1% 1.4%

Coachella Valley is a desert area located west of Joshua However, moved their printing press to Tree National Park and is home to the popular resort Phoenix and vacated their 96,600-SF office cities of Palm Springs and Palm Desert. Businesses building—sharply driving vacancies higher. The vacancy serving local consumers make up the majority of office rate now stands at 10.1%. Rent growth has slowed to users here, such as health care providers and 1.4% over the past 12 months, compared to 1.5% across government agencies. Tech businesses and coworking, the Inland Empire. There are a few offices under which have been driving much of the demand in coastal construction, including a 35,000-SF build-to-suit in markets, are almost nonexistent. Palm Springs for the Riverside University Health System.

Demand for offices has shifted toward dense population Sales volume has averaged $46.4 million over the past centers during this cycle and the local office market has ten years including $53.1 million in 2020 and $33.7 fallen victim to this trend. Despite minimal deliveries million year-to-date, demonstrating minimal impact from since 2010, the vacancy rate did not drop significantly the pandemic. from 2014 to 2019, and even in the first half of 2020.

KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction 4 & 5 Star 135,519 3.0% $2.57 21.4% 0 0 0 3 Star 4,433,714 12.3% $2.08 13.8% 16,323 0 65,899 1 & 2 Star 3,913,260 7.7% $1.68 8.1% 16,331 0 0 Submarket 8,482,493 10.1% $1.90 11.3% 32,654 0 65,899

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0.6% 9.1% 10.0% 16.9% 2009 Q4 0.5% 2001 Q2 Net Absorption SF (51.6K) 79,514 47,508 408,993 2007 Q3 (279,572) 2009 Q2 Deliveries SF 0 117,371 53,954 684,032 2007 Q3 0 2021 Q1 Rent Growth 1.4% 2.1% 2.9% 11.8% 2001 Q2 -13.0% 2009 Q2 Sales Volume $69.1M $42.5M N/A $99.6M 2005 Q1 $9.2M 2010 Q2

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Coachella Valley is connected to the area Urgent Care. by I-10, but offices here do not greatly benefit from Absorption has wavered recently, but the vacancy rate proximity to L.A. or Orange County. Only a handful of rose from 9.5% a year ago to 10.1% after the Desert Sun tenants occupy more than 50,000 SF, with the bulk of vacated their 96,600-SF office. Vacancies are projected sizable assets in Palm Springs or Palm Desert. The to remain between 10% and 11% over the next year. Job University of Riverside (UCR) is one of the growth should help demand and few local businesses largest office users in the submarket. are likely to make permanent changes in the amount of office space they utilize, especially those in the health Most office leasing consists of spaces below 3,000 SF. care and government sectors. One of the largest leases signed recently is for a 7,370- SF office building in Palm Desert by Paws and Claws

NET ABSORPTION, NET DELIVERIES & VACANCY

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VACANCY RATE

AVAILABILITY RATE

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3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS

Property Name/Address Rating RBA Deals Leased SF 12 Mo Vacancy 12 Mo Net Absorp SF Bldg 1 7,200 2 3,698 20.3% 3,698 71905 Highway 111 The Abbey Center 67,335 4 4,099 2.7% 3,558 340 S Farrell Dr 74199 El Paseo Dr 47,990 2 4,287 32.5% 3,444

78080 Calle Amigo 6,924 4 3,081 77.9% 1,950

Village Professional Plaza 42,450 1 9,000 21.9% 1,753 74760-74770 Hwy 111 13550-13570 Palm Dr 6,844 1 3,600 0% 1,700

Indio's Best in Medical Centers 22,999 1 2,991 15.0% 1,529 82013 Dr Carreon Blvd 610 S Belardo Rd 13,558 3 2,700 5.8% 1,472

51025 Avenida Mendoza 4,000 2 2,675 19.5% 1,300 51-025 Avenida Mendoza Rancho Mirage Medical Center 73,558 3 9,239 6.2% 1,077 72780 Country Club Dr Berger Charitable Center 50,454 1 860 63.3% 860 42600 Cook St Indian Wells Professional Ce… 22,000 3 1,397 0.9% 578 75280 Highway 111 78060 Calle Estado 6,549 6 871 8.6% 555

Bldg E 5,720 1 900 10.5% 200 74000 Country Club Dr Pacific Premier Bank Plaza 17,764 2 2,218 4.9% 61 78000 Fred Waring Dr Kaptur Plaza 8,000 6 766 0% 0 750 E Tahquitz Canyon Way 78115 Calle Estado 10,050 3 3,449 9.6% (1,199)

One Mirage Place 73,944 5 6,094 15.2% (2,582) 69730 Highway 111 La Quinta Medical Center 41,603 1 1,189 9.2% (3,918) 47647 Caleo Bay Dr The Five Hundred 27,750 4 2,079 21.5% (5,654) 500 S Palm Canyon Dr

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Coachella Valley has some of the lowest office rents in Star stock, where rents grew by 2.3% over the same the Inland Empire, partly because of the large proportion period. Older, 1 & 2 Star properties changed by 0.2%. of 1 & 2 Star offices and near-absence of 4 & 5 Star offices. Office rent growth here has been on par with rent Rents are projected to remain flat over the next four growth in the Inland Empire, as rents grew by 1.4% over quarters in CoStar's Base Case scenario, as the impact the past four quarters compared to 1.5% in the metro. of the pandemic on office demand lingers. But gains Recent gains have been propelled by rent growth in 3 accelerate in 2022.

MARKET RENT GROWTH (YOY)

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MARKET RENT PER SQUARE FEET

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Very little office space has delivered in the submarket in There is also a Building 3 in the office park, which the past ten years—echoing the trend in most of the consists of a 12,400 SF office that delivered in 2012 and Inland Empire. The 13,800-SF Building 1 in the Sun is occupied by Bermuda Dunes Dialysis. Professional Plaza delivered in early 2020, but no offices were built in 2018 or 2019. Furthermore, only three Among the 2017 deliveries, Palm Desert's University offices were built in 2017 and increased the submarket Village Office Park consists of two buildings with 32,000 inventory by 70,000 SF. SF. Both properties leased at the start of 2018. Also in 2017, the 32,800 SF Tahquitz Plaza—a historic site Building 1 in the Sun Professional Plaza is a 13,800-SF located near downtown Palm Springs—was renovated to spec development that remains fully available for lease accommodate modern office space while preserving its as of April 2021. Building 2 in the office park recently existing architecture. broke ground and is planned to be a 14,200-SF office.

DELIVERIES & DEMOLITIONS

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All-Time Annual Avg. Square Feet Delivered Square Feet Past 8 Qtrs Delivered Square Feet Next 8 Qtrs Proposed Square Feet Next 8 Qtrs 114,920 43,809 65,899 207,775

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET

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RECENT DELIVERIES

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Bldg 1 - 1 13,809 1 Jan 2019 Mar 2020 38923 Washington St Kennan H Beard III 1283 6th St - 2 30,000 1 Dec 2018 Jul 2019 Capital Partners Development Co…

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Riverside University Hea… Boureston Development 1 35,000 - Jul 2020 Jul 2021 NWC Tahquitz Canyon &… Mildred L Browne 47705 Caleo Bay Dr - 2 16,694 1 Jan 2020 Jun 2021 Title Art Center Bldg 2 - 3 14,205 1 Jan 2020 Jul 2021 78010 Wildcat Dr Kennan H Beard III

PROPOSED

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner NEC CHASE SCHOOL Rd - 1 95,575 1 Jun 2021 Jul 2021 - Coachella Professional… - 2 70,000 1 Jun 2021 Jun 2022 1400 6th St Cree Edwin C Trust Coachella Professional… - 3 35,000 1 Jun 2021 Jun 2022 1430 6th St Cree Edwin C Trust Bldg A/B - 4 7,200 1 Jun 2021 Jun 2022 1450 6th St Equities

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Coachella Valley generally posts steady sales volume, $5.75 million ($557/SF). primarily consisting of local investors acquiring offices The Coachella Valley has above-average cap rates valued at under $5 million. Sales activity has hardly been relative to the Inland Empire average per CoStar's impacted by the pandemic. For example, an 11,300-SF Market Cap Rate of 7.4%. The average price in the office located at 3001 E Tahquitz Canyon Way in Palm submarket is $220/SF per CoStar's Market Price Index. Springs traded for $2.1 million ($182/SF) in November Price appreciation has averaged 3.1% over the past five 2020—a deal that resembles many trades prior to the years, including 1.3% year-over-year growth in April pandemic. Furthermore, one of the largest trades in 2021. recent years closed in March 2021. The 10,320-SF Eisenhower Medical Center in Rancho Mirage traded for

SALES VOLUME & MARKET SALE PRICE PER SF

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MARKET CAP RATE

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Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 61 5.9% $211 5.7%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $122,683 $1,478,423 $1,150,000 $5,750,000

Price/SF $65 $211 $219 $2,431

Cap Rate 3.8% 5.9% 5.6% 9.6%

Time Since Sale in Months 0.1 5.2 5.1 11.5

Property Attributes Low Average Median High Building SF 473 7,004 6,211 22,880

Stories 1 1 1 2

Typical Floor SF 473 4,985 3,355 19,956

Vacancy Rate At Sale 0% 5.7% 0% 81.9%

Year Built 1938 1985 1986 2008

Star Rating 2.3

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RECENT SIGNIFICANT SALES

Property Sale

Property Name - Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF Cap Rate 39800 Dr 1 - 1983 10,320 0% 3/31/2021 $5,750,000 $557 -

74923 Hovley Ln 2 - 1987 16,568 0% 11/24/2020 $5,250,000 $317 3.9%

J & S Paul Professional… 3 - 2006 15,987 8.8% 4/16/2021 $3,827,650 $239 - 79200 Corporate Center Dr Berger Charitable Center 4 - 1987 22,880 0% 4/9/2021 $3,600,000 $157 - 79733 Country Club Dr Sundial Building 5 - 1979 22,500 0% 2/1/2021 $3,550,000 $158 5.3% 2825 E Tahquitz Canyon… 71691 Highway 111 6 - 2008 11,001 0% 12/15/2020 $3,400,000 $309 7.2%

41501 Corporate Way 7 - 1987 7,000 0% 4/30/2021 $3,050,000 $436 5.3%

3001 Bldg 8 - 1980 11,530 0% 11/3/2020 $2,100,000 $182 6.8% 3001 E Tahquitz Canyon… 353 S Palm Canyon Dr 9 - 2000 5,927 0% 6/30/2020 $1,960,000 $331 -

Las Adelfas 10 - 1979 12,079 0% 9/11/2020 $1,950,000 $161 9.6% 82365 Hwy 111 Sahara Plaza 11 - 1982 8,762 27.5% 12/18/2020 $1,780,000 $203 - 71650 Sahara Rd 70177 Highway 111 Cir 12 - 1990 6,646 0% 9/4/2020 $1,775,000 $267 -

J & S Paul Medical Center 13 - 2006 6,664 17.3% 4/16/2021 $1,595,513 $239 - 79180 Corporate Center Dr Bldg D 14 - 2000 6,500 0% 10/26/2020 $1,580,000 $243 - 74000 Country Club Dr J & S Paul Financial Cen… 15 - 2006 6,586 42.3% 4/16/2021 $1,576,838 $239 - 79220 Corporate Center Dr 69550 US Highway 111 16 - 1990 12,967 0% 4/30/2021 $1,500,000 $116 -

353 S Palm Canyon Dr 9 - 2000 5,927 0% 4/21/2021 $1,500,000 $253 -

51555 Desert Club Dr 17 - 2006 6,278 23.0% 1/29/2021 $1,500,000 $239 -

16972 Palm Dr 18 - 1980 692 0% 2/16/2021 $1,300,000 $1,879 -

Perez Place 19 - 1982 19,956 0% 12/28/2020 $1,300,000 $65 - 68860 Perez Rd

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OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 8,738,588 74,423 0.9% 61,409 0.7% 1.2 2024 8,664,165 63,909 0.7% 61,820 0.7% 1.0 2023 8,600,256 41,981 0.5% 58,395 0.7% 0.7 2022 8,558,275 12,277 0.1% 38,058 0.4% 0.3 2021 8,545,998 63,505 0.7% 76,268 0.9% 0.8 YTD 8,482,493 0 0% 41,376 0.5% 0 2020 8,482,493 13,809 0.2% (123,879) -1.5% - 2019 8,468,684 30,000 0.4% 39,175 0.5% 0.8 2018 8,438,684 1,181 0% 54,961 0.7% 0 2017 8,437,503 70,248 0.8% 100,944 1.2% 0.7 2016 8,367,255 (726) 0% (27,935) -0.3% - 2015 8,367,981 (1,500) 0% (2,409) 0% - 2014 8,369,481 40,880 0.5% 80,084 1.0% 0.5 2013 8,328,601 7,008 0.1% 137,111 1.6% 0.1 2012 8,321,593 (8,036) -0.1% 14,624 0.2% - 2011 8,329,629 (6,761) -0.1% 209,240 2.5% - 2010 8,336,390 15,827 0.2% 179,602 2.2% 0.1 2009 8,320,563 62,796 0.8% (168,929) -2.0% -

4 & 5 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 349,503 79,788 29.6% 72,891 20.9% 1.1 2024 269,715 69,223 34.5% 58,182 21.6% 1.2 2023 200,492 47,337 30.9% 34,083 17.0% 1.4 2022 153,155 17,636 13.0% 9,136 6.0% 1.9 2021 135,519 0 0% 22,884 16.9% 0 YTD 135,519 0 0% 23,184 17.1% 0 2020 135,519 0 0% (2,331) -1.7% - 2019 135,519 0 0% 1,329 1.0% 0 2018 135,519 0 0% 24,119 17.8% 0 2017 135,519 32,164 31.1% 2,756 2.0% 11.7 2016 103,355 0 0% 533 0.5% 0 2015 103,355 0 0% (4,331) -4.2% - 2014 103,355 0 0% (7,525) -7.3% - 2013 103,355 0 0% 8,375 8.1% 0 2012 103,355 0 0% (4,948) -4.8% - 2011 103,355 0 0% 4,496 4.4% 0 2010 103,355 0 0% - - - 2009 103,355 0 0% (885) -0.9% -

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3 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 4,499,613 0 0% (2,325) -0.1% - 2024 4,499,613 0 0% 7,316 0.2% 0 2023 4,499,613 0 0% 20,623 0.5% 0 2022 4,499,613 0 0% 25,239 0.6% 0 2021 4,499,613 65,899 1.5% 47,308 1.1% 1.4 YTD 4,433,714 0 0% (2,342) -0.1% - 2020 4,433,714 13,809 0.3% (57,321) -1.3% - 2019 4,419,905 30,000 0.7% 31,387 0.7% 1.0 2018 4,389,905 0 0% 20,846 0.5% 0 2017 4,389,905 38,084 0.9% (7,787) -0.2% - 2016 4,351,821 0 0% (2,757) -0.1% - 2015 4,351,821 0 0% (6,866) -0.2% - 2014 4,351,821 41,815 1.0% 58,425 1.3% 0.7 2013 4,310,006 10,166 0.2% 60,030 1.4% 0.2 2012 4,299,840 12,367 0.3% 69,426 1.6% 0.2 2011 4,287,473 0 0% 177,018 4.1% 0 2010 4,287,473 15,827 0.4% 93,964 2.2% 0.2 2009 4,271,646 92,796 2.2% (22,425) -0.5% -

1 & 2 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 3,889,472 (5,365) -0.1% (9,157) -0.2% - 2024 3,894,837 (5,314) -0.1% (3,678) -0.1% - 2023 3,900,151 (5,356) -0.1% 3,689 0.1% - 2022 3,905,507 (5,359) -0.1% 3,683 0.1% - 2021 3,910,866 (2,394) -0.1% 6,076 0.2% - YTD 3,913,260 0 0% 20,534 0.5% 0 2020 3,913,260 0 0% (64,227) -1.6% - 2019 3,913,260 0 0% 6,459 0.2% 0 2018 3,913,260 1,181 0% 9,996 0.3% 0.1 2017 3,912,079 0 0% 105,975 2.7% 0 2016 3,912,079 (726) 0% (25,711) -0.7% - 2015 3,912,805 (1,500) 0% 8,788 0.2% - 2014 3,914,305 (935) 0% 29,184 0.7% - 2013 3,915,240 (3,158) -0.1% 68,706 1.8% - 2012 3,918,398 (20,403) -0.5% (49,854) -1.3% - 2011 3,938,801 (6,761) -0.2% 27,726 0.7% - 2010 3,945,562 0 0% 85,638 2.2% 0 2009 3,945,562 (30,000) -0.8% (145,619) -3.7% -

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OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $2.19 115 2.9% 14.9% 860,287 9.8% 0.1% 2024 $2.13 112 3.5% 11.7% 846,184 9.8% 0% 2023 $2.06 108 4.3% 7.9% 843,030 9.8% -0.2% 2022 $1.97 103 3.3% 3.5% 858,333 10.0% -0.3% 2021 $1.91 100 1.0% 0.2% 883,160 10.3% -0.2% YTD $1.90 100 0.5% -0.3% 854,132 10.1% -0.5% 2020 $1.89 99 1.6% -0.8% 895,508 10.6% 1.6% 2019 $1.86 98 3.6% -2.3% 757,820 8.9% -0.1% 2018 $1.80 94 4.3% -5.7% 766,995 9.1% -0.6% 2017 $1.72 90 3.3% -9.6% 820,775 9.7% -0.6% 2016 $1.67 88 4.5% -12.5% 861,408 10.3% 0.3% 2015 $1.60 84 6.2% -16.3% 834,199 10.0% 0% 2014 $1.50 79 3.4% -21.2% 833,290 10.0% -0.5% 2013 $1.45 76 2.7% -23.8% 872,317 10.5% -1.6% 2012 $1.42 74 -2.8% -25.7% 1,002,420 12.0% -0.3% 2011 $1.46 76 -5.9% -23.6% 1,025,080 12.3% -2.6% 2010 $1.55 81 -7.0% -18.8% 1,241,081 14.9% -2.0% 2009 $1.66 87 -12.7% -12.7% 1,404,856 16.9% 2.4%

4 & 5 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $2.92 121 2.3% 12.4% 44,031 12.6% -1.2% 2024 $2.85 118 2.9% 9.8% 37,142 13.8% 0.7% 2023 $2.77 114 3.9% 6.7% 26,111 13.0% 4.6% 2022 $2.67 110 3.1% 2.6% 12,868 8.4% 5.2% 2021 $2.59 107 0.7% -0.5% 4,379 3.2% -16.9% YTD $2.57 106 0.1% -1.0% 4,079 3.0% -17.1% 2020 $2.57 106 -1.2% -1.2% 27,263 20.1% 1.7% 2019 $2.60 107 7.7% 0% 24,932 18.4% -1.0% 2018 $2.41 100 1.0% -7.1% 26,261 19.4% -17.8% 2017 $2.39 99 4.2% -8.1% 50,380 37.2% 16.9% 2016 $2.29 95 7.6% -11.7% 20,972 20.3% -0.5% 2015 $2.13 88 3.0% -18.0% 21,505 20.8% 4.2% 2014 $2.07 85 7.4% -20.4% 17,174 16.6% 7.3% 2013 $1.93 80 2.3% -25.9% 9,649 9.3% -8.1% 2012 $1.88 78 1.9% -27.6% 18,024 17.4% 4.8% 2011 $1.85 76 -6.6% -28.9% 13,076 12.7% -4.4% 2010 $1.98 82 -10.8% -23.9% 17,572 17.0% 0% 2009 $2.22 92 -8.3% -14.6% 17,572 17.0% 0.9%

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3 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $2.39 115 2.9% 15.2% 512,631 11.4% 0.1% 2024 $2.32 112 3.5% 12.0% 510,306 11.3% -0.2% 2023 $2.25 108 4.3% 8.2% 517,622 11.5% -0.5% 2022 $2.15 104 3.2% 3.8% 538,245 12.0% -0.6% 2021 $2.09 101 1.1% 0.6% 563,484 12.5% 0.2% YTD $2.08 100 0.6% 0.1% 547,234 12.3% 0.1% 2020 $2.06 99 1.8% -0.5% 544,892 12.3% 1.6% 2019 $2.03 98 2.5% -2.3% 473,762 10.7% -0.1% 2018 $1.98 95 4.1% -4.6% 475,149 10.8% -0.5% 2017 $1.90 92 3.3% -8.4% 495,995 11.3% 0.7% 2016 $1.84 89 4.6% -11.3% 460,061 10.6% 0.1% 2015 $1.76 85 6.1% -15.2% 457,304 10.5% 0.2% 2014 $1.66 80 5.3% -20.1% 450,438 10.4% -0.5% 2013 $1.58 76 2.6% -24.1% 467,048 10.8% -1.2% 2012 $1.54 74 -0.9% -26.0% 516,912 12.0% -1.4% 2011 $1.55 75 -6.9% -25.3% 573,971 13.4% -4.1% 2010 $1.66 80 -8.0% -19.8% 750,989 17.5% -1.9% 2009 $1.81 87 -12.8% -12.8% 829,126 19.4% 1.7%

1 & 2 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $1.94 114 2.9% 14.2% 303,625 7.8% 0.1% 2024 $1.88 111 3.5% 11.0% 298,736 7.7% 0% 2023 $1.82 107 4.3% 7.2% 299,297 7.7% -0.2% 2022 $1.74 103 3.3% 2.7% 307,220 7.9% -0.2% 2021 $1.68 99 0.9% -0.6% 315,297 8.1% -0.2% YTD $1.68 99 0.4% -1.0% 302,819 7.7% -0.5% 2020 $1.67 99 1.4% -1.4% 323,353 8.3% 1.6% 2019 $1.65 97 5.1% -2.8% 259,126 6.6% -0.2% 2018 $1.57 92 4.8% -7.5% 265,585 6.8% -0.2% 2017 $1.50 88 3.2% -11.7% 274,400 7.0% -2.7% 2016 $1.45 86 4.3% -14.5% 380,375 9.7% 0.6% 2015 $1.39 82 6.6% -18.0% 355,390 9.1% -0.3% 2014 $1.30 77 0.5% -23.1% 365,678 9.3% -0.8% 2013 $1.30 77 2.8% -23.5% 395,620 10.1% -1.8% 2012 $1.26 74 -5.6% -25.6% 467,484 11.9% 0.8% 2011 $1.34 79 -4.5% -21.2% 438,033 11.1% -0.9% 2010 $1.40 83 -5.3% -17.5% 472,520 12.0% -2.2% 2009 $1.48 87 -12.9% -12.9% 558,158 14.1% 3.0%

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OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$252.44 141 7.3% 2024 ------$245.89 137 7.3% 2023 ------$237.98 133 7.3% 2022 ------$228.40 128 7.3% 2021 ------$222 124 7.3% YTD 25 $33.7M 1.7% $1,964,656 $241.54 5.1% $218.78 122 7.4% 2020 48 $53.1M 3.4% $1,269,560 $189.27 6.3% $219.24 122 7.4% 2019 50 $63.7M 3.9% $1,719,140 $205.96 6.4% $216.89 121 7.4% 2018 59 $39.4M 4.4% $1,275,692 $173.98 7.5% $208.14 116 7.3% 2017 56 $45.3M 5.7% $1,646,916 $158.04 6.8% $202.03 113 7.2% 2016 57 $67.3M 5.0% $1,960,498 $183.13 6.1% $198.44 111 7.2% 2015 69 $40.6M 4.0% $1,119,742 $162.59 7.0% $189.49 106 7.2% 2014 48 $66.6M 4.6% $3,249,935 $235.77 8.5% $183.94 103 7.2% 2013 68 $31.5M 4.1% $1,107,330 $143.82 7.9% $166.69 93 7.5% 2012 47 $33.9M 4.4% $1,563,170 $156.96 8.3% $159.22 89 7.8% 2011 40 $23.8M 2.8% $1,115,653 $116.96 6.5% $165.11 92 7.7% 2010 45 $10.8M 1.6% $1,055,493 $171.87 6.5% $158.30 88 8.0% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$376.62 142 7.2% 2024 ------$368.89 139 7.2% 2023 ------$358.87 135 7.2% 2022 ------$345.67 130 7.2% 2021 ------$336.37 127 7.2% YTD ------$331.30 125 7.2% 2020 1 $0 1.3% - - - $337.66 127 7.2% 2019 1 $650K 2.3% - $211.24 - $346.91 131 7.1% 2018 4 $1.3M 43.1% - $273.49 - $330.61 125 7.1% 2017 ------$323.89 122 6.9% 2016 ------$325.67 123 6.8% 2015 ------$312.84 118 6.9% 2014 ------$310.53 117 6.8% 2013 1 $820K 2.9% - $270.81 - $279.40 105 7.2% 2012 1 $0 2.2% - - - $264.82 100 7.4% 2011 ------$261.45 99 7.5% 2010 ------$240.75 91 7.9% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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3 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$269.99 136 7.4% 2024 ------$262.94 133 7.4% 2023 ------$254.47 129 7.4% 2022 ------$244.24 123 7.3% 2021 ------$237.47 120 7.3% YTD 14 $21.4M 1.9% $3,225,000 $279.11 5.1% $234.05 118 7.4% 2020 20 $28M 3.7% $1,692,743 $174.04 5.6% $235.81 119 7.4% 2019 25 $46.2M 5.0% $2,289,332 $211.32 6.4% $234.93 119 7.4% 2018 20 $18.8M 2.7% $1,659,444 $194.79 - $226.62 114 7.3% 2017 30 $28.9M 5.9% $2,224,422 $198.22 6.0% $221.71 112 7.2% 2016 19 $37.5M 3.9% $2,865,192 $233.36 - $219.81 111 7.1% 2015 25 $24.1M 3.5% $1,741,273 $169.75 6.9% $210.97 107 7.1% 2014 25 $54.9M 4.5% $5,341,390 $301.66 7.1% $208.05 105 7.1% 2013 30 $9.1M 2.1% $1,515,000 $168.14 - $185.43 94 7.5% 2012 27 $29.5M 5.4% $2,446,364 $162.54 8.3% $177.82 90 7.7% 2011 26 $15.6M 3.9% $1,494,433 $112.84 6.5% $183.81 93 7.6% 2010 30 $6.8M 1.6% $1,200,822 $207.17 6.5% $175.87 89 7.9% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$227.96 148 7.2% 2024 ------$222.01 144 7.2% 2023 ------$214.84 139 7.2% 2022 ------$206.13 133 7.2% 2021 ------$200.24 130 7.2% YTD 11 $12.3M 1.6% $1,208,450 $195.81 - $197.31 128 7.3% 2020 27 $25.1M 3.1% $1,005,070 $209.82 7.2% $196.08 127 7.3% 2019 24 $16.8M 2.7% $1,042,037 $192.39 - $191.63 124 7.4% 2018 35 $19.4M 5.0% $1,072,529 $154.31 7.5% $182.64 118 7.3% 2017 26 $16.4M 5.7% $1,110,662 $116.48 7.0% $175.17 113 7.3% 2016 38 $29.7M 6.4% $1,400,449 $143.99 6.1% $169.46 110 7.2% 2015 44 $16.5M 4.8% $777,900 $153.10 7.0% $160.51 104 7.3% 2014 23 $11.7M 4.8% $1,158,480 $116.50 9.4% $151.82 98 7.4% 2013 37 $21.6M 6.4% $1,025,796 $133.34 7.9% $141.23 91 7.6% 2012 19 $4.4M 3.4% $483,711 $127.32 - $134.18 87 7.9% 2011 14 $8.1M 1.7% $774,750 $125.78 - $140.27 91 7.8% 2010 15 $4M 1.7% $873,832 $133.36 - $135.25 88 8.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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