Office Market Report - MA

PREPARED BY

Ernest Wronka President Boston Office

OFFICE MARKET REPORT

Market Key Statistics 1 Leasing 3 Rent 8 Construction 12 Under Construction Properties 14 Sales 16 Sales Past 12 Months 18 Economy 20 Market Submarkets 25 Supply & Demand Trends 32 Rent & Vacancy 34 Sale Trends 36

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12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 962K (7.1M) 9.8% 0%

Absorption turned negative in each quarter of 2020 for given the fact that much of the country is limiting human the first time in a decade and rent growth continued to interaction and most office workers continue to work from decelerate. With 13.8 million SF in the supply pipeline home, near-term demand for co-working and flexible and lingering uncertainty regarding the economy, the office product will remain measured. WeWork was on Boston office market will likely face several quarters of track to become the largest office occupier in Boston, rising vacancy rates, continuing the weakening seen in however, its financial troubles following its failed IPO and 2020. the subsequent arrival of the pandemic prevented the firm from taking that title from Fidelity. The firm has since Firms are reevaluating future space needs considering been engaging major brokerage firms to help lease its health protocols necessitated by the pandemic and a spaces in several markets, including Boston. successful large-scale work-from-home experiment. To gain clarity on these fronts, even many financially stable Current office construction levels in the Boston metro are office occupiers are either delaying space decisions or the highest seen since early 2001. Projects with minimal opting for short-term renewal leases. preleasing could struggle to secure tenants in the current leasing environment. Looking ahead, new high-quality Life-sciences and biotech firms were key drivers of assets with next-generation ventilation and air filtration leasing demand during the past several years, systems may see stronger demand as office tenants put particularly in Cambridge, as well as other spillover a premium on employee safety. markets like the Seaport and Watertown. These industries had a voracious appetite for office space. Now, As a core gateway market, Boston had a strong capital many of these firms, particularly start-ups, are markets environment before the pandemic took hold. The prioritizing preserving cash reserves which could slow market posted a solid stretch of dollar volume and robust much of the defensive leasing in anticipation of future price appreciation. Investment volume held up relatively growth, which had been a hallmark of these sectors. well in the first half of 2020, though the Q2 figure was Conversely, this concentration of life-sciences firms has skewed. If not for one large deal that accounted for the placed the Boston metro at the forefront of medical majority of the second-quarter total, the picture would be research to combat the coronavirus. Many of these firms far less impressive. Investment volume continued to slow working on a vaccine have been actively leasing space in the third quarter but saw a late resurgence in the during the pandemic. fourth. Looking ahead, forecasts for pricing call for declines on a per-SF basis as well as cap rate Flexible office providers of both local and national brands expansion. However, to what extent pricing will be were on a leasing binge for the past several years. But impacted remains uncertain.

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KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction 4 & 5 Star 129,355,077 10.9% $59.47 16.7% 55,587 0 13,199,111 3 Star 153,903,915 11.1% $31.48 14.7% (332,068) 0 559,400 1 & 2 Star 69,816,557 4.7% $24.17 7.1% (35,583) 0 0 Market 353,075,549 9.8% $40.97 14.0% (312,064) 0 13,758,511

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 2.2% 9.3% 9.8% 12.8% 2003 Q3 3.1% 2000 Q2 Net Absorption SF (7.1M) 2,238,093 2,496,257 12,798,588 2000 Q2 (8,634,180) 2001 Q4 Deliveries SF 962K 3,648,222 3,671,771 9,359,178 2001 Q4 560,704 2012 Q1 Rent Growth 0% 2.4% 1.8% 19.7% 2000 Q4 -14.6% 2002 Q3 Sales Volume $9.3B $4.5B N/A $10.6B 2020 Q1 $973.1M 2010 Q1

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The vacancy rate has been rising since the end of 2019, to the direct space landlords are attempting to fill in an now surpassing 10% for the first time since 2013. economic downturn, often resulting in market-wide Entering 2020, the Boston office market was in a downward pressure on asking rents. favorable position, with vacancies near a twenty-year low. However, since the onset of the pandemic, net Sublease space hitting the market may imply some office absorption has been decidedly negative. The market has users are reconsidering their longer-term space not seen this level of negative demand since the Great requirements. Whether it is from financially unstable firms Financial Crisis in 2009. contracting or healthy firms realizing they need less space if more workers will work from home for the However, 2021 has started out on a more positive note. foreseeable future, the rise could be a harbinger of Amazon announced in January that it will be expanding weakening future space demand. its operations in the city and plans to lease nearly 630,000 SF at 1 Wharf Boston. This 17-story tower is There are positives stemming from the pandemic. As part of WS Development's master plan of Seaport Boston remains a major life-sciences/biotech/pharma Square and will feature two performing arts centers — a hub, many of the largest leases of the year involve those 500-seat venue and a 100-seat black box theater — as sectors. In one of the largest leases signed since the well as ground-floor retail space. Construction is onset of the pandemic, Bristol Myers Squibb signed on scheduled to be complete by 2024. for 360,000 SF at 250 Water Street in the Cambridge Crossing (CX) development. The pharmaceutical firm will This comes in addition to the lease Amazon signed in join Sanofi and Cereval therapeutics at CX when the 2018 for 430,000 SF at Seaport Square's 111 Harbor project delivers in late-2021. Way, a 525,000 SF building that is currently under construction on a lot adjacent to 1 Boston Wharf. WS In July, gene-editing company CRISPR Therapeutics Development expects this building to complete later this signed a lease for 263,500 SF to occupy the entire 105 year. by Breakthrough in the Seaport upon completion in 2022. This deal underscores the rapid growth of the life- But while the market has seen an increase in leasing, sciences sector in the Seaport, as Cambridge is near full companies are still vacating space at a fast rate. Annual saturation. It also highlights the demand for modern net absorption is at the lowest levels they've been in research facilities to support this sector. decades, with totals amounting to nearly -7.1 million. More recently, Lexington-based startup Translate Bio, Another concern is the rapid increase in the amount of which is working on a Covid-19 vaccine, signed a 10- available sublease space. Since the start of 2020, more year-lease in November for 138,000 SF at Waltham's than 4 million SF of additional available sublease space 200 West Street. Office owner and developer Boston has been added to the market, an increase of over 90%. Properties started redeveloping the building into lab As of the second quarter of 2021, there was roughly 8.6 space in 2019 and plan to finish later this year. million SF of available sublease space, with availabilities are particularly elevated in the Financial District, Back Contemplating future market conditions, it's safe to Bay, E Cambridge/Kendall Square, and Seaport. These expect leasing activity to remain below averages as the four submarkets account for nearly 50% of all available vaccine roll-out continues, particularly for non-life sublease space. science/biotech firms, and for the overall market vacancy to continue its ascent. Office-using firms from a wide Elevated sublease space is a risk for landlords, since it range of industries will likely continue to delay leasing usually offers a discount to tenants, given the inability, decisions for the foreseeable future given the current typically, of tenants to negotiate lease terms and tenant economic conditions and uncertainty regarding future improvements. With roughly 40% of all sublease space space needs. expiring in more than three years, this adds competition

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NET ABSORPTION, NET DELIVERIES & VACANCY

VACANCY RATE

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AVAILABILITY RATE

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12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

Net Absorption SF Building Name/Address Submarket Bldg SF Vacant SF 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 12 Month Riverwalk Lawrence/Andover 400,000 0 0 0 0 0 375,000 Hayden Research Campus Lexington/Arlington 213,890 0 29,263 0 0 0 213,890 52 Dunham Rd Danvers/Beverly 154,000 0 154,000 0 0 0 154,000 Andover Tech Center Lawrence/Andover 130,000 0 130,000 0 0 0 130,000 2 Wells Ave Newton/Brookline 132,588 0 0 0 0 0 112,646 828 Winter St Waltham 145,000 20,969 90,849 0 0 0 101,391 The Gauge Waltham 134,010 0 0 0 0 0 100,838 201 Riverneck Road Lowell/Chelmsford 90,399 0 0 90,399 0 0 90,399 Reservoir Woods West Campus Waltham 231,398 0 0 0 0 0 73,742 Bay Colony Waltham 286,038 0 (42,912) 126,935 0 0 71,950 1560 Trapelo Rd Waltham 68,187 0 2 68,185 0 0 67,815 10 Saint James Ave Back Bay 565,793 144,276 (11,806) 0 0 0 66,440 Bank of New York Mellon Financial Somerville/Everett 405,924 83,280 0 0 0 0 60,680 Westford Technology Park Lowell/Chelmsford 225,000 0 0 0 0 0 58,693 Heritage Landing I Quincy/Braintree 172,563 0 0 58,500 0 0 58,500 the Quad W Cambridge/Alewife 75,688 0 38,759 0 0 0 57,231 140 Kendrick St Wellesley/Needham 380,991 97,901 3,168 0 0 0 56,996 Subtotal Primary Competitors 3,811,469 346,426 391,323 344,019 0 0 1,850,211 Remaining Boston Market 349,264,080 34,082,249 (3,408,062) (656,083) 0 0 (8,904,523) Total Boston Market 353,075,549 34,428,675 (3,016,739) (312,064) 0 0 (7,054,312)

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TOP OFFICE LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Qtr Tenant Name Tenant Rep Company Leasing Rep Company

Amazon Seaport 630,000 Q1 21 Amazon - -

Cambridge Crossing E Cambridge/Kendall Sq 336,000 Q3 20 Bristol-Myers Squibb Co Cushman & Wakefie… Divco West Services, L…

Alewife Park W Cambridge/Alewife 287,442 Q3 20 GCP Applied Technologies - -

The 105 by Breakthrough Seaport 263,500 Q2 20 CRISPR Therapeutics - Newmark Knight Frank;…

1 Investors Way Route 1 South 236,556 Q2 21 Moderna - -

One Financial Center * Financial District 232,953 Q1 21 Loomis, Sayles & Compa… Avison Young Newmark Knight Frank

Boynton Yards Somerville/Everett 206,624 Q1 21 - - Cushman & Wakefield

Reservoir Woods West Campus * Waltham 150,016 Q3 20 Alkermes - -

Cross Point Lowell/Chelmsford 147,008 Q2 21 IBM JLL Cushman & Wakefield

200 West St Waltham 138,444 Q4 20 Translate Bio - JLL

10 Saint James Ave Back Bay 132,549 Q2 20 Toast - CBRE

The Campus at Marlborough Marlborough 129,989 Q2 21 BJ's Wholesale Club - Newmark Knight Frank

275 Wyman St Waltham 127,314 Q1 21 ZoomInfo - Cushman & Wakefield

One Kenmore Square Longwood/Fenway 119,645 Q2 21 Whoop JLL Newmark Knight Frank

Cambridge Crossing E Cambridge/Kendall Sq 112,998 Q2 21 Bristol-Myers Squibb Co - Divco West Services, L…

TradeCenter Park Burlington/Woburn 94,539 Q2 21 - - Cummings Properties,…

Innovation Park Lawrence/Andover 88,184 Q1 21 Oncorus JLL Colliers International

One Post Office Square * Financial District 85,000 Q1 21 Sullivan - JLL

Arsenal on the Charles Watertown 81,316 Q4 20 Constellation Pharmaceuti… - -

Boston Landing Allston/Brighton 80,000 Q2 21 - - Cushman & Wakefield

Arsenal on the Charles Watertown 79,155 Q4 20 Constellation Pharmaceuti… - Cushman & Wakefield

Prospect Hill Office Park Waltham 77,818 Q4 20 Apellis Pharmaceuticals - -

CityPoint Waltham 75,000 Q2 21 Imprivata - Boston Properties, Inc.

Reservoir Place North Waltham 73,258 Q4 20 Vistaprint - -

1210-1220 Washington St Newton/Brookline 69,173 Q2 21 - - JLL

1560 Trapelo Rd Waltham 68,185 Q4 20 Dyne Therapeutics, Inc - Cushman & Wakefield

Century Crossing Midtown 64,000 Q1 21 Sasaki - MC Real Estate Partne…

Cambridge Science Center * E Cambridge/Kendall Sq 59,216 Q4 20 Akebia Therapeutics, Inc - -

University Park at MIT * Mid-Cambridge/Harvard Sq 57,159 Q4 20 Vericel Corporation - -

301 Binney St E Cambridge/Kendall Sq 56,849 Q2 21 - - CBRE

Wellington Business Park Medford/Malden 54,561 Q1 21 - - Newmark Knight Frank

601 Congress St Seaport 49,414 Q4 20 Signator - Newmark Knight Frank

90 Arboretum Dr Rockingham 49,362 Q4 20 - - Cushman & Wakefield

Riverside Center Bldg - 1,2,3 Newton/Brookline 49,044 Q2 21 - - JLL

Ballardvale Park Wilmington/Reading 49,000 Q1 21 TraceLink, Inc. The Stevens Group JLL

Technology Park Lowell/Chelmsford 47,605 Q3 20 - - Cushman & Wakefield

Assembly Square Somerville/Everett 45,000 Q1 21 - - Newmark Knight Frank

One Federal Street Financial District 42,787 Q3 20 Cayan, LLC - JLL

111 Lawrence St Framingham/Natick 42,210 Q1 21 - - CBRE

111 Lawrence St Framingham/Natick 42,210 Q1 21 - - CBRE Renewal

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Boston had ranked among the leaders for national rent preferred urban office locations to attract and retain growth, powered by soaring rents in Cambridge's tech talent who, until recently, favored transit and city corridor. The market's rent growth has stalled during the amenities to commuting by car to more remote locations. pandemic, however, and average rents ticked lower However, tech occupiers have tested the boundaries of during this time. While asking rents have yet to see the Cambridge's tech corridor with presences in Watertown, declines experienced by other markets like San Somerville, and Waltham. And the submarkets along Francisco, Seattle, and New York City, effective rents for Route 128, dubbed “America's Technology Highway” in 4 & 5 Star assets have reportedly seen average losses the 1970s, have long been home to formative tech firms of nearly 10%. Most of the reductions have occurred in like Raytheon, Autodesk, and DEC. Rent growth in these the Seaport and Back Bay and more outlying areas, submarkets has not outperformed over the past decade. while rents in Cambridge have held steady or even But less central locations could benefit not only from increased. overflow tech demand but also from a growing preference for suburban space as employers transition Boston's superior rent gains prior to Covid are largely workers back to physical offices. thanks to the strong demand from tech occupiers for space in Cambridge, where vacancies have trended If landlords opt to maintain current face rents in the below 2% over the past few years. Rents can surpass greater metro, the amount offered to tenants in the form $100/SF in Cambridge, as evidenced by the Cyclerion of concessions, particularly tenant improvement Therapeutics' lease at 301 Binney Street signed earlier in allowances, and free rent may increase as a result. 2020. The starting rent was $90/SF on a triple net basis However, should sublease space continue to spiral with 3% annual escalations. upward as a result of companies either dealing with financial hardship or rethinking their space needs due to New supply in the Seaport has offered some outlet for the success of remote work policies, landlords with large tech and pharmaceutical demand and has lured some blocks of direct space will feel even more pressure to large occupiers away from aging towers in the Financial lower their asking rents. District and Back Bay. This competitive supply has slowed rent gains in Boston's traditional office nodes. Looking ahead, the entire metro cannot expect one Development has now returned to downtown Boston sector to continue to buoy rent growth—and landlords proper with several large towers breaking ground, which have lost most of their pricing power as their buildings sit will put even more pressure on older towers and likely empty. CoStar's forecast predicts that declines in asking further depress rent growth. rents have only just begun and that by 2022 rents in Boston will have fallen by some 3.5%—slightly less than Like in other gateway office markets, rent growth in the overall national average. Boston's vast suburbs has languished as employers have

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MARKET RENT GROWTH (YOY)

MARKET RENT PER SQUARE FEET

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4 & 5 STAR EXPENSES PER SF (ANNUAL)

Market / Cluster Utilities Cleaning Insurance Taxes Other Total Boston $1.50 $1.58 $0.29 $7.63 $5.88 $16.88 Boston/Suffolk County $1.09 $1.59 $0.39 $11.32 $5.95 $20.34 Cambridge $0.93 $1.43 $0.37 $10.09 $6.70 $19.52 Close-In Suburbs North $2.30 $1.64 $0.25 $3.99 $4.97 $13.15 Route 128 North $1.75 $1.47 $0.16 $6.62 $7.87 $17.87 Route 128 South $1.82 $2.07 $0.22 $4.11 $4.72 $12.94 Route 128 West $1.37 $1.50 $0.16 $5.37 $6.87 $15.27 Route 3 North $2.39 $1.63 $0.25 $3.33 $4.97 $12.57 Route 495 North East $2.55 $1.48 $0.25 $4.14 $3.15 $11.57 Route 495 South $2.37 $1.50 $0.23 $3.69 $2.82 $10.61 Route 495/Mass Pike West $2.51 $1.59 $0.31 $4.79 $3 $12.20 Route 495/Route 2 West $2.48 $1.59 $0.24 $1.86 $3.14 $9.31 Southern New Hampshire $2.42 $1.66 $0.26 $3.05 $5.02 $12.41 Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

3 STAR EXPENSES PER SF (ANNUAL)

Market / Cluster Utilities Cleaning Insurance Taxes Other Total Boston $0.94 $1.45 $0.22 $4.10 $3.89 $10.60 Boston/Suffolk County $0.59 $1.36 $0.34 $6.51 $4.17 $12.97 Cambridge $0.60 $1.30 $0.26 $6.94 $4.87 $13.97 Close-In Suburbs North $0.66 $1.54 $0.23 $3.22 $4.34 $9.99 Route 128 North $0.57 $1.38 $0.15 $3.26 $4.91 $10.27 Route 128 South $0.60 $1.62 $0.18 $3 $4.59 $9.99 Route 128 West $0.56 $1.41 $0.15 $5.25 $5.03 $12.40 Route 3 North $0.75 $1.58 $0.22 $3.17 $3.84 $9.56 Route 495 North East $2.31 $1.48 $0.19 $2.57 $2.71 $9.26 Route 495 South $2.09 $1.45 $0.19 $2.45 $2.25 $8.43 Route 495/Mass Pike West $2.13 $1.46 $0.19 $3.05 $2.26 $9.09 Route 495/Route 2 West $2.19 $1.61 $0.21 $3.17 $0 $7.18 Southern New Hampshire $0.60 $1.40 $0.20 $2.96 $4.32 $9.48 Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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1 & 2 STAR EXPENSES PER SF (ANNUAL)

Market / Cluster Utilities Cleaning Insurance Taxes Other Total Boston $0.64 $1.10 $0.19 $3.71 $4.14 $9.78 Boston/Suffolk County $0.51 $1.13 $0.27 $5.62 $3.71 $11.24 Cambridge $0.55 $1.22 $0.24 $5.67 $4.42 $12.10 Close-In Suburbs North $0.62 $1.29 $0.22 $3.65 $4.37 $10.15 Route 128 North $0.53 $1.30 $0.14 $3.27 $4.48 $9.72 Route 128 South $0.55 $1.29 $0.16 $3.41 $4.20 $9.61 Route 128 West $0.53 $1.31 $0.14 $4.97 $4.52 $11.47 Route 3 North $0.68 $1.23 $0.21 $2.65 $4.25 $9.02 Route 495 North East $0.89 $0.59 $0.15 $2.69 $4.88 $9.20 Route 495 South $0.87 $0.60 $0.18 $2.87 $4.74 $9.26 Route 495/Mass Pike West $0.91 $0.61 $0.19 $3.73 $2.31 $7.75 Route 495/Route 2 West $0.90 $0.63 $0.19 $3.64 $1.29 $6.65 Southern New Hampshire $0.61 $1.28 $0.22 $3.03 $4.31 $9.45 Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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There is 13.8 million SF of office space under office and lab portions when the project delivers in 2023. construction in the Boston metro, which ranks among the This development served as a catalyst for the most square-footage underway in the history of the construction of a “grand public stair” to connect Summer market and, at 3.9% of inventory, trails only San and Congress Streets, designed by the same landscape Francisco among major office markets. Nearly 1.5 million architect behind New York's High Line. SF delivered in 2020, but the metro is likely to face its largest year for deliveries in 2021, with close to 6 million The largest project underway in North Station/Beacon Hill SF projected to come online. The East is the one million-SF One Congress, which will anchor Cambridge/Kendall Square, Seaport, North the Bullfinch Crossing development. The developers of Station/Beacon Hill, and Financial District submarkets the Pelli Clarke Pelli-designed tower were able to break currently have the most construction underway. ground after securing a 500,000-SF lease from State Street in 2019. Upon completion, the 43-story, 600-foot East Cambridge/Kendall Square has 3.5 million SF of tall building will be the tallest new office development in inventory underway in multiple developments. The Boston in nearly 40 years. Plans call for residential units, largest projects consist of lab/office space at 250 and retail space, and a hotel to join One Congress as part of 350 Water Street in the Cambridge Crossing the greater Bullfinch Crossing master development. State development. Each building will contain more than Street has listed its current space at One Lincoln for 500,000 SF of space upon delivery in the second half of sublet. 2021. French pharmaceutical firm Sanofi will occupy the entirety of 350 Water Street as well as the adjacent 450 The 31-story office component of the Hub on Causeway Water Street, consolidating 10 offices across Cambridge development will have Verizon as an anchor, occupying and more than 3,000 employees. more than 400,000 SF in the 632,000-SF building which is scheduled to deliver in mid-2021. Other tenants that As previously mentioned, Bristol Myers Squibb recently have committed to lease space include tech firm Rapid7 committed to 360,000 SF of lab and office space at the and the Boston Celtics. The development project, which 250 Water Street development. The firm needed is centered around TD Garden, also includes a cinema, additional space for growth following its $74 billion concert venue, apartments, and a hotel. acquisition of Celgene in late 2019. And in the Financial District, the Winthrop Center broke The Seaport is currently seeing near-record levels of ground in 2019, replacing the condemned city parking construction on the heels of the 4 million SF of new structure at 115 Federal Street. The tower has yet to sign supply that has delivered since 2013. One of the more a tenant and is scheduled to deliver in early 2022. notable developments is a 511,000-SF project at 111 Harbor Way, where Amazon will occupy 430,000 SF As a result of the pandemic and widespread upon delivery in 2021. While the firm opted to location its telecommuting, demand is forecasted to remain muted. HQ2 in Northern Virginia, it plans to create 2,000 Many of these projects will open to weak demand, technology jobs in fields such as machine learning, particularly for transit- and elevator-dependent towers. speech science, cloud computing, and robotics As a result, CoStar's baseline forecast has the vacancy engineering in Boston. rate rising by another 100 basis points over the next year. Roughly 45% of the space underway remains Another marquee project in Seaport will be the future available for lease. Projects that have not secured large home of biomedical firm Foundation Medicine. The commitments at this point will likely face difficulties, as 625,000-SF building is slated to include 30,000 SF of office occupiers continue to evaluate future space neighborhood retail, with Foundation occupying the entire requirements.

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DELIVERIES & DEMOLITIONS

SUBMARKET CONSTRUCTION

Under Construction Inventory Average Building Size

No. Submarket Bldgs SF (000) Pre-Leased SF (000) Pre-Leased % Rank All Existing Under Constr Rank 1 E Cambridge/Kendall Sq 8 3,440 3,186 92.6% 3 155,802 429,984 3 2 Seaport 5 1,981 1,981 100% 1 154,925 396,180 4 3 Financial District 3 1,917 0 0% 8 167,680 638,904 2 4 North Station/Beacon Hill 2 1,611 1,143 71.0% 4 72,896 805,400 1 5 Roxbury/Dorchester 2 719 23 3.2% 7 22,630 359,387 5 6 Longwood/Fenway 2 637 221 34.7% 6 94,158 318,576 6 7 Somerville/Everett 2 593 395 66.7% 5 23,880 296,273 7 8 Charlestown/East Boston 2 507 507 100% 1 44,790 253,700 8 9 Watertown 3 449 0 0% 8 40,752 149,832 10 10 Waltham 2 367 0 0% 8 63,602 183,746 9 All Other 16 1,537 665 43.3% 25,029 96,085 Totals 47 13,759 8,122 59.0% 32,954 292,734

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Properties Square Feet Percent of Inventory Preleased 47 13,758,511 3.9% 59.0%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner One Congress The McClellan Highway Develop… 1 978,800 43 Jul 2019 Jan 2023 1 Congress St Carr Properties Winthrop Center Millennium Partners 2 812,000 24 Nov 2018 Jan 2022 115 Federal St Millennium Partners Management… 135 William T Morrissey… Nordblom Co 3 693,921 4 Sep 2018 Jul 2021 Alcion Ventures L.P. South Station Office Tower Hines 4 646,613 49 Mar 2020 Dec 2024 650 Atlantic Ave Hines Tower Phase III Boston Properties, Inc. 5 632,000 31 Jan 2019 Jul 2021 100 Causeway St Boston Properties, Inc. Foundation Medicine - P… W/S Development 6 626,400 16 Mar 2020 Feb 2023 400 Summer St W/S Development Sanofi - Parcel G Divco West Services, LLC 7 515,040 12 Apr 2019 Jul 2021 350 Water St Divco West Services, LLC

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UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Amazon - L4 Parcel W/S Development 8 511,000 17 Jan 2019 Jul 2021 111 Harbor Way W/S Development 401 Park Samuels & Associates Managem… 9 510,116 14 Feb 2020 May 2022 201 Brookline Ave Alexandria Real Estate Equities, I… Parcel EF - Laboratory &… Divco West Services, LLC 10 480,000 9 Feb 2020 Jan 2022 250 Water St Divco West Services, LLC South Station Hines 11 458,100 17 Mar 2021 Sep 2022 750 Atlantic Ave Hines Kendall Square Institute of Techn… 12 425,000 17 Jun 2018 Jul 2021 314 Main St Massachusetts Institute of Techn… Google Boston Properties, Inc. 13 420,000 16 Dec 2019 Nov 2022 325 Main St Boston Properties, Inc. Parcel H Divco West Services, LLC 14 413,235 9 Apr 2019 Jul 2021 450 Water St Divco West Services, LLC Volpe Center MIT Real Estate Trust 15 400,000 16 Dec 2020 Dec 2022 55 Broadway GSA/PBS Volpe Exchange Massachusetts Institute of Techn… 16 400,000 12 Jan 2020 Dec 2022 249 Fifth St GSA/PBS 238 Main St Massachusetts Institute of Techn… 17 386,600 15 Jun 2018 Aug 2021 Massachusetts Institute of Techn… Hood Park Redevelopment Catamount Management Corp 18 350,000 13 Nov 2020 Oct 2022 10 Stack St Hood Business Park LLC MassMutual - Parcel E The Fallon Company, LLC 19 315,000 16 Jul 2019 Aug 2021 10 Fan Pier Blvd MassMutual 455 Grand Union Blvd Federal Realty Investment Trust 20 303,546 12 Feb 2019 Jul 2021 Federal Realty Investment Trust 101 South St Leggat McCall Properties LLC 21 289,000 9 Jun 2019 Aug 2021 DLJ Real Estate Capital Partners ISQ Seaport Phase II The Related Companies 22 265,000 4 Sep 2019 Jul 2021 316-318 Northern Ave Related Beal The 105 by Breakthrough - 23 263,500 7 Feb 2020 Mar 2022 105 W First St Breakthrough Properties 321 Harrison Ave Nordblom Company 24 233,901 11 Mar 2019 Aug 2021 - South Wing Hobbs Brook Management LLC 25 227,491 4 Sep 2019 Apr 2022 225 Wyman St Hobbs Brook Management LLC 66 Galen St Boston Development Group 26 224,000 4 May 2021 Jun 2023 The Davis Companies The Engine Massachusetts Institute of Techn… 27 200,000 5 Nov 2019 Jan 2022 750 Main St Massachusetts Institute of Techn… Boston Children’s at Bro… Boston Children's Hospital 28 190,000 8 Apr 2018 Jul 2021 2 Brookline Pl Boston Children's Hospital

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The economic uncertainty from the coronavirus pandemic This sale is emblematic of the role REITs have played in had an impact on investment sales during each quarter the Boston market over the past year. While REITs were of the pandemic, though the drop-off in volume was the selling party in only 5% of transactions in the Boston much less pronounced than in some of the market's east market over the past year, they were the buyer on 30% coast peers such as New York and Washington, DC. of Boston deals over the same period. Total sales volume for Boston's office market in 2020 was roughly 90% of the metro's three-year average with The office market, however, saw a late resurgence of $7.5 billion in transactions. activity last year and that momentum has carried over into 2021. The market recorded its highest quarterly total Quarterly investment dropped significantly during the in the history of the office market in the first quarter of second quarter once the pandemic commenced. While this year, with nearly $5 billion in transactions. This was the $1.3 billion total was more than 50% lower than the anchored by several historic deals in the life science first quarter of 2020, it was higher than some pre- sector. pandemic quarterly totals over the past three years. However, one large transaction accounted for the First, Blackstone's Property Partners Life sciences fund majority of the second quarter volume total. purchased a portfolio consisting of office/lab properties in Kendall Square totaling 2.3 million SF from Brookfield In early April, Fidelity Investments purchased a building it Asset Management. Blackstone purchased these occupies in Boston for nearly $730 million. This marks properties for 3.4 billion, and 11 out of the 14 assets in Fidelity's second stint as the owner of 245 Summer the portfolio were in Cambridge. This acquisition makes Street, following its sale-leaseback in 2004. Fidelity Blackstone the 2nd largest life science owner in Boston initially purchased the asset from industrial consulting (behind Alexandria Real Estate) with a portfolio of nearly firm Stone & Webster in 1999 for $187 million. 4 million SF.

Another notable sale that closed in early April involved a Second, Alexandria Real Estate purchased 401 Park Dr. fully leased suburban asset in Waltham. California- and 201 Brookline Ave. from Samuels & Associates for a based REIT Healthpeak Properties purchased the 4-Star total of $1.52 billion. This adds nearly 1.5 million SF to property at 200 Smith Street for $320 million at a 5.1% Alexandria's portfolio in Boston and marks the firm's first cap rate. Such strong pricing during the pandemic can acquisition in the Fenway area. be attributed to the asset's recent redevelopment in 2017 as well as being 100% leased to Dicephera Average market cap rates are outperforming at 6.0%, Pharmaceuticals, iTeos Therapeutics, and most notably compared to the national average of 7.0%. Coming into Boston Dynamics. The property benefits from its strategic the pandemic, asset price growth was solid and running location on Route 128/I-95 as well as the junction of above inflationary levels. In recent years, top-tier assets Routes 2 and 128, affording easy access for tenants in the market have been able to achieve pricing north of across the Commonwealth. $700/SF, and assets in Cambridge, Downtown Boston, and the Seaport routinely trade at sub-5% cap rates.

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SALES VOLUME & MARKET SALE PRICE PER SF

MARKET CAP RATE

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Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 566 7.7% $607 11.6%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $134,167 $31,737,723 $1,347,000 $944,170,362

Price/SF $4.20 $607 $172 $2,500

Cap Rate 5.0% 7.7% 7.8% 10.9%

Time Since Sale in Months 0.1 6.3 6.6 12.0

Property Attributes Low Average Median High Building SF 496 49,328 8,510 973,145

Stories 1 3 2 15

Typical Floor SF 359 14,622 4,363 236,566

Vacancy Rate At Sale 0% 11.6% 0% 100%

Year Built 1740 1950 1965 2022

Star Rating 2.5

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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 1 - 1928 973,145 0% 1/29/2021 $944,170,362 $970 - 401 Park Dr 300 Massachusetts Ave 2 - 2014 250,000 0% 3/12/2021 $596,435,340 $2,386 -

401 Park 3 - 2022 510,116 82.2% 1/29/2021 $539,029,638 $1,057 - 201 Brookline Ave 45 Sidney St 4 - 1999 277,000 0% 3/12/2021 $425,638,250 $1,537 -

40 Landsdowne St 5 - 2001 214,638 0% 3/12/2021 $401,934,926 $1,873 -

601 Congress St 6 - 2004 488,048 86.9% 12/30/2020 $362,000,000 $742 -

Tuft Health 7 - 1930 480,000 0% 9/15/2020 $307,000,000 $640 - 705 Mount Auburn St 88 Sidney St 8 - 2001 155,000 0% 3/12/2021 $306,829,695 $1,980 -

35 Landsdowne St 9 - 2001 202,423 0% 3/12/2021 $300,650,806 $1,485 -

Building 400/500 10 - 2020 290,000 11.0% 12/1/2020 $292,879,622 $1,010 - 400-500 Cambridge Disco… MilliporeSigma 11 - 2017 350,000 0% 12/18/2020 $252,747,068 $722 - 400-600 Summit Dr 1000 Washington St 12 - 1982 242,228 20.1% 4/28/2021 $242,027,660 $999 -

75 Sidney St 13 - 1999 137,958 0% 3/12/2021 $227,087,957 $1,646 -

Phase II 14 - 1998 169,000 0% 3/12/2021 $215,430,650 $1,275 - 350 Massachusetts Ave National Grid 15 - 2009 312,000 0% 8/26/2020 $210,000,000 $673 - 40 Sylvan Rd 64 Sidney St 16 - 1989 126,065 0% 3/12/2021 $204,679,103 $1,624 -

65 Landsdowne St 17 - 2000 123,298 0% 3/12/2021 $201,832,146 $1,637 -

Bronstein Industrial Center 18 - 1914 825,552 3.2% 12/18/2020 $197,719,056 $479 - 21-25 Drydock Ave Building 200 19 - 2010 193,000 0% 12/1/2020 $194,916,438 $1,010 - 60 Acorn Park Dr 38 Sidney St 20 - 1988 123,480 0% 3/12/2021 $192,375,867 $1,558 -

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The economic impact of the coronavirus pandemic has like Cincinnati and Cleveland. been severe in Boston and throughout Massachusetts. The leisure and hospitality sectors remain the most Overall nonfarm employment is still down roughly 9% impacted as tourism and business travel is far below pre- year-over-year in the Boston metro and the pandemic levels. The sector initially lost 63% (168,000 unemployment rate remains above the national average. jobs) of its total employment in the first two months and The statewide unemployment rate continues to see has since regained about half of those jobs but is still improvements, dropping nearly 1000 basis points to down about 40% year-over-year. On a nominal basis, 7.4% since its peak in June. Massachusetts no longer the education and health services and the trade, has the highest unemployment rate in the country and transportation, and utility sectors have seen the next now ranks ahead of several states like Hawaii (9.3%), highest losses, with overall employment down 43,000 Nevada (9.2%), New York (8.2%), and California (9%). and 12,000 respectively from its February totals. At the beginning of the pandemic, the Boston metro lost On a positive note, losses in office-using sectors have just over 460,000 jobs in March and April but has since fared well with total employment down just over 1%. recouped roughly 55% of those jobs in the past eight Boston has one of the highest work-from-home months. So, while Boston was one of the hardest-hit percentages in the country, with just shy of 40% of its markets at the beginning of the pandemic, with total employment able to telecommute. This has allowed employment losses amounting to nearly 17%, the metro many businesses to effectively transition to work-from- has also been one of the strongest to recover. Total home, and thus reducing the number of layoffs in these employment growth between April and December was sectors. more than 10%, only trailing the growth of a few metros

BOSTON EMPLOYMENT BY INDUSTRY IN THOUSANDS

CURRENT JOBS CURRENT GROWTH 10 YR HISTORICAL 5 YR FORECAST

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 166 0.7 1.21% 2.48% -0.57% 0.53% -0.57% 0.25% Trade, Transportation and Utilities 399 0.8 7.98% 4.68% 0.05% 0.88% 0.70% 0.49% Retail Trade 244 0.9 10.75% 6.48% 0.04% 0.43% 0.69% 0.40% Financial Activities 192 1.2 0.69% 1.09% 0.49% 1.34% 0.42% 0.59% Government 288 0.7 -2.74% -1.82% -0.34% -0.31% 0.93% 0.98% Natural Resources, Mining and Construction 122 0.8 16.29% 3.30% 4.23% 2.50% 1.52% 0.95% Education and Health Services 560 1.3 2.87% 3.06% 1.18% 1.55% 2.01% 1.63% Professional and Business Services 523 1.4 2.18% 4.26% 2.37% 1.87% 1.24% 1.37% Information 81 1.6 -0.47% 1.75% 1.06% 0.27% 1.87% 1.90% Leisure and Hospitality 214 0.8 19.04% 13.59% -0.56% 0.51% 5.96% 3.87% Other Services 95 0.9 12.68% 7.30% 0.40% 0.35% 2.37% 1.06% Total Employment 2,641 1.0 4.48% 3.67% 0.80% 0.94% 1.61% 1.28% Source: Oxford Economics LQ = Location Quotient

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JOB GROWTH (YOY)

Source: Oxford Economics UNEMPLOYMENT RATE (%)

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NET EMPLOYMENT CHANGE (YOY)

MEDIAN HOUSEHOLD INCOME

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POPULATION GROWTH (YOY %)

NET POPULATION CHANGE (YOY)

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DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro US Metro US Metro US Metro US Population 4,885,674 330,057,813 0.1% 0.2% 0.6% 0.6% 0.4% 0.5% Households 1,858,732 123,306,430 0% 0.1% 0.6% 0.7% 0.3% 0.4% Median Household Income $104,432 $73,457 6.3% 7.7% 4.3% 3.9% 2.3% 1.8% Labor Force 2,738,163 160,779,078 4.9% 0.5% 1.1% 0.5% 0.7% 0.7% Unemployment 7.2% 6.2% -4.2% -4.0% 0.1% -0.3% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

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BOSTON SUBMARKETS

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SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction

No. Submarket Bldgs SF (000) % Market Rank Bldgs SF (000) Percent Rank Bldgs SF (000) Percent Rank 1 Allston/Brighton 110 3,151 0.9% 37 0 0 0% - 0 - - - 2 Amesbury/Ipswich 171 1,917 0.5% 41 0 0 0% - 1 20 1.0% 20 3 Back Bay 178 17,140 4.9% 4 0 0 0% - 0 - - - 4 Burlington/Woburn 318 15,146 4.3% 5 2 27 0.2% 9 0 - - - 5 Charlestown/East Boston 94 4,210 1.2% 28 1 127 3.0% 4 2 507 12.1% 8 6 Chelsea/Revere 123 2,103 0.6% 40 0 0 0% - 0 - - - 7 Concord/Maynard 366 11,301 3.2% 10 0 0 0% - 0 - - - 8 Danvers/Beverly 210 6,587 1.9% 19 1 154 2.3% 2 0 - - - 9 E Cambridge/Kendall Sq 113 17,606 5.0% 3 0 0 0% - 8 3,440 19.5% 1 10 Essex/Gloucester 93 930 0.3% 46 0 0 0% - 0 - - - 11 Financial District 256 42,926 12.2% 1 0 0 0% - 3 1,917 4.5% 3 12 Framingham/Natick 397 10,613 3.0% 12 0 0 0% - 0 - - - 13 Groton/Townsend 132 1,134 0.3% 44 0 0 0% - 0 - - - 14 Hopkinton/Holliston 78 1,794 0.5% 43 0 0 0% - 0 - - - 15 I-95 Corridor South 345 5,436 1.5% 23 1 48 0.9% 8 0 - - - 16 Lawrence/Andover 485 14,692 4.2% 7 0 0 0% - 1 80 0.5% 18 17 Lexington/Arlington 239 5,323 1.5% 24 1 214 4.0% 1 0 - - - 18 Longwood/Fenway 88 8,286 2.3% 16 0 0 0% - 2 637 7.7% 6 19 Lowell/Chelmsford 492 19,490 5.5% 2 0 0 0% - 1 186 1.0% 15 20 Lynnfield/Wakefield 110 2,945 0.8% 38 1 67 2.3% 7 0 - - - 21 Marlborough 123 7,060 2.0% 17 0 0 0% - 0 - - - 22 Medford/Malden 161 3,640 1.0% 34 0 0 0% - 0 - - - 23 Mid-Cambridge/Harvard Sq 223 9,171 2.6% 13 0 0 0% - 1 200 2.2% 13 24 Midtown 105 5,167 1.5% 25 0 0 0% - 0 - - - 25 Newton/Brookline 350 8,779 2.5% 14 0 0 0% - 1 190 2.2% 14 26 North End/Waterfront 50 1,829 0.5% 42 0 0 0% - 0 - - - 27 North Station/Beacon Hill 84 6,123 1.7% 20 0 0 0% - 2 1,611 26.3% 4 28 Peabody/Salem 253 3,818 1.1% 33 0 0 0% - 0 - - - 29 Quincy/Braintree 390 10,834 3.1% 11 1 23 0.2% 10 2 123 1.1% 17 30 Rockingham 951 12,052 3.4% 9 1 72 0.6% 6 6 295 2.4% 11 31 Route 1 South 267 8,408 2.4% 15 0 0 0% - 1 50 0.6% 19 32 Route 24 382 4,853 1.4% 26 0 0 0% - 0 - - - 33 Route 3 Corridor 450 5,860 1.7% 21 0 0 0% - 0 - - - 34 Route 3 South 530 5,749 1.6% 22 1 14 0.2% 11 0 - - - 35 Roxbury/Dorchester 187 4,232 1.2% 27 1 136 3.2% 3 2 719 17.0% 5 36 Saugus/Lynn 229 3,331 0.9% 36 0 0 0% - 0 - - - 37 Seaport 91 14,098 4.0% 8 0 0 0% - 5 1,981 14.1% 2 38 Somerville/Everett 170 4,060 1.1% 31 0 0 0% - 2 593 14.6% 7 39 South Boston 59 504 0.1% 47 0 0 0% - 0 - - - 40 South End 68 3,426 1.0% 35 0 0 0% - 1 234 6.8% 12 41 South Suffolk County 90 1,001 0.3% 45 0 0 0% - 0 - - - 42 Strafford County 308 4,085 1.2% 30 0 0 0% - 0 - - -

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SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction

No. Submarket Bldgs SF (000) % Market Rank Bldgs SF (000) Percent Rank Bldgs SF (000) Percent Rank 43 W Cambridge/Alewife 112 4,191 1.2% 29 0 0 0% - 1 160 3.8% 16 44 Waltham 233 14,819 4.2% 6 1 74 0.5% 5 2 367 2.5% 10 45 Watertown 95 3,871 1.1% 32 0 0 0% - 3 449 11.6% 9 46 Wellesley/Needham 231 6,600 1.9% 18 0 0 0% - 0 - - - 47 Wilmington/Reading 124 2,778 0.8% 39 1 8 0.3% 12 0 - - -

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SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 1 Allston/Brighton $40.55 13 -0.4% 30 -0.1% 37 2 Amesbury/Ipswich $23.67 34 -0.2% 26 0.6% 2 3 Back Bay $59.93 3 0.2% 6 0% 28 4 Burlington/Woburn $30.64 24 0.1% 11 -0.1% 39 5 Charlestown/East Boston $42.27 11 -0.6% 39 -0.2% 43 6 Chelsea/Revere $33.68 22 -0.1% 16 0% 20 7 Concord/Maynard $23.44 35 -0.5% 35 0% 30 8 Danvers/Beverly $21.23 43 0.7% 1 1.8% 1 9 E Cambridge/Kendall Sq $89.60 1 0.6% 2 0% 21 10 Essex/Gloucester $22.16 39 -0.2% 22 -0.7% 47 11 Financial District $57.43 4 0.2% 9 -0.2% 42 12 Framingham/Natick $27.84 27 -0.1% 18 0% 22 13 Groton/Townsend $21.57 40 -0.4% 32 0.3% 10 14 Hopkinton/Holliston $20.82 45 -0.8% 44 0.1% 17 15 I-95 Corridor South $24.15 31 0.2% 10 0% 29 16 Lawrence/Andover $25.06 30 -0.3% 28 0.2% 12 17 Lexington/Arlington $37.82 16 -0.3% 27 0.4% 3 18 Longwood/Fenway $53.32 7 0.1% 12 -0.1% 34 19 Lowell/Chelmsford $21.29 42 -0.4% 29 0.1% 14 20 Lynnfield/Wakefield $26.50 28 0.2% 7 0% 27 21 Marlborough $23.76 33 -0.6% 37 -0.1% 41 22 Medford/Malden $29.96 25 -0.2% 24 0% 19 23 Mid-Cambridge/Harvard Sq $76.99 2 0.2% 8 0.1% 13 24 Midtown $41.50 12 -1.3% 47 -0.3% 46 25 Newton/Brookline $35.28 19 -0.7% 40 0.1% 15 26 North End/Waterfront $42.75 10 -0.6% 36 -0.1% 32 27 North Station/Beacon Hill $52.84 8 -0.2% 25 -0.1% 38 28 Peabody/Salem $20.35 46 0.3% 5 0.3% 9 29 Quincy/Braintree $28.40 26 -0.6% 38 -0.2% 45 30 Rockingham $23.07 38 -0.1% 21 0.3% 7 31 Route 1 South $25.42 29 -0.7% 41 -0.2% 44 32 Route 24 $21.47 41 -0.4% 31 0.4% 6 33 Route 3 Corridor $24.03 32 -0.7% 42 0% 24 34 Route 3 South $23.22 36 0.4% 4 -0.1% 40 35 Roxbury/Dorchester $35.20 20 -1.0% 46 0.1% 16 36 Saugus/Lynn $20.19 47 0.4% 3 0.4% 5 37 Seaport $54.50 6 -0.1% 17 0% 23 38 Somerville/Everett $37.52 17 0% 15 0% 26 39 South Boston $34.53 21 -0.7% 43 0.4% 4 40 South End $43.31 9 -0.5% 34 -0.1% 36 41 South Suffolk County $32.13 23 -0.9% 45 0.3% 8 42 Strafford County $20.84 44 -0.1% 20 0.2% 11

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SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 43 W Cambridge/Alewife $55.98 5 0% 14 0% 25 44 Waltham $38.55 14 0% 13 0% 31 45 Watertown $37.36 18 -0.1% 19 -0.1% 35 46 Wellesley/Needham $37.90 15 -0.2% 23 0% 18 47 Wilmington/Reading $23.18 37 -0.5% 33 -0.1% 33

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SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 1 Allston/Brighton 178,423 5.7% 17 (77,222) -2.5% 27 - 2 Amesbury/Ipswich 60,291 3.1% 7 (22,680) -1.2% 18 - 3 Back Bay 1,275,407 7.4% 27 (551,958) -3.2% 44 - 4 Burlington/Woburn 1,564,942 10.3% 35 (426,429) -2.8% 43 - 5 Charlestown/East Boston 630,569 15.0% 42 (360,064) -8.6% 42 - 6 Chelsea/Revere 43,812 2.1% 5 12,403 0.6% 8 - 7 Concord/Maynard 1,782,144 15.8% 43 (571,505) -5.1% 45 - 8 Danvers/Beverly 662,564 10.1% 34 187,291 2.8% 2 0.8 9 E Cambridge/Kendall Sq 702,148 4.0% 9 (285,343) -1.6% 40 - 10 Essex/Gloucester 40,935 4.4% 12 (2,394) -0.3% 13 - 11 Financial District 5,543,732 12.9% 37 (1,951,480) -4.5% 47 - 12 Framingham/Natick 966,498 9.1% 31 (168,486) -1.6% 37 - 13 Groton/Townsend 73,064 6.4% 22 (17,007) -1.5% 16 - 14 Hopkinton/Holliston 21,300 1.2% 1 13,948 0.8% 7 - 15 I-95 Corridor South 254,250 4.7% 13 (37,754) -0.7% 20 - 16 Lawrence/Andover 2,109,229 14.4% 41 (113,775) -0.8% 31 - 17 Lexington/Arlington 307,306 5.8% 18 241,772 4.5% 1 0.9 18 Longwood/Fenway 240,911 2.9% 6 42,508 0.5% 4 - 19 Lowell/Chelmsford 2,679,932 13.8% 40 (100,727) -0.5% 30 - 20 Lynnfield/Wakefield 554,742 18.8% 47 (35,128) -1.2% 19 - 21 Marlborough 958,888 13.6% 38 (188,998) -2.7% 38 - 22 Medford/Malden 647,526 17.8% 45 (82,917) -2.3% 28 - 23 Mid-Cambridge/Harvard Sq 343,078 3.7% 8 (143,117) -1.6% 33 - 24 Midtown 342,817 6.6% 23 (154,987) -3.0% 36 - 25 Newton/Brookline 816,323 9.3% 32 (305,578) -3.5% 41 - 26 North End/Waterfront 113,670 6.2% 21 (63,450) -3.5% 24 - 27 North Station/Beacon Hill 267,199 4.4% 11 (98,297) -1.6% 29 - 28 Peabody/Salem 321,474 8.4% 30 26,615 0.7% 5 - 29 Quincy/Braintree 896,452 8.3% 29 (128,000) -1.2% 32 - 30 Rockingham 677,101 5.6% 16 (70,350) -0.6% 25 - 31 Route 1 South 1,386,567 16.5% 44 (153,731) -1.8% 35 - 32 Route 24 258,902 5.3% 15 25,242 0.5% 6 - 33 Route 3 Corridor 403,275 6.9% 24 (52,606) -0.9% 22 - 34 Route 3 South 303,739 5.3% 14 8,851 0.2% 10 1.6 35 Roxbury/Dorchester 255,993 6.0% 20 (48,849) -1.2% 21 - 36 Saugus/Lynn 137,372 4.1% 10 (4,027) -0.1% 14 - 37 Seaport 2,600,914 18.4% 46 (976,700) -6.9% 46 - 38 Somerville/Everett 283,238 7.0% 25 (54,558) -1.3% 23 - 39 South Boston 7,838 1.6% 3 6,587 1.3% 11 - 40 South End 198,909 5.8% 19 (11,848) -0.3% 15 - 41 South Suffolk County 19,161 1.9% 4 795 0.1% 12 - 42 Strafford County 60,764 1.5% 2 10,545 0.3% 9 -

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SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 43 W Cambridge/Alewife 323,588 7.7% 28 (18,509) -0.4% 17 - 44 Waltham 1,655,637 11.2% 36 100,638 0.7% 3 - 45 Watertown 283,548 7.3% 26 (144,478) -3.7% 34 - 46 Wellesley/Needham 906,675 13.7% 39 (238,030) -3.6% 39 - 47 Wilmington/Reading 265,828 9.6% 33 (72,121) -2.6% 26 -

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OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 368,250,167 2,784,360 0.8% 2,814,814 0.8% 1.0 2024 365,465,807 958,322 0.3% 3,342,750 0.9% 0.3 2023 364,507,485 1,990,984 0.5% 4,507,860 1.2% 0.4 2022 362,516,501 4,077,310 1.1% 4,096,035 1.1% 1.0 2021 358,439,191 5,546,093 1.6% (1,305,988) -0.4% - YTD 353,075,549 182,451 0.1% (3,328,803) -0.9% - 2020 352,893,098 1,501,695 0.4% (4,325,819) -1.2% - 2019 351,391,403 1,586,394 0.5% 3,027,350 0.9% 0.5 2018 349,805,009 3,181,460 0.9% 3,987,369 1.1% 0.8 2017 346,623,549 1,855,840 0.5% 3,078,404 0.9% 0.6 2016 344,767,709 1,716,594 0.5% 2,403,729 0.7% 0.7 2015 343,051,115 2,339,547 0.7% 4,570,416 1.3% 0.5 2014 340,711,568 2,174,321 0.6% 4,172,700 1.2% 0.5 2013 338,537,247 3,093,714 0.9% 5,350,985 1.6% 0.6 2012 335,443,533 176,746 0.1% 2,287,758 0.7% 0.1 2011 335,266,787 595,567 0.2% 1,344,522 0.4% 0.4 2010 334,671,220 2,052,161 0.6% (250,004) -0.1% - 2009 332,619,059 1,474,375 0.4% (3,206,881) -1.0% -

4 & 5 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 146,870,192 3,324,820 2.3% 2,936,900 2.0% 1.1 2024 143,545,372 1,568,874 1.1% 2,217,404 1.5% 0.7 2023 141,976,498 2,698,123 1.9% 4,205,287 3.0% 0.6 2022 139,278,375 4,338,103 3.2% 4,172,956 3.0% 1.0 2021 134,940,272 5,739,195 4.4% 2,900,835 2.1% 2.0 YTD 129,355,077 154,000 0.1% (1,273,850) -1.0% - 2020 129,201,077 1,544,022 1.2% (1,600,013) -1.2% - 2019 127,657,055 2,209,298 1.8% 3,787,801 3.0% 0.6 2018 125,447,757 3,374,941 2.8% 3,363,748 2.7% 1.0 2017 122,072,816 3,080,699 2.6% 2,436,035 2.0% 1.3 2016 118,992,117 2,748,751 2.4% 1,792,496 1.5% 1.5 2015 116,243,366 2,902,999 2.6% 4,207,205 3.6% 0.7 2014 113,340,367 2,431,693 2.2% 2,765,254 2.4% 0.9 2013 110,908,674 3,106,026 2.9% 4,171,465 3.8% 0.7 2012 107,802,648 578,487 0.5% 1,109,261 1.0% 0.5 2011 107,224,161 1,179,573 1.1% 975,782 0.9% 1.2 2010 106,044,588 2,132,506 2.1% 769,712 0.7% 2.8 2009 103,912,082 1,430,357 1.4% (779,083) -0.7% -

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3 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 154,739,895 175,579 0.1% 528,007 0.3% 0.3 2024 154,564,316 101,939 0.1% 1,557,889 1.0% 0.1 2023 154,462,377 2,350 0% 764,619 0.5% 0 2022 154,460,027 437,807 0.3% 373,812 0.2% 1.2 2021 154,022,220 148,184 0.1% (2,901,818) -1.9% - YTD 153,903,915 29,879 0% (1,779,452) -1.2% - 2020 153,874,036 (22,532) 0% (2,413,651) -1.6% - 2019 153,896,568 (435,972) -0.3% (750,180) -0.5% - 2018 154,332,540 (168,073) -0.1% 425,547 0.3% - 2017 154,500,613 (430,969) -0.3% 914,079 0.6% - 2016 154,931,582 (715,717) -0.5% 337,860 0.2% - 2015 155,647,299 (355,393) -0.2% 411,448 0.3% - 2014 156,002,692 173,065 0.1% 1,159,610 0.7% 0.1 2013 155,829,627 133,223 0.1% 1,277,836 0.8% 0.1 2012 155,696,404 (73,674) 0% 915,489 0.6% - 2011 155,770,078 62,218 0% 320,264 0.2% 0.2 2010 155,707,860 239,827 0.2% (935,596) -0.6% - 2009 155,468,033 68,309 0% (1,874,181) -1.2% -

1 & 2 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 66,640,080 (716,039) -1.1% (650,093) -1.0% - 2024 67,356,119 (712,491) -1.0% (432,543) -0.6% - 2023 68,068,610 (709,489) -1.0% (462,046) -0.7% - 2022 68,778,099 (698,600) -1.0% (450,733) -0.7% - 2021 69,476,699 (341,286) -0.5% (1,305,005) -1.9% - YTD 69,816,557 (1,428) 0% (275,501) -0.4% - 2020 69,817,985 (19,795) 0% (312,155) -0.4% - 2019 69,837,780 (186,932) -0.3% (10,271) 0% - 2018 70,024,712 (25,408) 0% 198,074 0.3% - 2017 70,050,120 (793,890) -1.1% (271,710) -0.4% - 2016 70,844,010 (316,440) -0.4% 273,373 0.4% - 2015 71,160,450 (208,059) -0.3% (48,237) -0.1% - 2014 71,368,509 (430,437) -0.6% 247,836 0.3% - 2013 71,798,946 (145,535) -0.2% (98,316) -0.1% - 2012 71,944,481 (328,067) -0.5% 263,008 0.4% - 2011 72,272,548 (646,224) -0.9% 48,476 0.1% - 2010 72,918,772 (320,172) -0.4% (84,120) -0.1% - 2009 73,238,944 (24,291) 0% (553,617) -0.8% -

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OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $44.87 144 3.1% 9.5% 32,914,632 8.9% -0.1% 2024 $43.53 140 3.7% 6.2% 32,932,829 9.0% -0.7% 2023 $41.96 134 3.9% 2.4% 35,304,499 9.7% -0.7% 2022 $40.39 129 0.7% -1.5% 37,812,286 10.4% -0.1% 2021 $40.11 129 -2.1% -2.1% 37,816,695 10.6% 1.8% YTD $40.97 131 0% -0.1% 34,428,675 9.8% 1.0% 2020 $40.98 131 0% 0% 30,961,886 8.8% 1.6% 2019 $40.99 131 5.8% 0% 25,134,372 7.2% -0.5% 2018 $38.73 124 3.9% -5.5% 26,675,238 7.6% -0.3% 2017 $37.27 119 1.5% -9.1% 27,480,957 7.9% -0.4% 2016 $36.72 118 7.9% -10.4% 28,705,602 8.3% -0.3% 2015 $34.04 109 7.5% -16.9% 29,448,018 8.6% -0.7% 2014 $31.66 101 4.0% -22.8% 31,678,887 9.3% -0.6% 2013 $30.44 98 4.6% -25.7% 33,640,266 9.9% -0.7% 2012 $29.10 93 4.7% -29.0% 35,772,287 10.7% -0.6% 2011 $27.80 89 2.9% -32.2% 37,883,299 11.3% -0.2% 2010 $27.01 87 -1.6% -34.1% 38,632,254 11.5% 0.6% 2009 $27.46 88 -12.0% -33.0% 36,336,602 10.9% 1.4%

4 & 5 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $65.16 149 3.1% 9.5% 13,885,740 9.5% 0.1% 2024 $63.22 144 3.8% 6.2% 13,498,924 9.4% -0.6% 2023 $60.93 139 3.9% 2.4% 14,148,521 10.0% -1.3% 2022 $58.64 134 0.7% -1.5% 15,655,973 11.2% -0.2% 2021 $58.24 133 -2.2% -2.2% 15,490,827 11.5% 1.7% YTD $59.47 136 -0.1% -0.1% 14,080,320 10.9% 1.1% 2020 $59.53 136 0.6% 0% 12,652,470 9.8% 2.3% 2019 $59.16 135 6.4% -0.6% 9,508,435 7.4% -1.4% 2018 $55.59 127 5.8% -6.6% 11,086,938 8.8% -0.2% 2017 $52.55 120 -0.3% -11.7% 11,075,745 9.1% 0.3% 2016 $52.73 120 9.9% -11.4% 10,431,081 8.8% 0.6% 2015 $47.97 110 8.1% -19.4% 9,530,057 8.2% -1.4% 2014 $44.39 101 3.2% -25.4% 10,834,263 9.6% -0.5% 2013 $43.03 98 5.0% -27.7% 11,167,824 10.1% -1.2% 2012 $40.97 94 5.6% -31.2% 12,108,013 11.2% -0.6% 2011 $38.78 89 4.3% -34.8% 12,638,787 11.8% 0.1% 2010 $37.19 85 0.3% -37.5% 12,434,996 11.7% 1.1% 2009 $37.06 85 -15.4% -37.7% 11,073,315 10.7% 2.0%

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3 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $34.38 141 3.1% 8.7% 15,839,405 10.2% -0.2% 2024 $33.36 137 3.7% 5.5% 16,192,055 10.5% -0.9% 2023 $32.18 132 3.8% 1.7% 17,648,223 11.4% -0.5% 2022 $31 127 0.6% -2.0% 18,410,518 11.9% 0% 2021 $30.80 126 -2.2% -2.6% 18,346,522 11.9% 2.0% YTD $31.48 129 -0.1% -0.5% 17,064,820 11.1% 1.1% 2020 $31.49 129 -0.4% -0.4% 15,296,500 9.9% 1.6% 2019 $31.63 129 5.6% 0% 12,905,381 8.4% 0.2% 2018 $29.95 123 2.4% -5.3% 12,591,173 8.2% -0.4% 2017 $29.26 120 2.3% -7.5% 13,184,603 8.5% -0.8% 2016 $28.60 117 5.8% -9.6% 14,529,651 9.4% -0.6% 2015 $27.03 111 7.3% -14.5% 15,583,228 10.0% -0.5% 2014 $25.19 103 5.7% -20.4% 16,350,069 10.5% -0.6% 2013 $23.82 97 4.2% -24.7% 17,299,614 11.1% -0.7% 2012 $22.86 94 3.8% -27.7% 18,444,227 11.8% -0.6% 2011 $22.03 90 2.1% -30.3% 19,433,390 12.5% -0.2% 2010 $21.59 88 -3.3% -31.7% 19,691,436 12.6% 0.7% 2009 $22.33 91 -8.6% -29.4% 18,516,013 11.9% 1.2%

1 & 2 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $26.64 130 3.2% 8.3% 3,189,487 4.8% 0% 2024 $25.81 126 3.8% 5.0% 3,241,850 4.8% -0.3% 2023 $24.85 122 4.0% 1.1% 3,507,755 5.2% -0.3% 2022 $23.90 117 0.8% -2.8% 3,745,795 5.4% -0.3% 2021 $23.70 116 -1.6% -3.6% 3,979,346 5.7% 1.4% YTD $24.17 118 0.3% -1.7% 3,283,535 4.7% 0.4% 2020 $24.09 118 -2.0% -2.0% 3,012,916 4.3% 0.4% 2019 $24.59 120 3.6% 0% 2,720,556 3.9% -0.4% 2018 $23.73 116 -0.2% -3.5% 2,997,127 4.3% -0.3% 2017 $23.77 116 8.1% -3.3% 3,220,609 4.6% -0.7% 2016 $21.98 108 4.1% -10.6% 3,744,870 5.3% -0.8% 2015 $21.12 103 5.7% -14.1% 4,334,733 6.1% -0.2% 2014 $19.99 98 3.0% -18.7% 4,494,555 6.3% -0.9% 2013 $19.40 95 4.1% -21.1% 5,172,828 7.2% -0.1% 2012 $18.63 91 2.9% -24.2% 5,220,047 7.3% -0.8% 2011 $18.11 89 -0.6% -26.4% 5,811,122 8.0% -0.9% 2010 $18.22 89 -5.1% -25.9% 6,505,822 8.9% -0.3% 2009 $19.20 94 -6.1% -21.9% 6,747,274 9.2% 0.7%

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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 ------$477.71 208 5.9% 2024 ------$462.27 202 5.9% 2023 ------$443.44 193 5.9% 2022 ------$424.69 185 5.9% 2021 ------$427.47 186 5.9% YTD 178 $5.6B 1.9% $51,029,486 $899.32 7.5% $433.28 189 6.0% 2020 586 $7.5B 5.4% $25,335,529 $431.68 7.1% $433.12 189 6.0% 2019 562 $8.7B 5.6% $23,788,160 $450.43 6.8% $424.38 185 6.1% 2018 456 $6.6B 5.8% $19,079,748 $383.58 6.7% $388.98 170 6.1% 2017 463 $6.9B 5.6% $21,995,020 $376.58 6.3% $369.52 161 6.1% 2016 548 $5.5B 5.7% $14,603,945 $337.50 6.7% $363.37 158 6.0% 2015 520 $8.1B 6.7% $19,350,870 $360.46 6.2% $342.24 149 6.0% 2014 590 $8.6B 8.6% $19,868,850 $309.91 6.3% $314.53 137 6.2% 2013 482 $4.5B 6.0% $13,118,279 $237 6.6% $292.32 127 6.4% 2012 397 $3.2B 4.9% $11,366,230 $205.65 7.0% $267.32 117 6.7% 2011 373 $3.3B 4.6% $14,191,861 $233.53 7.0% $253.83 111 6.9% 2010 294 $2.4B 3.3% $12,615,647 $232.88 8.9% $227.43 99 7.5% (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 ------$729.09 206 5.4% 2024 ------$705.64 199 5.4% 2023 ------$676.79 191 5.4% 2022 ------$647.93 183 5.4% 2021 ------$652.21 184 5.4% YTD 18 $5.1B 3.2% $300,356,900 $1,247.61 - $661.01 187 5.4% 2020 29 $4.5B 6.1% $159,751,207 $566.98 6.3% $664.75 188 5.4% 2019 47 $6B 7.6% $139,434,591 $622.32 5.7% $650.56 184 5.5% 2018 54 $4.5B 9.1% $122,816,273 $505.13 5.8% $594.47 168 5.6% 2017 29 $3.7B 5.6% $135,755,838 $539.10 5.9% $562.57 159 5.5% 2016 38 $2.3B 6.0% $82,463,177 $552.93 5.8% $558.50 158 5.4% 2015 46 $5.3B 8.7% $120,038,817 $537.08 5.6% $527.63 149 5.5% 2014 60 $6.2B 13.3% $117,212,957 $450.97 5.3% $484.59 137 5.6% 2013 42 $2.3B 6.7% $59,954,559 $320.25 5.7% $453.37 128 5.8% 2012 25 $1.3B 4.2% $57,568,006 $310.22 5.8% $413.31 117 6.1% 2011 27 $2.3B 6.6% $90,239,010 $342.86 6.8% $392.72 111 6.3% 2010 21 $1.6B 3.6% $86,230,864 $423.38 7.2% $351.70 99 6.8% (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 ------$350.44 213 6.1% 2024 ------$339.17 206 6.1% 2023 ------$325.49 197 6.1% 2022 ------$312 189 6.1% 2021 ------$314.15 191 6.1% YTD 78 $376.1M 1.2% $9,666,185 $251.27 7.8% $318.54 193 6.2% 2020 231 $2.8B 5.7% $25,921,367 $358.80 7.1% $316.30 192 6.2% 2019 223 $2.3B 5.2% $16,498,097 $300.65 7.0% $309.35 188 6.3% 2018 165 $1.7B 4.4% $15,163,315 $271.79 6.7% $283.54 172 6.4% 2017 200 $2.8B 6.5% $21,052,777 $290.85 6.1% $269.51 163 6.3% 2016 232 $2.7B 6.4% $17,986,602 $277.60 6.9% $262.21 159 6.2% 2015 218 $2.5B 7.0% $15,383,865 $236.94 5.7% $246.22 149 6.2% 2014 210 $2B 7.3% $13,937,684 $184.16 6.4% $226.59 137 6.4% 2013 181 $2B 6.9% $15,286,736 $198.20 6.3% $208.54 126 6.6% 2012 173 $1.7B 6.5% $14,584,419 $173.45 7.2% $191.56 116 6.9% 2011 135 $831.7M 4.1% $9,223,235 $141.16 7.3% $181.96 110 7.1% 2010 122 $741.2M 3.5% $10,341,744 $144.90 9.3% $163.79 99 7.7% (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 ------$245.03 210 6.7% 2024 ------$236.77 203 6.6% 2023 ------$227.34 195 6.6% 2022 ------$217.63 186 6.7% 2021 ------$218.74 187 6.7% YTD 82 $148.7M 1.0% $2,542,930 $221.38 7.4% $221.53 190 6.7% 2020 326 $297.4M 3.5% $1,723,480 $159.26 7.4% $218.02 187 6.8% 2019 292 $382.1M 3.0% $1,952,869 $195.60 6.7% $216.48 185 6.8% 2018 237 $404.1M 3.1% $2,475,651 $196.42 7.6% $202.16 173 6.8% 2017 234 $481.6M 3.4% $2,974,968 $234.97 7.2% $196.14 168 6.7% 2016 278 $481M 3.7% $2,407,872 $200.75 7.4% $188.26 161 6.7% 2015 256 $276.2M 3.0% $1,363,663 $138.68 8.0% $175.64 150 6.7% 2014 320 $378.5M 4.2% $1,522,468 $128.07 7.0% $161.44 138 6.9% 2013 259 $268.4M 3.0% $1,404,200 $135.36 7.9% $148.42 127 7.1% 2012 199 $191.2M 2.6% $1,201,387 $120.35 7.3% $136.45 117 7.5% 2011 211 $236.1M 2.8% $1,889,848 $134.07 6.8% $128.91 110 7.7% 2010 151 $116.9M 2.3% $1,072,076 $74.44 8.5% $114.16 98 8.4% (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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