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Seattle Office Market Overview Year End 2015

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Seattle Office Market Overview Year End 2015 Seattle Office Market Overview Year End 2015 Commercial Real Estate Services 600 University Street, Suite 2220 | Seattle broderickgroup.com Seattle Office Market Overview Year End 2015 DOWNTOWN SEATTLE OFFICE MARKET STATISTICS Entire Seattle Market # of buildings w/ 50,000 SF or more of contiguous Total SF: 53,760,829 Qtr Change YTD Change available space within Vacant SF: 3,825,847 each category Vacant %: 7.12% ( -1.09%) ( -2.52%) Asking Rates: $35.36/SF, G ( +$0.59) ( +$0.89) Entire Seattle Market Absorption Qtr: 315,494 SF Absorption YTD: 1,471,361 SF Class A Buildings 12 Total SF: 34,707,290 Vacant SF: 2,646,575 Qtr Change YTD Change Class A Buildings Vacant %: 7.63% ( -0.14%) ( -1.62%) Asking Rates: $39.87/SF, G ( +$2.85) ( +$4.92) Absorption Qtr: 234,361 SF 11/ Absorption YTD: 941,617 SF 12 Class A CBD Class A CBD Total SF: 18,844,936 Vacant SF: 1,569,588 Qtr Change YTD Change Vacant %: 8.33% ( -1.51%) ( -3.92%) 6/ Asking Rates: $40.07/SF, G ( +$0.21) ( +$3.06) 12 Absorption Qtr: 32,509 SF Absorption YTD: 522,017 SF Class A+* Class A+ * Total SF: 6,102,368 Vacant SF: 478,085 Qtr Change YTD Change 1 / Vacant %: 7.83% ( +0.91%) ( -0.25%) 12 Asking Rates: $44.29/SF, G ( +$0.37) ( +$2.89) Absorption Qtr: -21,163 SF Absorption YTD: 17,007 SF Two Union Square, US Bank Centre, Fourth & Madison, 1201 Third Avenue, * broderickgroup.com | pg. 2 Russell Investments Center, 1918 Eighth, West 8th Seattle Office Market Overview Year End 2015 SIGNIFICANTSignificant LeasesLEASES LEASING ACTIVITY Quarter Tenant Building Submarket Size (SF) Significant leases in the Seattle area for the Fourth Quarter included Q4 2015 Safeco Insurance (Expansion + Renewal) Safeco Plaza CBD 504,000 market movers leasing space in both existing and future space. The largest deal of the quarter was an expansion by Safeco Insurance of Q4 2015 DocuSign 999 Third CBD 119,000 220,000 SF in Safeco Plaza which now puts them at an estimated total Q4 2015 Moss Adams (Renewal) 999 Third CBD 77,274 size of 504,000 SF in Safeco Plaza. In 999 Third significant leases were Q4 2015 URS Aecom 1111 Third CBD 55,000 signed by DocuSign for 119,000 SF and Moss Adams lease renewal of 77,274 SF. Additional notable leases were Seattle Credit Union Q4 2015 Seattle Credit Union Home Plate Center (S) SODO 43,500 becoming the first tenant in Home Plate Center South by leasing 43,500 Q4 2015 Groupon 1201 Third CBD 42,000 SF, URS Aecom leased 55,000 SF in 1111 Third, Groupon leased 42,000 SF in 1201 Third, and Antioch University is committed to moving its Q4 2015 Antioch University 3rd & Battery Denny Regrade 38,000 campus to Third and Battery (Q3 2016 Delivery) with a pre-lease of Q3 2015 Tableau Software North Edge Lake Union 210,000 38,000 SF. Q3 2015 Avvo 8th & Olive CBD 100,000 LARGESTLargest CONTIGUOUS Contiguous Blocks BLOCKS Available Square Q3 2015 Uber Second & Seneca CBD 50,000 Rank Building Submarket Floors Feet 1 Hill7 Denny Regrade 2-7 168,203 Q3 2015 Hillis Clark Martin 999 Third CBD 32,000 2 Home Plate Center South SODO 4-7 166,348 Q3 2015 Perkins + Will Rainier Tower CBD 20,300 3 325 Eastlake - Yale & Thomas Lake Union 1-7 161,095 4 Westlake Steps (1101 Westlake) Lake Union 1-6 150,621 Q2 2015 Holland America Line Holland America Building Queen Anne 175,000 5 800 Fifth CBD 23-28 117,601 6 Met Park East CBD 2-6 97,773 Q2 2015 Community Health Plan 1111 Third CBD 91,816 7 8th & Olive CBD 1-7 97,301 8 800 Fifth CBD 4-5 81,272 Q2 2015 Juno Therapeutics 400 Dexter Lake Union 80,000 9 428 Westlake Ave North Lake Union 2-6 80,978 Stadium Innovation Q2 2015 Oculus VR SODO 51,000 10 400 Fairview Lake Union 6-8 78,556 Center Q2 2015 Pitchbook 901 Fifth CBD 35,000 MOSTMost VACANTVacant Buildings BUILDINGS (Sorted (BY By AVAILABLE % Available) SF) Available Percent Rank Building Submarket Q1 2015 Amazon.com Troy Block Lake Union 817,000 Square Feet Available 1 800 Fifth CBD 259,000 27% Q1 2015 Facebook.com Dexter Station Lake Union 274,000 2 Columbia Center CBD 189,254 12% 3 Hill7 Denny Regrade 170,064 60% Q1 2015 HBO Hill7 Lake Union 112,000 4 Home Plate Center South SODO 166,348 88% Q1 2015 Porch 2200 First Ave South SODO 70,000 5 325 Eastlake - Yale & Thomas Lake Union 161,095 88% 6 Westlake Steps (1101 Westlake) Lake Union 150,621 100% Q1 2015 Impinj 400 Fairview Lake Union 59,662 7 1201 Third CBD 144,406 13% 8 Two Union Square CBD 107,795 10% Q1 2015 Car Toys / Wireless Advocates 400 Fairview Lake Union 51,814 9 8th & Olive CBD 107,151 36% 10 Met Park East CBD 100,398 27% Q1 2015 Best Buy Denny Way Building Lake Union 32,000 broderickgroup.com | pg. 3 Seattle Office Market Overview Year End 2015 Seattle Office Market Class A Historical Overview Seattle Class A HistoricalOffice Market Summary 2005 - Year End 2015 Historical Overview Forecast 2016 - 2019 Avg. Gross Year-End Vacant Net Vacancy Annual Rent Rate Year Rental Rate New Construction Inventory Square Feet Absorption Rate Growth Growth SEATTLE OFFICE MARKET FORECAST (Direct) Seattle Class A Office Market Historical Overview 2005 $26.13 25,624,369 0 2,685,342 376,601 10.5% 1.5% -1.7% Avg. Gross Year-End Vacant Net Vacancy Annual Rent Rate Year Rental Rate New Construction Inventory Square Feet Absorption Rate Growth Growth The Seattle Class A vacancy rate is projected to 2006 $29.41 26,695,478(Direct) 1,071,109 2,009,591 1,888,918 7.5% 7.1% 12.6% decrease throughout the first quarterSeattle of Class 2016. A Office Market2007 $37.31 26,917,0432005 $26.13 221,565 25,624,369 2,121,9800 124,7522,685,342 376,601 7.9% 10.5% 0.5% 1.5% 26.9% -1.7% Historical Overview 2006 $29.41 26,695,478 1,071,109 2,009,591 1,888,918 7.5% 7.1% 12.6% The increasing limitation of rentable Class A 2008 $37.91 27,446,933 529,890 2,963,393 (119,506) 10.8% -0.4% 1.6% Avg. Gross Year-End Vacant Net Vacancy Annual Rent 2007Rate $37.31 26,917,043 221,565 2,121,980 124,752 7.9% 0.5% 26.9% Year Rental Rate New Construction Inventory Square Feet Absorption Rate Growth Growth space will further(Direct) drive up rents. 2009 $31.41 29,861,3352008 $37.91 2,414,402 27,446,933 5,936,082 529,890(644,971) 2,963,393 (119,506)19.9%10.8% -2.2% -0.4% -17.1% 1.6% 2005 $26.13 25,624,369 0 2,685,342 376,6012010 10.5% $31.38 1.5%30,762,677 -1.7%2009 $31.41 901,342 29,861,335 5,554,673 2,414,402 994,359 5,936,082 (644,971) 18.1%19.9% 3.2% -2.2% -0.1% -17.1% 2006 $29.41 26,695,478 1,071,109 2,009,591 1,888,918 7.5% 7.1% 12.6%2010 $31.38 30,762,677 901,342 5,554,673 994,359 18.1% 3.2% -0.1% In addition, high price sales of Class A office 2011 $31.20 31,608,885 846,208 4,590,319 1,178,488 14.5% 3.7% -0.6% 2007 $37.31 26,917,043 221,565 2,121,980 124,752 7.9% 0.5% 26.9%2011 $31.20 31,608,885 846,208 4,590,319 1,178,488 14.5% 3.7% -0.6% 2012 $31.80 31,985,904 400,563 4,254,955 1,490,442 13.3% 4.7% 1.9% buildings2008 in 2015 $37.91 will 27,446,933continue the 529,890 upwards 2,963,393 (119,506) 10.8% -0.4% 1.6%2012 $31.80 31,985,904 400,563 4,254,955 1,490,442 13.3% 4.7% 1.9% momentum2009 on $31.41 rents as 29,861,335the new owners 2,414,402 aim to 5,936,082 (644,971)201319.9% $33.62 -2.2%32,027,022 -17.1%2013 $33.62 180,710 32,027,022 3,702,487 180,710 800,712 3,702,487 800,71211.6% 11.6% 2.5% 2.5% 5.7% 5.7% 2010 $31.38 30,762,677 901,342 5,554,673 994,359 18.1% 3.2% -0.1%2014 $34.95 32,661,260 480,000 3,018,471 1,029,132 9.2% 3.2% 4.0% hit their underwriting projections while taking 2014 $34.95 32,661,260 480,000 3,018,471 1,029,132 9.2% 3.2% 4.0% 2011 $31.20 31,608,885 846,208 4,590,319 1,178,488 14.5% 3.7% -0.6%Year End $39.87 34,707,290 1,778,064 2,646,575 969,059 7.6% 2.8% 14.1% Year End 2015 advantage2012 of the$31.80 lack of31,985,904 expected deliveries 400,563 in 4,254,955 1,490,442 13.3%$39.87 4.7%34,707,290 1.9% 1,778,064 2,646,575 969,059 7.6% 2.8% 14.1% 2015 Projected - End of Year the first2013 and second $33.62 quarters32,027,022 of 2016.
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