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Market Update 2018 MARKET UPDATE PRESENTED TO PRESENTED BY BRIAN HATCHER Kidder Mathews Executive Vice President, Brokerage MARCH 14, 2018 Seattle/Eastside Office Markets EASTSIDE 2017 Year-End Review SEATTLE 2017 MARKET HIGHLIGHTS SEATTLE EASTSIDE Total Market Size 78,771,784 s.f. 49,901,562 s.f. Strong rent growth in all markets is projected as vacancy rates are at all-time lows Year-End Vacancy Rate 5.17% 4.84% Net Absorption - SF 1,532,346 s.f. 1,232,120 s.f. Net Absorption - SF/New Job 74.73 s.f. 60.09 s.f. There is 7.4 million sf currently under construction, with over 70% pre-leased Under Construction 6,993,250 s.f. 403,000 s.f. Sales Volume Over (>$10M) $2,048,723,183 $1,039,496,253 The Urban Land Institute (ULI) ranks Seattle Seattle MSA Job Growth 20,506 as the No. 1 market in the country for Rate of Growth 1.31% investment in 2018 Unemployment Rate 3.90% AMAZON MICROSOFT Year-End Occupancy 10,940,500 sf Year-End Occupancy 14,735,144 sf % of Seattle Market 13.89% % of Eastside Market 29.53% 2017 Absorption 884,000 sf Year-End Puget Sound Employees 47,121 % of Total Seattle Absorption 57.69% Year-End Seattle Employees 41,000 (est) 2017 Greater SeattleOfficeSales 2017 Greater MIDTOWN 21 / Year Average Value Transaction Average Transactions # Total Volume Sales Total 10-YEAR TOTALS $24.212B CENTRE 425 $76.14M $2.42B 315 10-YEAR HISTORICALYEAR-ENDOFFICESALES>$10M $1.5B $2.5B $3.5B $4.5B $5.5B $6.5B $7.5B 500M TILT 49 0 2008 2009 2010 2011 2012 2013 2014 24 $459M Transactions $19.13M Average Transaction Value 5 $336M Transactions $67.2M Average Transaction Value URBAN UNION 16 $1.235B Transactions $77.19M Average Transaction Value 26 $1.698B Transactions $65.31M Average Transaction Value 32 $4.552B Transactions $142.3M Average Transaction Value MILLENNIUM TOWER $2.638B 35 Transactions $75.37M Average Transaction Value 37 $1.733B Transactions $46.85M Average Transaction Value 2015 43 $4.295B Transactions $99.88M Average Transaction Value 8TH & OLIVE 2016 50 $4.125B Transactions $82.5M Average Transaction Value 2017 47 $3.141B Transactions $66.8M Average Transaction Value Seattle Office Market 2017 saw an increase in net absorption added per new job at nearly 75 sf 2018 will produce much stronger net absorption, with over 1.8 million square feet of pre-committed new construction delivering An upswing in job creation is expected, based on existing demand in excess of 90,000 of current openings in greater Seattle SEATTLE EMPLOYMENT GROWTH - ABSORPTION RELATIONS GROWTH OFFICE SF / NEW YEAR JOB TOTAL RATE CHANGE ABSORPTION JOB 2002 1,231,931 -0.32% (3,968) 77,415 (19.51) 2003 1,256,474 1.99% 24,543 1,089,853 44.41 2004 1,283,133 2.12% 26,659 732,065 27.46 2005 1,324,824 3.25% 41,691 637,448 15.29 2006 1,364,194 2.97% 39,370 2,831,005 71.91 2007 1,396,665 2.38% 32,471 1,198,685 36.92 2008 1,390,932 -0.41% (5,733) 867,126 (151.25) 2009 1,353,126 -2.72% (37,806) (1,271,930) 33.64 2010 1,362,287 0.68% 9,161 1,607,678 175.49 2011 1,390,967 2.11% 28,680 1,910,587 66.62 2012 1,430,711 2.86% 39,744 1,724,942 43.40 2013 1,459,011 1.98% 28,300 1,131,056 39.97 2014 1,481,297 1.53% 22,286 1,293,126 58.02 2015 1,505,578 1.64% 24,281 3,924,292 161.62 2016 1,565,330 5.67% 59,752 3,771,384 63.12 2017 (P) 1,585,836 1.31% 20,506 1,532,346 74.73 2018 1,633,411 3.00% 47,575 3,253,495 68.39 2019 1,682,413 3.00% 49,002 3,351,100 68.39 2020 1,732,886 3.00% 50,472 3,451,633 68.39 2003-2007 Last Recovery 13.11% 164,734 6,489,056 39.39 2011-2017 Current Recovery 16.07% 223,549 15,287,733 68.39 Employment figures from Seattle MSA (Seattle-Bellevue-Everett) (P) Projected annual SEATTLE SUBMARKET SUMMARY Overall office vacancy rates declined 40 basis points in 2017 to end the year at near historic lows of 5.17%. Very strong net absorption was highlighted by South Lake Union, with over 817,000 square feet, Seattle CBD, and the Financial District. Average asking rates were up as much as 10% in several sub-markets. The table below summarizes the 2017 year-end status of each Seattle submarket: AVAILABILITY AND VACANCY ANALYSIS - SEATTLE OFFICE MARKET YEAR-END 2017 # Bldgs w/ Total SF Projected # Bldgs w/ Existing Class A Contiguous Existing Vacant Vacancy Total SF Availability YTD Net Average Rent Contiguous Market Driving Influential Submarket Rentable Average Spaces Buildings (Direct / Rate Available Rate % Absorption Asking Rate Growth Spaces Job Sectors Companies Building Area Asking Rate 50K-100K Sublet) 2018 100K SF+ SF University of Ballard/U District 100 4,544,506 183,425 4.04% 208,071 4.58% 48,962 $35.00/FS $40.00/FS 3.00% 0 0 Tech/Maritime Washington Belltown/Denny Gates 85 8,574,469 320,680 3.74% 476,826 5.56% (45,030) $34.00/FS $40.00/FS 3.00% 0 0 Tech/Services Regrade Foundation Capitol Hill/ 98 5,173,233 96,015 1.86% 100,504 1.94% (42,654) $35.00/FS $42.00/FS 5.00% 0 0 Medical Swedish Central District Amazon, Lake Union 131 12,917,383 369,150 2.86% 681,631 5.28% 817,224 $41.00/FS $48.00/FS 7.00% 1 0 Tech/Life Sc. Google, Facebook Pioneer Square/ Wayerhaeuser, 96 6,674,376 370,418 5.55% 571,241 8.56% (38,190) $34.00/FS $40.00/FS 7.00% 1 0 Tech/Services Waterfront Saltchuk Queen Anne/ Expedia, 97 5,463,623 129,269 2.37% 767,745 14.05% 101,135 $33.00/FS $38.00/FS 3.00% 0 4 Tech/Services Magnolia Big Fish South Seattle 94 4,244,775 263,524 6.21% 376,109 8.86% 165,459 $33.00/FS $38.00/FS 0.00% 1 1 Manufacturing Starbucks Seattle CBD 61 14,396,840 771,231 5.36% 1,298,566 9.02% 353,351 $41.00/FS $50.00/FS 5.00% 4 0 Financial/Serv F5 Seattle Financial 52 16,782,579 1,566,540 9.33% 2,413,199 14.38% 172,089 $40.00/FS $48.00/FS 3.00% 3 3 Financial/Legal District Total 814 78,771,784 4,070,252 5.17% 6,893,892 8.75% 1,532,346 10 8 * All buildings 10K SF+, not including properties under construction. Availability includes any space that is available, regardless of whether space is vacant, available for sublease, or available at a future date. SEATTLE PROPOSED AND RECENTLY COMPLETED OFFICE BUILDINGS Scheduled Project Name Address Project Proponent New SF % Preleased SF Available Building Status Completion Year 2017 Troy Block North Lake Union Urban Renaissance Group/ USAA 422,000 100.0% 0 Q1 2017 Completed Third & Harrison Queen Anne/Magnolia Martin Selig Real Estate 185,000 100.0% 0 Q1 2017 Completed Tilt49 Seattle CBD Urban Renaissance Group 291,000 100.0% 0 Q2 2017 Completed 400 Dexter Lake Union Alexandria Real Estate 289,000 96.5% 10,237 Q2 2017 Completed 450 Alaskan Pioneer Square/ Waterfront Hudson Pacific Properties 167,000 72.2% 46,469 Q3 2017 Completed 744 N 34th Street Ballard/U District CoU LLC 123,500 100.0% 0 Q3 2017 Completed Madison Centre (505 Madison) Seattle CBD Schnitzer West 764,000 30.4% 532,078 Q4 2017 Completed F5 Tower (The Mark) Seattle CBD Stockbridge/ Daniel's Development 528,000 100.0% 0 Q4 2017 Completed 9th & Thomas Lake Union Sellen 157,500 100.0% 0 Q4 2017 Completed SUBTOTAL 2,927,000 20.1% 588,784 Year 2018 and Beyond Hawk Tower Pioneer Square/ Waterfront American Life/ Daniel's Development 209,000 64.5% 74,250 Q2 2018 Under Constr. 503 Westlake Lake Union SE Grainger Development Group 37,000 49.7% 18,600 Q2 2018 Under Constr. Maritime Building Pioneer Square/ Waterfront Beacon Capital 187,000 100.0% 0 Q2 2018 Under Constr. Arbor Blocks East Lake Union Vulcan 196,000 100.0% 0 Q4 2018 Under Constr. Arbor Blocks West Lake Union Vulcan 193,000 100.0% 0 Q4 2018 Under Constr. Amazon Tower Phase III (Rufus 2.2) Belltown/Denny Regrade Amazon 1,100,000 100.0% 0 Q1 2019 Under Constr. 333 Dexter Lake Union Kilroy Realty 630,000 0.0% 630,000 Q1 2019 Under Constr. The Atrium (1818 Fairview) Lake Union Alexandria Real Estate 212,000 0.0% 212,000 Q1 2019 Under Constr. 2+U (2nd & University) Seattle CBD Skanska 665,000 0.0% 665,000 Q1 2019 Under Constr. 1525 11th Avenue Capitol Hill/Central District Legacy Commercial 75,500 0.0% 75,500 Q2 2019 Under Constr. Building Cure (Stewart & Terry) Seattle CBD Seattle Children's Hospital 540,000 100.0% 0 Q2 2019 Under Constr. 15th & Market Ballard/U District Martin Selig Real Estate 204,000 59.8% 82,000 Q3 2019 Under Constr. Block 21 (Hurricane Block) Belltown/Denny Regrade Amazon 835,000 100.0% 0 Q4 2019 Under Constr.
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