Source: CoStar Property® - SquarespaceQ2+2017.pdfSource: CoStar Property® Source: CoStar Property® Source: CoStar Property® 0 2 4 6 8 10 12 1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

11.5

12

12.5

13

13.5

14

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Vac

ancy

%Class A Class B

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

9

10

11

12

13

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

2

4

6

8

10

12

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Overall Market Trends for Q2 2017

NET ABSORPTION

CONSTRUCTION

VACANCY RATE

ASKING RATES

Market Overview:

Vacancy Rates

New ConstructionSource: CoStar Property®

Absorption: (1,260,224) down from 2,631,500

Class A vacancy: 16.8%, up from 16.4%

Rental rate (per sq. ft.): $23.34 down 2.2%

New construction: 283,643 sq. ft. delivered

Source: CoStar Property®

U.S Rental Rates

Source: CoStar Property®

Chicago

0

5

10

15

20

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

5

10

15

20

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Vac

ancy

%Class A Class B

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

5

10

15

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Vac

ancy

%Class A Class B

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

10

11

12

13

14

15

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

200,000

400,000

600,000

800,000

1,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

5

10

15

20

25

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

2

4

6

8

10

12

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

5

10

15

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Vac

ancy

%Class A Class B

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

5

10

15

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

2

4

6

8

10

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

2

4

6

8

10

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

2

4

6

8

10

12

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

12

13

14

15

16

17

18

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

500,000

1,000,000

1,500,000

2,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

9

10

11

12

13

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

2

4

6

8

10

12

14

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

100,000

200,000

300,000

400,000

500,000

600,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

2

4

6

8

10

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

2

4

6

8

10

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

1Q 16'2Q 16'3Q 16'4Q 16'1Q 17'2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

2

4

6

8

10

12

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1Q 16'2Q 16'3Q 16'4Q 16'1Q 17'2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B

Source: CoStar Property®

Source: CoStar Property®

Source: CoStar Property®

0

5

10

15

20

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'V

acan

cy %

Class A Class B

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

1Q 16' 2Q 16' 3Q 16' 4Q 16' 1Q 17' 2Q 17'

Squ

are

Feet

RBA Under Const Class A RBA Under Const Class B