1. U.S. Office
Trends Report
1st Quarter 2012

2. Contents
U.S. Office Sector Analysis........................................................................3-4
Investment Sales.........................................................................................5
Net Absorption by Metro............................................................................6-7
Vacancy Rates by Metro.............................................................................8-9
Asking Rents by Metro...........................................................................10-11
Inventory by Metro................................................................................12-13
Methodology..............................................................................................14
Kevin Thorpe
Chief Economist
2101 L Street, NW, Ste. 700
Washington, DC 20037
Kevin.Thorpe@cassidyturley.com
Jennifer Edwards
Project Manager
2101 L Street, NW, Ste. 700
Washington, DC 20037
Jennifer.Edwards@cassidyturley.com
2 | Cassidy Turley

3. U.S. Office Sector Analysis
Office Sector Summary
Market Indicators
While far from robust, office sector fundamentals are improving consistently. The U.S. economy 1st Quarter 2012
is generating enough net new jobs to fill empty space and drive overall vacancy rates downwards. 12-month
2012
Since September of 2011, employers have added 1.2 million jobs, 400,000 of which are deemed Q1 Forecast
“office-using.” As a result, in the first quarter of 2012, U.S. office vacancy rates inched downward
10 basis points (bps) to end the quarter at 15.9%. Vacancy has receded by 120 bps from its
recessionary peak recorded in mid-2010. Since then, nearly 83 million square feet of empty office Net Absorption 8.0M
space has been leased. Likewise, U.S. office rents have been slowly inching upwards every quarter
since 2010Q3. A pattern of improving fundamentals is clearly established. 15.9%
Vacancy
Although the top line numbers are encouraging, the office sector is not recovering evenly across
all markets. While demand for office space is accelerating in markets such as Houston, San Jose, Asking Rents $21.60
San Francisco, Seattle, Austin, and Denver – all of which have either a tech story or energy story
unfolding - other markets are struggling to find an economic engine that will drive growth. Of the Under
42.1M
80 major metros tracked, 23 are still reporting a decline in demand for space. Rent trends reveal Construction
a similar disparate story. On one end of the spectrum, rents are soaring in San Francisco and New
York City -- up $9 per square foot (psf) and $5 psf, respectively, in 2012 compared to 2011. On the
other end, office rents in Phoenix and Las Vegas are $1.00 lower than a year ago. Other than these
and other outliers, the general trend for most metros is one of some mild improvement in leasing fundamentals, but conditions far from robust.
Likewise, the headline job growth figures also don’t tell the whole story. Based on the latest employment trends, the U.S. should have absorbed nearly
20 million square feet (msf) of office space in the first quarter of 2012; instead, absorption totaled just 8.0 msf. One reason is that over 50% of the so-
called “office-using jobs” created thus far in 2012 are temporary jobs. While temp jobs are a precursor for stronger payroll hiring down the road, they
do not move the needle instantaneously for the office sector. It is also worth noting that law firms -- historically a major driver of office space demand
in most metro central business districts (CBDs) – have on the whole not been part of the current jobs recovery. Indeed, the legal services sector shed
1,300 jobs in March, and there has been virtually no growth in that sector for the last 15 months.
Investment sales have reaccelerated in the early months of 2012. Through the first two months of the year, office sales volume registered at $4.4
billion, up 24% compared to the same period one year ago. Sales of CBD properties are driving the gains while suburban properties are experiencing
a slight drop in deal activity year to date. With deal activity generally back up, pricing is holding firm. Price per square foot averaged $140 in January
and February, up 8% over a year ago. Once again, the mix of sales needs to be considered. According to Real Capital Analytics, more than half of the
CBD properties that traded in February were located in New York or San Francisco – high-priced markets that will thus skew the overall average. It is
encouraging to note that 10-year AAA swap spreads have come down 150bps since October of 2011 – signaling investor confidence in real estate is
indeed growing. There were over $10 billion of significant properties reported under contract in February of this year. Thus, deal activity is accelerating.
Outlook
The U.S. economic recovery is firming up. Real GDP is expanding at annualized rate of 2 to 3% in the first quarter of 2012, far stronger than the initial
projections which were closer to 1% to 1.5%. Most recent economic data has turned consistently positive. Most notably, recent consumer spending
data on auto sales, home sales, and retail sales all indicate consumption will drive greater growth in 2012. In addition, equity markets are up around 8%
thus far in 2012, consumer confidence is (finally) out of the gutter, and exports have returned to pre-recession levels. Leading indicators for the office
sector – including jobless claims, copper price trends, business inventories -- generally point to an economy that is showing no signs of letting up from
its current pace of expansion.
U.S. Absorption vs. Vacancy Net Absorption Select Markets Q1 2012
30 18% 2
20 17% 1.5
10 16%
1
Vacancy
(msf)
0 15%
(msf)
0.5
-10 14%
-20 13% 0
Columbus
San Francisco
San Jose-Silicon Valley
Denver-Aurora
Raleigh
Suburban MD
Dallas
N New Jersey
San Mateo County
Cincinnati
Saint Louis
Nashville-Davidson
Long Island
Indianapolis
Kansas City
San Diego
Houston
Miami
Phoenix
Charlotte
Milwaukee
Westchester
Oakland-East Bay
Seattle
Louisville
Atlanta
Boston-Cambridge
New York
Baltimore
C New Jersey
Washington DC
Los Angeles
-30 12%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -0.5
09 09 09 09 10 10 10 10 11 11 11 11 12
Absorption Vacancy
Source: Cassidy Turley Research Source: BLS
cassidyturley.com | 3

4. U.S. Office Sector Analysis
Outlook cont. Asking Rents
Select Metros, 1st Quarter 2012
Still, as we remember from last year, things can very easily go wrong. Spiking gas prices can kill
%
a recovery’s momentum since they cut directly into consumer spending. U.S. gas prices averaged Rents Change
$3.92 a gallon in the week ending April 6, 2012, up almost 80 cents since December. Brent yr/yr
Crude oil prices remain elevated at around $120 per barrel as we enter the busier travel seasons of New York, NY $55.58 9.7%
spring and summer. Gas prices are almost certain to top $4.00 per gallon over the next few weeks. Washington DC $49.40 0.0%
That said, it is also worth noting that oil inventories are now on the rise. Since the first weeks of San Francisco, CA $42.29 25.6%
January this year, world-wide oil production has increased by about 30,000 barrels per day. The San Mateo County, CA $39.24 13.5%
tensions with Iran (among other factors) are keeping oil prices stubbornly high, but the increased
Boston-Cambridge, MA $31.06 0.7%
supply will eventually do its job and bring gas prices down. Thus, the most likely scenario is that
Suburban VA $31.02 3.5%
gas prices will fall after the summer, as they did last year.
Suburban MD $26.83 1.7%
The euro-crisis poses another significant downside risk. The good news is the situation in Europe San Diego, CA $26.64 -2.6%
looks far more stable currently than it did just a few months ago. The European Central Banks’ San Jose-Silicon Valley, CA $26.49 5.4%
program to offer cheap short-term loans to individual European banks has been extremely Northern New Jersey $24.65 -3.5%
successful at easing tensions. Sovereign debt yields have fallen sharply in most peripheral
Minneapolis, MN $24.60 0.2%
countries since that program was implemented back in December of 2011. Italy’s 10-year debt
Houston, TX $23.76 4.3%
was trading at a 5.4% yield as of April 11th, down from 7.1% at the beginning of the year. Even so,
Central New Jersey $23.56 0.3%
sovereign debt yields have inched up most recently – a reminder that we cannot take our eyes off
of Europe when assessing the outlook for the U.S. Baltimore, MD $22.10 -1.9%
Phoenix, AZ $20.82 -5.5%
There will always be threats, but there are also many new signs that suggest the U.S. economic Denver, CO $20.31 2.5%
recovery is maturing. Last year, the recovery was walking on eggshells. There was little margin for Tampa, FL $20.16 2.0%
error. If any aspect of the global economy had strayed from the recovery script, confidence would
Sacramento, CA $20.04 -4.0%
have plunged and consumer spending and business expansion would have halted. This year,
Dallas, TX $19.81 1.9%
there are new developments that suggest the economy is on much stronger footing. For example,
housing is finally showing clear signs of improvement. The months’ supply of existing home sales Oakland-East Bay, CA $19.80 -1.2%
is at 6.4 – very close to what is considered a balanced market. Home sales are at an 18-month Nashville, TN $19.61 -2.6%
high. For the first time in seven years, housing will contribute positively to GDP growth. It is also Raleigh, NC $19.50 -0.5%
encouraging to see that consumers appear to have grown thicker skin. Even with gas prices rising Saint Louis, MO $18.90 -2.4%
to uncomfortable levels, consumer confidence did not drop in the latest readings. Last year, a
Atlanta, GA $18.79 -0.6%
similar rise in gas prices sent confidence plunging.
Charlotte, NC $18.53 0.9%
In our baseline assumption, real GDP will grow by 2.6% in 2012, enough to generate 2.2 million
Cincinnati, OH $18.47 5.4%
net new jobs. True, a high percentage of the current jobs being created are temp jobs, but down
the road the labor market will evolve to generate more permanent payroll hiring. This will result Milwaukee, WI $18.26 -0.2%
in much stronger office space absorption figures, particularly in the second half of the year. Of Indianapolis, IN $18.09 0.6%
course, many things can go wrong, but at the moment, it would appear most things are going to go
Kansas City, MO $17.76 -1.9%
right for a while.
Source: Cassidy Turley Research
Threats Remain . . . But on track for better growth
Oil and Gas Prices Total Nonfarm Job Growth, 000’s
Gas Prices Brent Crude
2.5
$4.00 $130
$3.90 2
$125
$3.80
$3.70 $120 1.5
$3.60
$115 1
$3.50
000’s
$3.40 $110
0.5
$3.30
$105
$3.20
0
$3.10 $100
2010 2011 *2012
9-Mar-12
6-Apr-12
13-Jan-12
27-Jan-12
10-Feb-12
24-Feb-12
16-Dec-11
30-Dec-11
23-Mar-12
-0.5
-1
Unleaded Gas Brent Crude -1.5
Source: Cassidy Turley Research, OPIS Source: BLS, *Cassidy Turley Forecast
4 | Cassidy Turley

5. Investment Sales
U.S. Office Sales Volume
$30
Office Sale Volume for Select Metros
Jan - Feb 2012 $25
$ Volume Avg $20
(Millions) PPU
Billions
Manhattan, NY $1,886.9 $477 $15
DC Metro $1,146.5 $464
$10
Chicago, IL $766.4 $144
San Francisco, CA $514.1 $347 $5
NYC Boroughs $487.4 $327
$0
Seattle, WA $344.5 $287
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Aug-06
Aug-07
Aug-08
Aug-09
Aug-10
Aug-11
Dallas, TX $320.9 $136
Boston, MA $245.2 $229
Los Angeles, CA $222.8 $191 closed
Source: Real Capital Analytics
San Diego, CA $201.4 $443
Phoenix, AZ $193.0 $208
San Jose, CA $189.2 $242
U.S. Office Cap Rates
Houston, TX $183.3 $89
Minneapolis, MN $142.1 $140 10%
Austin, TX $125.0 $170
9%
Philadelphia, PA $112.0 $177
East Bay, CA $104.9 $144 8%
Portland, OR $97.9 $252
7%
Denver, CO $90.1 $95
Raleigh/Durham, NC $73.8 $118 6%
Long Island, NY $72.2 $131
5%
Tampa, FL $66.8 $201
Nashville, TN $62.8 $127 4%
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Aug-06
Aug-07
Aug-08
Aug-09
Aug-10
Aug-11
Orange County, CA $60.1 $690
Inland Empire, CA $59.0 $131
Detroit, MI $57.3 $253
CBD Suburban
North Bay, CA $47.9 $72
Source: Real Capital Analytics
Atlanta, GA $44.3 $56
Broward County, FL $42.4 $165
Baltimore, MD $38.8 $103
U.S. Office Acquisitions by Buyer Type
Source: Real Capital Analytics,
Cassidy Turley Research $200
$160
Billions
$120
$80
$40
$0
01 02 03 04 05 06 07 08 09 10 11
Cross-Border Inst'l/Eq Fund Listed/REITs Private User/other
Source: Real Capital Analytics
cassidyturley.com | 5

6. Net Absorption
2009 2010 2011 2011 1Q 2011 2Q 2011 3Q 2011 4Qr 2012 1Qp
United States -69,564,000 19,895,000 52,217,000 10,654,000 12,017,000 15,510,000 13,394,000 7,951,000
Northeast -21,512,000 7,294,000 7,246,000 -293,000 2,229,000 5,534,000 -224,000 368,000
Midwest -10,048,000 -3,523,000 3,429,000 -211,000 523,000 238,000 2,237,000 679,000
South -13,066,000 12,303,000 20,471,000 5,351,000 2,551,000 6,005,000 6,565,000 2,398,000
West -24,939,000 3,821,000 21,071,000 5,808,000 6,714,000 3,733,000 4,816,000 4,506,000
Albuquerque, NM -396,000 81,000 58,000 177,000 84,000 -240,000 36,000 -5,000
Anaheim-Santa Ana, CA -3,949,000 -410,000 242,000 80,000 36,000 -93,000 219,000 155,000
Atlanta-Sandy Springs-Marietta, GA -3,007,000 -260,000 331,000 -245,000 -51,000 199,000 428,000 200,000
Austin-Round Rock, TX -131,000 891,000 2,155,000 16,000 548,000 931,000 660,000 438,000
Baltimore, MD 62,000 830,000 778,000 115,000 52,000 501,000 110,000 -45,000
Birmingham-Hoover, AL -617,000 -49,000 377,000 116,000 151,000 21,000 90,000 -6,000
Boston-Cambridge, MA -3,935,000 643,000 622,000 -191,000 -110,000 861,000 63,000 252,000
Buffalo-Niagara Falls, NY -130,000 -93,000 322,000 -12,000 293,000 174,000 -133,000 102,000
Charleston-North Charleston, SC -275,000 138,000 285,000 141,000 47,000 7,000 90,000 -13,000
Charlotte-Gastonia-Concord, NC-SC 220,000 1,089,000 1,286,000 648,000 219,000 280,000 139,000 8,000
Chattanooga, TN-GA -33,000 -54,000 96,000 50,000 106,000 -64,000 5,000 59,000
Chicago-Joliet-Naperville, IL-IN-WI -3,223,000 -422,000 -517,000 -418,000 -1,024,000 66,000 859,000 163,000
Cincinnati-Middletown, OH-KY-IN -152,000 -350,000 263,000 -70,000 381,000 -299,000 250,000 165,000
Cleveland-Elyria-Mentor, OH -438,000 -549,000 -175,000 -301,000 -1,000 -44,000 170,000 138,000
Colorado Springs, CO -244,000 685,000 575,000 437,000 173,000 -18,000 -17,000 152,000
Columbia, SC -75,000 -131,000 308,000 29,000 51,000 55,000 172,000 -137,000
Columbus, OH -641,000 -552,000 555,000 -87,000 201,000 347,000 94,000 110,000
Dallas, TX 601,000 894,000 2,738,000 823,000 -8,000 1,139,000 784,000 -100,000
Dayton, OH -817,000 -58,000 83,000 N/A -44,000 N/A 127,000 N/A
Denver-Aurora, CO -335,000 2,284,000 1,532,000 445,000 199,000 416,000 473,000 416,000
Detroit-Warren-Livonia, MI -1,534,000 -1,035,000 1,185,000 -140,000 623,000 326,000 376,000 -232,000
Fairfield, CT -2,305,000 -661,000 720,000 381,000 76,000 374,000 -111,000 272,000
Ft. Lauderdale, FL -947,000 31,000 136,000 100,000 0 -91,000 127,000 186,000
Greensboro-Winston-Salem, NC 84,000 22,000 208,000 13,000 155,000 -68,000 108,000 143,000
Greenville, SC -367,000 98,000 199,000 63,000 19,000 96,000 21,000 79,000
Hartford-West Hartford-East Hartford, CT -412,000 -61,000 -147,000 -30,000 -143,000 35,000 -9,000 -243,000
Honolulu, HI 261,000 157,000 107,000 48,000 77,000 -15,000 -3,000 10,000
Houston, TX -508,000 725,000 2,646,000 1,034,000 -591,000 856,000 1,347,000 1,662,000
Indianapolis, IN -652,000 -376,000 -188,000 -98,000 -98,000 -86,000 94,000 40,000
Jacksonville, FL -585,000 22,000 630,000 302,000 280,000 -129,000 176,000 -43,000
Kansas City, MO-KS -353,000 -669,000 547,000 55,000 172,000 155,000 165,000 11,000
Knoxville, TN -204,000 286,000 153,000 -27,000 -64,000 117,000 127,000 154,000
Las Vegas-Paradise, NV -941,000 -721,000 994,000 486,000 276,000 364,000 -130,000 240,000
Lexington-Fayette,KY 15,000 -48,000 27,000 -3,000 -53,000 -12,000 95,000 -146,000
Little Rock-N. Little Rock, AR -142,000 36,000 22,000 19,000 10,000 26,000 -33,000 73,000
Los Angeles-Long Beach-Glendale, CA -4,514,000 -2,585,000 -383,000 3,000 -269,000 -275,000 158,000 638,000
Louisville, KY-IN -364,000 238,000 462,000 321,000 9,000 28,000 104,000 282,000
Madison, WI 44,000 -226,000 -46,000 -105,000 55,000 -33,000 36,000 109,000
Memphis, TN-MS-AR -289,000 -12,000 215,000 38,000 -19,000 102,000 94,000 -11,000
Miami-Dade, FL -796,000 754,000 1,018,000 -179,000 444,000 231,000 521,000 301,000
Milwaukee-Waukesha-West Allis, WI -597,000 -262,000 290,000 40,000 93,000 47,000 111,000 -19,000
Minneapolis-St. Paul-Bloomington, MN-WI -1,799,000 741,000 1,017,000 682,000 257,000 -114,000 192,000 39,000
Nashville-Davidson-Murfreesboro, TN 80,000 925,000 744,000 159,000 40,000 334,000 211,000 102,000
New Haven-Milford, CT -1,488,000 244,000 240,000 26,000 -5,000 22,000 197,000 22,000
6 | Cassidy Turley

7. Net Absorption
2009 2010 2011 2011 1Q 2011 2Q 2011 3Q 2011 4Qr 2012 1Qp
New Orleans-Metairie-Kenner, LA 312,000 -558,000 253,000 252,000 -41,000 23,000 18,000 83,000
New York, NY -10,871,000 9,564,000 4,217,000 -1,543,000 2,710,000 2,429,000 621,000 165,000
Long Island, NY 733,000 87,000 797,000 378,000 -291,000 771,000 -62,000 74,000
Northern New Jersey -1,508,000 -971,000 -901,000 91,000 -403,000 -363,000 -226,000 -156,000
Central New Jersey -490,000 -117,000 -149,000 -180,000 -98,000 398,000 -269,000 -169,000
Oakland-East Bay, CA -2,916,000 34,000 506,000 -353,000 623,000 520,000 -284,000 -32,000
Oklahoma City, OK 126,000 1,000 413,000 103,000 32,000 286,000 -8,000 89,000
Omaha, NE-IA -154,000 225,000 144,000 239,000 -35,000 -23,000 -37,000 29,000
Orlando, FL -1,242,000 311,000 1,232,000 346,000 196,000 356,000 333,000 296,000
West Palm Beach-Boca Raton, FL -810,000 137,000 841,000 280,000 390,000 266,000 -95,000 13,000
Philadelphia-Camden-Wilmington, PA-NJ -1,160,000 -562,000 1,157,000 523,000 192,000 652,000 -210,000 133,000
Phoenix-Mesa-Scottsdale, AZ -610,000 -52,000 653,000 -74,000 260,000 374,000 93,000 91,000
Pittsburgh, PA 322,000 221,000 649,000 152,000 229,000 42,000 226,000 224,000
Portland-South Portland-Biddeford, ME 8,000 -364,000 -238,000 -43,000 -67,000 -18,000 -110,000 27,000
Portland-Vancouver-Beaverton, OR-WA -1,158,000 -173,000 905,000 385,000 5,000 133,000 382,000 89,000
Raleigh-Durham, NC -538,000 222,000 113,000 154,000 -60,000 -165,000 183,000 300,000
Rochester, NY -87,000 -49,000 392,000 115,000 70,000 309,000 -102,000 -229,000
Sacramento-Arden-Arcade-Roseville, CA 205,000 -761,000 24,000 -261,000 64,000 168,000 52,000 -91,000
Saint Louis, MO-IL -279,000 16,000 321,000 21,000 -64,000 -80,000 -198,000 137,000
Salt Lake City, UT -559,000 781,000 1,122,000 213,000 240,000 402,000 267,000 72,000
San Antonio, TX 303,000 199,000 346,000 4,000 43,000 218,000 80,000 281,000
San Diego-Carlsbad-San Marcos, CA -476,000 607,000 686,000 -324,000 292,000 292,000 425,000 -26,000
San Francisco, CA -1,713,000 1,028,000 2,945,000 778,000 659,000 614,000 895,000 1,056,000
San Jose-Silicon Valley, CA -5,627,000 1,434,000 5,774,000 1,935,000 1,900,000 504,000 1,435,000 907,000
San Mateo County, CA 342,000 273,000 1,564,000 927,000 498,000 36,000 103,000 245,000
Seattle-Tacoma-Bellevue, WA -1,797,000 1,120,000 3,808,000 1,012,000 1,714,000 603,000 480,000 475,000
Suburban MD -686,000 107,000 868,000 340,000 223,000 -248,000 553,000 -98,000
Suburban VA -1,713,000 1,720,000 -120,000 -254,000 215,000 213,000 -293,000 -1,254,000
Syracuse, NY -120,000 22,000 -109,000 41,000 -75,000 -59,000 -15,000 -80,000
Tampa-St.Petersburg-Clearwater, FL -1,582,000 -65,000 540,000 -57,000 -52,000 290,000 360,000 -270,000
Tucson, AZ -354,000 13,000 175,000 -2,000 -37,000 -18,000 231,000 3,000
Tulsa, OK -73,000 -17,000 373,000 246,000 93,000 75,000 -41,000 22,000
Ventura County, CA -157,000 26,000 -215,000 -104,000 -79,000 -35,000 3,000 109,000
Washington DC 116,000 3,822,000 799,000 404,000 164,000 131,000 99,000 -248,000
Wichita, KS 547,000 -4,000 -50,000 -30,000 6,000 -26,000 0 -12,000
Westchester, NY -69,000 -608,000 -328,000 -2,000 -146,000 -95,000 -85,000 -26,000
Methodology and data sources explained on page 14
p = preliminary
r = revision
cassidyturley.com | 7

8. Office Vacancy Rates
2009 2010 2011 2011 1Q 2011 2Q 2011 3Q 2011 4Qr 2012 1Qp
(Quarterly Average)
United States 16.1% 17.0% 16.4% 16.7% 16.5% 16.3% 16.0% 15.9%
Northeast 14.7% 15.5% 15.4% 15.5% 15.5% 15.2% 15.4% 15.5%
Midwest 18.1% 19.5% 19.5% 19.6% 19.7% 19.5% 19.2% 19.1%
South 15.7% 16.6% 15.7% 16.0% 15.9% 15.6% 15.1% 15.0%
West 16.4% 17.1% 16.2% 16.6% 16.3% 16.2% 15.9% 15.6%
Albuquerque, NM 13.5% 14.4% 13.5% 13.1% 12.6% 14.4% 14.0% 14.3%
Anaheim-Santa Ana, CA 16.9% 18.6% 18.2% 18.2% 18.2% 18.3% 18.1% 17.9%
Atlanta-Sandy Springs-Marietta, GA 19.3% 21.3% 21.4% 21.5% 21.5% 21.3% 21.3% 21.0%
Austin-Round Rock, TX 18.9% 18.1% 14.9% 17.3% 16.2% 13.9% 12.3% 11.2%
Baltimore, MD 18.8% 19.7% 19.3% 19.2% 19.6% 19.4% 19.0% 19.6%
Birmingham-Hoover, AL 10.6% 12.4% 11.2% 11.8% 11.0% 11.2% 10.7% 10.8%
Boston-Cambridge, MA 12.5% 13.6% 14.4% 14.5% 14.5% 14.1% 14.5% 14.4%
Buffalo-Niagara Falls, NY 12.6% 13.5% 12.1% 13.5% 12.0% 11.1% 11.7% 11.2%
Charleston-North Charleston, SC 16.0% 14.6% 11.0% 11.3% 11.2% 11.1% 10.6% 10.8%
Charlotte-Gastonia-Concord, NC-SC 13.8% 14.5% 13.0% 13.2% 12.6% 13.1% 13.2% 13.0%
Chattanooga, TN-GA 15.3% 17.9% 14.9% 16.0% 13.8% 15.0% 14.9% 13.7%
Chicago-Joliet-Naperville, IL-IN-WI 17.0% 17.8% 18.4% 18.2% 18.6% 18.6% 18.2% 18.1%
Cincinnati-Middletown, OH-KY-IN 19.5% 22.9% 23.9% 23.5% 24.2% 24.3% 23.7% 23.5%
Cleveland-Elyria-Mentor, OH 17.7% 19.0% 20.5% 20.4% 20.4% 20.8% 20.3% 20.1%
Colorado Springs, CO 18.9% 16.6% 10.7% 11.5% 10.3% 10.5% 10.6% 9.5%
Columbia, SC 14.5% 16.3% 14.7% 15.7% 15.3% 14.8% 13.2% 14.4%
Columbus, OH 16.1% 18.7% 18.3% 19.7% 18.9% 17.6% 17.1% 16.8%
Dallas, TX 21.4% 22.9% 22.1% 22.1% 22.5% 22.1% 21.6% 21.6%
Dayton, OH 24.3% 28.0% 28.4% 28.3% 28.7% 28.7% 27.8% 27.8%
Denver-Aurora, CO 14.6% 14.3% 13.7% 13.9% 13.9% 13.6% 13.4% 13.2%
Detroit-Warren-Livonia, MI 24.1% 25.1% 24.5% 25.5% 24.7% 24.2% 23.7% 23.9%
Fairfield, CT 19.1% 21.3% 20.5% 20.9% 20.7% 20.1% 20.3% 19.8%
Ft. Lauderdale, FL 16.6% 18.2% 18.1% 18.1% 18.1% 18.4% 17.9% 17.2%
Greensboro-Winston-Salem, NC 18.4% 18.8% 18.3% 18.9% 18.0% 18.4% 17.8% 17.0%
Greenville, SC 18.2% 19.4% 18.1% 18.7% 18.4% 17.7% 17.4% 16.7%
Hartford-West Hartford-East Hartford, CT 19.3% 21.7% 22.9% 22.4% 23.1% 23.0% 23.1% 24.1%
Honolulu, HI 7.3% 7.1% 6.8% 7.0% 6.7% 6.7% 6.7% 6.7%
Houston, TX 15.3% 15.9% 15.5% 15.5% 15.8% 15.7% 15.1% 14.3%
Indianapolis, IN 19.9% 21.0% 20.6% 20.7% 20.7% 20.6% 20.3% 20.2%
Jacksonville, FL 19.0% 19.8% 17.3% 18.0% 16.9% 17.4% 16.7% 17.1%
Kansas City, MO-KS 19.2% 20.8% 21.8% 22.1% 21.9% 21.8% 21.5% 21.5%
Knoxville, TN 15.5% 16.6% 17.1% 17.1% 18.6% 17.2% 15.4% 13.3%
Las Vegas-Paradise, NV 21.4% 23.9% 21.8% 22.4% 22.1% 21.1% 21.7% 21.8%
Lexington-Fayette,KY 16.5% 16.9% 18.6% 18.2% 19.4% 19.4% 17.2% 20.6%
Little Rock-N. Little Rock, AR 11.1% 12.1% 11.5% 11.7% 11.6% 11.1% 11.4% 10.9%
Los Angeles-Long Beach-Glendale, CA 12.2% 13.7% 14.2% 14.1% 14.2% 14.4% 14.4% 14.1%
Louisville, KY-IN 13.8% 15.0% 15.6% 14.4% 16.4% 16.5% 15.2% 15.8%
Madison, WI 8.7% 9.4% 10.2% 10.3% 10.1% 10.2% 10.2% 9.7%
Memphis, TN-MS-AR 18.2% 19.0% 18.8% 19.1% 19.2% 18.7% 18.2% 18.2%
Miami-Dade, FL 13.4% 14.3% 14.2% 14.5% 14.1% 14.7% 13.5% 12.8%
Milwaukee-Waukesha-West Allis, WI 19.4% 20.9% 20.9% 21.4% 21.1% 20.5% 20.5% 20.9%
Minneapolis-St. Paul-Bloomington, MN-WI 18.9% 19.3% 17.6% 17.0% 18.1% 17.7% 17.5% 17.2%
Nashville-Davidson-Murfreesboro, TN 16.0% 15.7% 13.4% 14.0% 14.0% 13.1% 12.6% 12.3%
8 | Cassidy Turley

9. Office Vacancy Rates
2009 2010 2011 2011 1Q 2011 2Q 2011 3Q 2011 4Qr 2012 1Qp
(Quarterly Average)
New Haven-Milford, CT 16.3% 16.6% 16.1% 16.0% 16.1% 15.8% 16.3% 16.1%
New Orleans-Metairie-Kenner, LA 8.5% 9.1% 10.1% 10.1% 10.2% 10.1% 10.0% 9.8%
New York, NY 13.5% 12.0% 11.5% 12.3% 11.6% 11.0% 10.9% 10.6%
Long Island, NY 16.4% 16.7% 16.2% 16.2% 16.7% 15.9% 15.9% 15.8%
Northern New Jersey 13.2% 14.0% 14.6% 14.3% 14.4% 14.8% 14.9% 15.0%
Central New Jersey 16.3% 16.5% 16.5% 16.6% 16.7% 16.2% 16.5% 16.6%
Oakland-East Bay, CA 17.3% 18.3% 19.0% 19.7% 19.2% 18.8% 18.1% 17.7%
Oklahoma City, OK 15.7% 16.6% 16.2% 16.9% 16.6% 15.6% 15.6% 15.5%
Omaha, NE-IA 14.8% 15.6% 14.4% 13.8% 14.5% 14.5% 14.7% 14.4%
Orlando, FL 15.3% 16.5% 13.8% 14.9% 14.5% 13.4% 12.4% 11.9%
West Palm Beach-Boca Raton, FL 17.6% 18.4% 14.9% 16.4% 15.0% 13.9% 14.3% 14.3%
Philadelphia-Camden-Wilmington, PA-NJ 12.9% 13.9% 13.3% 13.5% 13.6% 13.0% 13.2% 13.1%
Phoenix-Mesa-Scottsdale, AZ 25.8% 27.7% 28.1% 28.3% 28.0% 28.1% 27.9% 28.2%
Pittsburgh, PA 15.4% 15.5% 14.8% 15.2% 14.8% 14.6% 14.6% 14.4%
Portland-South Portland-Biddeford, ME 8.1% 9.2% 11.3% 10.8% 11.2% 11.2% 11.8% 11.7%
Portland-Vancouver-Beaverton, OR-WA 13.3% 14.3% 12.9% 13.2% 13.2% 13.0% 12.3% 12.1%
Raleigh-Durham, NC 18.7% 19.2% 18.7% 19.0% 18.9% 18.5% 18.3% 17.8%
Rochester, NY 15.8% 16.1% 14.1% 15.2% 14.7% 12.7% 13.8% 15.3%
Sacramento-Arden-Arcade-Roseville, CA 15.7% 16.7% 17.7% 17.6% 17.7% 17.6% 18.0% 18.0%
Saint Louis, MO-IL 15.7% 16.5% 16.9% 16.9% 16.9% 16.9% 16.9% 16.8%
Salt Lake City, UT 12.8% 14.4% 12.1% 13.3% 12.5% 11.7% 10.8% 11.1%
San Antonio, TX 16.6% 17.2% 17.7% 18.1% 18.2% 17.4% 17.3% 16.9%
San Diego-Carlsbad-San Marcos, CA 21.1% 19.9% 19.3% 19.8% 19.6% 19.1% 18.6% 18.7%
San Francisco, CA 15.5% 15.6% 12.4% 13.6% 12.8% 12.1% 11.0% 10.3%
San Jose-Silicon Valley, CA 18.2% 18.7% 15.5% 16.7% 15.6% 15.2% 14.4% 13.8%
San Mateo County, CA 18.2% 16.3% 13.2% 14.0% 13.0% 13.0% 12.8% 13.2%
Seattle-Tacoma-Bellevue, WA 14.2% 16.9% 15.1% 16.4% 15.2% 14.7% 14.1% 13.5%
Suburban MD 14.5% 15.2% 15.4% 15.5% 15.4% 15.6% 15.1% 15.5%
Suburban VA 14.0% 14.3% 14.1% 14.1% 14.1% 14.0% 14.2% 15.4%
Syracuse, NY 13.0% 13.1% 14.2% 13.3% 13.9% 14.7% 14.8% 15.4%
Tampa-St.Petersburg-Clearwater, FL 19.6% 21.0% 20.7% 21.0% 21.1% 20.6% 20.1% 20.3%
Tucson, AZ 13.5% 14.2% 14.5% 14.2% 15.0% 15.2% 13.8% 13.7%
Tulsa, OK 17.4% 17.6% 16.4% 16.8% 16.4% 16.0% 16.3% 16.2%
Ventura County, CA 17.3% 17.5% 20.3% 19.3% 20.3% 20.8% 20.8% 19.5%
Washington DC 10.0% 11.1% 10.4% 10.3% 10.3% 10.6% 10.4% 10.4%
Wichita, KS 17.5% 17.7% 17.4% 17.4% 17.3% 17.5% 17.5% 17.5%
Westchester, NY 16.4% 18.1% 18.9% 18.3% 18.9% 19.1% 19.2% 19.3%
Methodology and data sources explained on page 14
p = preliminary
r = revisions
* Vacancy = Direct + Sublet
cassidyturley.com | 9

10. Asking Rents
2009 2010 2011 2011 1Q 2011 2Q 2011 3Q 2011 4Qr 2012 1Qp
(Quarterly Average)
United States $21.89 $21.36 $21.40 $21.36 $21.37 $21.41 $21.47 $21.60
Northeast $24.39 $23.30 $23.77 $23.63 $23.66 $23.78 $24.02 $24.33
Midwest $18.43 $18.30 $18.27 $18.20 $18.27 $18.34 $18.26 $18.24
South $20.94 $20.77 $20.56 $20.61 $20.55 $20.54 $20.54 $20.61
West $23.96 $22.96 $23.12 $23.04 $23.08 $23.12 $23.22 $23.44
Albuquerque, NM $16.42 $16.12 $15.58 $15.82 $15.77 $15.45 $15.30 $15.31
Anaheim-Santa Ana, CA $26.32 $23.68 $22.52 $22.79 $22.62 $22.42 $22.23 $21.80
Atlanta-Sandy Springs-Marietta, GA $19.58 $19.10 $18.77 $18.91 $18.76 $18.60 $18.82 $18.79
Austin-Round Rock, TX $25.24 $24.81 $24.36 $24.12 $24.40 $24.49 $24.42 $24.54
Baltimore, MD $22.97 $22.66 $22.19 $22.53 $22.15 $22.13 $21.93 $22.10
Birmingham-Hoover, AL $17.93 $17.67 $17.74 $17.69 $17.62 $17.73 $17.95 $17.92
Boston-Cambridge, MA $35.53 $29.97 $31.01 $30.85 $30.91 $31.17 $31.09 $31.06
Buffalo-Niagara Falls, NY $15.79 $16.38 $16.73 $16.69 $16.57 $16.95 $16.73 $16.75
Charleston-North Charleston, SC $19.10 $19.25 $19.01 $19.10 $18.87 $19.23 $18.83 $18.65
Charlotte-Gastonia-Concord, NC-SC $19.78 $19.02 $18.40 $18.37 $18.49 $18.25 $18.50 $18.53
Chattanooga, TN-GA $14.73 $14.22 $13.92 $13.59 $13.77 $13.78 $14.55 $15.04
Chicago-Joliet-Naperville, IL-IN-WI $25.18 $24.64 $24.43 $24.40 $24.33 $24.49 $24.50 $25.11
Cincinnati-Middletown, OH-KY-IN $18.00 $17.88 $18.15 $17.53 $18.22 $18.37 $18.46 $18.47
Cleveland-Elyria-Mentor, OH $17.80 $18.17 $17.83 $18.04 $17.79 $17.71 $17.78 $18.01
Colorado Springs, CO $16.47 $15.49 $16.04 $15.84 $15.94 $15.95 $16.43 $16.31
Columbia, SC $15.69 $15.88 $15.60 $15.68 $15.74 $15.56 $15.44 $15.51
Columbus, OH $18.70 $17.73 $17.21 $17.31 $17.23 $17.20 $17.09 $17.11
Dallas, TX $21.32 $19.78 $19.53 $19.45 $19.50 $19.65 $19.53 $19.81
Dayton, OH $14.96 $14.75 $14.56 $14.53 $14.63 $14.63 $14.46 $14.46
Denver-Aurora, CO $20.67 $19.92 $20.14 $19.82 $20.20 $20.26 $20.27 $20.31
Detroit-Warren-Livonia, MI $18.92 $18.68 $18.31 $18.46 $18.29 $18.22 $18.28 $18.21
Fairfield, CT $31.58 $29.84 $30.42 $29.93 $30.08 $30.17 $31.48 $34.14
Ft. Lauderdale, FL $25.33 $24.88 $24.49 $24.82 $24.60 $24.32 $24.22 $24.05
Greensboro-Winston-Salem, NC $15.39 $15.31 $15.44 $15.46 $15.40 $15.54 $15.38 $15.35
Greenville, SC $15.97 $16.07 $15.76 $15.97 $15.92 $15.53 $15.64 $15.59
Hartford-West Hartford-East Hartford, CT $19.49 $19.09 $19.39 $19.28 $19.51 $19.48 $19.32 $19.07
Honolulu, HI $23.57 $27.19 $28.56 $28.94 $28.87 $28.25 $28.18 $28.78
Houston, TX $23.92 $23.15 $22.96 $22.79 $22.72 $23.01 $23.33 $23.76
Indianapolis, IN $17.59 $17.55 $18.08 $17.98 $18.11 $18.11 $18.11 $18.09
Jacksonville, FL $18.28 $17.69 $17.05 $17.15 $17.07 $16.99 $16.99 $17.07
Kansas City, MO-KS $18.79 $18.35 $18.10 $18.10 $18.21 $18.10 $17.97 $17.76
Knoxville, TN $15.73 $15.92 $15.85 $15.90 $15.91 $15.70 $15.91 $15.88
Las Vegas-Paradise, NV $24.30 $22.68 $21.59 $22.02 $21.86 $21.46 $21.04 $20.88
Lexington-Fayette,KY $16.37 $16.74 $15.89 $16.14 $16.02 $15.90 $15.51 $15.52
Little Rock-N. Little Rock, AR $14.59 $15.05 $14.98 $15.51 $15.47 $14.46 $14.46 $15.05
Los Angeles-Long Beach-Glendale, CA $31.11 $29.41 $29.26 $29.09 $29.09 $29.27 $29.60 $29.39
Louisville, KY-IN $15.84 $16.90 $17.00 $17.18 $17.00 $16.84 $16.97 $16.97
Madison, WI $16.15 $16.70 $17.36 $17.08 $17.09 $17.52 $17.74 $17.25
Memphis, TN-MS-AR $17.54 $18.95 $18.82 $18.78 $18.73 $18.93 $18.82 $18.86
Miami-Dade, FL $29.56 $28.55 $27.52 $27.70 $27.62 $27.39 $27.37 $27.31
Milwaukee-Waukesha-West Allis, WI $18.07 $18.38 $18.35 $18.29 $18.26 $18.65 $18.21 $18.26
Minneapolis-St. Paul-Bloomington, MN-WI $24.60 $24.60 $24.58 $24.55 $24.55 $24.60 $24.60 $24.64
Nashville-Davidson-Murfreesboro, TN $20.23 $20.17 $19.96 $20.13 $19.91 $20.00 $19.80 $19.61
10 | Cassidy Turley

11. Asking Rents
2009 2010 2011 2011 1Q 2011 2Q 2011 3Q 2011 4Qr 2012 1Qp
(Quarterly Average)
New Haven-Milford, CT $20.50 $20.38 $20.01 $20.28 $20.03 $19.85 $19.85 $20.11
New Orleans-Metairie-Kenner, LA $15.22 $15.39 $14.96 $14.94 $14.87 $15.03 $14.98 $14.97
New York, NY $51.10 $47.66 $51.99 $50.66 $51.44 $52.01 $53.84 $55.58
Long Island, NY $26.44 $26.26 $25.97 $25.93 $26.14 $25.79 $26.00 $26.11
Northern New Jersey $26.39 $25.38 $25.00 $25.55 $24.92 $24.82 $24.72 $24.65
Central New Jersey $23.91 $23.23 $23.37 $23.48 $23.43 $23.31 $23.24 $23.56
Oakland-East Bay, CA $21.61 $20.71 $20.06 $20.04 $20.16 $20.10 $19.92 $19.80
Oklahoma City, OK $13.96 $13.67 $13.41 $13.58 $13.41 $13.47 $13.17 $13.25
Omaha, NE-IA $16.74 $17.01 $17.30 $17.26 $17.35 $17.46 $17.10 $16.94
Orlando, FL $21.31 $20.20 $19.69 $19.84 $19.71 $19.63 $19.61 $19.71
West Palm Beach-Boca Raton, FL $28.28 $27.73 $27.09 $27.30 $27.13 $26.97 $26.96 $26.81
Philadelphia-Camden-Wilmington, PA-NJ $23.44 $22.99 $23.05 $22.84 $23.08 $23.14 $23.11 $23.18
Phoenix-Mesa-Scottsdale, AZ $23.80 $22.71 $21.72 $22.03 $21.94 $21.63 $21.29 $20.82
Pittsburgh, PA $19.34 $19.49 $19.38 $19.44 $19.29 $19.33 $19.49 $19.46
Portland-South Portland-Biddeford, ME $14.53 $14.50 $14.36 $14.50 $14.35 $14.24 $14.36 $14.40
Portland-Vancouver-Beaverton, OR-WA $20.84 $20.61 $20.60 $20.63 $20.58 $20.65 $20.52 $20.45
Raleigh-Durham, NC $19.70 $19.60 $19.53 $19.60 $19.52 $19.50 $19.50 $19.50
Rochester, NY $14.81 $14.08 $13.96 $14.05 $14.05 $13.91 $13.83 $13.88
Sacramento-Arden-Arcade-Roseville, CA $22.44 $21.48 $20.52 $20.88 $20.76 $20.28 $20.16 $20.04
Saint Louis, MO-IL $19.77 $19.44 $19.22 $19.37 $19.35 $19.15 $18.99 $18.90
Salt Lake City, UT $18.08 $17.76 $17.55 $17.69 $17.53 $17.43 $17.55 $17.59
San Antonio, TX $18.98 $19.05 $19.43 $19.36 $19.63 $19.50 $19.26 $19.53
San Diego-Carlsbad-San Marcos, CA $30.09 $27.57 $26.94 $27.36 $27.24 $26.52 $26.64 $26.64
San Francisco, CA $35.75 $32.04 $35.75 $33.66 $34.77 $36.39 $38.17 $42.29
San Jose-Silicon Valley, CA $27.10 $25.19 $25.60 $25.13 $25.34 $25.65 $26.27 $26.49
San Mateo County, CA $33.00 $30.81 $36.42 $34.56 $35.28 $37.92 $37.92 $39.24
Seattle-Tacoma-Bellevue, WA $28.54 $27.24 $26.67 $26.91 $26.62 $26.50 $26.65 $26.47
Suburban MD $27.46 $26.61 $26.62 $26.38 $26.57 $26.86 $26.68 $26.83
Suburban VA $29.74 $29.56 $30.28 $29.98 $29.98 $30.30 $30.86 $31.02
Syracuse, NY $14.58 $14.18 $14.89 $14.29 $14.33 $15.45 $15.48 $15.64
Tampa-St.Petersburg-Clearwater, FL $20.61 $20.03 $19.85 $19.77 $19.65 $19.68 $20.30 $20.16
Tucson, AZ $20.92 $20.17 $19.67 $19.88 $19.71 $19.64 $19.44 $19.15
Tulsa, OK $14.63 $15.77 $15.77 $15.80 $15.81 $15.80 $15.66 $15.69
Ventura County, CA $24.69 $24.16 $23.67 $23.88 $23.77 $23.52 $23.51 $23.68
Washington DC $47.54 $48.70 $49.41 $49.39 $49.12 $49.78 $49.36 $49.40
Wichita, KS $12.11 $12.16 $11.86 $11.74 $11.84 $11.94 $11.93 $11.91
Westchester, NY $28.36 $26.04 $27.07 $26.71 $26.78 $27.04 $27.74 $27.31
Methodology and data sources explained on page 14
p = preliminary
cassidyturley.com | 11

12. Inventory
Inventory Change
Inventory Vacant Stock U/C (as of 2012 Q1)
(YTD 2012)
National Total 5,352,055,000 853,958,000 5,088,000 42,143,000
Albuquerque, NM 13,432,000 1,924,000 44,000 21,000
Anaheim-Santa Ana, CA 82,523,000 14,745,000 0 0
Atlanta-Sandy Springs-Marietta, GA 186,539,000 39,173,000 16,000 811,000
Austin-Round Rock, TX 40,519,000 4,546,000 0 346,000
Baltimore, MD 73,015,000 14,311,000 475,000 494,000
Birmingham-Hoover, AL 18,380,000 1,980,000 0 38,000
Boston-Cambridge, MA 149,450,000 21,525,000 0 1,229,000
Buffalo-Niagara Falls, NY 20,832,000 2,330,000 0 0
Charleston-North Charleston, SC 7,720,000 833,000 0 0
Charlotte-Gastonia-Concord, NC-SC 97,447,000 12,668,000 0 0
Chattanooga, TN-GA 4,834,000 661,000 0 0
Chicago-Joliet-Naperville, IL-IN-WI 244,093,000 44,301,000 0 0
Cincinnati-Middletown, OH-KY-IN 32,908,000 7,727,000 0 0
Cleveland-Elyria-Mentor, OH 35,226,000 7,081,000 80,000 0
Colorado Springs, CO 14,920,000 1,422,000 0 0
Columbia, SC 10,750,000 1,552,000 0 0
Columbus, OH 26,610,000 4,457,000 0 862,000
Dallas, TX 203,662,000 43,991,000 18,000 866,000
Dayton, OH 13,888,000 3,861,000 0 488,000
Denver-Aurora, CO 169,415,000 22,363,000 446,000 794,000
Detroit-Warren-Livonia, MI 75,755,000 18,139,000 0 80,000
Fairfield, CT 58,071,000 11,498,000 0 75,000
Ft. Lauderdale, FL 27,099,000 4,660,000 0 0
Greensboro-Winston-Salem, NC 17,891,000 3,034,000 0 39,000
Greenville, SC 8,890,000 1,482,000 15,000 254,000
Hartford-West Hartford-East Hartford, CT 24,627,000 5,941,000 22,000 0
Honolulu, HI 25,584,000 1,714,000 0 0
Houston, TX 218,354,000 31,225,000 1,139,000 2,876,000
Indianapolis, IN 317,709,000 64,177,000 0 0
Jacksonville, FL 24,869,000 4,241,000 49,000 0
Kansas City, MO-KS 48,716,000 10,456,000 0 287,000
Knoxville, TN 7,060,000 936,000 0 0
Las Vegas-Paradise, NV 26,574,000 5,797,000 355,000 266,000
Lexington-Fayette,KY 4,364,000 897,000 0 139,000
Little Rock-N. Little Rock, AR 10,445,000 1,143,000 24,000 0
Los Angeles-Long Beach-Glendale, CA 195,803,000 27,664,000 225,000 1,455,000
Louisville, KY-IN 20,868,000 3,297,000 229,000 229,000
Madison, WI 21,954,000 2,127,000 0 78,000
Memphis, TN-MS-AR 19,504,000 3,558,000 0 26,000
Miami-Dade, FL 43,053,000 5,526,000 0 503,000
Milwaukee-Waukesha-West Allis, WI 28,011,000 5,854,000 0 0
Minneapolis-St. Paul-Bloomington, MN-WI 69,112,000 11,887,000 0 0
Nashville-Davidson-Murfreesboro, TN 33,248,000 4,078,000 0 670,000
New Haven-Milford, CT 12,163,000 1,959,000 0 140,000
New Orleans-Metairie-Kenner, LA 36,065,000 3,540,000 0 0
New York, NY 460,969,000 48,863,000 0 10,078,000
Long Island, NY 71,015,000 11,220,000 0 0
Northern New Jersey 148,004,000 22,201,000 0 768,000
Central New Jersey 104,834,000 17,402,000 52,000 506,000
12 | Cassidy Turley

13. Inventory
Inventory Change
Inventory Vacant Stock U/C (as of 2012 Q1)
(YTD 2012)
Oakland-East Bay, CA 110,056,000 19,480,000 0 90,000
Oklahoma City, OK 17,886,000 2,768,000 73,000 2,152,000
Omaha, NE-IA 18,000,000 2,599,000 0 1,031,000
Orlando, FL 32,918,000 3,910,000 134,000 280,000
West Palm Beach-Boca Raton, FL 24,101,000 3,436,000 0 180,000
Philadelphia-Camden-Wilmington, PA-NJ 112,361,000 14,751,000 0 1,469,000
Phoenix-Mesa-Scottsdale, AZ 68,247,000 19,246,000 0 0
Pittsburgh, PA 49,932,000 7,194,000 130,000 530,000
Portland-South Portland-Biddeford, ME 17,886,000 2,092,000 0 0
Portland-Vancouver-Beaverton, OR-WA 41,332,000 4,991,000 0 507,000
Raleigh-Durham, NC 46,825,000 8,312,000 0 48,000
Rochester, NY 15,638,000 2,390,000 0 0
Sacramento-Arden-Arcade-Roseville, CA 84,732,000 15,252,000 72,000 0
Saint Louis, MO-IL 46,441,000 7,802,000 227,000 111,000
Salt Lake City, UT 30,472,000 3,384,000 170,000 1,125,000
San Antonio, TX 29,036,000 4,894,000 200,000 1,097,000
San Diego-Carlsbad-San Marcos, CA 73,319,000 13,728,000 0 372,000
San Francisco, CA 82,779,000 8,485,000 0 71,000
San Jose-Silicon Valley, CA 199,568,000 27,600,000 0 1,950,000
San Mateo County, CA 50,381,000 6,650,000 0 0
Seattle-Tacoma-Bellevue, WA 84,275,000 11,384,000 0 1,007,000
Suburban MD 71,714,000 11,116,000 185,000 631,000
Suburban VA 152,959,000 23,556,000 655,000 2,644,000
Syracuse, NY 12,696,000 1,957,000 0 0
Tampa-St.Petersburg-Clearwater, FL 59,501,000 12,079,000 54,000 355,000
Tucson, AZ 6,172,000 847,000 0 98,000
Tulsa, OK 20,303,000 3,282,000 0 51,000
Ventura County, CA 8,370,000 1,629,000 0 117,000
Washington DC 122,051,000 12,751,000 0 1,808,000
Wichita, KS 13,847,000 2,425,000 0 0
Westchester, NY 41,483,000 8,006,000 0 0
Methodology and data sources explained on page 14
p = preliminary
Under construction and inventory change figures are derived from Cassidy Turley’s proprietary
sample and taken directly from CoStar’s database for certain markets.
cassidyturley.com | 13

14. Methodology
Methodology
Cassidy Turley’s quarterly estimates are derived from a variety of data sources, including its
own proprietary sample of market activity, historical inventory data from Reis LLC, Bureau
Disclaimer of Labor Statistics Employment data, CoStar and other third party data sources. The market
statistics are calculated from a base building inventory made up of office properties deemed
This report and other research materials may
to be competitive in the local office markets. Generally, owner-occupied and federally-owned
be found on our website at www.cassidyturley. buildings are not included. Single-tenant buildings and privately-owned buildings in which
com. This is a research document of Cassidy the federal government leases space are included. Older buildings unfit for occupancy or
Turley in Washington, DC. Questions related ones that require substantial renovation before tenancy are generally not included in the
to information herein should be directed competitive inventory. The inventory is subject to revisions due to resampling. Vacant space
to the Research Department at 202-463- is defined as space that is available immediately or three months (90 days) after the end of
2100. Information contained herein has the quarter. Sublet space still occupied by the tenant is not counted as available space.
been obtained from sources deemed reliable
and no representation is made as to the The figures provided for the current quarter are preliminary, and all information contained in
accuracy thereof. Cassidy Turley is a leading the report is subject to correction of errors and revisions based on additional data received.
commercial real estate services provider, with
455 million square feet managed on behalf
of institutional, private and corporate clients Explanation of Terms
and $22 billion in completed transactions Total Inventory: The total amount of office space (in buildings greater than 10,000 square
for 2011. feet) that can be rented by a third party.
Total Space Available: The sums of new, relet, and sublet space that is unoccupied and
being actively marketed.
Vacancy Rate: The amount of unoccupied space (new, relet, and sublet) expressed as a
percentage of total inventory. (Total Unoccupied Space divided by Total Inventory.)
Absorption: The net change in occupied space between two points in time. (Total occupied
space in the previous quarter minus total occupied space in the present quarter, quoted on
a net, not gross, basis.)
Asking Rents: Gross average asking rents.
Regional Map
West
Midwest
South
Northeast
14 | Cassidy Turley

15. A Leader in Commercial Real Estate Services
Key At Cassidy Turley, we are market leaders, industry leaders and community leaders.
Statistics Nationwide, clients recognize us for the creative sophistication of our real estate advice
as well as for the discipline and accuracy of our service delivery. We are a trusted partner
and advocate, supporting our clients’ overall business performance. In markets across the
country, we are respected as a leading provider of commercial real estate services as well
• More than 60 U.S. offices
as for our community engagement. Our thorough understanding of local business practices
• 65 international offices* and market dynamics, combined with our customer focus and service commitment, give our
• More than 3,500 professionals clients a distinct edge in commercial real estate across the globe.
• More than 900 brokers
Local Market Leaders, Nationwide
• 2011 transactions
• Our professionals have deep ties to our communities and our industry, and a thorough
– Gross transaction volume understanding of local business leaders and practices, giving Cassidy Turley and our
$22 billion clients an edge.
– Gross capital markets
• Our in-depth, local market knowledge provides a comprehensive understanding of
volume $10.3 billion
market dynamics and enables us to effectively forecast market trends – providing
• 455 million sf managed insight to clients and helping them make informed real estate decisions.
portfolio
• Our leadership position is recognized in the communities we serve. We are often rated
• More than 28,000 client
in local business journals as a “Best Place to Work,” and are honored for our many
locations served
local philanthropic efforts.
*Through GVA Partnership
Industry Leadership
• Named to Leaders List of 2012 Global Outsourcing 100
• Over 80% of real estate executives familiar with our brand ranked it Very Good or
Excellent – Wall Street Journal survey
• Ranked in the Top Five in Best Practices Index – Commercial Property Executive
• Platinum ranking in Greenest Companies Index – Commercial Property Executive
• Top 5 in Office Sales over $25 Million Nationwide – Real Estate Alert
World-Class Expertise
• Many of our associates have honed their skills in their respective markets for years –
even decades – gaining an understanding of industry best practices and serving as
thought leaders.
• Cassidy Turley has served clients’ needs outside of the United States since 1985. In
order to better serve our clients in Europe and Asia-Pacific, Cassidy Turley is proud to
partner with GVA, the founder and majority shareholder of GVA Worldwide, which serves
key markets in over 25 countries
cassidyturley.com