Cleveland, Ohio

Clearly Objective.

Property Type: Office

Rent and Vacancy Changes

(since last quarter) Submarkets 1.Rockside Rd Corr 2.Chagrin Corridor 3.Cleveland East 4.Downtown 5.Cleveland West Rent -0.0% 0.0% -0.0% 0.0% 0.0% Vacancy -50 bps 150 bps -90 bps 140 bps -150 bps

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Changes from Previous Quarter / 5 year Forecast Change from Previous Quarter
Markets Cleveland Midwest Region United States Metro vs.Region Metro vs.US Rent 0.2% 0.2% 0.4% 0.0% -0.2% Vacancy 60 bps 0 bps -10 bps 60 bps 70 bps Inventory 1.7% 0.1% 0.1% 0.0% 0.0% Markets Cleveland Midwest Region United States Metro vs.Region Metro vs.US

5 Year Forecast

(Avg Annual Growth Rate 2012 - 2016) Rent 2.2% 2.5% 3.0% -0.3% -0.8% Vacancy 1,935 bps 1,802 bps 1,561 bps 133 bps 374 bps Inventory 1.3% 0.8% 0.9% 0.0% 0.0%

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Metropolitan Office Rankings Q4 2011 Vacancy Rate

99.Jacksonville, FL 100.Tampa-St. Petersburg, FL 101.Atlanta, GA 102.Colorado Springs, CO 103.Fairfield County, CT 104.Cleveland, OH 20.6% 20.6% 20.7% 20.7% 20.7% 21.0% 105.Palm Beach, FL 106.Sarasota, FL 107.Lansing, MI 108.San Jose, CA 109.Fort Pierce, FL 21.5% 21.6% 21.7% 21.9% 22.3% 64.Syracuse, NY 65.Appleton-Oshkosh, WI 66.Atlanta, GA 67.Boulder, CO 68.Buffalo, NY 69.Cleveland, OH

(Based on 132 U.S. Markets)

Rent Growth
0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 70.Columbus, OH 71.Davenport-Moline, IL 72.Denver, CO 73.Detroit, MI 74.Fort Wayne, IN 0.2% 0.2% 0.2% 0.2% 0.2%

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Reis Services, LLC

This report has been generated for the exclusive use of of The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com.

Cleveland, Ohio
Clearly Objective.

Property Type: Office

Capital Markets Overview

Sales Trends
Q4 2011 # Transactions Q3 2011 Q2 2011 Q1 2011 Submarket Chagrin Corridor Chagrin Corridor Cleveland West Cleveland West Cleveland East Q4 2011 Total Value Q3 2011 Q2 2011 Q1 2011

Recent Sales
Built Price Range Date

Cap Rate Trends

Q4 2011 Mean Q3 2011 Q2 2011 Q1 2011

--

1989 1969 2001 1985 2002 1988 1979 1991 1910 1999

$25 - $49 $75 - $99 $50 - $74 $75 - $99 $150 - $199 $25 - $49 $75 - $99 null $25 - $49 null

Q4 2011 Q4 2011 Q4 2011 Q4 2011 Q4 2011 Q3 2011 Q3 2011 Q3 2011 Q3 2011 Q3 2011

10.2%

--

--

10.8%

Q4 2011 Median

Q3 2011

Q2 2011

Q1 2011

$97

$0

$37

$42

Chagrin Corridor Cleveland West Cleveland West Cleveland West Rockside Rd Corr

10.2%

--

--

10.8%

Q4 2011 Mean Price (PSF)

Q3 2011

Q2 2011

Q1 2011 View All Property Sales... Address Specific Search... 12 Month Rolling

Q4 2011

Q3 2011

Q2 2011

Q1 2011

97.2

0.0

18.6

42.3

10.5%

10.8%

8.6%

8.6%

Most Recent Updates Most Recent Observations

Location Cleveland East Chagrin Corridor Chagrin Corridor Cleveland East Cleveland East Cleveland East Chagrin Corridor Cleveland East Chagrin Corridor Chagrin Corridor Bldg ID Class Floors Rent Location Downtown Downtown Cleveland West Chagrin Corridor Downtown Cleveland East Chagrin Corridor Rockside Rd Corr Rockside Rd Corr Cleveland West

Latest New Construction Updates

Subtype Size Range Headline

Most Recent News Stories

Date

O1681620 O474590 O474240 O1034200 O1241900 O474140 O474030 O474950 O475050 O474440

BC BC A A A BC BC A A BC

3 1 6 3 3 1 1 3 3 3

$9 $18 $35 $23 $15 $18 $14 $23 $20 $17

Office Office Government Office Office Office Office Office Office Office Office

310,000 - 410,000 Forest City Joins National "better Buildings... 110,000 - 210,000 Room for Expansion Drives Cleaning Supply Wh... 0 - 110,000 410,000 - 0 410,000 - 0 0 - 110,000 0 - 110,000
Mystery Buyer Lands Chase Tower; $13 Million... United Airlines to Locate Great Lakes Region... United Airlines to Lease Greater Cleveland P... Toronto-Based Skyline International Developm... Cleveland Casino Developer to Acquire Ritz-C...

12/19/2011 11/28/2011 11/28/2011 11/25/2011 11/11/2011 12/21/2011 12/23/2011 11/18/2011 01/06/2012

110,000 - 210,000 @ Cleveland Cleveland Office -- Vacancies An... 0 - 110,000 0 - 110,000

Toronto-Based Skyline International Developm...

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National Office Real Estate Trends Vacancy Supply and Demand Inventory Change Market Rent

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Reis Services, LLC

This report has been generated for the exclusive use of of The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com.