4Q 2017 Office Market Performance *

San Francisco, aka Camelot:

• 12.5 M square feet available (direct + sublease).
• 800,000 sf of available space came on the market during the past 30 days.
• 10.1% total inventory is available
• 5.2M sf under construction (will add 5% to total inventory).
• Market size 116M sf
• Total Net Absorption, Q4: 155,000

Total DIRECT Net Absorption: 207,000 sf (1st quarter of positive growth in the past 6 quarters)

• 2017 Year-End Net Absorption: <617,000 sf>

San Mateo County:

• 6.1 M square feet available (direct + sublease).
• 11.2% total available
• 3.5M sf under construction (will add 7% to total inventory).
• Market size 51M sf
• Total Net Absorption, Q4: 236,000 sf.

Total DIRECT Net Absorption: 187,000 sf.

• 2017 Year-End Net Absorption: 820,000 sf

Alameda/Contra Costa Counties:

• 12.6 M square feet available (direct + sublease)
• 11% total available
• 1.8M sf under construction (will add <2% to total inventory).
• Market size 111M sf
• Total Net Absorption, Q4: <307,000 sf> (3rd consecutive quarter of major negative market performance)

Total DIRECT Net Absorption: <243,000 sf>

• 2017 Year-End Net Absorption: <1,058,000 sf>

*1/18/18

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