San Francisco, aka Camelot:
▪ 11.3 M square feet available (direct + sublease).
▪ 1.3M sf of available space came on the market during the past 30 days.
▪ 9.1% total inventory is available.
▪ 4.5M sf under construction (will add 4% to total inventory).
▪ Market size 121M sf
▪ Total Net Absorption, Q3: 666k sf.
▪ Total leasing activity at 3M sf = lowest in six quarters.
      • Subleasing activity at 773k sf = highest in seven quarters.
      • Direct activity at 2.3M sf = lowest in six quarters.
      • Lowest number of transactions in nine quarters.

San Mateo County:
▪ 6.1 M square feet available (direct + sublease).
▪ 11.1% total available
▪ 3M sf under construction (will add 6.5% to total inventory).
▪ Market size 52M sf
▪ Total Net Absorption, Q3: <18,000>
▪ Direct and sublease leasing activity, after lowest in 8 years,
     kicked up slightly.
      • Lowest number of transactions in 35 quarters.

Alameda/Contra Costa Counties:
▪ 12.5 M square feet available (direct + sublease)
▪ 11% total available
▪ 2M sf under construction (will add <2% to total inventory).
▪ Market size 111M sf
▪ Total Net Absorption, Q3: 40,000 sf
▪ Direct and sublease deal activity – and the number of
     transactions – was lowest in 35 quarters.