1ST QTR 2010

I N D U S T R I A L MARKET REPORT

LAS VEGAS

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1ST QTR INDUSTRIAL MARKET REPORT

Industrial Market IndicatorsCurrent

1Q10Change Since

1Q09Vacancy 15.01%Lease Rates (NNN) $0.60 NNNNet Absorption* (1,038,635)Construction N/A*The arrows are trend indicators over the specified time period and do not represent a positive or negative value. (e.g., absorption could be negative, but still represent a positive trend over a specified period.)

AT A GLANCEIndustrial vacancy rates in the Las Vegas area • once again rose this quarter, this time by 98 basis points, to 15.0% in comparison to 14.0% in the fourth quarter. The current vacancy rate is up 3.2% from a year ago when rates averaged 11.7%. With new development at a stand still, vacancy should begin to stabilize as space is absorbed.

Average asking lease rates showed a slight • decrease throughout the past quarter. By the end of 2009, the market showed an average rate of $0.64 per square foot (psf), however by the end of first quarter the rate dropped to $0.60 psf.

Developers have halted many projects resulting • in no new construction completions during first quarter. Going forward, only 967,973 sf of under construction product is still in the pipeline. With the continued hesitation of developers to build product in the current economic conditions, we don’t expect much of the planned product to come online any time soon.

The economic outlook continues to be a • growing concern for both landlords and tenants as tighter credit terms; rising inflation and rising unemployment continue to affect the Las Vegas area.

On the bright side, activity has picked up in • comparison to 2009.

NATIONAL AND STATE EMPLOYMENT AND UNEMPLOYMENT OVERVIEW

National unemployment rates reached a 28 year high at 10.4% with roughly 11 million unemployed workers that are now drawing unemployment insurance

benefits. In February alone, 27 states recorded unemployment rate increases. The highest regional jobless rates were in the Western part of the country, while the Northeast recorded the lowest rates. Michigan again recorded the highest unemployment rate among the states at 14.1% in February. The states with the next highest rates were Nevada, 13.2%; Rhode Island, 12.7%; California and South Carolina, 12.5% each; and Florida, 12.2%. The Las Vegas economy continues to be impacted by downturns and a high employment rate, currently 13.9%, in all major sectors, including gaming, construction, financial and real estate. The recession will most likely be a “jobless recovery.” Since World War II there have been a total of 11 recessions and in the most recent recessions before the 2007 recession, job growth lagged long after the recession. In fact it took several years for the unemployment rate to return back to prerecession levels. Employment growth is critical to future economic growth and the return to a healthy commercial market which may take several years to accomplish.

-1%1%3%5%7%9%

11%13%15%

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

Las Vegas – 13.9% Nevada – 13.2% US – 9.7% Unemployment rates 1Q10

ECONOMIC INDICATORSNational 2009 2010F 2011FGDP Growth -2.4% 2.8% 3.7%CPI Growth -0.3% 1.9% 2.1%RegionalUnemployment 12.1% 13.9% 13.5%Employment Growth -6.2% -1.8% 0.4%Source: Moody’s | Economy.com

SIGNIFICANT 1Q10 NEW LEASE TRANSACTIONSBUILDING TENANT SF PROPERTY TYPE4335 Arcata Way Moen Inc 219,068 Warehouse

Traverse Point Ocean Spray Cranberries

100,693 Warehouse

840 Pilot Rd Vitacost.com 90,000 Warehouse

SIGNIFICANT 1Q10 SALE TRANSACTIONSBUILDING BUYER SF PURCHASE

PRICEDecatur Crossing York Decatur

Crossing140,594 $17,750,000

Park West Business Ctr Edward Kuchar 23,517 $2,000,000

Coleman Airpark Moca LLC 12,439 $750,000

SIGNIFICANT 1Q10 CONSTRUCTION COMPLETIONS

BUILDING MAJOR TENANT SF COMPLETION DATE

N/A SIGNIFICANT PROJECTS UNDER CONSTRUCTIONBUILDING MAJOR TENANT SF COMPLETION

DATECivic Center N/A 124,135 2/10Blue Diamond Business N/A 250,000 3/10

1ST QTR INDUSTRIAL MARKET REPORT

LAS VEGAS MARKET OVERVIEW

As we start the New Year, the big question on everyone’s minds is what is going to happen next and will the signs of recovery start to show and what will it look like for the Las Vegas market. Experts around

the nation believe that recovery will start to show by early 2011 and in some areas may have already hit rock bottom. UNLV Economics Department Chairman Dr. Stephen Miller says “Improvements in taxable sales, gaming revenue and McCarran Airport passenger counts are good indicators of an improving economy (for the Las Vegas market).” Miller goes on to state that “a lot of things are happening locally that are suggestions that the economy is trying to reach bottom and turn around.” While Southern Nevada’s local economy may be starting to see the bottom of the commercial recession period, some experts are still analyzing declining property values, maturing commercial loans, ownership vs. leasing, the benefit of receiverships and the local business activity.

According to Kenneth P. Riggs, President and CEO of RERC, “The past decade has served up some tough lessons about acting on our gut instincts and about what makes sense and what simply does not fit with sustainable practices. But for investors seeking to seize market opportunities, 2010 is time to gear up for a possible once-in-a-lifetime opportunity to snag key long-term investments in commercial real estate.” In 2010, with leasing activity lagging, we are seeing more landlords willing to hang “For Lease” and “For Sale” signs on their buildings. John Kulper, President of Commercial Alliance of Realtors, wrote, “While lenders generally are avoiding investment real estate, owner-occupied commercial real estate is beginning to look attractive again.” Real Capital Analytics also agrees stating that “owner-occupied purchase now represent almost 10% of global transactions and will be involved in a greater share of property deals.” In a recent study, most commercial brokerage firm’s executives believe that “real estate prices now make it more financially advantageous to buy rather than lease.” In the Las Vegas market, commercial property values and asking rates continued to fall this quarter which may help with the decision to either buy or lease.

The Federal Government is also monitoring the weakness of the commercial real estate market. The Feds believe that the weakness of commercial loans is a very serious problem because the whole economy

LAS VEGAS INDUSTRIAL MARKET

The Las Vegas industrial market posted additional upward movement in vacancy rising to 15.01% during 1st quarter 2010. The Central submarket continues to show the lowest vacancy rate at 8.55% along with Speedway at 11.09% and the Southwest submarket at 13.81%. The highest vacancy submarkets are the Northwest at 26.57%, Airport at 21.25% and West submarket at 15.84%. Vacancy rates for all product types in the industrial market have increased during the 1st quarter with Distribution increasing to 15.00% from 14.14%, Flex increasing to 23.29% from 21.64%, Freestanding increasing to 9.62% from 8.36%, Incubator increasing to 16.34% from 16.30%, and Midbay increasing to 19.38% from 18.01%. The high vacancy rates are a result of newer buildings that have come on line with little or no pre-leasing activity, combined with lease concessions, defaults and downsizing which is causing vacancy to rise. Sublease space in 1st quarter showed current availability at 1,589,497 sf (1.57% of the total market). Net absorption for the 1st quarter showed in the negatives again at -1,038,635 SF. The Speedway submarket showed the greatest amount of positive absorption with over 79,282 sf for 1st quarter while the North Las Vegas submarket posted the least amount with -424,311 sf of negative absorption.

could be hit, much like the housing bust has caused. Troubled commercial real estate loans could be the primary force behind bank failures this year. Elizabeth Warren, chair of the TARP Congressional Oversight panel stated “Around half of all commercial mortgages will be underwater by the end of 2010, posing a very serious problem for the economy over the next three years.”

1ST QTR INDUSTRIAL MARKET REPORT

Industrial: Quarterly Vacancy

0%

2%

4%

6%

8%

10%

12%

14%

16%

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110

Industrial: Quarterly Absorption (SF)

(3,000,000)

(2,500,000)

(2,000,000)

(1,500,000)

(1,000,000)

(500,000)

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Q1

06

Q2

06

Q3

06

Q4

06

Q1

07

Q2

07

Q3

07

Q4

07

Q1

08

Q2

08

Q30

8

Q40

8

Q10

9

Q20

9

Q30

9

Q40

9

Q11

0

Industrial: Inventory (SF) and Vacancy Rate (%)

14.03%

60,000,000

70,000,000

80,000,000

90,000,000

100,000,000

110,000,000

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q308 Q408 Q109 Q209 Q309 Q409 Q110

0%

2%

4%

6%

8%

10%

12%

14%

16%

Industrial: Industrial Employment vs Vacancy Rate (%)

11.77% 12.92% 13.35% 14.03%

15.01%

100,000

125,000

150,000

175,000

200,000

225,000

250,000

Q109

Q209

Q309

Q409

Q110

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Industrial Type Vacancy Rates

Distribution, 15.00%

Freestanding, 9.62%

Incubator, 16.34%

Midbay, 19.38%

Flex, 23.29%

Industrial: Inventory (SF) and Vacancy Rate (%)

14.03%

60,000,000

70,000,000

80,000,000

90,000,000

100,000,000

110,000,000

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q308 Q408 Q109 Q209 Q309 Q409 Q110

0%

2%

4%

6%

8%

10%

12%

14%

16%

Industrial: Industrial Employment vs Vacancy Rate (%)

11.77% 12.92% 13.35% 14.03%

15.01%

100,000

125,000

150,000

175,000

200,000

225,000

250,000

Q109

Q209

Q309

Q409

Q110

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Industrial Type Vacancy Rates

Distribution, 15.00%

Freestanding, 9.62%

Incubator, 16.34%

Midbay, 19.38%

Flex, 23.29%

NEW SUPPLY (COMPLETIONS) AND MARKET DEMANDS

Developers have halted many projects resulting in no new construction completions during 1st quarter. Going forward, only 967,973 sf of under construction product is still in the pipeline. With the continued hesitation of developers to build product, due to scarce construction financing and weak rents, we also don’t expect much of the planned product to come online any time soon. Future new supply levels will continue to shrink as market corrections are underway. It may take another five years for the housing market to become stable, credit to start flowing and employment to become active again before any rise in construction numbers. For a smart recovery, the industrial market needs to solve the imbalance of supply and demand by allowing existing vacant space to be absorbed and wait out this business cycle before any major growth should happen.

PRICING (AVERAGE ASKING RENTS)

Pricing within the industrial sector continues to drop as landlords work with tenants and offer better tenant improvement allowances, greater concessions and even negotiate new lease terms. Short term leases seem to be a trend in the market where tenants have a controlling position. The effect of extended lease

up periods, slow economic conditions and growing commercial defaults will contribute to increased repossession activity by lenders that will result in further price adjustments.

The market wide industrial average asking rental rate has dropped to $0.60 PSF, the lowest rate we have seen since 1st quarter 2006 when it was at $0.50 PSF. By product type, average Distribution lease rates were $0.50 PSF at the end of 1st quarter. Freestanding units reported rents of $0.64 PSF, while Flex space averaged $0.68 PSF. Pricing for Midbay and Incubator space came in at $0.54 and $0.72 PSF, respectively.

1ST QTR INDUSTRIAL MARKET REPORT

Industrial Submarket - Direct vs Sublease Vacancy

21.25%

8.55%

15.53%14.44%

11.09%

26.57%

13.81%15.84%

15.01%

1.03% 0.39% 0.59%2.05%

0.00% 0.00%

2.90%0.63%

1.57%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

Vacacny % 21.25% 8.55% 15.53% 14.44% 11.09% 26.57% 13.81% 15.84% 15.01%

Sublease % 1.03% 0.39% 0.59% 2.05% 0.00% 0.00% 2.90% 0.63% 1.57%

Airport Central SoutheastNorth Las

VegasSpeedway Northwest Southwest West

Las Vegas Area Total

Industrial Type Average Lease Rates

Distribution, $0.50

Freestanding, $0.64

Incubator, $0.72

Midbay, $0.54

Flex, $0.68

Industrial: Inventory Vacancy Rate vs Average Lease Rate

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

15.00%

16.00%

17.00%

18.00%

Q1 05

Q2 05

Q3 05

Q4 05

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

Industrial Type Average Lease Rates

Distribution, $0.50

Freestanding, $0.64

Incubator, $0.72

Midbay, $0.54

Flex, $0.68

Industrial: Inventory Vacancy Rate vs Average Lease Rate

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

15.00%

16.00%

17.00%

18.00%

Q1 05

Q2 05

Q3 05

Q4 05

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

OUTLOOK

In the coming months we expect commercial real estate prices to decline further and we won’t see any true recovery until the end of the year to early next year. The market will continue to be impacted by cautious consumer and companies activity, causing vacancies to remain elevated and most likely continue to increase. Rents will also continue to be impacted by the current economy and will continue to fall. According to a report produced by UNLV’s CBER “Southern Nevada business will continue to struggle with the after effects of the deepest recession in the

US since the Great Depression. To date, Southern Nevada has not enjoyed the same level of increase in business activity as the rest of the US.” The local economy will not pick up until we see robust growth in hiring. According to the survey with only 10 % of business anticipated to hire more workers, the recovery will be very slow for the Las Vegas area. We are optimistic going into 2010 that the bottom is near and compared to last year, vacancy is not rising and lease rates are not falling as fast or as far as we were witnessing.

Some early signs of stabilization may come from the growth of energy and clean technology companies and the growing strength of data centers. According to a recent survey conducted by Campos Research, 83% of senior decision markers at large corporations in North America “are planning data center expansions in the next 12 to 24 months.” The report goes on to state that, “most of the existing data centers are not able to handle the new advanced power and cooling capabilities that the data center equipment warrants.” The Digital Realty Trust’s survey agrees that data centers are growing due to the “need for additional power..70% of planned data centers are 15,000 sf or larger and at least 2 megawatts or greater of power.” In fact the survey states that “the cost and availability of power is more important than the square feet leased or owned.” Many states around the nation are looking at how to move data center locations to their market and Las Vegas could be a great market to see these types of industrial expansions due to our low energy rates compared to most of the western states.

1ST QTR INDUSTRIAL MARKET REPORT

dethgieWecapS ssorGweNteNdennalP.tsnoC rednUgnitsixEfo .oNBldgs. SF SF SF SF Rate Absorption Supply Leased Low Avg.

AirportDistribution 47 3,771,122 - - 871,209 23.10% 34,741 - 144,402 $0.35 $0.54

56xelF 1,821,953 - 87,385 578,631 31.76% (52,319) 17,709 $0.29 $0.80Freestanding 181 2,902,669 60,064 12,353 302,025 10.41% (39,014) - 37,466 $0.35 $0.70Incubator 79 1,867,406 - - 368,209 19.72% 17,888 - 59,928 $0.32 $0.88Midbay 55 2,522,357 - - 618,169 24.51% (61,105) - 63,630 $0.29 $0.63Airport Total 427 12,885,507 60,064 99,738 2,738,243 21.25% (99,809) - 323,135 $0.29 $0.71

CentralDistribution 14 910,521 - 0.00% 51,022 - 51,022

01xelF 112,213 - - 25,900 23.08% (6,100) - - $0.44 $0.54Freestanding 307 4,756,306 - 380,378 8.00% (97,241) 83,878 $0.25 $0.57Incubator 101 2,097,325 - - 237,945 11.35% (12,106) - 42,363 $0.25 $0.62Midbay 21 505,236 - 72,480 14.35% (19,621) - 5,612 $0.42 $0.46Central Total 453 8,381,601 - - 716,703 8.55% (84,046) - 182,875 $0.25 $0.55

SoutheastDistribution 51 6,066,309 - - 968,555 15.97% (17,361) - 117,524 $0.29 $0.52

92xelF 476,294 - - 54,701 11.48% 7,008 - 9,408 $0.39 $0.74Freestanding 232 3,224,665 - 98,400 348,691 10.81% 38,986 - 70,352 $0.25 $0.63Incubator 49 867,035 - - 100,007 11.53% 5,593 - 21,843 $0.30 $0.80Midbay 34 1,570,350 - - 423,126 26.94% (13,199) - 41,561 $0.39 $0.63Southeast Total 395 12,204,653 - 98,400 1,895,080 15.53% 21,027 - 260,688 $0.25 $0.66

North Las VegasDistribution 117 16,747,789 124,135 1,034,900 2,196,524 13.12% (230,235) 357,865 $0.27 $0.37

73xelF 967,913 - 176,520 226,045 23.35% (24,477) - 8,854 $0.25 $0.54Freestanding 476 6,509,760 166,420 153,888 645,825 9.92% (71,081) - 97,851 $0.25 $0.56Incubator 51 1,118,421 - 15,000 483,939 43.27% 19,967 - 3,907 $0.30 $0.53Midbay 53 2,352,257 194,712 276,525 446,695 18.99% (118,485) - 122,700 $0.24 $0.41NLV Total 734 27,696,140 485,267 1,656,833 3,999,028 14.44% (424,311) - 591,177 $0.24 $0.48

SpeedwayDistribution 9 889,091 - - 127,349 14.32% 5,938 - 52,126 $0.25 $0.25

7xelF 346,350 - - 12,667 3.66% 10,142 - 15,209 $0.27 $0.27Freestanding - - - - 0.00% - - - Incubator 2 26,887 - - - 0.00% 5,066 - 5,066 Midbay 20 1,314,491 - - 145,738 11.09% 58,136 - 68,310 $0.23 $0.36Speedway Total 38 2,576,819 - - 285,754 11.09% 79,282 - 140,711 $0.23 $0.29

NorthwestDistribution 3 257,510 - - 113,069 43.91% - - - $0.49 $0.73

61xelF 296,029 - 47,252 95,874 32.39% (27,192) - 12,389 $0.50 $0.90Freestanding 7 257,171 - 39,008 77,324 30.07% - - - $0.65 $0.65Incubator 10 232,073 - - 15,417 6.64% 43,738 - 44,434 $0.40 $0.70Midbay 1 130,000 - - 9,920 7.63% (6,295) - - $0.65 $0.65Northwest Total 37 1,172,783 - 86,260 311,604 26.57% 10,251 - 56,823 $0.40 $0.73

SouthwestDistribution 77 9,228,918 250,000 - 1,217,078 13.19% (139,370) - 198,492 $0.39 $0.63

59xelF 2,494,052 - - 616,976 24.74% 15,088 - 92,270 $0.29 $0.83Freestanding 394 5,469,935 - 409,477 7.49% (19,156) - 137,267 $0.25 $0.65Incubator 129 2,717,761 - - 304,572 11.21% 8,827 - 67,966 $0.25 $0.76Midbay 119 4,680,777 172,642 220,400 848,094 18.12% (10,276) - 221,754 $0.35 $0.64Southwest Total 814 24,591,443 422,642 220,400 3,396,197 13.81% (144,887) - 717,749 $0.25 $0.71

WestDistribution 24 1,770,309 - - 450,722 25.46% (78,298) - 33,022 $0.39 $0.49

04xelF 1,014,150 - - 142,679 14.07% (67,347) - 20,121 $0.30 $0.83Freestanding 266 3,350,222 - 382,781 11.43% (156,888) - 50,866 $0.35 $0.74Incubator 141 3,764,926 - - 564,157 14.98% (73,624) - 45,849 $0.38 $0.74Midbay 32 1,616,424 - - 283,334 17.53% (19,985) - 55,089 $0.35 $0.50West Total 503 11,516,031 - - 1,823,673 15.84% (396,142) - 204,947 $0.30 $0.66

Distribution 342 39,641,569 374,135 1,034,900 5,944,506 15.00% (373,563) - 954,453 $0.25 $0.50Flex 299 7,528,954 - 311,157 1,753,473 23.29% (145,197) - 175,960 $0.25 $0.68Freestanding 1,863 26,470,728 226,484 303,649 2,546,501 9.62% (344,394) - 477,680 $0.25 $0.64Incubator 562 12,691,834 - 15,000 2,074,246 16.34% 15,349 - 291,356 $0.25 $0.72Midbay 335 14,691,892 367,354 496,925 2,847,556 19.38% (190,830) - 578,656 $0.23 $0.54Las Vegas Total 3,401 101,024,977 967,973 2,161,631 15,166,282 15.01% (1,038,635) - 2,478,105 $0.23 $0.60

* All rates are asking, published prices. Actual (negotiated) rates may vary due to market conditions. Weighted average rates include sublease pricing.

CommerceLas Vegas Industrial Market Report Q1 2010

* setaR gniksAycnacaVlppuS & dnameDycnacaVyrotnevnI y Pricing

1ST QTR INDUSTRIAL MARKET REPORT

Industrial Buildings Can Be Classified as Follows:

Manufacturing Building (Incubator / Midbay):• Buildings with heavy power or the ability to accommodate heavy equipment. Generally has thick-flooring, some grade-level doors and less than 20% office. Usually very specialized. Incubator – 500-1500 sf divisibility, minimal office, on roll-up door / Midbay – 5,000-15,000 sf divisibility, 10-15% office build-out, dock high and grade level loading.)

Warehouse/Distribution Building:• 1-story industrial buildings designed primarily for distribution, 0-30% office, clear ceiling heights ranging 16’-28’, dock level truck loading and easy accessibility to transportation routes. Over 15,000sf divisibility, 3-5% office build-out, multiple docks and grade level loading.)

High-Tech Building (Freestanding):• Flexible use space designed for office, research and development, light assembly, laboratory and other tech-oriented uses. Typically 1 or 2 story, 80-100% office finish, ceiling heights between 12’-15’. Freestanding – Single or Dual user

Office Service/Flex Building:• 1-story buildings designed for 20-100% office spaces that have ceiling heights between 12’-15’. 1,500-3,000 sf divisibility, 40% or more office build-out, one roll-up door, high visibility.

Las Vegas Industrial Overview 2003-2010

4.95%

7.03%

4.84%

8.90%

14.03%

11.11%

3.43%

15.01%

01,000,0002,000,0003,000,0004,000,0005,000,0006,000,0007,000,0008,000,0009,000,000

73,96

4,220

78,00

1,956

81,15

8,665

87,20

2,467

89,57

3,947

102,4

21,43

3

100,9

03,76

4

101,0

24,97

7

$0.52 $0.56 $0.67 $0.75 $0.79 $0.78 $0.64 $0.60

2003 2004 2005 2006 2007 2008 2009 2010

Squa

re F

eet

1.00%

6.00%

11.00%

16.00%

Vaca

ncy

Planned Under Construction Total Space Completed

Net Absorption Vacancy Rate

1ST QTR INDUSTRIAL MARKET REPORT

INDUSTRIAL SUBMARKET MAP | LAS VEGAS

1ST QTR INDUSTRIAL MARKET REPORT

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At Commerce we have a complete understanding of the real estate market. Our comprehensive database allows our agents to feel, track and analyze every movement in the industry and to see opportunities as soon as they arise. Combine this with the global resources of Cushman & Wakefield and you get the most innovative and progressive real estate brokerage in the Intermountain West: Commerce Real Estate Solutions.

Doing business in a brisk and nuanced marketplace is complex and difficult. We can help. Our experience, knowledge, innovative thinking, networking infrastructure and unmatched service make Commerce the clear choice for your commercial real estate needs.

Cushman & WakefieldCushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Founded in 1917, it has 231 offices in 58 countries and 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.

230 Offices in 58 Countries

C&W Owned Offices

C&W Alliance/Associate Offices

AS OF MARCH 2009

Australia Adelaide* Melbourne* Sydney

China BeijingChengduGuangzhou Hong KongShanghaiShenzhen

Fiji*India Bangalore ChennaiGurgaonHyderabadKolkataMumbai – CityMumbai – Suburbs New DelhiPune

IndonesiaJakarta

JapanTokyo

MalaysiaKuala Lumpur*

New ZealandAuckland* Wellington*

PakistanKarachi*

PhilippinesManila*

Singapore South KoreaBusanSeoul

TaiwanTaipei*

ThailandBangkok*

VietnamHanoiHo Chi Minh City

Alberta Calgary Edmonton*

British ColumbiaVancouver

NewfoundlandSt. John's*

Nova ScotiaHalifax*

OntarioLondonNewmarketOttawa Toronto CentralToronto EastToronto West

Quebec Montreal CentralMontreal Suburban

ManitobaWinnipeg*

New BrunswickFredericton*Moncton*Saint John*

IsraelTel Aviv*

LebanonBeirut*

Middle East/AfricaSouth AfricaCape Town*Durban* Johannesburg*Pretoria*

United Arab EmiratesDubai

ArgentinaBuenos Aires

Brazil ManausRio de JaneiroSão Paulo

ChileSantiago*

Colombia Bogota*

Latin America

AustriaVienna*

BelgiumBrussels

BulgariaPleven*Plovdiv*Sofia*

Channel IslandsJersey*

Czech RepublicPrague

DenmarkCopenhagen*

England BirminghamLondon-City London-West EndManchesterThames Valley

FranceLyonParis

GermanyBerlinDusseldorfFrankfurtHamburgMunich

GreeceAthens

HungaryBudapest

Ireland Cork* Dublin*

Italy Bologna Milan Rome

LuxembourgLuxembourg*

MacedoniaSkopje*

The NetherlandsAmsterdam

Northern IrelandBelfast*

NorwayDrammen*Oslo*Stavanger*

PolandWarsaw

PortugalLisbon

RomaniaBucharestTimisoara

Russia Moscow

Scotland Edinburgh Glasgow

Serbia Belgrade*

Slovakia Bratislava

Spain Barcelona Madrid

Sweden Stockholm

SwitzerlandBasel* Geneva* Zurich*

TurkeyIstanbul

Canada

United States

Australia/Asia Pacific

Europe

EcuadorQuito

Mexico Ciudad JuarezGuadalajara*Mexico CityMonterrey

Peru Lima

VenezuelaCaracas

AlabamaBirmingham*MobileArizonaPhoenixTempeTucson*

CaliforniaCarlsbadInland EmpireL.A. L.A. South BayL.A. WestMarin/Sonoma CtyOaklandOrange CountySacramento San Diego - DowntownSan Diego - EastgateSan FranciscoSan JoseWalnut Creek

ColoradoColorado Springs*Denver

ConnecticutHartfordStamford

DelawareWilmington

District of ColumbiaWashington, D.C.

Florida Ft. LauderdaleFt. Myers*JacksonvilleMiami OrlandoPalm Beach Gardens Tampa

GeorgiaAtlanta

Hawaii Honolulu

Illinois Chicago Chicago Suburban

IndianaIndianapolis*

KentuckyLouisville*

MainePortland

MarylandBaltimoreBethesda

MassachusettsBoston

MichiganDetroit*Grand Rapids*Grosse PointKalamazoo*Lansing*Muskegon*

MinnesotaMinneapolisMinneapolis Suburban

MissouriKansas City*St. Louis*

NevadaLas Vegas*Reno

New HampshireManchester

New JerseyEast RutherfordEdisonMorristown

New York Albany*Binghamton*Buffalo*Corning/Elmira*IslandiaIthaca*Kingston*Melville, LIN.Y. Downtown N.Y. MidtownRochester*SyracuseSyracuse*Utica*Watertown*Westchester County

North CarolinaCharlotte*Greensboro/Winston-Salem*Raleigh/CaryRaleigh/Durham*Tarboro*

OhioCincinnati*Cleveland*Columbus*Toledo*

OregonPortland

PennsylvaniaPhiladelphiaPhiladelphia SuburbanPittsburgh*

Puerto RicoSan Juan*

South Carolina Charleston* Greenville/Spartanburg*

Tennessee Memphis*Nashville*

Texas Austin*Dallas HoustonSan Antonio*

Utah Clearfield/Ogden* Park City*Provo/Orem*Salt Lake City*St. George*

VirginiaFredicksburg*McLeanNewport News*Norfolk/Virginia Beach*Richmond*Roanoke*

WashingtonBellevue Seattle

WisconsinMilwaukee*